EX-16.(C)(X) 10 tm2523589d2_ex16-cx.htm EXHIBIT 16.(C)(X)
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Exhibit 16(c)(x)​
– Preliminary Working Draft – – Highly Confidential –May 30th, 2025Project MangroveConfidential Discussion MaterialsPrepared for the Special Committee of the Board of Directors

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– Preliminary Working Draft – – Highly Confidential –1DisclaimerThis presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the Special Committee of the Board of Directors of Mangrove inconnection with its evaluation of a proposed sale of Mangrove and for no other purpose. The information contained herein is based upon information supplied by oron behalf of Mangrove and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecastsprovided by Mangrove. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for anyindependent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of Mangrove orany other entity, or concerning the solvency or fair value of Mangrove or any other entity. With respect to financial forecasts, Centerview has assumed that suchforecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Mangrove as to the futurefinancial performance of Mangrove, and at your direction Centerview has relied upon such forecasts, as provided by Mangrove’s management, with respect toMangrove. Centerview assumes no responsibility
for and expresses no view as to such forecasts or the assumptions on which they are based. The information setforth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unlessindicated otherwise and Centerview assumes no obligation to update or otherwise revise thesematerials.The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financialanalysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysisconsidered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the processunderlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resultingfrom any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of Mangrove.These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly ormade available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview areintended solely for the benefit and use of the Special Committee of the Board of Directors of Mangrove (in its capacity as such) in its consideration of the proposedtransaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of Mangrove or any other person. Centerview willnot be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. Thesematerials are not intended to provide the sole basisfor evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and isnecessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.
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– Preliminary Working Draft – – Highly Confidential –2Overview of Joint Bidders’ May 11th Revised Verbal Proposal (Reaffirmed May 20th)▪ $5.80 per share in cash for all outstanding shares of Mangrovecommon stock not currently owned by Crestview– Represents a +33% premium to the May 27th price of $4.35 and a+53% premium to the price prior to the initial public proposalof $3.79▪ Buyer has stated that it is unwilling to sign a merger agreementwithout obtaining a concurrent extension of the Company’srevolving credit facilityVerbalProposal▪ Non-waivable condition requires:– Approval and recommendation to board by Special Committee,as advised by independent legal and financial advisors– Approval of Mangrove Board of Directors▪ Assumes the current debt financing at Mangrove remains in placeafter transaction close▪ Equity financing will be funded by the rollover of Crestview’s existing37.0% ownership and new equity to be provided by DigitalBridge▪ Completion of customary due diligenceFor Reference:Other KeyTerms fromInitialProposalFor Reference:CertainConditionsOutlined InInitialProposalProposal Overview Implied Offer Range MetricsSource: DigitalBridge’s non-binding revised proposal received on 5/11/25, MangroveManagement Plan as of 1/15/25 and FactSet as of 5/27/25.Note: U.S. dollars in millions, except per share amounts. EBITDA figures reflectEBITDA estimates in USD per FactSet.(1) Assumes DSO per Mangrove management as of 5/25/25.(2) Reflects balance sheet as of 3/31/25. Includes debt issuance closed in Q1‘25.(3) Reflects NTM Adj. EBITDA as of 5/27/25.Share Price $5.80x DSO(1) 86.8Implied Equity Value $503(+) Debt(2) 1,053(-) Cash(2) (29)Implied Enterprise Value $1,527Mangrove Management PlanEV / Adj. EBITDA2025E $278 5.5xNTM(3) 289 5.3xMangrove ConsensusEV / Adj. EBITDA2025E $283 5.4xNTM(3) 281 5.4xOffer Price % Prem. / (Disc.) as of Unaffected Date:5/2/24 $3.79 +53%L52-Week High 11.32 (49%)L52-Week Low 2.87 +102%30-Day VWAP 3.59 +62%60-Day VWAP 3.52 +65%90-Day VWAP 3.57 +62%Offer Price % Prem. / (Disc.) as of Current:5/27/25 $4.35 +33%L52-Week High 5.78 +0%L52-Week Low 4.12 +41%30-Day VWAP 4.33 +34%60-Day VWAP 4.52 +28%90-Day VWAP 4.51 +29%

