Document:

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                                                                   Exhibit 10.53

                              COAL SUPPLY AGREEMENT

         This is a coal supply agreement (the "Agreement") dated July 22, 2001
between KENTUCKY UTILITIES COMPANY, a Kentucky corporation, 220 West Main
Street, Louisville, Kentucky 40202 ("Buyer"), and ARCH COAL SALES COMPANY, INC.,
a Delaware corporation, agent for the independent operating subsidiaries of ARCH
COAL, INC., a Delaware corporation (collectively "Seller"), whose address is
CityPlace One, Suite 300, St. Louis, Missouri 63141.

         The parties hereto agree as follows:

         SECTION 1.GENERAL. Seller will sell to Buyer and Buyer will buy
from Seller steam coal under all the terms and  conditions of this Agreement.

         SECTION 2. TERM. The term of this Agreement shall commence on January
1, 2002 and shall continue through December 31, 2005, subject to early
termination pursuant to the terms of Sections 6.4, 8.1, 10.2, 15 and 20.7.

         SECTION 3. QUANTITY.

         Section 3.1 BASE QUANTITY. Subject to the price review set forth in
Section 8.1, Seller shall sell and deliver, and Buyer shall purchase and accept
delivery of the following annual base quantity of coal ("Base Quantity"):

<Table>
<Caption>
                  YEAR                      BASE QUANTITY (TONS)
                  ----                      --------------------
                  <S>                           <C>
                  2002                            600,000
                  2003                          1,000,000
                  2004                          1,000,000
                  2005                          1,000,000
</Table>

<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         The Base Quantity will be delivered in approximately equal monthly
quantities and in accordance with a mutually agreed-upon schedule, assuming
adjustments in scheduling for maintenance outages. In the event Buyer fails to
take delivery of the Base Quantity in any calendar year for reasons other than
an event of Force Majeure under Section 10, delivery of non-conforming coal,
failure by Seller to deliver coal in accordance with the terms of this
Agreement, or any other reasons excused hereunder, any deficiency in deliveries
shall be made up or carried over to subsequent year(s) only upon mutual written
agreement of both Buyer and Seller.

         Section 3.2 REDUCTION OF BASE QUANTITY. Seller acknowledges that Buyer
intends to enter into purchase orders with Black Hawk Synfuel, LLC ("Black
Hawk") and Ceredo Synfuel, LLC ("Ceredo"). The purchase order(s) with Black Hawk
will provide for the sale of synfuel to Buyer by Black Hawk and for delivery at
the Quincy Dock located at mile point 73.2 on the Kanawha River. The purchase
order(s) with Ceredo will provide for the sale of synfuel to Buyer by Ceredo and
for delivery at the KRT Terminal located at mile point 314.7 on the Ohio River.
If Buyer enters into such purchase orders with Black Hawk and/or Ceredo
("Buyer's Synfuel Purchase Orders"), Buyer will forward copies of Buyer's
Synfuel Purchase Orders to Seller.

         At such time as Seller receives copies of Buyer's Synfuel Purchase
Orders, Seller will enter into purchase orders ("Seller's Synfuel Purchase
Orders") to sell a corresponding amount of coal (the "Corresponding Tons") to
the respective seller of synfuel under the applicable Seller's Purchase Order
(either Black Hawk or Ceredo or both, as the case may be). Buyer and Seller will
coordinate efforts so that (a) the purchase orders are simultaneously executed
and reflect the same number of tons and other terms (except price), and (b) the
number of tons of synfuel delivered to Buyer corresponds with the number of tons
of coal delivered to Black Hawk and/or Ceredo by Seller. Provided, however, in
the event the Seller is unable, after reasonable efforts, to

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

reach agreement with the seller of synfuel concerning a purchase order for
delivery of the Corresponding Tons in accordance with the terms of this
Agreement, then Seller shall have no further obligation under this Section 3.2
to enter into a purchase order with such synfuel seller. Buyer and Seller agree
that for each Corresponding Ton sold by Seller to Ceredo and/or Black Hawk
pursuant to this Section 3.2 and for which Seller receives full payment, the
annual Base Quantity required to be purchased by Buyer pursuant to Section 3.1
hereof shall be reduced by an equivalent amount. Seller shall provide to Buyer
within twenty days after each calendar quarter a written accounting of the
Corresponding Tons sold by Seller to Ceredo and/or Black Hawk during the prior
calendar quarter. Seller acknowledges and agrees that Buyer has no obligation to
enter into Buyer's Purchase Orders; however, if Buyer determines it wishes to
enter into Buyer's Purchase Orders, upon Buyer's request and subject to the
terms and conditions set forth in this Section, Seller will enter into Seller's
Purchase Orders.

            SECTION 4. SOURCE.

         Section 4.1 SOURCE. The coal sold hereunder shall be supplied by Seller
from coal mines owned or controlled by Arch Coal, Inc., its subsidiaries or
affiliates, in Mingo, Logan, Lincoln, Boone and Kanawha counties, West Virginia.
Seller shall determine, in its discretion, which mine or mines shall produce the
coal to be supplied to Buyer for each shipment, provided that Buyer receives
subject to Section 10 a continuous supply of the quantity and the quality of
coal to be provided hereunder. Arch Coal, Inc., benefits from this Agreement as
supplier of the coal to be sold hereunder and as the parent corporation of Arch
Coal Sales Co., Inc., and therefore is guarantor of Seller's obligations
hereunder pursuant to a Guaranty Agreement of even date.

         Section 4.2 ASSURANCE OF OPERATION AND RESERVES. Seller represents and
warrants that the Coal Property contains economically recoverable coal of a
quality and in quantities which will be

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

sufficient to satisfy all the requirements of this Agreement subject to Seller
obtaining issuance of necessary permits. Seller agrees and warrants that it will
have at the Coal Property adequate machinery, equipment and other facilities to
produce, prepare and deliver coal in the quantity and of the quality required by
this Agreement. Seller further agrees to operate and maintain such machinery,
equipment and facilities in accordance with good mining practices so as to
efficiently and economically produce, prepare and deliver such coal. Seller
agrees that Buyer is not providing any capital for the purchase of such
machinery, equipment and/or facilities and that Seller shall operate and
maintain same at its sole expense, including all required permits and licenses.
Seller hereby allocates to this Agreement sufficient reserves of coal meeting
the quality specifications hereof and lying on or in the Coal Property so as to
fulfill the quantity requirements hereof.

         Section 4.3 NON-DIVERSION OF COAL. Seller agrees and warrants that it
will not, without Buyer's express prior written consent, use or sell coal from
the Coal Property in a way that will reduce the economically recoverable balance
of coal in the Coal Property to an amount less than that required to be supplied
to Buyer hereunder.

         Section 4.4 SELLER'S PREPARATION OF MINING PLAN. Seller shall have
prepared a complete mining plan for the Coal Property with adequate supporting
data to demonstrate Seller's capability to have coal produced from the Coal
Property which meets the quantity and quality specifications of this Agreement.
Seller shall, upon Buyer's request during Coal Property Inspections, if any
(made pursuant to Section 19), provide information to Buyer of such mining plan
which shall contain maps and a narrative depicting areas and seams of coal to be
mined and shall include (but not be limited to) the following information: (i)
reserves from which the coal will be produced during the term hereof and the
mining sequence, by year (or such other time intervals as mutually

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

agreed) during the term of this Agreement, from which coal will be mined; (ii)
methods of mining such coal; (iii) methods of transporting and, in the event a
preparation plant is utilized by Seller, the methods of washing coal to insure
compliance with the quantity and quality requirements of this Agreement
including a description and flow sheet of the preparation plant; (iv) quality
data plotted on the maps depicting data points and isolines by ash, sulfur, and
Btu; (v) quality control plans including sampling and analysis procedures to
insure individual shipments meet quality specifications; and (vi) Seller's
aggregate commitments to others to sell coal from the Coal Property during the
term of this Agreement.

         Buyer's receipt of information or data furnished by Seller (the "Mining
Information") shall not in any manner relieve Seller of any of Seller's
obligations or responsibilities under this Agreement; nor shall such review be
construed as constituting an approval of Seller's proposed mining plan as
prudent mining practices, such review by Buyer being limited solely to a
determination, for Buyer's purposes only, of Seller's capability to supply coal
to fulfill Buyer's requirements of a dependable coal supply.

         Section 4.5 SUBSTITUTE COAL. Notwithstanding the above representations
and warranties, in the event that Seller is unable to produce or obtain coal
from the Coal Property in the quantity and of the quality required by this
Agreement, and such inability is not caused by a force majeure event as defined
in Section 10, then Buyer will have the option of requiring that Seller supply
coal from Seller's other facilities and mines or Seller shall also have the
right to supply coal from sources not owned or controlled by Seller after having
received Buyer's prior written consent (which shall not be unreasonably
withheld). Such substitute coal shall be provided under all the terms and
conditions of this Agreement including, but not limited to, the price provisions
of Section8, the quality specifications of Section 6.1, and the provisions of
Section 5 concerning reimbursement to Buyer for

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

increased transportation costs. Seller's delivery of coal not produced from the
Coal Property without having received the express written consent of Buyer shall
constitute a material breach of this Agreement.

         SECTION 5. DELIVERY.

         Section 5.1 BARGE DELIVERY. The coal shall be delivered to Buyer F.O.B.
barge at the following points (the "Delivery Point"):

         (i)   for coal to be delivered by rail to barge from mines served by
CSXT: Huntington Coal Terminal (HCT), KRT-Ceredo, and Ohio River Terminal (ORT)
located at mile points 309.1, 314.5, and 306.0 respectively on the Ohio River;

         (ii)  for coal to be delivered by rail to barge from mines served by
NS: Wheelersburg Terminal, KRT-Ceredo and Transfer Terminal located at mile
points 344.6, 314.5 and 316.1 respectively on the Ohio River;

         (iii) for coal to be delivered by truck to barge: Port Amherst Dock
located at mile point 63.9 on the Kanawha River, Arch Coal Terminal (ACT)
located at mile point 318.0 on the Ohio River, and Paint Creek Terminal (PCT)
located at mile point 79.2 on the Kanawha River.

         Seller may deliver the coal at a location different from the Delivery
Points, provided, however, that Seller shall reimburse Buyer for any resulting
increases in the cost of transporting the coal to Buyer's generating stations.
Buyer shall retain any resulting savings in such transportation costs.

         Title to and risk of loss of coal sold will pass to Buyer and the coal
will be considered to be delivered when barges containing the coal are
disengaged by Buyer's barging contractor from the loading dock. Buyer or its
contractor shall furnish suitable barges in accordance with a delivery schedule
provided by Buyer to Seller. Seller shall arrange and pay for all costs of

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

transporting the coal from the mines to the loading docks and loading and
trimming the coal into barges to the proper draft and the proper distribution
within the barges. Buyer shall arrange for transporting the coal by barge from
the loading dock to its generating station(s) and shall pay for the cost of such
transportation. For delays caused by Seller in handling the scheduling of
shipments with Buyer's barging contractor, Seller shall be responsible for any
demurrage or other penalties assessed by said barging contractor (or assessed by
Buyer) which accrue at the Delivery Point, including the demurrage, penalties
for loading less than the minimum of 1,500 tons per barge, or other penalties
assessed for barges not loaded in conformity with applicable requirements. Buyer
shall be responsible to deliver barges in as clean and dry condition as
practicable. Seller shall require of the loading dock operator that the barges
and towboats provided by Buyer or Buyer's barging contractor be provided
convenient and safe berth free of wharfage, dockage and port charges; that while
the barges are in the care and custody of the loading dock, all U.S. Coast Guard
regulations and other applicable laws, ordinances, rulings, and regulations
shall be complied with, including adequate mooring and display of warning
lights; that any water in the cargo boxes of the barges be pumped out by the
loading dock operator prior to loading; that the loading operations be performed
in a workmanlike manner and in accordance with the reasonable loading
requirements of Buyer and Buyer's barging contractor; and that the loading dock
operator carry landing owner's or wharfinger's insurance with basic coverage of
not less than $300,000, and total of basic coverage and excess liability
coverage of not less than $1,000,000, and provide evidence thereof to Buyer in
the form of a certificate of insurance from the insurance carrier or an
acceptable certificate of self-insurance with requirement for 30 days advance
notification of Buyer in the event of termination of or material reduction in
coverage under the insurance.

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         SECTION 6. QUALITY.

         Section 6.1  SPECIFICATIONS.  The coal delivered  hereunder shall
conform to the following  specifications on an "as received" basis:

<Table>
<Caption>
                                            Guaranteed Monthly                  Rejection Limits
         Specifications                     Weighted Average (1)                (per shipment)
------------------------------------------------------------------------------------------------
         <S>                                <C>                                 <C>
         BTU/LB.                            min. 12,000                         <       11,800
                                                 ------                                 ------
         LBS/MMBTU:
         MOISTURE                           max.  6.67                          >        8.33
                                                 ------                                 ------
         ASH                                max. 10.83                          >        11.66
                                                 ------                                 ------
         SULFUR                             max.  0.60 *                        >        0.60
                                                 ------                                 ------
         SULFUR                             min.  NA                            <          NA
                                                 ------                                 ------
         CHLORINE                           max.  0.142                         >        0.21
                                                 ------                                 ------
         NITROGEN                           max.  1.190                         >        1.66
                                                 ------                                 ------

         SIZE (2" X 0"):
              Top size (inches)**           max.  2X0                           >          2X0
                                                 ------                                 ------
              Fines (% by wgt)
              Passing 1/4" screen           max.   40                           >           50
                                                 ------                                 ------

         % BY WEIGHT:
         VOLATILE                           min.   32                           <           30
                                                 ------                                 ------
         FIXED CARBON                       min.   52                           <           50
                                                 ------                                 ------
         GRINDABILITY (HGI)                 min.   42                           <           42
                                                 ------                                 ------

         ASH FUSION TEMPERATURE (DEG.F) (ASTM D1857)

         REDUCING ATMOSPHERE
         Initial Deformation                min. +2700                          min.     +2700
                                                 ------                                 ------
         Softening (H=W)                    min. +2700                          min.     +2700
                                                 ------                                 ------
         Softening (H=1/2W)                 min. +2700                          min.     +2700
                                                 ------                                 ------
         Fluid                              min. +2700                          min.     +2700
                                                 ------                                 ------

         OXIDIZING ATMOSPHERE
         Initial Deformation                min. +2700                          min.     +2700
                                                 ------                                 ------
</Table>

         * Individual barge shipment limit of 1.20 lbs. SO2/MMBTU

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

<Table>
         <S>                                <C>                                 <C>
         Softening (H=W)                    min. +2700                          min.     +2700
                                                 ------                                 ------
         Softening (H=1/2W)                 min. +2700                          min.     +2700
                                                 ------                                 ------
         Fluid                              min. +2700                          min.     +2700
                                                 ------                                 ------
</Table>

         (1) An actual  Monthly  Weighted  Average  will be  calculated  for
         each  specification  for coal  delivered  to the Kentucky Utilities
         Ghent generating station.
         Note:    As used herein            >        means greater than:
                                            <        means less than.

         Section 6.2 DEFINITION OF "SHIPMENT". As used herein, a "shipment"
shall mean one barge load or a barge lot load, in accordance with Buyer's
sampling and analyzing practices.

