CONSOL Energy Inc.

CONSOL Coal Resources LP

Investor Presentation
November 2019
 Disclaimer
This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitation, projections
and estimates concerning the timing and success of specific projects and the future production, revenues, income and capital spending of CONSOL
Energy, 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 other
similar expressions, the statements which include those words are usually forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause actual results and outcomes to differ materially from results and outcomes expressed in or implied by our
forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of future actual
results. 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. Factors that could cause future actual results to differ materially from those made or implied by the forward-looking statements include
risks, contingencies and uncertainties that are described in detail under the captions “Forward-Looking Statements” and “Risk Factors” in our
public filings with the Securities and Exchange Commission. The forward-looking statements in this presentation speak only as of the date of this
presentation; 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 EBIT, EBITDA, Adjusted EBITDA, Bank EBITDA, EBITDA per Affiliated Company Credit Agreement, Net Leverage Ratio, CONSOL Marine
Terminal 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, Return on Capital, Adjusted EBITDA Attributable to CONSOL Energy Shareholders, Average
Cash Cost of Coal Sold Per Ton, Average Cash Margin Per Ton Sold, Organic Free Cash Flow, Distribution Coverage Ratio and Organic Free Cash
Flow Net to CEIX Shareholders. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be
considered in isolation from, the financial measures reported in accordance with GAAP.

2
 Investment Thesis
Proven Ability to Generate Material Free Cash Flow Leading to Significant Deleveraging with Continued Focus
1
on Further Debt Paydown and Increasing Shareholder Returns

Base Assets with 1st Quartile Cost Position Sustains Margins through the Cycle and Provides Internal Funding
2
to Execute Our Strategy

3 Proven Marketing Strategy Maintains Solid Domestic Customer Base While Capturing Export Growth

Seaborne Thermal Coal Fundamentals Supported by Continued Global Coal-fired Capacity Build Out and Strong
4
Global Value Proposition of NAPP Coal

5 Proven Competitiveness in Domestic Markets Relative to Other Basins and Natural Gas

6 Measured Approach to Growth that Strengthens Base Operations, Enables Diversification and Reduces Risk

Continue to Execute our Strategy Through Balanced Approach to De-leveraging, Growth and Capital Returns To
7
Drive Shareholder Returns

8 Committed to ESG Initiatives with Focus on Efficiency, Technology and Innovation

3
 CEIX Performance Since November 2017 Spin
Performance of Our Securities Since the November 2017 Spin…

Spin Today
-37% -15%
25.00 8% -25% 105.00 0%
$21.45 3%7.0% 0% $100 12%
6.0% -2%
100.00 70% 14%
20.00 -2%6.0% -4% 63%
-50% 56%
-7% 60% 12%
5.0% 4.5% 95.00 -6%
15.00 $13.49 -12% -100% 50% 10%
4.0% -8%
-17% 90.00 40% 8%
-150% -10%
10.00 -22%
3.0% $85
-27% -200%85.00 -12% 30% 6%
2.0%
5.00 -32% -14% 20% 4%
1.0% -250%80.00
-37% -16% 10% 2%
- 0.0%
-42% -300%75.00 -18% 0% 0%
Common Stock Term Loan B Credit 2nd Lien Notes Pricing Net Debt / Enterprise Value
Spread

…Do Not Reflect the Improvements in Our Key Financial Metrics

Spin Today
-20% -0.7x
500.00 20% 900.00
25% 2.5x
$766 -2% 2.1x -0.1x +1 S&P notch
450.00 $429 800.00
400.00 20% 2.0x -0.2x 25.00 35%
$357 700.00
$614 -7% B1 / B+
350.00 600.00 -0.3x 30%
300.00 15% 1.5x 1.4x 20.00
500.00 -12% -0.4x 25%
B1 / B
250.00 -0.5x 15.00
400.00 20%
200.00 10% -17%1.0x
300.00 -0.6x 15%
150.00 10.00
100.00 200.00
5% -0.7x 10%
-22%0.5x
100.00 -0.8x 5.00
50.00 5%
- (1) 0% - -27% - (3) -0.9x - 0%
LTM Adjusted EBITDA Net Debt (2) Net Debt/Adjusted EBITDA Corporate Ratings
Moody's / S&P Global
Source: CONSOL Energy Inc. management and Company filings.
Note: “Today” is based on COB November 1, 2019 and “Spin” is based on November 28, 2017 unless otherwise noted.
(1) LTM Adjusted EBITDA for “Spin” is based on initial 2018 Adjusted EBITDA spin forecast and “Today” is based on quarter-ended September 30, 2019.
(2) “Spin” is CONSOL Mining Company pro forma at 6/30/2017 and “Today” is as of quarter-ended September 30, 2019.
(3) “Spin” figure is calculated as pro forma 6/30/2017 net debt of $766 million / $357 LTM adjusted EBITDA (spin forecast) and “Today” is as of quarter-ended September 30, 2019.

4
 Pennsylvania Mining Complex Overview
◼ Three highly productive, well-capitalized underground coal mines

◼ Five longwalls and 15–17 continuous miner sections

◼ Largest central preparation plant in the United States CONSOL

PA Mining Marine Terminal
Complex
◼ ~79% of reserves are owned and require no royalty payment

◼ Extensive logistics network served by two Class I railroads

◼ Access to seaborne markets through CONSOL Marine Terminal

◼ More than $2.0 billion invested in PAMC since 2009

2018 PA Mining Complex
Domestic Power Plant
◼ Non-union workforce at PAMC since 1982 Customers

◼ Continuously sealing off old mine works to reduce maintenance, improve safety
of employees and maintain current operating footprint

Average AR
Total Average AR Est. Annual
Gross Heat 2018A
Mine Recoverable Sulfur Production
Content Production*
Reserves* Content Capacity*(3)
(Btu/lb)
Bailey (1) 163 12,890 2.61% 11.5 12.7
(1)
Enlow Fork 334 12,935 2.07% 11.5 9.9

