Presentation to
New York Coal Trade Association
April 2008

Patriot Coal Statement on Forward-Looking Information Looking Information

Some of the following information contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended, and is intended to come within the
safe-harbor protection provided by those sections.

Important Information for Stockholders

Patriot Coal Corporation (the "Company") will file a proxy statement/prospectus
with the Securities and Exchange Commission (the "SEC") in connection with the
proposed issuance of Company common stock in the transaction with Magnum Coal
Company ("Magnum"). Investors and stockholders are urged to read the proxy
statement/prospectus when it becomes available and any other relevant documents
filed with the SEC because they will contain important information about the
proposed issuance. Investors and stockholders may obtain these documents free
of charge at the website maintained by the SEC at www.sec.gov. In addition,
documents filed with the SEC by the Company are available free of charge by
contacting investor relations by phone at (314) 275-3680, in writing to Janine
A. Orf, Director of Investor Relations, or by email to jorf@patriotcoal.com.
The final proxy statement/prospectus will be mailed to stockholders.

This communication shall not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such
jurisdiction. The Company, Magnum and certain of their respective directors,
executive officers and other members of management and employees may be deemed
to be participants in the solicitation of proxies from the stockholders of the
Company in connection with the proposed issuance. Information about the
Company's directors and executive officers is set forth in the Company's Annual
Report on Form 10-K for the year ended December 31, 2007 filed with the SEC on
March 14, 2008 and in the proxy statement for the Company's 2008 annual meeting
of stockholders filed by the Company with the SEC on April 7, 2008. Additional
information regarding the potential participants in the proxy solicitation and
information regarding the interests of such potential participants will be
included in the proxy statement/prospectus and the other relevant documents
filed with the SEC when they become available.

Forward Looking Statements

Certain statements in this document are forward-looking as defined in the
Private Securities Litigation Reform Act of 1995. These statements involve
certain risks and uncertainties that may be beyond our control and may cause
our actual future results to differ materially from expectations. We do not
undertake to update our forward-looking statements. Factors that could affect
our results include, but are not limited to: failure to obtain Company
stockholder approval of the proposed issuance; failure to obtain, delays in
obtaining or adverse conditions contained in any required regulatory or other
approvals; availability and cost of financing; failure to consummate or delay
in consummating the transaction for other reasons; changes in laws or
regulations; changes in general economic conditions, including coal and power
market conditions; the outcome of commercial negotiations involving sales
contracts or other transactions; the Company's dependence on Peabody Energy
Corporation in the near future; geologic, equipment and operational risks
associated with mining; supplier and contract miner performance and the
availability and cost of key equipment and commodities; the Company's ability
to replace coal reserves; labor availability and relations; availability and
costs of transportation; weather patterns affecting energy demand; legislative
and regulatory developments; risks associated with environmental laws and
compliance; the outcome of pending or future litigation; and the availability
and costs of competing energy resources. The Company undertakes no obligation
(and expressly disclaims any such obligation) to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise. For additional information concerning factors that could
cause actual results to materially differ from those projected herein, please
refer to the Company's Form 10-K and 8-K reports.

2
Agenda
. Patriot Coal Overview
. Right Time - Coal Market Update
. Right Deal - Patriot + Magnum

3
Overview of Patriot Coal ( Overview of Patriot Coal ("PCX PCX")

Spun off from Peabody Energy ("BTU") on November 1, 2007
Listed on the NYSE under the ticker "PCX"
Equity market value of ~$1.6 billion
Enterprise value of ~$1.6 billion

Patriot Share Price Performance

$25
$30
$35
$40
$45
$50
$55
$60
$65   10/31/07 4/8/08 12/31/07

Note: "when issued" trading commenced on 10/18/07

Patriot Share Statistics
Spin-off date

Current Price (4/8/08) $61.16
Shares Outstanding (millions) 26.76
52-Week High $61.90
52-Week Low $27.07
Average Daily Volume 275,274

4
Investment Thesis
Right Team
. Successful management & operating team
. Experienced Board of Directors
Right Assets
. Large & attractively located reserve base
. Leading U.S. producer of high-quality metallurgical coal
. Diversified product line, customer base & transportation capabilities
Right Time
. Strong fundamentals in all key markets
. Significant unpriced coal portfolio
. Fragmented CAPP market creates M&A opportunities
Right Plan
. Tightly managed operations with emphasis on safety, cost & revenue
optimization
. Aggressive focus on financial performance & stockholder value
. Targeted organic & acquisition growth strategy

5
Major Eastern U.S. Producer & Marketer
.. 8 Business Units
.. 5 Principal Reserve Areas
CAPP
10.2 Million
NAPP
4.1 Million
ILB
7.8 Million
2007 Tons Sold
22.1 Million
Significant production & reserve base in multiple coal basins

IL OH
KY
WV
MO
Corporate Headquarters
Operations Headquarters
Reserve Areas
CAPP
527 Million
NAPP
59 Million
ILB
676 Million
Current Reserves
1.3 Billion Tons

