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Building A Strong FutureRaymond James Coal Investors Conference

Bennett K. Hatfield

President and CEO

December 4, 2008

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Forward-Looking Statements

•You should keep in mind that any forward-looking statement made by us in this presentation or elsewhere speaks only as of the date on which the
statements were made. See also the “Risk Factors” in our 2007 Annual Report on Form 10-K and in our subsequent filings on Form 10-Q, all which are
currently available on our website at www.intlcoal.com. New risks and uncertainties arise from time to time, and it is impossible for us to predict these
events or how they may affect us or our anticipated results. We have no duty to, and do not intend to, update or revise the forward-looking statements in
this presentation except as may be required by law. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement
made in this presentation might not occur. All data presented herein is as of November 30, 2008 unless otherwise noted.

•Statements in this presentation that are not historical facts are forward-looking statements within the “safe harbor” provision of the Private Securities
Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. We have used the words “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project” and similar terms and phrases, including references to assumptions, to identify forward
-looking statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are
subject to various risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of
which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-
looking statements. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:
market demand for coal, electricity and steel; availability of qualified workers; future economic or capital market conditions; weather conditions or
catastrophic weather-related damage; our production capabilities; consummation of financing, acquisition or disposition transactions and the effect
thereof on our business; a significant number of conversions of our convertible senior notes prior to maturity; our plans and objectives for future
operations and expansion or consolidation; our relationships with, and other conditions affecting, our customers; availability and costs of key supplies
or commodities such as diesel fuel, steel, explosives and tires; availability and costs of capital equipment; prices of fuels which compete with or
impact coal usage, such as oil and natural gas; timing of reductions or increases in customer coal inventories; long-term coal supply arrangements;
risks in or related to coal mining operations, including risks related to third-party suppliers and carriers operating at our mines or complexes;
unexpected maintenance and equipment failure; environmental, safety and other laws and regulations, including those directly affecting our coal
mining and production, and those affecting our customers’ coal usage; ability to obtain and maintain all necessary governmental permits and
authorizations; competition among coal and other energy producers in the United States and internationally; railroad, barge, trucking and other
transportation availability, performance and costs; employee benefits costs and labor relations issues; replacement of our reserves; our assumptions
concerning economically recoverable coal reserve estimates; availability and costs of credit, surety bonds and letters of credit; title defects or loss of
leasehold interests in our properties which could result in unanticipated costs or inability to mine these properties; future legislation and changes in
regulations or governmental policies or changes in interpretations thereof, including with respect to safety enhancements and environmental
initiatives relating to global warming; the impairment of the value of our goodwill and long-lived assets; the ongoing effect of the Sago mine accident;
our liquidity, results of operations and financial condition; adequacy and sufficiency of our internal controls; and legal and administrative proceedings,
settlements, investigations and claims and the availability of related insurance coverage.

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Discussion Topics

1.Coal Market Update

2.Overview of International Coal Group, Inc.

a.Coal reserves

b.Production growth

c.New operations

d.Sales position for 2009-2010

3.Summary

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Coal Market Update

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Coal Market Update

•The fundamental story for coal remains solid:

–Eastern US coal supply is expected to remain heavily constrained by labor
scarcity, regulatory delays and heightened MSHA enforcement

–Current term price indices, although down from peak levels, remain 30% above
year ago levels

–US coal exports are expected to remain well above 2006-07 levels

–Long-term Pacific Rim demand is expected to keep global supply relatively tight

–Demand for coal as base load for US electricity generation has historically been
resilient during economic downturns

•Coal prices have fallen due to a variety of factors:

–Deepening global economic concerns triggered by credit crisis

–Plunging oil and natural gas prices

–Mild summer weather in US and Europe

–Financial traders liquidating positions to raise cash - exaggerating market drop

–Dearth of recent physical transactions allow “paper trades” to drive indices lower

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Source:Edison Electric Institute Industry Statistics, November 2008

U.S. Electric Power Industry Net Generation by Fuel Source - 2007

Coal Remains the Primary Fuel for Electricity Generation

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Source:EIA - National Energy Supply and Fuel Outlook, September 11, 2008

EIA Forecast: Continued Growth in US Electrical Demand

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Source:Energy Information Administration - Short-term Energy Outlook, October 2008

US Exports Were Key Factor in 2008 Market(Tons in 000’s)

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Source: Market price data per ICAP United, Inc.

