Arch Assets and CONSOL Power to Mix in All-Keep Merger of Equals to Build Core Herbal Assets, a Premier North American Herbal Useful resource Corporate Taken with International Markets

Brings In combination Two Absolute best-in-Sector Running Platforms with a International-Magnificence Portfolio of Prime-Detail, Low-Price, Lengthy-Lived Longwall Coal Mining Belongings and Robust Distribution Networks

Creates Assorted Coal Manufacturer Serving International Metal, Business, and Energy Time Shoppers with ~12 Mtpa of Metallurgical Grade Coals and Greater than 25 Mtpa of Prime Calorific Price Thermal Coal

Creates a Prominent North American Coal Export Industry with ~25 Mtpa of Export Capability by the use of Possession Pursuits in Two East Coast Terminals in addition to Strategic Get admission to to West Coast and Gulf of Mexico Ports

Anticipated to Generate Considerable Distant Money Tide to Gasoline Tough Capital Returns to Core Herbal Assets’ Stockholders, Supported by way of a Robust Steadiness Sheet and a Professional Forma Sure Internet Money Place

Anticipated to Generate $110 Million to $140 Million of Annual Price and Operational Synergies

Corporations to Host Joint Convention Name As of late at 8:30 a.m. ET / 7:30 a.m. CT

ST. LOUIS and CANONSBURG, Pa., Aug. 21, 2024 /PRNewswire/ — Arch Assets, Inc. (“Arch”) (NYSE: ARCH) and CONSOL Power Inc. (“CONSOL”) (NYSE: CEIX) these days introduced that they’ve entered right into a definitive guarantee to mix in an all-stock merger of equals to build Core Herbal Assets, a premier North American herbal useful resource corporate fascinated with world markets.

Core Herbal Assets will likely be a manufacturer and exporter of fine quality, cheap coals with choices starting from metallurgical to elevated calorific worth thermal coals. With mining operations and terminal amenities throughout six states, the blended corporate will personal 11 mines, together with probably the most greatest, lowest charge, and easiest calorific worth thermal coal mining complexes in North The usa and probably the most greatest, lowest charge, and easiest detail metallurgical coal mine portfolios in the US. As well as, the blended corporate could have get right of entry to to world markets by the use of possession pursuits in two export terminals at the U.S. Japanese seaboard, together with strategic connectivity to ports at the West Coast and Gulf of Mexico. Arch and CONSOL bought an combination of roughly 101 million heaps of coal in 2023 to steelmaking, business, and power-generation shoppers. Professional forma, Core Herbal Assets would have a marketplace capitalization of roughly $5.2 billion as of August 19, 2024, and on a professional forma foundation for 2023, revenues had been roughly $5.7 billion and altered EBITDA¹ used to be roughly $1.8 billion, except for anticipated synergies.

Jimmy Brock, Chairman and Leading Govt Officer of CONSOL, stated, “We are excited to bring our companies together to create a new industry leader that is ideally positioned to meet the rising demand for critical resources and energy around the world. Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies. In addition, Core Natural Resources is expected to have a strong balance sheet, ample liquidity, and robust free cash flow to deliver industry-leading capital returns. We look forward to working closely together to continue meeting the world’s steel, infrastructure, and energy needs that are so critical to our everyday lives and to capture the significant benefits and long-term value we believe this merger will create for our stockholders, employees, customers, and the communities in which we live and operate.”

Paul Lang, Leading Govt Officer of Arch, stated, “This merger will join two proven leadership teams and best-in-sector operating platforms to establish a premier North American coal producer with worldwide reach and world-class mining and logistics capabilities. Core Natural Resources will enjoy the benefits of CONSOL’s growing seaborne thermal business focused on industrial applications coupled with Arch’s significant exposure to attractive global metallurgical coal markets. Together, we expect to realize meaningful operating synergies through the optimization of support functions, greatly enhanced marketing opportunities, and a significantly expanded logistics network, which will enhance our ability to deliver coal reliably and efficiently to our global customers. Importantly, both companies are driven by a deep commitment to safety, environmental and social stewardship and operating excellence, and we will continue to build around these commitments as we work to deliver superior value to stockholders.”

