Wescoal Holdings Limited presented interim financial results for the six months ended 30 September 2016. Key highlights included a 37.1% increase in revenue to R1.039 billion and a 254% increase in EBITDA to R139.3 million. Headline earnings per share increased 445% to 27.8 cents. Wescoal delivered a solid performance due to strong sales and operational efficiencies from its flagship Elandspruit colliery. Management discussed strategic priorities such as completing a BEE transaction, diversifying revenue streams, and growing Wescoal's resource base.

1. INTERIM RESULTS PRESENTATION
FOR 6 MONTHS ENDED 30 SEPTEMBER 2016
1 NOVEMBER 2016

2. 2 |
IMPORTANT NOTICE
This document has been prepared by Wescoal Holdings Limited (the “Company”). For the purposes of this notice, the presentation that follows (the “Presentation”) shall mean and include the slides that follow,
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3. 3 |
CONTENTS
1
2
3
4
Relative Performance Indicators
Management & Business Overview, Risks & Mitigation
The Road Ahead: Strategic Priorities & Timetable;
Investment Case
3
5
Financial Highlights & Performance
Operational Review & Segmental Disclosure

4. 4 |
FINANCIAL HIGHLIGHTS AND OTHER SALIENT FEATURES
FINANCIAL HIGHLIGHTS AND PERFORMANCE
• Wescoal delivered a solid performance on the back of strong sales and operational efficiencies
from its flagship Elandspruit colliery*
• Revenue increased by 37.1% or R281.3 million to R1 039.4 million (2015: R758.1 million)
• EBITDA is up 254% to R139.3 million (2015: R39.4 million)
• HEPS increased 445% to 27.8 cents (2015: 5.1 cents)
• Special dividend of R10 million was declared during September 2016
* Elandspruit was not fully operational in the comparative 2015 period as reflected in comparison metrics.

5. 5 |
STATEMENT OF COMPREHENSIVE INCOME
Unaudited
September 2016
R000
Unaudited
September 2015
R000 % Change
Unaudited
Six months ended
March 2016
R’000
Revenue 1 039 442 758 138 37.1▲ 831 732
Gross profit 188 004 97 300 93.2▲ 154 420
Gross profit margin 18.1% 12.8% 41.4▲ 18.6%
EBITDA 139 321 39 361 254.0▲ 112 591
Operating profit 100 973 18 551 444.3▲ 100 923
Operating profit margin 9.7% 2.4% 304.2▲ 12.1%
Interest expense (13 083) (7 287) 79.5▲ (13 632)
Taxation (25 907) (1 478) 1 652.8▲ (26 761)
Net Profit After Tax 61 983 9 786 533.4▲ 41 979

6. 6 |
6.9
11.4
15.2
5.1
27.8
0
5
10
15
20
25
30
2013 2014 2015 2016 Interim
September 2016
Interim
12.2
15.7 15.4
27.1
0
5
10
15
20
25
30
Full Year
HEADLINE EARNINGS PER SHARE (HEPS) 5 YEAR TRACK RECORD
cents per share

7. 7 |
351
466
898
758
1,039
2013 2014 2015 2016 Interim
September 2016
Interim
677
1,147
1,674
1,590
0
500
1 000
1 500
2 000
Full Year
REVENUE 5 YEAR TRACK RECORD
REVENUE
Rm

8. 8 |
17
22
48
19
101
0
20
40
60
80
100
2013 2014 2015 2016 Interim
September 2016
Interim
27
45 46
101
0
20
40
60
80
100
Full Year
OPERATING PROFIT 5 YEAR TRACK RECORD
OPERATING PROFIT
Rm

9. 9 |
STATEMENT OF FINANCIAL POSITION
NOTES:
• Increase in cash and cash
equivalents
• Invested R47.8m during the half
year on capital and development
Unaudited
September 2016
R000
Unaudited
September 2015
R000
Non-current assets 625 893 615 189
Property, plant and equipment 504 108 458 531
Investment property 709 709
Investments 14 266 17 602
Goodwill and intangible assets 92 387 100 435
Other receivables 10 238 12 837
Deferred taxation 4 185 25 075
Current assets 440 687 336 855
Inventories and work in progress 72 159 73 007
Trade and other receivables 260 553 211 126
Cash and cash equivalents 104 652 52 722
Non current assets held for sale 3 323 -
Total assets 1 066 580 952 044