         Section 6.3 BUYER AGREES THAT SELLER MAKES NO EXPRESS WARRANTIES OTHER
THAN THOSE SET FORTH IN THIS AGREEMENT. SELLER MAKES NO WARRANTY CONCERNING THE
SUITABILITY OF COAL DELIVERED HEREUNDER FOR USE IN BUYER'S PLANT, OR OTHER
ELECTRIC GENERATION STATION. ALL WARRANTIES OF MERCHANTABILITY OR OF FITNESS FOR
A PARTICULAR PURPOSE OR ARISING FROM A COURSE OF DEALING OR USAGE OF TRADE ARE
SPECIFICALLY EXCLUDED.

         Section 6.4 Rejection.

         Buyer has the right, but not the obligation, to reject any shipment
which fail(s) to conform to the Rejection Limits set forth in Section 6.1 or
contains extraneous materials that in the reasonable judgement of Buyer could
interfere with the Buyer's operation. Buyer must reject such coal within
seventy-two (72) hours of receipt of the coal analysis provided for in Section
7.2 or such right to reject is waived. In the event Buyer rejects such
non-conforming coal, title to and risk of loss of the coal shall be considered
to have never passed to Buyer and Buyer shall return the coal to Seller or, at
Seller's request, divert such coal to Seller's designee, all at Seller's cost
and risk. Seller shall replace the rejected coal within ten (10) working days
from notice of rejection with coal conforming to the Rejection Limits set forth
in Section 6.1. If Seller fails to replace the rejected

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

coal within such ten (10) working day period or the replacement coal is
rightfully rejected, Buyer may purchase coal from another source in order to
replace the rejected coal. Seller shall reimburse Buyer for (i) any amount by
which the actual price plus transportation costs to Buyer of such coal purchased
from another source exceed the price of such coal under this Agreement plus
transportation costs to Buyer from the Delivery Point; and (ii) any and all
transportation, storage, handling, or other expenses that have been incurred by
Buyer for rightfully rejected coal. This remedy is in addition to all of Buyer's
other remedies under this Agreement and under applicable law and in equity for
Seller's breach.

         If Buyer fails to reject a shipment of non-conforming coal which it had
the right to reject for failure to meet any or all of the Rejection Limits set
forth in Section 6.1 or because such shipment contained extraneous materials,
then such non-conforming coal shall be deemed accepted by Buyer; however, the
quantity Seller is obligated to sell to Buyer under the Agreement may or may not
be reduced by the amount of each such non-conforming shipment at Buyer's sole
option and the shipment shall nevertheless be considered "rejectable" under
Section 6.4. Further, for shipments containing extraneous materials, which
include, but are not limited to, slate, rock, wood, mining materials, metal,
steel, etc., the estimated weight of such materials shall be deducted from the
weight of that shipment.

         Section 6.5 SUSPENSION AND TERMINATION.

         If the coal sold hereunder fails to meet one or more of the Guaranteed
Monthly Weighted Averages set forth in Section6.1 for any two (2) months in a
six (6) month period, or if nine (9) barge shipments in a 30 day period are
rejectable by Buyer, then Buyer may upon notice confirmed in writing and sent to
Seller by certified mail, suspend future shipments except shipments already
loaded into barges. Seller shall, within 10 days of receipt of Buyer's notice,
provide Buyer with

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

reasonable assurances that subsequent monthly deliveries of coal shall meet or
exceed the Guaranteed Monthly Weighted Averages set forth in Section 6.1 and
that the source will exceed the Rejection Limits set forth in Section 6.1. If
Seller fails to provide such assurances within said 10 day period, Buyer may
terminate this Agreement by giving written notice of such termination at the end
of the 10 day period. A waiver of this right for any one period by Buyer shall
not constitute a waiver for subsequent periods. If Seller provides such
assurances to Buyer's reasonable satisfaction, shipments hereunder shall resume
and any tonnage deficiencies resulting from suspension may be made up at Buyer's
sole option. Buyer shall not unreasonably withhold its acceptance of Seller's
assurances, or delay the resumption of shipment. If Seller, after such
assurances, fails to meet any of the Guaranteed Monthly Weighted Averages for
any one (1) month within the next six (6) months or if three (3) barge shipments
are rejectable within any one (1) month during such six (6) month period, then
Buyer may terminate this Agreement and exercise all its other rights and
remedies under applicable law and in equity for Seller's breach.

         SECTION 7. WEIGHTS, SAMPLING AND ANALYSIS.

         Section 7.1 WEIGHTS. The weight of the coal delivered hereunder shall
be determined on a per shipment basis by Buyer on the basis of scale weights at
the Ghent Generating Station unless another method is mutually agreed upon by
the parties. Such scales shall be maintained in an accurate condition according
to NIST Handbook 44. Seller shall have the right, at Seller's expense and upon
reasonable notice, to have the scales checked for accuracy at any reasonable
time or frequency. If the scales are found to be over or under the tolerance
range allowable for the scale based on industry accepted standards, either party
shall pay to the other any amounts owed due to such inaccuracy for a period not
to exceed thirty (30) days before the time any inaccuracy of scales is
determined.

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         Section 7.2 SAMPLING AND ANALYSIS. The Seller has sole responsibility
for quality control of the coal and shall forward its loading quality to the
Buyer as soon as possible. The sampling and analysis of the coal delivered
hereunder shall be performed by Buyer and the results thereof shall be accepted
and used for the quality and characteristics of the coal delivered under this
Agreement. All analyses shall be made in Buyer's laboratory at Buyer's expense
in accordance with Buyer's approved methods. Samples for analyses shall be taken
by Buyer in accordance with industry accepted procedures of sampling, may be
composited and shall be taken with a frequency and regularity sufficient to
provide reasonably accurate representative samples of the deliveries made
hereunder. Seller represents that it is familiar with Buyer's sampling and
analysis practices, and finds them to be acceptable. Buyer shall notify Seller
in writing of any significant changes in Buyer's sampling and analysis
practices. Any such changes in Buyer's sampling and analysis practices shall
provide for no less accuracy than the sampling and analysis practices existing
at the time of the execution of this Agreement, unless the Parties otherwise
mutually agree.

         Each sample taken by Buyer shall be divided into 4 parts and put into
airtight containers, properly labeled and sealed. One part shall be used for
analysis by Buyer; one part shall be used by Buyer as a check sample, if Buyer
in its sole judgment determines it is necessary; one part shall be retained by
Buyer until thirty (30) days ("Disposal Date") after the sample is taken, and
shall be delivered to Seller for analysis if Seller so requests before the
Disposal Date; and one part ("Referee Sample") shall be retained by Buyer until
the Disposal Date. Seller shall be given copies of all analyses made by Buyer by
the 12th business day of the month following the month of unloading, in
addition, Buyer will send weekly analyses of coal unloadings to Seller. Seller,
on reasonable notice to Buyer shall have the right to have a representative
present to observe the

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

sampling and analyses performed by Buyer. Unless Seller requests a Referee
Sample analysis before the Disposal Date, Buyer's analysis shall be used to
determine the quality of the coal delivered hereunder. The Monthly Weighted
Averages shall be determined by utilizing the individual shipment analyses.

         If any dispute arises before the Disposal Date, the Referee Sample
retained by Buyer shall be submitted for analysis to an independent commercial
testing laboratory ("Independent Lab") mutually chosen by Buyer and Seller. All
testing of any such sample by the Independent Lab shall be at requestor's
expense unless the results differ by more than the applicable ASTM
reproducibility standards, in such case, Buyer will pay for testing. If the
Independent Lab results differ by more than the applicable ASTM reproducibility
standards, the Independent Lab results will govern. The cost of the analysis
made by the Independent Lab shall be borne by Seller if Buyer's analysis
prevails and by Buyer if the analysis of the Independent Lab prevails.

         SECTION 8. PRICE.

         Section 8.1 BASE PRICE. The base price ("Base Price") of the coal to be
sold hereunder will be firm during each time period of this Agreement in
accordance with the following schedule, subject to adjustment only for quality
variations pursuant to Section 8.2 and Governmental Impositions pursuant to
Section 8.4. See EXHIBIT B for a listing of these pricing components.

<Table>
<Caption>
                                                                  BASE PRICE
     PERIOD                  LOADING POINT           ($ PER MMBTU)          ($ PER TON)
     <S>                     <C>                     <C>                    <C>
     1/1/02 - 12/31/03       Huntington, WV Docks    1.8333 F.O.B. barge    $44.00
     1/1/04 - 12/31/05                                      *
</Table>

         * Buyer and Seller will begin negotiating price and other terms and
conditions on or before July 1 of the preceding year, with the intent to reach a
mutually agreed price which would

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

begin on January 1, 2004 or January 1, 2005, as appropriate. If the parties do
not reach an agreement by October 1, of either 2003 or 2004, then this Agreement
will terminate as of December 31, 2003 or December 31, 2004, as appropriate,
without liability due to such termination for either party, and the parties
shall have no further obligations hereunder except those incurred prior to the
date of termination.

         Section 8.2 QUALITY PRICE DISCOUNTS.

         (a) The Base Price is based on coal meeting or exceeding the Guaranteed
Monthly Weighted Averages specifications as set forth in Section 6.1. Quality
price discounts shall be applied for each specification to reflect failures to
meet the Guaranteed Monthly Weighted Averages or Individual Barge Shipment SO2
specifications set forth in Section 6.1, as determined pursuant to Section 7.2,
subject to the provisions set forth below. The discount values used are as
follows:

                             MONTHLY DISCOUNT VALUES

                                            $/MMBTU
                                 BTU/LB.    0.2604

                                            $/LB./MMBTU
                                 ASH        0.0083
                                 MOISTURE0. 0016

                             INDIVIDUAL BARGE DISCOUNT VALUE

                                            $/TON
                                 SO2        3.00

         (b) Notwithstanding the foregoing, for each specification, there shall
be no discount if the actual Monthly Weighted Average meets the applicable
Discount Point set forth below. However, if the actual Monthly Weighted Average
fails to meet such applicable Discount Point,

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

then the discount shall apply to and shall be calculated on the basis of the
difference between the actual Monthly Weighted Average and the Guaranteed
Monthly Weighted Average pursuant to the methodology shown in Exhibit A attached
hereto.

<Table>
<Caption>
                                 Guaranteed Monthly
                                 Weighted Average            Discount Point
                                 ------------------          --------------
<S>                              <C>                             <C>
BTU/LB                           Min.  12,000                    11,800

LB/MMBTU:
ASH                              Max. 10.83                      10.83
MOISTURE                         Max.   6.67                      8.33

                                 Guaranteed Barge
                                  LbsSO(2)/Mmbtu             Discount Point
                                 ----------------            --------------
LB/MMBTU:

SO(2)                            Max.    1.20                    1.20
</Table>

         For example, if the actual Monthly Weighted Average of ash equals 11.00
lb/MMBTU, then the applicable discount would be (11.00 lb./mmbtu - 10.83
lb./mbtu) X $.0083 lb./mmbtu = $.001411/MMBTU.

         Section 8.3 PAYMENT CALCULATION Exhibit A attached hereto shows the
methodology for calculating the coal payment and quality price discounts for the
month Seller's coal was unloaded by Buyer. If there are any such discounts,
Buyer shall apply credit to amounts owed Seller for the month the coal was
unloaded.

         Section 8.4 GOVERNMENTAL IMPOSITION.

         (a) The term "Governmental Imposition" shall mean any taxes, fees,
assessments or other obligations which are imposed by any government or
governmental agency pursuant to any new law, regulation or ruling, or pursuant
to changes in the interpretation or application of existing

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                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

laws, regulations or rulings, which cause an increase or decrease in Seller's
cost for the production, mining, or preparation of coal to be supplied to Buyer
hereunder. If any Governmental Imposition is adopted or becomes effective on or
after January 1, 2002, Seller shall notify Buyer and shall demonstrate to Buyer
that such Governmental Imposition has increased or decreased Seller's cost of
owning or operating the coal mines designated as sources hereunder as it relates
to the production, mining or preparation of coal from such mines for sale to
Buyer under this Agreement. The purchase price for coal to be paid by Buyer
hereunder shall then be adjusted by adding or subtracting the per ton cost of
the Governmental Imposition to determine an adjusted purchase price. If the
Governmental Imposition will continue for the life of this Agreement, then the
purchase price for subsequent Contract Years, if any, shall also be adjusted by
the per ton amount of the Governmental Imposition.

         (b) Seller shall submit to Buyer in writing, an analysis identifying
the Governmental Imposition causing the cost impact and the extent of such cost
impact on Seller's ownership or operation of the coal mines or on Seller's cost
for the production, mining or preparation of coal purchased hereunder and
showing the calculation of the amount of change in the purchase price. The
effective date of any price increase or decrease pursuant to this section shall
be the effective date of the Governmental Imposition causing the cost increase
or decrease, as the case may be.

         SECTION 9. INVOICES, BILLING AND PAYMENT.

Section 9.1 INVOICING:

Invoices for Buyer will be sent to the following address:

                  Kentucky Utilities Company
                  220 West Main Street
                  Louisville, KY  40202
                  Attention:  Fuels Management Department

         Section 9.2 INVOICE PROCEDURES FOR COAL SHIPMENTS. Seller shall invoice
Buyer at the Base Price, minus any quality price discounts, for all coal
unloaded in a calendar month by the fifteenth (15th) of the following month.

                                       16
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         Section 9.3 PAYMENT PROCEDURES FOR COAL SHIPMENTS. Payment for coal
unloaded in a calendar month shall be mailed or wired by the 25th of the month
following the month of unloading, except that, if the 25th is a weekend or a
holiday observed by the Buyer, payment shall be made on the next business day or
within ten days after receipt of Seller's invoice, whichever is later. Buyer
shall electronically transfer all payments to Seller's account at:

                           Arch Coal, Inc.

                           PNC Bank - Pittsburgh, PA
                           ABA Number:  043000096
                           Account Number:  1002430324

         Section 9.4 WITHHOLDING. Buyer shall have the right to withhold from
payment of any billing or billings (i) any sums which it is not able in good
faith to verify or which it otherwise in good faith disputes, (ii) any damages
resulting from any breach of this Agreement by Seller, and (iii) any amounts
owed to Buyer from Seller. Buyer shall notify Seller promptly in writing of any
such issues, stating the basis of its claim and the amount it intends to
withhold.

         Payment by Buyer, whether knowing or inadvertent, of any amount in
dispute shall not be deemed a waiver of any claims or rights by Buyer with
respect to any disputed amounts or payments made.

         SECTION 10. FORCE MAJEURE.

