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By Todd A. Myers

Forward Looking Statement Disclaimer This presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's vision, strategy, operations, growth, development and any other statements containing the words, "believes, " "expects, " "anticipates, " "plans, " "estimates, " and similar expressions. There are a number of factors that could cause Westmoreland Coal Company's actual results to differ materially from those indicated by such forward-looking statements including, but not limited to: general economic and business conditions; healthcare cost trends; the Company's ability to manage growth and significantly expanded operations; the ability of the Company to implement its business strategy; the Company's ability to pay the preferred stock dividends that are accumulated but unpaid; the Company's ability to retain key senior management; the Company's access to financing; the Company's ability to maintain compliance with debt covenant requirements; the Company's ability to successfully identify new business opportunities; the Company's ability to achieve anticipated cost savings and profitability targets; the Company's ability to utilize its tax net operating losses; demand for electricity; the effect of regulatory and legal proceedings; and other factors identified in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date such statement was first made.

Jan 1, 2008

The 81 st Regular Meeting and convention was called to order by the President, Charles W. Margolf at 9:00 a.m. Monday, July l, 1985 in the Silverton Room of Tamarron, a resort hotel near Durango, Colorado. President Margolf welcomed the members and others in attendance to the convention and noted his theme of "Make It Happen!" He introduced those present of the 1985-86 Board of Directors and Officers who were elected by the Board of Directors at their Annual Meeting June 29. They were: Arthur K. Neill, President; Bernard Bernstrom, President-Elect; Loren V. Linville, Convention Liaison Officer; Vice Presidents Douglas J. Hammer of Colorado, C. Joe Presley of Montana, Alva L. Smith of New Mexico, Fred Wertz of North Dakota, Rex Berry of Utah and Thomas J. Lien of Wyoming; and Doris G. Finnie, Executive Secretary & Treasurer. He also introduced Ira. E. McKeever who was elected to serve as chairman of the Advisory Board by that group. Margolf mentioned that one three-year term as a Director would be voted upon at the annual business meeting which would be held Tuesday, July 2 at 1:30 p.m. in the Windom Peak Room and introduced James "Doug" Ingram, the nominee of the Nominating Committee. A convention update was made by the Conven-

Jan 1, 1985

President Robert Wilson opened the meeting at 9:00 a.m. He introduced William A. Bear, General Manager Bear Coal Company, Inc., Somerset, Colorado, who presided over the session. George Nugent, Peter Kiewit Sons' Company, Sheridan, Wyoming, presented a most interesting film "Montana Mine Reclamation." His biography follows: George Nugent first entered the coal business in 1943 when he developed Peter Kiewit Sons' Co.'s first coal mine-Big Horn Coal Company at Sheridan, Wyoming. Since that time he managed an expansion program for P.K.S. in mining that resulted in the development of two other producing mines - Rosebud Coal Sales Company at Hanna, Wyoming and Decker Coal Company at Decker, Montana, in which Pacific Power and Light is a partner. Applications are now pending for a third mine. Black Butte, a joint venture of P.K.S. and Rocky Mountain Energy Company, near Point of Rocks, Wyoming. Nugent is a Past President of the Wyoming Chapter, Association of General Con- tractors, Wyoming Mining Association and Rocky Mountain Coal Mining Institute. He was President of Big Horn Coal Company and Rosebud Coal Sales Company as well as Manager of the Mining Division of Peter Kiewit Sons' Co. and Decker Coal Company when he retired Jan. 1, 1975.

