CNX Coal Resources LP

Investor Presentation – March 2016

Cautionary Statements

This presentation is not a prospectus, is not an offer to sell securities and is not soliciting an offer to buy securities.

An investment in the Partnership’s common units involves risks associated with the Partnership’s business, environmental, hea lth, safety and other regulations, the structure

of the Partnership and the tax characteristics of the Partnership’s common units. You should carefully consider the risk fac tors under the heading “Risk Factors” in the

Partnership’s Registration Statement on Form S-1 (File No. 333-203165) and Annual Report on Form 10-K for the fiscal quarter ended December 31, 2015, together with all

of the other information included in therein, including the matters addressed under “Forward-Looking Statements,” in evaluating an investment in the common units.

This presentation contains statements that express the Partnership’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or

future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies, EBITDA forecasts, financing plans and growth

opportunities. In some cases, you can identify such forward looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,”

“expect,” “may,” “will,” “would,” “could” or “should,” or the negative of these terms or similar expressions. While we base these statements in good faith on assumptions that

we believe to be reasonable when made, these forward‐looking statements are not a guarantee of our performance, and you should not place undue reliance on such

statements. Forward‐looking statements are subject to many risks and uncertainties that are outside our control and could cause our actual results to differ materially from

those we thought would occur, such as: the amount of coal we are able to produce from our mines and the efficiency of our mining, preparation and transportation of coal,

which could be adversely affected by, among other things, operating difficulties, unfavorable geologic conditions, inclement or hazardous weather conditions and natural

disasters or other force majeure events; overall domestic and global economic and industry conditions, including the market price of, supply of and demand for domestic and

foreign coal; the consumption pattern of industrial consumers, electricity generators and residential users; the price and availability of alternative fuels for electricity

generation, especially natural gas; competition from other coal suppliers; the impact of domestic and foreign governmental laws and regulations, including environmental and

climate change regulations and regulations affecting the coal mining industry and coal-fired power plants, and delays in the receipt of, failure to receive, failure to maintain or

revocation of necessary governmental permits; the costs associated with our compliance with domestic and foreign governmental laws and regulations, including

environmental and climate change regulations; technological advances affecting energy consumption; the costs, availability and capacity of transportation infrastructure; the

cost and availability of skilled labor (including miners), the effects of new or expanded health and safety regulations and work stoppages and other labor difficulties; and

changes in tax laws. You should also carefully consider the statements under the heading “Forward-Looking Statements” in the Registration Statement and Annual Report on

Form 10-K.

Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership undertakes no obligation to correct or update any forward-

looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

This presentation also contains information about the Partnership’s adjusted EBITDA, which is not a measure derived in accordance with U.S. generally accepted accounting

principles (“GAAP”) and which excludes components that are important to understanding the Partnership’s financial performance. Adjusted EBITDA should not be

considered an alternative to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA excludes some, but

not all, items that affect net income or net cash, and our presentation may vary from the presentations of other companies. As a result, adjusted EBITDA as presented herein

may not be comparable to similarly titled measures of other companies. Reconciliations of adjusted EBITDA to net income, the most directly comparable GAAP financial

measure, can be found in the Registration Statement and in this presentation.

1

Offering Timeline CNXC Investment Proposition

2

Focus on Safety,

Compliance and

Continuous Improvement

Operate some of the industry's safest underground mines; 51% lower Mine Safety and Health Administration (“MSHA”)

incident rate vs. national average

Underground training academy dedicated to training miners and improving their safety performance and regulatory

compliance

Cash Flows Supported by

Multi-Year Contracts

Seek to minimize direct commodity exposure through multi-year, committed and priced sales contracts; contracted position

at 100%, 61% and 49% for 2016, 2017 and 2018 expected sales volumes

Well-established credit-worthy customer base comprised primarily of utility companies in the eastern U.S. willing to commit

to multi-year contracts

Strong Sponsor

Access to significant pool of management talent, deep industry knowledge and strong commercial relationships

Economically incentivized to grow CNXC through ownership of IDRs and LP units as well as 80% retained interest in the PA

mining complex

Experienced Management

Team

Significant expertise owning, developing and managing complex coal mining operations

Proven track record of successfully building coal assets in a reliable and cost-effective manner

