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com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 24, 2009 (February 24, 2009)

Arch Coal, Inc.

(Exact name of registrant as specified in its charter)

Delaware 1-13105 43-0921172

(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation)

CityPlace One
One CityPlace Drive, Suite 300
St. Louis, Missouri 63141
(Address, including zip code, of principal executive offices)

Registrant’s telephone number, including area code: (314) 994-2700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.

On February 24, 2009, Steven F. Leer, Chairman and Chief Executive Officer of Arch Coal, Inc., will deliver a presentation at the BMO Capital
Markets 2009 Global Metals and Mining Conference that will include written communication comprised of slides. The slides from the
presentation are attached hereto as Exhibit 99.1 and are hereby incorporated by reference.
A copy of the slides will be available at http://investor.archcoal.com/events.cfm for 30 days.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
The following exhibit is attached hereto and furnished herewith.

Exhibit
No. Description

99.1 Slides from the presentation at the BMO Capital Markets 2009 Global Metals and Mining Conference.

1
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

Dated: February 24, 2009 Arch Coal, Inc.

By: /s/ Robert G. Jones

Robert G. Jones
Senior Vice President – Law, General Counsel and Secretary

2
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Exhibit Index

Exhibit
No. Description

99.1 Slides from the presentation at the BMO Capital Markets 2009 Global Metals and Mining Conference.

Exhibit 99.1

Ar c h Co a l , I nc.

BM O Ca p i t a l M a r k e t s
2 0 0 9 Gl o b a l M e t a l s & M i ni ng Co n f e r e n c e

St e ve Le e r , Ch a i r m a n & CE O Ar c h Co a l , I nc.

Ho l l y wo o d , Fl or i da Fe br ua r y 24, 2009
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F o r wa r d - L o o k i n g I nf or m at i on

T h i s p r e s e n t a t i o n c o n t a i n s “ f o r wa r d - l o o k i n g s t a t e m e n t s ” — t h a t i s , s t a t e m e n t s r e l a t e d t o f u t u r e , n o t p a s t , e v e n t s . I n t h i s c o n t e x t , f o r wa r d - l o o k i n g s t a t e m e n t s o f t e n a d d r e s s o u r e x p e c t e d f u t u r e b u s i n e s s a n d f i n a n c i a l p e r f o r m a n c e , a n d o f t e n c o n t a i n wo r d s s u c h a s “expect s , ” “ant i ci pat es , ” “i nt ends , ” “ p l a n s , ” “ b e l i e v e s , ” “ s e e k s , ” o r “ wi l l . ” F o r wa r d - l o o k i n g s t a t e m e n t s by t he i r na t ur e a ddr e s s m a t t e r s t ha t a r e , t o di f f e r e nt de gr e e s , unc e r t a i n. For us , pa r t i c ul a r unc e r t a i nt i e s ar i s e f r om changes i n t he dem and f or our coal by t he dom es t i c el ect r i c gener at i on i ndus t r y; f r om l egi s l at i on and r egul at i ons r el at i ng t o t he Cl e a n Ai r Ac t a n d o t h e r e n v i r o n m e n t a l
i n i t i a t i v e s ; f r o m o p e r a t i o n a l , g e o l o g i c a l , p e r m i t , l a b o r a n d we a t h e r - r e l a t e d f a c t o r s ; f r o m f l u c t u a t i o n s i n t h e a m o u n t o f c a s h we g e n e r a t e f r o m o p e r a t i o n s ; f r o m f u t u r e i n t e g r a t i o n o f a c q u i r e d b u s i n e s s e s ; a n d f r o m n u m e r o u s o t h e r m a t t e r s of nat i onal , r egi onal and gl obal s cal e, i ncl udi ng t hos e of a pol i t i cal , econom i c, bus i nes s , com pet i t i ve or r egul at or y nat ur e. Th e s e u n c e r t a i n t i e s m a y c a u s e o u r a c t u a l f u t u r e r e s u l t s t o b e m a t e r i a l l y d i f f e r e n t t h a n t h o s e e x p r e s s e d i n o u r f o r wa r d - l o o k i n g s t a t e m e n t s . W e d o n o t u n d e r t a k e t o u p d a t e o u r f o r wa r d - l o o k i n g s t a t e m e n t s , wh e t h e r a s a r e s u l t of new i nf or m at i on, f ut ur e event s or o t h e r wi s e , e x c e p t a s m a y b e r equi r ed by
l a w. F o r a d e s c r i p t i o n o f s o m e o f t h e r i s k s a n d u n c e r t a i n t i e s t h a t m a y a f f e c t o u r f u t u r e r e s u l t s , y o u s h o u l d s e e t h e r i s k f a c t o r s d e s c r i b e d f r o m t i m e t o t i m e i n t h e r e p o r t s we f i l e wi t h t h e S e c u r i t i e s a n d E x c h a n g e Co m m i s s i o n .

