Credit Suisse Global Credit Products Conference Sept 15-17-2014

Investor Presentation:
Credit Suisse Global Credit Products Conference

September 17-19, 2014
westmoreland.com | NASDAQ:WLB
Forward Looking Statements

This document contains forward-looking statements. Forward-looking statements can be identified by words such as anticipates, intends, plans, seeks, believes, estimates, expects and similar
references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make about our anticipated 2014 year end EBITDA and coal sales, the ability to optimize the
Canadian assets by taking advantage of synergies and economies of scale, the availability of additional acquisition opportunities or that we are well-positioned to take advantage of additional acquisition
opportunities, a potential increase in capacity factor at ROVA and that we have significant opportunity to deliver shareholder value.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements.
We therefore caution you against relying on any of these forward-looking statements. They are statements neither of historical fact nor guarantees or assurances of future performance. Important factors that
could cause actual results to differ materially from those in the forward-looking statements include political, economic, business, competitive, market, weather and regulatory conditions and the following:
Changes in our post-retirement medical benefit and pension obligations and the impact of the recently enacted healthcare legislation;
The impact of the recently enacted healthcare legislation and its effect on our employee health benefit costs;
Our potential inability to expand or continue current coal operations due to limitations in obtaining bonding capacity for new mining permits, and/or increases in our mining costs as a result of
increased bonding expenses;
Our substantial level of indebtedness and potential inability to maintain compliance with debt covenant requirements;
The potential inability of our subsidiaries to pay dividends to us due to reductions in planned coal deliveries or other business factors;
The effect of Environmental Protection Agency inquiries and regulations on the operations of the power plants we provide coal to;
The effect of prolonged maintenance or unplanned outages at our operations or those of our major power generating customers;
Future legislation and changes in regulations, governmental policies and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate
matter or greenhouse gases;
Our expansion into international operations as a result of the acquisition of the Canadian assets, which exposes us to risks relating to exchange rates and exchange controls, general economic and
political conditions, costs associated with compliance with governmental regulations in multiple jurisdictions, tax-related risks and export or import requirements for, or restrictions related to, our
products;
Our efforts to effectively integrate the Canadian operations with our existing business and our ability to manage our expanded operations following the acquisition;
Our ability to realize growth opportunities and cost synergies as a result of the addition of the Canadian operations; and
Other factors that are described in Risk Factors in our 2013 Form 10-K and any subsequent quarterly filing on Form 10-Q.
Company Highlights
Overview
Financial Position and Credit Rating (30-Jun-14)
Formed in 1854, Westmoreland is the sixth largest North

American coal producer(1)
Net Leverage(2)
3.1x
Operates 12 surface coal mines and two coal-fired power

generating units
EV/LTM EBITDA
5.6x
Closed acquisition of Sherritt Internationals coal assets in

April 2014
Well-positioned to deliver shareholder value:

Leading market position with low-cost operating model
Generating consistent cash flows
Cost-protected contract pricing insulates business from
broader coal price environment
Strong management with a track record of delivering
growth
Rating Agency
S&P
Moody's
Corporate
Bonds
B-
B-
Caa1
Caa1
Award-winning safety and environmental performance,

winning state and national awards
2013 Accomplishments
2014 Targets
Coal Sales
Adj. EBITDA
Coal Sales
Adj. EBITDA
(Mst)
(US$ mm)
(Mst)
(US$ mm)
U.S.
25
$116
U.S.
25 - 28
$112 - $120
Canada (12 Months)
26
$123
Canada (12 Months)(3)
23 - 26
$113 - $122
Pro Forma Total
51
$239
Pro Forma Total
48 - 54
$225 - $242
Source: Company filings, SNL, Statistics Canada

