CNX Coal Resources LP

Analyst and Investor Day – December 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 and distributable cash flow, which are measures that are not derived in accordance with

U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA and distributable cash flow exclude some, but not al l, items that affect net income or net cash,

which are the most directly comparable GAAP measures. We believe that these measures are important to understanding the Partnership’s financial and operational

performance. Adjusted EBITDA and distributable cash flow should not be considered an alternative to net income, net cash or any other measure of financial performance or

liquidity presented in accordance with GAAP. In addition, our presentation of these non-GAAP measures may vary from the presentations of similarly titled measures of other

companies. Reconciliations of adjusted EBITDA and distributable cash flow to net income and net cash, the most directly comparable GAAP financial measure, can be found

in our Quarterly Report on Form 10-Q for the period ended September 30, 2016 and in this presentation.

In addition, this presentation also contains information about the Partnership’s cost of coal sold, which is also a measure not derived in accordance with GAAP. Cost of coal

sold excludes some, but not all, items that affect total costs, the most comparable GAAP measure. We believe that these measures are important to understanding the

Partnership’s financial and operational performance. Cost of coal sold should not be considered an alternative to total costs or any other measure of financial or operational

performance in accordance with GAAP, and our presentation of this non-GAAP may vary from the presentations of similarly titled measures of other companies.

Reconciliations of cost of coal sold to total costs, the most directly comparable GAAP financial measure, can be found in our Quarterly Report on Form 10-Q for the period

ended September 30, 2016 and in this presentation.

Growth-oriented master limited partnership formed by CONSOL Energy Inc. (NYSE:CNX) (market capitalization: $4.8

billion(1)) in 2015 to manage and further develop all of its active thermal coal operations in Pennsylvania.

Assets include a 25% undivided interest in, and operational control over, CONSOL Energy’s Pennsylvania mining

complex (PAMC)

First drop down of 5% interest concluded in September 2016

Growth strategy is focused on acquiring the remaining 75% interest in the PAMC

Initial Public Offering – June 2015 at $15/unit

Current market capitalization: $524 million(1)

Net debt outstanding: $202 million as of September 30, 2016

Current ownership structure of limited partner units

Sponsor owns 12.7 million LP units and 4.0 million Class A preferred convertible units (60.1% limited partner

equivalent interest)

5.0 million private placement LP units (18.1% interest) owned by Greenlight Capital

5.6 million LP units (20.1% interest) held by public holders

CNX Coal Resources LP – Overview

(1) Priced as of COB November 30, 2016. For CNXC, assumes the conversion of preferred units to common units

2

Completed the first post-IPO drop-down representing an expected 25% growth in

adjusted EBITDA

Offering Timeline

CNXC Investment Proposition

3

Focus on Safety,

Compliance and

Continuous Improvement

Operate some of the industry's safest underground mines; 42% 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%, 94% and 60%

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 75% 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 YTD 2016 cash margins compared to the peer group while maintaining sales volume even as peers

reduced production by 14-26%

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

Operations

4

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

5

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 2.4% average sulfur content over the life of the reserves

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 25% interest in the complex.

Baltimore

Terminal

PA Mining

Complex

Active Complex

Port/Dock

2015 PA Mining

Complex Customers

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6

Operational Initiatives Driving Cost Improvement

Structurally repositioned mines to benefit as demand and pricing recovers

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

incentive plans, and realignment of employee benefits helped achieve ~19% improvement in cost of coal sold

since 2Q15 (quarter prior to the IPO)

Spot market/export sales improved mine consistency and provided economies of scale during the volatile 1H16

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

improvements

44.15

40.26 39.70

33.16 34.46 35.79

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

Co

st o

f co

al s

old

($

/to

n)

~19% 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

3Q1

6

Pro

du

ctiv

ity

(to

ns/

emp

loye

e-h

ou

r)Quarterly productivity

TTM Average Productivity

Marketing

7

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

Maintaining exposure to further recovery in coal prices in 2017 through (a) 6% unsold position, (b) 5-10%

unpriced/collared position and (c) 15-20% linked to power prices (netback contracts)

For 2018, approximately 40% of our coal is unsold and additional 15-20% is unpriced/collared

Contracted Volume(1)

Solid Contracted Position With Exposure to

Improving Coal Markets

8

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 the domain of other coal basins

(1) Contracted percentages based on the projected sales volume for 2016 and at 6.5 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% 94%