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– Preliminary Working Draft – – Highly Confidential –3Share Price Performance Over TimeMangrove Unaffected 52-Week High(1)(5/3/23): $11.32Source: FactSet as of 5/27/25.Note: Prices indexed to Mangrove as of 5/2/19. Broadband peers include CABO, CHTR, CMCSA, LUMN and SHEN. Initial public proposal date as of 5/2/24.(1) As of one-day prior to initial public proposal.(2) As of 5/27/25.$7.99$3.79(70%()5 3%)Current:Mangrove on Date ofInitial Public ProposalIndexed Share Price Performance – Five Years Prior to Date of Initial Public Proposal$4.35(46%)Mangrove Unaffected 52-Week Low(1)(11/10/23): $2.87Mangrove Broadband Peers S&P 500Mangrove Current 52-Week High(2)(8/19/24): $5.78Mangrove Current 52-Week Low(2)(4/21/25): $4.12+88%March 2022:First Fed rate hike post-pandemicMay 2022:Reported Q1’22 Results, DoubledGreenfield Expansion Plans November 2023:Reported Q3’23 ResultsMay 2023:Reported Q1’23 ResultsNovember 2022:Reported Q3’22 ResultsAugust 2022:Reported Q2’22 ResultsMay 2025:Reported Q1’25 Results$0$5$10$15$20$25May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25

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– Preliminary Working Draft – – Highly Confidential –45 Year Management Plan SummarySource: Mangrove management.Note: U.S. dollars in millions. Reflects management forecast received by Centerview on 01/15/2025.(1) Burdened by Stock-Based Compensation.(2) Includes Non-EBITDA Severance, Non-Recurring & Integration Expenses, and Other Expenses.Historicals Projections2022 2023 2024 2025 2026 2027 2028 2029Revenue $705 $687 $630 $585 $573 $592 $630 $672% Growth (3%) (8%) (7%) (2%) +3% +6% +7%% Fiber 1% 4% 7% 11% 15% 19%Adj. EBITDA(1) $254 $259 $279 $266 $293 $317 $349 $376% Growth +2% +8% (4%) +10% +8% +10% +8%% Margin 36% 38% 44% 46% 51% 54% 55% 56%(-) D&A (139) (140) (136) (169) (191)Adj. EBIT $127 $153 $181 $181 $185% Growth +20% +18% (0%) +2%% Margin 22% 27% 31% 29% 28%(-) Taxes (32) (38) (45) (45) (46)Tax Rate 25% 25% 25% 25% 25%NOPAT $95 $115 $136 $135 $139(+) D&A 139 140 136 169 191(-) Capex (214) (276) (269) (263) (262)(-) Δ in NWC (15) (0) (5) 1 (4)(-) Other(2) (40) (14) (5) (6) (4)Unlevered Free Cash Flow ($34) ($36) ($7) $37 $60% Growth n.m. n.m. n.m. n.m. +65%% Conversion (13%) (12%) (2%) 10% 16%

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– Preliminary Working Draft – – Highly Confidential –5$304$260 $265 $294$573$516 $530 $567$278 $274 $277 $2901/15/25 Management Plan vs. Consensus: Select P&L Items$29$52$76 $81Source: Mangrove Management Plan provided on 1/15/25, Wall Street research and FactSet as of 5/27/25.Note: U.S. dollars in millions. Adj. EBITDA unburdened by stock-based compensation.$64$74$84 $95$585 $569 $575 $583RevenueAdj.EBITDAUFCF(EBITDAlessCapex)# of Est. = 3# of Est. = 3# of Est. = 32025E 2026E# of Est. = 3# of Est. = 3# of Est. = 3Mgmt. Mgmt.Mgmt. Mgmt.Mgmt. Mgmt.

