March 20, 2010 Project Xenon Fairness Opinion Presentation Confidential Presentation Materials For: The Board of Directors of CONSOL Energy Inc. CONFIDENTIAL – FOR BOARD OF DIRECTORS ONLY, NOT FOR REDISTRIBUTION Exhibit (c)(1)

Table of Contents I. Transaction Overview II. CNX Gas Overview III. Valuation Summary IV. Pro Forma Transaction Analysis Table of Contents

3 Stifel, Nicolaus & Company, Incorporated ("Stifel Nicolaus" or "we") has been advised that CONSOL Energy Inc. (“CONSOL” or the "Company“), is contemplating a tender offer (the “Tender Offer”) pursuant to which the Company (or a subsidiary of the Company) will offer to purchase each outstanding share of common stock of CNX Gas Inc. (“CNX Gas”) not already owned by the Company or its subsidiaries for cash at a price per share of $38.25 (the “Offer Price”). If the Tender Offer conditions are satisfied, CNX Gas will be promptly merged with and into a subsidiary of CONSOL, with the surviving entity being a wholly owned subsidiary of CONSOL (such merger, together with the Tender Offer, the “Proposed Transaction”). The Board of Directors of the Company (the "Board") has requested Stifel Nicolaus’ opinion as to the fairness to the Company, from a financial point of view, of the Offer Price to be paid by the Company to the minority shareholders of CNX Gas in the Proposed Transaction (the “Opinion"). These materials are being presented to the Board in support of our written Opinion. These materials do not, however, constitute our Opinion and are provided for informational purposes only. Our Opinion is limited to the terms of our written Opinion. The following presentation summarizes the financial analyses we employed in reaching our Opinion and is qualified in its entirety by reference to the full text of the Opinion. In connection with the preparation of these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all financial, operating and other information that was made available, supplied, or otherwise communicated to Stifel Nicolaus by or on behalf of the Company, the Board or their respective advisors and other publicly available information. Stifel Nicolaus has also relied upon the management of the Company as to the reasonableness and achievability of the financial forecasts and projections (and the assumptions and bases therein) provided to us by the Company, and we have assumed such forecasts and projections were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of the Company as to the future operating and financial performance of the Company and CNX Gas.

4 Stifel Nicolaus has relied on these forecasts and projections without independent verification or analyses and does not in any respect assume any responsibility for the accuracy or completeness thereof. In arriving at the conclusion of our Opinion, we have not been requested to make, nor have we made, an independent evaluation of cash flow forecasts of the Company or CNX Gas or any appraisal of the assets or liabilities of the Company or CNX Gas. No companies or transactions utilized in our analyses were identical to CNX Gas. Please refer to the Opinion for a summary of the materials reviewed and other due diligence performed by Stifel Nicolaus in connection with this engagement. We believe that our analysis should be considered as a whole, and that selecting portions of our analysis and the factors we considered, without considering all analyses and factors, could be misleading. The preparation of a fairness opinion is a complex process and, as a result, fairness opinions are not necessarily susceptible to partial analysis or summary description. In our analysis we made numerous assumptions where necessary with respect to industry performance, and general business or economic conditions, many of which are beyond the control of the Company. Our Opinion is necessarily based upon economic, market, financial and other conditions and circumstances as they exist on, and on the information made available to us as of, the date of the Opinion. We have assumed that the Proposed Transaction will be consummated on the terms and conditions provided to us by the management of the Company, without any material modification or waiver of any material terms or conditions thereto, and that that the Tender Offer documents, which we have not reviewed, will reflect such terms and conditions. It should be understood that, although subsequent developments may affect the Opinion or the analyses or information set forth in these materials, we do not have any obligation to update, revise or reaffirm our Opinion.

5 Our Opinion is limited to whether the Offer Price proposed to be paid by the Company to the minority shareholders of CNX Gas in the Proposed Transaction is fair to the Company from a financial point of view. Neither our Opinion nor these materials consider, address or include: (i) any other alternatives currently (or which have been or may be) contemplated by the Company or the Board; (ii) the legal, tax or accounting consequences of the Proposed Transaction on the Company or the holders of the Company’s securities; (iii) the fairness of the amount or nature of any compensation to any of the Company’s officers, directors or employees, or class of such persons, relative to the compensation to the Company or the public holders of the Company’s securities; (iv) any advice or opinions provided by any other advisor to the Company or the Board; or (v) whether the Company has sufficient cash, available lines of credit or other sources of financing to pay the aggregate cash consideration to CNX Gas. Furthermore, we do not express any opinion herein or in our Opinion as to the prices, trading range or volume at which the securities of the Company or CNX Gas will trade following public announcement or consummation of the Proposed Transaction. It is understood that these materials are solely for the information of, and directed to, the Board for its information and assistance in connection with its evaluation of the financial terms of the Proposed Transaction and are not to be relied upon by any shareholder of the Company or any other person or entity. These materials do not constitute a recommendation to the Company or the Board as to whether the Company should commence the Tender Offer or effect the Proposed Transaction. Neither our Opinion nor these materials compare the relative merits of the Proposed Transaction with any other alternative transaction which may have been available to the Company or address the underlying business decision of the Board or the Company to proceed with or effect the Proposed Transaction. Stifel Nicolaus was not requested to, and did not, explore alternatives to the Proposed Transaction.

