#1CREDIT SUISSE Confidential Project Florida Discussion materials for the Special Committee Maine discussion materials December 3, 2012 PRELIMINARY | SUBJECT TO FURTHER REVIEW AND EVALUATION These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse AG or its Affiliates (hereafter "Credit Suisse").#2Table of contents 1. Introduction 2. Maine financial analysis Pro forma financial impact Appendix CREDIT SUISSE Confidential#31. Introduction CREDIT SUISSE Confidential 2#4Maine current proposal overview ($ in millions, except where otherwise noted) Share price (11/30/12) % premium/(discount) to current % premium/(discount) to 52-week high Equity value Enterprise value Enterprise value / 2012E EBITDA(X) 2013E EBITDA(X) Proved reserves ($/mcfe) Recoverable unrisked resources ($/mcfe) -per Maine Recoverable unrisked resources ($/mcfe - per RPS** 2012E Production ($/mcfe/d) 2013E Production ($/mcfe/d) Pre-tax PV-10% Price / 2012E CFPS 2013E CFPS Statistics 12/31/2011 Proved reserves (Bcfe) % oil % developed Resource potential (Tcfe) 2012E production (mcfe/d) % oil R/P (1) (2) (3) (4) Florida at market $39.01 CREDIT SUISSE (20.3%) $37,162 40,562 5.7x 4.2x 7.2x 5.1x Maine $8.53 (48.5%) $1,401 2,466 11.8x 10.6x $10.19 0.04 0.11 17,867 16,438 3.0x 11.6x 6.0x 242 40.6% 91.1% 63.7 138 40.6% 4.8x Cash Maine at current proposal ( Cash + Unit (Case 1: RPS resource / risking case) $16.29 $14.75 72.9% (11.0%) $3,429 3,537 17.0x 15.1x $14.61 0.06 0.16 25,633 23,582 4.3x 20.1x 10.3x 242 40.6% 91.1% 63.7 138 40.6% 4.8x 91.0% (1.7%) $3,779 3,888 18.7x 16.6x $16.06 0.06 0.18 28,171 25,917 4.7x 22.2x 11.4x 242 40.6% 91.1% 63.7 138 40.6% 4.8x Cash + Unit (nominal value) $16.90 98.1% 2.0% $3,919 4,027 19.3x 17.2x $16.64 0.06 0.18 29,180 26,846 4.9x 23.1x 11.8x 242 40.6% Source: Public filings, company projections at forward curve pricing as of 11/30/12 and FactSet Research Systems. Note: Fully diluted share count assumes transaction close of 12/31/12. Values and multiples as implied by proposed transaction. Assumes 161.9 million basic shares outstanding for Maine per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 pershare, 0.1 million RSUs and $12.1 million of 8.0% convertible preferred stock with a conversion price of $6.84. Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock, $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 10Q (not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012). Assumes 949.3 million basic shares outstanding for Florida, 13.6 million options exercisable at weighted average price of $33.10 and RSUS of 1.3 million. Florida corporate adjustments as of 9/30/12 based on $3.7 billion of cash, $3.5 billion of debt and $3.6 billion of noncontrolling interest per Florida 10-Q. Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 63.7 Tcfe, per Maine management. Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 21.7 Bcfe, per RPS. 91.1% 63.7 138 40.6% 4.8x Maine current proposal - Financial summary Florida Special Committee proposed to acquire Maine in a transaction with a per share consideration of $14.75 of cash and 1.15 units of 5% royalty trust Royalty trust receives revenue from current ultra-deep exploration prospects Confidential 3#5Maine current proposal summary ($ in millions, except per share values) (2) (3) Per share value to public shareholders and Pennsylvania Implied Maine resource case (1) Cash consideration Cash portion - prior proposal Proposed reduction Cash portion - current proposal Value per unit (3) Royalty units 1 unit per Maine share Units issued to Florida convertible (to be paid to Maine holders) 5% Royalty units issued to public shareholders and Pennsylvania Total royalty value paid to Maine holders (other than Florida) Aggregate offer value (1) Note: Based on forward curve pricing as of 11/30/12. See page 11 for case description. Implied Maine resource case based on ultra-deep resource potential and resource risking values implied by a $1.88 per share value for a 5% override royalty interest on ultra-deep resource production; implied 4.1 Tcfe of net risked resource potential in ultra-deep assuming 12% discount rate for illustrative purposes. Based on RPS resource estimate for ultra-deep net risked resource potential of 2.8 Tcfe. Credit SuissE $15.50 (0.75) $14.75 $1.88 1.00 0.15 1.15x Case 1: RPS resource / risking case (2) $2.15 $16.90 $15.50 (0.75) $14.75 $1.34 1.00 0.15 1.15x $1.54 $16.29 Value per unit based on 5% overriding royalty interest on gross revenue from ultra-deep resource potential at an illustrative 12% discount rate. Total number of units of 229.2 million, equal to fully diluted share count, excluding stock options and RSUS (including 51 million of shares held by Pennsylvania and 33 million of shares issued to Florida upon conversion of $500 million convertible security). A B A + B Confidential 4#6Maine share price performance Current 11/30/2012 $8.53 Price $24 $21 $18 $15 $12 $9 $6 $3 $0 11/30/09 High $16.57 1/11/2010: Announced discovery on its Davy Jones ultra- deep prospect located on South Marsh Island Block 52-week wover 230 in approximately 20 feet of water 5/5/10 CREDIT SUISSE Low $7.25 5-day $8.69 5/3/2010: James R. Moffett named President and Chief Executive Officer 10/8/10 10-day $10.54 20-day $11.55 12/30/2010: Announced the completion of its previously announced acquisition of Pennsylvania's shallow water GOM shelf assets and related