U.S. Coal Demand and Peabody Strategic Overview

U.S. Coal Demand Declines From First Quarter 2017 on Increased Gas and Wind Generation 68 889 999 65 U.S. Utility Coal Stockpiles (Max Days Burn) 59 59 57 55 58 51 50 49 49 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 2017 2017 2017 2018 • Total load up 5% YTD through March; Coal generation down 3% • PRB consumption flat through March compared to 6% decline in other coal producing regions • U.S. exports robust; Coal production declines 3% in first quarter Total coal stockpiles decline 17% below prior-year levels on max days burn basis through March SPRB stockpiles at 53 max days burn, down Peabody 7 days from 2017 levels. 13 Source: Industry reports and Peabody Global Analytics. U.S. utility coal stockpiles as of quarter end.

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