         Section 10.1 GENERAL FORCE MAJEURE. If either party hereto is delayed
in or prevented from performing any of its obligations or from utilizing the
coal sold under this Agreement, in whole or in part, due to acts of God, war,
riots, civil insurrection, acts of the public enemy, inability to obtain permits
after applying for same with reasonable diligence, strikes, lockouts, fires,
floods or earthquakes, or other causes of a similar nature, which are beyond the
reasonable control and without the fault or negligence of the party affected
thereby, then the obligations of both parties

                                       17
<Page>

hereto shall be suspended to the extent made necessary by such event; provided
that the affected party gives written notice to the other party as early as
practicable after the occurrence of the force majeure event. Such written notice
shall include the probable duration and the nature of the force majeure event.
The party declaring force majeure shall exercise due diligence to avoid and
shorten the force majeure event and will keep the other party advised as to the
continuance of the force majeure event. Notwithstanding anything herein to the
contrary, the parties acknowledge that for purposes of application of this
Section 10 FORCE MAJEURE, the basis for Seller's claim of Force Majeure shall be
the particular source or sources identified under Section 4 which are affected
by a Force Majeure event and from which Seller is supplying coal to Buyer at the
time of such event. Upon the occurrence of a Force Majeure event affecting such
particular source or sources from which Seller is supplying coal to Buyer,
Seller shall not be obligated to supply coal from any other source.

         During any period in which Seller's ability to perform hereunder is
affected by a force majeure event, Seller shall not deliver any coal to any
other buyers to whom Seller's ability to supply is similarly affected by such
force majeure event unless contractually committed to do so at the beginning of
the force majeure event; and further shall deliver to Buyer under this Agreement
at least a pro rata portion (on a per ton basis) of its total contractual
commitments to all its buyers to whom Seller's ability to supply is similarly
affected by such force majeure event in place at the beginning of the force
majeure event. An event which affects the Seller's ability to produce or obtain
coal from a mine other than the Coal Property will not be considered a force
majeure event hereunder.

         Tonnage deficiencies resulting from Seller's force majeure event shall
be made up at Buyer's sole option on a mutually agreeable schedule; tonnage
deficiencies resulting from

                                       18
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

Buyer's force majeure event shall be made up at Seller's sole option on a
mutually agreeable schedule.

         Section 10.2 ENVIRONMENTAL LAW FORCE MAJEURE. The parties recognize
that, during the continuance of this Agreement, legislative or regulatory bodies
or the courts may adopt or reinterpret environmental laws, regulations, policies
and/or restrictions which will make it impossible or commercially impracticable
for Buyer to utilize this or like kind and quality coal which thereafter would
be delivered hereunder. If as a result of the adoption or reinterpretation of
such laws, regulations, policies, or restrictions, or change in the
interpretation or enforcement thereof, Buyer decides that it will be impossible
or commercially impracticable (uneconomical) for Buyer to utilize such coal,
Buyer shall so notify Seller, and thereupon Buyer and Seller shall promptly
consider whether corrective actions can be taken in the mining and preparation
of the coal at Seller's mine and/or in the handling and utilization of the coal
at Buyer's generating station; and if in Buyer's sole judgment such actions will
not, without unreasonable expense to Buyer, make it possible and commercially
practicable for Buyer to so utilize coal which thereafter would be delivered
hereunder without violating any applicable law, regulation, policy or order,
Buyer shall have the right, upon the later of 60 days notice to Seller or the
effective date of such restriction, to terminate this Agreement without further
obligation hereunder on the part of either party.

         Section 11. CHANGES. Buyer may, by mutual agreement with Seller, at any
time by written notice pursuant to Section 12 of this Agreement, make changes
within the general scope of this Agreement in any one or more of the following
quality of coal or coal specifications, quantity of coal, method or time of
shipments, place of delivery (including transfer of title and risk of loss),

                                       19
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

method(s) of weighing, sampling or analysis and such other provision as may
affect the suitability and amount of coal for Buyer's generating stations.

         If any such changes makes necessary or appropriate an increase or
decrease in the then current price per ton of coal, or in any other provision of
this Agreement, an equitable adjustment shall be made in price, whether current
or future or both, and/or in such other provisions of this Agreement as are
affected directly or indirectly by such change, and the Agreement shall
thereupon be modified in writing accordingly.

         Any claim by the Seller for adjustment under this Section 11 shall be
asserted within thirty (30) days after the date of Seller's receipt of the
written notice of the requested change, it being understood, however that Seller
shall not be obligated to modify this Agreement until an equitable adjustment
has been agreed upon. The parties agree to negotiate promptly and in good faith
to agree upon the nature and extent of any equitable adjustment.

         SECTION 12. NOTICES.

         Section 12.1 FORM AND PLACE OF NOTICE. Any official notice, request for
approval or other document required to be given under this Agreement shall be in
writing, unless otherwise provided herein, and shall be deemed to have been
sufficiently given when delivered in person, transmitted by facsimile or other
electronic media, delivered to an established mail service for same day or
overnight delivery, or dispatched in the United States mail, postage prepaid,
for mailing by first class, certified, or registered mail, return receipt
requested, and addressed as follows:

         If to Buyer:           Kentucky Utilities Company
                                220 West Main Street
                                Louisville, Kentucky 40202
                                Attn.: Director, Corporate Fuels

                                       20
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         If to Seller:          Arch Coal Sales Company, Inc.
                                CityPlace One, Suite 300
                                St. Louis, Missouri  63141
                                Attn: Regional Vice-President Sales

         Section 12.2 CHANGE OF PERSON OR ADDRESS. Either party may change the
person or address specified above upon giving written notice to the other party
of such change.

         SECTION 12.3 Electronic Data Transmittal. Seller hereby agrees, at
Seller's cost, to electronically transmit shipping notices and/or other data to
Buyer in a format acceptable to and established by Buyer upon Buyer's request.
Buyer shall provide Seller with the appropriate format and will inform Seller as
to the electronic data requirements at the appropriate time.

         SECTION 13. RIGHT TO RESELL. Buyer shall have the unqualified right to
sell all or any of the coal purchased under this Agreement. Seller makes no
representations or warranties concerning any coal that Buyer resells to other
parties, and Buyer shall indemnify and defend Seller against any claims arising
from the sale of coal by Buyer to any such parties or the use thereof by those
parties.

         SECTION 14. INDEMNITY AND INSURANCE.

         Section 14.1 INDEMNITY. Seller agrees to indemnify and save harmless
Buyer, its officers, directors, employees and representatives from any
responsibility and liability for any and all claims, demands, losses, legal
actions for personal injuries, property damage and pollution (including
reasonable inside and outside attorney's fees) (i) relating to the barges
provided by Buyer or Buyer's contractor while such barges are in the care and
custody of the loading dock or loading facility, (ii) due to any failure of
Seller to comply with laws, regulations or ordinances, or (iii) due to the acts
or omissions of Seller in the performance of this Agreement.

                                       21
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         Section 14.2 INSURANCE. Seller agrees to carry insurance coverage with
minimum limits as follows:

         (1) Commercial General Liability, including Completed Operations and
Contractual Liability, $1,000,000 single limit liability.

         (2) Automobile General Liability, $1,000,000 single limit liability.

         (3) In addition, Seller shall carry excess liability insurance covering
the foregoing perils in the amount of $4,000,000 for any one occurrence.

         (4) Workers' Compensation and Employer's Liability with statutory
limits.

         If any of the above policies are written on a claims made basis, then
the retroactive date of the policy or policies will be no later than the
effective date of this Agreement. Certificates of Insurance satisfactory in form
to the Buyer and signed by the Seller's insurer shall be supplied by the Seller
to the Buyer evidencing that the above insurance is in force and that not less
than 30 calendar days written notice will be given to the Buyer prior to any
cancellation or material reduction in coverage under the policies. The Seller
shall cause its insurer to waive all subrogation rights against the Buyer
respecting all losses or claims arising from performance hereunder. Evidence of
such waiver satisfactory in form and substance to the Buyer shall be exhibited
in the Certificate of Insurance mentioned above. Seller's liability shall not be
limited to its insurance coverage.

         SECTION 15. TERMINATION FOR DEFAULT.

         Subject to Section 6.4, if either party hereto commits a material
breach of any of its obligations under this Agreement at any time, including,
but not limited to, a breach of a representation and warranty set forth herein,
then the other party has the right to give written notice describing such

                                       22
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

breach and stating its intention to terminate this Agreement no sooner than 30
days after the date of the notice (the "notice period"). If such material breach
is curable and the breaching party cures such material breach within the notice
period, then the Agreement shall not be terminated due to such material breach.
If such material breach is not curable or the breaching party fails to cure such
material breach within the notice period, then this Agreement may be terminated
by the non-breaching party at the end of the notice period in addition to all
the other rights and remedies available to the non-breaching party under this
Agreement and at law and in equity.

         SECTION 16. TAXES, DUTIES AND FEES.

         Seller shall pay when due, and the price set forth in SECTION 8 of this
Agreement shall be inclusive of, all taxes, duties, fees and other assessments
of whatever nature imposed by governmental authorities with respect to the
transactions contemplated under this Agreement, as such price may be adjusted
pursuant to Section 8.4.

         SECTION 17. DOCUMENTATION AND RIGHT OF AUDIT.

         Seller shall maintain all records and accounts pertaining to payments,
quantities, quality analyses, and source for all coal supplied under this
Agreement for a period lasting through the term of this Agreement and for two
years thereafter. Buyer shall have the right at no additional expense to Buyer
to audit, copy and inspect such records and accounts at any reasonable time upon
reasonable notice during the term of this Agreement and for 2 years thereafter.

         SECTION 18. EQUAL EMPLOYMENT OPPORTUNITY. To the extent applicable,
Seller shall comply with all of the following provisions which are incorporated
herein by reference: Equal Opportunity regulations set forth in 41 CFR Section
60-1.4(a) and (c) prohibiting discrimination against any employee or applicant
for employment because of race, color, religion, sex, or national origin;
Vietnam Era Veterans Readjustment Assistance Act regulations

                                       23
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

set forth in 41 CFR Section 50-250.4 relating to the employment and advancement
of disabled veterans and veterans of the Vietnam Era; Rehabilitation Act
regulations set forth in 41 CFR Section 60-741.4 relating to the employment and
advancement of qualified disabled employees and applicants for employment; the
clause known as "Utilization of Small Business Concerns and Small Business
Concerns Owned and Controlled by Socially and Economically Disadvantaged
Individuals" set forth in 15 USC Section 637(d)(3); and subcontracting plan
requirements set forth in 15 USC Section 637(d).

         SECTION 19. COAL PROPERTY INSPECTIONS. Buyer and its representatives,
and others as may be required by applicable laws, ordinances and regulations
shall have the right at all reasonable times and at their own expense to inspect
the Coal Property, including the loading facilities, scales, sampling system(s),
wash plant facilities, and mining equipment for conformance with this Agreement.
Seller shall undertake reasonable care and precautions to prevent personal
injuries to any representatives, agents or employees of Buyer (collectively,
"Visitors") who inspect the Coal Property. Any such Visitors shall make every
reasonable effort to comply with Seller's regulations and rules regarding
conduct on the work site, made known to Visitors prior to entry, as well as
safety measures mandated by state or federal rules, regulations and laws. Buyer
understands that mines and related facilities are inherently high-risk
environments. Buyer's failure to inspect the Coal Property or to object to
defects therein at the time Buyer inspects the same shall not relieve Seller of
any of its responsibilities nor be deemed to be a waiver of any of Buyer's
rights hereunder.

         SECTION 20. MISCELLANEOUS.

         Section 20.1 APPLICABLE LAW. This Agreement shall be construed in
accordance with the laws of the Commonwealth of Kentucky, and all questions of
performance of obligations hereunder shall be determined in accordance with such
laws.

                                       24
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         Section 20.2 HEADINGS. The paragraph headings appearing in this
Agreement are for convenience only and shall not affect the meaning or
interpretation of this Agreement.

         Section 20.3 WAIVER. The failure of either party to insist on strict
performance of any provision of this Agreement, or to take advantage of any
rights hereunder, shall not be construed as a waiver of such provision or right.

         Section 20.4 REMEDIES CUMULATIVE. Remedies provided under this
Agreement shall be cumulative and in addition to other remedies provided under
this Agreement or by law or in equity.

         Section 20.5 SEVERABILITY. If any provision of this Agreement is found
contrary to law or unenforceable by any court of law, the remaining provisions
shall be severable and enforceable in accordance with their terms, unless such
unlawful or unenforceable provision is material to the transactions contemplated
hereby, in which case the parties shall negotiate in good faith a substitute
provision.

         Section 20.6 BINDING EFFECT. This Agreement shall bind and inure to the
benefit of the parties and their successors and assigns.

         Section 20.7 ASSIGNMENT.

         A. Seller shall not, without Buyer's prior written consent, which
consent shall not be unreasonably withheld, make any assignment or transfer of
this Agreement, by operation of law or otherwise, including without limitation
any assignment or transfer as security for any obligation, and shall not assign
or transfer the performance of or right or duty to perform any obligation of
Seller hereunder; provided, however, that Seller may assign the right to receive
payments for coal directly from Buyer to a lender as part of any accounts
receivable financing or

                                       25
<Page>

other revolving credit arrangement which Seller may have now or at any time
during the term of this Agreement.

         B. Buyer shall not, without Seller's prior written consent, which
consent shall not be unreasonably withheld, assign this Agreement or any right
for the performance of or right or duty to perform any obligation of Buyer
hereunder; except that, without such consent, Buyer may assign this Agreement in
connection with a transfer by Buyer of all or a majority interest in the Buyer's
Ghent Generating Station, or as part of a merger or consolidation involving
Buyer.

         C. In the event of an assignment or transfer contrary to the provisions
of this section, the non-assigning party may terminate this Agreement
immediately.

         Section 20.8 ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties as to the subject matter hereof, and there are no
representations, understandings or agreements, oral or written, which are not
included herein. Without limiting the foregoing (a) this Agreement shall not be
construed as a requirements or similar agreement, and (b) this Agreement shall
not be construed as affecting Buyer's ability to negotiate with and/or acquire
other sources of coal from third parties throughout the term hereof.

         Section 20.9 AMENDMENTS. Except as otherwise provided herein, this
Agreement may not be amended, supplemented or otherwise modified except by
written instrument signed by both parties hereto.

                                       26
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

         BUYER                                     SELLER
         -----                                     ------
KENTUCKY UTILITIES COMPANY                ARCH COAL SALES COMPANY, INC.

By:      /s/ Paul W. Thompson             By:      /s/ John Eaves
         ---------------------------               -----------------------------
         Paul W. Thompson                          John Eaves - President
         Senior VP - Energy Services

Date:    12/31/01                         Date:    12/19/01

                                       27
<Page>

                                                      ARCH COAL SALES CO., INC.
                                                      KU Contract # KUF02849

                                                                       Exhibit A
                                                                     Page 1 of 2
                                    EXHIBIT A
                        SAMPLE COAL PAYMENT CALCULATIONS
              Total Evaluated Coal Costs for Contract No. KU F02849
--------------------------------------------------------------------------------
For contracts supplied from multiple "origins", each "origin will be calculated
individually.

