CONSOL Energy : CEIX Third Quarter 2021 Investor Presentation

CONSOL Energy Inc.

Investor Presentation

September 2021

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 our expectations with respect to the Itmann Mine or any other strategies that involve risks 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, CCR EBITDA per Affiliated Company Credit Agreement, Net Leverage Ratio, CONSOL Marine Terminal Adjusted EBITDA, Consolidated Net Debt, Total CEIX Liquidity, Average Cash Cost of Coal Sold Per Ton, Average Cash Margin Per Ton Sold, CMT Operating Cash Costs 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.

2

Investment Thesis

1. Fully committed to ESG and Sustainability
2. World Class Assets Remain Competitive Through All Parts of the Cycle
3. Opportunistic 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 Capital Returns

7 Exceptional Free Cash Flow Generation Is the Catalyst for Executing Our Strategy

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ESG Highlights

• Recently participated in 2021 CDP Climate Change and Water Security Disclosures, our 4th as independent company.
• • Reflects our commitment to transparency related to our ESG performance and approach.
  • Demonstrates industry leadership in disclosures, as only pure play coal company with regular CDP participation.
• Released our 2020 Corporate Sustainability Report, our 4th as a public company, in June 2021.
• • Highlights approach and performance with respect to ESG aspects of concern, including:

EMPLOYEE HEALTH &	ENVIRONMENTAL	WATER MANAGEMENT	RESTORATION	BEST PRACTICES
SAFETY	COMPLIANCE

PAMC Employee	Compliance Record	Reduced Water	2.9 Acres Reclaimed for	Continuous Improvement
TRIR 1.76	Exceeding 99.9%	Withdrawals by 24%	Every Acre Disturbed	Plan Developed
Is 60% lower than MSHA national	for the 8th consecutive year2	year over year	across our operating footprint	to further enhance our Bettercoal
average1				ESG best practices

• As a Bettercoal Supplier, our practices are aligned with the internationally recognized Bettercoal Code3 of ESG operating principles specific to the coal mining supply chain.
• Continue to develop synergies between our sustainability, technology, and financial strategies, which together inform and support our growth and diversification goals.

1. MSHA national average based on preliminary data from January through December 2020
2. Compliance rate calculated as rate of compliance with permit effluent limits
3. Our operations were assessed against the Bettercoal Code Version 1.1.

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Sustainability and ESG are Drivers for Our Business

Commitment to	Deployment of Robust	Engagement,	Strategic Initiatives,
Core Values,	ESG Operating	Transparency and	Partnerships,
Strong Legacy	Frameworks	Disclosure	Drive Performance

• Safety and Compliance Based Corporate Culture
• Legacy of Technology and Innovation

• CONSOL's Ethical, Social, and
  Environmental Practices Have Been Independently Verified, Align with Internationally Recognized Frameworks

• Committed to Transparency, Engagement, and Disclosure
• Release of Annual Sustainability Reports

• Projects Aim to Develop Technologies Needed to Achieve Aspirational Environmental Goals while Continuing to Advance Social Objectives

Lower Carbon Intensity Compared to Other Coal Ranks(1)

ESG Disclosures: CONSOL vs Peer Group(2)

Coke

Anthracite

Petroleum

Coke

Lignite

Subbituminous

Bituminous

PAMC

90

95

100

105

110

115

kg CO2 per Million British Thermal Units

(1) CONSOL Energy Inc. management, EIA, carbon dioxide coefficients, 2017.

5 (2) BrownFlynn and CONSOL Energy Management, Assessment Based on Peer Group Disclosures

Safety

	100
Innovation &	80	Energy &
Technology	60	Climate
	40
	20	CONSOL
Human Capital	0	Water
		Current Peers
		Aspirational Peers
Community		Land
Engagement		Management

Ethics &

Compliance