T h i s p r e s e n t a t i o n i n c l u d e s c e r t a i n n o n - GAAP f i n a n c i a l m e a s u r e s , i n c l u d i n g Ad j u s t e d E BI T DA. T h e s e n o n - GAAP f i n a n c i a l m eas ur es ar e not m eas ur es of f i nanci al per f or m ance i n accor dance wi t h g e n e r a l l y a c c e p t e d a c c o u n t i n g pr i nci pl es and m ay excl ude i t em s t hat ar e s i gni f i cant i n under s t andi ng and as s es s i ng our f i nanci al r es ul t s . Th e r e f o r e , t hes e m eas ur es s houl d not be cons i der ed i n i s ol at i on or as an al t er nat i ve t o net i ncom e f r om oper at i ons , cash f l o ws f r om oper at i ons , ear ni ngs per f ul l y- di l ut ed s har e or ot her m eas ur es of pr of i t abi l i t y, l i qui di t y or per f or m ance under gener al l y accept ed account i ng pr i nci pl es . Yo u s houl d be a wa r e t hat our pr es ent at i on of t hes e
m eas ur es m ay not be com par abl e t o s i m i l ar l y- t i t l ed m eas ur es us ed by ot her com pani es . A r econci l i at i on of t hes e f i nanci al m eas ur es t o t he m os t com par abl e m eas ur es pr es ent ed i n a c c o r d a n c e wi t h g e n e r a l l y a c c e p t e d account i ng pr i nci pl es has been i ncl uded at t he end of t hi s pr es ent at i on.

W Ar c h Co a l , I nc.
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CURRE NT COAL M ARKE T OUT L OOK I L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Af t e r an except i onal l y s t r ong f i r st hal f of 2008, ener gy m ar ket s have we a k e n e d cons i der abl y 25. 00 - i | 20. 00 f I I 15. 00 I #W I 10. 00 * I a / k / f c Vi f V I ni l J Ln . M i j K/ 1 * “ W l / \ “ V|/ ‘ H Cr u d e Oi l 500 / Aj j y t o M t i Yj * * 0 Na t u r a l Ga s I t i i Kj i j g g S M * * . a* - ~~~ — — ¦” ¦* Co a l / CAP P — 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

— NYM E X L i g h t S we e t Cr u d e — NYM E X He n r y Hu b Na t Ga s — CAP P NYM E X 1 2 0 0 0 • Gl o b a l econom i c r eces s i on has l ed t o a cont r act i on i n ener gy dem and

- El e c t r i c i t y us e and st eel pr oduct i on have s l o we d • W eak m ar ket t r ends al so ar e s pur r i ng s wi f t s uppl y r at i onal i zat i on - - La c k of cr edi t caus i ng f i nanci al di s t r es s am ong sm al l er or l ever aged com pani es - - Ex p a n s i o n pr oj ect s ar e bei ng del ayed and pr oduct i on i s bei ng t r i m m ed - - Un d e r i nves t m ent i n s uppl y wi l l set t he s t age f or next m ar ket up- cycl e Sour c e : ACI , NYM E X, Ar g u s Co a l Da i l y Sl i de 3
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CURRE NT COAL M ARKE T OUT L OOK H L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

P o we r gener at i on and coal cons um pt i on ar e l i kel y t o be d o wn i n 2009, but so wi l l s uppl y

· Gl o b a l econom i c s l o wd o wn i s put t i ng pr es s ur e on coal m ar ket s i n t he near t er m Ch a n g e i n Co n s u m p t i o n of U. S . Co a l ( i n m i l l i on t ons ) — Ex p e c t dem and cont r act i on26 of 50 m i l l i on t ons i n 2009, 20 14 dr i ven by r educed p o we r and expor t dem and as we l l asM t he pot ent i al f or nat ur al gas di s pl acem ent ( 13)