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– Preliminary Working Draft – – Highly Confidential –653.1% 45.1% 46.5% 50.3%5.0%9.0%13.4% 13.9%11.0%12.8%14.8%16.3%47.5% 47.6% 48.6% 49.7%1/15/25 Management Plan vs. Consensus: MarginsAdj.EBITDAMarginUFCF as% ofRevenue# of Est. = 3 # of Est. = 3# of Est. = 3 # of Est. = 3Mgmt. Mgmt.Mgmt. Mgmt.Source: Mangrove Management Plan provided on 1/15/25, Wall Street research and FactSet as of 5/27/25.Note: U.S. dollars in millions. Adj. EBITDA unburdened by stock-based compensation.2025E 2026E

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– Preliminary Working Draft – – Highly Confidential –7Overview of Valuation MethodologiesDescription▪ Range of closing share prices for Mangrove stock over the 52 weeks ending 5/2/24 (initial public proposal date)▪ Price targets for Mangrove per recent Wall Street analyst research reports as of latest available date▪ EBITDA unburdened by stock-based compensation expense▪ Multiples applied to Mangrove Management Plan NTM EBITDA▪ EBITDA unburdened by stock-based compensation expense▪ Multiples applied to Mangrove Management Plan LTM EBITDA▪ Mangrove Management Plan▪ Weighted Average Cost of Capital of 8.0% – 9.0%▪ Terminal EV / NTM EBITDA of 5.0x – 6.5x▪ Assumes utilization of NOLs starting in 2027EMethodologyTradingMultiplesPrecedentTransactionsForReferenceEV / LTMAdj. EBITDAAnalystPrice TargetsDiscounted CashFlow AnalysisIncluding Value of Tax Assets52-WeekTrading Range asof 5/2/24EV / NTMAdj. EBITDA52-WeekTrading Range asof 5/27/25▪ Range of closing share prices for Mangrove stock over the 52 weeks ending 5/27/25Source: Mangrove management, public filings, FactSet, and Bloomberg.Note: U.S. dollars in millions, except per share amounts. Balance sheet as of 3/31/25 per company filings. DSO per Mangrove management, provided on 5/25/25. Shareprices rounded to nearest $0.05, except for 52-week trading range. NTM metrics reflect NTM as of 5/27/25.

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– Preliminary Working Draft – – Highly Confidential –8$2.87$4.12$3.00$3.15$6.25$2.95$11.32$5.78$7.50$7.30$11.20$8.15Mangrove Valuation AnalysisMethodology Relevant Metrics Implied Share Price Range5.5x – 7.0x LTM Adj.EBITDA of $285mm4.5x – 5.7x NTM Adj.EBITDA of $289mmLow (11/10/23) /High (5/3/23)(Initial Public Proposal Date)WACC: 8.0% – 9.0%Terminal EBITDA Mult. : 5.0x – 6.5xLow / High(Latest Available Reports)TradingMultiplesPrecedentTransactionsForReferenceInitial Proposal5/2/24: $4.80EV / LTMAdj. EBITDAAnalystPrice TargetsDiscounted CashFlow AnalysisIncluding Value of Tax Assets52-WeekTrading Range asof 5/2/24EV / NTMAdj. EBITDA52-WeekTrading Range asof 5/27/25Low (4/21/25) /High (8/19/24)(Current)Latest Proposal5/11/25: $5.80Source: Mangrove management, public filings, FactSet, and Bloomberg.Note: U.S. dollars in millions, except per share amounts. Balance sheet as of 3/31/25 per company filings. DSO per Mangrove management, provided on 5/25/25. Shareprices rounded to nearest $0.05, except for 52-week trading range. NTM metrics reflect NTM as of 5/27/25.

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– Preliminary Working Draft – – Highly Confidential –9Broker Price Target Valuation MethodologyDCF: 11.8% WACC, 1% PGR~5.0x 2025E EBITDA~5.0x NTM EBITDA4.2x 2025E EBITDAMedian $4.90$7.50$5.00$4.80$3.00For Reference: Research Analyst Price TargetsSource: Wall Street research, Bloomberg and FactSet as of 5/27/25.(5/7/25)(3/14/24)(3/14/25)(3/13/24)Buy Hold Sell