Harvey (1) 202 12,873 2.42% 5.5 5.0

Total 699 12,907 2.30% 28.5 27.6

Illinois Basin(2) 11,320 2.92%

(2)
Other Napp 12,446 3.34%

*(Million Tons)
Sealed

Source: CONSOL management, ABB Velocity Suite, EIA Reserves

Note: Data shown on a 100% basis for PAMC
Current Mining
(1) For the fiscal year period ending and as of 12/31/2018
(2) Represent the average of power plant deliveries for the three years ending 12/31/2018 per EIA / ABB Velocity Suite. Excludes waste coal
(3) Represents illustrative general capacity for each mine; actual production on a mine by mine basis can exceed illustrative capacity in order to maximize
5 complex capacity of 28.5MM tons
 1st Quartile Cost Position in NAPP and Globally
1st quartile cost position in NAPP (2018)(1)
(Cash costs $ per ton)
1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
$100

75

50

25

0
0 10 20 30 40 50 60 70
Cumulative Production (Million Tons)
Sulfur
4.3% 2.5% 3.3% 2.7% 4.2% 3.3% 3.1% 4.1% 3.3%
content
River market mine Rail market mine Minemouth mine
1st quartile position among global thermal coal production (2018) (2)
(Cash costs $ per tonne)
Thermal Coal
Exports
PAMC US Appalachia US Illinois Basin US Powder River US Western Bituminous
$120 2015 2016 2017
$120
$100 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
100
$80
80
US $/Tonne

$60
60

40
$40

20
$20

0
$0
– 100 200 300 400 500 600 700 800 900
Cumulative Production (Million Tonnes)
The PAMC’s 1st quartile cost position drives global
competitiveness despite changes in seaborne thermal
Source: CONSOL management. Wood Mackenzie supply / demand fundamentals
(1) Costs represent total cash costs as defined by Wood Mackenzie
(2) Costs are BTU adjusted and include mining, preparation, transport, port and overhead costs. PAMC cash costs of coal sold are based on CONSOL management and peers based on Wood
Mackenzie
6
 CONSOL Marine Terminal Overview
Overview
◼ Coal export terminal strategically located in Baltimore, Maryland.

− 15.0 million tons per year throughput capacity

− 1.1 million tons coal storage yard capacity

− Only East Coast coal export terminal served by two railroads

− Exports PAMC and third party coal

◼ Achieved significant service and operating cost efficiencies since 2016.

◼ CMT achieved a record annual revenue of $65mm in 2018.

◼ Take-or-pay agreement for $60mm annually in throughput revenue through

2020.

◼ Growing non-PAMC volumes: 2.7mm tons in 2015 to 5.0mm tons in 2018.

◼ Maintain flexibility to ship additional PAMC tons as needed.

7
 On-Site Key Logistics Infrastructure and Advantaged Export Access in a
Growing Export Market
Dual-served railroad access

Port of
Baltimore

PAMC

Core Markets
Eastern U.S. coal regions and points of thermal export(1)

~$12 - $15/ton
~$11 - $13/ton
East
Coast to EUR

~$17/ton

~$16 - $19/ton

Battleground
Markets

~$14 - $16/
ton Gulf Coast
to EUR

Source: S&P Global Market Intelligence, CONSOL Energy Inc. management.

(1) Represents estimated ocean/rail rates to port terminals, exclusive of terminal throughput charges.

8
 Multi-pronged PAMC Marketing Strategy

Illustrative portion of
annual production
1
Maximize sales to established customer base of rail-served power plants
in the Eastern U.S., with a focus on top-performing environmentally- ~60 – 80%
controlled plants

2
Place approximately 2.0 – 2.5 million tons per annum in the seaborne
~10%
met coal market

3
Selectively place remaining tonnage in opportunities (export or
~10 – 30%
domestic) that maximize FOB mine margins

◼ Creative contract structures

4 ◼ Technical marketing initiatives to gain

Capitalize on innovative marketing tactics and strategies to grow market share for PAMC by displacing other
opportunities and realizations in all of the Company’s market areas basins

◼ Development of crossover met markets for

PAMC

Source: CONSOL Energy Inc. management

9
 Highly-diversified Portfolio Provides Stability
Annual coal sales
(million tons)
2018A Export thermal 2018A Export met

27.7 27.8 2019E

26.1 Guidance
Range
24.6 26.8
22.9

Europe Africa India Canada Other Asia South America

2018A Domestic
4%

Industrial/Met
Customers
43%
Regulated Power
Plants
2015A 2016A 2017A 2018A 2019E
Merchant
Domestic Export Thermal Export Met (Unregulated)
53%
Power Plants

PJM Southeast MISO Industrial/Met

In 2018, the Company sold PAMC coal to 27 domestic power plants located in 13 states, and to thermal and
metallurgical end-users located across five continents.

10
 Stable, Diversified, Credit Worthy Customer Base That Minimizes Market Risk and
Optimizes Margin
Blue-chip customers(1) Limited volume at risk due to announced power plant retirements

2018 domestic power plant shipments by unit retirement status

Announced
Coal Retirement 1%
Private
Market cap: $23.3bn Market cap: $68.7bn -/-
Baa1 / BBB+ Baa1 / A-

Private
-/-
No Announced Coal
Retirement 99%
Market cap: $68.5bn Market cap: $65.3bn Private
Baa2 / BBB+ Baa2 / A- B2 / B+

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

PAMC Top Customer Plants Other NAPP Rail-Served Plants

From January 2017 to December 2018, CONSOL’s top
80% customer plants’ average capacity factor has been 12
percentage points higher than other NAPP rail-served plants
60%

40%

20%

0%

Delta % 12% 5% 11% 14% 19% 17% 20% 17% 7% 11% 7% 5% 15% 5% 21% 5% 13% 14% 12% 7% 16% 11% 13% 9%

Source: CONSOL management, EIA, ABB Velocity Suite

(1) Market data as of November 1, 2019
(2) PAMC top customer plants represent the thirteen domestic power plant customers to which PAMC shipped >500,000 tons of coal in 2017 and the
twelve domestic power plant customers to which PAMC shipped >500,000 tons of coal in 2018.
(3) Other NAPP Rail-Served Plants include all other power plants that took delivery of NAPP rail coal in January-December 2017 (for 2017 comparisons)
11 and January-December 2018 (for 2018 comparisons)
 Export Sales Continue to Play Vital Role