Strategic and Monetary Advantages of the Proposed Merger 

• Fine quality coal portfolio underpinned by way of 8 cheap, long-lived longwalls: The merger will build a different coal manufacturer with a wide portfolio of fine quality metallurgical and thermal coals fascinated with seaborne markets the place the industry is extremely shriveled. Greater than 35 Mtpa of this coal will likely be produced by way of a best-in-sector portfolio of longwall operations at CONSOL’s Pennsylvania Mining Advanced and Arch’s Leer, Leer South and West Elk mines.
• Larger diversification throughout more than one expansion markets and geographies with slight, if any, overlap: The facility of Core Herbal Assets to lend a area of coal qualities and blends will permit it to handover a extra numerous buyer bottom throughout more than one expansion markets and geographies. For instance, metallurgical coal produced by way of the blended corporate is a key enter within the manufacturing of unused metal from burst furnaces. Explode furnace metal constitutes 70% of the arena’s metal output. Metallurgical coal is anticipated to stay in robust call for for many years to come back, as unused metal will likely be crucial in supporting the arena’s rising public, ongoing monetary expansion, persisted urbanization, and the build-out of a low-carbon financial system. Moreover, the elevated calorific worth thermal coal mined by way of the blended corporate is increasingly more sought upcoming in business markets. On a professional forma foundation in 2023, Core Herbal Assets would have delivered greater than 25 Mtpa to assistance key end-use packages, together with cement manufacturing and alternative business makes use of, in addition to to handover resurgent talent era call for pushed by way of AI, knowledge facilities, and EV enlargement. As well as, CONSOL Inventions supplies the facility to concentrate on creating and commercializing innovative applied sciences in carbon merchandise and carbon control.
• Expands North American logistics and export features to handover rising world buyer bottom: Core Herbal Assets could have an possession passion in roughly 25 Mtpa of export coal capability throughout two marine export terminals at the U.S. Japanese seaboard and feature strategic connectivity to ports at the West Coast and Gulf of Mexico. The possible to optimize this expanded export capability and logistics features is anticipated to fortify decent, environment friendly coal supply to world shoppers.
• Accretive to coins flows: The transaction is anticipated to be accretive to unfastened coins current for each Arch and CONSOL within the first complete future following akin.
• Anticipated vital worth forming from expected charge financial savings and operational synergies: The combo is anticipated to generate $110 million to $140 million of annual charge and operational synergies inside six to 18 months following the akin of the transaction, basically from logistics optimization, coal mixing and homogeneous alternatives, in addition to procurement and SG&A efficiencies.
• Expected robust coins current and steadiness sheet anticipated in order considerable capital returns: On a professional forma foundation, except for the have an effect on of synergies, Core Herbal Assets would have generated roughly $1.4 billion of unfastened coins current² in 2023, and would have had a internet coins³ place of roughly $260 million as of June 30, 2024. Its robust coins current and steadiness sheet is anticipated to lend vital monetary flexibility and stepped forward get right of entry to to capital to assistance tough capital returns in a large area of marketplace environments in addition to worth growing investments. Discretionary coins current is anticipated to be returned to stockholders by the use of percentage buybacks and a possible slight maintaining dividend.
• Shared values and stakeholder constancy to assistance clean integration: Each Arch and CONSOL have probably the greatest protection data and lowest incident charges within the mining business, and as a blended corporate, protection, compliance, and steady development will stay core values. Core Herbal Assets will preserve a powerful, numerous personnel and lend aggressive repayment and complete advantages techniques, in keeping with its purpose of being an employer of selection the place it operates. As a bigger, more potent group, Core Herbal Assets is anticipated to have an enhanced talent to accumulation, draw in, and assemble its nation. Environmental stewardship, innovation, and ongoing folk assistance will proceed to be prioritized.

Management and Headquarters­­

Core Herbal Assets will likely be led by way of a confirmed group that displays the strengths and features of each Arch and CONSOL.

Mr. Brock will handover as Govt Chairman of Core Herbal Assets’ Board of Administrators, and Mr. Lang will handover as Leading Govt Officer and as a member of the Board. As well as, Mitesh Thakkar, CONSOL’s President and Leading Monetary Officer, will handover as President and CFO of the blended corporate. George Schuller Jr., Arch’s Leading Running Officer, Bob Braithwaite, CONSOL’s Senior Vice President of Advertising, and Deck Slone, Arch’s Senior Vice President of Technique, will each and every handover in the similar capability at Core Herbal Assets. 