1. Based on 2013 combined pro forma production volumes.
2. Net leverage calculated as: (gross debt less cash and cash equivalents and debt service reserves) / Adjusted EBITDA.
3. Acquisition of Canadian assets closed 28-Apr-14; 2014 Canadian target represents a pro forma full year estimate.
Operations Profile
12 surface operations
Strategically located to minimize

coal transport
Adjacent customer facilities

provide fuel cost advantage
Proximity to export terminals
High-quality, stable customer base
Coal Valley
Genesee
Paintearth
Sheerness
Estevan
Poplar River
Rosebud
Absaloka
Savage
Beulah
Kemmerer
2 power generating units
Track record of operating at high

capacity factors
Next generation environmental controls

for clean operation
Awarded Carolina Star, North

Carolinas highest recognition for
workplace safety
Headquarters
Roanoke Valley
Power Facility
(ROVA)
Jewett
Coal U.S.
Coal Canada
Power
Closed Transformative Acquisition of Sherritts Coal Business
Significantly
Increased Scale
Highly
Complementary to
Existing Operations
Enhanced
Asset Portfolio
Financially
Accretive
Doubled Westmorelands production, creating the 6th largest North American coal producer(1)
Combined reserves of 1.2 billion tons
Enhanced sustainability of long mine lives and support of long-term cash flows
Complementary to core surface mining, mine-mouth model
Operations strategically located adjacent to customer generating facilities
Operate under long-term cost-protected contracts
Safe and environmentally responsible operations
Asset diversification into Canada, one of the worlds most favorable mining jurisdictions
Entry point into the export market and strategic access to port facilities
Added highly skilled workforce and management teams
Ahead of schedule in integrating the Canadian operations
Opportunities identified to further optimize the mining operations based on Westmorelands experience,
synergies and economies of scale
Pro forma 2013 revenue of ~$1.3 billion with pro forma Adjusted EBITDA of $239 million

Building a Diversified North American Coal Leader
Coal Sales
(Mst)
25
26
51
Revenue
(US$ mm)
$675
$652
$1,327
Adj. EBITDA
(US$ mm)
$116
$123
$239
Operating Mines
(Qty)
12
Reserves
(Mst)
514
676
1,191
Source: Company filings

Note: Based on 2013 pro forma figures.
Westmoreland Investment Highlights

Unique and
Predictable
Operating Model
Significant Scale
and Diversification
Operates in Favorable
Coal Markets
Proven
Management Team
Positioned for Growth
Simple mining methods and mine-mouth model

Mines adjacent to customer facilities provide fuel cost advantage
High quality, stable customer base under cost-protected contracts
6th largest coal producer in North America(1)

Geographic and regulatory diversification
Strong low cost reserve base with additional resources to be developed
Largest mobile dragline operator in the world
Coal is the primary fuel for power generation in markets served

Power plant customers are base load generators with high utilization
Useful lives of customer plants extend well into the future
Experienced management team with a proven record of improving operations

Successful acquisition and integration of the Kemmerer mine from Chevron in 2012
Superior safety and environmental record
Pursue disciplined growth through acquisition and contract mining

Optimize existing and newly acquired mining operations
Growth through alternative structures such as MLPs
Export market potential and identified growth projects
Simple Surface Mining and Mine-Mouth Operations

Addition of Canadian Surface Mines Complements Westmorelands Core Competency
Simple surface mining method

executed with draglines, trucks and
shovels
Significant savings by minimizing

transportation distances
High barriers to entry
Long-term cost-protected contracts

with high quality customers
Straightforward reclamation
Overburden dug by
shovels and hauled
by dump trucks
Majority of expenses are fully

reimbursed by customers
Unique Operating Model

Source: World Coal Association
Coal seams
Simple Mining Method
Mine-mouth positioning located in

close proximity to customer facilities
/ key infrastructure
Overburden
Overburden being
excavated by dragline
Transportation by conveyor, truck or rail

to nearby customer facilities
Dragline
excavation
Straightforward Reclamation Process
Dragline backfill
leveled by
bulldozers
Scale and Diversification
Shortened Transportation Routes
Tipping overburden
from benches
to backfill
Subsoil and topsoil

replaced and shaped
Favorable Coal Markets
Adjacent Power Plant Customers

High-quality investment grade customers
Proven Management Team
Proximity to Captive Customer Base with Significant Export Opportunity
Westmoreland captures a share of

the transportation savings resulting
in higher margins
Attractive low-cost operations
provide fuel ~50% below current
natural gas prices
Less reliant on rail than other
producers