6
Balanced Operating Platform
Diversity of region, product, reserves, mines and transportation
Northern
Appalachia
Central
Appalachia
Illinois
Basin
            Company  Contract   2007   Reserves   Product  Transportation
             Mines     Mines    Sales  (MM tons)
                     (MM tons)
Federal        1       -        4.1     59        Steam        CSX/NS
Big Mountain   1       2        1.6     37        Steam         CSX
Kanawha Eagle  2       -        2.1     98     Steam/Met    CSX/Barge
Rocklick       1       4        3.3     39     Steam/Met       CSX/NS
Wells          1       5        3.2     50     Steam/Met        CSX
Dodge Hill     2       -        2.6     36        Steam     Barge/Truck
Highland       1       -        1.1     15        Steam     Barge/Truck
Bluegrass      1       -        4.1     80        Steam        Barge
     Current Operations        22.1    414
     Development Reserves              848
     Total Reserves                  1,262

7
Attractive Metallurgical Market Position
Patriot serves high-margin U.S. & global steel markets
.. Top 5 U.S. met coal supplier
.. Patriot focuses on met
customers in North America,
Europe & Brazil who use our
premium product to
enhance their blends
.. +20% of CAPP high-volatile
met supply
.. +10 year reserve life at 3
largest met mines
.. Large-scale, flexible preparation
facilities with ISO 9000
certification
.. Market participant since 1984
with a reputation for reliability

Patriot Met Shipments

(Millions
of Tons)

0         3.2
1         4.6 5.1 5.1 5.6 5.0
2         6.5-
3         7.5
4         7.0-
5         8.0
6         7.5-
7         8.5
8
2002 2003 2004 2005 2006 2007 2008E 2009E 2010E
              Export Domestic
Primary Market Regions

8
Leverage to Rising Coal Prices
Patriot has significant leverage in strengthening global coal markets
Unpriced Steam Coal Production
0.0 2008 2009 2010 0 -        Millions of tons
2.0                0.5        As of 2/29/08
4.0                4.0 -
6.0                5.0
8.0                9.0 -
10.0               10.0

Unpriced Met Coal Production
0.0                   0 -
2.0                   0.5
4.0                   5.5 -
6.0                   6.5
8.0                   7.5 -
10.0                  8.5
2008 2009 2010        Millions of tons
                      As of 2/29/08

9
Core Operating Strategies
Patriot is managing its operations tightly with
an emphasis on safety, cost & revenue optimization
"Mine it Right Mine it Right" "Sell it Right Sell it Right"
SUPERIOR         SUSTAINABILITY
OPERATING        ENGINEERING
RESULTS          & PLANNING
SAFETY &         MINING
TRAINING         PROCESSES
MAXIMIZE         CAPITAL
REVENUE &        DEPLOYMENT
MARGINS          CUSTOMERS
                 TRANSPORTATION
                 SERVICE SOURCES
                 CONTRACTS

10
Safety Safety
Well-trained, experienced workforce....
resulting in safety improvements and production increases
Mine Rescue Teams
.. 2 teams in Northern Appalachia
.. 2 teams in Southern Appalachia
.. 2 teams in Western Kentucky
Mine Emergency Response Drill (MERD) Training
.. Annual Simulated Disaster Drill at MSHA Academy
.. Mine Evacuation Drills
Training Facility
.. Equipment Simulators
.. Full staff of training professionals
.. Patriot New Miner Training Standard - 9 weeks
.. Regulatory New Miner Training Standard - 2 weeks

Safety Incident Rate and
Production Volume
8.42         3.00
7.72         4.00
7.36         5.00
6.98         6.00
6.12         7.00
4.35         8.00
5.06         9.00
4.00         20
15           25
2004 2005 2006 2007* 2008E
Production Safety Incident Rate
Patriot Safety Incident Rate (per 200,000 man-hours)
Industry Safety Incident Rate (per 200,000 man-hours)
Patriot Production (tons)
* Big Run mine sold in late 2006

11
Patriot's team, assets & plan are aligned with excellent fundamentals.
RIGHT NOW is the time to unlock value.
Investment Thesis
Right Team
Right Assets
Right Time
Right Plan
RIGHT NOW

12
RIGHT TIME RIGHT TIME
Coal Market Update

13
Global Market Fundamentals
Developing countries drive major increases in coal demand,
while global supply lags
China                                    Brazil
.. Consumption expected to               .. BFI steel production
increase 700 Mt by 2010                  continues to annually
.. BFI steel production                  increase 10%
continues to annually                    .. No indigenous coal
increase 8%                              production
.. Annual production in 2007             .. Met coal importer
increased by 1.3 billion tons
over the 2001 rate (+139%)
.. Formerly a net exporter, but
now a net importer
               Imbalance in Global
               Supply & Demand
Australia                                  India
.. Rail & port capacity cannot             .. Electricity generation
handle potential coal demand               expected to increase 60%
.. Infrastructure needed to                over next 5 years
supply global demand                       .. BFI steel production
                                           continues to annually
Indonesia, S. Africa, Russia               increase 14%
.. Domestic demand increases are           .. Indigenous coal reserves are
absorbing coal production                  plentiful, but high ash with
historically exported                      poor transportation
.. Declining exports                       infrastructure
                                           .. Most met coal is imported
                                           and majority of new thermal
                                           demand will be imported

