GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION:

The payment obligations under the $400,000, Term Loan B due in November 2022, the $300,000, 11.000% per annum senior notes due November 2025, and the $100,000, Term Loan A due in November 2021 issued by CONSOL Energy are jointly and severally, and also fully and unconditionally, guaranteed by certain subsidiaries of CONSOL Energy. In accordance with positions established by the SEC, the following financial information sets forth separate financial information with respect to the parent, guarantor subsidiaries, CCR, a non-guarantor subsidiary, and the remaining non-guarantor subsidiaries. The principal elimination entries include investments in subsidiaries and certain intercompany balances and transactions. CONSOL Energy, the parent, and a guarantor subsidiary manage several assets and liabilities of all other wholly owned subsidiaries. These include, for example, deferred tax assets, cash and other post-employment liabilities. These assets and liabilities are reflected as parent company or guarantor company amounts for purposes of this presentation.

Income Statement for the Year Ended December 31, 2018:



	Parent Issuer		Guarantor		CCR Non-Guarantor			Non-Guarantor			Elimination			Consolidated
Revenues and Other Income:
Coal Revenue	$	—	$	1,023,219	$	341,073		$	—		$	—		$	1,364,292
Terminal Revenue	—		64,926		—			—			—			64,926
Freight Revenue	—		32,679		10,893			—			—			43,572
Miscellaneous Other Income	247,711		27,013		5,243			—			(221,307		)	58,660
Gain (Loss) on Sale of Assets	—		599		(34		)	—			—			565
Total Revenue and Other Income	247,711		1,148,436		357,175			—			(221,307		)	1,532,015
Costs and Expenses:
Operating and Other Costs	—		729,593		214,376			2,481			—			946,450
Depreciation, Depletion and Amortization	—		156,522		44,742			—			—			201,264
Freight Expense	—		32,679		10,893			—			—			43,572
Selling, General and Administrative Costs	—		51,415		13,931			—			—			65,346
Loss on Debt Extinguishment	3,922		—		—			—			—			3,922
Interest Expense, net	81,985		2,905		6,667			—			(7,709		)	83,848
Total Costs And Expenses	85,907		973,114		290,609			2,481			(7,709		)	1,344,402
Earnings (Loss) Before Income Tax	161,804		175,322		66,566			(2,481		)	(213,598		)	187,613
Income Tax Expense	8,828		—		—			—			—			8,828
Net Income (Loss)	152,976		175,322		66,566			(2,481		)	(213,598		)	178,785
Less: Net Income Attributable to Noncontrolling Interest	—		—		—			—			25,809			25,809
Net Income (Loss) Attributable to CONSOL Energy Shareholders	$	152,976	$	175,322	$	66,566		$	(2,481	)	$	(239,407	)	$	152,976

Balance Sheet at December 31, 2018:



	Parent Issuer			Guarantor		CCR Non-Guarantor		Non-Guarantor		Elimination			Consolidated
Assets:
Current Assets:
Cash and Cash Equivalents	$	234,536		$	138	$	1,003	$	—	$	—		$	235,677
Accounts and Notes Receivable:
Trade	—			—		—		87,589		—			87,589
Other Receivables	24,352			15,935		1,068		—		—			41,355
Inventories	—			37,580		11,066		—		—			48,646
Prepaid Expenses	25,440			15,451		5,096		14,701		—			60,688
Total Current Assets	284,328			69,104		18,233		102,290		—			473,955
Property, Plant and Equipment:
Property, Plant and Equipment	—			3,891,873		946,298		—		—			4,838,171
Less-Accumulated Depreciation, Depletion and Amortization	—			2,204,896		526,747		—		—			2,731,643
Total Property, Plant and Equipment-Net	—			1,686,977		419,551		—		—			2,106,528
Other Assets:
Deferred Income Taxes	77,545			—		—		—		—			77,545
Affiliated Credit Facility	141,129			—		—		—		(141,129		)	—
Investment in Affiliates	605,981			—		—		—		(605,981		)	—
Other	40,760			47,031		14,908		—		—			102,699
Total Other Assets	865,415			47,031		14,908		—		(747,110		)	180,244
Total Assets	$	1,149,743		$	1,803,112	$	452,692	$	102,290	$	(747,110	)	$	2,760,727
Liabilities and Equity:
Current Liabilities:
Accounts Payable	$	(721	)	$	102,995	$	24,834	$	—	$	3,822		$	130,930
Accounts Payable (Recoverable)-Related Parties	(2,291		)	36,220		3,831		87,593		(125,353		)	—
Current Portion of Long-Term Debt	8,157			11,139		3,503		—		112,013			134,812
Other Accrued Liabilities	92,534			105,806		31,916		—		(3,822		)	226,434
Total Current Liabilities	97,679			256,160		64,084		87,593		(13,340		)	492,176
Long-Term Debt	577,957			151,202		146,196		—		(141,129		)	734,226
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	—			441,246		—		—		—			441,246
Pneumoconiosis Benefits	—			160,741		4,260		—		—			165,001
Asset Retirement Obligations	—			226,209		9,775		—		—			235,984
Workers’ Compensation	—			56,623		3,119		—		—			59,742
Salary Retirement	64,172			—		—		—		—			64,172
Other	—			16,051		518		—		—			16,569
Total Deferred Credits and Other Liabilities	64,172			900,870		17,672		—		—			982,714
Total CONSOL Energy Inc. Stockholders’ Equity	409,935			494,880		224,740		14,697		(734,317		)	409,935
Noncontrolling Interest	—			—		—		—		141,676			141,676
Total Liabilities and Equity	$	1,149,743		$	1,803,112	$	452,692	$	102,290	$	(747,110	)	$	2,760,727

Condensed Statement of Cash Flows for the Year Ended December 31, 2018:



	Parent Issuer			Guarantor			CCR Non-Guarantor			Non-Guarantor		Elimination			Consolidated
Net Cash Provided by Operating Activities	$	231,522		$	56,624		$	125,379		$	—	$	—		$	413,525
Cash Flows from Investing Activities:
Capital Expenditures	$	—		$	(114,606	)	$	(31,143	)	$	—	$	—		$	(145,749	)
(Investments in), net of Distributions from, Subsidiaries	(2,908		)	38,032			—			—		(35,124		)	—
Proceeds From Sales of Assets	—			1,933			170			—		—			2,103
Other Investing Activity	(10,000		)	—			—			—		—			(10,000		)
Net Cash Used in Investing Activities	$	(12,908	)	$	(74,641	)	$	(30,973	)	$	—	$	(35,124	)	$	(153,646	)
Cash Flows from Financing Activities:
Payments on Capitalized Leases/Miscellaneous Borrowings	(2,905		)	(9,527		)	(3,052		)	—		—			(15,484		)
Affiliated Credit Facility	33,583			—			(33,583		)	—					—
Payments on Term Loan A	(26,250		)	—			—			—					(26,250		)
Payments on Term Loan B	(4,000		)	—			—			—					(4,000		)
Payments on Second Lien Notes	(25,724		)	—			—			—					(25,724		)
Distributions to Noncontrolling Interest	—			—			(57,389		)	—		35,124			(22,265		)
Shares/Units Withheld for Taxes	—			(2,512		)	(912		)	—		—			(3,424		)
Repurchases of Common Stock	(25,839		)	—			—			—		—			(25,839		)
Purchases of CCR Units	(3,079		)	—			—			—		—			(3,079		)
Spin Distribution to CNX Resources	(18,234		)	—			—			—					(18,234		)
Premium Paid on the Extinguishment of Debt	(2,458		)	—			—			—		—			(2,458		)
Debt Issuance and Financing Fees	(2,166		)	—			—			—		—			(2,166		)
Net Cash (Used in) Provided by Financing Activities	$	(77,072	)	$	(12,039	)	$	(94,936	)	$	—	$	35,124		$	(148,923	)

Condensed Statement of Comprehensive Income for the Year Ended December 31, 2018:



	Parent Issuer		Guarantor		CCR Non-Guarantor			Non- Guarantor			Elimination			Consolidated
Net Income (Loss)	$	152,976	$	175,322	$	66,566		$	(2,481	)	$	(213,598	)	$	178,785
Other Comprehensive Income (Loss):
Net Actuarial Loss (Gain)	66,341		—		(1,477		)	—			1,477			66,341
Other Comprehensive Income (Loss)	66,341		—		(1,477		)	—			1,477			66,341
Comprehensive Income (Loss)	219,317		175,322		65,089			(2,481		)	(212,121		)	245,126
Less: Comprehensive Income Attributable to Noncontrolling Interest	—		—		—			—			25,803			25,803
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	219,317	$	175,322	$	65,089		$	(2,481	)	$	(237,924	)	$	219,323

Income Statement for the Year Ended December 31, 2017:



	Parent Issuer		Guarantor			CCR Non-Guarantor		Non-Guarantor			Elimination			Consolidated
Revenues and Other Income:
Coal Revenue	$	—	$	890,741		$	296,913	$	—		$	—		$	1,187,654
Terminal Revenue	—		60,066			—		—			—			60,066
Freight Revenue	—		55,269			18,423		—			—			73,692
Miscellaneous Other Income	238,818		67,230			6,049		—			(238,818		)	73,279
Gain on Sale of Assets	—		15,813			1,399		—			—			17,212
Total Revenue and Other Income	238,818		1,089,119			322,784		—			(238,818		)	1,411,903
Costs and Expenses:
Operating and Other Costs	—		691,451			194,986		272			—			886,709
Depreciation, Depletion and Amortization	—		130,565			41,437		—			—			172,002
Freight Expense	—		55,269			18,423		—			—			73,692
Selling, General and Administrative Costs	—		67,908			15,697		—			—			83,605
Loss on Debt Extinguishment	—		—			2,468		—			(2,468		)	—
Interest Expense, net	10,064		355,059			9,309		1,723			(350,057		)	26,098
Total Costs And Expenses	10,064		1,300,252			282,320		1,995			(352,525		)	1,242,106
Earnings (Loss) Before Income Tax	228,754		(211,133		)	40,464		(1,995		)	113,707			169,797
Income Tax Expense (Benefit)	161,125		(73,897		)	—		—			—			87,228
Net Income (Loss)	67,629		(137,236		)	40,464		(1,995		)	113,707			82,569
Less: Net Income Attributable to Noncontrolling Interest	—		—			—		—			14,940			14,940
Net Income (Loss) Attributable to CONSOL Energy Shareholders	$	67,629	$	(137,236	)	$	40,464	$	(1,995	)	$	98,767		$	67,629

Balance Sheet at December 31, 2017:



	Parent Issuer			Guarantor		CCR Non-Guarantor		Non-Guarantor			Elimination			Consolidated
Assets:
Current Assets:
Cash and Cash Equivalents	$	152,235		$	105	$	1,533	$	106		$	—		$	153,979
Accounts and Notes Receivable:
Trade	—			—		—		131,545			—			131,545
Other Receivables	17,702			16,880		1,970		—			—			36,552
Inventories	—			41,117		12,303		—			—			53,420
Prepaid Expenses	5,745			13,568		4,428		3			—			23,744
Total Current Assets	175,682			71,670		20,234		131,654			—			399,240
Property, Plant and Equipment:
Property, Plant and Equipment	—			3,765,885		910,468		—			—			4,676,353
Less-Accumulated Depreciation, Depletion and Amortization	—			2,070,646		483,410		—			—			2,554,056
Total Property, Plant and Equipment-Net	—			1,695,239		427,058		—			—			2,122,297
Other Assets:
Deferred Income Taxes	75,065			—		—		—			—			75,065
Affiliated Credit Facility	165,110			—		—		—			(165,110		)	—
Investment in Affiliates	645,157			—		—		—			(645,157		)	—
Other	44,177			50,846		15,474		—			—			110,497
Total Other Assets	929,509			50,846		15,474		—			(810,267		)	185,562
Total Assets	$	1,105,191		$	1,817,755	$	462,766	$	131,654		$	(810,267	)	$	2,707,099
Liabilities and Equity:
Current Liabilities:
Accounts Payable	$	20,014		$	66,271	$	22,789	$	8		$	18		$	109,100
Accounts Payable (Recoverable)-Related Parties	(2,291		)	36,221		—		129,139			(163,069		)	—
Current Portion of Long-Term Debt	—			22,405		77		—			—			22,482
Other Accrued Liabilities	101,994			149,425		44,102		(20		)	(4,874		)	290,627
Total Current Liabilities	119,717			274,322		66,968		129,127			(167,925		)	422,209
Long-Term Debt	728,254			135,390		165,183		1,572			(165,110		)	865,289
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	—			554,099		—		—			—			554,099
Pneumoconiosis Benefits	—			146,035		3,833		—			—			149,868
Asset Retirement Obligations	—			218,728		9,615		—			—			228,343
Workers’ Compensation	—			63,244		3,404		—			—			66,648
Salary Retirement	52,960			—		—		—			—			52,960
Other	—			23,435		607		—			—			24,042
Total Deferred Credits and Other Liabilities	52,960			1,005,541		17,459		—			—			1,075,960
Total CONSOL Energy Inc. Stockholders’ Equity	204,260			402,502		213,156		955			(616,613		)	204,260
Noncontrolling Interest	—			—		—		—			139,381			139,381
Total Liabilities and Equity	$	1,105,191		$	1,817,755	$	462,766	$	131,654		$	(810,267	)	$	2,707,099