8
Mine-mouth
Domestic Captive Customer Base
Mine-mouth positioning and

shortened transportation routes
makes Westmoreland a preferred
supplier
Truck
Open Market / Export Opportunities
Primary
Transport Method
Rail
Seaborne
Mine
Competitive Advantage
Beulah
Jewett
Kemmerer
Rosebud
Estevan
Genesee
Paintearth
Poplar River
Sheerness
Principal customers and strategic infrastructure

located adjacent to mines
Coal delivered by conveyor and short haul trucking

the most economical methods
Significant cost advantage exists even in competitive

natural gas pricing environment
Stable predictable cash flow from long-term costprotected pricing mechanism with customers
Performance and deliveries not reliant on rail service
Savage
Customers located ~20-25 miles from the mine

allowing for economical transportation
Absaloka
300+ mile rail advantage over other Powder River

Basin competitors
The 50% to 100% increase in rail rates in recent years

has improved Absalokas competitive position
Newly constructed Western Wye rail spur transports

Absaloka production to TransAltas Centralia facility
Established exporter of premium thermal coal to high

growth Pacific-rim customers
Strategic access to port facilities
Coal Valley
High Quality Customer Base and Long-term Contracts

Provides Revenue Visibility and Predictability
Long Lived Reserves and Contracts with High Quality Stable Customers
Majority of customers are investment
grade utilities
Cost-protected contracts:
Long-term
Cost-protected or cost-indexed
Fixed cost reimbursement
Reduced price risk
Contract Life
2021
Kemmerer
Beulah
Savage
Jewett
Stable Cash Flow
Customer Rating
Power Plant Served Primary Customer Moody's/DBRS
S&P
2019
Rosebud
U.S. Operations
2016
2017
2018
2021
Absaloka
2055
Weighted Avg. Contract Life: 2025
Canadian Operations
Genesee
Poplar
River
Estevan
2024
2026
Sheerness
Paintearth
2015
2022
Colstrip
PPL, Puget Sound
Baa3, Baa1
BBB, BBB
Naughton
PacifiCorp
A3
A-
Coyote
Otter Tail
Baa2
BBB
Lewis & Clark
MDU
Limestone
NRG Energy
Sherco, Centralia
Xcel, TransAlta
Genesee
Capital Power
Poplar River
SaskPower
AA
Boundary Dam, Shand
SaskPower
AA
Sheerness
ATCO, TransAlta
Battle River
ATCO

1. Absaloka contract life based on a weighted average between the Sherco and Centralia contracts. Sherco contract is a revolving 3-year contract. TransAlta
contract runs to 2025.
BBB+
Ba3
BB-
A3, Baa3
A-, BBBBBB-
--, Baa3
A, BBBA
Stable Cash Flows Through Long-Term, Cost Protected Contracts
of coal sales under

long-term contracts
of sales under cost-plus or

cost-indexed contracts
of sales contracts include

fixed cost reimbursement
if tons are reduced
Two thirds of contracts expire after 2018

10
Significant Scale with Built-in Resource Growth
6th largest North American coal

producer(1)
Produces ~70% of thermal coal in
Canada
1.2 billion tons of reserves
Addition of Canadian assets
further enhances reserve base
Average reserve life extends
beyond 2035
Demonstrated growth at minimal
upfront cost
Top North American Coal Producers (2013)
Significantly Enhanced Reserve Base
(Mst)
(Mst)
Peabody
U.S. Operations
Canadian Operations
200
Arch Coal
158
Alpha
115
Cloud Peak
96
Significant reserve growth

with considerable
resources to be proven
1,191
Murray Energy
53
Westmoreland
51
676
Luminant
33
Alliance
31
CONSOL
29
NACCO
29
368
514
2011

11

Note: Westmoreland shown pro forma for the acquisition of the Canadian assets.
2013
Coal is the Primary Fuel in the Markets Served