6 These materials and our Opinion were approved by Stifel Nicolaus’ Fairness Opinion Committee. These materials are not to be quoted or referred to, in whole or in part, in any registration statement, prospectus, proxy statement, tender offer statement or solicitation/recommendation statement or in any other document used in connection with an offering or sale of securities, a tender for securities, or to seek any approval for the Proposed Transaction, nor shall this presentation be used for any other purposes, without the prior written consent of Stifel Nicolaus. We have acted as financial advisor to the Board in connection with the Proposed Transaction and will receive a fee upon the delivery of our Opinion. We will receive an additional fee contingent upon consummation of the Proposed Transaction. In addition, the Company has agreed to indemnify us for certain liabilities arising out of our engagement. Stifel Nicolaus has in the past executed on several occasions block trades on standard brokerage terms for the Company in connection with its repurchases of stock pursuant to its issuer repurchase program. Stifel Nicolaus has also provided a fairness opinion to the Board in connection with the Company’s acquisition of certain assets from Dominion Resources, Inc. in March 2010. There are no other material relationships that existed during the two years prior to the date of our opinion or that are mutually understood to be contemplated in which any compensation was received or is intended to be received as a result of the relationship between Stifel Nicolaus and any party to the Proposed Transaction. Stifel Nicolaus may seek to provide investment banking services to the Company or its affiliates in the future, for which we would seek customary compensation. In the ordinary course of business, Stifel Nicolaus and its clients may transact in the securities of the Company and, accordingly, may at any time hold a long or short position in such securities.

I. Transaction Overview

8 Transaction Overview CONSOL intends to commence a tender offer for each outstanding share of common stock of CNX Gas not already owned by the Company or its subsidiaries for an offer price of $38.25 per share Equity Value: $963.4 million The Tender Offer is conditional upon, among other things: The completion of $4.5 billion of permanent financing transactions by CONSOL related to acquisition of certain exploration and production assets from Dominion Resources, Inc. (“Platinum Financing Transactions”) The tender of a majority of the outstanding shares of CNX Gas not owned by CONSOL without regard to any shares of CNX Gas owned by directors or management at either CONSOL or CNX Gas, such condition being irrevocable Government and regulatory approvals, including expiration of HSR waiting period None of the parties to the Tender Offer documents shall be subject to any decrees, order or injunction of a U.S. court of competent jurisdiction that prohibits the consummation of the Tender Offer The Tender Offer is scheduled to commence post closing of the Platinum Financing Transactions Transaction Overview

9 Transaction Summary Unless otherwise noted, for purposes of this presentation CNX Gas’s price is $30.80 per share (3/19/2010 close) CNX Gas basic shares outstanding of 151.0 million, per CNX Gas 12/31/2009 10K, excluding 1.4 million options outstanding Assumed 16.7% public ownership of CNX Gas Current Offer 3/12/2010 (1) (Dollars in millions, except per share data) 30.80 $ 38.25 $ 26.23 $ Implied Premium to 3/19/2010 Price of $30.80 0.0% 24.2% 45.8% (1) Implied Equity Value 4,650 $ 5,775 $ 3,960 $ Plus: Total Debt (2) 128 $ 128 $ 128 $ Less: Cash (2) 1 $ 1 $ 1 $ Implied Enterprise Value 4,777 $ 5,902 $ 4,087 $ Implied Equity Value - Public 776 $ 963 $ 661 $ CNX Gas Financial Statistics (3) : Implied Multiples EBITDA CY 2010E 416 $ 11.5x 14.2x 9.8x CY 2011E 430 $ 11.1x 13.7x 9.5x CY 2012E 563 $ 8.5x 10.5x 7.3x EPS CY 2010E 1.25 $ 24.6x 30.6x 21.0x CY 2011E 1.29 $ 23.8x 29.6x 20.3x CY 2012E 1.57 $ 19.6x 24.4x 16.7x CNX Gas Reserve Data (4) : Implied EV Per MMcf Reserves Proved 1,911 2.50 $ 3.09 $ 2.14 $ (Bcf) Evaluated 3P 6,500 0.73 $ 0.91 $ 0.63 $ Resource Potential 18,050 0.26 $ 0.33 $ 0.23 $ Implied EV % Per PV-10 PV-10 Proved 1,480 $ 323% 399% 276% Transaction Overview (1) Day prior to Dominion transaction announcement. Implied premium is from Offer Price to price on 3/12/2010 (2) Source: CNX Gas 12/31/2009 10K. Total debt includes non-controlling interest (3) CNX Gas projected financial information based on Bloomberg Consensus as of 3/19/2010 (4) 2009A data from CNX Gas 12/31/2009 10K and CNX Gas 1/25/2010 press release

