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Foundation Coal Holdings, Inc (NY: FCL) added July 11, 2008 We produced approximately 71.8 million tons of coal in 2007, and at year end 2007 controlled approximately 1.6 billion tons of proven and probable coal reserves. Our existing reserve life of 22 years, based on current production rates, gives us a strong platform for future expansion. Foundation Affiliates maintain a total of 12 active mines in the Powder River Basin, Northern Appalachia, and Central Appalachia regions, as well as substantial reserves and an idled mine in the Illinois basin that can be returned to service as market conditions warrant. Our eight underground and four surface operations yield high quality steam and metallurgical coal for distribution to domestic and export markets. We are the only producer with significant operations in both the Powder River Basin and Northern Appalachia, two regions for which the Energy Information Administration forecasts significant demand growth through 2030. Recent News: Foundation Coal Announces Second Quarter 2008 Results Mathew Christy........Standard & Poor's .Aug 01, 2008 Upgraded to BUY from HOLD Target reduced to $66.00 from $95.00 FCL Price day before:$59.40Finish day posting$58.24Current $52.69 ------July 05, 2008------- Maintained HOLD Target $95.00 FCL Price day before:$76.20Finish day posting$74.80Current $52.69 ************ David Khani .Friedman, Billings, Ramsey ......July 28, 2008 Maintained OUTPERFORM Target reduced to $110.00 from $133.00 FCL Price day before:$59.91Finish day posting$60.53Current $52.69 --------July 08, 2008------- Maintained OUTPERFORM Target reduced to $133.00 from $135.00 FCL Price day before:$74.80Finish day posting$76.42Current $52.69 -------June 02, 2008-------- Maintained OUTPERFORM Target raised to $135.00 from $95.00 FCL Price day before:$66.73Finish day posting$70.68Current $52.69 -------May 13, 2008-------- Maintained OUTPERFORM Target raised to $96.00 from $90.00 FCL Price day before:$62.10Finish day posting$66.05Current $52.69 -------Feb 15, 2008-------- Maintained OUTPERFORM Target raised to $74.50 from $70.00 (Target Hit June 06, 2008) FCL Price day before:$54.39Finish day posting$50.46Current $52.69 ************ Robert Chewning.....Davenport .July 25, 2008 Maintained BUY Target reduced to $86.00 from $98.00 FCL Price day before:$58.09Finish day posting$59.91Current $52.69 -------June 26, 2008------- Maintained BUY Target raised to $98.00 from $84.00 FCL Price day before:$82.53Finish day posting$85.77Current $52.69 -------June 09, 2008-------- New BUY Target $84.00 (Target Hit June 26, 2008) FCL Price day before:$72.36Finish day posting$76.30Current $52.69 ****************** Peter Ward .Lehman Brothers ......July 09, 2008 Maintained OVERWEIGHT Target raised to $98.00 from $75.00 FCL Price day before:$76.42Finish day posting$73.83Current $52.69 -------Feb 05, 2008--------- Maintained OVERWEIGHT Target raised to $65.00 from $47.00 (Target Hit Apr 21, 2008) FCL Price day before:$56.65Finish day posting$53.86Current $52.69 ****************** John Hill.....Citigroup .July 03, 2008 Maintained HOLD Target raised to $95.00 from $64.00 FCL Price day before:$78.49Finish day posting$76.20Current $52.69 ****************** Gordon Howald.....Calyon Securities .June 26, 2008 Target raised to $119.00 from $74.00 FCL Price day before:$82.53Finish day posting$85.77Current $52.69 ****************** Ann Kohler.....Caris & Company .Mar 05, 2008 Maintained AVERAGE Target raised to $55.00 from $36.00 (Target Hit) FCL Price day before:$56.35Finish day posting$58.15Current $52.69 ************ Bill Selesky.....Argus Research .May 21, 2008 Maintained HOLD FCL Price day before:$66.51Finish day posting$65.60Current $52.69 ************ Paul Forward.....Stifel Nicolaus .Feb 19, 2008 Upgraded to BUY from HOLD Target $77.00 (Target Hit June 17, 2008) FCL Price day before:$50.46Finish day posting$56.23Current $52.69 ************ Schneur Gershuni.....UBS .Feb 14, 2008 Downgraded to NEUTRAL from BUY FCL Price day before:$55.29Finish day posting$54.39Current $52.69 ******************
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