Jan 1, 1976

Pictured on these pages are the seven RMCMI Scholarship Award Winners for the 1987-88 year followed by a brief profile. Six of the winners were present as RMCMI guests at the June convention in Breckenridge, Colorado to receive their recognition plaques at the welcome session held Monday, June 27, 1988. In addition to the plaques, each winner receives $500.00 to be used toward tuition in the coming academic year. Also, as this is a continuing award, the winners from the previous year will also receive an additional $500.00 for tuition use in their senior years provided they have maintained a good academic standing and are recommended by their university. Criteria for these awards is (1) That the award be made in the spring to a sophomore student to be used toward tuition during the junior year. (2) That the recipient be both a U.S. citizen and a resident of the state involved. (3) That the recipient have good academic standing, be pursuing a degree in a mining related field and have an expressed interest in Western coal as a possible career path. The scholarship program was extended in early 1988 to include curricula other than mining department, but in the engineering disciplines, such as geology, mineral processing and metallurgy. Contributions to this worthy project are tax deductible to each individual RMCMI member. Checks payable to RMCMI Scholarship may be mailed to the RMCMI Office at 2700 Youngfield Street, Suite 100 in Lakewood, CO 80215. Profiles of the 1988 winners follow: [ ] Anthony T. Bowler University of Arizona Tucson, Arizona Tony has taken a well balanced curriculum and at the same time maintained significant progress toward a Geological Engineering degree. He is interested in computer science and programs as a hobby He is the master of several computer languages including machine language on different personal computers. [ ] Christopher Taylor Colorado School of Mines Golden, Colorado Before matriculating at Mines, Chris served four years with the U.S. Army Special Forces attaining the rank of sergeant. He is active in the military, serving in the Reserves and R.O.T.C. This duty precluded his attendance at the Breckenridge meeting. He plans to get summer work experience in mining before graduation and is interested in the managerial and technical aspects of the mining business. [ ] Laverne West New Mexico Institute of Mining & Technology Socorro, New Mexico A native American of Laguna/Navajo ethnic origin, Laverne graduated from the Sante Fe Indian School as valedictorian. She served as both secretary and president of the American Indian Science & Engineering Society. She works at the Nevada Test Site with contractors assisting project engineers in a variety of jobs. She plans to earn a dual degree in Mining and Geological Engineering then pursue a Master's degree in Mineral Economics at the University of California at Berkeley. Among her honors are a four year scholarship from Sante Fe Southern Pacific Foundation, a one year scholarship from Mobil Oil Corporation and another from Eastman Kodak.

Jan 1, 1988

[JOHN B. MARKS President Boston Bldg., Denver, Colo. BENEDICT SHUBART Secretary-Treasurer 521 Boston Bldg., Denver, Colo. H. H. BUBB Vice-President for Colorado Cokedale, Colo. W. J. REID Vice-President for Utah Wattis, Utah WM. MOORHEAD Vice-President for New Mexico Dawson, New Mexico GOMER REESE Vice-President for Wyoming Frontier, Wyoming EXECUTIVE BOARD COLORADO: E. H. McCLEARY Alamo SAMUEL TESCHER Denver UTAH: DAVE BROWN Storrs JOHN JENNINGS Hiawatha NEW MEXICO: JAS. McDOUGALL Van Houten GEO. MIKSCH Gallup WYOMING T. H. BUTLER Hanna L. A. NORMAN Sheridan]

Jan 1, 1925

[Adams, Leonard E .................... 8 19 Newhouse Bldg., Salt Lake City, Utah Adams, V. H ............................. 422 E. San Miguel, Colorado Springs, Colo: Allen, Earl W ........................... 2636 S. Gilpin St., Denver 10, Colo. Allen, Thomas ......................... State Coal Mine Inspector, State Office Bldg., Denver, Colo. Ambler, J. B .............................. P. 0. Box 591, Denver, Colo. Andrew, William . Boulder Valley Coal Co., Louisville, Colo. Apperson, A. B. .................... Brown Hotel, Denver, Colo. Arnold, G. O. ........................ Dawson, New Mexico Audin, Abel .......................... Somerset, Colo. Audin, Clement, Jr ................... Paonia, Colo.]

Jan 1, 1947

[Adams, Douglas K General Electric Co., P.O. Box 2331, Denver 1, Colo. Adams, Kenneth L Peabody Coal Co., 301 N. Memorial Dr., St. Louis, Mo. 63102 Ahlborg, William Joy Mfg. Co., 1400 17th St., Denver, Colo. Allen, Dr. Harry C U. S. Bureau of Mines, Washington, D. C. 20242 Anderson, Robert Mine Safety Appliances Co., 1881 West N. Temple, Salt Lake City, Utah Archer, Bryan J., Jr Peabody Coal Co., 421 Glenwood St., Grand Junction, Colo. Arentzen, E. M W. RD 1, Charleroi, Pa. Arentzen, L. E. Lee-Norse Co., 6030 55th Pl., Arvada, Colo. Arentzen, Rolf F Lee-Norse Co., Box 582, Charleroi, Pa. Arnston, E. K Standard Oil Div. American Oil, Rt. 1, Box 504, Golden, Colo. Artis, Cliff E Big Horn Coal Co., 247 Sherman Ave., Sheridan, Wyo. Atchison, Lee Atchison Construction Co., Drawer D, Aztec, N. Mex. Audin, Clement, Jr Champion Coal Mining Co., Paonia, Colo.]