<Table>
<Caption>
                           Section I                                                    Base Data
                           ---------                                                    ---------

<S>                                                                            <C>               <C>
1)       Base F.O.B. price per ton:                                            $ 44.00           /ton
                                                                               ------------------

1a)      Tons of coal delivered:                                                                 tons
                                                                               ------------------

2)       Guaranteed average heat content:                                       12,000           BTU/LB.
                                                                               ------------------

2r)      As received monthly avg. heat content:                                                  BTU/LB.
                                                                               ------------------

2a)      Energy delivered in MMBTU:                                                              MMBTU
                                                                               ------------------

 (Line 1a) *2,000 lb./ton*(Line 2r) *MMBTU/1,000,000 BTU
 (     ) *2,000 lb./ton*(     )*MMBTU/1,000,000 BTU

2b)      Base F.O.B. price per MMBTU:                                          $1.8333           MMBTU
                                                                               ------------------

{(Line 1)/(Line 2) *(1 ton/2,000 lb.)}*1,000,000 BTU/MMBTU
{(     /ton)/(           BTU/LB)*(1 ton/2,000 lb.)}*1,000,000 BTU/MMBTU

3)       Guaranteed shipment. max. SO(2)                                        1.20             LBS./MMBTU
                                                                               ------------------

3r)      Number of tons > 1.20 lbsSO(2)/Mmbtu                                                    TONS
                                                                               ------------------

4)       Guaranteed monthly avg. ash                                            10.83            LBS./MMBTU
                                                                               ------------------

4r)      As received monthly avg. ash                                                            LBS./MMBTU
                                                                               ------------------

5)       Guaranteed monthly avg. max. moisture                                  6.67             LBS./MMBTU
                                                                               ------------------

5r)      As received monthly avg. moisture                                                       LBS./MMBTU
                                                                                ------------------
<Caption>
                           Section II                                           Discounts
                           ----------                                           ---------
         Assign a (-) to all discounts (round to (5) decimal places)
<S>      <C>                                                                   <C>
6d)      BTU/LB.:  If line 2r < 11,800 BTU/lb. then:
         {1 - (line 2r) / (line 2)} * $0.2604/MMBTU
         {1 - (    ) / (    )} * $0.2604 =                                     $                 /MMBTU
                                                                               ------------------
7d)      SO(2): If any individual shipment is greater than 1.20 lbs./MMBTU
         (line 3r) * $3.00 per ton / line 2a
          (    ) * (3.00) / (    ) =                                           $                 /MMBTU
                                                                               ------------------
8d)      ASH: If line 4r is greater than 10.83 lbs./MMBTU
          (line 4r) - (line 4) * 0.0083/MMBTU
          (    ) - (    ) * 0.0083 =                                           $                 /MMBTU
                                                                               ------------------
9d)      MOISTURE: If line 5r is greater than 8.33 lbs./MMBTU
          (line 5r) - (line 5) * 0.0016/MMBTU
          (    ) - (    ) * 0.0016 =                                           $                 /MMBTU
                                                                               ------------------
</Table>

<Page>
                                                       ARCH COAL SALES CO., INC.
                                                       KU Contract # KUF02849

                                                                       Exhibit A
                                                                     Page 2 of 2

<Table>
<Caption>
                                                                                Total Price
                           Section III                                          Adjustments
                           -----------                                          -----------
         <S>                                                                   <C>

         Determine total Discounts as follows:

         Assign a (-) to all discounts (round to (5) decimal places)

         Line 6d:                                                              $                /MMBTU
                                                                               ------------------
         Line 7d                                                               $                 /MMBTU
                                                                               ------------------
         Line 8d                                                               $                 /MMBTU
                                                                               ------------------
         Line 9d                                                               $                 /MMBTU
                                                                               ------------------
10)      Total Discounts (-):

         Algebraic sum of above:                                               $                 /MMBTU
                                                                               ------------------
11)      Total evaluated coal price = (line 2b) + (line 10)

12)      Total discount price adjustment for Energy delivered:
         (line 2a) * (line 10) (-)
         $         /MMBTU           +                                          $                 /MMBTU  =  $
         ----------                                                            ------------------             -----------
13)      Total base cost of coal
         (line 2a) * (line 2b)
         $         /MMBTU           +                                          $                 /MMBTU  =  $
         ----------                                                            ------------------             -----------
14)      Total coal payment for month
         (line 12) + (line 13)
         $         /MMBTU           +                                          $                         =  $
         ----------                                                            ------------------             -----------
</Table>

<Page>

                                                       ARCH COAL SALES CO., INC.
                                                       KU Contract # KUF02849

                                    EXHIBIT B

Arch Coal Sales Company, Inc.
KU/LG&E Contract #KUF02849
January 1, 2002 Pricing Breakdown

<Table>
<Caption>
Price Components                         $ Per MMBtu  $ Per Ton                           Computations
----------------                         -----------  ---------                           ------------
<S>                                         <C>         <C>      <C>
-  Fixed Portion                            1.6893      40.542
WV Severance Tax                            0.0917      . 2200   Whenever there is any change in the Base Price or a change in the
                                                                 WV Severance Tax Rate, the new WV Severance Tax subcomponent shall
                                                                 be calculated and the Base Price shall be adjusted to reflect such
                                                                 change in accordance with the following: T = (R/(1-R)

WV Special Reclamation Fee                  0.0058       0.140   0.14/t from 1/1/02 thru 3/31/05, then current law says the rate
                                                                 drops to 0.07/t
WV Mines & Minerals Operations Fund Tax     0.0008       0.020

Federal Black Lung Tax                      0.0374       0.897   0.55/t for surface mined coal, 1.10/t for deep mined coal: assume
                                                                 a 30/70 split.  Take 50% times the surface and deep mined rates
                                                                 per ton then reduce by the excess moisture percentage(4.1%). Excess
                                                                 moisture is the moisture content in excess of the inherent
                                                                 moisture in the coal. For purposes of the sales contract assume
                                                                 the excess moisture percentage remains constant (fixed) for the
                                                                 life of the agreement.

Federal Reclamation Fee                     0.0084       0.201   0.35/t for surface mined coal, 0.15/t for deep mined coal: assume
                                                                 a 30/70 split.  Take 50% times the surface and deep mined rates
                                                                 per ton then reduce by the excess moisture percentage(4.1%). Excess
                                                                 moisture is the moisture content in excess of the inherent
                                                                 moisture in the coal.  For purposes of the sales contract assume
                                                                 the excess moisture percentage remains constant (fixed) for the
                                                                 life of the agreement.

                                       ------------------------
Total Price                                 1.8334      44.000
                                       ========================
Price check                                 1.8333      44.000
                                       ========================
</Table>

SECTION 4 STATES THE SOURCE OF THE COAL IN THIS AGREEMENT SHALL BE SUPPLIED FROM
MINGO, LOGAN, LINCOLN, BOONE AND KANAWHA COUNTIES. WEST VIRGINIA. THE ABOVE HAS
BEEN PRICE IN ACCORDANCE WITH THE LAWS OF WEST VIRGINIA.

<Page>

                                                       ARCH COAL SALES CO., INC.
                                                       KU Contract # KUF02849

                               GUARANTY AGREEMENT

         THIS GUARANTY AGREEMENT ("Guaranty") is made and entered into this 1st
day of January 2002 by ARCH COAL, INC. ("Arch"), a Delaware corporation, with
offices at CityPlace One, Suite 300, St. Louis, Missouri 63141, to and for the
benefit of KENTUCKY UTILITIES COMPANY ("Buyer"), a Kentucky corporation, with
offices at 220 West Main Street, Louisville, Kentucky 40202.

         WHEREAS, Buyer and Arch Coal Sales Company, Inc. ("Seller"), a Delaware
corporation, with offices at CityPlace One, Suite 300, St. Louis, Missouri
63141, which Seller is agent for the independent operating subsidiaries of Arch,
propose to enter into a Coal Supply Contract dated on or about January 1, 2002
("Contract") for a coal supply from Arch's mines, located in Mingo, Lincoln,
Boone, Logan and Kanawha Counties, West Virginia (the "Coal Property"); and

         WHEREAS, Buyers performance under the Contract will benefit Arch
through the Seller, and to induce Buyer to enter into the Contract, Arch is
willing to guarantee to Buyer, its successors, representatives and assigns,
Seller's performance of Seller's obligations (collectively, the "Obligations")
set forth in the Contract and any extension or amendment thereof executed by
Buyer and Seller.

         NOW, THEREFORE, for and in consideration of the sum of Ten Dollars
($10.00) and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Arch hereby agrees as follows:

         1) GUARANTY - Arch guarantees to Buyer Seller's performance of the
Obligations and agrees that this Guaranty shall inure to the benefit of and may
be enforced by Buyer, its successors, representatives and assigns.

         2) ACCEPTANCE AND AMENDMENTS - Arch waives notice of acceptance of this
Guaranty, and consents to any and all waivers and extension of the time of
performance and to any and all changes, modifications or amendments in the
terms, covenants and conditions in the Contract agreed to by Seller in
accordance with the terms of the Contract.

         3) BUYER'S REMEDIES - Arch agrees that this Guaranty may be enforced by
Buyer without first enforcing Buyer's rights under the Contract against Seller;
provided, however, that nothing herein contained shall prevent Buyer from
enforcing the Contract with or without making Arch a party to the suit.

         4) ARCH'S DEFENSES - Except as otherwise provided in Section 5 of this
Guaranty, Arch shall be entitled to the benefit of any defenses which Seller may
have to the enforcement by Buyer of any of the Obligations.

         5) SELLER'S BANKRUPTCY - Arch agrees that its obligations under this
Guaranty shall not be impaired, modified, changed, released or limited in any
manner whatsoever by any impairment, modification, change, release or limitation
of the liability of Seller (or Seller's estate in bankruptcy) resulting from the
operation of any present or future provision of the federal bankruptcy law or
other similar statute.

         6) EXPENSES - If any claim by Buyer is successfully prosecuted against
Arch under this Guaranty, Arch shall reimburse Buyer for all reasonable expenses
incurred by Buyer in connection therewith, including reasonable attorneys' fees.

         7) REPRESENTATIONS - Arch represents that:

<Page>

                                                       ARCH COAL SALES CO., INC.
                                                       KU Contract # KUF02849

                  a.   Arch is a validly  organized  corporation  duly
                       existing and in good standing under the laws of the
                       State of Delaware.
                  b.   The giving of this Guaranty is within Arch's
                       corporate powers.
                  c.   The giving of this  Guaranty  has been  pursuant to
                       all  necessary  corporate  action,  if any, and does
                       not contravene any law or any contractual
                       restriction binding on Arch.
                  d.   This Guaranty is a legal,  valid and binding
                       obligation,  enforceable  against Arch in accordance
                       with its terms.

         8)  WAIVER BY BUYER - The failure of Buyer to enforce any of the
provisions of this Guaranty at any time or for any period of time shall not be
construed to be a waiver of any such provision or of the right thereafter to
enforce the same.

         9)  GOVERNING LAW - This Guaranty shall be interpreted and enforced in
accordance with the laws of the Commonwealth of Kentucky.

         10) NOTICES - Any notice, request, consent, demand, report or statement
which is given to or made upon either party hereto by the other party hereto
under any of the provisions of this Guaranty shall be in writing unless
otherwise provided herein and shall be treated as duly delivered when the same
is received by the party to be notified whether by personal delivery, or by the
United States mail, as evidenced by a receipt or by telecopier and confirmed by
United States mail, as evidenced by a receipt. Notices shall be properly
addressed as follows:

         As to Buyer:
                                   Kentucky Utilities Company
                                   220 West Main Street
                                   Louisville, Kentucky  40202
                                   Attn: Director, Corporate Fuels

         As to Seller:
                                   Arch Coal Sales Company, Inc.
                                   CityPlace One, Suite 300
                                   St. Louis, Missouri  63141
                                   Attn: Regional Vice-President Sales

         As to Arch:
                                   Arch Coal, Inc.
                                   CityPlace One Suite 300
                                   St. Louis, Missouri  63141
                                   Attn: General Counsel

Either party hereto may change its address or representative for the purposes of
notices or communications hereunder by furnishing notice thereof to the other
party in compliance with this provision
         11) Assignment - Arch's rights and obligations under this Guaranty may
be assigned to the ultimate parent company of an approved assignee of Seller's
rights and obligations under the Contract, provided the assignment provisions of
the Contract shall control and provided

<Page>

                                                       ARCH COAL SALES CO., INC.
                                                       KU Contract # KUF02849

further, such that a wholly-owned subsidiary or wholly affiliate company of the
ultimate parent takes title to the Coal Property. If such assignee is not owned
either directly or indirectly by Arch and if Buyer has agreed to release Seller
from the Obligations, this Guaranty shall terminate and Arch shall be released
from any further obligations or liabilities hereunder. If another company with
substantial assets becomes the new ultimate parent company of Seller, Arch may,
with Buyer's written approval, assign its rights and obligations hereunder to
such other company and thereafter, as to Arch, this Guaranty shall terminate,
and Arch shall be released from any further obligations or liabilities
hereunder.

         IN WITNESS WHEREOF, Arch has executed this Guaranty as of the date
first written above.

                                                ARCH COAL, INC.

                                                By:

ATTEST:<Page>

                                                                   Exhibit 10.54

                              COAL SUPPLY AGREEMENT

     This is a coal supply agreement (this "AGREEMENT") dated effective as of
January 1, 2002, by and between LOUISVILLE GAS AND ELECTRIC COMPANY (hereinafter
referred as "BUYER"), a Kentucky corporation, with an address at 220 West Main
Street, Louisville, Kentucky 40202, and HOPKINS COUNTY COAL, LLC (hereinafter
referred as "SELLER"), a Delaware limited liability company, having an address
of 1717 South Boulder Avenue, Tulsa, Oklahoma 74119-4886 ("Seller"), and
ALLIANCE COAL SALES, a division of Alliance Coal, LLC (hereinafter referred as
"Seller's Agent") having an address of 1717 South Boulder Avenue, Tulsa,
Oklahoma 7419-4886. (Buyer and Seller are sometimes referred to herein
individually as a "PARTY" and collectively as the "PARTIES".)

                                    RECITALS:

     A. Buyer is the owner of the Cane Run Generating Station and the Mill Creek
        Generating Station, both of which are located in Jefferson County,
        Kentucky.

     B. Seller is a coal mining company with mines located in Hopkins County
        Kentucky.

     C. Seller is an affiliate company and subsidiary of Alliance Coal, LLC.

     D. Seller has appointed Alliance Coal Sales, a division of Alliance Coal,
        LLC, as Seller's agent for administration of this Agreement ("SELLER'S
        AGENT").

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements contained herein, the parties hereto agree as follows:

<Page>

                                                              CONTRACT #LGE02014

     SECTION 1. GENERAL; CONDITIONS SUBSEQUENT TO IMPACTING THIS AGREEMENT.

     Section 1.1 Seller agrees to sell to Buyer and Buyer agrees to buy from
Seller steam coal subject to the terms and conditions set forth herein.

     Section 1.2 The parties hereto acknowledge the fact that Seller's Agent is
a party to this Agreement for the limited purpose of agreeing to administer
certain functions under this Agreement on Seller's behalf. If, during the Term
of this Agreement, Seller's Agent holds itself out to Buyer as having the
authority to act or make decisions on Seller's behalf, Buyer is entitled to rely
on such representations without need for further inquiry, and Seller indemnifies
and holds Buyer harmless with regard to such reliance. Hereinafter, all
references to "Seller" in this Agreement may refer to either Seller or Seller's
Agent as Seller's representative; provided, however, all obligations of the
Seller herein shall be Seller's full and sole obligation, regardless of whether
Seller's Agent is performing any duties with regard to such obligation.