· Suppl y r at i onal i zat i on i s u n d e r wa y , and wi l l hel p t o r ebal ance m ar ket s ( 50) – An n o u n c e d dom es t i c coal s uppl y 2005 2006 2007 2008 2009E cut s t ot al near l y 35 m i l l i on t ons — W e’ r e al r eady s eei ng pr oduct i on

decl i nes year - t o- dat e

W Ar c h Co a l , I n c .
Sour c e : E E I , E I A, M S HA a n d ACI Sl i de 4
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Pr os pe r i t y i s l i nked t o el ect r i ci t y us e 1. 000 0. 900 Au s t r a l i a / ? Ca n a d a No r wa y I cel and ( 9\ Pol a nd\ / Ku wa i t 0. 800 \ A ? \ Un i t e d ? \ Ru s s i a \ St a t e s ? Ch i n a \ \ 0. 700 , . A— I ndones i a. \ \ 0. 600 ?I ndi a S. Af r i c a J apan, Fr a nc e , Ne t h e r l a n d s , Pa ki s t a n \ I sr ael , Un i t e d Ki n g d o m , I t al y 0. 500 ?— - X— Ni g e r i a Ar g e n t i n a , M exi co, Br a z i l 0. 400 < Et h i o p i a 0. 300 0 200 W or l d aver age HDI = 0. 729 — 0. 100 W or l d aver age per capi t a el ect r i ci t y cons um pt i on = 3, 427 kW h/ per s on/ year 0 5, 000 10, 00015, 00020, 000 25, 000 30, 000 35, 000 El e c t r i c i t y cons um pt i on per capi t a ( i n kW h) W | _

Sour c e : Un i t e d Na t i o n s Hu m a n De v e l o p m e n t Re p o r t 2007/ 2008 Sl i de 5

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CURRE NT COAL M ARKE T OUT L OOK ABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

| | | | | | Co a l has been t he wo r l d ’ s f a s t e s t - g r o wi n g f uel s our ce i n t he pas t s even year s Cu m u l a t i v e Pe r c e nt Ch a n g e i n Gl o b a l En e r g y Co n s u m p t i o n 2000 — 2007

| | | | | | ( i n m i l l i on t onnes of oi l equi val ent ) Co a l 35%

Na t . Ga s l 20% • Si nc e 2000, gl obal coal us e has g r o wn by 35% , near l y doubl e t he — H cons um pt i on g r o wt h i n nat ur al gas

Hy d r o I 16% ¦ ¦ • Gr o wt h i n coal dem and wi l l 1 cont i nue t o be dr i ven by cons um pt i on

Oi l 11% i n t he devel opi ng wo r l d , wi t h gai ns i n 1 t he devel oped wo r l d as we l l

Nu c l e a r ! 6% • Fos s i l f uel s ar e expect ed t o r em ai n

dom i nant gl obal ener gy s our ces t hr ough 2030

W Ar c h Co a l , I n c .
Sour c e : BP S t a t i s t i c a l Re v i e w o f W or l d En e r g y 2008 Sl i de 6
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar o u n d t he wo r l d , count r i es ar e bui l di ng coal pl ant s t o f uel el ect r i ci t y needs Pl a nt s Un d e r Co n s t r u c t i o n , <. — j *. 2007 Gl o b a l y*0 Co a l Pr oduc t i on: f ( ~ 6 bi l l i on m et r i c t ons f . . . . . . . . . >. , j Eu r o p e ( n o n - CI S ) — M i £*r I I Ot h A — — — — — Af r i c a by 2013 —

8 GW onl i ne by 2015

Sour c e : ACI and Pl a t t s I nt er nat i onal Sl i de 7

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CURRE NT COAL M ARKE T OUT L OOK ABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

I n t he Un i t e d St a t e s , el ect r i ci t y dem and has s t eadi l y cl i m bed s i nce 1950 4000 3500 3000 2500 2000