Established a new longwall at Ramped up exports in

Reduced exports and
Sold 3.6 million export deemphasized met
crossover met tons sales as strong U.S.
which yielded a demand drove a YOY
significant premium to increase in domestic
PAMC’s thermal thermal sales, and
realizations. thermal coal yielded a
slight premium to met
coal.
(million tons)
Harvey Mine in 2014, thereby
response to continued
increasing capacity for exports. thermal and industrial
The Company ramped up exports demand growth in the
as domestic demand softened, seaborne market,
placing focus on the crossover met specifically India.
market.
~ 9.0
8.3
8.0

7.0 +

5.6 5.4
5.0
4.6 6.8
4.2 6.5
1.4
3.4 3.4
2.1 4.4
2.0
2.1
3.6
2.5 2.2 2.0
1.3 1.2 1.5 1.5

2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019E 2020E
Export Crossover Met Export Thermal

Source: CONSOL Management

12
 Premium Quality Coal and Differentiated Marketing Strategy Ensures
Continued Participation in Seaborne Markets
Differentiated Marketing Strategy Provides Strong Revenue Visibility Best-in-class Btu content(1)
◼ Entered into a three-year contract with a blue-chip domestic utility (Btu/lb gross as-received) (Btu/lb gross as-received)
at prices above the then-prevailing market prices and capturing a 13,000 13,000
contango in outer years.
12,000 12,000
◼ Extended previously disclosed export contract through December
31, 2020 and added 3.65 million tons (68% thermal and 32%
crossover met coal) in 2H20. 11,000 11,000

o Increased our 2020 contracted exports position to 7.15 million 10,000 10,000
tons with an average floor price that is greater than our 2017
average revenue per ton of $45.52. 9,000 9,000

◼ Total portfolio contracted position now stands at 95+% in 2019, 8,000 8,000
82% in 2020, and 36% for 2021. BTU Content Sulfur %

Stable Pricing Profile(2)

CEIX Average Revenue Per Ton Domestic NAPP Coal Average Prompt Month
API#2 Spot Average PJM Western Hub Around-The-Clock
160

140

120
+0.5%
100
-19.2%
Index

80
-19.0%
60 -37.8%
40

20

3Q19
4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19
Source: CONSOL Energy Inc. management, ABB Velocity Suite, EIA, and S&P Global Platts
(1) Other NAPP, CAPP, ILB and PRB represent the average of power plant deliveries for the three years ending 12/31/2018 per EIA / ABB Velocity Suite. Excludes waste coal. BTU content for
other countries from S&P Global Platts.
(2) Domestic NAPP is sourced from CoalDesk LLC’s forecast at 4.75lb sulfur and 13,000 mmBtu
13
 Solid Global Coal-Fired Generation Capacity Growth Continues
Global coal power plant build outs – under construction by year Global coal power plant build outs – by country

90 China India Vietnam Indonesia Other Asia Rest of World 90 Under Construction Planned Not Under Construction

80 80
Total Global Under Construction Total Global Planned (not under construction)
70 70
2019 – 2024 = 110.6 GW 2019 & Beyond = 299.5 GW
Plant Capacities (GW)

Plant Capacities (GW)

60 60
50 50

40 40

30 30

20 20

10 10

- -
2019 2020 2021 2022 2023 2024 China India Vietnam Indonesia Other Asia Remaining

Thermal coal demand expected to grow driven by Asia

Rest of World India Vietnam Bangladesh Philippines Turkey

1,100

+ 15MMt
1,000 + 15MMt
+ 28MMt
Million Tonnes (MMt)

900
+ 47MMt

Total Global Thermal Coal Demand Growth

800
2018 – 2030 = 59MMt
+ 64MMt
700

- 109MMt
600
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Source: S&P Global Market Intelligence

14
 Global Value Proposition for Coal is Unparalleled

Spot / Prompt Prices – September 2019

$12.00

$10.00

$8.00
$/mmBtu

$6.00

$4.00

$2.00

$0.00
NAPP Coal

UK LNG

Newcastle Coal

India LNG

China LNG
Henry Hub Spot

WTI Crude Oil

Brent Crude Oil

Japan LNG

Dubai Crude Oil

API 2 Coal - Europe

United States Europe Asia / Pacific

Source: Coaldesk LLC, World Bank, Doyle Trading Consultants, EIA, FERC

15
 Near-Term LNG Oversupply Expected to Become Shortfall after 2021

◼ We believe rising export capacity in US will help tighten the domestic natural gas markets – the linkage
of natural gas to crude oil.

◼ Global LNG demand growth is expected to soak up the incremental supply around 2021.

◼ LNG demand is mostly based on long term contracts, which could challenge US supply to keep up.

◼ According to Wood Mackenzie, supply additions are expected to slow significantly after 2021 and some
new projects need upward of $7/mmbtu to breakeven.

16
17
Index Index

30
45
50
55
70
75
30
70
90

35
40
60
65
50
130

110
Dec-19 Jan-18
Position

Jan-20 Feb-18

Feb-20 Mar-18

Mar-20
Apr-18
Apr-20
May-18

JKM LNG and API#2 Futures

May-20
Jun-18
Jun-20
Jul-18
Stock Performance vs JKM LNG vs API2

Index value is relative to the corresponding actual value on 1/2/2018.

Jul-20
Aug-18
Aug-20
Sep-18
Sep-20
Oct-18
Oct-20

Nov-20 Nov-18

Dec-20 Dec-18
CEIX

Jan-21 Jan-19

Feb-21 Feb-19
Mar-21
Mar-19
Current LNG Forwards

Apr-21
Apr-19
May-21
LNG

May-19
Jun-21
Jun-19
Jul-21
Jul-19
Aug-21
Aug-19
Sep-21
Sep-19
API2

Oct-21

Oct-19
Current API#2 Forwards

Nov-21
Current Pullback in CEIX Shares Does Not Reflect Strong Contracted

Dec-21 Nov-19
 With a Highly Competitive Position Versus Natural Gas
Thermal coal price behavior vs. natural gas price

Strong export market and

$70 ~$3/mmBtu forward gas supports $4.40
Forward Coal Price ($/ton)

Prompt Year NAPP Low-Sulfur Rail falling inventories lift coal

$65 >$45/ton forward coal in spite of softer gas
Prompt Year NYMEX Gas
$3.90
$60

Forward Gas Price

$55 Inventory

($/mmBtu)
imbalance $3.40
$50
$45 $2.90

$40 Forward coal and gas Strong burn /

Inventory drawdown $2.40
$35 well-correlated
$30 $1.90
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

PAMC operating cost competitiveness ($/mmbtu)(1)