II. CNX Gas Overview

11 CNX Gas Overview CNX Gas Overview (1) Closing price as of 3/19/2010 (2) CNX Gas shares outstanding from 12/31/2009 10K. Includes 151.0 million basic shares outstanding only (3) 16.7% of CNX Gas basic shares outstanding held by public shareholders. Source: CNX Gas 12/31/2009 10K (4) 83.3% of CNX Gas basic shares outstanding held by CONSOL. Source: CNX Gas 12/31/2009 10K (5) Source: CNX Gas 12/31/2009 10K. Total debt includes non-controlling interest (6) Source: CNX Gas projected financial information based on Bloomberg Consensus as of 3/19/2010 (7) Source: 2009A data from CNX Gas 12/31/2009 10K and CNX Gas 1/25/2010 press release (Dollars in millions, except per share data) Market Data Summary Financials and Valuation Metrics Reserves (Bcf) and Valuation Metrics Share Price (1) 30.80 $ EBITDA (6) Proved Reserves (7) 1,911 52-Week High (10/22/2009) 36.00 $ 2010E 416 $ Evaluated 3P Reserves (7) 6,500 Discount to LTM High (14.4%) 2011E 430 $ Resource Potential (Midpoint) (7) 18,050 52-Week Low (3/18/2009) 22.99 $ 2012E 563 $ Proved PV-10 (7) 1,480 $ Premium to LTM Low 34.0% Enterprise Value/EBITDA EV/Proved Reserves 2.50 $ Basic Shares Outstanding - Public (2)(3) 25 2010E 11.5x EV/Evaluated 3P Reserves 0.73 $ Basic Shares Outstanding - CONSOL (2)(4) 126 2011E 11.1x EV/Resource Potential 0.26 $ Basic Shares Outstanding (2) 151 2012E 8.5x EV Value/PV-10 323% Market Capitalization 4,650 $ EPS (6) Plus: Total Debt (5) 128 $ 2010E 1.25 $ Less: Cash (5) 1 $ 2011E 1.29 $ Total Enterprise Value 4,777 $ 2012E 1.57 $ Price/Earnings 2010E 24.6x 2011E 23.8x 2012E 19.6x

12 Apr 06 Jul 06 Oct 06 Jan 07 Apr 07 Jul 07 Oct 07 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 $10 $15 $20 $25 $30 $35 $40 $45 $50 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 Volume Price CNX Gas Price/Volume – Since Listing (1/19/2006) Source: FactSet CNX Gas Overview

13 Apr 06 Jul 06 Oct 06 Jan 07 Apr 07 Jul 07 Oct 07 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 0% 50% 100% 150% 200% 250% 300% 350% CONSOL CNX Gas CONSOL Comparables CNX Gas Comparables Relative Price Performance – Since CNX Gas Listing (1/19/2006) Price Performance - Since CNX Gas Listing CONSOL 24.8% CNX Gas 41.4% CONSOL Comparables 5.2% CNX Gas Comparables 41.3% Source: FactSet Notes: CONSOL Comparables include: Peabody Energy, Arch Coal and Alpha Natural Resources CNX Gas Comparables include: Southwestern Energy, Range Resources, Ultra Petroleum, Cabot Oil and Gas, Atlas Energy and Petrohawk Energy CNX Gas Overview

14 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 $22 $24 $26 $28 $30 $32 $34 $36 $38 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 Volume Price CNX Gas Price/Volume – Last Twelve Months Source: FactSet CNX Gas Overview

15 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 60% 80% 100% 120% 140% 160% 180% 200% CONSOL CNX Gas CONSOL Comparables CNX Gas Comparables Relative Price Performance – Last Twelve Months Price Performance - Last Twelve Months CONSOL 49.6% CNX Gas 25.2% CONSOL Comparables 76.1% CNX Gas Comparables 21.3% CNX Gas Overview Source: FactSet Notes: CONSOL Comparables include: Peabody Energy, Arch Coal and Alpha Natural Resources CNX Gas Comparables include: Southwestern Energy, Range Resources, Ultra Petroleum, Cabot Oil and Gas, Atlas Energy and Petrohawk Energy

16 CNX Gas Price Histogram – Last Twelve Months 1.6% 15.4% 28.5% 29.6% 20.2% 2.0% 2.8% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0% 32.0% $22.00 - $24.00 $24.00 - $26.00 $26.00 - $28.00 $28.00 - $30.00 $30.00 - $32.00 $32.00 - $34.00 $34.00 - $36.00 % of Volume Traded by Price Range Sum of % Volume Traded Source: FactSet CNX Gas Overview 1.6% 17.0% 45.5% 75.1% 95.3% 97.2% 100.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% $22.00 - $24.00 $22.00 - $26.00 $22.00 - $28.00 $22.00 - $30.00 $22.00 - $32.00 $22.00 - $34.00 $22.00 - $36.00