financings. Source: Factset Research Systems. Average Closing Share Price 60-calendar day 90-calendar day $11.54 $11.87 9/8/2011: Acquired Whitney Exploration's interest in Davy Jones and Blackbeard East exploration projects 3/14/11 Volume in Thousands Maine 8/18/11 1-year 7/30/2012: Announced delay in planned Davy Jones flow test to August 1/5/2012: Announced the completion of activities at the Davy Jones No. 1 discovery well are in an advanced stage 1/20/12 $12.06 www 2-year $13.76 9/4/2012: Announced September expected timing of Davy Jones flow test 6/26/12 11/26/2012: Announced that solvents will have to be injected into Davy Jones well to obtain a measurable flow test 3-year $13.64 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 11/30/12 Volume Confidential 5#7Selected equity research perspectives Date 11/29/12 Susquehanna 11/28/12 Capital One Southcoast 11/28/12 Ladenburg Thalmann & Co. 11/27/12 JPMorgan 11/27/12 Howard Weil Inc 11/27/12 RBC Capital 11/26/12 Jefferies 11/26/12 Guggenheim Securities Name (1) (2) Recommendation Positive Add Buy Underweight Market perform Sector perform Hold Buy Mean Median CREDIT SUISSE Source: Bloomberg, FactSet Research Systems. Note: Excludes price targets issued prior to Maine's GOM exploration and development update on November 26, 2012. Based on Maine's closing share price of $8.53 as of 11/30/12. Based on current proposal of $16.29 per share. Price target $18.00 12.00 21.00 ΝΑ 15.00 10.00 12.00 20.00 $15.43 15.00 Premium / (discount) to current (1) 111.0% 40.7% 146.2% ΝΑ 75.8% 17.2% 40.7% 134.5% 80.9% 75.8% Premium / (discount) to current proposal (2) 10.5% (26.3%) 28.9% ΝΑ (7.9%) (38.6%) (26.3%) 22.8% (5.3%) (7.9%) S "Stock still overvalued. Despite Monday's 22.5% stock price decline, we think Maine shares still are overvalued. Maine closed Monday at $9.65/share. Using NYMEX futures, we calculate that Maine has zero equity value. Using our JPM price deck ($5.50/Mcf long-term gas), we value Maine at $2.31/share. According to our NAV, the market already is giving significant credit for success at Davy Jones as well as at other Ultra-Deep Shelf (UDS) fields." JPMorgan, 11/27/12 Confidential#82. Maine financial analysis CREDIT SUISSE Confidential 7#9Overview of Maine financial analysis methodologies Discounted Cash Flow ("DCF") Net Asset Value ("NAV") Analysis Discounted proved, probable, possible ("3P") and resource potential14.25-year unlevered free cash flows (9/30/12-12/31/2026E) - Cash flows from remaining reserves after 2026E discounted to 9/30/12 based on the weighted average remaining life of production Discount rates based on capital asset pricing model and weighted average cost of capital Various pricing and risking cases drive cash flows CREDIT SUISSE Selected Companies Analysis Reviewed current trading multiples of selected public companies Applied selected multiple ranges to Maine's projected financial and operating data Reference Ranges Selected Transactions Analysis Reviewed purchase price multiples of selected transactions Applied selected multiple ranges to Maine's financial and operating data Confidential 8#10Maine financial analysis Current Maine $8.53 Note: (1) (2) (3) (5) Selected companies analysis Selected transactions analysis DCF / NAV-Case 1: RPS resource/ risking DCF/NAV-Case 2: Maine management resource / RPS risking DCF/NAV - Case 3: Maine management resource / risking $7.23 CREDIT SUISSE $17.16 I $14.68 I $14.71 $17.36 $25.57 $29.71 $35.57 $58.25 $71.01 Offer consideration per share Cash +Royalty trust (1) $14.75 + 1.15 units 14.75 + 1.15 units 14.75 + 14.75 + $1.54 4.26 14.75 + 9.53 Implied reserve multiple ($/Mcfe) (2) $9.30-$14.46 16.53-24.79 14.44-16.72 28.87-34.64 56.97 - 69.54 Implied recoverable resource multiple ($/Mcfe) (3) $0.10-$0.16 0.04 -0.05 0.18-0.27 0.06 -0.09 0.16 0.18 0.05-0.06 0.32 -0.38 0.11 -0.13 0.63-0.76 0.22-0.26 $0 $10 $20 $30 $40 $50 $60 $70 $80 Cash flows discounted to 9/30/12 using discount rates of 11% and 13%. Based on forward curve pricing as of 11/30/12. Resource risking: RPS: 13%; Maine management: 30%. Multiples based on low end and high end of ranges. Royalty trust value based on corresponding resource and risking and 5% overriding royalty interest on gross revenue from ultra-deep resource potential at an illustrative discount rate of 12%. Values for Cases 1-3 based on 1.15 units. Based on 2011A proved reserves of 242 Bcfe. Not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. Based on unrisked 3P reserves of 332 Bcfe and unrisked resource potential of 21.7 Tcfe per RPS. Italics based on unrisked 3P reserves of 332 Bcfe and unrisked resource potential of 63.7 Tcfe per Maine management. Based on net unrisked resource estimate of 21.7 Tcfe per RPS. Based on net unrisked resource estimate of 63.7 Tcfe per Maine management. Confidential 9#11Maine NAV analysis assumptions 3P reserve estimates based on reserve reports prepared by Ryder Scott, Maine's third-party reserve engineers Projection model with production and costs for ~3 Tcfe of net resource potential provided by Maine management Scaled up to 21.5 Tcfe of net unrisked resource potential per analysis provided by RPS, the Special Committee's reserve engineers, and 63.5 Tcfe of net unrisked resource potential per Maine management - Analyzed 14.25-year unlevered free cash flows (9/30/12-12/31/2026E) Projected unlevered free cash flows to 