Prompt Month Spot Prices Trending Downward
…But still well above historical levels

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CSX Index Pricing

Pitt #8 Index Pricing

Source: Market price data per ICAP United, Inc.

Term Price Indices Also Declining
…But averaging +30% favorable to year ago levels

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Market Outlook - Summary

•Asian economic growth is expected to continue to increase
worldwide coal demand

•US exports are expected to remain well above 2006-07 levels

•US thermal coal prices should improve as winter demand reduces
inventory and supply tightness becomes apparent

•Met coal pricing is expected to fall below 2008 peaks but well
above historic pricing levels

─Settlements will be delayed until steel inventories are worked down

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Overview of

International Coal Group

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Key Highlights of International Coal Group

Summary Statistics

Market capitalization 1:$351.1 million

Coal reserves:1.0 billion tons

Reserve life:Approximately 55 years

Employees:2,676

2008 tons sold 2:19.3 million

2008 tons produced 2:18.1 million

1 Market capitalization is based on 153.3 million shares outstanding and a stock price of $2.29 as of December 2, 2008

2 Represents management’s estimate as of November 30, 2008

•Strong operating presence in 3 of 4 largest US coal producing regions

•Broad reserve base of over one billion tons is 67% owned

•Selective production growth initiatives targeting high-margin markets

•Favorable market position with strong committed sales for 2009 and 2010

•100% union free workforce

•Solid and improving balance sheet with minimal long-term legacy liabilities

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ICG Illinois

Illinois

Kentucky

Ohio

Beckley

West
Virginia

Virginia

MD

East Kentucky

Flint Ridge

Hazard

Knott County

Raven

Eastern

Buckhannon

Sentinel

Tygart Valley #1 and #2

Vindex

Jennie Creek

Current Operations

Future Operations

ADDCAR

Big Creek

Current and Future Operations

•13 active mining complexes - 8 in Central Appalachia, 4 in Northern Appalachia, and 1 in
Illinois Basin

•2 new mine complexes (Sentinel and Beckley) opened within last 2 years; recently
acquired Powell Mountain began producing July 2008

•Development of new Tygart #1 Complex will be delayed due to permit challenges and
economic uncertainty; site construction is projected to resume in 2010

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39%

IL
Basin

25%

CAPP

36%

NAPP

34%

Leased

349 million tons

66%

Owned

667 million tons

Geographic Distribution of Reserves

Reserve Ownership

High-Caliber Reserve Base

•ICG controls 1.0 billion tons of high-quality reserves that are primarily high BTU,
low sulfur steam and metallurgical coal

•CAPP/NAPP reserves of 624 million tons are 53% met quality

•ICG reserve ownership % is among largest of publicly traded peers

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2008 ICG Production Profile

21%

NAPP

67%

CAPP

12%

ILB

Production by State

Production by Region

Production by Method

56%

Surface

44%

Under-

ground

45%

KY

38%

WV

12%

IL

5%

MD

Note:Represents management’s estimate as of October 29, 2008

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Projected Production 2008-2010

•Key development projects are
expanding high margin production

•Growth in 2009-10 stems primarily
from developing Sentinel, Beckley,
and Powell Mountain complexes to
targeted capacity

•Inlight of permit challenges and the
uncertain economic outlook for
2009, restart of construction for the
new Tygart #1 complex will be
delayed until 2010

Production Plans Focus on Selective Growth

Note: Production projections represent management estimates as of November 30, 2008

