CNX Coal Resources LP

Investor Presentation – August 2016

0

Cautionary Statements

Various statements in this presentation, including those that express a belief, expectation or intention, may be considered forward-looking statements under federal securities

laws including Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") that involve risks and uncertainties that could cause actual results to differ materially

from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements

may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we

use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the

statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking

statements. The forward-looking statements in this presentation, if any, speak only as of the date of this presentation; we disclaim any obligation to update these statements.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management 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 our control. These risks, contingencies and uncertainties relate to, among other matters, changes in coal

prices or the costs of mining or transporting coal; uncertainty in estimating economically recoverable coal reserves and replacement of reserves; our ability to develop our

existing coal reserves and successfully execute our mining plans; changes in general economic conditions, both domestically and globally; competitive conditions within the

coal industry; changes in the consumption patterns of coal-fired power plants and steelmakers and other factors affecting the demand for coal by coal-fired power plants and

steelmakers; the availability and price of coal to the consumer compared to the price of alternative and competing fuels; competition from the same and alternative energy

sources; energy efficiency and technology trends; our ability to successfully implement our business plan; the price and avai lability of debt and equity financing; operating

hazards and other risks incidental to coal mining; major equipment failures and difficulties in obtaining equipment, parts and raw materials; availability, reliability and costs of

transporting coal; adverse or abnormal geologic conditions, which may be unforeseen; natural disasters, weather-related delays, casualty losses and other matters beyond

our control; interest rates; labor availability, relations and other workforce factors; defaults by our sponsor under our operating agreement and employee services agreement;

changes in availability and cost of capital; changes in our tax status; delays in the receipt of, failure to receive or revocation of necessary governmental permits; defects in title

or loss of any leasehold interests with respect to our properties; the effect of existing and future laws and government regulations, including the enforcement and

interpretation of environmental laws thereof; the effect of new or expanded greenhouse gas regulations; the effects of litigation and the other factors discussed in the "Risk

Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015, as well as any subsequent report on Form 10-Q that we file with the SEC. This

presentation does not constitute an offer to sell or a solicitation of offers to buy securities of CONSOL Energy Inc. or CNX Coal Resources LP.

This presentation also contains information about the Partnership’s adjusted EBITDA, which is not a measure derived in accordance with U.S. generally accepted accounting

principles (“GAAP”) and which excludes components that are important to understanding the Partnership’s financial performance. Adjusted EBITDA should not be

considered an alternative to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA excludes some, but

not all, items that affect net income or net cash, and our presentation may vary from the presentations of other companies. As a result, adjusted EBITDA as presented herein

may not be comparable to similarly titled measures of other companies. Reconciliations of adjusted EBITDA to net income, the most directly comparable GAAP financial

measure, can be found in our Quarterly Report on Form 10-Q for the period ended June 30, 2016 and in this presentation.

Offering Timeline

CNXC Investment Proposition

2

Focus on Safety,

Compliance and

Continuous Improvement

Operate some of the industry's safest underground mines; 53% lower Mine Safety and Health Administration (“MSHA”)

incident rate vs. national average

Underground training academy dedicated to training miners and improving their safety performance and regulatory

compliance

Cash Flows Supported by

Multi-Year Contracts

Seek to minimize direct commodity exposure through multi-year sales contracts; contracted position at 100%, 79% and 55%

for 2016, 2017 and 2018 expected sales volumes

Well-established credit-worthy customer base comprised primarily of power producing companies in the eastern U.S. willing

to commit to multi-year contracts

Strong Sponsor

Access to significant pool of management talent, deep industry knowledge and strong commercial relationships

Economically incentivized to grow CNXC through ownership of IDRs and LP units as well as 80% retained interest in the PA

mining complex

Experienced Management

Team

Significant expertise owning, developing and managing complex coal mining operations

Proven track record of successfully building coal assets in a reliable and cost-effective manner

Quality Reserve Base with

Substantial Capital

Investment

Extensive high-quality contiguous reserves of high-Btu bituminous coal in Pittsburgh No. 8 Coal Seam are ideal for high

productivity, low-cost longwall operations

Advantageous coal quality with relatively higher heat content, lower sulfur content and lower chlorine content compared to

Illinois Basin coals.