All-in cash cost of coal sold ($/mmbtu)

PAMC’s average all-in cash cost position of ~$1.33/mmBtu versus average natural gas price of $2.96 over the same period
has positioned CONSOL well and is expected to continue moving forward
$1.45
$1.38 $1.38 $1.37 $1.34 $1.39
$1.28 $1.30 $1.31 $1.32
$1.24 $1.23

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Source: ABB Velocity Suite, NYMEX, Coaldesk, EIA
(1) Calculated as quarterly average cash cost per ton sold based on CEI’s historical SEC filings plus $5 per ton estimated maintenance capex; converted at
13,000Btu/lb and 2,000lbs/ton

18
 PAMC Growing Share in Favored US Basin Despite Coal Power Plant
Retirements
PAMC has taken advantage of shifting domestic PAMC sales have increased despite US
thermal coal demand coal plant retirements

◼ High cost / unfavorable basin specific dynamics forcing coal Annual US coal power plant capacity (GW)
production decline in other basins (10.8%) decline in capacity since 2015
271 263 255 242
◼ NAPP is better situated than other US basins

− Lower renewable exposure across the region

− Access to export seaborne markets 2015 2016 2017 2018

− Mine depletion driving production decline PAMC annual sales (tons, millions)

◼ Depleted coal inventories and reduction in supply improving coal

22.9 24.6 26.1 27.7
pricing dynamics
5.4 8.3 8.0
5.6
◼ PAMC has gained market share due to low sulfur / high BTU 19.7
17.3 19.2 17.8
product
2015 2016 2017 2018
Production by basin Domestic Tons Export Tons

(million tons)
PAMC NAPP PRB ILB CAPP

405
332

118 105 124

103 91 78
22.8 27.6

2015A 2018A 2015A 2018A 2015A 2018A 2015A 2018A 2015A 2018A
% change
from peak N/A (22%) (22%) (24%) (39%)
production to 2018(1):
Source: Bloomberg, SNL and Wood Mackenzie
(1) Peak production per Wood Mackenzie between 2013 and 2018

19
 CEIX – A Measured Approach to Growth

◼ Competes with debt and equity repurchases.

◼ Strategically strengthens our production base, enables diversification, and reduces risk.

Efficiency Technology Organic Growth M&A

Efficiency & Continuous Emerging Technologies & Organic Growth
Investment Category M&A
Improvement Alternative Uses of Coal & Expansion

Rate of Return Expectation 30%+ 30%+ 20%+ 20%+

Diversifying No Yes Potentially Yes

Initial Investment Magnitude <$5MM <$5MM $50-100MM TBD

Risk Level Low High Low High

Cash Flow Accretion Immediate Longer-Term Longer-Term Immediate

Shearer Automation, Prep
Example OMNIS Itmann
Plant Debottlenecking

20
 Itmann Project – High Returns & Measured Pace of Investment
Location ◼ Wyoming County, WV

◼ Estimated capacity: 600,000+ tons/year

Production (3 CM sections)
Capacity
◼ Full production expected by 2021

◼ 18+ million tons life-of-mine production

Mine Life
◼ > 25 years of mine life at projected run rate

◼ Low-vol met coal

◼ Pocahontas 3 seam
Product
Volatile Matter Sulfur CSR

18.5% 0.9% 60

Logistics ◼ Access to export and domestic markets via

Norfolk Southern Railroad

Projected
Capital Cost ◼ $65-80 million (mine + preparation plant)

Projected
Operating Cost ◼ $65-75/short ton cash operating cost

◼ Anticipate mine permits to be issued by Q3 2019

◼ Prep plant engineering/permitting underway;
Permitting targeting construction in 2020-2021
◼ Evaluating opportunities for third-party coal
offtake while prep plant is constructed

21
 Itmann Project Will Cater to Growing Market with Shrinking High Quality Supply

◼ According to Wood Mackenzie:

◼ Global seaborne met coal demand will rise from 313 Mt in 2019 to 422 Mt by 2040.

◼ Indian imports increase to 142 Mtpa in 2040 vs 63 Mtpa in 2019; account for over 72% of net seaborne growth.

◼ Chinese demand increases by 16 Mtpa to 66 Mtpa by 2040.

◼ There is a shortage of low-vol projects in the supply pipeline and known projects are limited.
Source: Wood Mackenzie Coal Market Service.
22
 CEIX - Summary of Financial Policy

◼ Expect to continue to de-lever the balance sheet through 2020.

◼ Consistent with historical trends, focused on reducing legacy costs and liabilities.
Deleveraging and ◼ Long-term incentive compensation of executives tied to free cash flow generation and total
targeted shareholder returns.
shareholder returns
◼ Accelerate open market debt (2nd Lien) and equity (CEIX common shares and CCR units)
repurchases under the $200 million repurchase authorization; $58mm remaining.(1)
◼ Improve return on capital over time through disciplined capital allocation.

◼ Strong liquidity position of $449 million, including $123 million of cash and cash equivalents less CCR
cash, provides flexibility in volatile commodity markets.
Maintain strong ◼ CEIX cash flow expected to be augmented by CCR via pro rata distributions to unitholders (on ~62%
liquidity ownership interest), interest payments and principal paydowns on Affiliate Loan.
◼ Expecting to further improve cash flows and liquidity through expanded surety bond program and
expanded revolving credit facility.

◼ Continue to operate assets with disciplined approach to capital expenditures.

◼ Evaluate other investment opportunities in light of cost of capital, B/S deleveraging and commodity
Disciplined use of price outlook.
capital ◼ Ability to fund opportunistic and accretive growth investments through internally generated cash flows
while continuing ongoing debt reduction program.
◼ Measured approach to capital spending allows for consistent deleveraging and equity repurchases.

(1) Based on $112mm remaining at 6/30/2019 less 3Q19 repurchases of $40mm ($16.2mm second lien, $23.2mm CEIX common shares and $0.2mm CCR common units), less 4Q19-to-date through
11/1/2019 second lien repurchases of $14mm.

