U.S. Coal Demand and Peabody Strategic Overview

Historical Seaborne Pricing ($/Tonne) Time Period HCC - HCC - LV PCI - LV PCI - NEWC- Settlement Spot Settlement Spot Spot Q1 2018 $237 $228 $156.50 $149 $103 Q4 2017 $192 $205 $127 $126 $98 Q3 2017 $170 $189 $115/$127 $117 $93 Q2 2017 $194 $190 $135 $124 $80 Q1 2017 $285 $169 $180 $110 $82 Q4 2016 $200 $266 $133 $159 $94 Q3 2016 $93 $135 $75 $88 $66 Q2 2016 $84 $91 $73 $72 $52 Q1 2016 $81 $77 $69 $69 $51 Peabody Source: HCC and LV PCI spot prices per Platts; NEWC spot price per ICE Futures; Settlement prices per HIS Markit benchmark history. 32

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