Strategically Located

Operations with Access to

Key Infrastructure

Logistics infrastructure and proximity to coal-fired power plants allow operational and marketing flexibility

Significant transportation cost advantage compared to many of our competitors.

Direct access to domestic customers and Baltimore Marine Terminal through Norfolk Southern and CSX rail lines

Low-cost Highly Productive

Operations

Maintained strong 1H16 cash margins above the peer group despite selling approximately 31% of the coal in low-priced

export markets

Recent capital investment has optimized our mining operations and logistics infrastructure to maintain low operating costs

Advanced Distribution

with Cutting Edge Loadout

Technology

Dual-batch facility that operates 24/7 and loads up to 9,000 tons of coal per hour and ten unit trains per day

Strong relationship with Norfolk Southern and CSX rail lines - investing significant capex to increase rail takeaway

Solid distribution yield supported by world class asset base

Growth-oriented master limited partnership formed by CONSOL Energy, Inc. (NYSE:CNX) in 2015 to manage and

further develop all of its active thermal coal operations in Pennsylvania.

Initial assets include a 20% undivided interest in, and operational control over, CONSOL Energy’s Pennsylvania

mining complex

Sponsor has provided us the Right of First Offer (“ROFO”) on the retained 80% undivided interest in the

Pennsylvania mining complex, and certain other Sponsor Assets

Initial Public Offering – June 2015 at $15/unit

Current Ownership Structure

Sponsor retained 12.7 million LP units (53.4% limited partner interest) including 11.6 million subordinated units

5.5 million LP units (23.2% limited partner interest) owned by Greenlight Capital

5.1 million LP units (21.4% limited partner interest) held by other public holders

Current market capitalization: $305 million(1)

Net debt outstanding: $189 million as of June 30, 2016

CNX Coal Resources LP - Overview

(1) Priced as of COB Aug 01, 2016

3

Significant Focus on Safety, Compliance and

Continuous Improvement

4

Continued focus on core values of safety, compliance and

continuous improvement

Operate some of the industry’s safest underground mines

MSHA incident rate ~53% lower than national

average rate(1)

MSHA significant and substantial citation rate ~22%

lower than the industry average rate(2)

Promotes greater reliability in operations, lower operating

costs and long-term customer relationships

Exemplary Safety and Compliance Record

(PA mining complex)

(1) Based on incident rates for 2012- 2015 period. Source: MSHA

(2) For the Feb 1, 2015-Jan 31, 2016 period ; National industry rate for significant & substantial citations & orders per 100 inspection hours. Source: MSHA

CONSOL constructed the first underground training

academy in the United States dedicated to training

miners and improving their safety performance and

regulatory compliance

We continue to focus on our core values of safety, compliance and continuous

improvement

Underground Training Academy

Experienced staff provide technical services to assist

customers in the new, expanded, and continued use

of our coal

Technical Services

4.95

2.62.35

2.03

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Incident Rate S&S Citation Rate

Industry Average PA Operations

90

59

1116

21

0

25

50

75

100

Notice of Violation/Non-compliance

2011 2012 2013 2014 2015

CNXC Organizational Structure

5

CNXC owns a 20% undivided interest in

and operational control over CONSOL

Energy’s Pennsylvania mining complex

CONSOL Energy retained an 80%

undivided interest in the Pennsylvania

mining complex and owns 100% of CNXC’s

general partner, as well as the incentive

distribution rights

Economically incentivized to grow

CNXC

CONSOL Energy granted CNXC a right of

first offer to acquire the remaining 80%

undivided interest

Certain other Sponsor ROFO Assets

Majority of units owned by our Sponsor are

subordinated

CNXC – 20% Undivided Interest in Pennsylvania Mining

Complex (Bailey, Enlow Fork and Harvey mines)

Strategically aligned with CNXC and incentivized to support growth to enhance value of

MLP business

CONSOL Energy Inc. (“CONSOL Energy”)

NYSE: CNX 1,050,000 Common Units

11,611,067 Subordinated Units

CNX Coal Resources GP LLC (“our general partner”)