17 CNX Gas Top 25 Institutional Shareholders at 12/31/2009 % Current Institutional Holders Shares Held % Held Float 1 T. Rowe Price Associates, Inc. 9,474,116 6.3% 38.0% 2 Advisory Research, Inc. 3,900,793 2.6% 15.7% 3 BlackRock Global Investors 1,672,976 1.1% 6.7% 4 Chilton Investment Co. LLC 1,438,330 1.0% 5.8% 5 Vanguard Group, Inc. 1,076,899 0.7% 4.3% 6 BlackRock Advisors LLC 627,875 0.4% 2.5% 7 Standard Life Investments Ltd. 388,500 0.3% 1.6% 8 First Pacific Advisors LLC 353,300 0.2% 1.4% 9 State Street Global Advisors 288,747 0.2% 1.2% 10 Bank of New York Mellon Asset Management 270,068 0.2% 1.1% 11 BlackRock Investment Management (UK) Ltd. 250,991 0.2% 1.0% 12 Eagle Asset Management, Inc. 216,830 0.1% 0.9% 13 Renaissance Technologies LLC 205,700 0.1% 0.8% 14 TIAA-CREF Asset Management LLC 189,983 0.1% 0.8% 15 Norges Bank Investment Management 176,994 0.1% 0.7% 16 Northwestern Investment Management Co. LLC 168,600 0.1% 0.7% 17 Dimensional Fund Advisors, Inc. 128,511 0.1% 0.5% 18 Mellon Capital Management 124,684 0.1% 0.5% 19 Blackthorn Investment Group LLC 120,000 0.1% 0.5% 20 CR Intrinsic Investors LLC 119,218 0.1% 0.5% 21 Northern Trust Investments 110,622 0.1% 0.4% 22 Comerica Asset Management 106,018 0.1% 0.4% 23 Deutsche Bank Investment Management, Inc. 103,739 0.1% 0.4% 24 GW Capital Management LLC 102,000 0.1% 0.4% 25 Aronson & Johnson & Ortiz LP 101,600 0.1% 0.4% Top 10 Institutional Holdings 19,491,604 12.9% 78.3% Top 15 Institutional Holdings 20,532,102 13.6% 82.5% Top 20 Institutional Holdings 21,193,115 14.0% 85.1% Top 25 Institutional Holdings 21,717,094 14.4% 87.2% Total Basic Shares Outstanding 150,986,918 100.0% Source: FactSet Note: Current float is 25 million shares as of 3/19/2010 CNX Gas Overview

18 CNX Gas Analyst Price Targets and Earnings Estimates – Year to Date Company Date Price Target Recommendation RBC Capital Markets 3/16/2010 $36.00 Sector Perform Pritchard Capital Partners LLC 3/16/2010 $43.00 Buy Stifel Nicolaus 3/15/2010 $34.00 Buy Howard Weil Inc 3/5/2010 $38.00 Market Outperform Raymond James 1/29/2010 NA Market Perform FBR Capital Markets 1/28/2010 $40.00 Market Perform UBS Investment Banking 1/26/2010 $34.00 Buy Consensus Price Target $37.50 Source: Bloomberg CNX Gas Overview

