13D Filing: Elliott Associates, L.P. and Peabody Energy Corp (BTU)

¹ Includes 4,526,600 shares of Common Stock issued upon
the automatic conversion of the 2,404,192 shares of Series A Convertible Preferred Stock, which, according to the Issuer’s
Current Report on Form 8-K, filed on January 31, 2018 (the “8-K”) took place on January 31, 2018 with respect
to all outstanding shares of Series A convertible Preferred Stock (the “Preferred Stock Conversion).  The number
of shares of Common Stock into which the Series A Convertible Preferred Stock converted is based upon the conversion rate of approximately
1.88279508 shares of Common Stock per share of Series A Convertible Preferred Stock as provided in the 8-K. Percentages used herein
are based on approximately 130,700,000 shares of Common Stock outstanding following the Preferred Stock Conversion, as disclosed
in the 8-K.