14
Supply Drivers Supply Drivers
Supply constraints intensify around the globe
Global  Thermal Metallurgical
.. China closed 4,000 mines that          .. Australian transportation
annually produced 100 Mt, to              infrastructure not adequate
improve safety; some may                  for demand
reopen                                    .. Australian flooding has shut
.. China halted exports during            down mines, disrupting global
Q1 2008 due to heavy snow &               supply
low domestic inventories                  .. Russia reduced exports to
.. Indonesian government                  eastern Europe to supply
announced exports will be                 domestic growth
capped at 150 Mt starting in              .. U.S. port capacity currently
2009 (2007E=139 Mt)                       limits potential supply
.. South Africa export
production diverted to
domestic generation
.. Railcar shortages and mine
closures in Russia

U.S.
.. Shrinking reserve base for         .. Buchanan & PinnOak CAPP
many producers, reducing              mines suffered geological
CAPP output                           problems and loss of
.. New safety regulations             production in 2007
dampen new entrants and               .. PinnOak recently announced
increase costs                        an additional production
                                      slowdown

15
Demand Drivers
Fundamentals driving global and U.S. coal markets
are the best we have seen in the past 30 years
Global  Thermal Metallurgical

.. Chinese consumption                      .. Chinese consumption
increased 170 Mt in 2007                    increased 62 Mt in 2007
.. India expects imports to                 .. Brazilian growth in
increase 20 Mt (67%) in 2008                automaking & construction
.. Indonesia plans to build 10              drives increased steel
GW of new generating                        production
capacity by 2010, which will                .. High GDP growth in India
require ~33 Mt annually                     fuels steel production growth
.. Russia's goal is to replace gas
consumption with coal

U.S.
.. U.S. coal buyers have reentered          .. Weak U.S. dollar favors
coal markets amidst                         exports and lowers imports,
large increases in exports                  thus making domestic steel
.. Utility inventories have                 producers more competitive
returned to more normal levels
and buyers are seeking to
cover open positions

16
Significant Worldwide Demand Growth Potential

Increased standards of living in developing countries such as China & India
should sustain robust worldwide thermal & metallurgical coal demand
0       China            0
200     India            2,000
400     United States    4,000
600     Indonesia        6,000
800     Brazil           8,000
1,000   Pakistan         10,000
1,200   Bangladesh       12,000
1,400   Nigeria          14,000
        Russia           16,000
        Japan
Population (Millions)
Per Capita Electricity Consumption (kWh)
Population
kWh per Capita
Note: These top 10 countries by population represent 59% of total world
population

17
China China's Impact on the Oil Market
Increased Chinese oil imports lead to sustained, increased oil prices
Chinese Oil Imports vs. Oil Prices
Correlation of Chinese Imports and Oil Price = 0.87
(20)
0         0    1/99      10/03     7/01       4/06
20        20   4/99      1/04      10/01      7/06
40        40   7/99      4/04      1/02       10/06
60        60   10/99     7/04      4/02       1/07
80        80   1/00      10/04     7/02       4/07
100       100  4/00      1/05      10/02      7/07
120       120  7/00      4/05      1/03       10/07
(20)           10/00     7/05      4/03       1/08
               1/01      10/05     7/03       4/08
               4/01      1/06
Million Barrels of Oil
NYMEX Light Sweet Crude, US$/bbl
Imports
Exports
Oil Price
Updated:04/09/08  Source: Customs General Administration; NYMEX

18
China China's Impact on the Coal Market
Increased Chinese coal imports may lead to sustained, increased coal prices
Chinese Coal Imports and Exports
Correlation of Chinese Imports and API4 Price = 0.64
(12)        180-             1/02        4/05
(10)        150-             4/02        7/05
(8)         120-             7/02        10/05
(6)         90-              10/02       1/06
(4)         60-              1/03        4/06
(2)         30-              4/03        7/06
0           0                7/03        10/06
2           30               10/03       1/07
4           60               1/04        4/07
6           90               4/04        7/07
8           120              7/04        10/07
                             10/04       1/08
                             1/05        4/08
Million Tonnes
API4 $/Tonne
Imports
Exports
Net Imports
API4
04/09/08 Updated: Source: Customs General Administration; McCloskey