III. Valuation Summary

20 Comparable Companies Valuation Valuation Summary (Dollars in millions, except per share data) Current Price Market Net Enterprise Net Debt/ EBITDA EV/EBITDA Company (Ticker) 3/19/2010 Cap. Debt Value 09 EBITDA 2009A 2010E 2011E 2012E 2010E 2011E 2012E Southwestern Energy Co. (SWN) 39.60 $ 13,705 $ 995 $ 14,700 $ 0.7x 1,368 $ 1,884 $ 2,506 $ 3,331 $ 7.8x 5.9x 4.4x Range Resources Corp. (RRC) 47.76 $ 7,601 $ 1,707 $ 9,308 $ 3.1x 547 $ 796 $ 1,056 $ 1,426 $ 11.7x 8.8x 6.5x Petrohawk Energy Corp. (HK) 20.32 $ 6,121 $ 2,640 $ 8,761 $ 3.9x 684 $ 1,087 $ 1,338 $ 1,527 $ 8.1x 6.5x 5.7x Ultra Petroleum Corp. (UPL) 44.24 $ 6,727 $ 781 $ 7,508 $ 1.3x 583 $ 907 $ 1,224 $ 1,642 $ 8.3x 6.1x 4.6x Atlas Energy Inc. (ATLS) 32.96 $ 2,578 $ 767 $ 3,345 $ 2.3x 332 $ 277 $ 320 $ NA 12.1x 10.5x NA Cabot Oil & Gas Corp. (COG) 38.14 $ 3,960 $ 765 $ 4,725 $ 1.4x 554 $ 645 $ 714 $ 832 $ 7.3x 6.6x 5.7x Minimum 0.7x 332 $ 277 $ 320 $ 832 $ 7.3x 5.9x 4.4x Median 1.8x 569 $ 851 $ 1,140 $ 1,527 $ 8.2x 6.6x 5.7x Mean 2.1x 678 $ 933 $ 1,193 $ 1,752 $ 9.2x 7.4x 5.4x Maximum 3.9x 1,368 $ 1,884 $ 2,506 $ 3,331 $ 12.1x 10.5x 6.5x CNX Gas Corp. (CXG) 30.80 $ 4,650 $ 127 $ 4,777 $ 0.3x 378 $ 416 $ 430 $ 563 $ 11.5x 11.1x 8.5x CNX Gas at Offer Price 38.25 $ 5,775 $ 127 $ 5,902 $ 0.3x 378 $ 416 $ 430 $ 563 $ 14.2x 13.7x 10.5x Proved Net Debt/ Resource Proved/ Daily EV/ EV/ EV/ Proved Percent R/P Proved Potential Resource Production Proved EV/ Potential Production Company (Ticker) Bcfe Developed Ratio Bcfe PV-10 Bcfe Potential (Mcfe/d) ($/Mcfe) PV-10 ($/Mcfe) ($/Mcfe/d) Southwestern Energy Co. (SWN) 3,656 54.1% 12.2x 0.27 $ 2,304 $ 19,297 19% 823,134 4.02 $ 638% 0.76 $ 17,859 $ Range Resources Corp. (RRC) 3,129 55.2% 19.7x 0.55 $ 2,593 $ 26,000 12% 435,926 2.97 $ 359% 0.36 $ 21,352 $ Petrohawk Energy Corp. (HK) 2,743 32.9% 15.0x 0.96 $ 1,532 $ 31,000 9% 501,797 3.19 $ 572% 0.28 $ 17,459 $ Ultra Petroleum Corp. (UPL) 3,912 41.2% 21.7x 0.20 $ 2,887 $ 23,000 17% 493,449 1.92 $ 260% 0.33 $ 15,216 $ Atlas Energy Inc. (ATLS) 1,020 52.5% 27.6x 0.75 $ 436 $ 13,000 8% 101,238 3.28 $ 766% 0.26 $ 33,043 $ Cabot Oil & Gas Corp. (COG) 2,060 64.3% 20.0x 0.37 $ 1,632 $ 9,119 23% 281,704 2.29 $ 290% 0.52 $ 16,771 $ Minimum 32.9% 12.2x 0.20 $ 436 $ 9,119 8% 101,238 1.92 $ 260% 0.26 $ 15,216 $ Median 53.3% 19.8x 0.46 $ 1,968 $ 21,149 15% 464,688 3.08 $ 465% 0.34 $ 17,659 $ Mean 50.0% 19.4x 0.52 $ 1,897 $ 20,236 15% 439,542 2.95 $ 481% 0.42 $ 20,283 $ Maximum 64.3% 27.6x 0.96 $ 2,887 $ 31,000 23% 823,134 4.02 $ 766% 0.76 $ 33,043 $ CNX Gas Corp. (CXG) 1,911 54.4% 20.2x 0.07 $ 1,480 $ 18,050 11% 258,671 2.50 $ 323% 0.26 $ 18,468 $ CNX Gas at Offer Price 1,911 54.4% 20.2x 0.07 $ 1,480 $ 18,050 11% 258,671 3.09 $ 399% 0.33 $ 22,816 $ Sources: Company filings, company presentations, Bloomberg. Notes: Balance sheet, reserves and production data and as of 12/31/2009; reserves pro forma for divestitures and acquisitions EBITDA estimates based on Bloomberg Consensus as of 3/19/2010

21 Comparable Companies Valuation Valuation Summary Note: 2011 to 2012 comparable growth rates exclude Atlas Energy since 2012 data was not available 2010 to 2011 EBITDA Growth 11% 28% 25% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40% Minimum Median Mean Maximum CNX Gas Growth Rate: 3% 2011 to 2012 EBITDA Growth 14% 33% 27% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40% Minimum Median Mean Maximum CNX Gas Growth Rate: 31% EBITDA Growth 2010 - 2011 2011 - 2012 Southwestern Energy Co. (SWN) 33% 33% Range Resources Corp. (RRC) 33% 35% Petrohawk Energy Corp. (HK) 23% 14% Ultra Petroleum Corp. (UPL) 35% 34% Atlas Energy Inc. (ATLS) 16% NA Cabot Oil & Gas Corp. (COG) 11% 17% Minimum 11% 14% Median 28% 33% Mean 25% 27% Maximum 35% 35% CNX Gas Corp. (CXG) 3% 31%