Condensed Statement of Cash Flows for the Year Ended December 31, 2017:



	Parent Issuer			Guarantor			CCR Non-Guarantor			Non-Guarantor		Elimination			Consolidated
Net Cash (Used in) Provided by Operating Activities	$	(17,032	)	$	192,423		$	72,644		$	75	$	—		$	248,110
Cash Flows from Investing Activities:
Capital Expenditures	$	—		$	(61,917	)	$	(19,496	)	$	—	$	—		$	(81,413	)
Proceeds From Sales of Assets	—			23,082			1,500			—		—			24,582
Net Cash Used in Investing Activities	$	—		$	(38,835	)	$	(17,996	)	$	—	$	—		$	(56,831	)
Cash Flows from Financing Activities:
Payments on Capitalized Leases/Miscellaneous Borrowings	(3,503		)	(305		)	(96		)	—		—			(3,904		)
Affiliated Credit Facility	—			—			196,583			—		(196,583		)	—
Proceeds from Term Loan A	100,000			—			—			—		—			100,000
Proceeds from Term Loan B	392,147			—			—			—		—			392,147
Proceeds from Second Lien Notes	300,000			—			—			—		—			300,000
Net Payments on Revolver - MLP	—			—			(201,000		)	—		—			(201,000		)
Distributions to Noncontrolling Interest	—			—			(56,400		)	—		34,508			(21,892		)
Units/Shares Withheld for Taxes	—			(171		)	(1,985		)	—		—			(2,156		)
Spin Distribution to CNX Resources	(425,000		)	—			—			—		—			(425,000		)
Intercompany (Distributions) Contributions	(5,573		)	(156,502		)	—			—		162,075			—
Other Parent Net Distributions	(156,502		)	—			—			—		—			(156,502		)
Debt Issuance and Financing Fees	(32,304		)	—			—			—		—			(32,304		)
Net Cash Provided by (Used in) Financing Activities	$	169,265		$	(156,978	)	$	(62,898	)	$	—	$	—		$	(50,611	)

Condensed Statement of Comprehensive Income for the Year Ended December 31, 2017:



	Parent Issuer		Guarantor			CCR Non-Guarantor		Non- Guarantor			Elimination			Consolidated
Net Income (Loss)	$	67,629	$	(137,236	)	$	40,464	$	(1,995	)	$	113,707		$	82,569
Other Comprehensive Income (Loss):
Net Actuarial Loss (Gain)	94,919		—			1,366		—			(1,366		)	94,919
Other Comprehensive Income (Loss)	94,919		—			1,366		—			(1,366		)	94,919
Comprehensive Income (Loss)	162,548		(137,236		)	41,830		(1,995		)	112,341			177,488
Less: Comprehensive Income Attributable to Noncontrolling Interest	—		—			—		—			14,896			14,896
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	162,548	$	(137,236	)	$	41,830	$	(1,995	)	$	97,445		$	162,592

