Rick Axthelm Vice President, Federal Government & External Affairs Alpha Natural Resources

Statements in this presentation which are not statements of historical fact are “forward-looking statements” within the

Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of

future performance. Many factors could cause our actual results, performance or achievements, or industry results, to be

materially different from any future results, performance or achievements expressed or implied by such forward looking-

statements. These factors are discussed in detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and

in our other filings with the SEC. We make forward-looking statements based on currently available information, and we

assume no obligation to update the statements made today or contained in our Annual Report or other filings due to

changes in underlying factors, new information, future developments, or otherwise, except as required by law.

Third Party Information

This presentation, including certain forward-looking statements herein, include information obtained from third party

sources that we believe to be reliable. However, we have not independently verified this third party information and

cannot assure you of its accuracy or completeness. While we are not aware of any misstatements regarding any third

party data contained in this presentation, such data involve risks and uncertainties and are subject to change based on

various factors, including those discussed in detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q

and in our other filings with the SEC. We assume no obligation to revise or update this third party information to reflect

future events or circumstances.

Forward-Looking Statements

A Few Coal Factoids

The U.S. has the largest recoverable coal reserves in the world –

more than 25 percent of all estimated global reserves, containing more

energy than all the world’s oil reserves.

Coal is mined in 25 states and accounts for about 200,000 direct

jobs. Each of those jobs creates 3.5 more jobs indirectly.

The average coal miner earns over $81,000 annually… $36,000 more

than the average U.S. worker.

Coal is responsible for roughly 40 percent of all electricity

generation in the United States.

Almost 70% of total global steel production depends on coal.

Over the course of a year, coal from just one surface mine in

Wyoming provides more energy than all the windmills and solar panels

in the entire U.S.

Alpha Overview

● Second largest U.S. coal supplier by revenue; among top 5 globally in production;

● America’s largest producer of metallurgical coal (70% of the world’s steel is made using met coal);

● 170 customers on 5 continents;

● More capacity to export coal overseas than any other U.S. supplier;

● Signature Running Right® operating philosophy – guides all aspects of how we do business, from safety to environmental stewardship.

4

Natural Stream Restoration

Russell County, Va. Restored Paramont surface mine

Wise County, Va.

Restored Paramont

George’s Fork surface mine

Dickenson County, Va.

www.truthaboutsurfacemining.com

Alpha Is Environmentally Responsible

Alpha Is Operationally Diversified

6

Western Coal Operations – FY 2013

38 Million Tons Thermal

Eastern Coal Operations –

FY 2013

29 Million Tons Thermal

20 Million Tons Met

Total Mines (as of 12/31/13): 81

Prep Plants & Loadouts (as of 12/31/13): 25

Alpha Is a Leading Global Supplier

Belgium

Brazil

Romania

Canada

France

Egypt

Sweden

Netherlands

Ukraine

Spain Turkey

United Kingdom

Sandusky, OH

Conneaut, OH

Newport News, VA

Lambert’s Point/Norfolk, VA

Baltimore, MD

Ashtabula, OH

Russia

New Orleans, LA

Argentina

Mexico

Finland

India

Japan

South Africa

China

Austria

Italy

Poland

Hungary Germany

Europe:

6.8mm tons Met

2.6mm tons Thermal

South America:

1.3mm tons Met

0.1mm tons Thermal

Asia:

3.6mm tons Met

0.3mm tons Thermal

Africa/Middle East:

2.1mm tons Met

1.6mm tons Thermal

South Korea

2013 Total Alpha shipments: 87 million tons

2013 Total Export shipments: 19 million tons

2013 Export Shipments:

19.5mm tons Total

14.9mm tons Met

4.6mm tons Steam

~170 Customers in 29 Countries on 5 Continents

Canada/Mexico:

1.1mm tons Met

Note: All amounts represent full year 2013 shipments in short tons

Coal Demand is Still Growing Robustly…

Source: Platts

For Steam Coal

Source: World Resources Institute

2014 Regulatory Agenda Impacting Coal

12

PRODUCTION Agency January February March April May June July August September October November December

Federal Coal Lease Modifications BLM FINAL

Federal Coal Value--Advance Royalties ONRR PROPOSED

Lignite Exemption under Section 4121 Treasury PROPOSED

Sage Grouse Listing FWS FINAL

Stream Buffer Zone OSMRE PROPOSED

Toxic Release Inventory EPA PROPOSED

Waters of the United States EPA PROPOSED

SAFETY Agency January February March April May June July August September October November December

