Evercore Investment Banking Pitch Book
Financial Analysis
Summary Valuation
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
-$5.00
-$10.00
$17.25
(L)
$12.61
NYMEX Strip (12/1/12)
1
I
$0.26
-$2.72
1
I
I
Cash
consideration:
$14.75
$13.14
Rinloed NAV Analywin
$75.000/$300 Gav
$8.33
59000C/54.00
$22.35
$10500/350 Ga
I Cash plus 1.15 ORRI
I Trust units (Risked):
$17.20
(1)
I
I-
$16.33
$7.68
Peer Group
Trating Analyvin
Proved Reserves
$2.50-$3.25/Mefe
I) Prodamon
$6,500-$700/Mefed
2612EEBIDAX
Ner Rod ReLICE
$010-058/Mefe
$20.83
$13.49
Przedem Ar
Gulf of Micro Shaif
Prod Reserves
$250-$3.50/Mefe
LC) Product
Gulf C Ossbon
Proved Reserv
$250-54.00/Mefic
1) Produ
1
Cash plus 1.15
ORRI Trust units
1
| (Unrisked): $19.35
$11.67
$5.66
Procasten Train
Pretendent Corporac
Can
Pred Reserves
$800-3:200/Mele
LQ Produm
$2000-$250/ Mefed
2012E EBITDAX
145-17.0x
2016 EBTIDAX
120-155
$16.98
$10.23
Takeover Prem
$18.53
$8.83
Confidential
Rich Analys
Price Target
Prom Value of
12-More Pric Lange
Documed a 133%
(MMR's uryce of capital
$16.13
Lira-Deep
Ner Rished Revo
Vans
ORRI Trust it raine based on the midpoint of the per unit value of the ORRI Trust at a 10% discount rate and an 11% discount rate using the NAV Assumptions under NYMEX Staip pricing as of December 3, 2012, assuming a
$16.90 offer value for purposes of calculating make-whole and fally diluted shares assuming a December 31, 2012 closing date
EVERCORE PARTNERS
10
$12.46
Rinked NAV Analyxi
Assuming Hypothetical
Jain Venture
NYMEX Smp (12/1/12)
Jan Venne Vime
of min condon
imprid of
$50 min af upinam cad
$3000m of decling carry
wurking in
in MMR's Lia-Deup Asses
MCMoRanView entire presentation