Evercore Investment Banking Pitch Book

Preliminary Financial Analysis Reserve Report - Summary Ryder Scott prepared an estimate of the proved, probable and possible reserves, future production and income attributable to MMR - The effective date of the Reserve Report is July 1, 2012 Evercore has mechanically rolled the Reserve Report forward to an effective date of October 1, 2012 and has updated the benchmark price deck to a NYMEX strip as of November 1, 2012 Evercore has also adjusted the Reserve Report for asset sales at West Delta, Mississippi Canyon and Eugene Island (sold 22.6 Befe of proved reserves) Total Proved Reserves Reserve Category PDP PDBP PDSI PUD Probable Total 2P Reserves Possible Reserve Category Total 3P Reserves PDP 14% POSS PROB 20% PDBP 35% PUD 11% Operated Status Operated Non-Op 45% 55% EVERCORE PARTNERS Product Mix Gas 65% Oil 26% Offshore 85% NGL 9% Onshore vs. Offshore Onshore 15% 20 Ryder Scott Reserves (November 1, 2012 NYMEX Strip; Effective October 1, 2012) Reserve Category PDP PDBP PDSI PUD Total Proved Reserves Probable Total 2P Reserves Possible Total 3P Reserves Reserve Category PDP PDBP PDSI PUD Total Proved Reserves Probable Total 2P Reserves Possible Total 3P Reserves Gulf of Mexico Shelf OF (Mb) 3,210 0 834 10,521 2330 307 95 143 12,852 1,299 14,150 Gulf Coast Onshore Ol (Mb) 545 867 131 998 3,518 6,572 10 977 11,067 2652 PV-10 NGL Beun. (Mb) (MM) (MMefe) (SMM) 35,905 115,914 6 32,008 183,833 14,631 66,864 S 23,058 104,558 34,365 138,923 41,359 180,282 53,850 237,683 57,263 294,946 335 1,698 13,719 1,430 15,148 658 2,691 917 3,608 1,352 4,960 NGL (Mb) 199 36 235 18 253 10 263 658 2,927 935 3,861 (MM) 5,223 11,025 3,924 5,038 19,987 33,107 12957 46,064 Total Conventional Assets OF NGL Equiv. (MM) (Mb) (MM) (MMefe) 534 25,657 70,788 1,734 5 Confidential 28,095 124,545 172,030 54,316 226,346 Equn. (MMife) 4,710 5,898 24,671 15,156 39,827 13,802 53,629 130,623 6 37,906 208,504 69,006 277,510 71,065 348,575 $54.5 $467.9 ($3.8) $43.6 $562.3 $155.2 $717.4 $153.7 $871.2 PV-10 (SMM) $40,7 $14.2 $0.0 $15.2 $70.1 $47.2 $117.3 $35.6 $152.9 PV-10 (3MM) $95.1 $4822 ($3.8) $58.9 $632.4 $202.3 $834.7 $189.4 $1,024.1 MCMORAN

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