1st Quarter 2020Earnings Supplement

May 11, 2020

Disclaimer

2

This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of theSecurities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitation, projectionsand estimates concerning the timing and success of specific projects and the future production, revenues, income and capital spending of CONSOLEnergy, Inc. (“CEIX”) and CONSOL Coal Resources LP (“CCR,” and together with CEIX, “we,” “us,” or “our”). When we use the words “anticipate,”“believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or their negatives, or othersimilar expressions, the statements which include those words are usually forward-looking statements. These forward-looking statements involverisks and uncertainties that could cause actual results and outcomes to differ materially from results and outcomes expressed in or implied by ourforward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of future actualresults. We have based these forward-looking statements on our current expectations and assumptions about future events. While ourmanagement considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic,competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond ourcontrol. Factors that could cause future actual results to differ materially from those made or implied by the forward-looking statements includerisks, contingencies and uncertainties that are described in detail under the captions “Forward-Looking Statements” and “Risk Factors” in ourpublic filings with the Securities and Exchange Commission. The forward-looking statements in this presentation speak only as of the date of thispresentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

This presentation includes unaudited “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934,including EBITDA, Adjusted EBITDA, Bank EBITDA, EBITDA per Affiliated Company Credit Agreement, Net Leverage Ratio, CONSOL Marine TerminalAdjusted EBITDA, Modified Net Leverage Ratio, Consolidated Net Debt, Consolidated Net Debt less Non-controlling Portion of CCR Affiliate Loan,Net Debt per Affiliated Company Credit Agreement, Liquidity, Adjusted EBITDA Attributable to CONSOL Energy Shareholders, Average Cash Cost ofCoal Sold Per Ton, Average Cash Margin Per Ton Sold, Organic Free Cash Flow and Organic Free Cash Flow Net to CEIX Shareholders. Thepresentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financialmeasures reported in accordance with GAAP.

Executive Summary

3(1) A non-GAAP measure. Please see the appendix for a reconciliation to the most directly comparable GAAP measure.

(2) A non-GAAP measure. Please see page 12 for a reconciliation.

CONSOL Energy Inc.

◼ Debt repayment of $53 million in 1Q20.

◼ Spent $25 million to retire $43 million of Second Lien Notes at a significant discount to its par value.

◼ Net leverage ratio(1) at 3/31/20 of 1.7x and liquidity(2) of $398 million.

◼ Reported 1Q20 diluted EPS of $0.09 per share and adjusted EBITDA(1) of $63 million.

◼ 1Q20 organic free cash flow net to CEIX shareholders(1) of $19 million.

◼ Increased repurchase authorization to $270 million from $200 million.

◼ Additional access to capital: (1) Raised $16 million through an equipment finance lease transaction, (2)

added an additional $20 million commitment for future financing needs and (3) amended and extended the

term of our accounts receivable securitization facility to March 2023.

◼ Targeting approximately $100 million of cash expense reduction in 2020 versus 2019 including: (1) $45 to

$50 million of capex, (2) $8 to $10 million of SG&A, (3) $7 to $10 million of interest expense, $30 to $40

million of cash savings due to reduced income taxes and (5) $10 to $20 million of other reductions/deferrals.

CONSOL Coal Resources LP

◼ Reported 1Q20 adjusted EBITDA(1) of $14 million.

◼ Net leverage ratio(1) at 3/31/20 of 2.2x.

◼ Total liquidity(2) of $95 million.

◼ Announced temporary suspension of the cash distribution to all unitholders, which will reduce quarterly cash

outflow by $14 million.

$12 $26 $35 $57 $65$88

$128 $144$169

$38 $24

$65$43

$110$112

$72 $56

$101

$50 $50

$100 $100

$175$200 $200 $200

$270

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

CEIX Repurchase Program Authorization(1)Cumulative Repurchases Remaining Availability

$26 $23

$1 $6

$117

$17 $20 $22

$48

$1 $2$8

$18$10

$23

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

CEIX Repayment/Purchase Update Debt Repayment CEIX Equity Purchases

• Total debt payments of $280MM since the

beginning of 2018.

• Total CEIX and CCR share/unit repurchases

of $62MM since the beginning of 2018.

• Excludes finance lease principal payments of

~$15 million in 2018, ~$19 million in 2019

and ~$5 million in 1Q20.

Note: Chart values in millions.

1Q19 is pre-refinancing transaction.