23
 CEIX Accelerating Debt/Equity Repurchases
CEIX Repurchase Program Authorization(1) Cumulative Repurchases Remaining Availability

• Repurchase authorization of an aggregate

$200MM.
$200 $200 $200
• Current availability of $58MM.
• Does not include finance lease payments of $175
~15 million in 2018 and ~14 million YTD $72 $58
9/30/2019. $112
$100 $100 $110

$43 $142
$50 $50 $67 $128
$24 $88
$38 $65
$33 $57
$12 $26
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q-to-Date(2)

CEIX Repayment/Purchase Update Debt Repayment CEIX Equity Purchases

CCR Equity Purchases
• Total debt repayment of $226MM since the $117
beginning of 2018.
• Total CEIX and CCR share/unit repurchases
of $62MM since the beginning of 2018.

$26 $23 $23

$18 $17 $20 $16
$8 $10
$1 $2 $1 $6
(2)
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q-to-Date

Note: Chart values in millions.

1Q19 is pre-refinancing transaction.
Debt repayment (in both charts) excludes finance lease principal payments of ~$15 million in 2018 and ~$14 million YTD 9/30/2019.
(1) Does not include Term-Loan A or Term-Loan B payments.
(2) Through November 1, 2019.
24
 Shrinking Access to Capital Strengthens Existing Production
Capital Market Access – Coal

Debt Equity
25
• $64.4 billion capital raised 2014 – YTD 2019.
20 18.6 • Debt = $45.3 billion
Transaction Value ($B)

• Equity = $19.1 billion

6.2 14.3
15
11.0
10 8.9 7.1 1.4
7.4
1.4
12.3 0.8
4.3
5 9.6
7.5 2.2 7.2 6.5
2.1
-
(1)
2014 2015 2016 2017 2018 2019 Annualized

Capital Market Access – E&P

Debt Equity
100
80.9
80 • $300.3 billion capital raised 2014 – YTD 2019.
Transaction Value ($B)

68.8 • Debt = $159.7 billion

62.2 • Equity = $140.7 billion
60 34.4
29.6 43.8
40 44.8 31.5
18.3
46.5 9.9
20 39.2 13.1
25.5 21.5 3.5
17.4
9.6
-
(1)
2014 2015 2016 2017 2018 2019 Annualized

Source: S&P Global Market Intelligence

(1) Based on YTD September 30, 2019.
25
 Third Quarter Results and 2019 Guidance
For the Quarter Ended Guidance
Earnings Results September September CEIX CCR
30, 2019 30, 2018 Change 2019(5) 2019(5)
Pennsylvania Mining Complex
Volumes (MM Tons)
Production 6.5 6.4 0.1
Sales 6.5 6.2 0.3 26.8 - 27.8 6.70 - 6.95
Operating Metrics ($/Ton)
Average Revenue per Ton Sold $46.59 $47.21 ($0.62) $47.00 - $48.00 $47.00 - $48.00
(1)
Average Cash Cost of Coal Sold per Ton $32.78 $30.88 $1.90 $30.40 - $31.40 $30.40 - $31.40
Average Cash Margin per Ton Sold (1) $13.81 $16.33 ($2.52)
CONSOL Marine Terminal
Volumes (MM Tons)
Throughput Volume 2.4 2.7 (0.3)
Financials ($MM)
Terminal Revenue 16 16 -
Cash Operating and Other Costs 6 7 (1)
CONSOL Marine Terminal Adjusted EBITDA (2) 10 8 2 $42 - $45
CEIX Financials ($MM)
Adjusted EBITDA (2) 82 83 (1) $390 - $420
(3) 49 41 8 $155 - $185
Capital Expenditures
(4) 3 6 (3)
Organic Free Cash Flow Net to CEIX Shareholders
Dilutive Earnings per Share ($/share) $0.16 $0.20 ($0.04)
CCR Financials ($MM)
Adjusted EBITDA (2) 20 22 (2) $95 - $103
Capital Expenditures 11 8 3 $34 - $38
Organic Free Cash Flow (4) 9 9 -
(1) “Average cash cost of coal sold per ton” and “average cash margin per ton sold” are operating ratios derived from non-GAAP financial measures; each are reconciled to the most directly comparable GAAP financial measure in the appendix.
(2) Adjusted EBITDA and CONSOL Marine Terminal Adjusted EBITDA are non-GAAP financial measures. Please see the appendix for a definition of Adjusted EBITDA and CONSOL Marine Terminal Adjusted EBITDA and a reconciliation of
each to net income.
(3) The 2019 capital guidance figure includes the Itmann project.
(4) Organic Free Cash Flow Net to CEIX Shareholders, a non-GAAP financial measure, is defined as Net Cash Provided by Operations less Capital Expenditures, less Distributions to Noncontrolling Interest. Organic Free Cash Flow is a non-
GAAP financial measure defined as Net Cash Provided by Operations less Capital Expenditures. Please see the appendix for a reconciliation.
(5) CEIX & CCR are unable to provide a reconciliation of adjusted EBITDA guidance or CONSOL Marine Terminal Adjusted EBITDA guidance to net income, the most comparable financial measure calculated in accordance with GAAP, nor a
reconciliation of average cash cost of coal sold per ton, an operating ratio derived from non-GAAP financial measures, due to the unknown effect, timing and potential significance of certain income statement items.
26
 Leverage and Liquidity Analysis
Adjusted Method Bank Method
CEIX Financial Metrics ($MM except ratios)
LTM 9/30/2019 LTM 9/30/2019
Leverage
EBITDA(1)(2) $429 $344
Consolidated Net Debt(3) 614 614
Net Leverage Ratio(1) 1.4x 1.8x
Adjusted EBITDA Attributable to CONSOL Energy Shareholders (1) $388
Consolidated Net Debt less Non-controlling Portion of CCR Affiliate Loan (4) 544
Modified Net Leverage Ratio (1) 1.4x
Liquidity (as of 9/30/2019)
Cash and Cash Equivalents less CCR Cash (5) $123
Revolving Credit Facility 400
Accounts Receivable Securitization (lesser of $100MM and A/R borrowing base) 38
Restricted Cash - Securitization 2
Less: Letters of Credit Outstanding (114)
Total CEIX Liquidity $449
CCR Financial Metrics ($MM except ratio) LTM 9/30/2019
Leverage
EBITDA per Affiliated Company Credit Agreement (1) $109
Net Debt per Affiliated Company Credit Agreement (3) 177
Net Leverage Ratio(1) 1.6x
Liquidity (as of 9/30/2019)
Cash and Cash Equivalents $10
Affiliated Company Credit Agreement 275
Less: Amount Drawn (181)
Total CCR Liquidity $104
Some numbers may not foot due to rounding.