1500 1000 500 |

0 Re s i d e n t i a l Co m m e r c i a l “I ndus t r i al Ot h e r * * Dj Ar c h coai . i nc.

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Sour c e : EI A * LTM endi ng 11/ 30/ 08 **I ncl udes p o we r s ol d di r ect l y t o t r ans por t at i on s ect or and s el f - gener at i ng p o we r Sl i de 8
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

| | | | | | | U. S . coal cons um pt i on g r o wt h wi l l be dr i ven by i ncr eas i ng capaci t y ut i l i zat i on and new pl ant s t ar t - ups Av e r a g e Ca p a c i t y Fa c t or s at An t i c i p a t e d An n u a l Suppl y Ne e d s f or Ex i s t i n g U. S . Co a l - F u e l e d P o we r Pl a nt s U. S . Co a l Pl a nt s Un d e r Co n s t r u c t i o n ( per cent of pl ant ut i l i zat i on) . . . . . . . . . . . . . . . . . . ( i n m i l l i ons of t ons ) 85% — 20 80% De m o n s t r a t e d at Sum m e r De m a n d Pe a k 80% ™ - ¦ P RB ¦ No n - P RB 7 5 % — — 74% 15 70% 67% . — ¦ ¦I I I I I 10 . . . . . . . . . . . . . . . . . . . 65% 60% 5 55% 50% 97 98 99 00 01 02 03 04 05 06 07 20092010 2011 2012

| | | | | | | • Av e r a g e ut i l i zat i on f or t he U. S . coal • Bu i l d - o u t of 16 GW t hr ough 2012 gener at i on f l eet cont i nues t o cl i m b equat es t o 55 m i l l i on t ons of new annual coal dem and • Pl a nt s have dem ons t r at ed t he abi l i t y t o oper at e at an 80% l evel i n s um m er • P RB wi l l l i kel y s er vi ce r oughl y hal f — Ac h i e v i n g 80% ut i l i zat i on equat es t o of t hi s dem and an i ncr em ent al 80 m i l l i on t ons annual l y Sour c e : Pl a t t s , EI A a n d ACI Sl i de 9
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CURRE NT COAL M ARKE T OUT L OOK ABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

CAP P i n d e x coal pr i ces have f al l en cons i der abl y; s om e hi gh- cos t s uppl y l i kel y t o di s appear Ce n t r a l Ap p a l a c h i a CS X Ra i l 1. 2% Ce n t r a l Ap p a l a c h i a Suppl y Cu r v e Co a l I ndex F o r wa r d Pr i c e s ( 2007 cash cos t s per t on) $100 i

$90
$123 $118 $80 _J -

I $111 $111 $70 f — 2010 cur r ent i ndex pr i ce * — — —

$57 $57 $59 $62 r ~~ — $20 r *—

$10 I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . 2 Q0 9 3 Q0 9 4 Q0 9 2 0 1 0 0 50 100150 200 250 ¦ As of 10/ 3/ 08 ¦ As of 2/ 20/ 09 Pr oduc t i on ( i n m i l l i on t ons )

· CAP P i n d e x f o r wa r d pr i ces have f al l en m or e t han 40% s i nce l ast f al l

· Cu r r e n t pr i ces ar e l i kel y bel ow t he m ar gi nal cos t of s om e pr oducer s

W Ar c h Co a l , I n c .
Sour c e : ACI a n d Ar g u s Co a l Da i l y Sl i de 10
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

U. S . coal m i ni ng pr oduct i vi t y has been on t he decl i ne s i nce t he st ar t of t hi s decade P o wd e r Ri v e r Ba s i n W est er n Bi t u m i n o u s Ce n t r a l Ap p a l a c h i a 50 ( t ons per hour ) 10 ( t ons per hour ) 7 ( t ons per hour ) 6 40 8 30 6 M i l l M i l l i r l t J 10 ‘ — . . . . . . . . . . . . . * . . . . 2 ‘ — . . . . . . . . . . . . . . ’ — 2 ‘ 00 ‘ 02 ‘ 04’ 06 ‘ 08 ‘ 00 ‘ 02’ 04’ 06’ 08 ‘ 00’ 02’ 04’ 06’ 08 P RB s u r f a c e W est er n Bi t . under gr ound | CAP P s u r f a c e ¦ CAP P u n d e r g r o u n d

Pr oduc t i vi t y decl i nes ar e occur r i ng acr os s al l m aj or bas i ns , i ncl udi ng No r t h e r n Ap p a l a c h i a and t he I l l i noi s Ba s i n

n Ar c h Co a l , I nc.
S o u r c e : ACI , En e r g y Ve l o c i t y Sl i de 11
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CURRE NT COAL M ARKE T OUT L OOK ABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

P o wd e r Ri v e r Ba s i n m ar ket expans i on i s u n d e r wa y Ch i n a <r 7 — ~- i — J ! P RBM . . . . . . J — Ac — ( ; - ""Jr & ) / / i . . . . . . . . . . . . . . . . . . . v j / A j y*— \ g\ 58— - c. / — I ndi a V \ / 1 j . . . . . . . . . . . . . . . V . . . . . . . . . . . . . . . ? 1© L / " *