19
Decreasing exports and increasing imports change China to a net importer
China China's Import Sources (Monthly) s Import Sources (Monthly)
(2)        1/02       1/04    1/06      Other
0          4/02       4/04    4/06      Russia
2          7/02       7/04    7/06      Mongolia
4          10/02      10/04   10/06     Korea DPR
6          1/03       1/05    1/07      Australia
8          4/03       4/05    4/07      Indonesia
10         7/03       7/05    7/07      Vietnam
12         10/03      10/05   10/07     Exports
Imports & Exports (Million Tonnes)
Net Exports
Updated: 04/08/08 Source: Customs General Administration

20
China Coal Production (Monthly)
Production doubled since 2001; increase is greater than entire U.S. industry

0         1/99    1/02     1/05     1/08
50        7/99    7/02     7/05
100       1/00    1/03     1/06
150       7/00    7/03     7/06
200       1/01    1/04     1/07
250       7/01    7/04     7/07
Million Tonnes
04/09/08 Updated: Source: China Economic Information Net

21
Growth in World Steel Production
China continues to drive Blast Furnace Injection steel production,
strengthening worldwide demand for metallurgical coal
0               1997    2004      Million Tonnes     European Union
200             1998    2005      Other              China
400             1999    2006      South America
600             2000    2007      North America
800             2001    2008F     Japan
1,000           2002    2009F     Commonwealth of
1,200           2003              Independent States
Source: International Iron & Steel Institute; McCloskey

22
International Steel Prices
Global steel prices have doubled over the past two years

300         1/06           11/06    9/07
400         2/06           12/06    10/07
500         3/06           1/07     11/07
600         4/06           2/07     12/07
700         5/06           3/07     1/08
800         6/06           4/07     2/08
900         7/06           5/07     3/08
1,000       8/06           6/07     4/08
1,100       9/06           7/07
1,200       10/06          8/07
Hot-Rolled Coil Steel, $/Tonne
EU Domestic
China Export, FOB main China Port
CIS Export, Black Sea/Baltic Sea
USA East of Mississippi River
04/07/08 Updated: Source: Metal Bulletin

23
Steel, Coke and Coal Price Relationship
Chinese steel, coke and imported coking coal prices are all at historic highs
0           1/01       7/03     1/06
100         4/01       10/03    4/06
200         7/01       1/04     7/06
300         10/01      4/04     10/06
400         1/02       7/04     1/07
500         4/02       10/04    4/07
600         7/02       1/05     7/07
700         10/02      4/05     10/07
800         1/03       7/05     1/08
900         4/03       10/05    4/08
$/Tonne
China Export Hot-Rolled Coil Steel, FOB main China Port
China Coke Export Price
Australian Hard Coking Coal, FOBT
04/07/08 Updated:
Source: Metal Bulletin, Steel Business Briefing Commodities Research, McCloskey

24
Japanese Coal Inventories
Inventories have decreased 43% since the beginning of 2006

0       1/01    4/03      7/05       10/07
20      4/01    7/03      10/05      1/08
40      7/01    10/03     1/06       4/08
60      10/01   1/04      4/06
80      1/02    4/04      7/06
100     4/02    7/04      10/06
120     7/02    10/04     1/07
140     10/02   1/05      4/07
160     1/03    4/05      7/07
Index, 2000 = 100
Updated: 04/07/08 Source: Ministry of Economy, Trade and Industry - Japan

25
International Thermal Coal Prices
Coal prices have doubled over the past year
API2 and API4
0        1/07    4/09
20       4/07    7/09
40       7/07    10/09
60       10/07   1/10
80       1/08    4/10
100      4/08    7/10
120      7/08    10/10
140      10/08
160      1/09
$/Tonne
API2 Prompt Quarter API2 Forward
API4 Prompt Quarter API4 Forward
Implied Freight
Updated: 04/04/08 Source: McCloskey

26
International Thermal Coal Prices
Coal prices have doubled over the past year

API4
0        1/07      4/09
20       4/07      7/09
40       7/07      10/09
60       10/07     1/10
80       1/08      4/10
100      4/08      7/10
120      7/08      10/10
140      10/08
160      1/09
$/Tonne
API4 Prompt Quarter
API4 Forward, 4/4/08
API4 Forward, 3/7/08
API4 Forward, 1/18/08
API4 Forward, 10/5/07
Updated: 04/04/08 Source: McCloskey

27
International Thermal Coal Prices
Coal prices have doubled over the past year
0             1/00     7/02     1/05     7/07
20            4/00     10/02    4/05     10/07
40            7/00     1/03     7/05     1/08
60            10/00    4/03     10/05    4/08
80            1/01     7/03     1/06
100           4/01     10/03    4/06
120           7/01     1/04     7/06
140           10/01    4/04     10/06
160           1/02     7/04     1/07
180           4/02     10/04    4/07
$/Tonne
NW Europe Steam
Japan CIF Steam Marker
Newcastle FOB
Richards Bay FOB
Updated: 04/04/08 Source: McCloskey
Recent Newcastle Settlement = $125/Tonne

