Massey Energy CompanyLehman Bros. CEO Power/Energy Conf.

September 4, 2008

2

FORWARD-LOOKING STATEMENTS: certain statements in this presentation are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. Due to known and unknown risks, the company’s actual results may differ materially from its expectations or projections. Factors potentially contributing to such differences are described in further detail at the conclusion of this presentation and in the company’s annual reports on form 10-K and quarterly reports on form 10-Q.

Safe Harbor Statement

3

Key Points

World coal supply remains tightExport opportunities into Atlantic Basin are likely to increasePricing remains strongMassey’s expansion plans are on trackMassey is “Positioned to Win”

Global Energy Overview

5

World Primary Energy Consumption

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Mil.

Ton

nes

Oil

Equi

vale

nt

Coal Oil Nat.Gas

Nuclear Hydro

20002007

• World primary energy consumption increased 2.4% in 2007• Coal was the fastest growing fuel for the fifth consecutive year

Source: BP Statistical Review of World Energy 2008

6

2007 World Primary Energy Consumption

34.3%

26.9%

25.6%

5.2%

3.1% 5.0%

Asia Pacific Europe/Eurasia North AmericaMiddle East Africa Cent./So. America

• Asia Pacific is largest energy consuming regionSource: BP Statistical Review of World Energy 2008

7

World Primary Energy Consumption

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Mil.

Ton

nes

Oil

Equi

vale

nt

Asia Pac

.Eur

./Euras

iaN. A

merica

Mid. Eas

t

Africa

Cent./S

o. Am.

19972007

• Asia Pacific: 54% increase over 10 yrs.Source: BP Statistical Review of World Energy 2008

Global Coal Overview

9

Global Coal Overview

4.5%

3.1%

1.1%

2.4%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%4.0%

4.5%

5.0%

2007 Fuel Growth Comparison

Coal Nat. Gas Oil Total Energy

Source: BP Statistical Review of World Energy 2008

10

Global Coal Overview

2007 Global Coal Consumption: 7,192.8 million tons

China USA India Japan Russia OtherShort Tons, Millions and % Share of TotalSource: Energy Information Admin.

2,892.840%

2,124.929%

1,128.816%

261.04%

206.73%

578.68%

11

Global Coal Overview

Global Coal Consumption 2006-2007 increase: 414 million tons

China India Japan USA Other

314.876%

38.29%16.5

4%9.12%

35.89%

Short Tons, Millions and % Share of TotalSource: Energy Information Admin.

12

Global Coal Overview

12.2%

6.6%4.6%

1.2%

-1.2%

2.0%

-4%

1%

6%

11%

16%

Coal Consumption 2007 Growth Rate

China India Japan USA Russia Other

Source: Energy Information Admin.

13

Global Coal Overview

World Recoverable Coal Reserves (Billion Short Tons)

24.2%

8.7%

10.2%

12.6%

17.3%

26.9%

ReserveShare

998Total World Reserves

242All Other

87Australia/New Zealand

102India

126China

173Russia

268United States

Recoverable TonsRegion/Country

Source: EIA International Energy Outlook 2007

14

China

• Government target of 950 GW generating capacity by 2020

• Would require adding 31 GW generating capacity each year (~89 million tons of coal per year)

• Coal accounts for 70% ofChina’s primary energy

• Coal reserve/production ratio of 45(1)

• Thermal coal imports will more than double by 2015(2)

(1) Source: BP Statistical Review of World Energy(2) Source: Hill & Associates

15

India• Plan to provide power to entire

population by 2012• Would require adding approx. 10

GW generating capacity per year (~28 million tons of coal per year)

• Coal accounts for 69% of electricity generation

• Total coal consumption of 579 million tons in 2007

• Coal demand expected to increase 170% to 300% by 2022(1)

• India has extensive reserves but coal quality is poor

• Coal imports exceed 50 million(2)

tons per year and are increasing

(1) Source: Hill & Associates, India Integrated Energy Policy Committee(2) Energy Information Admin.

16

Russia

• Total power sector includes 440 thermal, nuclear and hydropower plants

• Coal accounts for about 25% of electricity generation

• Government is moving to increase coal use

• An addition of 40-50 GW of coal fired power generation is planned by 2020 (~11 million additional coal tons per year)

• Coal exports totaled 91 million tons in 2006

• 59% of exports shipped to Europe and former Soviet Republics

Source: Energy Information Admin., Eurasia Daily Monitor

17

Australia

• Coal exports totaled 283 million tons in 2007 (66% of total production)

• Largest export destination is Japan (~125 million tons)

• Metallurgical coal accounts for 53% of total coal exports

• 49 million tons exported into the Atlantic Basin

Source: Energy Information Admin., Coal Services Pty Ltd.