     Section 1.3 Notwithstanding any other provisions contained herein to the
contrary, this Agreement, and the terms and conditions hereof, shall be
subordinate to those contained in that certain Coal Synfuel Supply Agreement if
and when such Coal Synfuel Supply Agreement is executed (contemplated to be
effective as of January 1, 2002) by and between Buyer and Synfuel Solutions
Operating, LLC ("Coal Synfuel Agreement"). Specifically, the parties hereto
accept and acknowledge that the obligations for Seller to sell and deliver and
Buyer to accept and pay for coal delivered herein shall apply only in the
following events (the "Coal Delivery Obligation"): (a) there is a positive
difference between the Base Quantity hereunder and the Contract Quantity of coal
synfuel to be delivered to Buyer under the Coal Synfuel Agreement, as it may be
adjusted and as determined on a monthly basis; and (b) if, for any reason, there
occurs a reduction in quantity, termination or suspension of deliveries of coal
synfuel under the Coal

                                        2
<Page>

                                                              CONTRACT #LGE02014

Synfuel Agreement, then Seller shall deliver the differential in coal. If,
because of any of the aforementioned conditions, deliveries of the base quantity
of coal set forth in Section 3.1 shall be made, the base quantities of coal to
be delivered hereunder shall be reduced by the amount of coal synfuel deliveries
made during the applicable time period under the Coal Synfuel Agreement. In the
event the Coal Synfuel Agreement is terminated, deliveries of the quantities of
coal set forth under Section 3.1 shall continue through the remaining term
hereof. In the event the Coal Synfuel Agreement is not executed, references to
the Coal Synfuel Agreement herein shall be inapplicable, Seller shall deliver
the quantities of coal set forth under Section 3.1 throughout the term hereof
and the pricing set forth under Section 8 shall be increased by $.05/MMBtu. If
the Coal Synfuel Agreement is executed, the quantities of coal set forth under
Section 3.1 shall be reduced by the quantity of coal synfuel delivered under the
Coal Synfuel Agreement up through the termination date of the Coal Synfuel
Agreement.

     Notwithstanding the immediate preceding paragraph, if the Coal Synfuel
Agreement is executed, for each of the years 2002 and 2003, Buyer shall have the
right to substitute coal from Seller for coal synfuel under the Coal Synfuel
Agreement in amounts up to 300,000 tons of coal per year delivered as promptly
after notification as possible. The coal price for the first 100,000 tons shall
be the applicable Base Price set forth in Section 8.1 and the coal price for any
tons above 100,000 tons up to the 300,000 ton annual limit shall be the
applicable Base Price set forth in Section 8.1 plus $0.05 per MMBTU, provided
Seller promptly ships the coal.

     SECTION 2. TERM. The term of this Agreement shall commence effective as of
January 1, 2002, and shall continue through December 31, 2007, subject to the
provisions of Section 8.1, and further subject to the continuation of the Coal
Synfuel Agreement after year 2003, if such Coal Synfuel Agreement is executed.

                                        3
<Page>

                                                              CONTRACT #LGE02014

     SECTION 3. QUANTITY.

     Section 3.1 BASE QUANTITY. Subject to the terms and conditions set forth in
this Agreement, including without limitation the continuation of the Coal
Synfuel Agreement after year 2003, if such Coal Synfuel Supply Agreement is
executed, and quantity requirements to be negotiated thereunder, which shall
constitute tonnage requirements hereunder during each year of the balance of the
contract term, Seller shall sell and deliver, or cause to be delivered, and
Buyer shall purchase and receive, or cause to be received, the following annual
base quantity of coal ("Base Quantity"), as adjusted pursuant to the Coal
Delivery Obligation defined in Section 1.3:

<Table>
<Caption>
                  YEAR               BASE QUANTITY (TONS)
                  ----               --------------------
                  <S>                     <C>
                  2002                    2,250,000
                  2003                    2,250,000
                  2004                    2,250,000
                  2005                    2,250,000
                  2006                    2,250,000
                  2007                    2,250,000
</Table>

     SECTION 4. SOURCE.

     Section 4.1 SOURCE. The coal sold hereunder shall be supplied from
geological seam Western Kentucky #11, #12, and #9 (surface and underground) in
Hopkins County, Kentucky from any of Seller's mines and from the coal mining
operations of Warrior Coal, LLC (the "Coal Property"). Seller shall have the
right to add to the Coal Property mines developed or purchased by Seller,
provided Seller is responsible for any additional transportation costs and
provided further the coal meets the quality specifications set forth in Section
6.

                                        4
<Page>

                                                              CONTRACT #LGE02014

     Upon providing prior written notice to Buyer, and after receiving Buyer's
written consent, which shall not be unreasonably withheld, Seller may, but shall
not be required to, supply coal from other sources which meets the quality
specifications set forth in Section 6 ("Substitute Coal"). No consent from Buyer
shall be required for Substitute Coal supplied by Seller from the coal mining
operations of Webster County Coal, LLC. The cost of such Substitute Coal shall
not exceed the delivered cost in cents per million Btu for coal to be supplied
from the Coal Property. Seller's right to furnish Substitute Coal shall not
affect its right to claim force majeure because of events occurring at the Coal
Property mines. In the event Seller is providing Substitute Coal and experiences
a force majeure event at the Substitute Coal source, Seller shall supply Buyer
with coal from the Coal Property sources.

     All Substitute Coal supplied hereunder shall be supplied pursuant to all
the terms and conditions of this Agreement, including, but not limited to, the
Quantity provisions of Section 3, the price provisions of Section 8 and the
quality specifications of Section 6.

     Section 4.2 ASSURANCE OF OPERATION AND SUPPLY. Seller represents and
warrants that Seller shall supply, from the Coal Property coal in quantities and
in quality which will be sufficient to satisfy all the requirements of this
Agreement. Seller agrees and warrants that it will have adequate machinery,
equipment and other facilities to produce, prepare and deliver coal in the
quantity and of the quality required by this Agreement. Seller further agrees to
operate and maintain such machinery, equipment and facilities in accordance with
good mining practices so as to efficiently and economically produce, prepare and
deliver such coal. Seller agrees that Buyer is not providing any capital for the
purchase of such machinery, equipment and/or facilities and that Seller shall
operate and maintain same at its sole expense, including all required permits
and licenses.

     Section 4.3 NON-DIVERSION OF COAL. Seller agrees and warrants that it will
not, without

                                        5
<Page>

                                                              CONTRACT #LGE02014

Buyer's express prior written consent, use or sell coal from the Coal Property
in a way that will reduce the quantity of coal less than the quantity required
to be supplied hereunder to Buyer.

     SECTION 5. DELIVERY.

     Section 5.1 DELIVERY SCHEDULE. The coal shall be delivered under mutually
agreed to shipping schedules. Both coal synfuel delivered under the Coal Synfuel
Agreement and coal delivered under this Agreement shall, in combination, be
delivered in approximately ratable monthly quantities, to the extent
practicable, taking into account each party's loading and unloading logistics,
unexpected constraints in the day-to-day operations, and stockpile management
and storage capabilities. Accordingly, each party shall exert all reasonable
efforts to accommodate changes in delivery schedules requested by the other
party due to such events.

     Section 5.2 RAIL DELIVERY. The coal shall be delivered to Buyer F.O.B.
railcar at the Hopkins County rail loading facility near Madisonville, Kentucky
on the Paducah and Louisville Railroad (the "Delivery Point"). Seller may
deliver the coal at a location different from the Delivery Point, provided,
however, that Seller shall reimburse Buyer for any resulting increases in the
cost of transporting the coal to Buyer's generating stations. Buyer shall retain
any resulting savings in such transportation costs. Buyer may request to change
the Delivery Point to F.O.B. truck. Upon Buyer's notification to Seller of its
desire to change the Delivery Point, Buyer and Seller shall mutually agree in
writing upon the change(s) and the time frame wherein such changes will take
place. Buyer shall be responsible for payment of any transportation cost
increases as a result of Buyer's selection to change the Delivery Point.

     Section 5.3 RAIL OR TRUCK DELIVERY. If the coal is delivered F.O.B. railcar
or F.O.B. truck, then title to and risk of loss respecting the coal will pass to
Buyer and the coal will be considered to be delivered when it is loaded into the
railcars or trucks at the rail or truck loading facility.

                                        6
<Page>

                                                              CONTRACT #LGE02014

Buyer or its contractor shall furnish suitable railcars or trucks in accordance
with a delivery schedule provided by Buyer to Seller. Seller shall be
responsible for and pay the cost of repairs for any damages caused by Seller to
railcars or trucks owned or leased by Buyer while such railcars or trucks are in
Seller's control or custody. Seller shall use reasonable efforts to comply with
the applicable provisions of Buyer's rail or truck contractor's tariff. At
Buyer's request, Seller shall treat (or have treated) any shipment of Coal
hereunder with a freeze conditioning agent approved by Buyer in order to
maintain Coal handling characteristics during shipment. If requested by Buyer,
Seller shall also treat (or have treated) any railcars specified by Buyer with a
side release agent approved by Buyer. The price for each requested chemical
treatment shall be an amount equal to Seller's cost of application on a per
gallon basis for each application of freeze conditioning agent or side release
agent, as the case may be. Seller shall invoice Buyer for all such treatment
which occurred in a calendar month by the fifteenth of the following month; and
payment shall be mailed by the 25th of such following month or within ten days
after receipt of Seller's invoice, whichever is later.

     SECTION 6. QUALITY.

     Section 6.1 SPECIFICATIONS.

     (a) The Coal delivered hereunder shall conform to the following
specifications on an "as received" basis:

<Table>
<Caption>
                                Guaranteed Monthly           Rejection Limits
     Specifications             Weighted Average (1)         (Per Shipment)
--------------------------------------------------------------------------------
     <S>                             <C>                     <C>
     CHLORINE                        max.   0.04             >         0.05
                                           -----                      -----
     FLUORINE                        max.   .006             >         .006
                                           -----                      -----
     NITROGEN                        max.   1.10             >         1.50
                                           -----                      -----

     ASH/SULFUR RATIO                min.  2.5:1             <        2.5:1
                                           -----                      -----
     SIZE (3" x 0"):
</Table>

                                       7
<Page>

                                                              CONTRACT #LGE02014

<Table>
     <S>                             <C>                     <C>
          Top size (inches)*         max.  3 x 0             >       3 x 0
                                           -----                     ------
          Fines (% by wgt)
          Passing 1/4" screen        max.     50             >          55
                                           -----                     ------

     % BY WEIGHT:
     VOLATILE                        max.     40             >          41
                                           -----                     ------
     VOLATILE                        min.     35             <          33
                                           -----                     ------
     FIXED CARBON                    max.     48             >          49
                                           -----                     ------
     FIXED CARBON                    min.     44             <          40
                                           -----                     ------
     GRINDABILITY (HGI)              min.     55             <          52
                                           -----                     ------

     BASE ACID RATIO (B/A)                   .39             >         .43
                                           -----                     ------
     SLAGGING FACTOR**               max.    1.6             >         1.9
                                           -----                     ------
     FOULING FACTOR***               max.     .2             >          .3
                                           -----                     ------

     ASH FUSION TEMPERATURE (DEG. F) (ASTM D1857)

     REDUCING ATMOSPHERE
     Initial Deformation             min.   1940             min.     1900
                                           -----                     ------
     Softening (H=W)                 min.   2035             min.     1975
                                           -----                     ------
     Softening (H=1/2W)              min.   2085             min.     2000
                                           -----                     ------
     Fluid                           min.   2190             min.     2100
                                           -----                     ------

     OXIDIZING ATMOSPHERE
     Initial Deformation             min.   2300             min.     2200
                                           -----                     ------
     Softening (H=W)                 min.   2320             min.     2280
                                           -----                     ------
     Softening (H=1/2W)              min.   2425             min.     2300
                                           -----                     ------
     Fluid                           min.   2490             min.     2375
                                           -----                     ------
</Table>

     (1) An actual Monthly Weighted Average will be calculated for each
         specification for Coal delivered to the LG&E generating stations.

     *   All the Coal will be of such size that it will pass through a screen
         having circular perforations three (3) inches in diameter, but shall,
         on a monthly weighted average basis, not contain more than fifty per
         cent (50%) by weight of Coal that will pass through a screen having
         circular perforations one-quarter (1/4) of an inch in diameter.

     **  Slagging Factor (R(s))=(B/A) x (Percent Sulfur by Weight(Dry))

     *** Fouling Factor (R(f))=(B/A) x (Percent Na(2)O by Weight(Dry))

                                        8
<Page>

                                                              CONTRACT #LGE02014

     The Base Acid Ratio (B/A) is herein defined as:
     BASE ACID RATIO (B/A) = (Fe(2)O(3) + CaO + MgO + Na(2)O + K(2)O)
                             ----------------------------------------
                                  (SiO(2) + A1(2)O(3) + TiO(2))

     Note:  As used herein   >   means greater than:
                             <   means less than.

     (b) In addition to the specifications set forth in Section 6.1(a), the coal
delivered hereunder designated as Quality 1 shall conform on an "as received"
basis to the following specifications:

                                    QUALITY 1

<Table>
<Caption>
                                     Guaranteed Monthly      Rejection Limits
     Specifications                  Weighted Average (1)    (Per Shipment)
     ---------------                 --------------------    ----------------
     <S>                             <C>                     <C>
     BTU/LB.                         min. 11,250             <       10,800
                                          ------                     ------

     LBS/MMBTU:
     MOISTURE                        max.  11.00             >        12.00
                                          ------                     ------
     ASH                             max.  12.00             >        14.00
                                          ------                     ------
     SULFUR                          max.   3.05             >         3.20
                                          ------                     ------
</Table>

     (1) An actual Monthly Weighted Average will be calculated for each
         specification for Coal delivered to the LG&E generating stations.

     (c) In addition to the specifications set forth in Section 6.1(a), the coal
delivered hereunder designated as Quality 2 shall conform on an "as received"
basis to the following specifications:

                                                    QUALITY 2

<Table>
<Caption>
                                     Guaranteed Monthly      Rejection Limits
     Specifications                  Weighted Average (1)    (Per Shipment)
     ---------------                 --------------------    ----------------
     <S>                             <C>                     <C>
     BTU/LB.                         min. 11,250             <       10,800
                                          ------                     ------

     LBS/MMBTU:

     MOISTURE                        max.  11.00             >        12.00
                                          ------                     ------
     ASH                             max.  13.50             >        14.00
                                          ------                     ------
     SULFUR                          max.   3.30             >         3.40
                                          ------                     ------
</Table>

     (1) An actual Monthly Weighted Average will be calculated for each
         specification for Coal delivered to the LG&E generating stations.

                                        9
<Page>

                                                              CONTRACT #LGE02014

     Section 6.2 NOMINATION OF QUALITY SPECIFICATION. Buyer shall nominate by
notice in writing to Seller by the fifteenth of the month preceding the month of
delivery, the proportion of such Contract Quality that shall be Quality #1 and
the proportion that shall be Quality #2 which proportions shall total 100% of
the Contract Quality for such Month. In no event, however, shall Buyer nominate
less than 35% or more than 50% of the Contract Quantity as Quality #1, unless
the parties otherwise mutually agree.

     Section 6.3 DEFINITION OF "SHIPMENT". As used herein, a "shipment" shall
mean one (1) unit trainload of only coal, or a day's loading of trucks of only
coal, in accordance with Buyer's sampling and analyzing practices.