2% General Partner Interest Incentive Distribution Rights

2% general partner interest

CNX Coal Resources LP (the “Partnership”)

NYSE: CNXC

53.4% limited partner interest

80% undivided ownership interest

20% undivided ownership interest and management and control rights

100% ownership interest

Pennsylvania mining complex

CNX Coal Resources Operating LLC

CNX Thermal Coal Company LLC

100% ownership interest

100% ownership interest

Public and Private Placement 10,561,067

Common Units 5,561,067

44.6% limited partner interest

Mine

Total

Recoverable

Reserves

(tons)

Average

AR Gross

Heat

Content

(Btu/lb)

Average

AR Sulfur

Content

Annual

Production

Capacity

(tons)

Production

(tons)

Bailey(1) 271.7 12,940 2.64% 11.5 10.2

Enlow Fork(1) 316.2 12,940 2.19% 11.5 9.0

Harvey(1) 203.5 13,070 2.25% 5.5 3.6

Total 791.4 12,970 2.36% 28.5 22.8

Illinois Basin(2) 11,355 2.95%

Other NAPP(2) 12,334 3.23%

Other Coal

MLPs(2,3) 11,815 2.81%

Overview of Pennsylvania Mining Complex

6

Pennsylvania mining complex consists of three like-new underground

mines and related infrastructure with high-Btu bituminous coal (791.4

million tons proven and probable(1))

PA mining complex – 791.4 million tons reserves / 28.5 million tons

annual capacity(1)

Train loadout facility (up to 9,000 tons per hour) with dual rail access

with Norfolk Southern and CSX

High-Btu bituminous thermal coal is primarily sold to utility companies in

the eastern United States: ~13,000 Btus per pound average gross heat

content and 2.36% average sulfur content

Five longwalls and 15-17 continuous mining sections

Access to seaborne markets through CONSOL-owned Baltimore Marine

Terminal for exporting thermal and metallurgical coal

Over $2.0 billion invested in Harvey Mine, new slopes, overland

conveyor belts, equipment, and plant upgrades since 2008

(1) For the period ending and as of December 31, 2015.

(2) Source: EIA. Represents average power plant deliveries for the twelve months ending February 29, 2016.

(3) Includes Northern Appalachian and Illinois Basin production from ARLP, FELP, RHNO, and WMLP.

Note: Data shown on a 100% basis for the PA Mining Complex. CNXC owns a 20% interest in the complex.

Baltimore

Terminal

PA Mining

Complex

Active Complex

Port/Dock

2015 PA Mining

Complex Customers

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Navigating Current Challenges in Energy Markets

7

Opportunistically switch sales between domestic and export markets

Pursue contract buy-outs, and other value preserving alternatives with customers

delaying shipments beyond contractual flexibility

Align the marketing strategy to the MLP structure through structured contracting

effort and reduce price volatility in 2017-19

Focused on distribution preservation while retaining flexibility for growth

Marketing Targets

Operational

Adjustments

Optimized corporate and production employee base

Reset compensation and benefit structure for all employees

Cost savings through vendor consolidation and supply chain optimization

Create operational flexibilities to align production with shipment schedules

Continue to optimize the cost structure through operational improvements

Financial Priorities

Continue to control costs and defer discretionary capital spending

Preserve balance sheet strength and flexibility

Maintain current distribution level for common units and resume subordinate

distributions to minimum quarterly distribution (MQD) levels

Continue to evaluate potential for a drop-down/acquisitions

2Q16 Earnings Highlights and 2016 Outlook

8

Announced quarterly cash distribution of $0.5125 per

common unit

─ Implied distribution yield of 15.6% (1)

─ Improved cash distribution coverage ratio to 1.4x

─ Suspended the distribution to subordinated units

owned by CONSOL Energy Inc.

