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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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MASSEY ENERGY COMPANY

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The following information was prepared for and will be presented to RiskMetrics Group on April 30, 2010, and may be presented to shareholders, investors and analysts in the future.

SHAREHOLDER PRESENTATION
April 30, 2010

MASSEY ENERGY OVERVIEW
2
EBITDA in Millions*
Cash and Liquidity in Millions**
** $72 million in restricted cash posted as appeal bond for
Harman litigation reverted to cash in 2010 Q1.
•
#1 coal producer in Central
Appalachia
•
#5 coal producer in U.S. by
produced coal revenue
•
2.9B tons of total coal reserves
–
1.3B metallurgical coal
•
38.0M tons produced in 2009
•
31% of 2009 produced coal
revenue was from met coal
•
Strong cash generation and
balance sheet
* Please see disclaimer and Non-GAAP information on pages 22-24

MASSEY ENERGY OVERVIEW
•
Central Appalachia is relevant, and remains advantaged
•
Massey is well positioned to take advantage of met. coal opportunities
–
Atlantic Basin will continue to be a natural home for our exports
–
International markets (Indian Ocean and Pacific) are increasingly
becoming an attractive destination
–
Steam coal inventories are recovering
•
Massey is in a good position to acquire/consolidate Central Appalachia
–
Cumberland acquisition is validation of strategic focus
•
Massey short and long term prospects are bright and compare favorably
to other coal and energy platforms
3

NET DEBT TO CAPITALIZATION
0%
10%
20%
30%
40%
50%
60%
29.3%
Dec. 31
2006
Dec. 31
2007
Dec. 31
2008
Dec. 31
2009
•
Massey’s strong performance and prudent financial management allowed
us to improve our net debt position, despite the recent financial crisis
*Please
see
disclaimer
and
Non-Gaap
information
on
pages
22
-
24
4

STRONG FINANCIAL FOUNDATION
Massey has benefited from strong financial
management and leadership
–
The debt and equity we issued in August of 2008
provided our company with stability and security during
the global recession that emerged shortly thereafter and
prevailed throughout 2009
–
At March 31, 2010, we had cash and cash equivalents
totaling $1,162.9 million (see note).  This compared to
$665.8 million at December 31, 2009
–
Massey also had $98.6 million available under its asset-
based revolving credit facility for total liquidity of
$1,261.5 million at March 31, 2010 (see note)
–
Our total debt-to-book capitalization ratio was 42.4
percent at March 31, 2010 compared to 51.2 percent at
December 31, 2009
5
Since November 2000,
Massey’s market cap
value has risen from
$758M to $4.2B
Massey Energy employed
3,600 people in 2000;
today, it employs 6,950
Note:
Cash
and
liquidity
totals
were
prior
to
closing
of
the Cumberland acquisition on April 19, 2010. The cash
consideration for the acquisition was $640.0 million.

CULTURE OF SAFETY
“Safety is Job 1”
S-1
Culture
•
S-1 is not just a slogan, but a
vow
•
Corporate culture today
focuses on three priorities:
safety, ethics and excellence
•
Members are among the best
trained, most productive and
safest miners in the world
Board
•
The Board works to ensure
that we have in place a strong
process for identifying,
prioritizing, sourcing,
managing and monitoring our
critical risks
•
The Audit, Compensation,
Finance, Governance and
Nominating and Safety,
Environmental and Public
Policy Committees are each
responsible for risk oversight
within each committee’s area
of responsibility and regularly
report to the Board of
Directors
Management
•
Our Hazard Elimination
Committee, comprised of top
managers and chaired by the
COO, requires every violation
to be investigated and
reported on
•
Weekly, it regularly reviews
new violations and decides
upon actions that should be
taken, including the
disciplining of Massey
members
6

HISTORY OF SAFETY EXCELLENCE
•
Massey puts the safety of its members first
•
The amount of time lost to accidents at Massey Energy has bested
the
industry average for 17 of the last 19 years
•
Massey’s Non-Fatal Days Lost rate has shown constant improvement and
is far better than the industry average. At the end of March 2010, our
YTD NFDL rate was 0.79
•
Since 2005, Massey has spent more than $45M on underground safety
innovations –
above and beyond the regulatory requirements
•
In 2009, MSHA awarded Massey Energy three Sentinels of Safety Awards
–
the most ever received by a company in a single year
7