Power Generation by Region (2013)
Coal is the primary source for power

generation in the markets served
Minimal risk of displacement from

other coal basins or natural gas
Alberta(1)
3%
Saskatchewan
6%
8%
19%
47%
52%
37%
28%
Total: 72,918 GWh
Total: 23,155 GWh
Mountain
West North Central
7%
8%
14%
3%
12%
8%
54%
5%
22%
Total: 374,593 GWh
67%
Total: 331,910 GWh
Fuel Source
Coal

12
Natural Gas
Source: Alberta Department of Energy, SaskPower, U.S. Energy Information Administration

1. Alberta based on 2012 figures.
Nuclear
Hydroelectric
Other
Customers are Key Base Load Generators

Coal-Fired Generation Capacity Factor (%)(1)
Customers operate at high capacity

factors
Capacity factor will likely increase as

older, smaller coal-fired power
generation units are retired
Rising natural gas prices will drive

capacity factors higher
Competitiveness of coal has

recovered from lows of 2012
U.S. Capacity Factor
79%
U.S. Operations
84%
Canadian Operations(2)
84%
81%
79%
72%
66%
64%
60%
2010A
54%
2011A
2012A
67%
58%
2013A
Westmorelands Customers Can Compete with Natural Gas

(US$ / MBtu)
U.S. Operations
Canadian Operations
Natural Gas
$8.00
$6.00
$4.00
$2.00
-Dec-09

13
Dec-10
Source: AESO, Doyle Trading Consultants, Energy Velocity, EVA, FactSet, SNL, U.S. Energy Information Administration
1. Capacity factor shown as weighted average across power plants served.
2. Alberta power plant customers, based on actuals through September 2013.
Dec-11
Dec-12
Dec-13
Supply Customer Plants With Long Useful Lives

Key Supplier of Coal to Long-Lived Base Load Customers
Majority of the power plants served

are base load with high capacity
factors
Two-thirds of tonnage remains

through 2030
60
The majority of customer plants are

scrubbed with emissions controls
50
In Canada, regulations are well

defined
50 year life rule
Majority of Westmoreland
supplied plants have useful lives
extending beyond 2030
U.S. Operations
(In millions of tons)
Canadian Operations
40
30
20
10
-2014
2016
2018
2020
2022
2024
2026
2028
Significant volume extends well into the future

14
Source: Management estimates

Note: Tonnage percentages based on total estimated tonnage in stated year divided by 2014 estimated tonnage.
2030
Experienced Management Team

Keith Alessi
Chief Executive Officer
Jennifer Grafton
General Counsel
Kevin Paprzycki
CFO and Treasurer
Accomplished manager with over 30 years of senior executive experience
Joined Westmoreland as Chief Executive Officer and President in May 2007
Prior Chief Executive Officer of numerous private and public companies with a deep background in integrating large acquisitions
Extensive experience as a director of public and private companies
Joined Westmoreland as Associate General Counsel in December 2008 and was named General Counsel and Secretary in
February 2011
Focuses her practice on SEC compliance, corporate governance, Board management, risk management and employment/labor
relations
Joined Westmoreland as Controller and Principal Accounting Officer in June 2006 and was named Chief Financial Officer in
April 2008
Previously Chief Financial Officer of Evans and Sutherland Computer Corporation and held senior level positions at Applied
Films Corporation, Baker Hughes and Ernst and Young
Joined Westmoreland in August 1998 and has held several key leadership positions at several Westmoreland mining projects,
including Senior Vice President of Coal Operations since 2011, before becoming Executive Vice President in August 2014
Responsible for all six of Westmorelands U.S. mining projects
Joined Westmoreland in April 2014 as Senior Vice President, Canada Operations and was promoted to Executive Vice
President in August 2014
Career has encompassed both the western Canadian coal business as well as engineering and construction for a major
international firm
Joseph Micheletti
Executive Vice President
John Schadan
Executive Vice President

15
History of Exceptional Safety Performance

Lost Time Incident Rate(1,2)
Highly skilled workforce with culture

of safety
The U.S. operations are a repeat

winner of the National Mining
Associations Sentinels of Safety
Award
National Surface Mines
U.S. Operations
Canadian Operations
1.46
1.23
1.23
1.17
1.13
0.88
0.79
0.66
0.65
The Canadian operations are a

repeat winner of John T. Ryan safety
award
0.48
0.14
0.17
0.13
2009
2010
0.09
2011
0.06
2012
2013
Reportable Incident Rate(2)
2.11
1.83
1.38
1.83
1.69
1.65
1.32
1.31
1.12
1.03
0.58
0.36
2009