Quality Reserve Base with

Substantial Capital

Investment

Extensive high-quality contiguous reserves of high-Btu bituminous coal in Pittsburgh No. 8 Coal Seam are ideal for high

productivity, low-cost longwall operations

Advantageous coal quality with relatively higher heat content, lower sulfur content and lower chlorine content

Strategically Located

Operations with Access to

Key Infrastructure

Logistics infrastructure and proximity to coal-fired power plants allow operational and marketing flexibility

Significant transportation cost advantage compared to many of our competitors

Direct access to domestic customers and Baltimore Marine Terminal through Norfolk Southern and CSX rail lines

Low-cost Highly Productive

Operations

2015 average cash margins were the highest of our MLP peers; CNXC: $21.76 per ton versus average of other MLP peers:

$14.16 per ton

Recent capital investment has optimized our mining operations and logistics infrastructure to maintain low operating costs

Advanced Distribution

with Cutting Edge Loadout

Technology

Dual-batch facility that operates 24/7 and loads up to 9,000 tons of coal per hour and ten unit trains per day

Strong relationship with Norfolk Southern and CSX rail lines - investing significant capex to increase rail takeaway

Solid distribution yield supported by world class asset base

Significant Focus on Safety, Compliance and

Continuous Improvement

3

Continued focus on core values of safety, compliance and

continuous improvement

Operate some of the industry’s safest underground mines

MSHA incident rate ~53% lower than national

average rate(1)

MSHA significant and substantial citation rate ~22%

lower than the industry average rate(2)

Promotes greater reliability in operations, lower operating

costs and long-term customer relationships

Exemplary Safety and Compliance Record (PA

mining complex)

(1) Based on incident rates for 2012- 2015 period. Source: MSHA

(2) For the Feb 1, 2015-Jan 31, 2016 period ; National industry rate for significant & substantial citations & orders per 100 inspection hours. Source: MSHA

CONSOL recently constructed the first underground

training academy in the United States dedicated to

training miners and improving their safety

performance and regulatory compliance

We continue to focus on our core values of safety, compliance and continuous

improvement

Underground Training Academy

Experienced staff and dedicated in-house coal lab

provide technical marketing services to assist

customers in the new, expanded, and continued use

of our coal

Technical Services and R&D Laboratory

4.95

2.62.35

2.03

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Incident Rate S&S Citation Rate

Industry Average PA Operations

90

59

1116

21

0

25

50

75

100

Notice of Violation/Non-compliance

2011 2012 2013 2014 2015

Growth-oriented master limited partnership formed by CONSOL Energy, Inc. (NYSE:CNX) in 2015 to manage and

further develop all of its active thermal coal operations in Pennsylvania.

Initial assets include a 20% undivided interest in, and operational control over, CONSOL Energy’s Pennsylvania

mining complex

Sponsor has provided us the Right of First Offer (“ROFO”) on the retained 80% undivided interest in the

Pennsylvania mining complex, and certain other Sponsor Assets

Initial Public Offering – June 2015

Current Ownership Structure

Sponsor retained 12.7 million LP units (53.4% limited partner interest) including 11.6 million subordinated units

5.5 million LP units (23.2% limited partner interest) owned by Greenlight Capital

5.1 million LP units (21.4% limited partner interest) held by other public holders

Current market capitalization: $151M(1)

Total debt outstanding: $185M as of December 31, 2015

CNX Coal Resources LP - Overview

(1) Priced as of COB February 22, 2016

Navigating Current Challenges in Energy Markets

5

Align the marketing strategy to the MLP structure through aggressive contracting

and reduced price volatility

Continue to pursue incremental sales to improve targeted sales volume and/or

backfill changes to existing customer shipment schedule

Improve customer product shipment schedules to improve operational consistency

Focused on Distribution Preservation While Retaining Flexibility for Growth

Marketing Targets

Operational

Adjustments

Temporarily idled one longwall and re-aligned schedules for remaining longwalls

Continue to optimize corporate and production employee base

Reset compensation and benefit structure for all employees

Seeking additional cost savings from vendors/supply chain

Continue to optimize the cost structure through operational improvements

Financial Priorities

Maintain current distribution level

Continue to control costs and defer discretionary capital spending

Identify other opportunities to improve the distribution coverage ratio

Continue to evaluate potential for a drop-down/acquisition

CNXC Organizational Structure

6

CNXC owns a 20% undivided interest in

and operational control over CONSOL

Energy’s Pennsylvania mining complex

CONSOL Energy retained an 80%

undivided interest in the Pennsylvania

mining complex and own 100% of CNXC’s

general partner, as well as the incentive

distribution rights

Economically incentivized to grow

CNXC

CONSOL Energy granted CNXC a right of

first offer to acquire the remaining 80%

undivided interest

Certain other Sponsor ROFO Assets

Majority of units owned by our Sponsor are

subordinated

CNXC – 20% Undivided Interest in Pennsylvania Mining

Complex (Bailey, Enlow Fork and Harvey mines)