(1) “EBITDA”, “Adjusted EBITDA”, “Bank EBITDA”, “Adjusted EBITDA Attributable to CONSOL Energy 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) Calculated as consolidated net debt of $614 million less the 38.5% public ownership of CCR’s Affiliate Loan of ~$181 million.
(5) Calculated as CEIX cash and equivalents of $133 million as of 9/30/2019 less CCR cash and equivalents of ~$11 million as of 9/30/2019.

27
 Return on Capital Highlights the Need for Rising Commodity Prices
◼ The goal is to raise CEIX’s Return on Capital(1) over time while lowering its WACC.

◼ Focused on margins and corporate returns instead of just growth.

◼ Low production decline for coal assets vs. very steep initial decline for natural gas shale assets.

◼ Ability to export a high percentage of production to capture the highest BTU value chain.

◼ Use our free cash flow generation to improve our cost of capital and increase returns to
shareholders over time.
12%

Return on CEIX’s weighted average cost of

debt is ~1% lower vs YE2018 due
Capital(1)(2)
to the recent 1Q19 refinancing

8%

Weighted
Average
Cost of
Debt(3)
3%

Return on
Capital(4)

(5)
CEIX E&P
LTM 9/30/2019 2015A-2018A
Source: CONSOL Energy Inc. management and FactSet
(1) CEIX return on capital has been adjusted to exclude legacy liability expense in the numerator as it is already captured as a liability in the denominator. Return on capital is an operating ratio derived
from a non-GAAP financial measure which is reconciled to the most directly comparable GAAP financial measure in the appendix.
(2) CEIX EBIT has been adjusted to remove the effect of the 1Q19 refinancing transaction to remain consistent with prior period calculations.
(3) Calculated as the weighted average interest expense for TLA, TLB, 2nd Lien Notes and Baltimore Bonds multiplied by their respective interest rates. Assumed LIBOR of 1.82% for TLA and TLB.
(4) Return on capital for E&P is defined as EBIT/(Total Assets – Current Liabilities). No adjustment has been made to exclude E&P group companies’ legacy liability expense.
(5) Comparable E&P universe = CHK, COG, RRC, SWN, EQT, REP, EOG, AR, and GPOR.
28
 Corporate Sustainability Approach
Our Legacy is Built on Safety, Compliance, and Continuous Improvement

◼ PA Mining Complex’s MSHA reportable incident rate was 34% lower than the industry average from 2014- 2018.1
◼ 2018 Marked 5th consecutive year with an environmental compliance record exceeding 99.9%. 1
◼ Board level HSE Committee oversees procedures for identifying, assessing, monitoring, and managing ESG risks.

Our Future is Based on Efficiency, Technology, and Innovation

◼ Innovative technologies deployed at PA Mining Complex directly relate to ESG aspects of greatest impact to CONSOL.
◼ Partnerships with Komatsu Mining Corporation, Environmental Commodities Corporation, and OMNIS Bailey, LLC.
◼ Recently recognized for sector leadership in ESG disclosures, transparency, and strategic initiatives. 2,3

ESG Aspects of Greatest Stakeholder Concern and Impact to CONSOL

(1) CONSOL management and corporate sustainability report.

(2) B Riley FBR, Can Coal Miners Weather the ESG Storm?, Industry Update, May 13, 2019.
(3) Thomson Reuters, Transparency: The Pathway to Leadership for Carbon Intensive Businesses, February, 2019.

29
 ESG Priorities: Creating Shared Value

• Producing high-Btu bituminous coal; carbon intensity 5-20% below other ranks.1
Environment • Marketing to low heat rate, environmentally controlled customers.
• Expanding methane destruction program to decrease direct emissions.
• Reducing water use intensity through focused reuse and recycling.
Shared Value

• Supporting the health, wellness, and professional development of our workforce.

• Developing community partnerships through the CONSOL Cares Foundation.
Society • Expanding global access to electricity, through participation in the export market.
• Providing a reliable, resilient, and affordable source of domestic energy.

• Integrating sound governance principals and strong operational performance.

• Incentivizing ESG performance at all levels with compensation awards.
Business • Maintaining transparency, disclosure, engagement, and risk management.
• Contributing more than $1B to the economy annually.

(1) U.S. Energy Information Administration, 2018

For more information, visit: www.consolenergy.com/responsibility
30
 Exemplifying Our Commitment to Continuous Improvement with Bettercoal

CONSOL Committed to Become a Bettercoal Supplier

◼ 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

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

Creating
Continuous Stakeholder Risk Based
Shared Improvement
Transparency
Engagement Approach
Value

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

31
 Appendix

32
 Organizational Structure Overview

CONSOL Energy Inc.

NYSE: CEIX
~26 million shares outstanding
100%
ownership
100%
interest
ownership interest

59.8% CONSOL Coal Resources GP LLC

1.6 billion tons of limited partner (“our general partner”)
CONSOL Marine Terminal interest
undeveloped reserves(2) General Partner Interest

Public and
Private
75% undivided
ownership interest(1) 1.7% general partner Placement
interest 10,821,006
Common Units
38.5%
limited
CONSOL Coal Resources LP partner
NYSE: CCR interest

25% undivided ownership interest

and management and control rights

Pennsylvania Mining Complex

Source: CONSOL Energy Inc. filings and Management.

(1) Owned through CONSOL Pennsylvania Coal Company LLC (“CPCC”) and Conrhein Coal Company (“Conrhein”).
(2) Through various subsidiaries and associated entities.

33
 CEIX Balance Sheet Legacy Liabilities, Manageable and Declining
Significant legacy liability reductions over the past three years Legacy liabilities Balance Sheet Cash Servicing
($mm) Value Cost
◼ The impact of administrative changes in 2016 & 2017 reduced our OPEB
liability without impacting the level of benefits delivered to beneficiaries. 9/30/2019 LTM 9/30/2019
Long-term disability 11 2
◼ Furthermore, the balance sheet reduction we’ve seen in 2018
versus 2017 is a result of a decreasing trend of actual claims Workers’ compensation 70 12
over the prior 3 years. Coal workers’ pneumoconiosis 176 13
◼ Cash payments related to legacy liabilities are declining over time. Other post-employment benefits 460 36
◼ Considerable tax benefits are associated with legacy liability payments. Pension obligations 56 1
◼ Legacy liabilities could be viewed as payment obligations between Asset retirement obligations 272 10
unsecured debt and equity on a company’s balance sheet. Total legacy liabilities 1,045 75
◼ Approximately 69% of all CEIX employee liabilities are closed classes. Some totals may not foot due to rounding.
− Actuarial and demographic developments continue to drive medium-
term reduction in liabilities.
− Actively managing costs down.