9/30/12; discounted using discount rates of 11-13% Cash flows from remaining reserves after 2026E discounted to 9/30/12 based on the weighted average remaining life of production - Recently revised RPS estimate of 21.5 Tcfe of net unrisked ultra-deep resource potential based on additional diligence sessions and new information received from Maine management (see page 22) In addition, included development plan for Davy Jones discovery, provided by Maine management (~200 Bcfe of ~4 Tcfe discoveries net to Maine) Assumes forward curve pricing as of 11/30/2012 (¹) 2012 (2) WTI ($/bbl) Henry Hub ($/MMbtu) - $88.13 3.60 CREDIT SUISSE Note: 2013 $90.23 3.77 ■ Reserve and resource risking assumed per RPS and Maine management 13% risking for ultra-deep resource potential per RPS 30% risking for ultra-deep resource potential per Maine management Cash G&A and non-cash G&A per Maine management Plan tax rate of 38% per Maine management Tax basis of assets per Maine management (1) (2) 2014 $90.37 4.12 2015 $88.61 4.26 2016 $86.70 4.66 2017 $86.03 4.87 2018 $85.74 5.10 2019 Thereafter $85.63 $85.53 5.37 5.66 Tax assumptions per Maine management as follows: Capital recovery assumes 25% of future capital expenditures allocated to tangible assets and 75% to intangible drilling costs expensed in year incurred. Tangible assets depreciated using a 7-year MACRS schedule. Analysis doesn't account for AMT and withholding taxes. Not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. Source: Bloomberg, FactSet Research Systems. Represents average of spot prices until 9/30/12 and forward curve pricing for remaining 2012. Confidential 10#12Maine risked NAV analysis Analysis based on forward curve pricing as of 11/30/2012 Case 1 - RPS resource / risking case Discount rate PV of unlevered free cash flow (-)Corporate adjustments (¹) Implied equity value reference range Implied per share reference range(2) Case 2 - Maine management resource / RPS risking case Discount rate PV of unlevered free cash flow (-)Corporate adjustments(¹) Implied equity value reference range Implied per share reference range(2) Case 3 - Maine management resource / risking case Discount rate PV of unlevered free cash flow (-)Corporate adjustments(¹) Implied equity value reference range Implied per share reference range(2) CREDIT SUISSE (1) (2) Low 13.0% $3,494 (1,065) 2,429 $14.68 Low 13.0% $6,988 (108) 6,880 $29.71 Low 13.0% $13,789 (108) 13,681 $58.25 - - - - - - - - High 11.0% $4,046 (108) 3,938 $17.36 High 11.0% $8,384 (108) 8,276 $35.57 High 11.0% $16,830 (108) 16,722 $71.01 Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock, $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 10Q (not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012). Assumes 161.9 million basic shares outstanding per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share, 0.1 million RSUS and $12.1 million of 8.0% convertible preferred stock with a conversion price of $6.84. Confidential 11#13Maine risked NAV sensitivity analysis RPS resource case commodity price sensitivity analysis WTI oil Nat. Gas Case 1- RPS resource / risking WTI oil Nat. Gas Case 2 Maine management resource / RPS risking Credit Suisse Case 3 - Maine management resource / risking Note: Forward curve pricing(¹) Maine management resource cases commodity price sensitivity analysis (2) $16.11 Forward curve pricing (1) Brent (500) WTI (500) Henry Hub (5MMbtu) $32.48 64.27 2012E $110.60 95.11 Credit Suisse research pricing (2) 2.74 $115.00 105.00 3.70 Credit Suisse research pricing (2) 2013E $12.95 2014E Assume forward curve pricing for 2012-2014 and flat pricing whereindicated thereafter. Analysis based on illustrative discount rate of 12%. Before adjustment for 5% royalty. Forward curve pricing as of 11/30/12. Credit Suisse research pricing $110.00 102.00 4.29 $25.95 49.35 $80.00 3.00 $6.25 2015E Thereafter $90.00 $90.00 83.50 83.50 4.50 4.50 $80.00 3.00 $13.86 24.61 Commodity price $90.00 4.00 $11.11 Commodity price $90.00 4.00 $22.72 $100.00 5.00 42.33 $15.57 $100.00 5.00 $30.76 59.92 $110.00 6.00 $18.90 $110.00 6.00 $38.82 77.42 Confidential 12#14Maine royalty sensitivity analysis Per share estimate for royalty (¹) ($ per share, except where otherwise indicated) Case 1- RPS resource / risking (2) Case 2 Maine management resource / RPS risking (3) Case 3- Maine Management resource / risking (3) - Resource Risking Implied price per Maine share (NAV analysis) Implied price per Maine share assuming: 5% royalty on resource potential CREDIT SUISSE Maine price per share - ultra-deep royalty rate sensitivity ($ per fully diluted share outstanding, except where otherwise indicated) 13.1% (2) (3) 13.1% 30.0% Net implied risked resource (Tcfe) 2.8 8.3 19.1 RPS resource estimate (²) Case 1 RPS risking $16.11 15.09 Royalty 5.0% $1.34 $3.70 8.29 Production estimate (Mmcfe/d) 2014E Assumes 21.5 Tcfe of unrisked ultra-deep resource potential plus 200 Bcfe for Davy Jones. Assumes 63.5 Tcfe of unrisked ultra-deep resource potential plus 200 Bcfe for Davy Jones. 