10. 10 |
STATEMENT OF FINANCIAL POSITION (CONTINUED)
• The improved profitability
translated into cash generation
which improved the balance sheet
strength.
• Group debt funding capacity
increased significantly due to
conclusion of long term Eskom and
export contracts.
Unaudited
September 2016
R000
Unaudited
September 2015
R000
Total capital and reserves (428 459) (290 419)
Non-current liabilities (166 037) (90 685)
Interest bearing debt (77 039) (36 846)
Rehabilitation provision (48 325) (46 685)
Deferred tax (40 673) (7 154)
Current liabilities (472 084) (570 940)
Trade and other payables (296 776) (271 126)
Rehabilitation provision (5 299) -
Bank overdraft (16 664) (16 391)
Taxation payable (23 762) (43 731)
Interest bearing debt (129 583) (239 692)
Total equities and liabilities (1 066 580) (952 044)
Net asset value per share (cents 190.4 158.2
Gearing % 21.7 45.3

11. 11 |
CASH FLOW GENERATION
PERFORMANCE
• The improved profitability translated into
strong cash generation, with R98.3
million in cash generated from
operations.
• Cash was deployed to fund on-going
capital expenditure (R48.9 million),
reduce interest bearing debt (R33.0
million) and to reward shareholders with
dividend payments.
Unaudited
September 2016
R000
Unaudited
September 2015
R000
Cash generated from operations 98 330 129 092
Cash flows from investing activities (34 051) (144 969)
Cash flows from finance activities (42 227) 52 454
Net increase in cash and cash
equivalents
2 590 26 181

12. OPERATIONAL REVIEW AND
SEGMENTAL DISCLOSURE

13. 13 |
46%
54%
Mining
& Other
Trading
77%
23%
SEGMENTAL CONTRIBUTIONS
(FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2016)
REVENUE EBITDA

14. 14 |
MINING DIVISION UPDATE
ELANDSPRUIT COLLIERY
• Contains 5 mineable coal seams, which extend to a maximum depth of 70m below surface,
are near horizontal in formation and devoid of geological complexities
• Seams are mined selectively to ensure optimal product recovery during beneficiation process
• Mineable reserves of ~33 million tons and a LOM 12 to 15 years
• Provides feed for the Wescoal processing plant 20 km away
• Successfully launched during 2015
PERFORMANCE
• Elandspruit colliery produced 1.3 million ROM tons during this period, compared with 0.3 million tons during the
start-up phase in 2015.
• Increased efficiencies and optimisation projects at the nearby processing plant have been completed.
• Additional plant capacity was brought on stream to increase total crushing capacity to 220 000 tons and
beneficiation capacity to 180 000 tons per month.
• The recently signed long term Eskom contract will ensure continuous sales volumes from the plant.

15. 15 |
MINING DIVISION UPDATE | COST MANAGEMENT REMAINS A FOCUS
THE INTIBANE COLLIERY
• The Intibane Colliery was issued a water use license in December 2015
• Ramp up in site activity, increasing production to its steady state target of +75kt per month ROM
• Increased production from Intibane will help drive volume based cost dilution
KHANYISA COLLIERY
• The Khanyisa Colliery was issued a water use license during May 2016
• Agreement reached with counterparties to acquire additional contiguous resources
• Commencement of mining is subject to standard regulatory approvals from the DMR

16. 16 |
TRADING DIVISION UPDATE
CREATES OPERATIONAL FLEXIBILITY WITH THE MINING DIVISION
• Exceeded expectations with strong performance in a difficult business
environment
• EBITDA increased 11.2% to R32.2m (2015: R28.9m)
• Divisional sales increased 8.6% to 598 000 tons (2015: 550 000)
• Gross profit margin maintained at around 11.5% with Gross Profit of
R64.2m (2015: R62.0m)
• Close working relationship with
mining division creates operational
flexibility/optionality
• We have started a process to
review the structure of the Trading
division in order to create a more
robust and streamlined business

17. MANAGEMENT &
BUSINESS
OVERVIEW
RISKS & MITIGATION

18. 18 |
OPERATING STRUCTURE
WESCOAL MINING (PTY) LTD WESCOAL TRADING (PTY) LTD
HOLDINGS LIMITED
First mining activity started in 2009 First trading activity started in 2005
Mining operations:
Khanyisa Colliery, Intibane Colliery,
Elandspruit Colliery
Trading operations:
inland region, coastal region
Processing plant:
20km from Elandspruit
National presence with
logistics and depot infrastructure
Annualised production:
~3m tons of coal growing to +8m tons
per annum
Annual sales:
1 million tons
Mining division is base for future
growth and positioned to become a
significant local producer
Trading division diversifies Group
revenue stream, generates cash flow,
source of market intelligence
Waheed
Sulaiman
CEO
Bothwell
Mazarura
CFO
Vikesh
Dhanooklal
Head Legal
Bongani
Hlope
Head HR
Thivha Tshithavhane
Business Development &
Projects
Dutch Botes
CEO Mining
(+35 years experience)
Bonani Siko
Mine Manager
(+15 years experience)
Izak van der Walt
Financial Manager Ops
(+16 years experience)
Jaap Kruger
Plant Manager
(+30 years experience)
Mike Berry
CEO Trading
(+25 years experience)

