26 October, 2012
Dear Whitehaven Shareholder,

WHITEHAVEN BOARD RECOMMENDATION - VOTE IN FAVOUR OF EXISTING DIRECTORS

As you are aware, the Whitehaven Coal Limited Annual General Meeting will be held next Thursday, 1 November 2012 at 11 am at the Sofitel Wentworth Hotel, 61-101 Philip Street Sydney.
At that meeting, a number of resolutions will be voted upon to approve the company's remuneration report and to re-appoint five of our Directors, who were appointed to the Board at the time of the merger of Whitehaven and Aston Resources Limited in May this year.

DEMANDS MADE BY TINKLER GROUP

You will probably be aware that Whitehaven's largest shareholder, Tinkler Group Holdings Pty Ltd, last Tuesday made unexpected and widely publicised demands of Whitehaven for certain information; indicating that it would vote against all of the resolutions re-appointing Directors at the AGM unless these demands were met.

All of the requested information was contained in the Whitehaven September Quarterly Report released to the ASX on Friday, 26 October 2012. The Whitehaven Board does not understand the motivation for the Tinkler Group demands and remains concerned at the way

these demands were made and published; and the disruption and uncertainty this has
caused for the company's customers, employees, joint venture partners, financiers,
community stakeholders and shareholders.

STRONG REPUTABLE BOARD AND MANAGEMENT TEAM

Since its merger with Aston Resources, Whitehaven has made significant progress toward achieving its ambitious growth plans, as set out in the 2012 Annual Report and in the September Quarterly Report.

The company expects to almost double production in the current financial year and, once all approvals for the Maules Creek project are received, is poised to become a major supplier of high quality semi-soft coking coal and low-ash thermal coal to global markets.
Whitehaven has a strong and independent Board of Directors that has performed well since the merger; and a very experienced and capable management team that is highly regarded.

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The Board and management are focused on creating value for all of Whitehaven's shareholders by developing and enhancing the company's excellent assets while maintaining its reputation as a capable and respected corporation.

WHAT CAN YOU DO TO SUPPORT THE EXISTING BOARD AND MANAGEMENT TEAM? The Whitehaven Board seeks your support in favour of the resolutions being put to the AGM.

It is important that Whitehaven has a stable board and management team that are capable
and committed to building its business for the benefit of all shareholders.
You should be aware that the resolutions are being supported by a large cross section of institutional shareholders and all independent proxy advisory firms.

To ensure the ongoing stability of the Whitehaven Coal business and the delivery of future growth plans, all shareholders who support the existing Board are encouraged to vote. Abstaining does not equate to a 'YES' vote.

You are able to vote your shares online by visiting www.investorvote.com.au at any time up to 11.00 am (Sydney Time) Tuesday, 30 October 2012. Please call 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) if you have any queries on how to cast your vote.
On behalf of the Board I thank you for your support.

The Hon. Mark Vaile AO Chairman

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