The Board of Administrators of the blended corporate could have 8 administrators. 4 administrators will likely be decided on by way of CONSOL, together with Mr. Brock. 4 administrators will likely be decided on by way of Arch, together with Mr. Lang and Richard Navarre, these days Free Chairman of the Arch Board, who will handover as Manage Free Director at the Core Herbal Assets Board.

Core Herbal Assets will likely be headquartered in Canonsburg, Pennsylvania, leveraging its akin proximity to the vast majority of its mining and export operations, and can preserve a presence in St. Louis.

Transaction Phrases

Below the phrases of the guarantee, which has been unanimously authorized by way of the Forums of Administrators of each corporations, Arch stockholders will obtain a set trade ratio of one.326 stocks of CONSOL ordinary inventory for each and every percentage of Arch ordinary inventory owned.

Upon terminating of the transaction, Core Herbal Assets will industry below a unused ticker. Arch stockholders will personal roughly 45% of Core Herbal Assets, and CONSOL stockholders will personal roughly 55% on an absolutely diluted foundation. The merger is anticipated to be tax-free to stockholders of each corporations for U.S. federal source of revenue tax functions.

Approvals and Extreme

The merger is anticipated to akin by way of the top of the primary quarter of 2025, matter to favor by way of each corporations’ stockholders, regulatory approvals, and the pride of alternative standard terminating statuses.

Arch, CONSOL Dividend and Percentage Repurchases 

In reference to the execution of the guarantee, the CONSOL Board declared a dividend equivalent to $0.25 consistent with percentage. The dividend will likely be payable in coins on September 13, 2024, to holders of document of CONSOL ordinary inventory as of the akin of commercial on August 30, 2024. As well as, each and every of Arch and CONSOL is allowed to pay quarterly dividends of as much as $0.25 consistent with percentage to their respective stockholders all over the pendency of the merger, with the declaration of any dividends matter to the favor of the respective corporate’s Board of Administrators.

Arch and CONSOL will droop percentage repurchases till the transaction is done.

Advisors

Perella Weinberg Companions is serving as unique monetary guide to Arch, and Latham & Watkins LLP and Gibson, Dunn & Crutcher LLP are serving as felony recommend.

Moelis & Corporate LLC is serving as unique monetary guide to CONSOL, and Wachtell, Lipton, Rosen & Katz and McGuireWoods LLP are serving as felony recommend.

Convention Name and Webcast

Arch and CONSOL will host a joint convention name and webcast these days, August 21, 2024 at 8:30 a.m. ET / 7:30 a.m. CT to speak about the merger.

The convention name will likely be to be had by the use of are living webcast at the investor family members division of each and every corporate’s site at https://www.archrsc.com/ and https://www.consolenergy.com/, or immediately at refer to internet deal with: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KidiPfmS. Related presentation fabrics may also be to be had for viewing at the identical site previous to the decision.

The convention name may also be accessed by way of dialing 1-866-524-3160 throughout the U.S. and 1-412-317-6760 for all alternative places. An archive of the webcast will likely be to be had for no less than 30 days upcoming the development.

About Arch Assets, Inc.

Arch Assets is a premier manufacturer of fine quality metallurgical merchandise for the worldwide metal business. The corporate operates broad, trendy and extremely environment friendly mines that persistently i’m ready the business usual for each mine protection and environmental stewardship. Arch Assets from date to date makes use of its site – www.archrsc.com – as a channel of distribution for subject material corporate data. To be informed extra about us and our top rate metallurgical merchandise, progress to www.archrsc.com.

About CONSOL Power Inc.