NFDL RATES OF MASSEY VS. INDUSTRY
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Massey
Industry
•
Massey’s Non-Fatal Days Lost rate has consistently beaten industry
averages
8

UPDATE ON UPPER BIG BRANCH
•
The investigation is ongoing
–
MSHA, West Virginia and Massey inspection teams are being assembled to
determine the cause of the accident
•
Just days before the explosion, federal mine inspectors commented favorably
on conditions in the mine
–
From November 1, 2009 through April 4, 2010, there were seven D Orders
issued at UBB, an 80% reduction in rate from the previous seven months
–
From January 1, 2010 through April 4, there were zero lost-time accidents at
UBB
•
Clearly,
something
went
terribly
wrong
at
UBB.
It
is
simply
not
yet
known
what
it was
–
It is not known at this time what went wrong. Accusations that Massey Energy
is indifferent to safety could not be more wrong
9

COMMITMENT TO CORPORATE GOVERNANCE
•
We have taken aggressive steps over the last decade to keep pace
with
the evolving governance landscape and remain open to feedback
regarding best practices. In the last six years we have:
–
Lowered
the
mandatory
retirement
age
for
those
joining
the
board
after
January
1st,
2006
to age 74 from age 78
–
Capped severance agreement payouts for senior executive officers
–
Amended our equity plan to set minimum vesting periods and cap cash incentives
–
Developed an annual Corporate Social Responsibility Report
–
Instituted Stock Ownership Guidelines for our top 5 employees
–
Implemented a claw back provision that enables the company to reclaim any bonus paid to
an executive if the Board of Directors determines there was intentional misconduct that
led to a restatement of financial statements filed with the Securities and Exchange
Commission
–
Adopted a Director Resignation Policy, which is triggered if a director nominee fails to
secure a majority of shareholder votes
–
Invited shareholders to comment on board declassification and pledged to put it to a
formal vote in 2011 if there is majority support for such action
–
Reviewed
“related
transactions”
to
determine
board
independence
and
found
none
that
rose to the disclosure level set by the New York Stock Exchange
10

GOVERNANCE LEADERSHIP
•
Admiral Inman has assumed leadership of the Governance and
Nominating Committee
–
25 years of experience on the Massey Board of Directors
–
Lead Independent Director
–
Only current public corporate board
–
Previously served on corporate boards of Dell, Fluor, SAIC, SBC (now
AT&T), Temple-Inland, Oracle and Xerox
•
Lady Judge resigned her Massey board seat on April 14, 2010
–
She arrived at this decision independently and on the basis of issues
unrelated to her role at Massey
–
We do not believe the number of boards that a director serves on
should be a determining factor in a director’s eligibility to serve
–
Regardless –
this was CtW’s primary objection and it has been resolved
11

BOARD OVERSIGHT OF MANAGEMENT
•
Chairman & CEO Don Blankenship retains full confidence of the board
–
Making changes in the midst of a crisis is exceptionally high risk
–
When the crisis has subsided and we know the facts, we will maintain the
highest standard of accountability and responsibility
•
Mr. Blankenship has created significant shareholder value during
his tenure
–
In 1987, Massey Coal Company was worth an estimated $190M and had
approximately 1200 employees
–
November 2000 market cap of $758M, 3600 employees
–
April 2010 market cap of $4.2B, 6950 employees
•
The Board of Directors takes its oversight of management very seriously
–
Each committee is responsible for oversight in their area of expertise and
regularly reports to the Board of Directors
12

ENVIRONMENTAL AND REGULATORY COMPLIANCE
•
The board puts a priority on Safety and Environmental oversight
–
All directors participate in quarterly meetings of the Safety,
Environmental and Public Policy Committee
•
The Board of Directors strongly believes that deliberate resolution of
regulatory issues is in the best interest of shareholders
–
Decision to settle with EPA in 2008 was driven by our desire to avoid a
“confrontational”
battle with the agency that could have distracted
the company from its core business
–
Share price has appreciated over 43% since that January 2008
settlement
13