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– Preliminary Working Draft – – Highly Confidential –10EV /Market '24A-'26E '25E EBITDA % B2C Customers Broadband '25E UFCF (2) NTM Homes TotalCompany TEV Cap. Sales CAGR Margin by Technology (1)Penetration % Revenue EBITDA Passed Subscribers$215.3 $132.7 +1.0% 30.8% 50% 21.5% 5.7x n.a. n.a.163.1 65.9 +1.0% 41.6% 58% 20.0% 7.0x 2,869 5,18318.4 4.0 (4.6%) 26.9% 12% (6.8%) 5.4x 4,392 17,1273.6 0.9 (2.6%) 53.1% 37% 33.1% 4.5x 1,258 3,6371.1 0.7 +9.5% 32.4% 30% (41.6%) 8.9x 1,890 6,268Mean $80.3 $40.8 +0.9% 37.0% 37.3% 5.2% 6.3x $2,602 $8,054Median $18.4 $4.0 +1.0% 32.4% 37.1% 20.0% 5.7x $2,379 $5,726Memo: Mangrove On Date of Initial Public ProposalConsensus(7) (2.3%) 43.8% 8.4% 4.5xMgmt. Plan(8) (4.6%) 47.5% 11.0% 4.3x$1.2 $0.3 24% $631 $2,585Selected Public Trading StatisticsCable Fiber Copper(4) (4)Source: Mangrove Management Plan and FactSet as of 5/27/25.Note: U.S. dollars in billions. Reflects calendarized financials. EBITDA unburdened by stock-based compensation. Financial estimates reflect mean broker estimates inUSD per FactSet. EBITDA figures reflect EBITDA estimates in USD per FactSet. Assumes market value of debt as of 5/21/25 for Lumen, reflecting unaffecteddate. (1) As of latest filing. (2) Unlevered free cash flow defined as EBITDA less capex. (3) As of unaffected date of 5/21/25. (4) Represents Fiber metrics. (7)Consensus estimates as of 5/2/24. Assumes DSO and balance sheet figures as of 3/31/24. (8) Based on Mangrove Management Plan received by Centerview on1/15/25.44%56%100%100%100%62%38%94%6%(3)

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– Preliminary Working Draft – – Highly Confidential –110.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x16.0x18.0x20.0xMay-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25Multiple Evolution Over TimeEV / NTM EBITDA – Five Years to Date of Initial Public Proposal6.7x12.1x4.5x5.9xMangrove Mult.on Date of InitialPublic Proposal(5/2/24)14.7x9.7x4.9xSource: FactSet as of 5/27/25.Note: Broadband peer median includes CABO, CHTR, CMCSA, LUMN and SHEN. Initial public proposal date as of 5/2/24.Mangrove Broadband Peers S&P 500June 2021:Sale of Select Properties from Mangrove toAstound and Atlantic BroadbandNovember 2020:Sale of Astound to Stonepeak12.5x11.0xAvg. EV / NTM EBITDA (to Date of Initial Public Proposal) R 2 vs. 20-Year TreasuryL5Y L2Y L1Y YTDMangrove 6.6x 5.6x 4.7x 4.5xBroadband Median 9.1x 7.3x 7.1x 6.9xMult. Prem / (Disc.) (2.5x) (1.7x) (2.4x) (2.4x)% Prem. / (Disc.) (28%) (23%) (34%) (35%)

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– Preliminary Working Draft – – Highly Confidential –12Selected Precedent TransactionsSource: Public filings and materials, FactSet.Note: U.S. dollars in millions.(1) Reflects the agreed upon premium paid as of the 3/23/2020 merger agreement with Macquarie vs. the unaffected date of 12/20/2019. Original offer fromBrookfield submitted on 12/23/2019 represented a 36% premium vs. the unaffected date of 12/20/2019.(1)Ann. Date Target Acquiror Ent. ValueEV /LTM EBITDAFor Reference:Premium PaidAboveUnaffected16-May-25 Cox Communications Charter Communications $34,500 6.4x n.a.5-Sep-24 Frontier Verizon 20,000 9.2x 37%16-Oct-23 Consolidated Communication Searchlight 3,100 9.6x 70%4-Aug-21 Lumen Apollo 7,500 5.5x n.a.13-Mar-20 Cincinnati Bell Macquarie 2,907 7.2x 101%29-May-19 Frontier Searchlight 1,352 5.0x n.a.10-Jul-17 Hawaiian Telecom Cincinnati Bell 656 5.9x 26%5-Feb-15 Verizon (Assets) Frontier 10,540 6.2x n.a.Mean 6.9x 59%Median 6.3x 54%