CONSOL Power Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based manufacturer and exporter of high-Btu bituminous thermal coal and metallurgical coal. It owns and operates one of the most maximum fruitful longwall mining operations within the Northern Appalachian Basin. CONSOL’s flagship operation is the Pennsylvania Mining Advanced, which transformational action to put together roughly 28.5 million heaps of coal consistent with future and is produced from 3 large-scale underground mines: Bailey Mine, Enlow Fork Mine, and Harvey Mine. CONSOL not too long ago advanced the Itmann Mine within the Central Appalachian Basin, which transformational action when absolutely operational to put together kind of 900 thousand heaps consistent with annum of top rate, low-vol metallurgical coking coal. The corporate additionally owns and operates the CONSOL Marine Terminal, which is situated within the port of Baltimore and has a throughput capability of roughly 20 million heaps consistent with future. Along with the ~584 million book heaps related to the Pennsylvania Mining Advanced and the ~28 million book heaps related to the Itmann Mining Advanced, the corporate controls roughly 1.3 billion heaps of greenfield thermal and metallurgical coal reserves and sources situated within the main coal-producing basins of the jap United States. Backup data relating to CONSOL Power is also discovered at www.consolenergy.com. 

Cautionary Remark Relating to Ahead-Having a look Data

This conversation incorporates positive “forward-looking statements” throughout the which means of federal securities rules. Ahead-looking statements is also known by way of phrases reminiscent of “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would” and alike expressions. Ahead-looking statements don’t seem to be statements of historic truth and mirror CONSOL’s and Arch’s tide perspectives about presen occasions. Such forward-looking statements come with, with out limitation, statements about the advantages of the proposed transaction involving CONSOL and Arch, together with presen monetary and working effects, CONSOL’s and Arch’s plans, goals, expectancies and intentions, the anticipated timing and probability completion of the proposed transaction, and alternative statements that don’t seem to be historic info, together with estimates of coal reserves, estimates of presen manufacturing, guesses relating to presen coal pricing, deliberate supply of coal to markets and the related prices, presen result of operations, projected coins current and liquidity, industry technique and alternative plans and goals for presen operations. Negative promises will also be for the reason that the forward-looking statements contained on this conversation will happen as projected, and original effects would possibly range materially from the ones projected. Ahead-looking statements are in keeping with tide expectancies, estimates and guesses that contain a lot of dangers and uncertainties that might motive original effects to range materially from the ones projected. Those dangers and uncertainties come with, with out limitation, the facility to acquire the considered necessary CONSOL and Arch stockholder approvals; the chance that CONSOL or Arch is also not able to acquire governmental and regulatory approvals required for the proposed transaction (and the chance that such approvals would possibly consequence within the imposition of statuses that might adversely have an effect on the blended corporate or the anticipated advantages of the proposed transaction); the chance that an tournament, alternate or alternative situation may just give be on one?s feet to the termination of the proposed transaction; the chance {that a} situation to terminating of the proposed transaction might not be glad; the chance of delays in finishing the proposed transaction; the chance that the companies might not be built-in effectively; the chance that the associated fee financial savings and any alternative synergies from the proposed transaction might not be absolutely learned or would possibly rush longer to appreciate than anticipated; the chance that any announcement in terms of the proposed transaction will have antagonistic results available on the market worth of CONSOL’s ordinary inventory or Arch’s ordinary inventory; the chance of litigation homogeneous to the proposed transaction; the chance that the credit score rankings of the blended corporate or its subsidiaries is also other from what the corporations be expecting; the vacation of control date from ongoing industry operations and alternatives on account of the proposed transaction; the chance of difficult reactions or adjustments to industry or worker relationships, together with the ones due to the announcement or crowning glory of the proposed transaction; the dilution brought about by way of CONSOL’s issuance of backup stocks of its capital inventory in reference to the proposed transaction; adjustments in coal costs, that may be brought about by way of diverse components, together with adjustments within the home and international provide of and insist for coal and the home and international call for for metal and electrical energy; the volatility in commodity and capital apparatus costs for coal mining operations; the presence or recoverability of estimated reserves; the facility to interchange reserves; environmental and geological dangers; mining and working dangers; the dangers homogeneous to the supply, reliability and cost-effectiveness of transportation amenities and fluctuations in transportation prices; foreign currency echange, festival, govt legislation or alternative movements; the facility of control to shoot its plans to satisfy its targets; dangers related to the evolving felony, regulatory and tax regimes; adjustments in financial, monetary, political and regulatory statuses; herbal and man-made screw ups; civil unrest, pandemics, and statuses that can consequence from legislative, regulatory, industry and coverage adjustments; and alternative dangers inherent in CONSOL’s and Arch’s companies.

