Evercore Investment Banking Pitch Book

Financial Analysis Valuation Methodologies ■ In analyzing the Proposed Transaction, Evercore utilized the following methodologies for its preliminary valuation of McMoRan: Methodology Net Asset Valuation ("NAV") Analysis Peer Group Trading Analysis Precedent Transactions Analysis Research Analyst Price Target Risked NAV Analysis Assuming Hypothetical Joint Venture EVERCORE PARTNERS Description Valuation based on the present value of the future after-tax cash flows expected to be generated from MMR's proved and non- proved reserves and resources Valuation based on public trading metrics of E&P companies with similar assets Valuation based on metrics of transaction value to cash flow, EBITDAX, proved reserves and current production for corporate M&A transactions and premiums paid in corporate transactions with all cash consideration in 2012 YTD ■ Valuation based on metrics of transaction value to proved reserves, current production and risked resources for asset transactions involving acquisitions of similar assets Valuation based on current Wall Street analyst price targets Valuation based on the present value of the future after-tax cash flows expected to be generated from MMR's proved and non- proved reserves and resources assuming the Company enters into a hypothetical joint venture agreement 9 I ■ I I Confidential Assumptions Cash flows based on the Reserve Report and the Company's resource estimates for its Ultra-Deep Assets I Proved reserves based on the Reserve Report Financial projections based on I/B/E/S estimates Reviewed trading multiples for selected GOM and onshore Gulf Coast companies Proved reserves based on the Reserve Report I Cash flow and EBITDAX based on the MMR Operating Model I Reviewed selected transactions that included assets in the Gulf of Mexico shelf and onshore Gulf Coast since 2009 with a transaction value greater than $20 million Reviewed selected transactions that included assets in the Gulf of Mexico Deepwater and Ultra-Deep Shelf Reviewed resource trading multiples for Cobalt International Energy, Inc. ("Cobalt") m Discounted back Wall Street analyst 12-month price targets to present value using a 13.3% discount rate representing MMR's equity cost of capital Cash flows based on the Reserve Report and the Company's resource estimates for its Ultra-Deep Assets I Company would sell a 25.0% working interest in the Ultra-Deep Assets for $800 million in the form of a combination of cash and drilling capex carry MCMORan

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