19. 19 |
MANAGEMENT & STRATEGIC PRIORITIES
• Continue to deliver solid, predictable operational and financial performance
• Complete re-alignment of trading business in line with Wescoal’s objectives
• Continue with improvement projects in order to maximise value from existing assets
• Operationalise Khanyisa
• Continue to diversify revenue streams
• Take advantage of opportunities in the export market
• Progress BEE transaction to ensure BEE shareholding surpasses 50% by end December 2016
• Grow Wescoal’ resource base
• Continue regular dividend payments

20. 20 |
RISKS AND MITIGATIONS
Risk Response Update
1 HDSA ownership
of Wescoal
• BEE transaction to achieve HSDA control by
December 2016 advanced
• HDSA ownership currently over 40%
2 Wescoal funding • BEE transaction will inject R178m equity into the
Group
• Elandspruit operationalised
• Cost savings initiatives rolled out across the Group
• Gearing reduced to 0.26 [2015: 0.48]
• Cash flow position continues to strengthen
• Group debt funding capacity increased significantly due
to conclusion of long term Eskom and export contracts
3 Narrow revenue
base
• Secure long term Eskom coal supply contracts
• Broaden customer base and revenue generation
activities
• Long term coal supply contract signed with Eskom
• Significant progress in reaching target of 1Mtpa exports
in medium term
• Progress in developing initiatives to grow revenues
linked to non-Eskom domestic coal customers, coal
distribution networks, treatment of coal discard material
4 Declining
resource
• Grow the Wescoal resource base beyond the current
~15 year horizon
• Potential resources targets have been identified and
work has commenced on securing prioritised targets

21. 21 |
THE ROAD AHEAD
STRATEGIC PRIORITIES & TIMETABLE
INVESTMENT CASE

22. 22 |
LOOKING AHEAD
• Wescoal is transforming into a majority-black-owned business supplying Eskom and others cost effectively
• The challenging environment presents opportunities for corporate activity
› Consolidation in the coal sector is likely and Wescoal sees itself as an active participant therein
› Trading division is being right-sized to further reduce costs and maximise shareholder value
• Wescoal’s resource base will be expanded significantly to support objective of 8Mtpa ROM production
• Wescoal resource mix will be adjusted to support objective of 1Mtpa exports
• Wescoal is steadfast in its strategic development plan with Elandspruit Colliery at the forefront

23. 23 |
TIMETABLE
GOING FORWARD
• Annual General Meeting: AGM 9 November 2016
• Proposed BEE transaction: EGM 23 November 2016

24. 24 |
WESCOAL EMPOWERMENT TRANSACTION
SALIENT DATES AND TIMES
• Record Date Friday,14 October 2016
• Circular distribution Tuesday, 25 October 2016
• Last day to trade Tuesday,15 November 2016
• Record date for voting at GM Friday, 18 November 2016
• Last day to lodge forms of proxy Tuesday,22 November 2016
• General Meeting Wednesday,23 November 2016
• Results of the GM SENS Wednesday,23 November 2016
• Results of the GM press Thursday,24 November 2016
• Announcement of TRP ruling Tuesday,29 November 2016
• Final date for requesting TSC review of TRP ruling Tuesday,6 December 2016
• Expected closure date of suspensive conditions Tuesday,6 December 2016
• Expected date for listing of subscription shares Friday,9 December 2016

25. 25 |
INVESTMENT CASE
• Long term revenues secured through Eskom contracts coupled with significant future upside
• Targeted revenue diversification generation initiatives such as non-Eskom domestic sales, coal exports, re-
treatment of coal fines discard material, presence in the domestic and export coal distribution networks
• HDSA ownership initiatives well advanced and on track to reach objectives in 2016
• Strong focus on cost and cash management
• Actively pursuing organic and inorganic growth opportunities: Wescoal a consolidating agent in junior coal sector
• Leadership team focused on sustainable operational delivery as an enabler for expansion
• Conduct responsible business impacting positively on all stakeholders and increases long term shareholder value
• Seasoned knowledge in the coal sector in South Africa

26. RELATIVE PERFORMANCE

27. 27 |
WSL VS MINING INDEX | RELATIVE PERFORMANCE

28. 28 |
WSL VS DOMESTIC JUNIOR COAL PEERS
* Peers have been normalised

29. 29 |
COAL, SOUTH AFRICAN EXPORT PRICE | ZAR & USD