22 Comparable Companies Valuation Valuation Summary Enterprise Value to PV-10 260% 465% 481% 766% 0% 100% 200% 300% 400% 500% 600% 700% 800% 900% Minimum Median Mean Maximum Implied CNX Gas Value: 399% Proved Reserve Value $1.92 $3.08 $2.95 $4.02 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Minimum Median Mean Maximum Implied CNX Gas Value: $3.09 Resource Potential Value $0.26 $0.34 $0.42 $0.76 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 Minimum Median Mean Maximum Implied CNX Gas Value: $0.33 Enterprise Value to 2010 EBITDA 7.3x 8.2x 9.2x 12.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x Minimum Median Mean Maximum Implied CNX Gas Value: 14.2x

23 Selected Precedent E&P Transactions Precedent transactions were selected based on the following criteria: Transaction values greater than $250 million in the U.S. E&P sector since 1/1/2005 Excludes transactions where financial information is unavailable (Dollars in millions, except per share data) Method of Enterprise Equity Premium Announce Close Buyer Name Seller Name Payment Value Value 1 Day 5 Day 30 Day 12/14/2009 Pending ExxonMobil Corp. XTO Energy, Inc. Stock 40,361 $ 30,000 $ 25% 26% 18% 11/1/2009 3/10/2010 Denbury Resources, Inc. Encore Acquisition Co. Combo 4,054 2,799 35% 18% 28% 4/27/2009 9/29/2009 Atlas America, Inc. Atlas Energy Resources LLC Stock 1,016 481 0% 7% 37% 4/30/2008 8/28/2008 Stone Energy Corp. Bois d'Arc Energy, Inc. Combo 1,696 1,654 (4%) (4%) 9% 7/17/2007 11/6/2007 Plains Exploration & Production Co. Pogo Producing Co. Combo 5,291 3,473 17% 17% 9% 1/7/2007 6/6/2007 Forest Oil Corp. Houston Exploration Co. Combo 2,086 1,742 8% 1% (4%) 6/23/2006 8/23/2006 Anadarko Petroleum Corp. Western Gas Resources, Inc. Cash 5,239 4,647 49% 45% 28% 6/23/2006 8/10/2006 Anadarko Petroleum Corp. Kerr-McGee Corp. Cash 18,121 16,004 40% 37% 33% 4/21/2006 7/12/2006 Petrohawk Energy Corp. KCS Energy, Inc. Combo 1,767 1,499 5% 13% 25% 1/23/2006 7/3/2006 Helix Energy Solutions Group, Inc. Remington Oil & Gas Corp. Combo 1,249 1,288 17% 20% 18% 12/12/2005 3/31/2006 ConocoPhillips Burlington Resources, Inc. Combo 36,039 34,962 22% 24% 39% 10/13/2005 1/30/2006 Occidental Petroleum Corp. Vintage Petroleum, Inc. Combo 3,899 3,504 34% 32% 25% 9/19/2005 12/14/2005 Norsk Hydro ASA Spinnaker Exploration Co. Cash 2,335 2,238 35% 45% 52% 4/4/2005 8/10/2005 ChevronTexaco Corp. Unocal Corp. Combo 17,622 17,705 2% 11% 5% 4/4/2005 7/29/2005 Petrohawk Energy Corp. Mission Resources Corp. Combo 511 347 14% 16% 8% 1/26/2005 6/7/2005 Cimarex Energy Co. Magnum Hunter Resources, Inc. Stock 2,194 1,569 25% 27% 29% Minimum (4%) (4%) (4%) Median 20% 19% 25% Mean 20% 21% 22% Maximum 49% 45% 52% CONSOL CNX Gas Cash 5,902 $ 5,775 $ 24% 26% 41% Sources: FactSet MergerStat, John S. Herold Valuation Summary

24 Stock (3 Deals) 18.5% Cash (3 Deals) 18.5% Combination (10 Deals) 62.5% Selected Precedent E&P Transactions Sample set includes public E&P transactions (n=16) since January 1, 2005 Transaction values greater than $250 million Excludes foreign sellers Approximately 62.5%, 18.5%, and 18.5% of the precedent public E&P transactions utilized a combination (n=10), all cash (n=3), and all stock (n=3) as the form of the consideration, respectively All-cash deals had significantly higher 1 day, 5 day and 30 day premiums •Consideration Offered in E&P Transactions •Mean Premiums Paid by Consideration Offered Valuation Summary Sources: FactSet MergerStat, John S. Herold 17% 20% 28% 41% 42% 38% 15% 15% 16% 20% 21% 22% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 1 Day 5 Day 30 Day Stock Cash Combination Total