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Atlantic Basin Opportunity

65Atlantic Basin Net Import Demand

10S. Africa exports outside region

35Russian exports outside region

201,8341,814Atlantic Basin Total

(49)4392Central/South America

(8)8188North America (excl. USA)

(80)203283South Africa

(99)438537Eurasia

2561,070814Europe

ImportsRequired

2007 tonsConsumed

2007 tonsProduced

Source: Energy Information Admin., Eurasia Daily Monitor, Reuters UK

(All figures in millions of short tons)

19

United States –CAPP Utility Inventory

Source: Energy Ventures Analysis

Metallurgical Coal

21

Global Steel Production

4.5%31.730.3India

6.1%815.1768.4Total

4.6%9.18.7Oceania

7.9%32.329.9South Korea

3.8%72.169.4Japan

9.4%321.9294.1China

7.2%9.58.9Middle East

0.0%10.710.7Africa

5.7%29.027.4South America

5.6%81.076.7North America

4.5%75.772.4Former USSR

9.8%20.018.0Other Europe

0.9%126.5125.5EU (27)

ChangeJan-Jul2008

Jan-Jul2007

Region

(Metric tonnes, millions)Source: International Iron and Steel Institute

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Planned New Coke Production

Asia, Eastern EuropeVarious

LouisianaNucor

BrazilThyssen Krupp

Czech RepublicKKCG

1,000Granite City, IllinoisSun Coke Energy

2,100Toledo, OhioFDS Coke

900Middletown, OhioMiddletown Coke Co.

850Haverhill, OhioSun Coke

Est. Coal Consumption

(000 tons)LocationCompany

Source: Energy Ventures Analysis, company news releases

Current Coal Pricing

24

Current Coal Pricing

Actual Sales Agreements May – July 2008

$172.56Average Price FOB Mine:

2009 – 2010Shipment period

7 millionTotal tons sold

AddressingChallenges/Concerns

26

Coal Myths

• Oil impact on Coal• Litigation• Unfunded liabilities don’t count• Commodity /PRB/CAPP penetration• Market Diversity• Area Mineability

27

Challenges and Concerns

• Permitting issues– Judge Chambers

• Litigation

• Labor availability

• Railroad performance

• Terminal Capacity

Challenges create barriers to entry in our market that enhance Massey’s competitive advantage

Expansion Plans

29

Planned Production

3032343638404244464850M

illio

n To

ns

2007A 2008E 2009E 2010E

27% Increase

30

Our New “Admiral Processing”Plant

31

Admiral Processing

32

Rt. 3 New Belt System

33

First Conveyor Tube on UBB Side

34

Hatfield Energy

35

Black Castle EX 5500 Erection Site

36

Black Castle EX5500 – May 19th

37

Black Castle EX5500

38

Komatsu PC 2000

39

Komatsu HD 1500

40

Superior Highwall Miner

41

Superior Highwall Miner

MasseyPositioned to Win

43

Coal Industry Overview – United States

U.S. Coal Production by Region - 2007

13%3,192136,397West (Other than PRB)

24,420

572

3,428

2,311

5,649

9,267

BTUs(Quadrillions)

1,144,731

26,011

131,863

97,942

225,954

526,564Tons (000)

100%Total

2%All Other

14%Northern Appalachia

10%Midwest

23%Central Appalachia

38%Powder River Basin

Percent ofTotal BTUsRegion

Source: EIA International Energy Outlook 2008

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Coal Industry OverviewEstimated Regional Revenue Share

1.1%

14.0%

22.9%

14.0%

41.6%

6.4%

Est.Share

$9.8$72.00136,397West (Other than PRB)

$30.00

$122.00

$100.00

$129.00

$8.50

Prompt Price(8/28/08)

1,144,731

26,011

131,863

97,942

225,954

526,564

2007Tons (000)

$70.2Total

$0.8All Other

$16.1Northern Appalachia

$9.8Midwest

$29.2Central Appalachia

$4.5Powder River Basin

EstimatedRevenue(Billions)Region

Source: EIA International Energy Outlook 2008, ICAP United, Inc.