28
International Coking Coal Prices
Coal prices have tripled over the past year
0
50
100
150
200
250
300
350
2001 2002 2003 2004 2005 2006 2007 2008E
$/Tonne, FOBT Vessel
Hard Coking
Low Vol PCI
Semi-soft
Source: McCloskey
Estimated Recent Settlement = $300 - 333/Tonne

29
Freight Rates to Rotterdam
Rates from Hampton Roads to Rotterdam are $5 and $17 lower
than Richards Bay Coal Terminal and Queensland

0         1/06    1/08    Queensland
10        4/06    4/08    Richards Bay
20        7/06            Hampton Roads
30        10/06           U.S. Gulf
40        1/07            Bolivar
50        4/07
60        7/07
70        10/07
$/Tonne
Updated: 04/04/08 Source: McCloskey Note: Rates are for capesize vessels,
except for U.S. Gulf, which is Panamax

30
Rail Deliveries to Hampton Roads Terminals
Since July 2007, U.S. CAPP exports have significantly increased

0  1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
200           2008
400           2007
600           2006
800           2005
1,000
1,200
Week
Weekly Shipments, Thousand Tons
Updated: 04/07/08 Source: Genscape

31
Cumulative Rail Deliveries to Hampton Roads
Year-to-date 2008 exports are approximately 65% greater than 2007

0      1        15     29    43     2008
5      3        17     31    45     2007
10     5        19     33    47     2006
15     7        21     35    49     2005
20     9        23     37    51
25     11       25     39
30     13       27     41
Week
Cumulative Shipments, Million Tons
Updated: 04/07/08 Source: Genscape

32
Majority of Power Plants are in Eastern U.S.
Growing U.S. coal demand is in close proximity to eastern coal basins.
.. Coal-fueled plants East of
Mississippi River represent
- 71% of U.S. coal plant
capacity
- 58% of 2007 coal use at
781 Mt
.. Planned new coal-fueled
scrubbed generation is
projected at 92 Mt
Plant Scrubber Status
Location of Coal-Fueled Generating Plants
           MTPY
Scrubbed   222
Planned    102
Unscrubbed 322
Source: Platts, EIA, Public Filings, Patriot Estimates

33
U.S. Coal Inventories by Supply Region
CAPP, NAPP and ILB days burn inventories are heading down
Powder River Basin
25   1/03    4/04    7/05    10/06    1/08
35   4/03    7/04    10/05   1/07
45   7/03    10/04   1/06    4/07
55   10/03   1/05    4/06    7/07
65   1/04    4/05    7/06    10/07
Days of Burn
Updated: 04/08/08 Source: EVA
Illinois Basin
25   1/03    4/04    7/05    10/06    1/08
35   4/03    7/04    10/05   1/07
45   7/03    10/04   1/06    4/07
55   10/03   1/05    4/06    7/07
65   1/04    4/05    7/06    10/07
Days of Burn
Updated: 04/08/08 Source: EVA
Northern Appalachia
25   1/03    4/04    7/05      10/06      1/08
35   4/03    7/04    10/05     1/07
45   7/03    10/04   1/06      4/07
55   10/03   1/05    4/06      7/07
65   1/04    4/05    7/06      10/07
Days of Burn
Updated: 04/08/08 Source: EVA

Central Appalachia
25   1/03    4/04     7/05     10/06    1/08
35   4/03    7/04     10/05    1/07
45   7/03    10/04    1/06     4/07
55   10/03   1/05     4/06     7/07
65   1/04    4/05     7/06     10/07
Days of Burn
Updated: 04/08/08 Source: EVA

34
U.S. Coal Inventories by Supply Region
CAPP, NAPP and ILB inventories are heading down
Northern Appalachia
0   1/03   7/05   1/08
10  4/03   10/05
20  7/03   1/06
30  10/03  4/06
40  1/04   7/06
50  4/04   10/06
60  7/04   1/07
70  10/04  4/07
80  1/05   7/07
90  4/05   10/07
Million Tons
Updated: 04/08/08 Source: EVA
Illinois Basin
0        1/03     7/05     1/08
10       4/03     10/05
20       7/03     1/06
30       10/03    4/06
40       1/04     7/06
50       4/04     10/06
60       7/04     1/07
70       10/04    4/07
80       1/05     7/07
90       4/05     10/07
Million Tons
Updated: 04/08/08 Source: EVA
Powder River Basin
0     1/03    7/05     1/08
10    4/03    10/05
20    7/03    1/06
30    10/03   4/06
40    1/04    7/06
50    4/04    10/06
60    7/04    1/07
70    10/04   4/07
80    1/05    7/07
90    4/05    10/07
Million Tons
Updated: 04/08/08 Source: EVA
Central Appalachia
0     1/03    7/05   1/08
10    4/03    10/05
20    7/03    1/06
30    10/03   4/06
40    1/04    7/06
50    4/04    10/06
60    7/04    1/07
70    10/04   4/07
80    1/05    7/07
90    4/05    10/07
Million Tons
Updated: 04/08/08 Source: EVA