Si nc e 2003

>1 m i l l i on t on i ncr eas e i n P RB c o a l bur n

<1 m i l l i on t on i ncr eas e

i n P RB c o a l bur n

9 Re c e n t t est b u r n s P RB d e m a n d has g r o wn by m or e t han 80 m i l l i on t ons i n pas t 5 year s , i ncr eas i ng penet r at i on of exi s t i ng m ar ket s and expandi ng r each i nt o new m ar ket s

· Ar c h has s i gned agr eem ent s wi t h t r adi t i onal and non- t r adi t i onal P RB c u s t o m e r s t o t est - as we l l as i ncr eas e bur n of — P RB c o a l

· Th i s t r end s houl d hel p t o f ur t her unl ock t he val ue of r es er ves i n t he r egi on over t i m e

Sour c e : ACI Sl i de 12
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CURRE NT COAL M ARKE T OUT L OOK - T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Si nc e 1990, P RB c o a l has gai ned m ar ket s har e i n bor der st at es j us t east of t he M i s s i s s i ppi Ri v e r Bo r d e r St a t e s Bo r d e r St a t e s Bo r d e r St a t e s Ea s t of M i s s i s s i ppi Ri v e r Ea s t of M i s s i s s i ppi Ri v e r Ea s t of M i s s i s s i ppi Ri v e r

Bu r n by Co a l Ty p e ci r ca 1990 Bu r n by Co a l Ty p e ci r ca 1995 Bu r n by Co a l Ty p e ci r ca 2008 ¦ P RBNo n - P RB ¦ P RBNo n - P RB ¦ P RB ¦ No n - P RB • Ea s t e r n bor der st at e • By 1995, p o we r pl ant s • Cu r r e n t 73 per cent p o we r pl ant s i n W i s cons i n, i n t hes e f our st at es m i x of P RB c o a l has I l l i noi s , Te n n e s s e e and i ncr eas ed t hei r m i x of been achi eved wi t h M i s s i s s i ppi hi s t or i cal l y P RB c o a l f r om 22 r el at i vel y m odes t bur ned a sm al l m i x of per cent t o 42 per cent capi t al i nves t m ent P RB c o a l i n j us t f i ve year s

Sour c e : ACI and En e r g y Ve l o c i t y * Bo r d e r st at es r epr es ent W S, I L, TN a n d M S Sl i de 13

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CURRE NT COAL M ARKE T OUT L OOK AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

W e f or es ee i ncr eas ed P RB m a r k e t expans i on oppor t uni t i es f ur t her east of t he M i s s i s s i ppi Ri v e r No n - Bo r d e r St a t e s ( Ea s t e r n p o we r pl ant s i n non- Ea s t of M i s s i s s i ppi Ri v e r bor der st at es ar e gener al l y Bu r n by Co a l Ty p e ci r ca 2008 com par abl e i n des i gn t o 27% j \ pl ant s i n t he bor der st at es f X\ i - c s CS w No n - b o r d e r st at e pl ant s V I x ~— >/ y w s houl d be abl e t o i ncr eas e S h / L— — - " " . . . . . . t hei r P RB c o a l us e gr eat l y

r ~ 2 - * w> / S \ wi t h m i ni m al i nves t m ent ¦P RB s wi t c h i n g oppor t uni t y ( \ 5 ***- *- *. ¦No n - P RB \ \ 7 ? V/ " ~ N \ Ba s e d on hi s t or i cal s wi t c h i n g i n t he f r \ bor der st at es and t he l o we r heat \ J cont ent of P RB c o a l , t he t heor et i cal P RB s wi t c h i n g oppor t uni t y >< i n t he Ea s t i s s ubs t ant i al > Sour c e : ACI and En e r g y Ve l o c i t y Sl i de 14
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

| | | Co a l i s an af f or dabl e and s ecur e ener gy choi ce f or Am e r i c a U. S . En e r g y Re s e r v e s U. S . Pe t r ol e um Suppl y U. S . Fue l Pr i c e s

| | | ( i n t r i l l i on Bt u ) ( m i l l i on bar r el s per day, 2007) ( $/ m i l l i on Bt u at 2/ 20/ 09) Co a l : 94% f cr >1 0 x $6. 72