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Key Operations Profiles

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Sentinel Complex

•Mine Type - underground shaft/slope

•Customers - Mirant Energy,
Xcoal, Essar Steel Algoma

•Mining Method - room-and-pillar

•Total Reserves - 52.5 million tons

•2007 Production - 0.7 million tons

•Projected output of 1.5 million
tons/year at full capacity

•Coal Quality - high-vol met, premium
utility steam

•Transportation - CSX rail

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Beckley Complex

•Mine Type - underground shaft/slope

•Customers - Sun Coke, Shenango,
Xcoal, AK Steel, USS

•Mining Method - room-and-pillar

•Total Reserves - 32.2 million tons

•2007 Production - 0.04 million tons

•Projected output of 1.4 million
tons/year at full capacity

•Coal Quality - premium low-vol met

•Transportation - CSX rail

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Powell Mountain Complex

•Acquired May 27, 2008; production
initiated mid-July, 2008

•Mine Type - underground

•Customers - Traxys, Eastman
Chemical, ABC Coke, Xcoal

•Mining Method - room-and-pillar

•Total Reserves - 27.1 million tons

•Projected output of 1.0 million
tons/year at full capacity

•Coal Quality - high-vol met and
premium ultra-compliance steam

•Transportation - Dual-served CSX
and NS rail

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Projected Sales19.321.0-22.020.5-21.5
(mm tons)

Committed Tonnage

•Strong committed sales level for 2009-
2010, yet room to participate in market
upside

•Little exposure to spot market in 1st half
of 2009

Note: Committed tonnages and projected sales for 2008-2010 represent management estimates as of November 30, 2008

Favorable Sales Position

Uncommitted

Committed (subject to re-pricing)

Committed and priced

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Note: Per 3rd Quarter 2008 earnings releases and management estimates of ICO publicly traded peers

ICG is Well-Positioned Among Peers with
Low Unsold 2009 Tonnage

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Customer Base Now More Diversified

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Met Sales Growth Expected to Enhance Margins
and Boost Market Diversity

Note: Represents management’s estimate as of November 30, 2008

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Disciplined Sales Strategy Has Served Us Well

•Declined renewal of low-priced CAPP contracts during late 2007

•Continued to “layer in” new forward-contract prices as the market
steadily improved; new commitments since Feb. 2008 include:

–2009: 5.0 million tons at an average price per ton > $90

–2010: 2.8 million tons at an average price per ton > $100

–2011: 1.5 million tons at an average price per ton > $100

•Much of our remaining 2009 and 2010 unsold position is targeted
toward the high value met and premium steam markets

•Projected 2009 revenue per ton is expected to exceed 2008 by
20 to 25%

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	2008	2009	2010
Tons Sold (mm)	19.3	21.0 - 22.0	20.5 - 21.5
Tons Produced (mm)	18.1	20.0 - 21.0	20.0 - 21.0
Average Price Per Ton	$53.25 - $53.50	$63.00 - $67.00	n/a
Average Cost Per Ton	$47.00 - $47.50	n/a	n/a
Capital Expenditures (mm)	$179	$150	n/a

Updated Guidance

•Significant changes in the coal market and global economic outlook have made it
necessary to update the previous guidance

•New forecasts of production and sales for 2008, 2009, and 2010 reflect management’s
current estimates

•Detailed revenue and cost guidance may be provided at a later date, but the current
outlook is as follows:

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Summary

•ICG is well-positioned amidst the global economic uncertainty:

–Most of 2009-2010 coal is committed at substantially higher prices

–Unsold volumes for 2009 represent premium quality products

–We expect reduced cost pressures in 2009 on labor, as well as on
commodities such as diesel, ANFO (explosives), steel, and tires

–Our 2009-10 production growth stems primarily from full development
of mines that are now up and running

–Management anticipates significant margin improvement (vs. 2008)

•Capital spending will reflect a measured and cautious outlook that
maintains flexibility to respond to market conditions

•We believe fundamental demand for low cost energy from coal will
remain strong despite near-term global economic challenges

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Thank You!

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Appendix

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Summary of Active Mining Operations