CONSOL Energy : CEIX Second Quarter 2022 Investor Presentation

CONSOL Energy Inc.

Investor Presentation

May 2022

Disclaimer

This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitation, projections and estimates concerning the timing and success of specific projects and the future production, revenues, income and capital spending of CONSOL Energy, Inc. ("CEIX"). When we use the words "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategies that involves risk or uncertainties, we are making forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results and outcomes to differ materially from results and outcomes expressed in or implied by our forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of future actual results. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Factors that could cause future actual results to differ materially from those made or implied by the forward-looking statements include risks, contingencies and uncertainties that are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our public filings with the Securities and Exchange Commission. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

This presentation includes unaudited "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934, including EBITDA, Adjusted EBITDA, Bank EBITDA, EBITDA per Affiliated Company Credit Agreement, Net Leverage Ratio, CONSOL Marine Terminal Adjusted EBITDA, Consolidated Net Debt, CEIX Total Liquidity, Average Cash Cost of Coal Sold Per Ton, Average Cash Margin Per Ton Sold, and Free Cash Flow. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.

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Investment Thesis

1. Committed to Sustainability and ESG With Clearly Defined Goals for Greenhouse Gas Reductions
2. World Class Assets Remain Competitive Through All Parts of the Cycle
3. Near-TermOpportunistic Growth Strategy Centered Around Our Itmann Project (Low-Vol Met)
4. Marketing Strategy Shifting to Export and Non-Power Generation Markets
5. High Performing Domestic Customer Base Minimizes Market Risk
6. Financial Strategy Centered Around De-leveraging, Growth, and Long-Term Shareholder Value Creation
   7 Exceptional Free Cash Flow Generation Is the Catalyst for Executing Our Strategy

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ESG and Sustainability are Drivers for Our Business

CONSOL is Deploying Industry Leading ESG Practices to:

Continuously improve performance, in alignment with our core values

Proactively manage risks and opportunities, related to those ESG aspects of importance to our stakeholders

Develop synergies between sustainability, technology, and financial strategies, which together inform and support the Company's growth and diversification goals

Support sustainable and responsible coal production to meet global electricity and infrastructure needs, support social objectives and catalyze economic progress

2021 CSR: 2020 Performance Highlights

EMPLOYEE HEALTH	ENVIRONMENTAL	WATER	RESTORATION	BEST PRACTICES	DIVERSITY	WOMEN IN
& SAFETY	COMPLIANCE	MANAGEMENT	MANAGEMENT

PAMC Employee	Compliance	Reduced Water	2.9 Acres	Continuous	Executive	35%
TRIR 1.76	Record	Withdrawals by	Reclaimed for	Improvement Plan	Management	of Supervisors are
is 60% lower than	Exceeding 99.9%	24%	Every Acre	Developed	Team is 40%	Women
		Disturbed		Diverse
MSHA national	for the 8th consecutive	year over year	to further enhance our	in the Corporate Office
average1	year2		across our operating	Bettercoal ESG best	from a racial, gender, or
			practices
			footprint	ethnicity standpoint

1. MSHA national average based on data from January through December 2020.
2. Compliance rate calculated as rate of compliance with permit effluent limits.

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Forward Progress Sustainability Initiative: A Natural Progression

Upon becoming an independent company in 2017, we prioritized ESG and have since developed our cross-functionalForward Progress sustainability initiative to build on that commitment.

• 2017: Established Board level oversight of policies, programs, and strategies regarding significant corporate sustainability issues and ESG matters
• 2018: Formed cross-functional ESG Committee to provide input to management related to ESG issues, trends, and strategies

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2019: Received full certification under the NMA1 CORESafety® Framework and became a Bettercoal Supplier

2020: Worked to develop a continuous improvement plan to further align CONSOL processes with the Bettercoal Code2 framework

2021: Released 4th consecutive Corporate Sustainability Report informed by GRI and SASB standards and continued participation in CDP

1. Core Value Based		2. Strong Corporate		3. Stated Financial
Corporate Culture		Governance		Priorities

4. Alignment with		5. Innovation and		6. Stakeholder
Corporate Strategy		Technology		Engagement

7. Deployment of ESG		8. Transparency and		9. Goals, Targets, and
Frameworks		Disclosure		Ambition

Goals surround ESG aspects of greatest impact to CONSOL, our stakeholders, and the environment.

4Q21: Proud to be among the first pure play coal companies to announce greenhouse gas emission reduction targets.

1. Core Safety is the National Mining Association's CORESafety framework.

5 (2) CONSOL's operations were assessed against the Bettercoal Code, Version 1.1.