Jan 1, 1969

of our good friends and fellow members: Patrick J. Quealy J. C. Roberts Gilbert Morton Sidney W. Farnham who left the world better for their having lived in it

Jan 1, 1930

By Vincent R. Bovino

The future of coal mining is bright - only if we realize and then manage as though we are competing in the world marketplace. Accept it or not, our market is global. We tend to think our problems are caused by the uncontrolled foreign production of coal, and the uncontrolled drop in coal prices. I submit that our problem is not the world pricing structure - part of our problem is our on-site cost structure - our productivity. We are the world's best at getting out the tons - that is, production. Most mine managers thrive on that. What is in serious doubt is our productivity - our ability to produce tons of coal in a cost effective manner. Please think about the difference: ? Production is tons of coal. ? Producitivity is decreasing the cost per ton of coal. Our future is bright, only if we can increase our productivity by trying different and new ways to manage our businesses and our people. Unlike the easy successes during the 60's and 70's, success in the decades ahead will depend on our ability to achieve greater levels of productivity. If mining and other old line smoke stack industries are experiencing difficult times in 1986, three years into an economic recovery, what will happen when the economy cycles downward? Any operation can achieve unlimited productivity by developing the resources within their employees. As an industry, we have harvested the

Jan 1, 1986

[ ] RMCMI PRESIDENT 1985 - 1986 ARTHUR K. NEILL on behalf of The RMCMI Board of Directors and Officers invites you and your family to attend The 82nd Regular Meeting and Convention of The Rocky Mountain Coal Mining Institute to be held JUNE 29, 30 AND JULY 1, 1986 Kalispell, Montana

Jan 1, 1985

Jan 1, 1951

MR. D. HARRINGTON (U. S. Bureau of Mines) : I happen to be a member of the Safety Committee, and the men on the Committee, I believe are the ones who will find the most fault with the report; but I am absolutely not in accord with the last recommendation. (The use of the "Self-Rescuer.") I do not think it safe. I do not think you are always sure you are going to have a sufficient amount of oxygen; in fact I know there are occasions in mines when there is not enough oxygen to make a man safe in a gas mask or self rescuer. At one mine fire, workers using open oil and carbide lights experienced quick reversal of air which extinguished the lights and one of the workers having carbide light was overcome. It took about 45 minutes hard work with Sylvester method of artificial respiration to restore him to consciousness. Fortunately these men were working close to fresh air but had they been far from fresh air base and relying upon self-rescuers or gas masks they would undoubtedly have perished. I was at a mine fire in Wyoming. A bunch of men were working and the air turned on them, and if they hadn't oxygen breathing mine rescuing apparatus I think there would have been at least a half dozen men killed they would have been killed before you could say, "Jack Robinson." PRESIDENT PRYDE: I would like to ask if the self-rescuers are nut approved by the Bureau of Mines? MR. HARRINGTON: They are not; absolutely not.* Furthermore, the Bureau of Mines' Engineers have opportunities to go around in mines, and in mine cars as much as anybody else in the country, and I have in mind but one who is in the slightest degree in favor of allowing self-rescuers to go in a mine. MR. BEVAN: Mr. Chairman, I would like to ask the Safety Committee if it would be of any use to the fire boss traveling through the mine? PRESIDENT PRYDE: Mr. Chairman, I think we should finish up the discussion on the self-rescuer before we take up any other discussions.

Jan 1, 1924

[ ]

Jan 1, 2000

By Richard M. Whiting

Thank you very much for that introduction. I spent part of my early career in the coal industry here in Colorado, and I am always happy to return. In such a beautiful setting, it seems out of place to talk about "Improving the Climate". But in our work-a-day worlds, we know the climate for the coal industry is something less than picture perfect. But unlike Mother Nature's climate, there are some things we can do about the climate for coal. Today, I want to talk to you about sonic of the activities that we are engaged in... and that you can support... to improve that climate. A number of challenges and opportunities face our industry. I will try to set the stage for this conference by briefly describing the current climate for coal - which is indeed very challenging. I will then outline some of the steps we are taking to broaden our base to include our allies in the rail and electricity industries and the public at large.