Black Lung Benefits Act--Standards for Chest Radiographs OWCP FINAL

Combustible Dust OSHA PROPOSED

Occupational Exposure to Crystalline Silica OSHA PROPOSED

Proximity Detection for Continuous Mining Machines MSHA FINAL

Proximity Detection for Mobile Machines MSHA PROPOSED

Refuge Alternatives MSHA FINAL

Respirable Crystalline Silica MSHA FINAL

Respirable Mine Dust MSHA FINAL

Response to Recs from UBB Investigation MSHA INFO REQUEST

COAL USE Agency January February March April May June July August September October November December 2008 Ozone National Ambient Air Quality Standards (NAAQS) EPA FINAL

2012 Particulate Matter NAAQS implementation EPA FINAL

Coal Combustion Residue OSMRE PROPOSED

Cooling Water Intake Structures EPA FINAL

Effluent Limitations Guidelines for Steam Electrical Power Plants EPA FINAL

GHG Standards for Existing Power Plants EPA PROPOSED

GHG Standards for Modified Power Plants EPA PROPOSED

GHG Standards for New Power Plants EPA PROPOSED Final

Social Cost of Carbon OMB COMMENTS

Source: Office of Information and Regulatory Affairs’ (OIRA) semiannual

“Unified Agenda of Federal Regulatory and Deregulatory Actions”

WATER

INFRASTRUCTURE • REGULATION: Attempts to add GHG Analysis to Permit Approvals for Port Capacity Projects

• LEGISLATION: 402/404 CWA Permit Reforms (Introduced)

OTHER

• REGULATION: Stream Protection Rule (Expected)

• REGULATION / LEGISLATION: Coal Ash Disposal (Proposed / Introduced)

• REGULATION: Selenium Rule (Expected)

SAFETY

AIR

• REGULATION: GHG New Source Performance Standards for New Units (Proposed)

• REGULATION: GHG New Source Performance Standards for Existing Units (Expected)

• LEGISLATION: Whitfield / Manchin NSPS Reforms (Introduced)

• REGULATION: Underground Coal Mine Respirable Dust Rule (Proposed)

• REGULATION: Pattern of Violations (POV) Rule (Final)

• LEGISLATION: Mine Safety Reforms (Expected to be Reintroduced)

• LEGISLATION: Comprehensive Tax Reform

• LEGISLATION: Possible Climate legislation, or Push for a “Carbon Tax”

KEY Regulations and Legislation on the Horizon

0

5

10

15

20

25

30

35

2011 2012 2013 2014 2015 2016-2020

GW

, M

illio

n T

ons

Retirements (GW) Calculated Lost Coal Consumption (mm tons)

Sources: SNL, EIA, Internal Analysis

From 2011 to 2020, approximately 42,000 MW of coal-fired capacity in 38 states has been retired or announced for retirement;

About 83%, or 35,000 MW, of the announced coal retirements is in the Eastern U.S.

The Toll on Our Grid? Idled Plants and Less Coal Use

Potential Impact: An additional 50-100 mm displaced coal tons

The Human Toll? Idled Mines and Lost Jobs

15

• More than 150 coal

mines idled in the

first half of 2013;

• Those mines

employed 2,650+

workers;

• Coal production in

central App

declined 43% from

2008 levels;

• Kentucky coal mine

employment lowest

since 1920s.

Source: SNL

So, if Not Coal, then What?

In Review… DID YOU KNOW?

www.alphanr.com

Questions?

C o a l - I m p a c t e d C o u n t i e s R o u n d t a b l e

M a r c h 2 , 2 0 1 4

P a u l B a i l e y

A m e r i c a n C o a l i t i o n f o r C l e a n C o a l E l e c t r i c i t y

C H A L L E N G E S F A C I N G

C O A L - B A S E D E L E C T R I C I T Y

C O A L F L E E T

• 3 1 8 , 0 0 0 M W

• R e s p o n s i b l e f o r 3 9 % o f e l e c t r i c i t y d u r i n g 2 0 1 3

• 6 2 , 0 0 0 M W h a v e a n n o u n c e d r e t i r e m e n t b y 2 0 2 5

• $ 1 4 5 b i l l i o n i n v e s t e d b y 2 0 1 6 t o r e d u c e e m i s s i o n s

• S O 2 , N O x , P M r e d u c e d b y 9 0 % p e r k W h

C O A L R E T I R E M E N T S I N 3 3 S T A T E S L I N K E D T O E P A P O L I C I E S

R e t i r e m e n t s

C A R B O N E M I S S I O N S

• U . S . e l e c t r i c s e c t o r h a s r e d u c e d e m i s s i o n s b y

1 6 % .