P RB Na t u r a l Cr u d e ¦ Co a l ¦ Na t u r a l Ga s ¦ Oi l ¦ Do m e s t i c ¦ OP E C ¦ No n - OP E C 8 8 0 0 Ga s Oi l

F OB r a i l W el l head ( 2 Q0 9 ) ( M ar ch 2009)

W Ar c h Co a l , I n c .
Sour c e : E I A, BP S t a t i s t i c a l Re v i e w o f W or l d En e r g y 2008, Ar g u s Co a l Da i l y and NYM E X S l i d e 15
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Si nc e 1970, coal has been us ed i n i ncr eas i ngl y cl ean wa y s i n t he Un i t e d St a t e s

Hi g h e r ef f i ci ency r at es and car bon capt ur e t echnol ogi es

cr eat e oppor t uni t i es f or r educi ng car bon i nt ens i t y as we l l

W Ar c h Co a l , I nc.

Sour c e : NM A, E P A NO( S u l f u r Di o x i d e ) , PM 10 ( Pa r t i c ul a t e M at t er ) Sl i de 16
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Pr e s i de nt Ob a m a r ecogni zes need f or l o w- c o s t and s ecur e ener gy; s uppor t s cl ean coal t echnol ogi es W : “ To t he ext ent . . . t hat we can s eques t er car bon, ¦ capt ur e gr eenhous e gas es bef or e t hey’ r e em i t t ed I 5- r 1 i nt o t he at m os pher e, t hat ’ s goi ng t o be good f or 1 ever ybody. Be c a u s e i f we don’ t , t hen we ’ r e goi ng L* - W A t o have a cei l i ng at s om e poi nt i n t er m s of W \ \ w M our abi l i t y t o expand our econom i es and v I f l / m ai nt ai n t he s t andar d of l i vi ng k I f m m [ Jf i 1 i F AZ s U. S . Pr e s i de nt Ob a m a ( 2/ 18/ 09)

· Ob a m a has announced pl ans t o devel op f i ve “f i r s t - of - a- ki nd” com m er ci al scal e coal - f uel ed pl ant s wi t h car bon capt ur e and s eques t r at i on ( CCS ) t echnol ogy

· Ne w s t i m u l u s bi l l i ncl udes $3. 4 bi l l i on t o advance cl ean coal t echnol ogi es , i ncl udi ng CCS d e v e l o p m e n t

Sour c e : ACI Sl i de 17
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Cl e a n coal t echnol ogi es can cr eat e j obs , i ncr eas e ener gy s ecur i t y and addr es s cl i m at e concer ns Pl ug- i n hybr i ds a r e Co a l can be conver t ed Co a l can be conver t ed per haps t he bes t andi nt o t r ans por t at i on f uel s , i nt o s ynt het i c nat ur al gas m os t r eal i st i c wa y t ot hus r educi ng our f or us e i n r es i dent i al as decar boni ze t her el i ance on i m por t ed we l l as a wi d e r ange of aut om ot i ve f l eet ener gy i ndus t r i al appl i cat i ons

· Co a l conver s i on t echnol ogi es can unl ock coal ’ s f ul l pot ent i al

· Ar c h par t i ci pat es vi a an equi t y i nt er es t i n DKRW , wh o pl ans t o bui l d a coal - t o- gas ol i ne f aci l i t y on Ar c h ’ s r es er ves i n s out her n W yom i ng

- Pr opos e d pl ant wo u l d capt ur e CO2 t o enhance r ecover y i n dom es t i c oi l f i el ds 5 Ar c h Co a l ‘ l n c

Sour c e : ACI Sl i de 18
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h i s f undi ng uni ver s i t y r esear ch pr oj ect s dedi cat ed t o advanci ng cl ean coal t echnol ogi es Th e goal of t he Co n s o r t i u m f or Cl e a n Co a l CL E AA/ C Ut i l i z a t i o n at W as hi ngt on Un i v e r s i t y i n St . Lo u i s W * j VH i s t o br i ng uni ver s i t y r es ear cher s , i ndus t r i es , W 5 j m k % k f oundat i ons and gover nm ent or gani zat i ons ¦ g |« 5 f c * i K I t oget her t o r esear ch cl ean coal t echnol ogy. ¦ o W g9M * m — I I W as hi ng V- •