16
0.35
2010
0.22
0.17
2011

1. LTI calculated by multiplying the number of total LTIs by 200,000 (equivalence factor for 100 full time employees per year) and dividing by total exposure hours.
2. Canadian operations includes contractors.
2012
2013
Track Record of Accretive Acquisitions

Average Coal Acquisition EV / NTM EBITDA Multiples
Westmoreland has been successful

in purchasing assets in challenging
markets at attractive multiples
Kemmerer and Canadian Assets acquired at 3.0 4.0x EBITDA
Well positioned to continue to pursue

acquisitions:
Less levered than peers
Peers executed transactions at
high multiples and took on
significant debt
20-30 opportunities consistent with

the Westmoreland model
Larger producers actively divesting

assets at attractive valuations
8.1x
7.6x
Median: 7.1x
7.1x
2009
2010
2011
6.0x
6.0x
2012
2013
U.S. Coal Producer Leverage Net Debt / LTM EBITDA
21.8x
12.8x
6.4x
Median: 5.9x
5.4x
3.2x
Walter

17
Source: Bloomberg, company filings, FactSet, street research, SNL

1. Net Debt / LTM EBITDA as at 30-Jun-14.
Arch
Peabody
Alpha
CONSOL
3.1x
2.3x
Cloud
Peak
Westmoreland (1)
Proven Record of Successful Acquisition Integration
Acquired the Kemmerer mine from Chevron in January 2012
Westmoreland management significantly enhanced

financial performance, exceeding guidance
Added 118 million tons of reserves
Majority of production is committed and priced under costprotected contracts minimizing downside exposure
Signed new six-year labor agreement driving operational

and productivity improvements
Integration exceeded expectations with strong

improvements in productivity, costs, and safety
Integration of the Canadian operations is progressing ahead

of schedule
Increased 2014 EBITDA guidance by US$6 million
Westmoreland Improvements at Kemmerer(1)
18
Productivity(2)
Mining Cost per Ton
Mine Citations
Labor Grievances
Reportable Incidents
18%
5%
51%
74%
55%
Source: Management
1. Metrics based on improvements attained in the year following the acquisition.
2. Tons per man hour.
Delevering Through Strong Cash Flow Generation

Improved Balance Sheet Strength
Net Leverage(2)
Paid down $28 million of debt in

2013
Total liquidity of $76 million(1)
Potential to further delever through

the sale of non-core ROVA power
generation units
Rapidly paid down leverage used for Kemmerer acquisition to below pre-transaction levels;
On a similar delevering path following Sherritt acquisition
7.6x
Improve debt terms to reduce

interest expense and increase
financial flexibility
Maximize valuation through
strong cash flow generation
3.3x
3.7x
3.5x
3.1x
2.8x
2.3x
2009

19
1. As of 30-Jun-14 and includes cash on hand and revolving lines of credit.

2. Net Leverage calculated as: (total debt less cash and cash equivalents and
debt service reserves) / Adjusted EBITDA.
2010
2011
Kemmerer
Acquisition (3)
2013
3. As of 31-Jan-12.
4. Calculated using net debt figure pro forma for Sherritt transaction and pro
forma LTM Adj. EBITDA figure as at 30-Sept-13.
Sherritt Coal
Acquisition (4)
Current
(30-Jun-14)
Value to Be Realized From Canadian Acquisition

Optimization of Canadian Operations
Integrate operations teams and best practices
Implement Westmorelands operating and capital

philosophy
Ahead of schedule in transitioning initiatives
Execute upon identified opportunities
Key areas of focus for operational cost

improvements:
Dragline procedures and utilization

Pilot program has achieved a 7% gain in
productivity
Capital and operational planning
Administrative savings from centralization and

technology
E.g. combining Boundary Dam and Bienfait
Opportunity to further expand existing operations