     Section 6.4 REJECTION. Buyer has the right, but not the obligation, to
reject any shipment which fail(s) to conform to the Rejection Limits set forth
in Section 6.1 or contains extraneous materials. Buyer must reject such Coal
within seventy-two (72) hours of receipt of the coal analysis provided for in
Section 7.2 or such right to reject shall be waived. In the event Buyer rejects
such non-conforming coal, title to and risk of loss of the coal shall be
considered to have never passed to Buyer and Buyer shall return only coal to
Seller or, at Seller's request, divert such coal to Seller's designee, all at
Seller's cost and risk. Seller shall replace the rejected coal within five (5)
working days from notice of rejection with coal conforming to the Rejection
Limits set forth in Section 6.1. If Seller fails to replace the rejected coal
within such five (5) working day period or the replacement coal is rightfully
rejected, Buyer may purchase coal from another source in order to replace the
rejected coal. Seller shall reimburse Buyer for (i) any amount by which the
actual price plus transportation costs to Buyer of such coal purchased from
another source exceed the price of such coal under this Agreement plus
transportation costs to Buyer from the Delivery Point; and (ii) any and all
transportation, storage, handling, or other expenses that have been incurred by
Buyer for rightfully rejected coal. The remedies set forth in this Section 6.4
and Section 6.5

                                       10
<Page>

                                                              CONTRACT #LGE02014

shall be Buyer's sole and exclusive remedies for rightfully rejected coal,
provided Seller makes good faith efforts to produce coal meeting the quality
specifications and other requirements set forth in Section 6.1.

     If Buyer fails to reject a shipment of non-conforming coal which it had the
right to reject for failure to meet any or all of the Rejection Limits set forth
in Section 6.1 or because such shipment contained extraneous materials, then
such non-conforming coal shall be deemed accepted by Buyer; however, the price
shall be adjusted in accordance with Section 8.2 and the quantity Seller is
obligated to sell to Buyer under the Agreement may or may not be reduced by the
amount of each such non-conforming shipment at Buyer's sole option. Further for
shipments containing extraneous materials, which include, but are not limited
to, slate, rock, wood, corn husks, mining materials, metal, steel, the estimated
weight of such materials shall be deducted from the weight of that shipment.

     Section 6.5 SUSPENSION AND TERMINATION. If the coal sold hereunder fails to
meet one or more of the Guaranteed Monthly Weighted Averages set forth in
Section 6.1 for any two (2) months in a six (6) month period, or if nine (9)
truck shipments or two (2) rail shipments are rejectable in any 30 day period,
Buyer may upon notice confirmed in writing and sent to Seller by certified mail,
suspend future shipments except shipments already loaded into trucks and/or
railcars. Seller shall, within 10 days, provide Buyer with reasonable assurances
that subsequent monthly deliveries of coal shall meet or exceed the Guaranteed
Monthly Weighted Averages and that the source will exceed the rejection limits.
If Seller fails to provide such assurances within said 10 day period, Buyer may
terminate this Agreement by giving written notice of such termination at the end
of the 10 day period. A waiver of this right for any one period by Buyer shall
not constitute a waiver for subsequent periods. If Seller provides such
assurances to Buyer's reasonable satisfaction, shipments hereunder shall resume
and any tonnage deficiencies resulting from suspension

                                       11
<Page>

                                                              CONTRACT #LGE02014

may be made up at Buyer's sole option. Buyer shall not unreasonably withhold its
acceptance of Seller's assurances or delay the resumption of shipments. If
Seller, after such assurances, fails to meet any of the Guaranteed Monthly
Weighted Averages for any one (1) month within the next six (6) months or if two
(2) truck shipments or 1 rail shipment are rejectable within any one (1) month
during such six (6) month period, then Buyer may terminate this Agreement and
exercise all its other rights and remedies under applicable law and in equity
for Seller's breach.

     SECTION 7. WEIGHTS, SAMPLING AND ANALYSIS.

     Section 7.1 WEIGHTS. The weight of the coal delivered hereunder shall be
determined by Buyer on a per Shipment basis, on the basis of scale weights at
the generating station(s), unless another method is mutually agreed upon by the
parties. Such scales shall be duly reviewed by an appropriate testing agency and
maintained in an accurate condition. Seller shall have the right, at Seller's
expense and upon reasonable notice, to have the scales checked for accuracy at
any reasonable time or frequency. If the scales are found to be inaccurate over
or under the tolerance range allowable for the scale based on industry accepted
standards, either party shall pay to the other any amounts owed due to such
inaccuracy for a period not to exceed thirty (30) days before the time any
inaccuracy of scales is determined. Buyer shall send to Seller's Agent, by
telecopier or electronic data transmittal, a listing of the daily shipment
weights within two (2) business days after Buyer's determination of such
weights.

     Section 7.2 SAMPLING AND ANALYSIS. The Seller has sole responsibility for
quality control of only coal and shall forward its loading quality to Buyer
within two business days after loading. The sampling and analysis of the coal
delivered hereunder shall be performed by Buyer on a per Shipment basis, as
defined hereinabove, and the results thereof shall be accepted and used for the
quality and characteristics of the coal delivered under this Agreement. Buyer
shall send to

                                       12
<Page>

                                                              CONTRACT #LGE02014

Seller by telecopier or electronic data transmittal a copy of the analysis
within five (5) business days after sampling the applicable shipment. All
analyses shall be made in Buyer's laboratory at Buyer's expense in accordance
with ASTM standards where applicable, or industry-accepted standards. Samples
for analyses shall be taken in accordance with such standards for sampling, may
be composited and shall be taken with a frequency and regularity sufficient to
provide reasonably accurate representative samples of the deliveries made
hereunder. Buyer shall notify Seller in writing of any significant changes in
Buyer's sampling and analysis practices within five (5) days after any such
change. Any such changes in Buyer's sampling and analysis practices shall,
except for ASTM or industry-accepted changes in practices, provide for no less
accuracy than the sampling and analysis practices existing at the time of the
execution of this Agreement, unless the Parties otherwise mutually agreed upon.

     Each sample taken by Buyer shall be divided into 4 parts and put into
airtight containers, properly labeled and sealed. One part shall be used for
analysis by Buyer; one part shall be used by Buyer as a check sample, if Buyer
in its sole judgment determines it is necessary; one part shall be retained by
Buyer until the 25th of the month following the month of unloading (the
"Disposal Date") and shall be delivered to Seller for analysis if Seller so
requests before the Disposal Date; and one part ("Referee Sample") shall be
retained by Buyer until the Disposal Date. Seller shall be given copies of all
analyses made by Buyer by the 12th business day of the month following the month
of unloading. Seller, on reasonable notice to Buyer, shall have the right to
have a representative present to observe the sampling and analyses performed by
Buyer. Unless Seller requests a Referee Sample analysis before the Disposal
Date, Buyer's analysis shall be used to determine the quality of the Coal
delivered hereunder. The Monthly Weighted Averages shall be determined by
utilizing the individual shipment analyses.

     If any dispute arises before the Disposal Date, the Referee Sample retained
by Buyer

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                                                              CONTRACT #LGE02014

shall be submitted for analysis to an independent commercial testing laboratory
("Independent Lab") mutually chosen by Buyer and Seller. For each coal quality
specification in question, a dispute shall be deemed not to exist and Buyer's
analysis shall prevail and the analysis of the Independent Lab shall be
disregarded if the analysis of the Independent Lab differs from the analysis of
Buyer by an amount equal to or less than:

     (i)   0.50% moisture
     (ii)  0.50% ash on a dry basis
     (iii) 100 Btu/lb. on a dry basis
     (iv)  0.10% sulfur on a dry basis

For each coal quality specification in question, if the analysis of the
Independent Lab differs from the analysis of Buyer by an amount more than the
amounts listed above, then the analysis of the Independent Lab shall prevail and
Buyer's analysis shall be disregarded.

     The cost of the analysis made by the Independent Lab shall be borne by
Seller to the extent that Buyer's analysis prevails and by Buyer to the extent
that the analysis of the Independent Lab prevails.

     SECTION 8. PRICE.

     Section 8.1 BASE PRICE. The base price ("Base Price") of the coal to be
sold hereunder will be firm and will be determined by the year in which the coal
is delivered as defined in Section 5 in accordance with the following schedule:

<Table>
<Caption>
                  BASE PRICE - QUALITY 1               BASE PRICE - QUALITY 2
                      F.O.B. RAILCAR                       F.O.B. RAILCAR
YEAR                  ($ PER MMBTU)                         ($ PER MMBTU)
----                  -------------                         -------------
<S>                      <C>                                   <C>
2002                     $1.060                                $1.030
</Table>

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                                                              CONTRACT #LGE02014

<Table>
<S>                      <C>                                   <C>
2003                     $1.060                                $1.030
2004                       *                                     *
2005                       *                                     *
2006                       *                                     *
2007                       *                                     *
</Table>

     *   The continuation of the term of this Agreement after year 2003 is
         subject to the continuation of the term of the Coal Synfuel Agreement.

The Base Price and all other terms and conditions shall be adjusted based on the
new base price established for coal synfuel under the Coal Synfuel Agreement to
become effective during the years 2004 and 2005. During year 2004 and
thereafter, the Base Price hereunder shall be the price of the coal synfuel plus
$.05/MMBtu. If the parties under the Coal Synfuel Agreement do not reach
agreement on or before the deadline set forth under the Coal Synfuel Agreement,
then this Agreement will terminate as of December 31, 2003 without liability due
to such termination for either party, and the parties shall have no further
obligations hereunder except those incurred prior to the date of termination. If
the Coal Synfuel Agreement is not executed, either party hereto may reopen
negotiations regarding price and any other terms and conditions by forwarding
notice to the other party on or before July 1, 2003, for prices to be effective
during the period January 1, 2004 - December 31, 2005. The parties then shall
attempt to negotiate an agreement on new prices and/or other terms and
conditions between July 1, 2003 and July 31, 2003. If the parties do not reach
an agreement by August 1, 2003, then this Agreement will terminate as of
December 31, 2003 without liability due to such termination for either party,
and the parties shall have no further obligations hereunder except those
incurred prior to the date of termination.

* Provided this Agreement has been extended through 2005 as provided for in the
preceding

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                                                              CONTRACT #LGE02014

paragraphs, the same process will apply to a new Base Price for years 2006 and
2007. The price and terms and conditions review provisions set forth above shall
not be interpreted as a Right of First Refusal or exclusive supply agreement.

     Section 8.2 QUALITY PRICE DISCOUNTS.

     (a) The Base Price is based on Coal meeting or exceeding the Guaranteed
Monthly Weighted Average specifications as set forth in Section 6.1. Quality
price discounts shall be applied for each specification each month to reflect
failures to meet the Guaranteed Monthly Weighted Averages set forth in Section
6.1, as determined pursuant to Section 7.2, subject to the provisions set forth
below. The discount values used are as follows:

                           MONTHLY DISCOUNT VALUES

                                      $/MMBTU
                           BTU/LB.    0.2604

                                      $/LB./MMBTU
                           SULFUR     0.1232
                           ASH        0.0083
                           MOISTURE   0.0016

     (b) Notwithstanding the foregoing, for each specification each month, there
shall be no discount if the actual Monthly Weighted Average meets the applicable
Discount Point set forth below. However, if the actual Monthly Weighted Average
fails to meet such applicable Discount Point, then the discount shall be
calculated on the basis of the difference between the actual Monthly Weighted
Average and the Guaranteed Monthly Weighted Average pursuant to the methodology
shown in Exhibit A attached hereto.

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                                                              CONTRACT #LGE02014

                                    QUALITY 1

<Table>
<Caption>
                     Guaranteed
                     Monthly
                     Weighted Average     Discount Point
                     ----------------     --------------
<S>                  <C>                      <C>
BTU/LB               Min.  11,250             11,000

LB/MMBTU:
ASH                  Max.   12.00              12.50
MOISTURE             Max.   11.00              11.25
SULFUR               Max.    3.05               3.20
</Table>

                                    QUALITY 2

<Table>
<Caption>
                     Guaranteed
                     Monthly
                     Weighted Average     Discount Point
                     ----------------     --------------
<S>                   <C>                     <C>
BTU/LB                Min. 11,250             11,000

LB/MMBTU:
ASH                   Max.  13.50              13.50
MOISTURE              Max.  11.00              11.25
SULFUR                Max.   3.30               3.40
</Table>

     For example, if the actual Monthly Weighted Average of ash for Quality 1
equals 12.75 lb/MMBTU, then the applicable discount would be (12.75 lb. -
12.00 lb.) x $.0083/lb/MMBTU = $.00623/MMBTU.

     Section 8.3 PRICE ADJUSTMENT FOR CHANGES IN GOVERNMENTAL IMPOSITIONS. (a)
When used herein the term "GOVERNMENTAL IMPOSITION" means all reasonable direct
costs of compliance with all applicable new or revised federal, state and local
laws and regulations as they are interpreted or enacted or revised and enforced
after November 15, 2001, and during the Term hereof with respect to coal
(excluding any non-compliance existing as of November 15, 2001, financing

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                                                              CONTRACT #LGE02014

costs, income tax or property tax related costs, penalties, interest, fines,
costs of arbitration, mediation, litigation, or any other type of dispute
resolution through all stages of appeal, payment of judgments against Seller or
Seller's affiliates) or on instruments or documents evidencing the same or on
the proceeds thereof (excluding financing documents), and any law, governmental
order, rule, ordinance, regulation, stipulation, decree, or other governmental
requirement of any kind, or interpretation thereof, which pertains to coal
mining practices, health and safety of miners (excluding wages, benefits and
retirement), and air and water quality standards, provided (a) such Governmental
Impositions are imposed against the coal mining industry either on a regional,
state or national basis; (b) Seller does not seek to allocate such costs to
Buyer until the cumulative effect is a minimum of ten cents per ton); and (c)
Seller notifies Buyer in writing of the obligation or potential obligation to
comply with such laws within fifteen (15) days of the time Seller becomes aware
of such laws, setting forth the specific law or regulation and the anticipated
or actual financial impact on Buyer's purchase of coal hereunder, and the
anticipated or actual effective date. Additionally, the applicable Base Price
hereunder shall be increased only if the price adjustment is allocated evenly to
all coal produced by Seller or to all coal that is produced from the Coal
Property, so that Buyer is allocated only its proportionate share of such
Governmental Imposition, and the Base Price shall be decreased for any savings
resulting from changes in such Governmental Imposition. If the Base Price is
increased due to Governmental Impositions more than $1.00 per ton on a
cumulative basis during the Term, Buyer may terminate this Agreement upon not
less than thirty (30) days' written notice to Seller. Alternatively, Seller may
agree, by forwarding written notice to Buyer within ten (10) days after
receiving Buyer's notice of termination, to limit the cumulative Base Price
increase to $1.00 per ton above the Base Price, and this Agreement shall remain
in full force and effect. If the Base Price is decreased due to Governmental
Impositions more than $1.00 per ton on a cumulative basis during the Term,

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                                                              CONTRACT #LGE02014

Seller may terminate this Agreement upon not less than thirty (30) days' written
notice to Buyer. Alternatively, Buyer may agree, by forwarding written notice to
Seller within ten (10) days after receiving Seller's notice of termination, to
limit the cumulative Base Price decrease to $1.00 per ton below the Base Price,
and this Agreement shall remain in full force and effect.