Does not include mandatory amortization Term Loan A or Term Loan B payments.

4

CCR Equity Purchases

CEIX Debt/Equity Repurchases

• Repurchase authorization increased to an

aggregate amount of $270MM.

• Current availability now sits at $101MM.

• Does not include finance lease payments of

~$15 million in 2018, ~$19 million in 2019

and ~$5 million in 1Q20.

46.539.2

17.425.5 21.5

12.5

34.4

29.6

44.818.3

9.9

3.4

80.9

68.862.2

43.8

31.5

15.9

-

20

40

60

80

100

2014 2015 2016 2017 2018 2019

Tra

nsa

ctio

n V

alu

e ($

B)

Debt Equity

12.3

7.5

2.1

7.29.6

6.3

6.2

1.4

2.2

7.1 1.4

1.0

18.6

8.9

4.3

14.3

11.0

7.4

-

5

10

15

20

25

2014 2015 2016 2017 2018 2019

Tra

nsa

ctio

n V

alu

e ($

B)

Debt Equity

Source: S&P Global Market Intelligence

Some totals may not foot due to rounding

Shrinking Access to Capital Strengthens Existing Production

5

Capital Market Access – Coal

Capital Market Access – E&P

• $303.0 billion capital raised 2014 – 2019.

• Debt = $162.6 billion

• Equity = $140.5 billion

• $64.4 billion capital raised 2014 – 2019.

• Debt = $45.1 billion

• Equity = $19.3 billion

Coal Supply Rationalization

6

Source: Doyle Trading Consultants

(1) Announced or obtained through MSHA

Domestic Coal Cutbacks(1)

Date Company Mine Region Coal Type Annual Production

2-Mar-20 Foresight Energy Shay #1 ILB steam 1,950,000

21-Feb-20 Paringa Poplar Grove ILB steam 490,000

21-Jan-20 Hallador Energy Carlisle ILB steam 405,000

7-Jan-20 Blackhawk Mining Tom's Fork Road Capp met 400,000

26-Dec-19 Murray Genesis (Kronos) ILB thermal 2,380,000

5-Dec-19 Bluestone Pay Car No. 58 Capp thermal 143,000

4-Dec-19 Bluestone Pay Car No. 57 Capp thermal 83,000

15-Nov-19 Alliance Gibson North ILB thermal 1,800,000

1-Nov-19 Knight Hawk Red Hawk ILB thermal 77,000

1-Nov-19 Knight Hawk Black Hawk ILB thermal 316,000

15-Oct-19 Peabody Wildcat Hills ILB thermal 408,000

8-Oct-19 Blackhawk Mining Buffalo Deep, Washington, Muddy Bridge Capp met 1,100,000

1-Oct-19 Wolverine Fuels Dugout Canyon Rocky Mtn thermal 579,000

Sep-30-19 Peabody Kayenta Rocky Mtn thermal 5,450,000

19-Sep-19 Murray Maple Eagle Capp met 665,000

6-Sep-19 Rhino Riveredge Mine (Pennyrile) ILB thermal 1,270,000

8-Aug-19 Alliance Dotiki ILB thermal 2,480,000

7-Aug-19 Peabody Somerville Central ILB thermal 1,970,000

22-Jul-19 Peabody Cottage Grove Pit ILB thermal n/a

8-Apr-19 White Stallion Liberty ILB thermal 961,000

25-Feb-19 Murray Paradise #9 ILB thermal 1,130,000

25-Feb-19 Murray Lewis Creek ILB thermal 360,000

TOTAL 24,417,000

**The date listed is not necessarily when the mine was idled but may correlate to the date announced.

◼ Supply rationalization is happening in the domestic and global markets.

◼ As of May 2020, DTC estimates that domestic coal production cutbacks were approximately 24 million tons since the start of 2019, including 22 million tons of thermal/steam coal.

◼ Colombia and Indonesia have recently announced supply reductions.

Global Coal Supply at Risk

7

◼ Wood Mackenzie estimates that, at current spot prices, approximately 36% of total seaborne coal production would have a negative cash margin.

◼ The thermal coal market accounts for 440 million tonnes of high-risk production globally, or 93% of total.

◼ The metallurgical coal market accounts for 33 million tonnes of high-risk production globally, or 7% of total.