2Q16 Earnings Recap:

─ Adjusted EBITDA of $13.3 million

─ Coal sales of 1.2 million tons

─ Net income of $2.6 million

Reaffirmed full year 2016 guidance

─ Expect 8-10% improvement in realized price

compared to 2Q16 levels

─ Full year costs expected to improve 13-18%

compared to 2015 levels

Achieved significant cost improvements through

improved productivity, negotiating lower prices with

suppliers, reduced employee-related costs

(1) Priced as of COB August 01, 2016

30-Jun-16 30-Jun-15

Coal Production million tons 1.2 1.2

Coal Sales million tons 1.2 1.1

Realized Price Per ton $40.61 $56.21

Cost of Coal Sold Per ton $34.46 $44.15

2016 Guidance Low High

Estimated Coal Sales million tons 4.5 5.1

Adjusted EBITDA $ million 59 69

Capex $ million 18 20

Operational PerformanceThree Months Ended

Treatment of common and subordinated units during the subordination period:

Subordination period(2) generally extends until distributions of available cash from operating surplus have equaled or

exceeded $2.05/unit annualized for at least three years for all unitholders and GP interest

Subordinated units will be converted to common units at the completion of subordination period

Common Unit Distribution Support Mechanism

The current ownership structure is beneficial to common unitholders given the priority

of distributions over subordinated units owned by CONSOL Energy (1) MQD = Minimum Quarterly Distribution of $0.5125/unit or $2.05/unit annualized

(2) For the full definition of subordination period, please refer to our registration statement filed on form S-1

Common Units Subordinated Units

Ownership Primarily public CONSOL Energy Inc

Units outstanding ~11.6 million ~11.6 million

MQD(1) $0.5125 per unit $0.5125 per unit

Aggregate annualized MQD ~$23.8 million ~$23.8 million

Priority of distribution Yes No

Accrue arrearage if short paid (below MQD) Yes No

MQD fully covered at low end of current guidance Yes No

Distribution declared for 2Q16 $0.5125 per unit $0 per unit

9

10

Operational Initiatives Drove Cost Improvement

Structurally repositioned mines to benefit as demand and/or pricing recovers

Operational initiatives such as improving productivity, vendor concessions, reduced staffing levels, refocused

incentive plans, and realignment of employee benefits helped achieve ~24% improvement in cost of coal sold

since 2Q15

Spot market/export sales, although lower-priced, improved mine consistency and provided economies of scale

Improvement in productivity, as measured by tons per employee-hour, is one of the key drivers of significant cost

improvement

36.60

33.2131.44

26.7127.96

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

2Q15 3Q15 4Q15 1Q16 2Q16

Cas

h c

ost

of c

oal

so

ld ($

/to

n)

~24% Improvement

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

1Q1

2

2Q1

2

3Q1

2

4Q1

2

1Q1

3

2Q1

3

3Q1

3

4Q1

3

1Q1

4

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

3Q1

5

4Q1

5

1Q1

6

2Q1

6

Pro

du

ctiv

ity

(to

ns/

em

plo

yee

-ho

ur)

Quarterly productivity

TTM Average Productivity

5.9x 5.2x

6.6x 7.0x

8.3x

.0x

2.0x

4.0x

6.0x

8.0x

WLB CLD ARLP FELP

15.6%

13.6%

9.1% 7.6%

0.0% 0.0%

5.0%

10.0%

15.0%

20.0%

WMLP ARLP AMLP FELP

2.7x

1.1x

4.5x

5.9x

6.7x

.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

ARLP CLD WLB FELP

$14.31 $21.03 $12.71 $1.78 -35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

$0.00

$10.00

$20.00

$30.00

ARLP FELP CLD

Cash Margin ($/ton) - LHS YOY Sales Change (%) - RHS

Benchmarking vs. Coal Peers

11

(1) Determined by based on netback at the mine prices and costs; Segment EBITDA Expense used were cost data not available. (source: respective company documents)

(2) EBITDA, Net debt and EV based on company data or FactSet data as of August 1, 2016. EBITDA based on mean of select Wall Street Research when guidance not available. ARLP on GP-adjusted basis.

CNXC 2017 EBITDA excludes the benefit of any potential drop down included in analyst estimates.

(3) TTM EBITDA based on FactSet data as of August 1, 2016.

(4) Current yield calculation based on COB August 1, 2016.