     Notwithstanding any other provisions of this Section, there shall be no
price adjustment under this Section as a result of any noncompliance as of
November 15, 2001 with any Governmental Imposition currently existing or
hereafter enacted, or for any penalties or interest imposed. Additionally, the
applicable Base Price hereunder shall be increased only if the price adjustment
is allocated evenly to all coal that is produced from the Sources, so that Buyer
is allocated only its proportionate share of such Governmental Imposition.

     (b) If, as and when any changes in a Governmental Imposition occurring
after November 1, 2001 affect the applicable Base Price or the costs of the coal
produced from the Hopkins County Mines or other source mines used to produce the
coal sold hereunder, the applicable Base Price shall be adjusted (increased or
decreased) in the same amount that the actual cost per ton of producing, mining,
removing, preparing, loading, and selling the coal and/or coal supplied to Buyer
pursuant to this Agreement is increased or decreased as a result of compliance
in a reasonably cost effective manner with the Governmental Imposition.

     (c) Seller shall promptly notify Buyer in writing of the amount and
effective date of any adjustment to the applicable Base Price pursuant to the
provisions of this Section and shall furnish Buyer in writing of the amount and
effective date of any adjustment to the applicable Base Price pursuant to the
provisions of this Section and shall furnish Buyer with accurate and detailed
computations and data reasonably necessary to substantiate such adjustment.
Buyer shall have the right to inspect all books and records of Seller pertaining
to the right to receive an applicable Base Price decrease or increase. If Buyer
disputes such adjustment, Buyer shall so

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                                                              CONTRACT #LGE02014

notify Seller within sixty (60) days after receipt of such adjustment. Buyer
shall so notify Seller within sixty (60) days after receipt of such notice and
computations, or such adjustment shall be deemed conclusively correct. It is
Seller's obligation to ensure that Base Price decreases are timely given to
Buyer.

     Section 8.4 PRICE ADJUSTMENT DUE TO BUYER'S WRONGFUL TERMINATION OF COAL
SYNFUEL AGREEMENT. Effective at such time, if any, that Buyer wrongfully
terminates the Coal Synfuel Agreement, the then existing Base Price for Quality
1 and Quality 2, as they may be adjusted pursuant to Section 8.3, shall each be
increased by $0.05/MMBtu, with such increase to remain to remain in effect
through the remaining term of this Agreement.

     Section 8.5 Other PRICE ADJUSTMENT. If (a) the Feedstock Coal Supply
Agreement between Hopkins County Coal and the coal synfuel supplier under the
Coal Synfuel Agreement terminates for any reason, or if (b) Buyer terminates the
Coal Synfuel Agreement for failure to conform to quality specifications as set
forth in the Coal Synfuel Agreement, Seller will supply coal in place of such
Coal Synfuel through the balance of the term at the price that was applicable
for such Coal Synfuel under the Coal Synfuel Agreement.

     Section 8.5 PAYMENT CALCULATION Exhibit A attached hereto shows the
methodology for calculating the coal payment and quality price discounts for the
month Seller's coal was unloaded by Buyer. If there are any such discounts,
Buyer shall apply credit to amounts owed Seller for the month the coal was
unloaded.

     SECTION 9. INVOICES, BILLING AND PAYMENT.

     Section 9.1 INVOICING: Invoices for coal will be sent by Seller's Agent to
Buyer at the following address:

              Louisville Gas and Electric Company
              220 West Main Street

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                                                              CONTRACT #LGE02014

              Louisville, KY 40202
              Attention:  Manager - LG&E/KU Fuels

     Section 9.2 INVOICE PROCEDURES FOR COAL SHIPMENTS. Seller's Agent shall
invoice Buyer at the Base Price, minus any quality price discounts, for all coal
unloaded in a calendar month by the fifteenth (15th) of the following month.

     Section 9.3 PAYMENT PROCEDURES FOR COAL SHIPMENTS. For all coal delivered
pursuant to Section 5 hereof, and unloaded at Buyer's generating stations
between the first (1st) and fifteenth (15th) days of any calendar month, Buyer
shall make preliminary payment to Seller for seventy-five percent (75%) of the
amount owed for the coal (based on the assumption that the coal will meet the
guaranteed monthly quality parameters) by the twenty-fifth (25th) day of such
month of delivery and unloading, except that, if the 25th is not a regular
business day, payment shall be made on the next business day. For all coal
delivered, as defined in Section 5 hereof, and unloaded at Buyer's generating
stations between the sixteenth (16th) and the last day of any calendar month,
Buyer shall make a preliminary payment to Seller for seventy-five (75%) of the
delivered and unloaded coal by the tenth (10th) day of the month following the
month of delivery and unloading, except that, if the 10th is not a business day,
payment shall be made on the next business day.

     Preliminary payment to Seller shall be in the amount of seventy-five
percent (75%) of the then current price on a dollar per ton basis as calculated
by the guaranteed monthly weighted average BTU/lb. and the then current Base
Price in cents per MMBTU.

     A reconciliation of amounts paid and amounts owed shall occur on the
twenty-fifth (25th) day of the month following the month of delivery and
unloading. (For example, Buyer will make one initial payment on September 25 for
seventy-five percent of coal delivered and unloaded September 1 through 15, and
another initial payment on October 10 for seventy-five percent of

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                                                              CONTRACT #LGE02014

coal delivered and unloaded September 16 through 30. A reconciliation will occur
on October 25 for all deliveries and unloadings made in September.) The
reconciliation shall be made as follows: Seller's Agent shall invoice Buyer on
or before the 15th day of the month following the month of delivery and
unloading. The amount due for all coal (based on the Base Price, including
adjustment for BTU variations from the guaranteed monthly weighted average,
minus any Quality Price Discounts) delivered and unloaded and accepted by Buyer
during any calendar month shall be calculated and compared to the sum of the
preliminary payments made for coal delivered and unloaded and accepted during
such month. The difference shall be paid by or paid to Seller, as applicable, by
the twenty-fifth (25th) day of the month following the month of delivery and
unloading, except, that, if the 25th is not a business day, payment shall be
made on the next business day.

     In the event Seller notifies Buyer that a pattern has developed whereby
payments are not being paid when due, as set forth herein, Buyer shall review
its internal approval and payment procedures and remedy such payment practices,
if any develop.

     Section 9.4 WITHHOLDING. Buyer shall have the right to withhold from
payment of any billing or billings any sums which it is not able in good faith
to verify or which it otherwise in good faith disputes. Buyer shall notify
Seller promptly in writing of any such issue, stating the basis of its claim and
the amount it intends to withhold. Should any bona fide dispute involving the
amounts payable hereunder extend to only a portion of any amount claimed due
hereunder, the undisputed portion shall be paid as and when due. If any amount
disputed by Buyer is determined to be due to Seller (whether by agreement of the
Parties or final determination by a court of competent jurisdiction), it shall
be paid within five business days of such determination, along with interest
accrued at the Interest Rate from the original due date until the date paid. As

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                                                              CONTRACT #LGE02014

used herein, the term "INTEREST RATE" shall mean, for any date, the lesser of
(i) the Prime Rate plus 2%, and (ii) eighteen percent, but in any event, no more
than the highest rate permitted by applicable Law. The term "PRIME RATE" shall
mean the rate of interested quoted by Citibank, N.A., New York branch, from time
to time as its "prime" or "base" lending rate.

     Payment by Buyer, whether knowing or inadvertent, of any amount in dispute
shall not be deemed a waiver of any claims or rights by Buyer with respect to
any disputed amounts or payments made.

     SECTION 10. FORCE MAJEURE.

     Section 10.1 GENERAL FORCE MAJEURE. If either Buyer or Seller is delayed in
or prevented from performing any of its obligations or from utilizing the coal
sold under this Agreement due to (i) acts of God, (ii) war, (iii) riots, (iv)
civil insurrection, (v) acts of the public enemy, (vi) strikes, (vii) lockouts,
(viii) fires, (ix) floods, (x) earthquakes, (xi) explosions, (xii) mine
accidents that are solely responsible for delaying or preventing performance of
Seller, (xiii) breakdown of or damage to equipment, plant, transmission systems,
or transportation providers that is solely responsible for delaying or
preventing the performance of Seller, (xiv) unforeseen adverse geologic
conditions which were not detected despite prudent mine planning and mining
processes and which are solely responsible for delaying or preventing the
performance of Seller, or (xv) the inability to obtain necessary mining
permit(s) after applying for such with prudent and reasonable diligence, and
such event is beyond the reasonable control and without the fault or negligence
of the party affected thereby, then the obligations of both parties hereto shall
be suspended to the extent made necessary by such event; provided that the
affected party gives written notice to the other party as early as practicable
of the nature and probable duration of the force majeure event. The party
declaring force majeure shall exercise due diligence to avoid

                                       23
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                                                              CONTRACT #LGE02014

and shorten the force majeure event and will keep the other party advised as to
the continuance of the force majeure event.

     During any period in which Seller's ability to perform hereunder is
affected by a force majeure event, Seller shall not deliver any coal to any
other buyers to whom Seller's ability to supply is similarly affected by such
force majeure event unless contractually committed to do so at the beginning of
the force majeure event; and further shall deliver to Buyer under this Agreement
at least a pro rata portion (on a per ton basis) of its total contractual
commitments to all its buyers to whom Seller's ability to supply is similarly
affected by such force majeure event in place at the beginning of the force
majeure event. If any of the events listed above affects Seller's ability to
produce or obtain coal from affiliate mine operations and/or substitute coal
sources which are supplying coal hereunder, such events shall be considered a
force majeure event hereunder.

     If tonnage deficiencies result from Seller's declared force majeure event,
such deficiencies shall be made up at Buyer's sole option on a mutually
agreed-upon schedule. Tonnage deficiencies resulting from Buyer's declared force
majeure event shall be made up at Seller's sole option on a mutually agreed-upon
schedule. If a force majeure event for Seller continues or is reasonably
anticipated to continue for sixty (60) days or longer, Buyer may, upon written
notice to Seller, terminate this Agreement.

     Section 10.2 ENVIRONMENTAL LAW FORCE MAJEURE. The parties recognize that,
during the continuance of this Agreement, legislative or regulatory bodies or
the courts may adopt or reinterpret environmental laws, regulations, policies
and/or restrictions which will make it impossible or commercially impracticable
for Buyer to utilize this or like kind and quality

                                       24
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                                                              CONTRACT #LGE02014

coal which thereafter would be delivered hereunder. If as a result of the
adoption or reinterpretation of such laws, regulations, policies, or
restrictions, or change in the interpretation or enforcement thereof, Buyer
decides that it will be impossible or commercially impracticable (uneconomical)
for Buyer to utilize such coal, Buyer shall so notify Seller, and thereupon
Buyer and Seller shall promptly consider whether corrective actions can be taken
in the preparation of the coal and/or in the handling and utilization of the
coal at Buyer's generating station; and if in Buyer's sole judgment such actions
will not, without unreasonable expense to Buyer, make it possible and
commercially practicable for Buyer to so utilize coal which thereafter would be
delivered hereunder without violating any applicable law, regulation, policy or
order, Buyer shall have the right, upon the later of 60 days notice to Seller or
the effective date of such restriction, to terminate this Agreement without
further obligation hereunder on the part of either party.

     SECTION 11. NOTICES.

     Section 11.1 FORM AND PLACE OF NOTICE. Any official notice, request for
approval or other document required to be given under this Agreement shall be in
writing, unless otherwise provided herein, and shall be deemed to have been
sufficiently given when delivered in person, transmitted by facsimile or other
electronic media, delivered to an established mail service for same day or
overnight delivery, or dispatched in the United States mail, postage prepaid,
for mailing by first class, certified, or registered mail, return receipt
requested, and addressed as follows:

     If to Buyer:       Louisville Gas and Electric Company
                        220 West Main Street
                        Louisville, Kentucky 40202
                        Attn.: Director Corporate Fuels and By Products

     If to Seller:      Hopkins County Coal, LLC
                        1717 South Boulder Avenue

                                       25
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                                                              CONTRACT #LGE02014

                        Tulsa, Oklahoma 74119
                        Attn: Brad F. Shellenberger
                        General Manager-Contract Administration

                        With Copy To:
                        Alliance Coal Sales
                        771 Corporate Drive, Suite 1000
                        Lexington, Kentucky 40503
                        Attn: James E. Plaisted
                        Sales Manager, Central Region

     Section 1.2 CHANGE OF PERSON OR ADDRESS. Either party may change the person
or address specified above upon giving written notice to the other party of such
change.

     SECTION 12. RIGHT TO RESELL. Buyer shall have the unqualified right to sell
all or any of the coal purchased under this Agreement.

     SECTION 13. INDEMNITY AND INSURANCE.

     Section 13.1 INDEMNITY. Seller agrees to indemnify and save harmless Buyer,
its officers, directors, employees and representatives from any responsibility
and liability for any and all claims, demands, losses, legal actions for
personal injuries, property damage and pollution (excluding inside and outside
attorney's fees) (i) relating to the trucks or railcars provided by Buyer or
Buyer's contractor while such trucks or railcars are in the care and custody of
the loading facility, (ii) due to any failure of Seller to comply with laws,
regulations or ordinances, or (iii) due to the acts or omissions of Seller in
the performance of this Agreement.

     Buyer agrees to indemnify and save harmless Seller, its officers,
directors, employees and representatives from any responsibility and liability
for any and all claims, demands, losses, legal actions for personal injuries,
property damage and pollution (excluding inside and outside

                                       26
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                                                              CONTRACT #LGE02014

attorney's fees) (i) due to acts or omissions of Buyer or Buyer's contractors
relating to the trucks or railcars provided by Buyer or Buyer's contractors to
Seller at the loading facility, (ii) due to any failure of Buyer to comply with
laws, regulations or ordinances, or (iii) due to the acts or omissions of Buyer
in the performance of this Agreement.

     Section 13.2 INSURANCE. Seller agrees to carry, or caused to be carried,
insurance coverage, or provide acceptable proof of self-insurance with minimum
limits as follows:

          (1) Commercial General Liability, including Completed Operations and
Contractual Liability, $1,000,000 single limit liability.

          (2) Automobile General Liability, $1,000,000 single limit liability.

          (3) In addition, Seller shall carry excess liability insurance
covering the foregoing perils in the amount of $4,000,000 for any one
occurrence.

          (4) Workers' Compensation and Employer's Liability with statutory
limits.

     If any of the above policies are written on a claims made basis, then the
retroactive date of the policy or policies will be no later than the effective
date of this Agreement. Certificates of Insurance satisfactory in form to Buyer
and signed by Seller's insurer shall be supplied by Seller to Buyer evidencing
that the above insurance is in force and that not less than 30 calendar days
written notice will be given to Buyer prior to any cancellation or material
reduction in coverage under the policies. Seller shall cause its insurer to
waive all subrogation rights against Buyer respecting all losses or claims
arising from performance hereunder. Evidence of such waiver satisfactory in form
and substance to Buyer shall be exhibited in the Certificate of Insurance
mentioned above. Seller's liability shall not be limited to its insurance
coverage.