Source: Wood Mackenzie – “Spot prices put 36% of seaborne production at risk” – April 2020

0

100

200

300

400

500

Mill

ion t

onnes

High Risk Medium Risk Low Risk

0

40

80

120

160

200

Mill

ion t

onnes

High Risk Medium Risk Low Risk

Seaborne Thermal Coal Production at Risk Seaborne Metallurgical Coal Production at Risk

3.62.5 2.2

1.3 1.22.0 1.5 1.5 1.7

8.0

1.4

2.12.0

2.1

4.43.4

6.8 6.57.2

5.04.6

4.2

3.4

5.6 5.4

8.38.0

8.9

10.0

2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E

Export Crossover Met Export Thermal

(million tons)

Export Sales Continue to Play Vital Role for CONSOL

8

Sold 3.6 million export crossover met tons

which yielded a significant premium to

PAMC’s thermal realizations.

Reduced exports and deemphasized met sales as strong U.S.

demand drove a YOY increase in domestic thermal sales, and

thermal coal yielded a slight premium to met

coal.

Established a new longwall at Harvey Mine in 2014, thereby

increasing capacity for exports. The Company ramped up exports

as domestic demand softened, placing focus on the crossover met

market.

Ramped up exports in response to continued thermal and industrial demand growth in the

seaborne market, specifically India.

Source: CONSOL Management

Strong Contracted Position Supported by Diversified Customer Base

9

Source: CONSOL Energy Inc. management, EIA and ABB Velocity Suite.

(1) Market Data as of May 4, 2020.

(2) PAMC Top Customer Plants represent the twelve domestic power plant customers to which PAMC shipped >500,000 tons of coal in 2018 and the ten domestic power plant customers to which PAMC

shipped >500,000 tons of coal in 2019.

(3) Other NAPP Rail-Served Plants include all other power plants that took delivery of NAPP rail coal in each corresponding month.

Market cap: $64.9bn

Baa2 / BBB+

Market cap: $19.4bn

Baa1 / BBB+

Market cap: $60.7bn

Baa1 / A-

Market cap: $57.5bn

Baa2 / A-

Private

- / -

Private

B2 / B+

Private

- / -

AnnouncedCoal Retirement 1%

No Announced Coal Retirement 99%

2018 domestic power plant shipments by unit retirement status

Blue-chip customers(1) Limited volume at risk due to announced power plant retirements

0%

20%

40%

60%

80%

Jan-

18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-18

Sep

-18

Oct

-18

No

v-18

Dec

-18

Jan-

19

Feb

-19

Mar

-19

Ap

r-19

May

-19

Jun

-19

Jul-

19

Au

g-19

Sep

-19

Oct

-19

No

v-19

Dec

-19

PAMC Top Customer Plants Other NAPP Rail-Served Plants

Average capacity factor (weighted by capacity)(2)(3)

15%Delta% 4% 19% 8% 14% 15% 13% 11% 14% 7% 11% 8% 8% 9% 14% 15% 18% 21% 24% 27% 21% 13% 15% 13%

12% higher average capacity factor in 201817% higher average capacity factor in 2019

-2.6%

-24.8%

-38.2%-19.3%

-

20

40

60

80

100

120

140

1604Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

Ind

ex

CEIX Average Revenue Per Ton Domestic NAPP Coal Average Prompt Month

API 2 Spot Average PJM Western Hub Around-The-Clock

Source: CONSOL Energy Inc. historical filings, Wood Mackenzie and ABB Velocity Suite.

(1) Domestic NAPP is sourced from CoalDesk LLC’s forecast at 4.75lb sulfur and 13,000 mmBtu

(2) Costs are BTU adjusted and include mining, preparation, transportation, port and overhead costs. PAMC cash costs of coal sold are based on CONSOL Energy Inc. management and peers are based

on Wood Mackenzie.

Proven Contracting Strategy and Tier 1 Asset Base Reduces Earnings Volatility

10

Stable Pricing Profile(1)

$0

$20

$40

$60

$80

$100

$120

– 100 200 300 400 500 600 700 800 900 1,000

US

$/T

onne

Cumulative Production (Million Tonnes)

PAMC US Appalachia US Illinois Basin US Powder River US Western Bituminous

$120

100

80

60

40

20

0

The PAMC’s 1st quartile cost position drives global

competitiveness despite changes in seaborne thermal

supply / demand fundamentals.

