X0306 4 2017-03-14 0 0001441849 CLOUD PEAK ENERGY INC. CLD 0001477110 MARSHALL COLIN 505 S. GILLETTE AVE. GILLETTE WY 82716 1 1 0 0 President & CEO Common Stock 2017-03-14 4 F 0 13361 3.80 D 207536 D Common Stock 2017-03-14 4 M 0 29256 3.80 A 236792 D Common Stock 2017-03-14 4 F 0 13628 3.80 D 223164 D Performance Units 2017-03-14 4 M 0 57364 0 D Common Stock 57364 0 D Reflects the number of shares of common stock withheld by the issuer in satisfaction of the Reporting Person's tax withholding obligation upon the vesting of restricted stock units. Each performance unit represented a contingent right to receive the value of one share of Cloud Peak Energy Inc. common stock, which award was originally reported on a form 4 filed on 3/18/2014. The performance units vested 3 years from the date of grant (which was 3/14/2014) upon Cloud Peak Energy's achievement of performance goals, which were based upon Cloud Peak Energy's relative and absolute total shareholder return. These achievements resulted in a payout of 51% of the target, which target number was originally reported on the Form 4 filed on 3/18/2014. Reflects the number of shares of common stock withheld by the Issuer in satisfaction of the Reporting Person's tax withholding obligation upon the vesting of performance units. This total does not include restricted stock units granted to the Reporting Person in 2015, 2016 or 2017 as vested restricted stock units may be paid in shares, cash or a combination of shares and cash, in the discretion of the Compensation Committee. /s/ Bryan J. Pechersky, attorney-in-fact for Colin Marshall 2017-03-16