2013E 44.7 44.7 44.7 Case 2 RPS risking $32.48 Note: Royalty interest not on 8/8¹ basis. (1) Royalty payment based on revenue from ultra-deep prospects for 2012 through end of resource life. Analysis based on forward curve pricing as of 11/30/12 and illustrative discount rate of 12%. Maine management resource estimate(³) 30.32 121.8 220.0 410.7 2015E 222.3 517.1 1,089.2 Case 3 Maine risking $64.27 59.26 Confidential 13#15Selected companies trading statistics (S in millions, except as indicated) Company GOM independent E&P Energy XXI W&T Offshore Stone Energy EPL Oil & Gas Contango PetroQuest Energy Crimson Exploration Mean Median Global explorers Tullow Oil OGX Cobalt Kosmos Energy Afren Ophir Energy Mean Median % of Price 52-Week (11/30/12) High (2) $31.68 16.57 20.73 20.99 40.99 5.33 2.74 $22.07 2.06 23.32 11.86 2.19 7.89 79.9% 60.5% 58.4% 91.2% 63.0% 72.1% 48.2% CREDIT SUISSE Market Enterprise Total Value Value Bcfe $2,512 1,232 1,026 821 623 343 126 $3,533 2,158 1,679 1,510 485 522 367 86.7% $20,096 $20,821 19.1% 6,658 9,630 63.9% 9,577 8,565 78.4% 4,613 5,192 89.8% 2,405 3,103 76.0% 3,147 2,693 $1,401 1,401 718 747 602 461 257 265 200 1,786 ΝΑ NM 306 1,110 NM Proved Reserves % Proved Dev. 68.3% 62.8% 59.8% 74.6% 97.6% 60.9% 36.9% 65.8% 62.8% NM ΝΑ 50.3% 12.6% Gas 29.1% 42.7% 54.4% 37.4% 78.5% 91.3% 81.2% 59.2% 54.4% 18.0% ΝΑ NM 7.8% 0.9% NM 8.9% 7.8% R/P 6.6x 8.2 7.2 13.5 ΝΑ 7.8 14.0 9.6x 8.0 11.0x ΝΑ NM 7.8 12.1 NM 10.3x 11.0 Total Resources (¹) (Bcfe) 25,752 1,648 1,392 ΝΑ ΝΑ 1,333 1,748 6,711 64,800 65,400 11,010 5,970 15,000 EV/EBITDAX 2012E 4.1x 4.2 2.7 5.5 ΝΑ 6.2 4.5 4.5x 4.4 7.6x NM NM 13.7 2.8 NM 8.0x 7.6 64,035 /22,032² 14.3x 64,035/22,032 11.8 2013E 3.7x 3.6 2.6 3.3 ΝΑ 4.3 3.8 3.6x 3.7 Maine (at market) $8.53 51.5% $2,466 242 4.8x 91.1% 91.1% 59.4% 59.4% 8.53 51.5% 2,466 242 4.8 Maine (Maine Mgmt.) Source: Company filings, press releases, Wall Street research and I/B/E/S consensus estimates. Maine not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. Note: Balance sheet data and reserves presented pro forma where appropriate. R/P ratios based on 2012E production. (1) Includes unrisked 3P reserves and resource potential, where disclosed. Illustrative Oil: Gas ratio of 6:1 and 6:1 based on thermal and price equivalence, respectively. Maine management / RPS resource estimates. Proved Total Reserves Resources Daily Production ($/Mcfe/d) ($/Mcfe) ($/Mcfe) 2012E 2013E $4.92 2.89 2.79 3.28 1.89 1.97 1.83 $2.80 2.79 6.6x $11.66 NM NM NM NM 8.8 16.97 2.80 3.0 NM 6.1x 6.6 15.2x 10.6 NM $10.47 11.66 Enterprise Value / $10.19 10.19 $0.14 1.31 1.21 ΝΑ ΝΑ 0.39 0.21 $0.65 0.39 $3.10 0.15 0.13 0.47 0.52 0.18 $0.76 0.33 0.04/0.11 0.04/0.11 (2) (2) $11,940 8,608 7,333 16,160 ΝΑ 5,628 9,365 $9,839 8,986 $46,894 98,815 NM 48,612 12,306 NM $51,657 47,753 $17,664 17,867 $8,597 7,705 6,606 10,775 ΝΑ 5,056 8,528 $7,878 8,116 $39,704 21,235 NM 34,202 12,996 NM $27,034 27,718 $14,192 16,438 Confidential 14#16Selected companies analysis ($ in millions, except per unit and per share amounts) Enterprise Value/ Proved reserves ($ / Mcfe) 2012E Daily Production ($/ Mcfe/d) 2013E Daily Production ($ / Mcfe/d) Total unrisked resources - Maine management ($ / Mcfe) Total unrisked resources RPS ($ / Mcfe) - Enterprise value reference range (-) Corporate adjustments (¹1) Implied equity value reference range Implied per share reference range (2) Maine data CREDIT SUISSE 242 138 150 64,035 22,032 Selected range Low % premium/(discount) to current - $8.53 (3) % premium / (discount) to current proposal (Case 1: RPS resource / risking case) - $16.29 $9.00 $15,000 12,500 $0.10 0.10 High $13.00 $25,000 20,000 $0.20 0.20 Implied enterprise value range High Low $2,178 2,070 1,875 6,403 2,203 $2,250 (1,065) $1,185 $7.23 (15.2%) (55.6%) - $3,147 3,450 3,000 12,807 4,406 $3,500 (1,065) $2,435 $14.71 72.5% (9.7%) Source: Public filings and Maine management estimates. Not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. (1) Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock ($500 million held by Florida does not convert at any price), $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 10Q. (2) Assumes 161.9 million basic shares outstanding for Maine per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share, 0.1 million RSUS and $12.1 million of 8.0% convertible preferred stock with a conversion price of $6.84. Based on Maine's closing share price as of 11/30/12. (3) Confidential 15#17Selected corporate transactions ($ in millions, except per unit amounts) Announce Buyer/ Date Seller 07/23/12 CNOOC Limited / Nexen Inc. 04/25/12 Halcon Resources / GeoResources 02/01/12 SandRidge Energy / Dynamic Offshore Resources 10/17/11 Statoil/Brigham Exploration 07/15/11 BHP Billiton/ Petrohawk 11/09/10 Chevron / Atlas Energy 04/15/10 Apache Corporation / Mariner Energy Inc. 04/01/10 Sandridge Energy / Arena Resources 03/22/10 CONSOL Energy Incorporated/CNX Gas Corporation 12/14/09 Exxon Mobil Corporation/XTO Energy Incorporated 11/01/09 Denbury Resources / Encore Acquisition Company 04/30/08 Stone Energy / Bois d'Arc Energy 07/14/08 Royal Dutch Shell / Duvernay Oil Corp 07/17/07 Plains Exploration / Pogo Producing 01/07/07 Forest Oil / Houston Exploration 06/23/06 Anadarko/ Kerr-McGee 06/23/06 Anadarko/Western Gas Resources Incorporated 04/21/06 Petrohawk / KCS Energy 01/23/06 Helix Energy / Remington Oil & Gas 12/12/05 ConocoPhillips / Burlington Resources Incorporated 10/13/05 Occidental Petroleum / Vintage Petroleum 09/19/05 Norsk Hydro / Spinnaker Exploration 04/04/05 Chevron / Unocal Corporation 01/26/05 Cimarex Energy / Magnum Hunter 11/30/12 Maine (at market (*) 11/30/12 CREDIT SUISSE Consideration 100% cash 53% cash/47% stock 53% cash/47% stock 100% cash (1) (2) 100% cash 88% cash / 12% stock (3) (4) (5) 30% cash / 70% stock 6% cash/94% stock 100% cash 100% stock 30% cash / 70% stock 55% cash / 45% stock 100% cash 42% cash/58% stock 50% cash/50% stock Maine (at current proposal-Case 1: RPSresource / risking case -$16.29) 100% cash 100% cash 29% cash/71% stock 58% cash/42% stock 51% cash/49% stock 39% cash/61% stock 100% cash 25% cash / 75% stock 100% stock Proved Transaction Reserves Value (Bcfe) $17,743 1,000 1,275 4,643 15,068 4,315 4,458 1,535 987 40,496 4,465 1,796 5,838 3,700 1,589 17,818 5,385 1,943 1,292 36,400 3,993 2,547 18,362 2,097 Mean Median $2,466 3,888 5,532 175 375 401 3,392 847 1,087 416 319 14,827 1,322 335 468 1,314 700 5,388 921 463 279 12,484 2,623 374 10,522 838 242 242 Total recoverable resources (Bcfe) 43,098 908 ΝΑ 2,801 35,000 9,000 5,438 ΝΑ 3,016 45,000 3,954 ΝΑ 2,000 ΝΑ ΝΑ ΝΑ ΝΑ 1,463 ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ Gas 12% 33% 50% 22% 92% 99% 53% 15% ΝΑ 84% 33% 57% 91% 65% 96% Brigham's daily production of 16,800 Boe/d is net of royalties. As of 11/30/12. Maine management/RPS resource estimates. 62% 97% 88% 60% 69% 32% 49% 62% 59% 60% 60% 64,035/22,032 59% 64,035/22,032 59% % Reserve Life Proved Dev. (Years) 50% 70% 80% 10.4x 15.2 6.8 10.9 35% 35% 11.5 44% 37% 29.0 9.5 37% 22.3 54% 19.2 14.0 13.4 8.0 61% 80% 74% 44% 10.4 73% 12.7 67% 8.9 71% 9.5 43% 12.8 73% 8.1 57% 9.3 73% 11.8 67% 15.8 34% 7.2 52% 11.3 75% 11.5 58% 12.5x 59% 11.4 91% 91% 4.8x 4.8 Proved LTM Reserves EBITDAX ($/Mcfe) 4.2x $3.21 9.9 5.70 4.7 3.40 17.2 11.58 12.3 4.44 19.2 5.09 4.10 3.69 3.09 8.4 12.3 2.5 5.9 11.8 4.8 18.5 5.3 2.73 3.38 5.36 12.48 2.85 2.27 3.31 5.85 4.22 4.22 4.6 2.92 1.52 6.82 1.75 2.50 $4.44 3.55 $10.19 16.06 5.8 10.3 5.9 5.9 6.3 6.8 9.1 5.0 5.7 8.4x 6.1 Transaction Value / 11.8x 18.7 Source: J.S. Herold, Bloomberg, company press releases. Note: Maine not pro forma for sale of West Delta/Mississippi Canyon and Eugene Island properties effective July 2012. Unrisked, includes 3P reserves and resource estimates. "NA" for transactions with unavailableinformation for total recoverable resources. As of announcement date. Recoverable resources Daily Prod. ($/Mcfe/d) ($/Mcfe)" $12,175 $0.41 31,626 1.10 8,439 ΝΑ 46,057 1.66 18,584 0.43 53,929 0.48 14,218 0.82 30,070 ΝΑ 21,647 0.33 13,956 0.90 16,521 1.13 15,608 ΝΑ 47,540 2.92 13,152 ΝΑ 7,384 ΝΑ 11,516 ΝΑ 27,335 ΝΑ 12,511 1.33 12,511 12,607 8,769 17,886 7,199 10,477 $19,655 14,087 $17,867 28,171 ΝΑ ΝΑ ΝΑ 12-Month NYMEX forward curve Oil ($/bbl) ΝΑ ΝΑ ΝΑ $1.05 0.90 $0.04/ 50.11 0.06/0.18 $90.38 103.16 97.61 86.38 98.30 89.18 88.87 86.47 82.14 75.61 79.71 112.21 146.10 73.45 60.35 73.06 72.97 76.72 69.51 63.52 63.40 67.98 58.44 47.73 $90.23 90.23 Gas ($/mcf) $3.19 2.01 2.32 3.70 4.63 4.34 4.89 4.81 4.83 4.25 5.62 11.07 12.05 7.63 7.07 8.37 8.46 10.00 9.45 12.06 11.77 11.93 8.10 6.60 $3.77 3.77 Confidential 16#18Selected asset transactions - GOM ($ in millions, unless stated otherwise) Ann. date Acquiror 09/17/12 EPL Oil & Gas, Inc. 09/10/12 Plains Exploration & Production Co. 09/10/12 Plains Exploration & Production Co. 07/02/12 INPEX Corporation 02/24/12 Apollo Global Management 11/21/10 Energy XXI (Bermuda) Limited 10/25/10 Marubeni Corporation 09/20/10 McMoRan Exploration Company 04/12/10 Apache Corporation 03/11/10 BP plc 02/01/08 Korea National Oil Corporation; Samsung C&T 06/21/07 McMoRan Exploration Company 04/30/07 Eni S.p.A. 12/22/09 Chevron;Eni;Exxon MobilMaersk Oil; Petroleo Brasileiro; Statoil Devon Energy Corporation 09/03/08 Ecopetrol S.A. Chevron Corporation 07/12/06 Repsol S.A. 05/16/06 Beryl Resources LP;First Reserve; Superior Energy 04/20/06 Mitsui & Company, Ltd.;Mitsui Oil Exploration Co., Ltd. 04/19/06 Apache Corporation;Mariner Energy, Inc.; Stone Energy 04/07/06 Merit Energy Company 02/23/06 Marubeni Corporation 01/02/06 W&T Offshore, Inc. 09/12/05 Mariner Energy, Inc. Statoil A SA 04/28/05 04/04/05 Nippon Oil Corporation 08/20/04 Apache Corporation 01/13/03 Apache Corporation 02/20/01 Hess Corporation 11/30/12 11/30/12 CREDIT SUISSE Target/ Seller Hilcorp Energy Company Royal Dutch Shell plc BP pic Anadarko Petroleum Corporation EP Energy Corporation;El Paso Corporation Exxon Mobil Corporation BP plc Plains Exploration & Production Co. Devon Energy Corporation Devon Energy Corporation (1) (2) (3) (4) Taylor Energy Company Newfield Exploration Company Dominion Resources Inc BP plc Noble Energy Incorporated Pogo Producing Company BP pic The Houston Exploration Company Pioneer Natural Resources Company Kerr-McGee Corporation Forest Oil Corporation Encana Corporation Devon Energy Corporation Anadarko Petroleum Corporation BP pic LLOG Exploration Company Source: John S. Herold, public filings and press releases. Note: Proved Asset Transaction reserves type value (Bcfe) Shallow Water $550 Deepwater 218 80 681 560 Deepwater 5,550 Deepwater 556 Diversified 7,150 3,987 Shallow Water 1,012 297 Deepwater 650 318 Shallow Water 829 60 Shallow Water 1,050 245 Deepwater 1,800 318 Deepwater 1,300 Deepwater 510 Shallow Water 1,097 Shallow Water 1,100 Deepwater 4,730 Deepwater 2,145 Shallow Water 625 Shallow Water 500 Shallow Water 1,300 Shallow Water 590 Deepwater 1,300 Shallow Water 1,030 Shallow Water 1,130 Deepwater 2,000 Shallow Water Shallow Water Shallow Water 595 635 509 Shallow Water 750 349 327 961 630 162 143 Includes transactions above $500 million enterprise value. 