Average YTD 2016 Cash Margin(1) ($ / ton) Debt/TTM EBITDA(3)

EV/2017E EBITDA(2)

Current Yield(3)

10.5%

8.3%

0.0%

5.0%

10.0%

15.0%

FELP ARLP

Current Yield (%)(4)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0

5

10

15

20

25

PA

Min

ing C

om

ple

x (

5)

Marion C

ounty

(1)

Monongalia

County

(1)

Federa

l (1

)

Em

era

ld (

1)

Harr

ison C

ounty

(1)

Mounta

in V

iew

(1)

Leer

(1)

Mars

hall

County

(2)

Cum

berland (

1)

Ohio

County

(1)

Tunnel R

idge (

1)

Centu

ry (

1)

Pow

hata

n (

1)

Su

lfu

r (%

as r

eceiv

ed

)

Pro

du

cti

on

(m

illi

on

to

ns)

2015 Production - PA Mining Complex 2015 Production - Other Longwalls 2015 Sulfur

Not All NAPP Longwalls Are Created Equal

12 Source: EIA 923, MSHA; Number of longwalls indicated in parentheses.

PA Mining Complex is uniquely positioned among NAPP longwall producers to provide

a sustained supply of high-quality coal to rail-served power plants in the eastern U.S.

Serve River Markets

Primarily

Met Coal

Producer

Mine Mouth

Operations

Near End of

Reserve Life

Higher

Sulfur

Closed

in 2015

Closing in

Nov-16

Contracted position improves sales volume visibility and reduces pricing volatility

Well-established, credit-worthy customer base comprised primarily of utility companies in the eastern United States

willing to commit to multi-year contracts

While unusually warm weather and ongoing low natural gas prices have resulted in fluctuating delivery schedules, we

continue to work with our customers to ensure our contracted volumes get shipped or value to CNXC is preserved

Contracted Volume(1)

Solid Contracted Position Reduces Volatility

13

Major Customers Include:

Secured multi-year commitments with key power plants in the upper Midwest and Southeast

markets, which historically have been thought of as domain of other coal basins

(1) Contracted percentages based on the projected sales volume for 2016 and at 5.2 million ton annual run rate thereafter. Some of our contracts contain fixed prices with preestablished price

adjustments based on (i) variances in the quality characteristics of coal delivered to the customer beyond threshold quality characteristics specified in the applicable sales contract, (ii) the actual

calorific value of coal delivered to the customer, and/or (iii) fluctuations in the power market.

100%

79%

55%

2016E 2017E 2018E

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017 2018 2019

Re

tire

d C

ap

ac

ity (

MW

)

All Coal Types

Eastern Bituminous(Pri Fuel)

The Carbon Pollution Standard for new plants, 111(b), will

severely hinder the construction of new coal-fired power

plants for 10 or more years

The Clean Power Plan, 111(d), was finalized by EPA in

August 2015, but faces an uncertain future

Designed to reduce GHG emissions from existing

plants beginning in 2022

The Supreme Court stayed implementation of the

Clean Power Plan on February 9, 2016, pending

judicial review

Under any scenario, the most efficient, cleanest coal plants

are positioned to survive; these are the ones we are targeting

Impact of Power Plant Pollution Control Regulations

Traditional Pollutants

Greenhouse Gases (i.e., CO2)

14

Our Strategy: Focus domestic steam sales on clean, modern and efficient plants in our

core market area. Push into former CAPP market, and take advantage of crossover and

export opportunities.

MATS compliance deadlines occurred in April 2015 (primary)

and April 2016 (one-year extension)

Additional retirements in the near-term driven primarily by low

natural gas prices and other environmental regulations (e.g.,

Regional Haze Rule, Coal Combustion Residuals Rule,

Effluent Limitation Guidelines, state rules)

Remaining fleet will be clean, modern and efficient, with

capacity to increase coal burn relative to 2015

U.S. Coal Unit Retirements and Fuel Conversions

Source: EIA and CNXC data estimates.

2011-2016:

55 GW

65% Eastern Bit

2017-2019:

14 GW

38% Eastern Bit

Our Strategy in Action

15 Source: EIA and CNXC data estimates.

Announced 2016 Coal Unit Retirements

Superior performance of top PA Mining Complex customers due to:

Aligning with strong performers in our traditional core market

Success in selling to key plants outside of our core, rather than moving tons to weaker core market plants or to the export market

Effect of strong-performing customers picking up generation left by retirements

PA Mining Complex customer plants are minimally impacted (~200 MW retiring) by the final wave of MATS retirements in 2016

We have continued to increase sales to our highest capacity factor customers in 2016,

and we are well positioned to come out in the lead when the market rebounds.