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– Preliminary Working Draft – – Highly Confidential –13Discounted Cash Flow AnalysisSource: Mangrove Management Plan and FactSet as of 5/27/25.Note: U.S. dollars in millions, except per share amounts. Assumes valuation date of 3/31/25, including 3/31/25 balance sheet per company filings and DSO per MangroveManagement provided on 5/25/25. Includes cash flows from Q2’25 onwards. Reflects mid-year convention discounting. Share price figures rounded to the nearest 5cents. (1) Burdened by stock-based compensation. (2) UFCF conversion calculated as UFCF / Adj. EBITDA. (3) Includes utilization of net operating losses starting in 2027per Management.Implied Share Price(3) Implied PGRFiscal Year Ending December 31, Terminal '25E - '29E2025 2026 2027 2028 2029 Year CAGRRevenue $585 $573 $592 $630 $672 $672 +3%% Growth (2%) +3% +6% +7%Adj. EBITDA(1) $266 $293 $317 $349 $376 $376 +9%% Growth +10% +8% +10% +8%% Margin 46% 51% 54% 55% 56% 56%(-) D&A (139) (140) (136) (169) (191) (200)Adj. EBIT $127 $153 $181 $181 $185 $176% Growth +20% +18% (0%) +2%% Margin 22% 27% 31% 29% 28% 26%(-) Taxes (32) (38) (45) (45) (46) (44)Tax Rate 25% 25% 25% 25% 25% 25%NOPAT $95 $115 $136 $135 $139 $132(+) D&A 139 140 136 169 191 200(-) Capex (214) (276) (269) (263) (262) (200)(-) Δ in NWC (15) (0) (5) 1 (4) –+/- Other (40) (14) (5) (6) (4) (4)Unlevered Free Cash Flow ($34) ($36) ($7) $37 $60 $128% Growth n.m. n.m. n.m. +65%% Conversion (2) (13%) (12%) (2%) 10% 16% 34%Exit Multiple Exit Multiple5.0x 5.8x 6.5x 5.0x 5.8x 6.5x8.0% $3.60 $5.90 $8.15 0.8% 1.7% 2.4%8.5% 3.30 5.50 7.70 1.3% 2.2% 2.9%9.0% 2.95 5.10 7.25 1.7% 2.6% 3.3%WACC

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– Preliminary Working Draft – – Highly Confidential –14Peer Unlevered Beta WACC CalculationMarket Debt / Beta(1)Company Debt Cap. Equity Levered Unlevered Cost of EquityComcast $99,122 $132,660 75% 0.560 0.453 20Y U.S. Treasury Yield 5.0%Charter 93,769 65,892 142% 0.810 0.423 Unlevered Beta 0.37Lumen 16,330 4,016 407% 0.647 0.189 Target Debt / Equity 175%Cable One 3,546 929 382% 0.431 0.161 Levered Beta 0.861Shenandoah 515 695 74% 0.076 0.247 LT U.S. Historical Risk Premium(4) 7.3%Peer Median 142% 0.560 0.247 Size Premium(5) 1.7%Peer Average 216% 0.505 0.294 Cost of Equity 13.0%Mangrove - Cons. (Unaff.) 935 326 286% 1.338 0.389Memo: Mangrove Two-Year Average D / E Ratio (Unaff.) 140% 1.338 0.598 Cost of DebtPre-Tax Cost of Debt(7) 7.4%Tax Rate 25.0%After-Tax Cost of Debt 5.6%Memo: Debt / Capital 64%WACC(8) 8.3%Mangrove WACC Analysis(6)Source: Mangrove management, public filings, Bloomberg and FactSet as of 5/27/25.Note: U.S. dollars in millions. Mangrove balance sheet as of Q1’25 filings and DSO per company management provided om 5/25/25; Mangrove beta as of date of initialpublic proposal on 5/2/24. (1) Represents two-year weekly average levered raw and unlevered adjusted beta. Unlevered betas assume 25.0% tax rate for eachcompany. (2) As of unaffected date of 5/21/25. (3) Based on market value of debt as of unaffected date of 5/21/25. (4) Duff & Phelps, 2024. (5) Size premium reflectscompanies with market capitalization between $0.3bn and $0.6bn. (6) Reflects two-year average Debt / Equity. (7) Reflects BofA B corporate index effective yield.(8) WACC equals ((debt / capitalization * (cost of debt * (1 – tax rate))) + (equity / capitalization * levered cost of equity)).(6)(2) (3)WACC Sensitivity WACC SensitivityDebt / Unlevered BetaEquity 0.29 0.33 0.36 0.39 0.42 0.45150% 7.8% 8.0% 8.2% 8.4% 8.6% 8.8%175% 7.9% 8.1% 8.3% 8.5% 8.7% 8.9%200% 8.0% 8.2% 8.4% 8.5% 8.7% 8.9%225% 8.1% 8.3% 8.5% 8.6% 8.8% 9.0%