Jan 1, 2000

CONCLUSIONS: Our experience, where we attempt to remove a continuous face with a seam more than six and one-half feet in thickness, has been rather disastrous. We have been able to open up faces and retreat for a distance of 75 to 100 feet in this particular character of coal, but after the supporting timbers have been removed for the second or third time we have found that the roof has a tendency to ride over the props and break off at the face of the coal support. However, where our coal is below six and one-half feet in thickness we have had very good success in handling the roof and breaking it off systematically with our break line of props, which are usually from 12 to 15 feet from the face of the coal. Our practice in to set props at about two-foot intervals in each direction and remove two sets of props, at the same time two additional sets are placed along the coal face. At all times we are very insistent that all props be removed from the gob and that entire coal be taken out so that it is possible for the roof to break freely and all come down, not having any supporting pillars in the gob. The conclusion of our experiments to date is that if all the supports beyond the breaking line of props are taken out as the long face retreats and the closer the breaking line of props is kept to the face the better the results will be. We have never felt it safe to have less than four rows of props to protect the machinery and men working along the coal face. We feel that the time element as to the rapidity with which these faces are advanced or retreated, is of vast importance, but to date have not had an opportunity or experience enough to reach any conclusion as to what time element is proper here with us. We feel that the crushing strength of the overlying strata will govern this to a large extent, and as ours varies considerably, it is going to he very difficult for us to reach a definite conclusion. My opinion is, that conditions may be such that rather than have a short face and retreat rapidly, it will be found that a longer facewith a slower retreat will work out better. Such a condition might give the overlying strata time to settle. The caving of roof or of control of this caving, with us, is quite closely associated with the ventilation. We find that the places where the strata overlying the coal are composed of shale, that the effect of the air on this is of very great importance. It is our endeavor, at all times, not only to remove obnoxious gases, but to keep a current of fresh air moving along the face and, of course, a portion of this travels over the gob and comes in contact with the roof and overlying strata. This, we find, helps materially in keeping the roof on the move. As it is our practice to keep water for sprinkling purposes at all places, we also use this water to keep the roof wet back in the gob. The effect of water on the shale is to cause it to disintegrate quite rapidly. MR. HOLMAN (Concluding): If there are any questions about this, I will be glad to answer them. I have some prints and also some pictures of the scraper loader and the shaking conveyors (distributes.) PRESIDENT MOSES: We wish to thank you, Mr. Holman, and also wish that you would thank Mr. Dupont for his paper. Are there any discussions? Do you wish to ask Mr. Holman any questions? (No response.) PRESIDENT MOSES: Mr. Holman, I would like to ask you how you take the photographs; were they taken by flashlight, or were globes used, or how were they taken, in a gaseous mine? MR. HOLMAN: Our mines being gaseous, we do not use the ordinary flashlight for taking underground photographs, but we have had considerable success, I think, with underground pictures by means of electric lights. We use 250 watt globes. We have six of these rigged up with tin reflectors, 18 inches in diameter, on standards, and we carry two or three hundred feet of wire connected with these six lights, and they can be turned on in the room where we take the photograph, by means of this extra wire. We set the kodak up and arrange the picture and take a long time-exposure. We usually take an

Jan 1, 1926

The Institute thanks the following for their invaluable assistance, not only in assisting of the planning and organizing for the Vail meeting, but also for their tireless effort in transcribing, editing and processing the various speeches for these proceedings: Elizabeth Sturges-Murray Executive Assistant to the President Western Mining Operations W. R. Grace & Co. Jacklyn Grove Office Supervisor Mining Division W. R. Grace & Co Donna Hollister Further, the Institute announces the appointment of Doris G. Finnie as Secretary-Treasurer. Formerly Office Manager of K&P SALES ENGINEERS, INC., Doris has assisted for the past 15 years in registration for RMCMI. The Institute has opened an office at 777 Nile Street - Suite C Golden, CO 8040 1. Phone her at 3031278-1912 with any changes, corrections or suggestions.

Jan 1, 1982

By M. H. Forester

The Bituminous Coal Industry has for the past year been faced with a most serious problem. I am sure that you have had your own individual and local problems, as do we all. In my thirty years of practical experience with coal mining, I have never found an operating man nor a coal mine without problems. The very nature of mining, with so many unknown factors involved, precludes the absence of problems. But they are not insurmountable, and one should not dwell on them interminably. They should be recognized as a challenge to our ability and ingenuity to solve them, and once the proper solution is found, it should be applied and the problem dismissed. However, we find ourselves at the moment in the midst of a serious challenge to our very existence. In the early thirties, many in the industry welcomed the re-establishment of Unionism as a balance wheel, in the belief that the stabilization of wage scales would also stabilize prices and eliminate disastrous price cutting practices. The ultimate effects of having twenty-six years of benevolent paternalism in the administrative branches of Federal and State Governments with their labor courting policies, could hardly have been anticipated. And so with wages spiralling under government sponsorship, we have finally reached the point where competitive fuels, such as natural gas and oil are more attractive to the consumer, from the economic angle of cents per BTU cost, than coal.

