Common use of CCR Clause in Contracts

CCR. Credit Suisse performed a discounted cash flow analysis of CCR by calculating the estimated present value (as of September 30, 2020) of the standalone unlevered free cash flows that CCR was forecasted to generate during the fourth quarter of the fiscal year ending December 31, 2020 through the full fiscal year ending December 31, 2024 based on financial forecasts and estimates of CEIX’s management. Credit Suisse calculated implied terminal values for CCR by applying to CCR’s fiscal year 2024 estimated adjusted EBITDAP a selected range of adjusted EBITDAP multiples of 4.0x to 5.0x. The present values (as of September 30, 2020) of the cash flows and terminal values were then calculated using a selected range of discount rates of 8.0% to 10.0%. This analysis indicated an approximate implied equity value reference range for CCR of $3.69 to $5.90 per unit.

CCR. Credit Suisse Citi performed a discounted cash flow analysis of CCR by calculating the estimated present value (as of September June 30, 2020) of the standalone unlevered free cash flows that CCR was forecasted to generate during the fourth quarter second half of the fiscal year ending December 31, 2020 through the full fiscal year ending December 31, 2024 based on financial forecasts and estimates of CEIX’s management. Credit Suisse Citi calculated implied terminal values for CCR CEIX by applying to CCRCEIX’s fiscal year 2024 estimated adjusted EBITDAP a selected range of adjusted EBITDAP multiples of 4.0x 4.1x to 5.0x5.1x. The present values (as of September June 30, 2020) of the cash flows and terminal values were then calculated using a selected range of discount rates of 8.09.8% to 10.010.5%. This analysis indicated an approximate implied equity value reference range for CCR of $3.69 3.25 to $5.90 4.80 per unit.