347 186 120 345 332 247 252 360 433 360 Mean Median Total recoverable resources % (Bcfe) (1) Gas ΝΑ 46% 23% 23% ΝΑ 341 2,905 130 11,700 ΝΑ ΝΑ 6,680 ΝΑ ΝΑ 1,645 ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ 70% 12.1 39% 6.8 62% 9.7 85% 3.7 51% 6.0 62% 9.8 ΝΑ NA ΝΑ 53% ΝΑ ΝΑ 24% 11.7 70% 3.3 48% 5.9 8% ΝΑ 74% 3.7 5.4 33% 74% 76% 6% 50% 50% 61% 70% Maine (at market (3) ') $2,466 242 64,035/22,032 (4) 59% Maine (at current proposal - Case1: RPS resource/ riskingcase $16.29) 3,888 242 64,035/22,032) 59% Proved reserves Reserve life (years) ($/Mcfe) 9.9x $2.53 4.9 7.00 5.2 8.14 ΝΑ ΝΑ 1.79 3.41 2.04 13.82 4.28 5.66 ΝΑ ΝΑ 3.14 50% 51% - 6.0 6.4 1.4 5.9 3.9 ΝΑ 2.9 14.8 3.8 4.9 6.2x 5.7 4.8x 4.8 Maine not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. Unrisked, includes 3P resource estimates. "NA" for transactions with unavailableinformation for total recoverable resources. As of announcement date. As of 11/30/12. Maine management/RPS resource estimates. 3.36 4.92 3.40 3.86 3.50 3.75 3.17 10.83 2.98 3.40 8.10 2.36 1.77 1.17 2.08 $4.42 3.40 $10.19 16.06 Transaction value / Daily Recoverable Prod. resources ($/Mcfe/d) $9,167 12,613 15,546 ΝΑ 7,944 8,433 7,222 18,424 9,375 20,225 ΝΑ 42,500 13,441 4,074 10,653 ($/Mcfe) (¹) ΝΑ 1.64 1.91 4.29 0.61 ΝΑ ΝΑ 0.12 ΝΑ ΝΑ 0.79 ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ 1,621 3,750 $10,068 ΝΑ ΝΑ $1.56 8,045 1.22 $17,867 $0.04/$0.11 (4) $90.23 $3.77 28,171 0.06/0.18 (4) 90.23 3.77 ΝΑ 5,208 6,944 8,145 7,375 5,702 6,408 4,850 ΝΑ 2,491 9,512 12-month NYMEX strip (2) Oil Gas $99.00 $2.94 96.42 2.73 96.42 2.73 84.96 2.74 107.49 2.67 3.79 3.19 4.11 81.51 81.16 73.66 84.92 3.90 82.09 4.44 72.47 5.79 109.71 8.24 91.75 8.10 68.19 7.39 7.43 66.46 74.16 5.51 5.90 69.41 7.77 72.17 71.35 7.57 67.94 7.06 58.01 7.52 61.13 9.52 64.08 10.94 51.61 7.09 57.27 7.56 48.70 5.36 31.68 5.17 29.16 5.44 Confidential 17#19Selected transactions analysis ($ in millions, except per unit and per share amounts) Proved reserves ($ / Mcfe) (1) 2012E daily production ($ / Mcfe/d) Total recoverable resources ($/ Mcfe) - Maine (2) Total recoverable resources ($ / Mcfe) - RPS (3) Enterprise value reference range (-) Corporate adjustments (4) Implied equity value reference range Implied per share reference range (5) Source: (1) (2) (3) (5) (6) (6) Maine data 242 138 64,035 22,032 CREDIT SUISSE Selected range Low $13.00 $18,000 $0.12 0.12 % premium / (discount) to current - $8.53 % premium/(discount) to current proposal (Case 1: RPS resource/ risking case) - $16.29 High $16.00 $23,000 $0.30 0.30 Public filings and Maine management. Not pro forma for sale of West Delta/Mississippi Canyon and Eugene Island properties effective July 2012. As of 12/31/11 per Maine 10-K. Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 63.7 Tcfe, per Maine management. Implied enterprise value range High $3,873 3,174 19,210 6,610 $6,000 Low $3,147 2,484 7,684 2,644 $4,000 (108) $3,892 $17.16 101.2% 5.3% - - (108) $5,892 $25.57 199.7% 57.0% Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 21.7 Tcfe, per RPS. Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock ($500 million held by Florida does not convert at any price), $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 10Q. Assumes 161.9 million basic shares outstanding for Maine per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share, 0.1 million RSUS and $12.1 million of 8.0% convertible preferred stock with a conversion price of $6.84. Based on Maine's closing share price as of 11/3012. Confidential 18#203. Pro forma financial impact Credit Suisse Confidential 19#21Illustrative pro forma financial impact Merger consideration 100% cash for Maine, 50/50 stock/cash for Pennsylvania Selected assumptions Based on Florida, Pennsylvania and Maine share prices of $39.01, $35.70 and $8.53 as of 11/30/12 Florida estimates per Florida management plan; assumes transaction close of 1/1/13 for illustrative purposes Commodity price assumptions based on forward curve pricing as of 11/30/12 Florida stock issued at Florida share price of $39.01 as of 11/30/12 Share repurchase assumes Florida shares repurchased at a 10% premium to Florida's closing share price of $39.01 as of 11/30/12 for illustrative purposes Does not reflect pro forma financial impact of issuing royalty units Pro forma balance sheet based on Florida, Pennsylvania and Maine management plans $2 billion minimum pro forma cash balance; 0.3% interest rate earned on cash ■ 3.75% interest rate on acquisition debt for illustrative purposes No synergies assumed for illustrative purposes Marginal tax rate of 35% Assumes that $500 million convertible preferred stock held by Florida converts Cash consideration excludes Pennsylvania and Florida interest in Maine CREDIT SUISSE Current proposals Pennsylvania current proposal % premium to current % stock Implied Pennsylvania aggregate equity consideration Implied Pennsylvania aggregate transaction value Pro forma Pennsylvania ownership (fully diluted) Maine current proposal (cash consideration) % cash Maine equity purchase price Maine transaction value Pro forma impact Accretion / (Dilution) - 2013E EPS Additional pre-tax synergies to breakeven Share repurchase required for breakeven (millions of shares) % of Florida basic shares outstanding repurchased Accretion / (Dilution) - 2013E CFPS Accretion / (Dilution) - 2014E EPS Accretion / (Dilution) - 2014E CFPS Accretion / (Dilution) - 2015E EPS Accretion / (Dilution) - 2015E CFPS Total debt / 2012PF capitalization Total debt / 2012E EBITDA % of Florida basic shares outstanding issued Cash consideration (2) Source: Florida management 5-year plan, Pennsylvania management 5-year plan and Maine Financial Projections. (1) Implied value per share based on exchange ratio of 0.641x and Florida stock price of $39.01 as of 11/30/12. Includes Pennsylvania cash-settled RSUS. (2) $50.00 (1) 40.1% 50.0% $6,804 17,316 8.4% $14.75 100.0% $3,429 3,537 (1.4%) $100 20.0 2.1% 27.0% (0.6%) 25.9% (0.8%) 26.5% 45.7% 1.7x 9.2% $5,687 Confidential 20#22Appendix CREDIT SUISSE Confidential 21#23RPS' revisions to Maine's ultra-deep resource potential estimate RPS revised its unrisked resource potential and risked resource potential estimate for Maine's ultra-deep prospect inventory based on additional diligence sessions and new information received from Maine management Revised net unrisked resource potential of 21.5 Tcfe and net risked resource potential of 2.8 Tcfe, implying a risking factor of ~13% based on more detailed Geologic Probability of Success ("GPOS") risking exercise with prospect and zone specific GPOS Revisions based on updated pay associated with the prospects and inclusion of individual target reservoirs proposed by Maine Resulted in approximately 40% increase in RPS' estimate of unrisked resources for the top 80% of the ultra-deep resource potential Specifically, England, Captain Blood, Drake, Highlander, Lineham Creek, and Calico Jack resource estimate increased from 11.1 Tcfe gross unrisked to 15.5 Tcfe gross unrisked resource Subsequent addition of Tortuga discovery resulted in a gross unrisked resource potential of 21.1 Tcfe for ~80% of Maine's ultra-deep portfolio A 100% gross up implies 35.5 Tcfe of gross unrisked resource potential resulting at 4.7 Tcfe gross risked resource potential (13.1% weighted average risking and 2.8 Tcfe net risked resource potential to Maine) Prospect England Captain Blood Drake Highlander Lineham Creek Calico Jack Tortuga Total Remaining prsopects All prospects Net to Maine (Tcfe)(1) Initial RPS estimate Gross Maine Gross RPS RPS GPOS Risked Resource (Tcfe) Resource (Tcfe) GPOS RPS Resources (Tcfe) 27.3 3.9 18.0 1.0 14.6 2.4 CREDIT SUISSE 13.3 10.8 7.0 5.6 96.6 19.2 115.8 1.6 1.7 0.5 - 11.1 16.6 27.7 15.2 10.0% 10.0% 10.0% 10.0% 1.1 1.7 2.8 1.5 Revised RPS estimate Gross RPS RPS GPOS Risked Resource (Tcfe) GPOS RPS Resources (Tcfe) 3.9 23.0% 0.9 1.0 10.8% 0.1 2.4 20.3% 0.5 3.3 2.7 2.2 5.6 21.1 14.4 35.5 21.5 9.5% 8.5% 10.1% 9.2% 13.1% 13.1% 13.1% 13.1% Source: RPS. (1) Net interest based on weighted average working interest implied by Maine's interest in individual prospects. Excludes resources related to ultra-deep discoveries. 0.3 0.2 0.2 0.5 2.8 1.9 4.7 2.8 Confidential 22#24Other Maine resources GOM ultra-deep discoveries Davy Jones Lafitte Blackbeard East Blackbeard West Total Net resources (Bcfe) 1,631 1,365 597 427 4,020 CREDIT SUISSE Development plan received (Bcfe) (1) 201 117 115 90 522 Illustrative value for 321 Bcfe of ultra-deep discoveries, excluding Davy Jones, is $1.00 per share(1) % of total 12.3% 8.6% 19.2% 21.0% 13.0% Risking cases 1-3 assign no value to discoveries of 4 Tcfe net to Maine (other than 200 Bcfe for Davy Jones) Assumes forward curve pricing as of 11/30/12 and illustrative discount rate of 12%. Confidential 23#25Premiums paid on selected precedent transactions 100% cash consideration, transaction value >$2 billion ($ in millions) Ann. Date Target 09/03/12 Medicis Pharmaceutical Corp 07/23/12 Nexen Inc. 07/09/12 Amerigroup Corp 07/01/12 Lincare Holdings Inc 06/29/12 Amylin Pharmaceuticals Inc 04/19/12 Human Genome Sciences Inc 01/07/12 Inhibitex Inc 09/12/11 NetLogic Microsystems 08/15/11 Motorola Mobility Holdings Inc 07/14/11 Petrohawk Energy Corp 06/23/11 Southern Union Co 06/13/11 The Timberland Co 06/06/11 Temple-Inland Inc 05/06/11 Warner Music Group Corp 05/04/11 Varian Semiconductor Equip 04/04/11 National Semiconductor Corp 03/28/11 GSI Commerce Inc 02/07/11 Beckman Coulter Inc 11/30/10 Baldor Electric Co 11/15/10 Bucyrus International Inc 10/12/10 King Pharmaceuticals Inc 08/23/10 3PAR Inc 08/19/10 McAfee Inc 05/12/10 Sybase Inc 03/01/10 OSI Pharmaceuticals Inc 02/28/10 Millipore Corp 11/11/09 3Com Corp 09/21/09 Perot Systems Corp 04/20/09 Sun Microsystems Inc 10/02/08 Atmel Corp 07/14/08 Republic Services Inc 07/14/08 Duvernay Oil Corp 07/10/08 Rohm & Haas Co 05/13/08 Electronic Data Systems Corp 03/03/08 Diebold Inc 02/21/08 Choice Point Inc 12/10/07 Adams Respiratory Therapeutics 11/26/07 Genlyte Group Inc 10/15/07 Tektronix Inc Source: Note: (1) Acquiror Valeant Pharm Intl Inc CNOOC WellPoint Inc Credit SuisSE Linde AG Bristol-Myers Squibb Co GlaxoSmithKline PLC Bristol-Myers Squibb Co Broadcom Corp. Google Inc BHP Billiton PLC The Williams Cos Inc VF Enterprises Inc International Paper Co Access Industries Inc Applied Materials Texas Instruments Inc eBay Inc. Danaher Corp ABB Ltd Caterpillar Inc Pfizer Inc Hewlett-Packard Co Intel SAP Astellas Pharma Inc Merck KGaA Hewlett-Packard Co Dell Inc Oracle Corp Microchip Technology Inc Waste Management Inc Royal Dutch Shell Dow Chemical Co Hewlett-Packard Co United Technologies Corp Reed Elsevier Group PLC Reckitt Benckiser PLC Philips Holding USA Inc Danaher Corp SDC Platinum, FactSet Research Systems. Highlighted