Jan 1, 1953

Participating Scholarship Colleges and Universities 134 AmerCable, Inc 144 Andalex Resources, Inc 118 ARCO Coal Company 148 Behre Dolbear & Company, Inc 101 Coastal States Energy Company 100 Commercial Testing & Engineering Company 88 Crane & Hoist Sales Inc 121 Cyprus Amax Minerals Company 115 Dakota Coal Company DriltechInc 135 Empire Machinery Company 94 Energy West Mining Company 122 GH Hensley Industries 126. 127 Hitachi Construction Machinery (America) Corp. 12 Ingersoll-Rand Company 141 Jennmar Corporation 142 Joy Mining Machinery - A Harnischfeger Industries Company 104 K & P Sales Engineers, Inc 114 Kennametal Inc 95 Kennecott Energy Company 133 Kerr-McGee Coal Corporation 96 LeTourneau, Inc 145 Long-Airdox Company 112 Magnum Metals, Inc 138 McLanahan Corporation 129 Mine Technik America 124 Morrison Knudsen Corporation 97 National Mining Association 98 Nielsons,Inc 136 The North American Coal Corporation 130 Northwestern Resources Company 125 O&K Orenstein & Koppel, Inc 14 Peabody Western Coal Co 131 Phillips Machine Service, Inc. 13 Pincock Allen & Holt 120 Powder River Coal Company 107 Ramsey Technology, Inc 119 Rust Tractor Company 90 Salt River Project 91 Savage Industries Inc 89 Sheraton Steamboat Resort and Conference Center 111 Stamler Corporation (An Oldenburg Group Company) 117 Tamarron Hilton Resort 137 TerraMatrix Inc 139 TIC (The Industrial Company of Wyoming, Inc.) 99 Trapper Mining Inc 106 Wagner Equipment Company 116 Western Energy Company 105 Wheeler Machinery Company 128

Jan 1, 1996

Good Morning. Thank you for your kind welcome, Lyle and thank you for having me here today. I spoke at the fall meeting of the Utah state RMCMI in Price and it's nice to be invited back. I can see by the program that you have two great days of interesting and informative meetings, including the mine rescue team exhibition and the safety recognition award presentations. As you all know, I am here standing in for Dave Lauriski, who is in China with Secretary of Labor Chao. As you also know, Utah is near and dear to his heart - and so is the Rocky Mountain Coal Mining Institute. I want to assure you Dave would be here if it were at all possible. But it is my good fortune that I could come in his place. We have made great progress as an Agency thanks to the hard work and dedication of MSHA's employees. But we are always looking for new ways to solve problems and continue to send more miners home safe and healthy every day. And we have been working on some great ways to do that, including thinking strategically. During my presentation today I'm going to talk about where the Agency is in terms of our transformation to the MSHA of the 21st century, a little bit about how we got to be where we are, and then describe our roadmap to the future state. And I'm going to focus on the significance of our plan and the planning process to demonstrate the implication for the mining industry. Former President Dwight Eisenhower once said, "In preparing for battle I have always found that plans are useless, but planning is indispensable." Now I do like Ike, but I would have to take exception to the first part of the sentence. I have found plans and the planning process to be indispensable - the plan to give me a roadmap to my goal, and the process to focus me on the steps I must take to get there. We all know that having a strategic plan makes the difference between success and failure. We've seen it time and time again, in business, in our lives - and in government: Having a strategic plan is crucial to success. And the process of making the strategic plan is crucial to its success. Putting together a workable strategic plan - a good roadmap - that will successfully lead you to your goals requires a thorough, careful process that takes into account each factor that you may encounter along your way to success, as well as those with whom you will travel. In order to talk about our current plan I want to take you back to three years ago, when Dave Lauriski went to Washington to lead MSHA. He knew that change was in the air. Dave was confirmed as Assistant Secretary with 30-plus years experience in the coal mining industry, and more than 20 years of experience in dealing with

Jan 1, 2004

The Wednesday morning session was opened by President Stanley Shuhart at 9-30 a.m. He called the Chairman of the Auditing Committee. Kenneth Eaton, to report on the financial statement. Mr. Eaton read the data and asked for its approval. It was made, seconded and approved. John Turner, Chairman of the Resolutions Committee, submitted the following: RESOLVED: Whereas, in the year since the last convention of the Rocky Mountain Coal mining Institute, the Institute and the cool mining industry generally have suffered the loss through death of the services of: Walter M. Bellairs F. V. Colombo, M.D. George R. Delamater J. H. East, Jr. E. W. Felegy Hugo H. Machin Archie M. Morrison George E. Mills Veloy K. Piccioni

Jan 1, 1969