Eastern U.S.

Top 15

PA Mining

Complex

Customer

Plants(1)

All Other

Plants(2)

54%

49%

Capacity Factors: January-December 2015

(1) Ranked based on total coal deliveries for CY 2015.

(2) Excludes plants that retired, switched fuels, or did not report any net generation during 2015.

(3) Defined to include PA, WV, MD, VA, NC, SC, NJ, DE, NY, CT, MA, NH

Core Market States(3)

Top

PA Mining

Complex

Customer

Plants(1)

All Other

Plants(2)

53%

43%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

United States Eastern U.S. Current PAMining

ComplexCustomers

Reti

rin

g C

ap

acit

y (

MW

)

22%

26%

30%

34%

38%

42%

46%

< $2.00 $2.00-$2.50 $2.50-$3.00 $3.00-$3.50 $3.50-$4.00 $4.00-$4.50 > $4.50

Co

al

Sh

are

of

Mo

nth

ly G

en

era

tio

n (

%)

Monthly Average Natural Gas Price ($/mmBtu, Henry Hub Spot)

Range

Average

Effect of Gas Price on Coal Generation

Natural gas prices are suppressing coal prices, but that dynamic can change quickly

A 1% increase in coal’s share of generation equates to a 20-25 million ton / year increase in U.S. electric power

sector coal demand

Right-sizing of coal supply under current market conditions will help set the stage for coal prices to rebound with

uptick in gas prices

16

Coal Share of U.S. Generation vs. Natural Gas Price Ranges (January 2012 – May 2016)

Source: EIA

Recent Positive Market Signals

17 Source: EIA and CNXC data estimates.

Henry Hub natural gas forward price for CY 2017 averaged $3.15/mmBtu in July, up 20% from

February’s average of $2.62/mmBtu

API2 for CY 2017 delivery averaged ~$59/tonne in July after trading below $40/tonne throughout

February

Global coking coal benchmark for July-September 2016 settled above expectation at

$92.50/tonne, marking its second consecutive quarter-on-quarter increase

Effects of coal supply discipline are becoming evident, with the net build of 1.29 mm tons in April-

May coming in substantially better than the 10-year average build of 12.05 mm tons during those

months

The arrival of hot summer weather is helping to promote stronger coal burn

Recent events highlight challenges to competing NAPP supplies:

Combined production of our main NAPP rail competitors (Marion County, Monongalia

County, Federal No. 2) was down 41% in H1 2016 compared to H1 2015

Powhatan No. 6 mine is expected to close in November 2016

UMWA voted down collective bargaining agreement with BCOA

Murray Energy issued WARN notice to 4,400 employees in July 2016

Signs point toward developing fundamentals for stronger pricing once inventories

moderate.

Roadmap to Unitholder Returns

18

Improve Contracted Shipment

Schedules

Pursue Incremental Volumes

Improve 2017-19 Hedge Book

Cash Flow Sustainability

Distribution Coverage

Improved Cost of Capital

Flexible Drop-downs

Optimize Cost Structure

Broaden Institutional Appeal

Non-GAAP Reconciliation

19

CNXC 2Q16 Adjusted EBITDA and Distributable Cash Flow

($ in thousands)Three Months Ended

June 30, 2016

Net Income $2,607

Interest Expense $2,091

Depreciation, Depletion and Amortization $8,339

Unit Based Compensation $307

Adjusted EBITDA $13,344

Less:

Cash Interest $1,789

Estimated Maintenance Capital Expenditures $6,752

Distributable Cash Flow $4,803

Net Cash Provided by Operating Activities $16,649

Less: Interest Expense, Net $2,091

Less: Other, Including Working Capital $1,214

Adjusted EBITDA $13,344

Less:

Cash Interest $1,789

Estimated Maintenance Capital Expenditures $6,752

Distributable Cash Flow $4,803