deals represent E&P transactions. Premium to unaffected spot prices. Trans. Value $3,074 17,743 4,852 3,689 7,183 2,910 2,524 3,678 11,878 15,068 5,520 2,181 3,582 3,306 4,715 6,360 2,279 5,782 4,188 7,453 3,566 2,065 7,828 6,149 3,100 6,127 3,183 3,628 7,305 2,249 7,016 5,838 15,513 12,565 2,632 3,790 2,267 2,810 2,956 1-Day 39.4% 61.2% 43.0% 64.3% 101.4% 98.7% 163.4% 56.7% 63.5% 65.0% 55.7% 43.4% 47.5% 74.8% 55.4% 77.7% 50.9% 46.3% 40.8% 32.2% 40.4% 82.9% 60.4% 56.4% 55.3% 50.0% 38.8% 67.5% 42.0% 52.4% 32.6% 42.0% 74.0% 32.6% 65.8% 48.5% 37.4% 52.4% 34.1% 5-Day 34.5% 66.0% 39.6% 61.2% 103.1% 92.3% 137.7% 67.3% 85.8% 57.7% 50.2% 45.8% 30.6% 56.8% 34.5% 73.3% 49.3% 42.8% 41.5% 27.7% 40.3% 83.3% 60.2% 53.0% 55.2% 54.9% 44.7% 74.6% 48.0% 37.4% 29.3% 51.2% 72.3% 29.8% 55.3% 46.0% 38.6% 46.7% 31.9% 10-Day 34.0% 67.1% 45.8% 66.7% 97.7% 79.9% 137.4% 74.0% 82.2% 57.1% 48.6% 32.2% 38.8% 53.1% 46.0% 78.6% 59.0% 50.5% 42.7% 36.5% 43.5% 223.9% 47.6% 50.5% 62.1% 57.5% 45.2% 80.1% 11.9% 31.6% 24.6% 37.0% 59.0% 31.9% 60.4% 52.4% 45.0% 43.9% 36.1% Premium to (¹) 20-Day 33.5% 73.7% 47.2% 82.2% 81.4% 85.1% 86.2% 58.4% 84.4% 63.6% 55.9% 27.6% 31.2% 50.3% 30.0% 70.2% 40.7% 49.0% 50.6% 23.6% 53.2% 244.8% 52.0% 38.1% 68.0% 51.1% 38.8% 76.5% 17.3% 26.3% 9.3% 34.3% 53.3% 47.2% 47.4% 55.3% 39.0% 65.7% 19.4% 30-Day 33.1% 74.5% 47.2% 81.5% 73.5% 75.9% 86.2% 58.4% 89.4% 62.1% 58.9% 26.9% 33.2% 50.3% 33.2% 61.2% 40.4% 48.9% 51.1% 23.8% 52.1% 254.8% 56.0% 38.1% 69.9% 50.0% 38.6% 76.5% 17.3% 21.7% 9.3% 34.3% 51.1% 44.9% 54.7% 56.9% 39.1% 64.4% 19.8% 60-Day 33.1% 74.5% 47.2% 81.5% 73.5% 75.9% 86.2% 58.4% 89.4% 62.1% 58.9% 26.9% 33.2% 50.3% 33.2% 61.2% 40.4% 48.9% 51.1% 23.8% 52.1% 254.8% 56.0% 38.1% 69.9% 50.0% 38.6% 76.5% 17.3% 21.7% 9.3% 34.3% 51.1% 44.9% 54.7% 56.9% 39.1% 64.4% 19.8% 52wk high 9.7% 10.0% 22.4% 36.5% 68.0% (52.5%) 57.7% 14.4% 9.5% 41.2% 44.3% (5.9%) 18.3% 2.9% 25.0% 56.3% (6.7%) 19.5% 38.7% 21.2% 8.0% 82.1% 5.1% 34.9% 44.4% 43.6% 33.9% 59.4% (42.0%) (14.2%) 5.7% 22.8% 24.4% (14.2%) (26.6%) 12.9% 28.6% 8.6% 7.4% Confidential 24#26Premiums paid on selected precedent transactions (cont'd) 100% cash consideration, transaction value >$2 billion ($ in millions) Ann. Date Target 08/02/07 CheckFree Corp 07/27/07 Kyphon Inc 07/25/07 Dade Behring Holdings Inc 07/03/07 Huntsman Corp 05/18/07 aQuantive Inc 04/30/07 Intl Sec Exchange Hidgs Inc 03/29/07 Lone Star Technologies Inc 11/06/06 Kos Pharmaceuticals Inc 10/28/06 American Power Conversion 10/02/06 Myogen Inc 06/29/06 RSA Security Inc 06/23/06 Kerr-McGee Corp 06/23/06 Western Gas Resources Inc 06/12/06 Maverick Tube Corp 12/14/05 Anteon International Corp 12/14/05 Abgenix Inc 11/13/05 Georgia-Pacific Corp 09/19/05 Spinnaker Exploration Co 08/24/05 York International Corp 08/03/05 Reebok International Ltd All transactions E&P transactions 2012YTD transactions 2011 transactions 2009 transactions 2008 transactions 2005-07 transactions $2-4 billion transactions Source: Note: (1) Acquiror Fiserv Inc Medtronic Inc Siemens Medical Solutions Inc Hexion Specialty Chemicals Inc Microsoft Corp Eurex AG Credit SuisSE United States Steel Corp Abbott Laboratories Schneider Electric SA Gilead Sciences Inc EMC Corp Anadarko Petroleum Corp Anadarko Petroleum Corp Tenaris SA General Dynamics Corp Amgen Inc Koch Forest Products Inc Norsk Hydro A SA Johnson Controls Inc adidas-Salomon AG Mean Median Mean Median Mean Median Mean Median Mean Median Mean Median Mean Median Mean Median SDC Platinum, FactSet Research Systems. Highlighted deals represent E&P transactions. Premium to unaffected spot prices. Trans. Value 4,290 4,068 7,131 6,239 6,333 2,821 2,099 4,146 6,085 2,474 2,337 17,818 5,385 3,096 2,176 2,127 12,634 2,545 3,288 4,220 1-Day 30.3% 32.3% 37.7% 48.1% 85.4% 47.6% 39.3% 55.7% 30.5% 49.7% 44.6% 40.2% 49.1% 42.4% 36.1% 53.6% 38.5% 34.4% 35.3% 34.2% 52.7% 48.1% 48.6% 45.6% 81.6% 64.3% 57.9% 55.7% 51.5% 50.0% 49.7% 48.5% 43.0% 39.3% 55.3% 48.7% 5-Day 26.7% 29.1% 37.3% 42.9% 91.4% 38.0% 38.3% 59.2% 32.9% 49.2% 49.2% 37.3% 44.7% 35.5% 32.7% 58.5% 44.8% 44.3% 36.9% 38.7% 51.1% 45.8% 50.2% 47.9% 76.3% 66.0% 54.0% 50.2% 53.0% 53.0% 45.9% 46.0% 42.8% 38.6% 52.3% 46.2% 10-Day 19.4% 30.8% 41.5% 42.9% 116.5% 30.8% 44.5% 57.1% 34.8% 51.6% 58.6% 35.1% 38.8% 37.0% 29.5% 59.6% 47.6% 48.9% 33.8% 40.1% 53.7% 46.0% 47.3% 43.8% 75.5% 67.1% 56.4% 53.1% 63.8% 47.6% 42.4% 37.0% 44.5% 41.5% 58.6% 47.0% Premium to (¹) 20-Day 18.4% 46.3% 46.0% 42.6% 108.5% 38.3% 41.4% 60.1% 43.5% 50.0% 80.9% 34.6% 28.4% 22.6% 23.6% 67.7% 54.0% 54.6% 31.9% 40.3% 52.5% 47.4% 48.2% 44.6% 69.9% 81.4% 51.0% 50.3% 64.9% 51.1% 39.0% 47.2% 46.0% 42.6% 56.6% 48.7% 30-Day 17.4% 45.4% 48.7% 42.1% 111.8% 38.3% 41.5% 60.2% 41.8% 50.9% 88.2% 36.5% 31.5% 19.8% 21.7% 67.9% 54.7% 54.6% 34.9% 39.1% 52.6% 48.9% 48.9% 45.6% 67.4% 74.5% 51.2% 50.3% 66.2% 51.1% 39.0% 44.9% 46.5% 41.8% 57.0% 50.6% 60-Day 17.4% 45.4% 48.7% 42.1% 111.8% 38.3% 41.5% 60.2% 41.8% 50.9% 88.2% 36.5% 31.5% 19.8% 21.7% 67.9% 54.7% 54.6% 34.9% 39.1% 52.6% 48.9% 48.9% 45.6% 67.4% 74.5% 51.2% 50.3% 66.2% 51.1% 39.0% 44.9% 46.5% 41.8% 57.0% 50.6% 52wk high 7.3% 24.3% 32.1% 27.7% 84.2% 17.5% 5.5% 6.0% 25.3% 24.2% 33.1% 22.6% 4.9% 4.6% 15.1% 52.1% 24.8% 31.8% 31.4% 27.4% 21.3% 22.6% 22.2% 22.7% 21.7% 22.4% 19.9% 18.3% 29.9% 34.9% 1.5% 5.7% 23.8% 24.3% 18.6% 16.3% Confidential 25#27Credit Suisse does not provide any tax advice. 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