Presentation Of Robert E. Murray Chairman, President and Chief Executive Officer Murray Energy Corporation Before the Ohio County Republican Party Lincoln Day Dinner July 22, 2015 Wheeling Country Club Wheeling, West Virginia Before the Ohio County Republican Party Lincoln Day Dinner July 22, 2015 Thank you for your very kind invitation to address the Ohio County Republican Party this evening at your annual Lincoln Day Dinner. President Abraham Lincoln persevered with courage and sacri?ce against almost insurmountable obstacles to become the best President that the United States of America has ever had, although some may dispute this. But, there is no disputing that, by far, the worst President that our Country has ever had is Barack H. Obama. His legacy will be that of our Nation?s greatest destroyer, and he certainly is the greatest enemy that I, personally, and my family and employees, have ever had. He is also, in my judgment, the greatest enemy that our Ohio Valley has ever had. And, I do not know of a Democrat who does not support him, nor do I know of a Republican who does. Ladies and gentlemen, I am righteously angry. But, I hope to not dampen this wonderful evening by sharing with you what I know is happening to our Ohio Valley and in many other regions of the United States because of the actions of this President and his Democrat supporters. Brenda and I are natives of the Ohio Valley, my having been born in Martins Ferry and living in Flushing, Shadyside, Bethesda and now St. Clairsville over my lifetime. Brenda is a native of Bethesda. Our peoples? lives in this Valley are being destroyed, and it is consuming every amount of energy that I can muster to push back on this radical President and his Democrat supporters. As of today, Murray Energy Corporation (?Murray Energy?) has about 7,000 employees, down from 8,400 persons on May 1. University studies show that, for every miner that we employ in a basic mining job, up to eleven (11) additional jobs are created in our communities for the goods and services needed by our direct employees. Thus, with these 7,000 jobs, Murray Energy accounts for about 84,000 jobs in communities across the Country. Within close proximity to our event this evening, Murray Energy has nearly 5,000 direct employees, thus accounting for a total of 60,000 jobs in our region. There are no jobs in this area that pay anything close to what is paid at our Mines, and there are none with bene?ts even approaching those that our employees Page 2 of 5 have. But, the President?s ObamaCare ?Cadillac? excise tax, effective January 1, 2018, will force our Company to take these bene?ts away, as it will likely be for all business enterprises. We cannot pay for both the generous bene?ts and a forty percent tax on them, over $10,200 per individual. What a tragedy. Here again, ObamaCare was created by Democrats, and not a single Republican. As then Speaker Nancy Pelosi stated, ?Now that we have passed it, we will ?nd what is in it.? It has become almost impossible for our Companies, executives, and me to sustain these jobs in view of the regulatory rampage ?'om the Obama Administration against coal and ?om the increased use of natural gas, which is replacing coal for electric power generation. The coal markets and mining jobs in the eastern United States have been up to ?fty percent destroyed. President Obama and his supporters (all Democrats) have now closed 411 coal-?red electrical generating units (101,000 megawatts) for no environmental bene?t whatsoever. More regulations from the Obama Environmental Protection Agency, Of?ce of Surface Mining, and Mine Safety and Health Administration will close more mines. Regulations from the Obama United States Environmental Protection Agency alone total 25 million words, thirty-eight (38) times more than those in our Holy Bible. Further, natural gas, for the ?rst time, in June, surpassed coal in the amount of electricity generated in America. The 538 megawatt natural gas-?red electric generating plant just approved by our politicians for construction at Moundsville, West Virginia, is touted to create thirty (30) jobs. But, it will eliminate 258 coal mining jobs and 3,096 total jobs in the Ohio Valley. Five (5) additional such plants are scheduled for construction in Brooke and Harrison Counties, West Virginia and in Carroll County, Ohio. Today?s coal production and sales situation is extremely dangerous. It is the worst that I have seen in ?fty-eight (58) years. Our coal buyers cannot dispatch their generating plants because of ever-increasing regulations against them from the Obama Administration and his supporters, and as a result of the increased use of natural gas to generate electricity. All of America?s leading coal companies, except two (2), are not positively cash ?owing, with most approaching ?nancial default. We will see the greatest restructuring of the coal