35
CAPP Rail Prices CAPP Rail Prices
CAPP thermal prices are strong, as production declines and exports remain robust
CSX Big Sandy/Kanawha, 12,500 BTU, 1.60 lbs. SO2
0    1/05   7/08   12/11    Prompt Month
20   7/05   12/08           Forward, 4/8/08
40   1/06   7/09            Forward, 3/7/08
60   7/06   12/09           Forward, 1/18/08
80   1/07   7/10            Forward, 10/3/07
100  7/07   12/10
120  1/08   7/11
$/Ton
Updated: 04/08/08  Source: ICAP

36
CAPP Barge Prices
CAPP barge prices have also strengthened in the tight market
Big Sandy River, 12,000 BTU, 1.20 lbs. SO2
0     1/05    7/08    12/11   Prompt Month
20    7/05    12/08           Forward, 4/8/08
40    1/06    7/09            Forward, 3/7/08
60    7/06    12/09           Forward, 1/18/08
80    1/07    7/10            Forward, 10/3/07
100   7/07    12/10
120   1/08    7/11
$/Ton
Updated: 04/08/08 Source: ICAP

37
NAPP Prices
NAPP prices strengthen, as inventory levels decline
MGA, 13,000 BTU, 4.0 - 4.5 lbs. SO2
0        1/05     7/08     12/11   Prompt Month
20       7/05     12/08            Forward, 4/8/08
40       1/06     7/09             Forward, 3/7/08
60       7/06     12/09            Forward, 1/18/08
80       1/07     7/10             Forward, 10/3/07
100      7/07     12/10
120      1/08     7/11
$/Ton
Updated: 04/08/08  Source: ICAP

38
Illinois Basin Prices Illinois Basin Prices
Illinois Basin prices also strengthen, as global coal market tightens
ILB Barge, 12,000 BTU, 5.0 lbs. SO2
0        1/05     7/08    12/11   Prompt Month
20       7/05     12/08           Forward, 4/8/08
40       1/06     7/09            Forward, 3/7/08
60       7/06     12/09           Forward, 1/18/08
80       1/07     7/10            Forward, 10/3/07
100      7/07     12/10
120      1/08     7/11
$/Ton
Updated: 04/08/08 Source: ICAP

Note: The quality specifications of Patriot's ILB products are considerably
different than the product priced by ICAP.
As a result, this ICAP chart only provides indicative trends for Patriot's ILB
lower-priced products.

39
Norfolk Southern Price Premium
Recent NS/CSX price spreads are at historical highs
NS vs. CSX Low Sulfur
20    1/05   12/09   NS-T/K; 12,500 BTU; 1.60 lbs. SO2
30    7/05   7/10    NS-T/K; 12,500 BTU; 1.60 lbs. SO2 Forward, 4/8/08
40    1/06   12/10   CSX-BSK; 12,500 BTU; 1.60 lbs. SO2
50    7/06   7/11    CSX-BSK; 12,500 BTU; 1.60 lbs. SO2 Forward, 4/8/08
60    1/07   12/11
70    7/07
80    1/08
90    7/08
100   12/08
110   7/09
$/Ton
Updated: 04/08/08  Source: ICAP

40
Inland River Barge Fleet
Shrinking barge supply and higher new build costs are driving up barge rates

.. Over the last 5 years, cost
of new barge construction
has gone from $250K up
to $600K
.. Total fleet size has
decreased since 1999
.. Current rate from Big
Sandy to New Orleans is
$18-20 per ton
.. Rate increase of at least
100% is due to the rise in
fuel costs and new barge
construction costs
Total Dry Fleet by Barge Type
0
5,000
10,000
15,000
20,000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Open Covered Total

41
Fundamentals are favorable for continued upside potential
Market Summary
.. Developing countries are driving major increases in global coal demand
.. Pressures on the transportation infrastructure, weather-related events, and
regulations are constraining coal supply
.. Thermal & metallurgical prices reflect the supply/demand imbalance
.. Markets indicate continued strength in forward coal prices
.. Fundamentals driving global & U.S. markets are the best in the past 30 years

42
What does this mean for Patriot?
Increased Exports
Higher Prices
Volume Growth
New Markets

43
Patriot + Magnum
Why this is the RIGHT DEAL

44
The "Vision"
Achieve an industry leading position by:
Becoming the best managed company in the
industry
Running all operations in a safe, low-cost and
efficient manner
Executing value-enhancing sales, trading and
business development transactions
Maintaining a conservative financial stance

45
Magnum Strengths
Magnum is a well-established producer & marketer
Strong Asset
Base
o Substantial reserve base with long reserve life of 30+ years
o High-quality thermal & metallurgical coal
o Strategically located assets in Central Appalachia with scale and
scope advantages
Safe, Efficient &
Productive
Operations
o Low cost operations
o Good balance of surface & underground operations
o Attractive organic growth platform
Balanced
Contract
Backlog
o Over 40% of 2009 and 70% of 2010 production volumes unpriced
o Unpriced position provides upside in strong pricing environment
o Recent transactions have captured favorably priced multi-year
business
High-Quality
Organization
o Capable & experienced management and operating team
o Numerous executives & managers from some of the largest, most
successful industry players