All such components are tricky to expect, are past CONSOL’s and Arch’s keep watch over, and are matter to backup dangers and uncertainties, together with the ones evocative in CONSOL’s annual document on Mode 10-Okay for the future ended December 31, 2023, quarterly stories on Mode 10-Q, and tide stories on Mode 8-Okay which can be to be had on its site at https://investors.consolenergy.com/sec-filings and at the SEC’s site at http://www.sec.gov, and the ones evocative in Arch’s annual document on Mode 10-Okay for the future ended December 31, 2023, quarterly stories on Mode 10-Q and tide stories on Mode 8-Okay which can be to be had on Arch’s site at https://investor.archrsc.com/sec-filings/ and at the SEC’s site at http://www.sec.gov.

Ahead-looking statements are in keeping with the estimates and evaluations of control on the date the statements are made. Neither CONSOL nor Arch undertakes any legal responsibility to publicly replace any forward-looking remark, whether or not on account of unused data, presen occasions or another way, excluding as required by way of legislation. Readers are cautioned to not park undue reliance on those forward-looking statements that talk most effective as of the hour hereof.

Negative Do business in or Solicitation

This conversation isn’t supposed to be, and shall no longer represent, an do business in to shop for or promote or the solicitation of an do business in to shop for or promote any securities, or a solicitation of any vote or favor, nor shall there be any sale of securities in any jurisdiction during which such do business in, solicitation or sale can be illegal previous to registration or qualification below the securities rules of such a jurisdiction. Negative providing of securities will be made, excluding by the use of a prospectus assembly the necessities of Category 10 of the U.S. Securities Work of 1933, as amended.

Backup Details about the Transaction and The place to In finding It

In reference to the proposed transaction, CONSOL intends to document with the SEC a registration remark on Mode S-4 that may come with a joint proxy remark of Arch and CONSOL and that may even represent a prospectus of CONSOL. Every of Arch and CONSOL might also document alternative related paperwork with the SEC in regards to the proposed transaction. This file isn’t an alternative choice to the joint proxy remark/prospectus or registration remark or any alternative file that Arch or CONSOL would possibly document with the SEC. The definitive joint proxy remark/prospectus (if and when to be had) will likely be mailed to stockholders of Arch and CONSOL. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ARCH, CONSOL AND THE PROPOSED TRANSACTION.

Buyers and safety holders will have the ability to download unfastened copies of the registration remark and joint proxy remark/prospectus (if and when to be had) and alternative paperwork containing noteceable details about Arch, CONSOL and the proposed transaction, as soon as such paperwork are filed with the SEC in the course of the site maintained by way of the SEC at http://www.sec.gov. Copies of the registration remark and joint proxy remark/prospectus (if and when to be had) and alternative paperwork filed with the SEC by way of Arch is also bought unfastened of price on Arch’s site at https://investor.archrsc.com/sec-filings/ or, on the other hand, by way of directing a request by way of mail to Arch’s Company Secretary at One CityPlace Force, Suite 300, St. Louis, Missouri, 63141. Copies of the registration remark and joint proxy remark/prospectus (if and when to be had) and alternative paperwork filed with the SEC by way of CONSOL is also bought unfastened of price on CONSOL’s site at https://investors.consolenergy.com/sec-filings or, on the other hand, by way of directing a request by way of mail to CONSOL’s Company Secretary at 275 Generation Force, Suite 101, Canonsburg, Pennsylvania 15317.