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                                                              CONTRACT #LGE02014

     SECTION 14. TERMINATION FOR DEFAULT.

     If either party hereto commits a material breach of any of its obligations
under this Agreement at any time (exception of defaults occurring under
Section 6.4 and/or Section 6.5), then the other party has the right to give
written notice describing such breach and stating its intention to terminate
this Agreement no sooner than 30 days after the date of the notice (the "notice
period"). If such material breach is curable and the breaching party cures such
material breach within the notice period, then this Agreement shall not be
terminated due to such material breach. If such material breach is not curable
or the breaching party fails to cure such material breach within the notice
period, then this Agreement shall terminate at the end of the notice period and
in addition the parties shall have all other rights and remedies available under
this Agreement and at law and in equity.

     SECTION 15. TAXES, DUTIES AND FEES.

     Seller shall pay when due, and the price set forth in Section 8 of this
Agreement shall be inclusive of, all taxes, duties, fees and other assessments
of whatever nature imposed by governmental authorities with respect to the
transactions contemplated under this Agreement.

     SECTION 16. DOCUMENTATION AND RIGHT OF AUDIT.

     Buyer and Seller shall maintain all records and accounts pertaining to
payments, quantities, quality analyses, and source for all coal supplied under
this Agreement for a period lasting through the term of this Agreement and for
two years thereafter. Either Buyer or Seller shall have the right at their
expense, and at no additional expense to the other party, to audit, copy and
inspect such records and accounts at any reasonable time upon reasonable notice
during the term of this Agreement and for 2 years thereafter.

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                                                              CONTRACT #LGE02014

     SECTION 17. EQUAL EMPLOYMENT OPPORTUNITY. To the extent applicable, Seller
shall comply with all of the following provisions which are incorporated herein
by reference: Equal Opportunity regulations set forth in 41 CFR Section
60-1.4(a) and (c) prohibiting discrimination against any employee or applicant
for employment because of race, color, religion, sex, or national origin;
Vietnam Era Veterans Readjustment Assistance Act regulations set forth in 41 CFR
Section 50-250.4 relating to the employment and advancement of disabled veterans
and veterans of the Vietnam Era; Rehabilitation Act regulations set forth in 41
CFR Section 60-741.4 relating to the employment and advancement of qualified
disabled employees and applicants for employment; the clause known as
"Utilization of Small Business Concerns and Small Business Concerns Owned and
Controlled by Socially and Economically Disadvantaged Individuals" set forth in
15 USC Section 637(d)(3); and subcontracting plan requirements set forth in 15
USC Section 637(d).

     SECTION 18. COAL PLANT INSPECTIONS. Buyer and its representatives, and
others as may be required by applicable laws, ordinances and regulations shall
have the right at all reasonable times and at their own expense to inspect the
Coal Property, including the loading facilities, scales sampling systems, wash
plant facilities and mining equipment for conformance with this Agreement.
Seller shall cooperate with Buyer's request to inspect the Coal Property at no
additional cost to Buyer and shall undertake reasonable care and precautions to
prevent personal injuries to any representatives, agents or employees of Buyer
(collectively, "Visitors") who inspect the Coal Property. Any such Visitors
shall comply with Seller's regulations and rules regarding conduct on the work
site, made known to Visitors prior to entry, as well as safety measures mandated
by state or federal rules, regulations and laws. Buyer understands that coal
related facilities are inherently high-risk environments. Buyer's failure to
inspect the Coal Property or to object to defects therein at the time Buyer
inspects the same

                                       29
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                                                              CONTRACT #LGE02014

shall not relieve Seller of any of its responsibilities nor be deemed to be a
waiver of any of Buyer's rights hereunder. Buyer and/or its representatives
shall provide Seller with prior notice of any request to inspect the Coal
Property.

     SECTION 19. MISCELLANEOUS.

     Section 19.1 APPLICABLE LAW. This Agreement shall be construed in
accordance with the laws of the Commonwealth of Kentucky, and all questions of
performance of obligations hereunder shall be determined in accordance with such
laws.

     Section 19.2 HEADINGS. The paragraph headings appearing in this Agreement
are for convenience only and shall not affect the meaning or interpretation of
this Agreement.

     Section 19.3 WAIVER. The failure of either party to insist on strict
performance of any provision of this Agreement, or to take advantage of any
rights hereunder, shall not be construed as a waiver of such provision or right.

     Section 19.4 REMEDIES CUMULATIVE. Except as otherwise specifically provided
herein, the remedies provided under this Agreement shall be cumulative and in
addition to other remedies provided under this Agreement or by law or in equity.

     Section 19.5 SEVERABILITY. If any provision of this Agreement is found
contrary to law or unenforceable by any court of law, the remaining provisions
shall be severable and enforceable in accordance with their terms, unless such
unlawful or unenforceable provision is material to the transactions contemplated
hereby, in which case the parties shall negotiate in good faith a substitute
provision.

     Section 19.6 BINDING EFFECT. This Agreement shall bind and inure to the
benefit of the parties and their successors and assigns.

     Section 19.7 ASSIGNMENT.

                                       30
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                                                              CONTRACT #LGE02014

     Except as provided hereinbelow, neither Buyer nor Seller may assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the Non-Assigning Party, which consent shall not be unreasonably
withheld, denied, or delayed. No assignment shall be permitted if (a) the
Assigning Party is in default of this Agreement; (b) an event has occurred that,
after any required notice and cure periods, may become a default of the
Assigning Party; or (c) the Assigning Party has declared a force majeure event
that is continuing. When considering approval of a proposed assignment, the
Non-Assigning Party agrees that it will not seek, as a condition precedent to
such approval, to alter the mutual terms of this Agreement.

     In regard to the foregoing, in any assignment of an Assigning Party's
rights and obligations hereunder to:

(a) an affiliated or non-affiliated company, the Non-Assigning Party may
    withhold its consent to the proposed assignment unless the proposed
    assignee (i) provides the Non-Assigning Party with evidence sufficient to
    the Non-Assigning Party that the proposed assignee has the financial
    capability to meet its obligations hereunder; (ii) in the case of Seller's
    proposed assignment, is a mining company with an established reputation in
    the industry for providing a reliable supply of coal in the quantity
    required by this Agreement or, alternatively in the case of Buyer's
    proposed assignment, is operating an established coal burning electric
    generating station with an established reputation in the utility industry
    for providing a reliable supply of electricity; and (iii) enters into an
    agreement with the Non-Assigning Party identical in all respects (except
    for the identification of Seller or Buyer and the term, which shall be
    revised to reflect the then remaining balance of the term hereof) to this
    Agreement; or

(b) an affiliated company, (i) the Non-Assigning Party shall give its consent to
    the proposed assignment in the event that the Assigning Party shall agree to
    continue as a joint

                                       31
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                                                              CONTRACT #LGE02014

    obligor under the Agreement; and (ii) the proposed assignee enters into an
    agreement with the Non-Assigning Party identical in all respects (except
    for the identification of Seller or Buyer and the term, which shall be
    revised to reflect the then remaining balance of the term hereof) to this
    Agreement.

          For purposes of this Section, the term "Assigning Party" shall refer
to either Buyer or Seller, as the case may be, and the term "Non-Assigning
Party" shall refer to either (a) Buyer, if Seller is proposing assignment, or
(b) Seller, if Buyer is proposing assignment.

     No consent is required for a transfer by a party of all or a majority
interest in such party or as part of a merger or consolidation involving such
party.

     In the event of an assignment or transfer contrary to the provisions of
this section, the non-assigning party may terminate this Agreement immediately.

     Buyer acknowledges that Seller's right to engage its subcontractors in
performing certain obligations hereunder and Seller's appointment of Alliance
Coal Sales, as its agent, shall not be deemed to constitute an assignment of
this Agreement.

Section 19.8 LIMITATION OF REMEDIES. NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, PUNITIVE,
EXEMPLARY, SPECIAL OR INDIRECT DAMAGES, LOST REVENUES, LOST PROFITS OR OTHER
BUSINESS INTERRUPTION DAMAGES, BY STATUTE, IN TORT OR CONTRACT, UNDER ANY
INDEMNITY PROVISION OR OTHERWISE. ADDITIONALLY, BUYER SHALL NOT BE LIABLE FOR
DAMAGES HEREIN UNLESS THE SELLER UNDER THE COAL SYNFUEL AGREEMENT WAIVES ANY
RIGHT IT MAY HAVE TO CLAIM DAMAGES AGAINST BUYER FOR THE SAME TRIGGERING EVENT.
EXCEPT AS EXPRESSLY SET FORTH HEREIN, SELLER EXPRESSLY NEGATES ANY OTHER
REPRESENTATION OR WARRANTY,

                                       32
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                                                              CONTRACT #LGE02014

WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR WARRANTY
WITH RESPECT TO CONFORMITY TO MODELS OR SAMPLES, MERCHANTABILITY, OR FITNESS FOR
ANY PARTICULAR PURPOSE.

     Section 19.9 COUNTERPARTS. This Agreement may be executed in counterparts,
each of which will be deemed an original, but all of which together will
constitute one and the same instrument. Delivery of the executed signature pages
by facsimile transaction will constitute effective and binding execution and
delivery of this Agreement.

     Section 19.10 ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties as to the subject matter hereof, and there are no
representations, understandings or agreements, oral or written, which are not
included herein.

     Section 19.11 AMENDMENTS. Except as otherwise provided herein, this
Agreement may not be amended, supplemented or otherwise modified except by
written instrument signed by both parties hereto.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

BUYER:                               SELLER:
------                               -------
LOUISVILLE GAS AND ELECTRIC          HOPKINS COUNTY COAL, LLC
COMPANY

By:   /s/ Paul Thompson              By: /s/ Gary J. Rathburn
      ---------------------              ------------------------------------
      Paul Thompson                  Gary J. Rathburn
      SVP - Energy Services          Senior Vice President- Marketing

Date: 12/21/01                       Date:  11/28/01

                                     SELLER'S AGENT:
                                              ALLIANCE COAL SALES,

                                       33
<Page>

                                                              CONTRACT #LGE02014

                                     a division of Alliance Coal, LLC

                                     By: /s/ Gary J. Rathburn
                                         --------------------
                                     Gary J. Rathburn
                                     Senior Vice President-Marketing

                                     Date: 11/28/01

                                       34
<Page>

                                                              CONTRACT #LGE02014

                                                                       Exhibit A
                                                                     Page 1 of 2

                                    EXHIBIT A
                  SAMPLE COAL PAYMENT CALCULATIONS - QUALITY 1
                   TOTAL EVALUATED COAL COSTS FOR CONTRACT NO.
          For contracts supplied from multiple "origins", each "origin
                        will be calculated individually.

<Table>
<Caption>
                            SECTION I                                                   BASE DATA
     ----------------------------------------------------------------           -------------------------
<S>                                                                                   <C>
1)   Base F.O.B. price per ton:                                                       $ 24.17            /ton
                                                                                -------------------------
1a)  Tons of Coal delivered:                                                                             tons
                                                                                -------------------------
2)   Guaranteed average heat content:                                                  11,250            BTU/LB.
                                                                                -------------------------
2r)  As received monthly avg. heat content:                                                              BTU/LB.
                                                                                -------------------------
2a)  Energy delivered in MMBTU:                                                                          MMBTU
                                                                                -------------------------
[(Line 1a) *2,000 lb./ton*(Line 2r)] *MMBTU/1,000,000 BTU
[(     ) *2,000 lb./ton*(     )]*MMBTU/1,000,000 BTU

2b)  Base F.O.B. price per MMBTU:                                                      $ 1.06            MMBTU
                                                                                -------------------------

{[(Line 1)/(Line 2)]*(1 ton/2,000 lb.)]}*1,000,000 BTU/MMBTU
{[(     /ton)/(        BTU/LB)]*(1 ton/2,000 lb.)}*1,000,000 BTU/MMBTU

3)   Guaranteed monthly avg. max. sulfur                                                 3.05            LBS./MMBTU
                                                                                -------------------------

3r)  As received monthly avg. sulfur                                                                     LBS./MMBTU
                                                                                -------------------------

4)   Guaranteed monthly avg. ash                                                        12.00            LBS./MMBTU
                                                                                -------------------------

4r)  As received monthly avg. ash                                                                        LBS./MMBTU
                                                                                -------------------------

5)   Guaranteed monthly avg. max. moisture                                               11.0            LBS./MMBTU
                                                                                -------------------------

5r)  As received monthly avg. moisture                                                                   LBS./MMBTU
                                                                                -------------------------

<Caption>
                           SECTION II                                                   DISCOUNTS
         -----------------------------------------------------                  -------------------------
<S>                                                                                   <C>
     Assign a (-) to all discounts (round to (5) decimal places)
6d)  BTU/LB.:  If line 2r < 11,000 BTU/lb. then:
     {1 - (line 2r) / (line 2)} * $0.2604/MMBTU
     {1 - (    ) / (    )} * $0.2604 =                                                $                  /MMBTU
                                                                                      -------------------
7d)  SULFUR:  If line 3r is greater than 3.20 lbs./MMBTU
     [ (line 3r) - (line 3) ] * 0.1232/lb. Sulfur
     [ (    ) - (    ) ] * 0.1232 =                                                   $                  /MMBTU
                                                                                      -------------------
8d)  ASH: If line 4r is greater than 12.50 lbs./MMBTU
     [ (line 4r) - (line 4) ] * 0.0083/MMBTU
     [ (    ) - (    ) ] * 0.0083 =                                                   $                  /MMBTU
                                                                                      -------------------
9d)  MOISTURE:  If line 5r is greater than 11.25lbs./MMBTU
     [ (line 5r) - (line 5) ] * 0.0016/MMBTU
     [ (    ) - (    ) ] * 0.0016 =                                                   $                  /MMBTU
                                                                                      -------------------
</Table>

                                       35
<Page>

                                                              CONTRACT #LGE02014

                                                                       Exhibit A
                                                                     Page 2 of 2

<Table>
<Caption>
                                                                                        TOTAL PRICE
                     SECTION III                                                        ADJUSTMENTS
     ---------------------------------------------                                      -----------
<S>                                                                                   <C>
     Determine total Discounts as follows:

     Assign a (-) to all discounts (round to (5) decimal places)

     Line 6d:                                                                         $                  /MMBTU
                                                                                        -----------------

     Line 7d                                                                          $                  /MMBTU
                                                                                        -----------------

     Line 8d                                                                          $                  /MMBTU
                                                                                        -----------------

     Line 9d                                                                          $                  /MMBTU
                                                                                        -----------------

10)  Total Discounts (-):

     Algebraic sum of above:                                                          $                  /MMBTU
                                                                                        -----------------

11)  Total evaluated Coal price = (line 2b) + (line 10)

12)  Total discount price adjustment for Energy delivered:
     (line 2a) * (line 10) (-)
     $         /MMBTU           +                                                     $                  /MMBTU = $
      --------                                                                          -----------------          ------------

13)  Total base cost of Coal
     (line 2a) * (line 2b)
     $         /MMBTU           +                                                     $                  /MMBTU = $
      --------                                                                          -----------------           -----------

14)  Total Coal payment for month
     (line 12) + (line 13)
     $         /MMBTU           +                                                     $                         = $
      --------                                                                          -----------------           -----------
</Table>

                                       36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]