1. The Future of Coal Hal Quinn President & CEO National Mining Association Annual State of the Energy Industry United States Energy Association January 18, 2012

2. Global Growth in Coal Consumption Source: EIA’s Rising Asian demand drives global coal consumption growth

3. Asian Growth in Coal Consumption Source: EIA’s Rising Asian demand drives global coal consumption growth

4. Page  4 Hyper-Urbanization Half the population resides in urban centers today—75% by 2050 Explosion in ‘world middle class’ Rising middle class in developing world is shifting global consumption and supply patterns Technology 2 billion connected people and 1 trillion connected objects=more energy Global Megatrends

5. Per Capita Electricity Consumption (kWh) Page 5

6. New Coal Generation 2011-2015 (GW) ~400 GW of new coal generation ~1.4 billion tons of new annual coal supply over next five years Page 6

7. Global Metallurgical Coal Demand Year Tons (Millions) Growth 2010 920 2015 1,185~30% 2020 1,140~60% China, India and Brazil steel intensity in acceleration stage China largest steel producer internal met coal production not keeping pace with demand Brazil and India rely on imports for majority of met coal needs Page 7

8. Page 8 Regulatory Accounting RegulationsProjected Impacts  Cross-State Air Pollution Rule  Utility MACT Rule  GHG Performance Standards  Coal Ash  Cooling Water Intake Structures Analyst Retirement Projection (GW) Federal Energy Regulatory Commission 81 EVA51 NERA Economic Consulting48 U.S. Energy Information Administration 45-73 North American Electric Reliability Corporation 33 -77 Environmental Protection Agency 14

9. Technology Solutions vs. Fuel Bridges