U.S. Coal Demand and Peabody Strategic Overview

Middlemount Joint Venture Offers Economic Exposure to ~2 Million Met Tons Annually • Peabody owns 50% equity interest in Middlemount • Share of operations delivered 2.1 million tons in 2017 - - Mix of semi-hard coking coal, LV PCI Port capacity through Abbot Point, future capacity secured at DBCT • Earned 2017 Adjusted EBITDA of $43 million, reflecting Peabody's share of Middlemount's net income - Peabody collected ~$80 million of loan and other cash repayments in 2017 • Over 10 years of reserves at current production profile Middlemount Mine Peabody Note: Adjusted EBITDA is a non-GAAP metric. Refer to the reconciliation to the nearest GAAP measure in the appendix. All metrics reflect Peabody's 50% ownership share in Middlemount. 40

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