2015 20172016

Thermal Coal Exports

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

(Cash costs $ per tonne)

1st quartile position among global thermal coal production (2019)(2)

2018

First Quarter 2020 Results

11

(1) “Average cash cost of coal sold per ton” and “average cash margin per ton sold” are operating ratios derived from non-GAAP financial measures; each are reconciled to the most directly comparable GAAP financial measure in

the appendix.

(2) Adjusted EBITDA and CONSOL Marine Terminal Adjusted EBITDA are non-GAAP financial measures. Please see the appendix for a reconciliation of each to net income.

(3) The 2020 capital guidance figure includes the Itmann project.

(4) Organic Free Cash Flow Net to CEIX Shareholders, a non-GAAP financial measure, is defined as Net Cash Provided by Operations less Capital Expenditures, less Distributions to Noncontrolling Interest. Organic Free Cash

Flow is a non-GAAP financial measure defined as Net Cash Provided by Operations less Capital Expenditures. Please see the appendix for a reconciliation to net cash provided by operations, the most directly comparable

GAAP measure.

For the Quarter Ended Guidance

March

31, 2020

March

31, 2019 ChangePennsylvania Mining Complex

Volumes (MM Tons)

Production 6.0 6.8 (0.8)

Sales 5.9 6.7 (0.8)

Operating Metrics ($/Ton)

Average Revenue per Ton Sold $43.16 $49.38 ($6.22)

Average Cash Cost of Coal Sold per Ton(1) $32.41 $29.71 $2.70

Average Cash Margin per Ton Sold(1) $10.75 $19.67 ($8.92)

CONSOL Marine TerminalVolumes (MM Tons)

Throughput Volume 3.4 4.0 (0.6)

Financials ($MM)

Terminal Revenue 17 18 (1)

Cash Operating and Other Costs 5 6 (1)

CONSOL Marine Terminal Adjusted EBITDA(2) 11 12 (1)

CEIX Financials ($MM)

Adjusted EBITDA(2) 63 118 (55)

Capital Expenditures 27 34 (7)

Organic Free Cash Flow Net to CEIX Shareholders(3) 19 42 (23)

Dilutive Earnings per Share ($/share) $0.09 $0.52 ($0.43)

CCR Financials ($MM)

Adjusted EBITDA(2) 14 28 (14)

Capital Expenditures 5 8 (3)

Organic Free Cash Flow(3) 12 17 (5)

Earnings Results

CCR Financial Metrics ($MM except ratio) LTM 3/31/2020

Leverage

EBITDA per Affiliated Company Credit Agreement(1) $88

Net Debt per Affiliated Company Credit Agreement(3) 194

Net Leverage Ratio(1) 2.2x

Liquidity (as of 3/31/2020)Cash and Cash Equivalents

Affiliated Company Credit Agreement

Less: Amount Drawn

Total CCR Liquidity

$0

275

(181)

$95

Adjusted Method Bank Method

LTM 3/31/2020 LTM 3/31/2020Leverage

EBITDA(1)(2) $350 $280

Consolidated Net Debt(3) 609 609

Net Leverage Ratio(1) 1.7x 2.2x

Adjusted EBITDA Attributable to CONSOL Energy Inc. Shareholders (1) $317

Consolidated Net Debt less Non-controlling Portion of CCR Affiliate Loan (4) 540

Modified Net Leverage Ratio(1) 1.7x

Liquidity (as of 3/31/2020)

Cash and Cash Equivalents less CCR Cash(5)

Revolving Credit Facility

Accounts Receivable Securitization (lesser of $100MM and A/R borrowing base)

Restricted Cash - Securitization

Less: Letters of Credit Outstanding

Total CEIX Liquidity $398

CEIX Financial Metrics ($MM except ratios)

$78

400

30

(111)

1

Leverage and Liquidity Analysis

12

(1) “EBITDA”, “Adjusted EBITDA”, “Bank EBITDA”, “Adjusted EBITDA Attributable to CONSOL Energy Inc. Shareholders” and “EBITDA per Affiliated Company Credit Agreement” are non-GAAP financial

measures. “Net leverage ratio” and “modified net leverage ratio” are operating ratios derived from non-GAAP financial measures. Please see the appendix for a reconciliation to net income.

(2) Adjusted Method is based on “Adjusted EBITDA” and Bank Method is based on “Bank EBITDA”.

(3) See appendix for a reconciliation.

(4) “Consolidated net debt less non-controlling portion of CCR Affiliate Loan” is a non-GAAP measure calculated as consolidated net debt of $609 million less the 38.6% public ownership of CCR’s Affiliate

Loan of ~$181 million.