Contributors within the Solicitation

Arch, CONSOL and sure in their respective administrators and govt officials is also deemed to be contributors within the solicitation of proxies in admire of the proposed transaction. Details about the administrators and govt officials of Arch, together with an outline in their direct or oblique pursuits, by way of safety holdings or another way, is ready forth in Arch’s proxy statement for its 2024 Annual Assembly of Stockholders, which used to be filed with the SEC on March 27, 2024, together with below the headings “Executive Compensation,” “Director Compensation,” “Equity Compensation Plan Information,” and “Security Ownership of Directors and Executive Officers.” To the level holdings of Arch ordinary inventory by way of the administrators and govt officials of Arch have modified from the quantities of Arch ordinary inventory held by way of such individuals as mirrored therein, such adjustments were or will likely be mirrored on Preliminary Statements of Advisable Possession of Securities on Mode 3 (“Form 3“), Statements of Adjustments in Advisable Possession on Mode 4 (“Form 4“) or Annual Statements of Adjustments in Advisable Possession of Securities on Mode 5 (“Form 5“), in each and every case filed with the SEC, together with: the Mode 3 filed by way of George John Schuller on March 19, 2024; and the Methods 4 filed by way of Pamela Butcher on March 13, 2024, March 18, 2024 and June 17, 2024, James Chapman on March 11, 2024, Paul Demzik on March 5, 2024, John Eaves on March 8, 2024, Patrick Kriegshauser on March 18, 2024 and June 17, 2024, Holly Koeppel on March 18, 2024 and June 17, 2024, Richard Navarre on March 18, 2024, and June 17, 2024, George John Schuller on March 21, 2024, Peifang Zhang on March 18, 2024 and June 17, 2024 and John Ziegler on March 8, 2024.  Details about the administrators and govt officials of CONSOL, together with an outline in their direct or oblique pursuits, by way of safety holdings or another way, is ready forth in CONSOL’s proxy statement for its 2024 Annual Assembly of Stockholders, which used to be filed with the SEC on April 1, 2024, together with below the headings “Board of Directors and Compensation Information,” “Executive Compensation Information” and “Beneficial Ownership of Securities.”  To the level holdings of CONSOL ordinary inventory by way of the administrators and govt officials of CONSOL have modified from the quantities of CONSOL ordinary inventory held by way of such individuals as mirrored therein, such adjustments were or will likely be mirrored on Methods 3, Methods 4 or Methods 5, in each and every case filed with the SEC, together with: the Methods 4 filed by way of James Brock on May 24, 2024 and July 1, 2024, John Generators on May 9, 2024, Cassandra Chia-Wei Pan on May 9, 2024, Valli Perera on May 9, 2024, Joseph Platt on May 9, 2024 and John Rothka on March 8, 2024.  Alternative data in regards to the contributors within the proxy solicitations and an outline in their direct and oblique pursuits, by way of safety holdings or another way, will likely be contained within the registration remark and joint proxy remark/prospectus and alternative related fabrics to be filed with the SEC in regards to the proposed transaction when such fabrics develop into to be had. Buyers and safety holders must learn the registration remark and joint proxy remark/prospectus moderately when it turns into to be had earlier than making any vote casting or funding selections.  You might download unfastened copies of any of the paperwork referenced herein from Arch or CONSOL the use of the assets indicated above.

Non-GAAP Monetary Data 

This conversation comprises positive “non-GAAP financial measures” as outlined in Law G below the Securities Alternate Work of 1934, as amended, together with Adjusted EBITDA, Distant Money Tide and Internet Money. Those non-GAAP monetary measures are integrated on this conversation because the control of CONSOL and Arch consider such measures are helpful to buyers in comparing the corporations’ working efficiency. CONSOL and Arch would possibly utility other forms for calculating those non-GAAP monetary measures. Those non-GAAP monetary measures don’t seem to be supposed to be an alternative choice to, and must no longer be thought to be in isolation from, the monetary measures reported according to GAAP by way of each and every of CONSOL and Arch of their filings with the SEC.

¹ Arch defines adjusted EBITDA as internet source of revenue earlier than the impact of internet passion expense, source of revenue taxes, depreciation, depletion and amortization, accretion on asset leaving tasks and nonoperating bills; CONSOL defines adjusted EBITDA as (i) internet source of revenue (loss) plus source of revenue taxes, passion expense and depreciation, depletion, and amortization, as adjusted for (ii) positive non-cash pieces, reminiscent of stock-based repayment and loss on debt extinguishment
² Distant Money Tide (“FCF”) is a non-GAAP monetary measure and is outlined as Adjusted EBITDA – CapEx
³ Outlined as coins, coins equivalents and momentary investments – overall debt  

SOURCE Arch Assets, Inc.; CONSOL Power Inc.