25 1 Day Premium (4%) 20% 20% 49% (10%) 0% 10% 20% 30% 40% 50% 60% Minimum Median Mean Maximum Implied CNX Gas Premium: 24% Selected Precedent E&P Transactions 5 Day Premium (4%) 19% 21% 45% (10%) 0% 10% 20% 30% 40% 50% Minimum Median Mean Maximum Implied CNX Gas Premium: 26% 30 Day Premium (4%) 25% 22% 52% (10%) 0% 10% 20% 30% 40% 50% 60% Minimum Median Mean Maximum Implied CNX Gas Premium: 41% Valuation Summary

26 Selected Precedent Parent/Subsidiary Transactions Precedent transactions were selected based on the following criteria: Minority cash buy-in transactions with values greater than $200 million since 1/1/2005 Excludes transactions where financial information is unavailable Sources: FactSet MergerStat, John S. Herold Valuation Summary Enterprise Equity Percent Premium Announce Close Buyer Name Seller Name Value Value Sought 1 Day 5 Day 30 Day 9/4/2009 10/22/2009 Fairfax Financial Holdings Odyssey Re Holdings Corp. 3,434 $ 1,041 $ 27.4 19% 20% 36% 8/12/2008 9/29/2008 Mitsubishi UFJ Financial Group, Inc. UnionBanCal Corp. 18,427 3,586 34.6 26% 29% 77% 7/21/2008 3/26/2009 Roche Holding AG Genentech, Inc. 102,192 46,763 44.3 16% 26% 28% 3/10/2008 1/2/2009 Nationwide Mutual Insurance Co. Nationwide Financial Services, Inc. 9,091 2,426 33.7 38% 29% 26% 11/5/2007 4/15/2008 Alfa Mutual Insurance Co. Alfa Corp. 1,925 856 45.9 26% 23% 22% 10/23/2007 5/9/2008 Goldman Sachs Group, Macquarie Infrastructure Waste Industries USA, Inc. 695 376 49.0 33% 41% 25% 2/22/2007 9/28/2007 American Financial Group, Inc. Great American Financial Resources, Inc. 1,194 225 19.0 13% 15% 8% 1/24/2007 9/27/2007 American International Group, Inc. 21st Century Insurance Group 2,090 811 39.3 35% 29% 27% 11/20/2006 4/20/2007 Toronto-Dominion Bank TD Banknorth, Inc. 10,161 3,189 43.0 7% 8% 10% 10/9/2006 6/22/2007 Valcon Acquisition Holding NetRatings, Inc. 749 296 39.5 44% 45% 42% 3/17/2006 7/26/2006 William Lyons William Lyon Homes 1,563 240 25.5 44% 51% 10% 2/6/2006 5/16/2006 Lafarge SA Lafarge North America, Inc. 6,405 2,870 46.8 33% 34% 57% 9/1/2005 11/9/2005 Seven & I Holdings Co., Ltd. 7-Eleven, Inc. 6,713 1,284 22.7 32% 31% 14% 2/21/2005 7/21/2005 Novartis AG Eon Labs, Inc. 2,557 831 30.2 11% 8% 14% Minimum 7% 8% 8% Median 29% 29% 26% Mean 27% 28% 28% Maximum 44% 51% 77% CONSOL CNX Gas 5,902 $ 5,775 $ 17% 24% 26% 41%

27 Selected Precedent Parent/Subsidiary Transactions Valuation Summary 1 Day Premium 7% 29% 27% 44% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Minimum Median Mean Maximum Implied CNX Gas Premium: 24% 5 Day Premium 8% 29% 28% 51% 0% 10% 20% 30% 40% 50% 60% Minimum Median Mean Maximum Implied CNX Gas Premium: 26% 30 Day Premium 8% 26% 28% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Minimum Median Mean Maximum Implied CNX Gas Premium: 41%

28 Implied Price Per Share Valuation Summary Methodology Implied Value of CNX Gas Share Price $29.63 $29.43 $29.58 $32.81 $33.21 $33.32 $23.45 $29.92 $24.65 $19.33 $45.93 $44.56 $46.73 $44.39 $46.36 $54.67 $50.05 $90.23 $74.28 $32.40 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 $90.00 $100.0 Public E&P (1-Day Premium) Public E&P (5-Day Premium) Public E&P (30-Day Premium) Parent/Subsidiary (1-Day Premium) Parent/Subsidary (5-Day Premium) Parent/Subsidary (30-Day Premium) Proved Reserve Value Resource Potential Value Enterprise Value to PV-10 Enterprise Value to 2010 EBITDA Comparable Company Analysis Precedent Transactions Analysis Current Share Price: $30.80 Offer Price: $38.25