◼ CEIX’s Qualified Pension Plan was 92% funded as of 9/30/2019.

− Top 4% asset return performance vs S&P 1500 company pension
funds through 6/30/19.

CEIX legacy liabilities and cash costs CEIX employee-related liability projections
($ mm)
2019E Payments 2022E Payments
$1,497

$1,362
$1,267
$139 $1,163 $62 $58
$133
$1,067 $1,045
$92
$73 $75 $75

2014 2015 2016 2017 2018 LTM

9/30/2019
Total Legacy Liabilities OPEB CWP Workers' Comp LTD NQ Pension
Total Annual Legacy Liabilities Cash Servicing Cost

(1) Source: Mercer

34
 Experienced Management with Enhanced Focus on Safety, Compliance and
Financial Discipline
◼ CEIX’s management and operating teams have a long history in the coal industry
− Proven track record of successfully building, enhancing and managing
coal assets
− Focus on growing return on capital through strategic capital allocation grounded in
detailed commodity analysis
◼ CEIX management has a strong focus on financial discipline
− Demonstrated ability to improve operating performance and maintain
low cash costs
− Primary use of organic FCF(1) will be to de-lever the balance sheet through 2020
Experienced management team
Jimmy Brock
President and Chief Executive Officer
◼ President and CEO since 2017
◼ COO – Coal for CNX from 2010 – 2017
◼ Appointed CEO and Director of CCR in
2015
◼ 40 years in coal industry, all at CONSOL
Jim McCaffrey
Chief Commercial Officer
◼ CCO and SVP of Coal Marketing since
2017
◼ SVP – Energy Marketing for CNX from
2013 to 2016
◼ 42 years in industry, all at CONSOL
David Khani
EVP, Treasurer and Chief Financial Officer
◼ EVP and CFO of CEIX since 2017, held
same positions at CNX from 2013 – 2017
◼ CCR CFO & Director; same roles at CONE
Midstream Partners from 2014 – 2018
◼ 25 years in metals & mining, oil & gas and
coal industries, including 8 at CONSOL
Kurt Salvatori
Chief Administrative Officer
◼ VP– Administration for CEIX since 2017
◼ Previously served as VP Shared Services
for CNX from 2016 – 2017
◼ Has held variety of HR positions at
CONSOL
◼ 27 years in industry all at CONSOL
Key performance results
◼ Significant expertise owning, developing, and
managing coal and associated
infrastructure assets
− Reduced operating costs per ton sold by 21%
from 2014–2018
◼ Strong focus on safety and compliance standards
− PAMC's Mine Safety and Health Administration
("MSHA") reportable incident rate was ~34%
lower than the industry average in 2014-2018
− PAMC’s MSHA significant and substantial
citation rate was 36% lower than the industry
average for YE 2018
− Executive and workforce compensation tied in
part to environmental and safety performance
◼ Addressing environmental and legacy liabilities
− Cash servicing costs reduced from $139mm in
2014 to $75mm LTM 9/30/2019
◼ Management incentivized to improve free cash
flow and continue to de-leverage balance sheet
◼ Strong commitment to environmental responsibility

− Environmental compliance rate of 99.9%

Martha Wiegand
General Counsel and Secretary
◼ General Counsel and Secretary of CEIX
since 2017; has held same role at CCR
since 2015
◼ Served as Associate General Counsel for
CNX from 2012 – 2015
◼ Legal career spanning 19 years
◼ 11 years of experience at CONSOL
Eric Schubel
VP – Operations − Taken action to reduce scope 1 (direct
◼ VP – Operations, overseeing the greenhouse gas) emissions by 50% since 2011
Pennsylvania Mining Complex since 2017
◼ Served as General Superintendent at
various mining operations for CONSOL
◼ 34 years in industry, all at CONSOL

Source: CONSOL management

Note: Effective November 28, 2017, the company known as CONSOL Energy Inc. (NYSE: CNX) separated its natural gas business (GasCo or RemainCo) and its coal business (CoalCo or SpinCo) into
two independent, publicly traded companies by means of a separation of CoalCo from RemainCo. CNX refers to former CONSOL Energy Inc. prior to spin. CEIX refers to current CONSOL
Energy Inc. (CoalCo). CCR refers to the CONSOL Coal Resources, MLP, formerly CNX Coal Resources. “CONSOL” refers to current and prior CONSOL Energy Inc. entities.
(1) Organic free cash flow is defined as operating cash flow less capital expenditures.
35
 CEIX Adjusted EBITDA & Organic Free Cash Flow Net to CEIX Shareholders Reconciliations

EBITDA Reconciliation LTM

3Q19 3Q18 9/30/2019
Net Income $7.0 $9.1 $122.2
Plus:
Interest Expense, net 15.6 20.9 70.7
Interest Income (0.8) (0.5) (3.0)
Income Tax Expense (Benefit) 2.4 (0.7) 0.1
Depreciation, Depletion and Amortization 54.4 51.2 196.8

EBITDA $78.7 $80.0 $386.8

Plus:
Loss on Debt Extinguishment 0.8 - 26.2
Stock/Unit-Based Compensation 3.0 3.0 15.9
Total Pre-tax Adjustments 3.8 3.0 42.2

Adjusted EBITDA $82.4 $83.0 $429.0

Less: Adjusted EBITDA Attributable to Noncontrolling Interest (7.8) (8.5) (41.3)
Adjusted EBITDA Attributable to CONSOL Energy Inc. Shareholders $74.6 $74.5 $387.7

Organic Free Cash Flow Net to CEIX Shareholders Reconciliation

YTD 2019 3Q19 3Q18
Net Cash Provided by Operations $223.2 $57.4 $52.1
Less: Capital Expenditures (131.5) (48.5) (40.7)
Organic Free Cash Flow $91.7 $8.9 $11.4
Less: Distributions to Noncontrolling Interest (16.7) (5.6) (5.6)
Organic Free Cash Flow Net to CEIX Shareholders $75.0 $3.3 $5.8

Some totals may not foot due to rounding.

