Evercore Investment Banking Pitch Book
Introduction
Evercore Evaluation Process and Due Diligence (cont'd)
■ In connection with its review of the Proposed Transaction, Evercore has, among other things:
- Reviewed certain publicly available financial and operating data relating to McMoRan that we deemed to be relevant,
including publicly available research analyst estimates
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Confidential
Reviewed and discussed certain non-public financial and operating data and projects related to McMoRan furnished to
us by management of the Company
Reviewed the Ryder Scott Company, L.P. ("Ryder Scott") reserve report as of July 1, 2012 (the "Reserve Report")
regarding McMoRan's proved and non-proved reserves located onshore in the Gulf Coast as well as offshore in the
Gulf of Mexico Shelf
Reviewed McMoRan's corporate operating model
Reviewed and discussed McMoRan's management's assumptions regarding the resource potential of the Company's
ultra-deep portfolio
Reviewed the reported prices and historical trading activity of the Company's common stock
- Compared the financial performance of the Company and its stock market trading multiples with those of certain
other publicly-traded companies that were deemed relevant
Compared the financial performance of the Company and valuation multiples relating to the Proposed Transaction
with those of certain other transactions that were deemed relevant
Performed such other analyses and examinations and considered such other factors that Evercore deemed appropriate
EVERCORE PARTNERS
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