(5) Calculated as CEIX cash and equivalents of $78.2 million as of 3/31/2020 less CCR cash and equivalents of ~$0.2 million as of 3/31/2020.

Some numbers may not foot due to rounding.

$1,497

$1,362

$1,267

$1,163

$1,067 $1,087 $1,081

$139 $133

$92$73 $75 $74 $74

2014 2015 2016 2017 2018 2019 LTM3/31/2020

Total Legacy Liabilities

Total Annual Legacy Liabilities Cash Servicing Cost

Legacy liabilities

($mm)

Balance Sheet

Value

Cash Servicing

Cost

LTM 3/31/2020

Long-term disability 13 2

Workers’ compensation 71 12

Coal workers’ pneumoconiosis 214 14

Other post-employment benefits 460 31

Pension obligations 46 1

Asset retirement obligations 277 14

Total legacy liabilities 1,081 74

3/31/2020

CEIX Balance Sheet Legacy Liabilities

13

2023E Payments2019A Payments

$61 $54

CEIX legacy liabilities and cash costs

($ mm)

CEIX employee-related liability projections

OPEB CWP Workers' Comp LTD NQ Pension

Significant legacy liability reductions over the past three years

◼ The OPEB liability decreased $9 million from 2018 to 2019.

◼ A result of a decreasing trend of actual claims over the past 3

years and the passing of the SECURE Act, despite the large

impact of a lower discount rate.

◼ Cash payments related to legacy liabilities are declining over time.

◼ Approximately 69% of all CEIX employee liabilities are closed classes.

− Actuarial and demographic developments continue to drive medium-

term reduction in liabilities.

− Actively managing costs down.

◼ CEIX’s Qualified Pension Plan was over 90% funded as of 3/31/2020.

− This compares favorably to 76% funded level of the S&P 1500

universe of companies.

− Plan asset returns were in the top 4% of US Corporate DB Plans for

calendar year 2019 and the top 14% over the last 10 years.

Source: Mercer

Some totals may not foot due to rounding.

Risk Based Approach

Stakeholder Engagement

TransparencyContinuous

Improvement

CONSOL Committed to Become a Bettercoal Supplier

14

Bettercoal’s Values Align with CONSOL’s Management Approach and Commitment to ESG

Exemplifying Our Commitment to Continuous Improvement with Bettercoal

◼ Bettercoal is a global organization that was established by major coal buyers.(1)

◼ Seeks to advance the continuous improvement of sustainability performance in the

coal supply chain.

◼ The “Bettercoal Code” is an internationally recognized standard of operating principles.

◼ Ethical, Social, and Environmental Components

Creating

Shared

Value

(1) Bettercoal, 2019. https://bettercoal.org

Appendix

15

CEIX Adjusted EBITDA & Organic Free Cash Flow Net to CEIX Shareholders Reconciliations

16

Some totals may not foot due to rounding.

Organic Free Cash Flow Net to CEIX Shareholders Reconciliation

1Q20 1Q19

Net Cash Provided by Operating Activities $51.4 $82.2

Less: Capital Expenditures (27.2) (34.2)

Organic Free Cash Flow $24.2 $48.0

Less: Distributions to Noncontrolling Interest (5.6) (5.6)

Organic Free Cash Flow Net to CEIX Shareholders $18.6 $42.4

EBITDA Reconciliation LTM

1Q20 1Q19 3/31/2020

Net Income $2.5 $20.3 $75.7

Plus:

Interest Expense, net 15.7 18.6 63.5

Interest Income (0.2) (0.9) (2.3)

Income Tax Expense (Benefit) 1.9 (0.9) 7.3

Depreciation, Depletion and Amortization 54.9 50.7 211.3

EBITDA $74.8 $87.9 $355.6

Plus:

(Gain) Loss on Debt Extinguishment (16.8) 23.1 (15.5)

Stock/Unit-Based Compensation 5.0 7.5 10.3

Total Pre-tax Adjustments (11.8) 30.6 (5.2)

Adjusted EBITDA $62.9 $118.5 $350.4

Less: Adjusted EBITDA Attributable to Noncontrolling Interest (6.0) (11.4) (33.5)

Adjusted EBITDA Attributable to CONSOL Energy Inc. Shareholders $57.0 $107.1 $316.9

Organic Free Cash Flow Reconciliation

1Q20 1Q19

Net Cash Provided by Operating Activities $16.8 $25.2

Less: Capital Expenditures (5.2) (8.1)

Organic Free Cash Flow $11.6 $17.1

CCR Adjusted EBITDA & Organic Free Cash Flow Reconciliations

17

Some totals may not foot due to rounding.