36
 CCR Adjusted EBITDA & Organic Free Cash Flow Reconciliations
EBITDA Reconciliation
3Q19 3Q18
Net Income $7.0 $8.6
Plus:
Interest Expense, Net 1.6 1.6
Depreciation, Depletion and Amortization 11.1 11.1

EBITDA $19.6 $21.3

Plus:
Unit-Based Compensation 0.3 0.5

Adjusted EBITDA $20.0 $21.8

Organic Free Cash Flow Reconciliation

3Q19 3Q18
Net Cash Provided by Operations $20.4 $16.9
Less: Capital Expenditures (11.3) (8.1)
Organic Free Cash Flow $9.1 $8.8

Some totals may not foot due to rounding.

37
 CEIX Net Leverage Ratio Reconciliations
CEIX Net Leverage Ratio Reconciliations Adjusted Method Bank Method
LTM 9/30/2019 LTM 9/30/2019
Net Income $122 $122
Plus:
Interest Expense, net $71 $71
Interest Income ($3) ($3)

EBIT $190 $190

Plus:
Depreciation, Depletion and Amortization $197 $197
EBITDA $387 $387
Plus:
Stock/Unit-Based Compensation $16 $16
Loss on Debt Extinguishment $26 $26
Total Pre-tax Adjustments $42 $42

Adjusted EBITDA $429 $429

Less:
CCR EBITDA per Affiliated Company Credit Agreement, Net of Distributions Received - ($73)
Employee Legacy Liability Payments, Net of Provision - ($20)
Other Adjustments - $9
Bank EBITDA - $344

Total Long-Term Debt $690 $690

Plus: Current Portion of Long-Term Debt $45 $45
Plus: Debt Issuance Costs $11 $11
Less: CCR Finance Leases ($7) ($7)
Less: Advanced Mining Royalties ($2) ($2)
Less: CEIX Cash and Cash Equivalents ($123) ($123)

Consolidated Net Debt 614 614

Net Leverage Ratio 1.4x 1.8x

Some totals may not foot due to rounding.

38
 CEIX Return on Capital Reconciliation

CEIX Return on Capital Reconciliation

LTM 9/30/2019
Net Income $122
Plus:
Interest Expense, net $71
Interest Income ($3)
EBIT $190
Add Legacy Liability Payments 75
Add Loss on Debt Extinguishment due to 1Q19 Refinancing Transaction(1) 19
EBIT less Adjustments $283
Total Assets $2,723
Less Current Liabilities ($411)
Total Capital Employed $2,312

Return on Capital 12%

Some totals may not foot due to rounding.

(1) EBIT has been adjusted for the 1Q19 refinancing transaction to remain consistent with prior period calculations for CEIX.

39
 CCR Net Leverage Ratio Reconciliation

CCR Net Leverage Ratio Reconciliation

LTM 9/30/2019
Net Income $53.2
Plus:
Interest Expense, Net 5.9
Depreciation, Depletion and Amortization 44.6
Unit-Based Compensation 1.6
Non-Cash Expense, Net of Cash Payments for Legacy Employee Liabilities 1.2
Other Adjustments to Net Income 2.1
EBITDA Per Affiliated Company Credit Agreement $108.5
Borrowings under Affiliated Company Credit Agreement $181.4
Finance Leases 6.7
Total Debt $188.1
Less:
Cash on Hand 10.6
Net Debt per Affiliated Company Credit Agreement $177.5
Net Leverage Ratio (Net Debt/EBITDA) 1.6x

Some totals may not foot due to rounding.

40
 CCR Distribution Coverage Ratio Reconciliation

CCR Distribution Coverage Ratio Reconciliation

3Q19 YTD 9/30/2019
Net Income $7.0 $36.6
Plus:
Interest Expense, Net 1.6 4.5
Depreciation, Depletion and Amortization 11.1 33.6
Unit-Based Compensation 0.3 1.1
Adjusted EBITDA $20.0 $75.8
Less:
Cash Interest 1.8 5.5
Estimated Maintenance Capital Expenditures 8.9 26.9
Distributable Cash Flow $9.2 $43.3

Net Cash Provided by Operating Activities $20.4 $67.5

Plus:
Interest Expense, Net 1.6 4.5
Other, Including Working Capital (2.0) 3.8
Adjusted EBITDA $20.0 $75.8
Less:
Cash Interest 1.8 5.5
Estimated Maintenance Capital Expenditures 8.9 26.9
Distributable Cash Flow $9.2 $43.3
Minimum Quarterly Distributions $14.4 $43.2
Distribution Coverage Ratio 0.6x 1.0x

Some totals may not foot due to rounding.

41
 Average Cash Margin and Average Cost per Ton Sold Reconciliations

($MM except per ton data) 3Q19 3Q18

Total Coal Revenue $302 $295
Operating and Other Costs 235 223
Less: Other Costs (Non-Production) (23) (31)
Total Cash Cost of Coal Sold 212 192
Add: Depreciation, Depletion and Amortization 54 51
Less: Depreciation, Depletion and Amortization (Non-Production) (12) (9)
Total Cost of Coal Sold $254 $234

Average Revenue per Ton Sold $46.59 $47.21

Average Cash Cost of Coal Sold per Ton $32.78 $30.88
Depreciation, Depletion and Amortization Costs per Ton Sold $6.51 $6.60
Average Cost of Coal Sold per Ton $39.29 $37.48
Average Margin per Ton Sold $7.30 $9.73
Add: Depreciation, Depletion and Amortization Costs per Ton Sold $6.51 $6.60
Average Cash Margin per Ton Sold $13.81 $16.33

Some totals may not foot due to rounding.

42
 CMT Adjusted EBITDA Reconciliation
CMT EBITDA Reconciliation
3Q19 3Q18
Net Income $7.7 $5.7
Plus:
Interest Expense, net 1.5 1.5
Depreciation, Depletion and Amortization 0.5 1.0

EBITDA $9.8 $8.2

Plus:
Stock/Unit-Based Compensation 0.1 0.1
Total Pre-tax Adjustments 0.1 0.1
Adjusted EBITDA $9.9 $8.3

Some totals may not foot due to rounding.

43