Strategically aligned with CNXC and incentivized to support growth to enhance value of

MLP business

CONSOL Energy Inc. (“CONSOL Energy”)

NYSE: CNX 1,050,000 Common Units

11,611,067 Subordinated Units

CNX Coal Resources GP LLC (“our general partner”)

2% General Partner Interest Incentive Distribution Rights

2% general partner interest

CNX Coal Resources LP (the “Partnership”)

NYSE: CNXC

53.4% limited partner interest

80% undivided ownership interest

20% undivided ownership interest and management and control rights

100% ownership interest

Pennsylvania mining complex

CNX Coal Resources Operating LLC

CNX Thermal Coal Company LLC

100% ownership interest

100% ownership interest

Public and Private Placement 10,561,067

Common Units 5,561,067

44.6% limited partner interest

Overview of Pennsylvania Mining Complex

7

Pennsylvania mining complex consists of three like-new underground

mines and related infrastructure with high-Btu bituminous coal (791.4

million tons proven and probable(1))

PA mining complex – 791.4 million tons reserves / 28.5 million tons

annual capacity(1)

Train loadout facility (up to 9,000 tons per hour) with dual rail access

with Norfolk Southern and CSX

High-Btu bituminous thermal coal is primarily sold to utility companies in

the eastern United States: ~13,000 Btus per pound average gross heat

content and 2.36% average sulfur content

Five longwalls and 18 continuous mining sections

Access to seaborne markets through CONSOL-owned Baltimore Marine

Terminal for exporting thermal and metallurgical coal

Over $2.0 billion invested in Harvey Mine, new slopes, overland

conveyor belts, equipment, and plant upgrades since 2008

(1) For the period ending and as of December 31, 2015.

(2) Source: EIA. Represents average power plant deliveries for the eleven months ending November 30, 2015.

(3) Source: Company filings from FELP, ARLP, WMLP and RNO for NAPP and Illinois Basin reserves.

Note: Data shown on a 100% basis for the PA Mining Complex. CNXC owns a 20% interest in the complex.

Mine

Total

Recoverable

Reserves

(tons) (1)

Average

AR Gross

Heat

Content

(Btu/lb) (1)

Average AR

Sulfur

Content (1)

Annual

Production

Capacity

(tons) (1)

Production

(tons) (1)

Bailey 271.7 12,940 2.64% 11.5 10.2

Enlow Fork 316.2 12,940 2.19% 11.5 9.0

Harvey 203.5 13,070 2.25% 5.5 3.6

Total 791.4 12,970 2.36% 28.5 22.8

Illinois Basin 11,363 2.95%

Other NAPP 12,394 3.22%

Other Coal

MLPs 11,525 2.44%

(2)

(3)

Baltimore

Terminal

PA Mining

Complex

Active Complex

Port/Dock

2015 PA Mining

Complex Customers

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(2)

Reduced spot commodity price exposure via multi-year, committed and priced sales contracts

Well-established, credit-worthy customer base comprised primarily of utility companies in the eastern United States

willing to commit to multi-year contracts

While unusually warm weather and ongoing low natural gas prices have resulted in fluctuating delivery schedules, we

continue to work with our customers to ensure our contracted volumes get shipped

Contracted Volume(1)

Reduced Cash Flow Volatility Through Long Term

Contracts

8

Major Customers Include:

Secured multi-year commitments with key power plants in the upper Midwest and

Southeast markets, which historically been thought of as domain of other coal basins

(1) Source: Annual Filings 10-K of CNX Coal Resources, Inc. and CONSOL Energy Inc. Committed and priced tons percentages based on the projected sales volume during that year and subject to

rounding adjustments. Our committed and priced contracts include those contracts that contain fixed prices with preestablished price adjustments based on (i) variances in the quality

characteristics of coal delivered to the customer beyond threshold quality characteristics specified in the applicable sales contract, (ii) the actual calorific value of coal delivered to the customer,

and/or (iii) fluctuations in the power market.

