X0306 4 2017-02-08 0 0001687187 Ramaco Resources, Inc. METC 0001370287 Keenan W Howard JR 410 PARK AVENUE 19TH FLOOR NEW YORK NY 10022 1 0 0 0 Common Stock, $0.01 par value 2017-02-08 4 J 0 14998765 A 14998765 I See footnote Common Stock, $0.01 par value 2017-02-08 4 J 0 3749691 A 3749691 I See footnote Common Stock, $0.01 par value 2017-02-08 4 J 0 5673077 A 5673077 I See footnote Common Stock, $0.01 par value 2017-02-08 4 S 0 227240 13.50 D 14771525 I See footnote Common Stock, $0.01 par value 2017-02-08 4 S 0 56810 13.50 D 3692881 I See footnote Common Stock, $0.01 par value 2017-02-08 4 S 0 85950 13.50 D 5587127 I See footnote Immediately prior to the closing of the initial public offering of Ramaco Resources, Inc. (the "Issuer") and pursuant to the Master Reorganization Agreement dated as of February 1, 2017 by and among Ramaco Development, LLC ("Ramaco Development"), the Issuer, Ramaco Merger Sub LLC, a wholly owned subsidiary of the Issuer ("Merger Sub"), and the other parties thereto, (i) the preferred units in Ramaco Development were converted into common units ("Units"), and (ii) Ramaco Development merged into Merger Sub, and certain existing owners received, as consideration in the merger, shares of the Issuer's common stock, with such shares of common stock allocated among the existing owners pro rata based on their relative ownership of Units. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for Section 16 or any other purpose. These securities are owned directly by Yorktown Energy Partners IX, L.P. ("Yorktown IX"). The reporting person is a member and manager of Yorktown IX Associates LLC, the general partner of Yorktown IX Company LP, the general partner of Yorktown IX. These securities are owned directly by Yorktown Energy Partners X, L.P. ("Yorktown X"). The reporting person is a member and manager of Yorktown X Associates LLC, the general partner of Yorktown X Company LP, the general partner of Yorktown X. These securities are owned directly by Yorktown Energy Partners XI, L.P. ("Yorktown XI"). The reporting person is a member and manager of Yorktown XI Associates LLC, the general partner of Yorktown XI Company LP, the general partner of Yorktown XI. /s/ W. Howard Keenan, Jr. 2017-02-10