WHC Management, page-4

Recent email

Dear Fellow Shareholder,
I wrote to you last week to outline my concerns that Whitehaven Coal (WHC) is putting your shareholder returns and future income at risk.
Since then, industry-leading advisor, Institutional Shareholder Services (ISS), has voiced exactly the same concerns, and recommended WHC shareholders vote AGAINST Whitehaven's remuneration report, and AGAINST the Single Incentive Plan (SIP) at the 2023 AGM.
With WHC's Annual General Meeting later this week, it is more important now than ever to lodge your vote and send WHC’s management a signal.Whitehaven Coal has drastically underperformed on the ASX over the last twelve months and should not be rewarded.
A small increase to the share price last week does not make up for months of poor performance - this graph tracks the performance of WHC, New Hope, and Yancoal.As you are aware, for the first time since 2011,

Whitehaven’s Board has removed Total Shareholder Return from their performance scorecard for management.It means WHC could underperform again but management could still get bonuses.It means management could make a bad acquisition but still be rewarded.It means management could destroy the share price but still collect a healthy bonus.

Send the Board a message that Total Shareholder Return is vital to protect your future income.Kind regards,Michael O’MaraChief Investment OfficerBell Rock Capital

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