EXECUTIVE COMPENSATION PRINCIPLES
•
Our equity plan does not permit stock option repricing
or cash buyouts
•
We have never repriced
options or exchanged them for shares, options
or cash without shareholder approval
•
Our directors and CEO are subject to stock ownership guidelines
•
We have double trigger change in control agreements
•
We have implemented and disclosed a claw back provision
•
All directors own stock
•
The length of the employment agreement with the CEO is 2 years
14

BOARD DECLASSIFICATION
•
Massey recognizes the broader trend towards declassification and
is
open to consideration
•
We look forward to shareholder feedback on the declassification
proposal and are willing to put the issue to a formal vote in 2011 if
there is majority support
15

RELATED TRANSACTIONS
•
Massey regularly reviews “related transactions”
to determine board
independence and have found none that rose to the disclosure level set
by the New York Stock Exchange
•
Claims that Directors Moore and Suboleski have material ties to the
company outside of their board roles are unfounded
16

BOARD STRUCTURE
•
Massey’s commitment to compliance and ethics is supported and encouraged by
the company’s strong Board of Directors and a highly qualified audit committee
–
We
have
assembled
a
diverse
set
of
industry
experts
that
provide
unique
insight into strategic direction and draw upon corporate governance and risk
oversight best practices from across industry
•
The company’s Corporate Governance Guidelines require a majority of
independent Board members with no material relationship to the company or its
affiliates
–
The nominating, compensation, audit committees are 100% independent
–
75% of total directors are independent and we disclose Board/governance
guidelines
–
During
2009
each
director
attended
at
least
95%
of
the
aggregate
of
all
board
meetings
and
meetings
of
Board
committees
on
which
such
director
served
17

BOARD TENURE AND EXPERTISE
18
Board Member
Tenure
Relevant Experience
Stanley C. Suboleski
2 years
Former Commissioner of the Federal Mine Safety and Health Review
Commission. Provides mining engineering consulting services. Professor and as
the Department Head of Mining and Minerals Engineering at the Virginia
Polytechnic Institute and State University. B.S. and PhD degrees
in Mining
Engineering from the Pennsylvania State University and his M.S. degree in
Mining Engineering from the Virginia Polytechnic Institute and State University.
Richard M. Gabrys
(Current Nominee)
Chairman, Finance
Committee
3 years
Former Vice Chairman of Deloitte
& Touche
LLP with valuable financial
expertise, especially in public reporting and mergers and acquisitions. Serves
on boards of MS Energy Company, La-Z-Boy Incorporated, TriMas
Corporation,
and tax-exempt entities: The Detroit Institute of Arts, Karmanos
Cancer
Institute, Alliance for Safer Streets in Detroit (Crime Stoppers), Detroit
Regional Chamber and Ave Maria University.
Baxter F. Phillips
(Current Nominee)
3 years
Joined Massey in 1981. Experience in various positions in senior
leadership of
the Company. Holds a bachelors of science in business management
and a
master’s degree in business administration from Virginia Commonwealth
University. Extensive experience in investments and banking.
Richard H. Foglesong
Chairman,
Compensation
Committee
4 years
General, U.S Air Force (retired). Former President of Mississippi State
University. President and Executive Director of the Appalachian Leadership and
Education Foundation. director of Michael Baker Corporation. Board member of
CDEX, Inc. Experience in safety performance and public policy matters.