100%

43% 49%

19%

38%

51%

2016E 2017E 2018E

Committed and Priced Committed and unpriced Uncommitted

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0

5

10

15

20

25

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2015 Production - PA Mining Complex 2015 Production - Other Longwalls 2015 Sulfur

Not All NAPP Longwalls Are Created Equal

9 Source: EIA 923, MSHA; Number of longwalls indicated in parentheses.

PA Mining Complex is uniquely positioned among NAPP longwall producers to provide

a sustained supply of high-quality coal to rail-served power plants in the eastern U.S.

Serve River Markets

Primarily

Met Coal

Producer

Mine Mouth

Operations

Near End of

Reserve Life

Higher

Sulfur

Closed

in 2015

The Carbon Pollution Standard for new plants, 111(b), will

severely hinder the construction of new coal-fired power

plants for 10 or more years

The Clean Power Plan, 111(d), was finalized by EPA in

August 2015, but faces an uncertain future

Designed to reduce GHG emissions from existing

plants beginning in 2022

The Supreme Court stayed implementation of the

Clean Power Plan pending judicial review on

February 9, 2016

Under any scenario, the most efficient, cleanest coal plants

are positioned to survive; these are the ones we are targeting

Impact of Power Plant Pollution Control Regulations

Traditional Pollutants

Greenhouse Gases (i.e., CO2)

10

Our Strategy: Focus domestic steam sales on clean, modern and efficient plants in our

core market. Push into former CAPP market, and take advantage of crossover and

export opportunities

42 GW of coal-fired capacity retired between 2011 and 2015

24 GW of additional capacity will likely retire through 2019,

largely in response to MATS and low natural gas prices

Remaining fleet of ~250 GW will be clean, modern and

efficient, with capacity to increase coal burn relative to 2015

PA Complex

Remaining (Non-Retiring)

Coal Power Plants

Coal plants expected to remain operating beyond 2019

Source: EIA and CNX data estimates.

Our Strategy in Action

11 Source: EIA and CNXC data estimates.

Eastern U.S.

Top 15

PA Mining

Complex

Customer

Plants(1)

All Other

Plants(2)

57%

51%

Capacity Factors: January-October 2015

(1) Ranked based on total coal deliveries for CY 2015.

(2) Excludes plants that retired during 2015.

(3) Defined to include PA, WV, MD, VA, NC, SC, NJ, DE, NY, CT, MA, NH

Core Market States(3)

Top

PA Mining

Complex

Customer

Plants(1)

All Other

Plants(2)

56%

45%

0

2,000

4,000

6,000

8,000

10,000

12,000

United States Eastern U.S. Current PAMining

ComplexCustomers

Reti

rin

g C

ap

acit

y (

MW

)

Announced 2016 Coal Unit Retirements

Superior performance of top PA Mining Complex customers due to:

Aligning with strong performers in our traditional core market

Success in selling to key plants outside of our core, rather than moving tons to weaker core market plants or to the export market

Effect of strong-performing customers picking up generation left by retirements

PA Mining Complex customer plants are minimally impacted (~200 MW retiring) by the final wave of MATS retirements in 2016

We have continued to increase sales to our highest capacity factor customers in 2016,

and we are well positioned to come out in the lead when the market rebounds.

28%

30%

32%

34%

36%

38%

40%

42%

44%

46%

< $2.50 $2.50-$3.00 $3.00-$3.50 $3.50-$4.00 $4.00-$4.50 > $4.50

Co

al

Sh

are

of

Mo

nth

ly G

en

era

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n (

%)

Monthly Average Natural Gas Price ($/mmBtu, Henry Hub Spot)

Range

Average

Coal Prices vs. Natural Gas Prices

Natural gas prices are suppressing coal prices, but that dynamic can change quickly

A 1% increase in coal’s share of generation equates to a 20-25 million ton / year increase in U.S. electric power

sector coal demand

Right-sizing of coal supply under current market conditions will help set the stage for coal prices to rebound with

uptick in gas prices

12

Coal Share of U.S. Generation vs. Natural Gas Price Ranges (January 2012 – November 2015)

Source: EIA

Source: EIA.

