U.S. Coal Demand and Peabody Strategic Overview

Seaborne Conditions: Global Coal Undergoing Several Long-Term Trends • Global coal demand likely marked by modest overall growth • Increases in Asia demand more than offset declines in U.S. and Europe as demand shifts to Pacific Small changes in supply-demand can lead to major shifts in pricing • Australia expected to continue to drive majority of global seaborne supply growth for both met and thermal 11 Million tons - increase in 2017 global seaborne met coal demand 25 Million tons - increase in 2017 global seaborne thermal coal demand Peabody Source: Industry reports and Peabody Global Analytics. 8

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