Adjusted EBITDA Reconciliation

1Q20 1Q19

Net Income $0.2 $15.2

Plus:

Interest Expense, Net 2.2 1.4

Depreciation, Depletion and Amortization 11.9 11.2

EBITDA $14.2 $27.8

Plus:

Unit-Based Compensation 0.2 0.4

Adjusted EBITDA $14.4 $28.2

CEIX Net Leverage Ratio Reconciliations Adjusted Method Bank MethodLTM 3/31/2020 LTM 3/31/2020

Net Income $76 $76

Plus:

Interest Expense, net $64 $64

Interest Income ($2) ($2)

Income Tax Expense $7 $7

EBIT $144 $144

Plus:

Depreciation, Depletion and Amortization $211 $211

EBITDA $356 $356

Plus:

Stock/Unit-Based Compensation $10 $10

Gain on Debt Extinguishment ($16) ($16)

Total Pre-tax Adjustments ($5) ($5)

Adjusted EBITDA $350 $350

Less:

CCR EBITDA per Affiliated Company Credit Agreement, Net of Distributions Received - ($58)

Employee Legacy Liability Payments, Net of Provision - ($20)

Other Adjustments - $7

Bank EBITDA - $280

Total Long-Term Debt $627 $627

Plus: Current Portion of Long-Term Debt $67 $67

Plus: Debt Issuance Costs $9 $9

Less: CCR Finance Leases and Asset-Backed Financing ($14) ($14)

Less: Advanced Mining Royalties ($2) ($2)

Less: CEIX Cash and Cash Equivalents ($78) ($78)

Consolidated Net Debt 609 609

Net Leverage Ratio 1.7x 2.2x

CEIX Net Leverage Ratio Reconciliations

18

Some totals may not foot due to rounding.

CCR Net Leverage Ratio Reconciliation

LTM 3/31/2020

Net Income $30.5

Plus:

Interest Expense, Net 7.4

Depreciation, Depletion and Amortization 46.5

Unit-Based Compensation 1.2

Non-Cash Expense, Net of Cash Payments for Legacy Employee Liabilities 1.2

Other Adjustments to Net Income 1.2

EBITDA Per Affiliated Company Credit Agreement $88.0

Borrowings under Affiliated Company Credit Agreement $180.6

Finance Leases and Asset-Backed Financing 14.0

Total Debt $194.6

Less:

Cash on Hand 0.2

Net Debt per Affiliated Company Credit Agreement $194.4

Net Leverage Ratio (Net Debt/EBITDA) 2.2x

CCR Net Leverage Ratio Reconciliation

19

Some totals may not foot due to rounding.

($MM except per ton data) 1Q20 1Q19

Total Coal Revenue $255 $333

Operating and Other Costs 212 230

Less: Other Costs (Non-Production) (21) (31)

Total Cash Cost of Coal Sold 191 199

Add: Depreciation, Depletion and Amortization 55 51

Less: Depreciation, Depletion and Amortization (Non-Production) (9) (8)

Total Cost of Coal Sold $237 $242

Average Revenue per Ton Sold $43.16 $49.38

Average Cash Cost of Coal Sold per Ton $32.41 $29.71

Depreciation, Depletion and Amortization Costs per Ton Sold $7.63 $6.21

Average Cost of Coal Sold per Ton $40.04 $35.92

Average Margin per Ton Sold $3.12 $13.46

Add: Depreciation, Depletion and Amortization Costs per Ton Sold $7.63 $6.21

Average Cash Margin per Ton Sold $10.75 $19.67

Average Cash Margin and Average Cost per Ton Sold Reconciliations

20

Some totals may not foot due to rounding.

CMT EBITDA Reconciliation

1Q20 1Q19

Net Income $7.5 $9.2

Plus:

Interest Expense, net 1.5 1.5

Depreciation, Depletion and Amortization 1.3 0.9

EBITDA $10.3 $11.7

Plus:

Stock/Unit-Based Compensation 0.2 0.4

Total Pre-tax Adjustments 0.2 0.4

Adjusted EBITDA $10.6 $12.0

CMT Adjusted EBITDA Reconciliation

21

Some totals may not foot due to rounding.