Th e Cl e a n Co a l Te c h n o l o g y Ce n t e r at t he Un i v e r s i t y of W yom i ng’ s Sc hool of En e r g y

i m S D| Re s o u r c e s i s dedi cat ed t o advanci ng coal E r a QQn ut i l i zat i on r esear ch as we l l as s chool pr ogr am s Hi HBS S 9 gear ed t o wa r d s ener gy- r el at ed car eer s. J J US a m M hf cyj j — Ar c h Co a l I nc. — — —

Sour c e : ACI , uni ver s i t y we b s i t e s Sl i de 19

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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h Co a l i s we l l - p o s i t i o n e d f or t he f ut ur e

· On e of t he l ar ges t coal pr oducer s i n t he Un i t e d St a t e s

· W e s uppl y r oughl y 12 per cent of t he U. S . coal s uppl y

- Pr ovi de cl eaner - bur ni ng, l o w- s u l f u r coal t o dom es t i c p o we r pr oducer s t o f uel 6 per cent of t he nat i on’ s el ect r i ci t y - - Shi p coal t o dom es t i c and i nt er nat i onal st eel m anuf act ur er s as we l l as i nt er nat i onal p o we r pr oducer s

· Ou r t al ent ed wo r k f o r c e oper at es l ar ge, m oder n and ef f i ci ent m i nes I ndus t r y l eader i n m i ne saf et y and envi r onm ent al com m i t m ent Ar c h Co a l , I nc.

Sour c e : ACI Sl i de 20
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h ’ s nat i onal s cope of oper at i ons and r es er ve bas e i ncl udes pr es ence i n f our m aj or U. S . coal bas i ns ! |_ _ _ W J i I l l i noi s Ba s i n J Pow — Kj ! H> h t Ha wk w Ba s i n w 13 / ‘ — . . . . . . . . . . . . . . . . . . . . . . . . . . . . ‘

1. Co j BBf f f i 1 1u si Sk J t f f l v

™ 2 l $a r a 1 ¦’ f i 4 3 1 Q S Bi t u m i n o u s T s ! * 8 $ J | K BI H ¦ Ap p a l a c h i a

1. Ar c h of W yom i ng i SI I SM M R £5 EL H VJ I ’ , , ± , , ¦, , ¦ , , , , «i « «, , . 3 3 A. : ¦] |S P * P v Vi 1. M ount ai n La u r e l

2. Skyl i ne PF o ~, , i HA , , 3 1P M 2. Co a l - M a c 3. Du g o u t « W m m . *> ~i - i . . . . . . . . . . . . . . . . . . . . i n- ~« ___, W B 3. Cu m b e r l a n d Ri v e r 4. Suf c o V , , . . «- , , - ¦ + ai r ™ 4. Lo n e M ount ai n 5. W est El k . . | 2 . 9 - Bi l l i o n To n Re s e r v e Ba s e I

Co m p l i a n c e

*i ± m m . ?

¦ L o w- s u l f u r m W P RBB f l VW BI T l B m m I L B ¦! ( ¦C AP P BI | Hi g h - s u l f u r Y( 1 , 7 5 3 ) P ( 4 ) 7 ( 34 ( 3M 4W ¦ J Ar c h Co a l , I nc.

Sour c e : ACI as s i gned r es er ves at 12/ 31/ 07 Sl i de 21

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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h ’ s saf et y and envi r onm ent al per f or m ance i s t he bes t am ong t he l ar ges t publ i c coal com pani es Lo s t - Ti m e Sa f e t y I nci dent Ra t e ( per 200, 000 em pl oyee- hour s wo r k e d ) • Ar c h ’ s saf et y r ecor d i s t he bes t i n t he U. S . coal i ndus t r y 3. 86 ’

¦* * > > > ( ( 349 — Awa r d e d M S HAs Se nt i ne l s of

**’ ” a337 B3 3 1 Sa f e t y honor f or oper at i ng t he - - " 306 nat i on’ s saf est under gr ound coal I ndus t r y Fi ve Ye a r Av e r a g e = 3. 42 m i nes i n 2006 and 2007

· Ar c h ’ s envi r onm ent al 1. 40 088. . . 1 1. 02 per f or m ance r anks f i r st am ong ‘ - ?0. 81 m aj or coal i ndus t r y peer s Ar c h Fi ve Ye a r Av e r a g e = 1. 07 – Ea r n e d 5 Na t i o n a l Go o d 2004 2005 2006 2007 2008 Ne i g h b o r Awa r d s s i nce 2003