• C o a l f l e e t e m i s s i o n s h a v e d e c l i n e d b y a l m o s t

2 4 % f r o m 2 0 0 5 l e v e l s .

• E I A p r o j e c t s e m i s s i o n s f r o m c o a l f l e e t w i l l b e

1 9 % b e l o w 2 0 0 5 l e v e l s i n 2 0 2 0 .

I M P A C T S O F E P A R E G U L A T I O N S

• C o m p l i a n c e c o s t s o f $ 1 9 8 b i l l i o n t o $ 2 2 0 b i l l i o n

• J o b l o s s e s o f 5 4 4 , 0 0 0 t o 8 8 7 , 0 0 0 p e r y e a r

• C o a l r e t i r e m e n t s o f 5 4 , 0 0 0 M W t o 6 9 , 0 0 0 M W

N S P S

• R e p r o p o s a l - - J a n u a r y 2 0 1 4

• F i n a l r u l e - - T B D

• R e q u i r e s n e w c o a l p l a n t s t o u s e C C S

• M a k e s n e w c o a l p l a n t p r o h i b i t i v e l y e x p e n s i v e

• N S P S s h o u l d b e b a s e d o n s u p e r c r i t i c a l a n d u l t r a -

s u p e r c r i t i c a l u n i t s

S E C T I O N 1 1 1 ( D ) R E Q U I R E M E N T S

• P r o p o s e d E PA g u i d e l i n e s – J u n e 2 0 1 4

• F i n a l E PA g u i d e l i n e s – J u n e 2 0 1 5

• S t a t e p l a n s d u e – J u n e 3 0 , 2 0 1 6

• E PA a p p r o v a l / d i s a p p r o v a l – O c t o b e r 3 0 , 2 0 1 6

• E PA c o n s i d e r i n g “ s o u r c e - b a s e d ” a n d “ s y s t e m -

b a s e d ” a p p r o a c h e s

I M P A C T S O F A S Y S T E M - B A S E D P R O P O S A L

• C o n s u m e r c o s t s … . $ 1 1 6 b i l l i o n t o $ 1 5 1 b i l l i o n

• C o a l r e t i r e m e n t s … . 3 5 , 0 0 0 M W t o 8 3 , 0 0 0 M W

• N a t u r a l g a s e x p e n d i t u r e s … . $ 8 b i l l i o n t o $ 5 4 b i l l i o n

• J o b l o s s e s ( a n n u a l ) … . 1 , 0 0 0 t o 1 7 8 , 0 0 0

• E l e c t r i c i t y p r i c e i n c r e a s e s … . D o u b l e d i g i t s

49

11.4 6.7

1.5 0

10

20

30

40

50

60

G l o b a l G H G C h i n a & I n d i a C O 2 U . S . G H G U . S . C o a l C O 2

G H G E M I S S I O N S ( b i l l i o n t o n n e s / y r )

S E T T I N G 1 1 1 ( D ) S T A N D A R D S

• E s t a b l i s h i n s i d e - th e - f e n c e s t a n d a r d s b a s e d o n w h a t i s a c h i e v a b l e a t e a c h c o a l - f i r e d a n d g a s -f i r e d u n i t .

• O n c e i n s i d e - t h e - f e n c e s t a n d a r d s a r e s e t , a l l o w ou t s i d e - t h e - f e n c e f l e x i b i l i t y t o c o m p l y

Q U E S T I O N S ?

Partnership for a Better Energy Future

March 2, 2014 - Washington, D.C.

Major Partners

31

Campaign Objectives

32

1. Educate and mobilize elected and public officials to

call for the expansion of public comment.

2. Engage elected and public officials and stakeholders in taking action that will promote industry carbon regulation principles.

3. Conduct public affairs activities to earn media and build support for litigation efforts on 111(d) carbon regulations.

Targeted States

33

Target States

Tactical Activities

34

• Model legislation • State coalitions • State legislative hearings • State resolutions • Governors’ letters

• Attorneys General • Utility commissioners • Environment and air

quality officials • Democrat letters

You are essential to success!

35

1. Understand the policy issues and process

2. Participate in targeted state efforts

• Support Partnership activities

• Leverage your relationships and resources

3. Educate and advocate in non-target states

Jerry Mullins, National Mining Association

jmullins@nma.org

202-463-2622