U.S. Coal Demand and Peabody Strategic Overview

Small Changes in Seaborne Metallurgical Supply and Demand Have Outsized Impact on Pricing 300 250 $191 200 150 100 Seaborne Metallurgical Coal Supply & Demand (tonnes in millions) $147 $113 $87 $143 $188 ⚫ Chinese imports increase 10 million tonnes in 2017 Chinese net finished steel exports decline 35% in 2017 • Global demand increases 11 million tonnes in 2017; supply grows 4 million tonnes Spot HCC Pricing (dollars per tonne) $350 50 50 $300 Demand Supply $250 $200 2012 2013 2014 2015 2016 2017 $150 $100 Pricing reaches highest level since 2012 on modest demand growth, supply constraints $50 $0 Peabody Source: Industry reports and Peabody Global Analytics. Jan-16 Apr-16 Jul-16 Oct-16 سل Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 10

View entire presentation