Income Statement for the Year Ended December 31, 2016:



	Parent Issuer		Guarantor		CCR Non-Guarantors			Non-Guarantor			Elimination			Consolidated
Revenues and Other Income:
Coal Revenue	$	—	$	799,187	$	266,395		$	—		$	—		$	1,065,582
Terminal Revenue	—		31,464		—			—			—			31,464
Freight Revenue	—		34,865		11,603			—			—			46,468
Miscellaneous Other Income	50,425		78,992		3,128			—			(50,425		)	82,120
Gain (Loss) on Sale of Assets	—		5,237		(9		)	—			—			5,228
Total Revenue and Other Income	50,425		949,745		281,117			—			(50,425		)	1,230,862
Costs and Expenses:
Operating and Other Costs	—		694,073		183,001			103			—			877,177
Depreciation, Depletion and Amortization	—		136,128		41,994			—			—			178,122
Freight Expense	—		34,865		11,603			—			—			46,468
Selling, General and Administrative Costs	—		40,078		9,949			—			—			50,027
Interest Expense, net	190		5,144		8,719			—			—			14,053
Total Costs And Expenses	190		910,288		255,266			103			—			1,165,847
Earnings (Loss) Before Income Tax	50,235		39,457		25,851			(103		)	(50,425		)	65,015
Income Tax Expense	8,739		5,826					—			—			14,565
Less: Net Income Attributable to Noncontrolling Interest	—		—		—			—			8,954			8,954
Net Income (Loss) Attributable to CONSOL Energy Shareholders	$	41,496	$	33,631	$	25,851		$	(103	)	$	(59,379	)	$	41,496

Condensed Statement of Cash Flows for the Year Ended December 31, 2016:



	Parent Issuer			Guarantor			CCR Non-Guarantors			Non-Guarantor		Elimination		Consolidated
Net Cash Provided by Operating Activities	$	253		$	255,756		$	73,098		$	—	$	—	$	329,107
Cash Flows from Investing Activities:
Capital Expenditures	$	—		$	(40,896	)	$	(12,704	)	$	—	$	—	$	(53,600	)
Proceeds From Sales of Assets	—			7,819			23			—		—		7,842
Net Cash Used in Investing Activities	$	—		$	(33,077	)	$	(12,681	)	$	—	$	—	$	(45,758	)
Cash Flows from Financing Activities:
Proceeds from (Payments on) Capitalized Leases/Miscellaneous Borrowings	231			279			(79		)	—		—		431
Net Proceeds from Revolver - MLP	—			—			16,000			—		—		16,000
Distributions to Noncontrolling Interest	—			(21,657		)	(42,634		)	—		42,634		(21,657		)
Intercompany Contributions (Distributions)	270,969			(270,969		)	—			—		—		—
Other Parent Net Distributions	(270,969		)	—			—			—		—		(270,969		)
Debt Issuance and Financing Fees	(482		)	—			—			—		—		(482		)
Net Cash (Used in) Provided by Financing Activities	$	(251	)	$	(292,347	)	$	(26,713	)	$	—	$	42,634	$	(276,677	)

Condensed Statement of Comprehensive Income for the Year Ended December 31, 2016:



	Parent Issuer			Guarantor		CCR Non-Guarantors		Non- Guarantor			Elimination			Consolidated
Net Income (Loss)	$	41,496		$	33,631	$	25,851	$	(103	)	$	(50,425	)	$	50,450
Other Comprehensive Income (Loss):
Net Actuarial (Gain) Loss	(31,409		)	—		818		—			(818		)	(31,409		)
Other Comprehensive (Loss) Income	(31,409		)	—		818		—			(818		)	(31,409		)
Comprehensive Income (Loss)	10,087			33,631		26,669		(103		)	(51,243		)	19,041
Less: Comprehensive Income Attributable to Noncontrolling Interest	—			—		—		—			9,216			9,216
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	10,087		$	33,631	$	26,669	$	(103	)	$	(60,459	)	$	9,825