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DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.29January2018Americas/UnitedStatesEquityResearchMetals&MiningUSMetals&MiningINCREASETARGETPRICEResearchAnalystsCurtWoodworth,CFA2123255117curt.woodworth@credit-suisse.comPeterMitropoulos2123252703peter.mitropoulos@credit-suisse.comPremiumLowVoltheBitcoinofBulks?Justlikebitcointhereisafiniteamountofmetallurgicalcoalthatcanbemined.Butunlikebitcoin,cokingcoalsupplyisoftenremovedfromthemarketowingtoavarietyof