IV. Pro Forma Transaction Analysis

30 Transaction Assumptions Financing Total raise of $1.0 billion based on Company management’s guidance as of 3/20/2010 (excluding shoe) – $388.9 million equity offering > Offer price of $45.00 per share – $611.1 million senior notes offering > Interest rate of 8.375% Projections CONSOL projected 2010, 2011 and 2012 financial information provided by Company management on 3/19/2010 CNX Gas projected 2010, 2011 and 2012 financial information provided by Company management on 3/19/2010 Shares outstanding CONSOL shares outstanding per CONSOL 12/31/2009 10K – 181.2 million basic shares outstanding; for purposes of this analysis, options outstanding have not been considered CNX Gas shares outstanding per CNX Gas 12/31/2009 10K – 151.0 million basic shares outstanding; for purposes of this analysis, options outstanding have not been considered 83.3% of CNX Gas basic shares outstanding are held by CONSOL and 16.7% of CNX Gas basic shares outstanding are held by public shareholders Does not assume any cost savings from synergies Pro forma tax rate of 30% Assumes transaction completed on 1/1/2010 Pro Forma Transaction Analysis

31 Pro Forma Statement of Operations Sources: CONSOL projected financial information provided by Company management on 3/19/2010 CNX Gas projected financial information provided by Company management on 3/19/2010 Notes: Does not assume any cost savings from synergies Pro Forma EPS excludes reduction of projected interest income due to annual dividend of $0.40 that would be paid to CNX Gas shareholders in CONSOL Pro Forma EPS excludes post-closing purchase accounting adjustments that may include, among others, the step-up of PP&E to Fair Market Value and the resulting increase to DD&A, as well as allocation of purchase price to intangible assets Pro Forma Transaction Analysis 2010E 2011E 2012E (Dollars in millions, except per share data) CONSOL CNX Gas Trans. Adj. Pro Forma CONSOL CNX Gas Trans. Adj. Pro Forma CONSOL CNX Gas Trans. Adj. Pro Forma Total Revenues 4,811 $ 782 $ 4,811 $ 4,792 $ 922 $ 4,792 $ 5,193 $ 1,319 $ 5,193 $ Costs: Total Operating Expenses, Excl. DD&A 3,640 $ 363 $ - $ 3,640 $ 3,500 $ 429 $ - $ 3,500 $ 3,588 $ 541 $ - $ 3,588 $ Depreciation, Depletion, Amortization & Accretion 509 $ 147 $ 509 $ 534 $ 160 $ 534 $ 608 $ 219 $ 608 $ Interest Expense 39 $ 8 $ 38 $ 78 $ 37 $ 10 $ 51 $ 88 $ 27 $ 14 $ 51 $ 79 $ Non-controlling Interest - $ (1) $ - $ - $ (1) $ - $ - $ (1) $ - $ Pre-Tax Income 622 $ 265 $ 584 $ 722 $ 324 $ 671 $ 970 $ 546 $ 918 $ Income Taxes (185) $ (99) $ (175) $ (215) $ (125) $ (201) $ (310) $ (211) $ (276) $ Effective Tax Rate 30% 38% 30% 30% 39% 30% 32% 39% 30% Net Income 438 $ 166 $ 409 $ 507 $ 199 $ 469 $ 660 $ 335 $ 643 $ Minority Interest (28) $ - $ 28 $ - $ (33) $ - $ 33 $ - $ (56) $ - $ 56 $ - $ Net Income Less Minority Interest 410 $ 166 $ 409 $ 473 $ 199 $ 469 $ 604 $ 335 $ 643 $ Diluted Earnings Per Share 2.26 $ 1.10 $ 2.15 $ 2.61 $ 1.32 $ 2.47 $ 3.34 $ 2.22 $ 3.39 $ Diluted Shares Outstanding 181 151 9 190 181 151 9 190 181 151 9 190 EBITDA 1,142 $ 420 $ - $ 1,142 $ 1,258 $ 494 $ - $ 1,258 $ 1,547 $ 778 $ - $ 1,547 $

32 Accretion/Dilution Analysis – 100% Cash Consideration Pro Forma Transaction Analysis (Dollars in millions, except per share data) Offer Price per Share 38.25 $ Implied Premium to 3/19/2010 Price of $30.80 24.2% Implied CNX Gas Equity Valuation - Public 963 $ Cash Consideration 963 $ Stock Consideration - $ CONSOL Shares Issued in Equity Offering at $45.00 9 Pro Forma CONSOL Shares Outstanding 190 Accretion / Dilution CY 2010E CY 2011E CY 2012E Standalone Earnings per Share 2.26 $ 2.61 $ 3.34 $ Pro Forma Earnings per Share (1)(2) 2.15 $ 2.47 $ 3.39 $ % Accretion / (Dilution) (4.9%) (5.4%) 1.5% $ Accretion / (Dilution) per Share (0.11) $ (0.14) $ 0.05 $ (1) Pro Forma EPS excludes reduction of projected interest income due to annual dividend of $0.40 that would be paid to CNX Gas shareholders in CONSOL (2) Pro Forma EPS excludes post-closing purchase accounting adjustments that may include, among others, the step-up of PP&E to Fair Market Value and the resulting increase to DD&A, as well as allocation of purchase price to intangible assets