Evercore Investment Banking Pitch Book

EVERCORE PARTNERS 24 MOMORAN Discoveries Prospects ($1,000) 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 20271 2028E 2029E 2030E 2031E 2032E Free Cash Flow ($MM) ($500) $0 $500 $1,000 TTTT $1,500 Free Cash Flow (SMM) 2012B 2013E- 2014E 2015E 2016E- 2017E- 2018E- 2019E- 2020E 2021E 2022E- 2023E 2024E 2025E 2026E- 2027E 2028E 2029E- 2030E 2031E 2032E Net Opertaing Income 0 Capex Cumulative Free Cash Flow 2012E 2013E 2014E 2015E 2016E 2017E 2018E ($1,000) 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E ($30,000) 200 ($500) ($20,000) Production (MMcfed) 400 ($10,000) NOI and Capex (SMM) $0 600 SO 800 $500 1,000 $1,000 $1,500 1,200 ■Discoveries Prospects Net Production $2,000 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1,400 Cumulative Free Cash Flow (SMM) Net Operating Income ($MM) Ultra Deep Development Profile - Risked Preliminary Financial Analysis Confidential

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