45

- Positioned to Win -Production Growth

0

5

10

15

20

25

30

35

40

45

50

Tons

(Mill

ions

)

1990 1993 1996 1999 2002 2005 2008(e)

Produced tons sold more than doubled in 20 yearsForecast

46

- Positioned to Win -CAPP Market Share

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

1987 1999 1991 1993 1995 1997 1999 2001 2003 2005 2007

5.7%

17.5%

Market Share has more than tripled in 20 years

Source: Energy Information Admin., Company data

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- Positioned to Win -CAPP Reserve Share

0.0

2.0

4.0

6.0

8.0

10.0

12.0

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

Tons

(Bill

ions

)

MEE Non-MEE

67.0%*

*Assumptions: Total CAPP production declines 3% annuallyMEE acquires 80m tons annually beginning in ’08MEE production levels at 52m tons after ‘12

37.9%

Actual Forecast

48

- Positioned to Win -Product Diversity

High-VolMet Coal

Low-VolMet Coal

Mid-VolMet Coal

Low SO2Steam Coal

Hi-SO2Steam Coal

Custom BlendIndustrial Coal

Mid-BtuSteam Coal

High-BtuSteam Coal

49

The Atlantic Basin is our natural market

- Positioned to Win -Expanded Market Opportunities

50

- Positioned to Win -Cost Advantages

Better quality reserves

Economies of scale

Highly productive processing plants

Transportation advantages

Belt lines reduce trucking

Diverse transport options

Efficient, well maintained equipment

S1+P2+M3

51

- Positioned to Win -Operating Cash Margin per Ton

$15.94

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

1Q 2007 2Q 2007 3Q 2007 4Q 2007 1Q 2008 2Q2008

52

- Positioned to Win -Guidance (July 31, 2008)

npnp$650$271CAPEX ($Millions)

npnp$20 -$100

$88.9Other Income($Millions)

np$52.00 –$60.00

$47.00 –$50.00

$43.10Cash Cost per Ton

$115.00 –$132.00

$84.00 –$92.00

$65.00 –$66.00

$51.55Price per Ton

Approx. 5046.0 -48.0

41.5 –43.0

39.9Tons Shipped(Millions)

2010 Forecast

2009 Forecast

2008 Forecast

2007 Actual

53

Disclaimer

FORWARD-LOOKING STATEMENTS: certain statements in this presentation are forward-looking as defined by the private securities litigation reform act of 1995. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions the accurate prediction of which may be difficult and involve the assessment of events beyond the company’s control. Caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, the company’s actual results may differ materially from its expectations or projections. Factors potentially contributing to such differences include, among others: market demand for coal, electricity and steel which could adversely affect the company’s operating results and cash flows; Future economic or capital market conditions; Deregulation of the electric utility industry; Competition in coal markets; Inherent risks of coal mining beyond the company’s control, including weather and geologic conditions; The company’s ability to expand mining capacity; The company’s production capabilities; The company’s plan and objectives for future operations and expansion or consolidation; Failure to receive anticipated new contracts; Customer cancellations of, or breaches to, existing contracts; Customer delays or defaults in making payments; The company’s ability to manage production costs; The company’s ability to timely obtain necessary supplies and equipment; Thecompany’s ability to attract, train and retain a skilled workforce; Fluctuations in the demand for, price and availability of, coal due to labor and transportation costs and disruptions, governmental policies and regulatory actions, legal and administrative proceedings, settlements, investigations and claims, foreign currency changes and other factors; And greater than expected environmental and safety regulation, costs and liabilities. The forward-looking statements are also based on various operating assumptions regarding, among other things, overhead costs and employment levels that may not be realized. While most risks affect only future costs or revenues anticipated by the company, some risks might relate to accruals that have already been reflected in earnings. The company’s failure to receive payments of accrued amounts could result in a charge against future earnings. Information concerning those factors is available in the company’s annual reports on form 10-K and quarterly reports on form 10-Q.

54

Non-GAAP Information

Average cash cost per ton is calculated as the sum of Cost of produced coal revenue and Selling, general and administrative expense ("SG&A") (excluding DD&A), divided by the number of produced tons sold. Although Average cash cost per ton is not a measure of performance calculated in accordance with GAAP, we believe that it is useful to investors in evaluating us because it is widely used in the coal industry as a measure to evaluate a company's control over its cash costs.

Operating cash margin per ton is calculated as the difference between Produced coal revenue per ton sold (Produced coal revenue divided by Total produced tons sold) and Average cash cost per ton (computed as noted above). Although Operating cash margin per ton is not a measure of performance calculated in accordance with generally accepted accounting principles, management believes that it is useful to an investor in evaluating Massey Energy because it is widely used in the coal industry as a measure to evaluate a company's profitability from produced tons sold.

Other income is calculated as the sum of Purchased coal revenue and Other revenue less Cost of purchased coal revenue and Other expense. Although Other income is not a measure of performance calculated in accordance with GAAP, management believes that it is useful to investors in evaluating Massey Energy because it is a widely used measure of gross income from non- core sources.

These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance calculated in accordance with GAAP. In addition, because these measures are not calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Reconciliations of these non-GAAP measures to the most relevant GAAP measures can be found in the company’s earnings press releases for the relevant periods and on the Company’s website.

Massey Energy CompanyLehman Bros. CEO Power/Energy Conf.

September 4, 2008