BOARD TENURE AND EXPERTISE
19
Board Member
Tenure
Relevant Experience
James B. Crawford
Chairman, Safety,
Environmental and
Public Policy
Committee
5 years
A consultant for Evan Energy Investments, LC. Chairman of Carbones
InterAmericanos
S.A.  Former Chairman and CEO of James River Coal Company
and Transco Coal Company. Board of Trustees of Colby College, Chair Emeritus
of the Collegiate School and current Chairman of the Boys and Girls Club of
Metro Richmond Foundation. Extensive financial and managerial experience in
domestic and international coal mining, trading and shipping experience.
Dan R. Moore
(Current Nominee)
Chairman, Audit
Committee
8 years
Chairman of Moore Group, Inc. Former Chairman, President and CEO
of the
former
Matewan
BancShares. Director and Chairman of the West Virginia
University Foundation. Board member of the Branch Bank and Trust
Company
and West Virginia Housing Fund.
Don L. Blankenship
Chairman, Executive
Committee
14 years
Director of the National Mining Association and the U.S. Chamber
of
Commerce. Extensive knowledge of coal mining and financial expertise and
leadership, safety, risk oversight and management.
Bobby R. Inman
Lead Independent
Director and
Chairman of the
Governance and
Nominating
Committee
25 years
Admiral, U.S. Navy (retired). Professor at the LBJ School of Public Affairs at
the University of Texas. Former Director of the National Security Agency and
Deputy Director of the Central Intelligence Agency. Managing director of
Gefinor
Ventures, Inc. and Limestone Ventures, Inc. Broad experience
evaluating international and political risk.

BOARD SIZE AND INDEPENDENCE
20
Independent
Board Members
•
Number of Board members is within appropriate range given
company size
•
Board structure is in line with industry averages and in keeping
with competitors given relative scope of operations

CONCLUSION
•
The
Board
of
Directors
has
demonstrated
considerable
progress
on
the
corporate
governance
issues
that
have
been
raised
by
the
CtW
Investment
Group
–
Primary objection with the makeup of the Board has been resolved
•
It’s
troubling
that,
in
the
wake
of
the
current
crisis,
CtW
would
threaten
to
mount
a
campaign to withhold votes from our three qualified nominees
–
Opportunistic attempt to place blame before the facts are known
–
Rush to judgment assumes culpability for the accident and imagines a connection to
broader corporate governance claims
•
Consider the damage to shareholder value that the forced resignation of the
Chairman of the Finance Committee, the Chairman of the Audit Committee and the
President of Massey would have as the company emerges from a serious crisis
•
After an understanding of the facts -
return on shareholder value, commitment to
safety
and
best
practices
in
Corporate
Governance
-
it
is
clear
the
Board
of
Directors
of Massey Energy should to be retained
21

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;
The
company’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.
22

NON-GAAP INFORMATION
"EBIT" is defined as Income before interest and taxes. "EBITDA" is defined as Income before interest and taxes
before deducting Depreciation, depletion, and amortization (“DD&A”). Although neither EBIT nor EBITDA are
measures
of
performance
calculated
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States ("GAAP"), we believe that both measures are useful to an investor in evaluating us because they are widely
used in the coal industry as measures to evaluate a company’s operating performance before debt expense and as
a measure of its cash flow. Neither EBIT nor EBITDA purport to represent operating income, net income or cash
generated by operating activities and should not be considered in isolation or as a substitute for measures of
performance calculated in accordance with GAAP. In addition, because neither EBIT nor EBITDA are calculated
identically by all companies, the presentation here may not be comparable to other similarly titled measures of
other companies.
"Net debt" is calculated as the sum of Short-term debt and Long-term debt less Cash and cash equivalents
(adjusted for funds designated for Cumberland acquisition), Short-term investment and Restricted cash (included in
Other current assets).  Although Net debt is not a measure of performance calculated in accordance with GAAP,
management believes that it is useful to an investor in evaluating Massey because it provides a clearer comparison
of
our
debt
position
from
period
to
period.
Net
debt
should
not
be
considered
in
isolation
or
as
a
substitute
for
measures of performance in accordance with GAAP.  The table below reconciles the GAAP measure of Long-term
debt to Net debt.
The "Total debt-to-book capitalization" ratio is calculated as the sum of Short-term debt and Long-term debt divided
by the sum of Short-term debt, Long-term debt and Total shareholders' equity.  The "Total net debt-to-book
capitalization" ratio is calculated as the sum of Net debt (see above) divided by the sum of Net debt and Total
shareholders' equity.
23

NON-GAAP INFORMATION
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.
See the tables attached to our February 2, 2010 earnings press release for a reconciliation of the non-GAAP
measures included herein with the most relevant GAAP measures.
24