Sour c e s : ACI , M S HA S l i d e 22
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

| | | | | | | | | | | | Ar c h ’ s f i nanci al per f or m ance hi ghl i ght s t he s ucces s of t he com pany’ s m ar ket - dr i ven phi l os ophy Re v e n u e s Ca s h Fl ow f r om Op e r a t i o n s ( i n $m i l l i ons ) . . . . . . . . . . . . . . . . . . . ( i n $m i l l i ons ) $2, 984 $679 $2, 500 $308 $331 2006 2007 2008 2006 2007 2008

| | | | | | | | | | | | Ea r n i n g s per Sha r e Ad j . E BI T DA*

( f ul l y di l ut ed) ( i n $m i l l i ons ) $2. 45 $753

$1. 80 $545

$472

$1. 21

i i . . . . . . . i . . . . . . . . . . . . i 2 2006 2007 2008 2006 2007 2008

Sour c e : ACI No t e : Re s u l t s adj us t ed f or s t ock s pl i t s . * E BI T DA r e c o n c i l i a t i o n i s at end of pr es ent at i on Sl i de 23

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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h ’ s m ar ket - dr i ven s t r at egy wi l l be t he dr i ver of f ut ur e val ue cr eat i on

· Re d u c e pr oduct i on t ar get s dur i ng , - H we a k m ar ket cycl es — Pr e s e r ve s f ut ur e val ue of r es er ve bas e

· L o we r capi t al s pendi ng l evel s BS S — M at ch s pendi ng wi t h our expect at i ons Jj j k w- i L of m ar ket dem and and r educed % / t : pr oduct i on t ar get s Oh m ~ U

· Di l i g e n t l y m anage cont r ol l abl e cos t s |f c « — M ai nt ai n oper at i onal f l exi bi l i t y at our oper at i ons

· Re m a i n pat i ent i n sal es cont r act i ng — La y e r i n sal es as m ar ket r ebounds — Us e of t r adi ng t o opt i m i ze asset bas e

Sour c e : ACI Sl i de 24
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CURRE NT COAL M ARKE T OUT L OOK L ONG- T E RM F AVORABL E E NE RGY T RE NDS E NE RGY S E CURI T Y & ADVANCE S I N CL E AN COAL ABOUT ARCH COAL

Ar c h ’ s f ut ur e g r o wt h avenues ar e com pel l i ng St r a t e gi c Gr o wt h Or g a n i c Gr o wt h Co n s i d e r acqui s i t i ons or I nves t i n cor e bus i nes s es t o ot her i nves t m ent s t hat enhance pr of i t g r o wt h and s t r at egi cal l y f i t r et ur n on capi t al , eval uat e and cr eat e val ue oppor t uni t i es t o f ur t her upgr ade

and expand r es er ve bas e

P Sha r e hol de r Re t u r n s

M ar ket Ex p a n s i o n Ca p i t a l St r uc t ur e En h a n c e m e n t

Co n s i d e r i nves t m ent s t o M ai nt ai n s t r ong bal ance s heet , expand m ar ket f or coal and cons i der ot her vehi cl es ( and i m pr ove coal ’ s val ue pr opos i t i on) f or val ue cr eat i on, s uch as t hr ough Bt u - c o n v e r s i o n and ot her s har e r epur chas es or di vi dend advanced coal t echnol ogi es i ncr eas es , wh e n advant ageous

Ar c h Co a l , I n c .
S o u r c e : ACI S l i d e 25

E BI T DA Re c o n c i l i a t i o n Ch a r t

I ncl uded i n t he accom panyi ng pr es ent at i on, we have pr es ent ed cer t ai n n o n - GAAP m e a s u r e s as def i ned by Re g u l a t i o n G. Th e f o l l o wi n g r econci l es t hes e i t em s t o net i ncom e as r epor t ed under GAAP .

Ye a r En d e d De c e m b e r 31, 200620072008

— ( i n $000s ) Ne t i ncom e $260, 931$174, 929$354, 330 I ncom e t ax ( benef i t ) expens e 7 , 650( 19, 850) 41, 774

I nt er es t expens e, net 60, 63972, 265 64, 285

De p r e c i a t i o n , depl et i on and am or t i zat i on 208, 354242, 062 292, 848

Ex p e n s e s f r om ear l y debt ext i ngui s hm ent and ot her non- oper at i ng 7 , 4472 , 273 . . — . . . . . — — — Ad j u s t e d E BI T DA $ 5 4 5 , 0 2 1 $471, 679 $753, 237

Sour c e : ACI