industry in its history. What is behind this destruction of our jobs and livelihood? It is a political power grab of America?s power grid. It is being done to radically transform American society. How better to do it than to get control of the availability, Page 3 of 5 reliability, and cost of electricity, a staple of life. Then do this by illegally bypassing the states and their utility commissions, the U. S. House and Senate, and our Constitution, and by putting the U. S. Environmental Protection Agency in charge of the availability, reliability, and affordability of electric power in America. Murray Energy has ?led four (4) lawsuits against the Obama Environmental Protection Agency?s so-called Clean Power Plan Our Company has been joined by ?fteen (15) states in the lawsuit. These lawsuits are the ?rst and leading ones in the Nation. Let me turn momentarily to the political situation in West Virginia, where we currently have about 3,500 direct employees. We incurred huge opposition with the Democratically controlled legislature in 2014 in achieving needed legislative changes for our businesses to survive in the State. We were opposed by the State?s Democrats, and speci?cally Senators Jeffrey Kessler, Timothy Miley and Michael Romano. So, during the November, 2014 election, we ??ipped? the House and Senate, for the ?rst time in eighty (80) years to 64/36 Republican in the House and 18/17 Republican in the Senate. We then proceeded with the needed coal mining, tort law, and other legislation. But, we have an important piece of un?nished business, and that is to obtain tax reform in West Virginia in a special session, hopefully be convened yet this year. Currently, the coal industry accounts for seven percent of the gross business product of the State, but our industry pays sixty percent of the business taxes in West Virginia. Oil and gas producers are not taxed to this extent. Relief must be given to the coal industry, as our coal cannot compete with that from other States, all of which have lower coal severance taxes, or none at all. Throughout 2015 there were two (2) West Virginia of?cials who boldly stood out for jobs and the economy of West Virginia. They are Senate President Bill Cole, who is now running for our Governorship, and Attorney General Patrick Morrisey, whom we must reelect as our Attorney General. I received a call a few days ago from a very prominent West Virginia politician who asked me to support Mr. Jim Justice, the Democrat candidate for Governor, against Mr. Cole. I told him that I would not support Mr. Justice, who is the billionaire owner of The Greenbrier and a coal company and that, indeed, I would oppose him. This somewhat startled the politician asking for my support, but I explained that Mr. Justice does not contribute to or participate in any of the four (4) major coal associations in America and West Virginia, and that I was aware of about twenty (20) lawsuits against him for not paying his bills, a bad image for the coal industry. I strongly request that you get behind Senate President Bill Cole for Governor and Attorney General Patrick Morrisey with all of the support that you can provide in this very competitive forthcoming election for the future of this State. Page 4 of 5 The United States has the ?nest electric power system in the world, with prices half of those in Europe. But, Obama Administration?s foolish policies are destroying it. Unfortunately, the American public generally doesn?t react until there is a crisis, this time when we freeze in the dark. But, Mr. Obama?s actions are a human issue to me, as I know the names of many of the Americans whose jobs and family livelihoods are being destroyed as he appeases his radical environmentalist, liberal elitist, Hollywood character, some unionist, and other contributors. These Americans, you see, are my employees and their fellow workers. These good folks only want to work in honor and dignity. But, when their jobs and those of their neighbors are eliminated in this Valley, they have no one to sell their homes to, which are generally their only possession. Thus, these people are prohibited from working and fall to the negative side of the economic ledger for the rest of their lives. This is not the America that I have always cherished! Well, I am obviously not giving up. Nor should you. We have the law, science, economics, cold hard energy facts and the Constitution on our side. Our cause is right. It is right for the coal industry and our communities and America. We must use these realities to ?ght our opponents? intent on destroying coal and our Country for their bizarre personal and political ends. We must continue to do whatever we can to overcome the insanity of our current government. Thank you for your invitation to speak this evening. MURRAY ENERGY CORPORATION We. Robert E. Murray Chairman, President and Chie xecutive Of?cer Page 5 of 5