60%

2016E 2017E 2018E

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

Jan

-15

Fe

b-1

5

Ma

r-1

5

Ap

r-15

Ma

y-1

5

Jun

-15

Jul-

15

Au

g-1

5

Se

p-1

5

Oct-

15

Nov-1

5

De

c-1

5

Jan

-16

Fe

b-1

6

Ma

r-1

6

Ap

r-16

Ma

y-1

6

Jun

-16

Jul-

16

Au

g-1

6

Se

p-1

6

Ave

rag

e C

ap

ac

ity F

ac

tor

(we

igh

ted

by c

ap

ac

ity)

Month-Year

Top 15 PAMC Customer Plants* Other NAPP-Served Plants**

Customer Capacity Factors

Our Top 15 customer plants (~84% of our domestic shipments) have on average

dispatched at 5 percentage points higher capacity factor than other NAPP-served plants

9

*Based on 2016 YTD tons shipped; top 15 customer plants accounted for 84% of PAMC domestic power plant shipments. **Includes all other currently operating plants that took delivery of NAPP

coal in January-September 2016. Source: EIA, Velocity, CNXC internal analysis.

Anomalously Warm Winter

Low Natural Gas Prices

Imbalanced Coal Inventories

Strong Coal Burn

Summer 2016

Coal Prices vs. Gas Prices

Strong summer burn helped to accelerate the upward correction in forward domestic

coal prices toward expected market equilibrium prices. We expect additional upside if

gas prices continue to strengthen above $3/mmBtu 10

Source: Velocity, NYMEX ClearPort, Coaldesk

$1.90

$2.40

$2.90

$3.40

$3.90

$4.40

$30

$35

$40

$45

$50

$55

$60

$65

$70Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oct-

15

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

De

c-1

6

Fo

rward

Gas P

rice (

$/m

mB

tu)

Fo

rward

Co

al P

rice (

$/t

on

)

2017 NAPP 12,900 Btu / 3.8 lb SO2

2018 NAPP 12,900 Btu / 3.8 lb SO2

2017 NYMEX Gas

2018 NYMEX Gas

Gas-implied equilibrium price

Strongburn /

inventorydrawdown

Inventoryimbalance

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

Improving natural gas prices should help improve coal generation and coal prices

A 1% increase in coal’s share of generation equates to a 22-23 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

11

Coal Share of U.S. Generation vs. Natural Gas Price Ranges (January 2013 – September 2016)

Source: EIA

Strong committed sales base for 2017 allows us to be more selective in placing remaining tons in opportunities that

maximize FOB mine realizations

Exports, in spite of showing significant volatility, has provided the most upside recently

Historically, exports (steam and crossover met) averaged approximately 20% of our annual sales volume

2018 sales position lends itself to meaningful participation in export markets

Historic and Projected Exports

Significant Opportunities in Improving Export Markets

12

Coal Price Trends in Key Markets

The current sales book provides significant export optionality in 2018. We continue to

strive to identify and capture the best opportunities to maximize FOB mine realizations

0%

5%

10%

15%

20%

25%

30%

2011 2012 2013 2014 2015 2016E 2017E 2018E

% o

f T

ota

l Sa

les

Historic Projected

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Jul-

15

Sep

-15

No

v-15

Feb

-16

Ap

r-1

6

Jul-

16

Sep

-16

No

v-16

Ch

ange

in P

rice

fro

m J

uly

1, 2

01

5

NAPP Low-Sulfur Rail Coal (CY 2017)

API 2 Coal - Europe (CY 2017)

Global Coking Coal Benchmark (Prompt Quarter)

Henry Hub Gas (CY 2017)+12%

-2%

0%

+115%

Recent Market Signals

13 Source: EIA, Velocity, CNXC internal analysis.

We recently secured 340k tons of crossover high-vol metallurgical sales for 2017 (on a 25% PAMC

basis), and are actively pursuing additional opportunities as metallurgical prices continue to rally

Export thermal markets have improved in both Europe and India, with the API2 and API4 markers both

up ~20% between June 30 and November 30

MSHA data indicate continued supply-side discipline in the U.S., with NAPP production during Q1-Q3

2016 down 16% vs. the same period last year

U.S. power plant coal stockpiles stood at 158 mm tons at the end of September, down significantly

from 194 mm tons at the end of April, and about 4 mm tons below year-ago (September 2015) levels

Forward gas prices have continued to show strength, with the Henry Hub future for CY 2017 trading at

an average value of $3.13/mmBtu during June-November

Gas basis differentials have shrunk significantly in the Marcellus region more recently. We expect that

this will help contribute to increased power prices and additional coal burn

CNXC’s portfolio continues to improve as we take advantage of strengthening

fundamentals in the domestic and export markets for thermal and metallurgical coal