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– Preliminary Working Draft – – Highly Confidential –15Memo:NTM EBITDA $293 $317 $349 $376(x) EV / EBITDA 4.5x - 5.7xImplied TEV $1,317 - $1,681 $1,428 - $1,823 $1,571 - $2,006 $1,691 - $2,159(-) Debt (1,296) (1,426) (1,436) (1,427)+ Cash 28 16 30 30Implied Eq. Value $50 - $414 $18 - $413 $165 - $599 $293 - $761(/) DSO 86.8 88.8 90.4 91.5FSP $0.57 - $4.77 $0.18 - $4.70 $1.54 - $6.74 $2.68 - $8.50$0.53$0.15$1.13$1.75$4.35$3.80$4.82$5.38For Reference: Future Share Price AnalysisSource: Mangrove Management Plan and FactSet as of 5/27/25.Note: U.S. dollars in millions, except per share amounts. Assumes present value as of 3/31/25, including 3/31/25 balance sheet per company filings. (1) Burdened by stock-basedcompensation. (2) In line with trading multiples. (3) Reflects DSO per Mangrove Management provided on 5/25/25; assumes ~$6mm of share issuance in line with latestdisclosed figures (~1.5mm shares @$3.69/share) and share repurchase in line with management plan.Present Value of Future Share Price @13% Cost of EquityYE 2025 YE 2026 YE 2027 YE 2028Latest Proposal: $5.80Current Share Price: $4.35(1)(2)(3)

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– Preliminary Working Draft – – Highly Confidential –16Mangrove NOL AnalysisSource: Mangrove management.Note: U.S. dollars in millions, except per share amounts. Mangrove balance sheet per company filings on 3/31/25 and DSO per Mang rove Management provided on5/25/25. Assumes mid-year discounting.(1) Assumes U.S. federal tax rate of 21%.(2) NOLs applied to offset federal tax expense based on usage from Management.Cash Flow Benefit of NOLsNOL CashFlowBenefit toMangrovePresentValue ofNOL CashFlowBenefit toMangroveFiscal Year Ending December 31,2024 2025 2026 2027 2028 2029Mangrove NOL Usage – – – $103 $80 –(x) Mangrove Tax Rate (1) 21% 21% 21% 21% 21% 21%Mangrove Cash Tax Benefit – – – $22 $17 –Beginning NOL Balance $183 $183 $183 $183 $80 –(-) Mangrove NOL Usage(2) – – – (103) (80) –Ending NOL Balance $183 $183 $183 $80 – –Implied Value /Discount Rate PV of NOL Share8.00% $31.3 $0.368.50% 30.9 0.369.00% 30.5 0.35

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– Preliminary Working Draft – – Highly Confidential –17Company Unsecured Debt Unsecured Yield-To-Worst$4,740 9.6%1,570 9.0%23,249 6.1%99,361 5.3%– n.a.Memo:Mangrove Super-Priority Facility $915 12.2%Peer Unsecured Yield-To-WorstSource: Mangrove management, public filings, Bloomberg and FactSet as of 5/27/25.Note: U.S. dollars in millions.(1) Reflects Mangrove Secured Super-Priority outstanding balance.(1)