46
Magnum Transaction Benefits
Solidifies Patriot as a leading U.S. coal company
Economies of
Size, Scale &
Scope
o Significant commercial, operating & administrative synergies
o Expanded resource base (reserves, equipment, human, other)
o Opportunity to leverage existing systems & infrastructure

Diversification
of Resource
Base
o Magnum surface mining balances underground mining at Patriot
o Combined resource portfolio provides enhanced long-term
opportunities for low-cost organic growth

Optimization of
Mining
Operations
o Substantial unpriced volume
o Ability to increase metallurgical coal production & sales
o Improved trading & brokerage opportunities
o Optimize sourcing from larger set of operations

Optimization of
Coal Sales
Portfolios
o Identify & incorporate best safety, engineering & operating practices
from both organizations
o Multiple quality & transportation options
o Creates a larger platform for business development activities

47
Magnum Transaction Summary
.. Purchase price of ~$709 million, based on 4/2/08 closing price of PCX
- 100% stock consideration
- 11.9 million newly-issued shares of PCX common stock
- Assumption of ~$150 million of Magnum debt
.. Bridge financing in place for $150 million of assumed debt
- Permanent financing expected by closing
.. Existing Patriot revolving credit facility amended to accommodate the
transaction
.. Subject to regulatory & PCX stockholder approval, and other customary
closing conditions
.. Expected closing around mid-year

48
Magnum Reserves and Operations

Mining Method Reserve Control Leased 94.0% Owned 6.0% Compliance 58.4%
Noncompliance 41.6% Workforce(2) Apogee Jupiter Hobet Campbell's Creek Panther
Remington/ Samples WV (tons in millions) Mining Complex 2007 Production Hobet
4.1 Samples 3.4 Apogee 3.0 Panther 1.8 Jupiter 1.5 Remington 1.4 Campbell's
Creek 0.8 2007 Production 16.1 Total Reserves 606.6 Union 44% Non-Union 52%
Contractor 4% Underground 31% Surface 69% Coal Quality(1)
1. Based on percentage of 2007 production volume.
2. Workforce is estimated based on volumes produced by respective groups in
2008.

49
Overlay of Patriot and Magnum Properties
Contiguous Appalachian properties create synergistic opportunities
Hobet Harris Rocklick Wells Jupiter Samples Big Mountain Winifrede Dock Chelyan
Dock Panther Campbells Creek Kanawha Eagle Remington Apogee Kopperston Loadout
Magnum Patriot Joint Ownership

50
Balanced Asset Mix
Magnum combination improves Patriot's asset mix
.. Additional met
coal production
in 2008
.. More low-sulfur
thermal coal
production
.. Surface vs.
underground
diversification
.. Increased
reserves of
compliance coal

Met vs. Steam Union vs. Non-Union Patriot Magnum Combined Underground vs.
Surface Met 23% Steam 77% Underground 89% Surface 11% Union 49% Non-Union 26%
Contractor 25% Met 0% Steam 100% Underground 31% Surface 69% Union 44%
Non-Union 52% Contractor 4% Met 14% Steam 86% Underground 64% Surface 36% Union
46% Non-Union 38% Contractor 16%

---------------------------
Based on 2007 production volume.

51

Substantial High Value Resource Base

The combined company will have a higher-quality, more diversified base of
reserves
.. Includes high-value metallurgical coal
.. $150 million of funded debt ~$.08 / ton of reserves
Combined Proven & Probable Reserves of 1.869 billion tons (12/31/07)
(tons in millions)



Proven Probable Metallurgical Steam Surface Underground Owned Leased
                                          Btu Content (lbs Sulfur Dioxide/Mmbtu)
                                                         1.2 to   >2.5lbs
                                                         2.5lbs
NAPP      44  15    -    59    -     59  39    20   -        -      59
CAPP     735 399  209   925  147    987 225   909 231      716     187
ILB      326 350    -   676   33    643 410   266   5       38     633
       1,105 764  209 1,660  180  1,689 674 1,195 236      754     879

E/V Reserves(1)                        Transaction E/V Reserves
$1.08 $1.27 $1.30 $1.91 $2.20 $2.84 $5.08 0 1 2 3 4 5 6 ANR ACI JRCC BTU ICO
Magnum PCX $ / ton ` $1.27 $1.55 $1.86 $4.31 $4.36 $11.71 0 2 4 6 8 10 12 14
ANR/ Nicewonder Cleveland-Cliffs/ PinnOak JRCC/ Triad CONSOL/ Amvest NRP/
Dingess-Rum Magnum Transaction $ / ton
---------------------------
1. Multiples are based on 2007A data. Multiples as of 3/07/08.