Financial Strategy Targeted at Maintaining

Current Distribution Level

13

Continue to optimize production levels while working with customers to ensure delivery

of committed coal

Focus on maintaining industry leading cash margins and high quality, well established

customer base

Reduced operating and capital spending levels while efficiently running our longwall

mining operation

CNXC is committed to maintaining current distribution level

Improve Cash Flow

Stability

Capitalize on Strong

Financial Profile

Pro forma leverage of ~2.0x Debt/TTM EBITDA

Target leverage ratio of approximately 3.0x

Reduced the borrowing on our $400M credit facility to $185 million from $200M

at the IPO

Maintain Growth

Flexibility

Improve distribution coverage despite challenging coal markets

CNXC will be flexible with respect to drop-down timing and financing mix to strive to

achieve its distribution targets

Distribution stability being prioritized over growth

4Q15 Earnings Highlights and 2016 Outlook

14

Announced quarterly cash distribution of $0.5125 per

unit

Implied distribution yield of 31.5% (1)

Generated distributable cash flow of $9.8 million

Estimated distribution coverage of 0.8x (1.05x

since the IPO)

Adjusted EBITDA of $18.7 million

Coal sales of 1.0 million tons

Net income of $8.7 million

4Q15 earnings impacted by unusually warm winter

weather, low natural gas prices and reduction in

planned shipments

Improved forward contracted position by continuing to

be anchor supplier in core markets while penetrating

non-traditional NAPP markets in upper Midwest and

Southeast

Achieved significant cost improvements through

improved productivity, negotiating lower prices with

suppliers, reduced employee-related costs

(1) Priced as of COB February 22, 2016

31-Dec-15 31-Dec-14

Coal Production million tons 0.9 1.3

Coal Sales million tons 1.0 1.3

Realized Price Per ton $52.57 $60.10

Cost of Coal Sold Per ton $39.84 $42.77

2016 Guidance Low High

Estimated Coal Sales million tons 4.4 5.2

Adjusted EBITDA $ million 57 67

Capex $ million 24.5 27.5

Three Months Ended

$21.76$20.24

$15.08

$0.00

$10.00

$20.00

$30.00

CNXC ARLP FELP RNO

31.5%

10.0%

33.2%

24.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

CNXC AMZ FELP ARLP

4.8x5.3x

5.7x

8.9x

.0x

2.0x

4.0x

6.0x

8.0x

CNXC ARLP FELP Coal C-Corps

2.0x

1.2x

2.9x

4.4x

.0x

1.0x

2.0x

3.0x

4.0x

5.0x

CNXC ARLP RNO FELP

Benchmarking vs. MLP Coal Peers

15

(1) Determined by deducting Company operating costs including transportation costs excluding DD&A; FELP on RNO data is only for 9M15

(2) Net debt as of December 31, 2015. EV and EBITDA based on mean of select Wall Street Research when guidance not available, FactSet as of February 22, 2016. ARLP on GP-adjusted basis. RNO and

FELP debt as of September 30, 2015.

(3) Current yield calculation based on COB February 22, 2016.

Average 2015 Cash Margin(1) ($ / ton) Debt/2015E EBITDA(3)

EV/2016E EBITDA(2)

Current Yield(3)

10.5%

8.3%

0.0%

5.0%

10.0%

15.0%

FELP ARLP

Current Yield (%)(4)

Roadmap to Unitholder Returns

16

Improve Contracted Shipment

Schedules

Pursue Incremental Volumes

Improve 2017-19 Hedge Book

Cash Flow Sustainability

Distribution Coverage

Improved Cost of Capital

Flexible Drop-downs

Optimize Cost Structure

Broaden Institutional Appeal

Non-GAAP Reconciliation

17

CNXC 4Q15 Adjusted EBITDA and Distributable Cash Flow

($ in thousands)Three Months Ended

December 31, 2015

Net Income 8,673

Interest Expense 1,898

Depreciation, Depletion and Amortization 8,063

Unit Based Compensation 25

Adjusted EBITDA 18,659

Less:

Cash Interest 1,583

Estimated Maintenance Capital Expenditures 7,319

Distributable Cash Flow 9,757

Net Cash Provided by Operating Activities 16,562

Less: Interest Expense, Net 1,898

Less: Other, Including Working Capital 199

Adjusted EBITDA 18,659

Less:

Cash Interest 1,583

Estimated Maintenance Capital Expenditures 7,319

Distributable Cash Flow 9,757