Financial

14

CNXC Ownership Structure

15

CNXC owns a 25% undivided interest in

and operational control over CONSOL

Energy’s Pennsylvania mining complex

CONSOL Energy retains a 75% 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 75%

undivided interest

Certain other Sponsor ROFO assets

Majority of units owned by our Sponsor are

subordinated

CNXC – 25% Undivided Interest in Pennsylvania Mining

Complex (Bailey, Enlow Fork and Harvey mines)

Sponsor is strategically aligned with CNXC and incentivized to support growth and

enhance the value of the MLP

CONSOL Energy Inc. (“CONSOL Energy”)

NYSE: CNX 1,050,000 Common Units

11,611,067 Subordinated Units 3,956,496 Class A Preferred Convertible Units

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

General Partner Interest Incentive Distribution Rights

1.7% general partner interest

CNX Coal Resources LP (the “Partnership”)

NYSE: CNXC

60.1% limited partner interest

75% undivided ownership interest

25% 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 10,568,456

Common Units 5,561,067

38.2% limited partner interest

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

Class A convertible preferred units have priority over other unit classes

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

16

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

Distribution declared for 3Q16 $0.5125 per unit $0.5125 per unit

Guidance and Outlook – Organic Growth in 2017

17

Reaffirming 2016 guidance and outlook

2017 guidance compared to 2016 guidance at the midpoint:

─ coal sales to grow 8%

─ adjusted EBITDA to grow 28%

─ average revenue per ton to improve 5-10%

─ cost of coal sales per ton expected to remain flat to up low single digit

2018 sales volume expected to be in the 6.25-6.75 million ton range

Sold position improves to 94% in 2017 and 60% in 2018 at the midpoint of the guidance range

─ Opportunities to capture further upside through unpriced/collared and netback contracts

After reducing and deferring some capital spending in 2016, we expect capex to normalize in the

approximately $5 per ton range for 2017 and beyond

Expected future drop-downs not included in current guidance and should provide further accretion

opportunities

2017 should provide organic volume and margin growth based on current market view

2017 Guidance Low High

Coal sales million tons 6.25 6.75

Adjusted EBITDA $ million $90 $110

Maintenance capital

expenditures$ million $30 $36

Note: CNX Coal Resources LP is unable to provide a reconciliation of adjusted EBITDA guidance to net income, the most comparable financial measure calculated in accordance with GAAP, due to the

unknown effect, timing and potential significance of certain income statement items.

6.4x

5.3x 6.0x

7.3x 7.7x

8.1x

.0x

2.0x

4.0x

6.0x

8.0x

10.0x

WLB CLD ARLP HNRG FELP

2.7x

1.1x

3.0x

4.5x

5.9x

6.7x

.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

ARLP HNRG CLD WLB FELP

94%

79%

71% 77% 78%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ARLP ARCH CLD HNRG

Benchmarking vs. Peers

18

(1) For peers, percentage is based on 2016 total sales volume and 2017 contracted position, where 2017 sales guidance not available. (source: respective company documents and CNXC analysis)

(2) EBITDA, Net debt and EV based on company data or FactSet data as of November 30, 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 November 30, 2016.

(4) Current yield calculation based on COB November 30, 2016.

Solid 2017 Contracted Position(1) 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)

$2.05 $0.53

$1.76 $0.96 $0.00

$18.95

$6.10

$23.70

$12.36

$6.57

10.8%

8.7%

7.4% 7.8%

0.0% 0%

2%

4%

6%

8%

10%

12%

0.0

5.0

10.0

15.0

20.0

25.0

WMLP ARLP AMLP FELP

Annualized Distribution Unit Price Yield

Roadmap to Unitholder Returns

19

Expand Coal Margins

Improve Coverage Ratio

Increase 2018-20 Contracted

Position

Cash Flow Growth

Improved Cost of Capital

Pursue Accretive Drop-downs/

Acquisitions

Optimize Cost Structure

Broaden Institutional Appeal

Appendix

20

Significant Focus on Safety, Compliance and

Continuous Improvement

21

Continued focus on core values of safety, compliance and

continuous improvement

Operate some of the industry’s safest underground mines

MSHA incident rate ~42% lower than national

average rate(1)

MSHA significant and substantial citation rate ~16%

lower than the industry average rate(2)

Promotes greater reliability in operations, lower operating

costs and long-term customer relationships

Strong Safety Record (PA mining

complex)

(1) Based on incident rates for 2013- September 2016 period. Source: MSHA

(2) For the Nov 1, 2015-October 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

4.89

2.09

2.82

1.75

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Incident Rate S&S Citation Rate

Industry Average PA Operations

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

22 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

Announced

Closing in

Dec-16

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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)

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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: CNXC internal analysis.

2011-2016:

55 GW

64% Eastern Bit

2017-2020:

19 GW

49% Eastern Bit

Q&A

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