52

Solidifies Patriot Position as Premier CAPP Producer Solidifies Patriot Position as Premier CAPP Producer

2007 Reserves (millions of tons) 2007 Production (millions of tons)
Patriot will become a leading U.S. producer and reserve holder
---------------------------
Based on most recent available information.
Production
Holder Tonnage
1 Peabody 192.5
2 Rio Tinto 137.8
3 Arch 125.4
4 Foundation 71.9
5 Consol 64.6
6 Massey 39.5
COMBINED 37.6
7 NACCO 34.0
8 Kiewit 32.5
9 Westmoreland 30.0
10 Alpha 28.4
11 Luminant Mining 26.0
12 Alliance 24.3
13 Murray Energy 24.0
14 Patriot 21.5
15 ICG 16.6
16 Magnum 16.1
17 BHP 15.3
18 PacifiCorp 14.3
19 Chevron Mining 12.0
20 James River 11.2
21 Trinity Coal 9.0
22 TECO Coal 8.7
23 Richard Gilliam 7.6
24 Rhino Energy 7.3
25 Jim Booth 6.8
Estimated
Holder Reserves
1 U.S. Government 89,000
2 Great Northern Properties 20,000
3 Peabody 8,228
4 Consol 3,918
5 Arch 2,898
6 NACCO 2,335
7 Massey 2,224
8 Natural Resource Partners 2,145
COMBINED 1,869
9 Pocahontas Land Corp (Norfolk Southern) 1,750
10 Murray Energy 1,700
11 Foundation 1,585
12 Alliance 1,269
13 Rio Tinto 1,262
14 Patriot 1,262
15 ICG 932
16 Penn Virginia Resource Partners 818
17 Luminant Mining 718
18 Alpha 618
19 Magnum 607
20 Kiewit 600
21 BNI Coal 600
22 Kentucky River Properties 570
23 Westmoreland 415
24 BHP 319
25 Black Hills Corp. 280

53

Panther Overview

Asset Summary      Panther Operations

.. Commenced operations in December 2001
.. Located in Kanawha and Boone counties,
West Virginia
.. Reserves of over 70 million tons located in
two coal seams:
- Eagle seam
- Powellton seam
.. Long reserve life
- Eagle seam longwall production continues
through 2017
.. High quality compliance / high volatile
metallurgical coal
.. Close proximity to both Kanawha River and
CSX rail loading facilities at Samples
.. Major recent investments to enhance
productivity and production for future years

54

Apogee Overview

Apogee Operations Asset Summary

.. Mining operations commenced at
Apogee in 1912
- One surface mine (truck and shovel)
.. Located in Logan County, West Virginia
.. Reserve base of approximately 7 million
tons
.. High quality compliance steam coal
.. Coal is trucked to on-site preparation
plant and loadout facility
- On-site preparation plant with capacity
of 600 ROM tons per hour
- Operations include a state-of-the-art
4-hour CSX rail loadout facility

55

Samples Overview

Samples Operations Asset Summary

.. Samples operations include one surface
and highwall miner operation
.. Mining operations commenced in early
1900s
.. Located in Kanawha, Boone and
Raleigh Counties, West Virginia
.. Reserve base of nearly 60 million tons
.. High quality steam coal
.. Facilities include state-of-the-art 4-hour
CSX rail loadout facility at Samples
.. Flexibility to reach the Kanawha River
by truck
.. Reserve and rail synergies with both
Panther and Remington

56

Overview Overview

Hobet Operations Asset Summary

.. Mining operations commenced in 1975
.. Located in Boone and Lincoln Counties,
West Virginia
.. Substantial reserves of more than 200
million tons; over 96,000 acres under lease
.. Hobet is primarily a dragline surface
operation
.. High quality compliance steam coal
.. Coal is transferred by belt to an on-site
preparation plant and loadout facility
- On-site preparation plant with capacity of
1,400 ROM tons per hour
- Operations include a state-of-the-art 4-hour
CSX rail loadout facility
.. Potential synergies with neighboring
operations

57

Summary of Transaction Benefits

Solidifies Patriot as a leading U.S. coal company

.. Economies of size, scale & scope
.. Diversification of resource base
.. Optimization of coal sales portfolios
.. Optimization of mining operations

58

Investment Thesis

Right Team
.. Successful management & operating team
.. Experienced Board of Directors
Right Assets
.. Large & attractively located reserve base
.. Leading U.S. producer of high-quality metallurgical coal
.. Diversified product line, customer base & transportation capabilities
Right Time
.. Strong fundamentals in all key markets
.. Significant unpriced coal portfolio
.. Fragmented CAPP market creates M&A opportunities
Right Plan
.. Tightly managed operations with emphasis on safety, cost & revenue optimization
.. Aggressive focus on financial performance & stockholder value
.. Targeted organic & acquisition growth strategy

Presentation to
New York Coal Trade Association
April 2008