20
Export Market Potential with Identified Growth Projects

Overview
Convenient Access to Local Export Terminals
Global demand for seaborne thermal coal is forecast

to grow to 2.4 billion tons in 2030, up from 1.0 billion
tons in 2012
Obed
Ridley Terminal
(Prince Rupert)
Coal Valley mine exports high-quality thermal coal to

customers in Japan and Korea and is an established
brand in these markets
ALBERTA
BRITISH COLUMBIA
Edmonton
Coal Valley
Coal deposits
Bituminous
Sub-bituminous
Unique access to strategic port facilities
Calgary
Transportation
Railway
Recently monetized port capacity at Westshore

Terminals for proceeds of US$37 million
Growth projects like Robb Trend have the potential to
enhance reserves and extend mine life
High leverage to recovery in Newcastle thermal coal
price
Westshore Terminals
(Vancouver)
Terminals
Newcastle Historical and Consensus Price Forecast

Historical Price
(US$/t)
Consensus Median
Consensus Forecast Range
$150
$100
$50
$0
2009

21
Source: Bloomberg, company filings, street research, Wood Mackenzie
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Significant Opportunity to Deliver Shareholder Value
Growth
M&A opportunities for Westmoreland to apply its mining expertise

Further expand contract mining and cost-plus model
Growth through alternative structures such as MLPs
Continue to drive down costs

Work with customers to maximize their dispatch
Reserves
Expand current reserve base to ensure long-term life and sustainability
Safety
Continued focus on safety
Optimize Capital
Structure
Improve debt terms to reduce interest expense and increase financial flexibility
Maximize valuation through strong cash flow generation
Manage Costs
22
Investor Relations
For investor relations please contact:

Kevin Paprzycki
Chief Financial Officer and Treasurer
Westmoreland Coal Company
9540 South Maroon Circle, Suite 200
Englewood, CO 80112
(720) 354-4489
Toll Free: (855) 922-6463
23

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Forward Looking Statements

Financial Position and Credit Rating (30-Jun-14)

Formed in 1854, Westmoreland is the sixth largest North

Operates 12 surface coal mines and two coal-fired power

Closed acquisition of Sherritt Internationals coal assets in

Well-positioned to deliver shareholder value:

Award-winning safety and environmental performance,

Canada (12 Months)

Canada (12 Months)(3)

Pro Forma Total

Pro Forma Total

Source: Company filings, SNL, Statistics Canada

Strategically located to minimize

Adjacent customer facilities

Proximity to export terminals

High-quality, stable customer base

2 power generating units

Track record of operating at high

Next generation environmental controls

Awarded Carolina Star, North

Closed Transformative Acquisition of Sherritts Coal Business

Combined reserves of 1.2 billion tons

Complementary to core surface mining, mine-mouth model

Operations strategically located adjacent to customer generating facilities

Operate under long-term cost-protected contracts

Safe and environmentally responsible operations

Added highly skilled workforce and management teams

Ahead of schedule in integrating the Canadian operations

Source: Company filings, SNL, Statistics Canada

Building a Diversified North American Coal Leader

Source: Company filings

Westmoreland Investment Highlights

Positioned for Growth

1. Based on 2013 combined pro forma production volumes.

Simple mining methods and mine-mouth model

6th largest coal producer in North America(1)

Coal is the primary fuel for power generation in markets served

Experienced management team with a proven record of improving operations

Pursue disciplined growth through acquisition and contract mining

Simple Surface Mining and Mine-Mouth Operations

Simple surface mining method

Significant savings by minimizing

High barriers to entry

Long-term cost-protected contracts

Majority of expenses are fully

Unique Operating Model

Simple Mining Method

Mine-mouth positioning located in

Transportation by conveyor, truck or rail

Straightforward Reclamation Process

Scale and Diversification

Shortened Transportation Routes

Subsoil and topsoil

Favorable Coal Markets

Adjacent Power Plant Customers

Proven Management Team

Positioned for Growth

Proximity to Captive Customer Base with Significant Export Opportunity

Westmoreland captures a share of

Unique Operating Model

Source: Company filings

Mine-mouth positioning and