Evercore Investment Banking Pitch Book

Financial Analysis Ultra-Deep Assets Overview Prospect Offshore Davy Jones Blackbeard East Lafitte Blackbeard West Offshore Discoveries Total England Barbosa Morgan Barataria Blackbeard West #3 Drake Davy Jones West Hurricane Hook Captain Blood Bonnet Queen Anne's Revenge Calico Jack Offshore Prospects Total Onshore Lineham Creek - Yegua Onshore Discoveries Total Highlander Lineham Creek Tortuga Category Onshore Prospects Total Risked Volume Potential for MMR's Ultra-Deep Assets Gross Unrisked Resource Potential WI Discovery % 50.2% Discovery 63.4% Discovery 72.0% 57.4% Discovery 72.0% 58.3% Discovery 69.4% 53.1% NRI Prospect 36.0% 28.8% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 69.4% 55.5% Prospect 72.0% 57.6% Total Ultra-Deep EVERCORE PARTNERS Prospect 36.0% 28.8% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 36.0% 28.8% Near Term Drill 72.0% 57.6% Drilling 36.0% 28.8% Prospect 72.0% 57.6% 36.0% 28.8% Befe 3,248 1,040 2,342 804 7,434 27,300 2,588 1,000 2,820 498 14,580 1,400 1,575 4,890 18,000 3,150 1,296 7,000 86,097 3.000 3,000 13,300 10,800 5.590 29,690 126,221 Net Unrisked Resource Potential Befe 1,631 597 1,365 427 4,020 7,862 1,491 576 1,624 276 8,398 403 907 2,817 10,368 1,814 746 2,016 39,300 864 864 7,661 3,110 3,220 13,991 58,175 Geologic Mechanical COS COS % % $0.0% $0.0% 80.0% 80.0% 30.5% 30.5% 30.5% 30.5% 30.5% 28.9% 30.5% 30.5% 28.9% 30.5% 28.9% 30.5% 30.5% 80.0% 30.5% 30.5% 28.9% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% Gross Risked Resource Potential Befe 2,321 737 1,601 592 5,252 7,487 721 281 776 288 3,765 391 446 1,257 4,957 788 336 1.931 23,424 2.176 2,176 3,578 2,976 1.465 8,020 38,872 Confidential Net Risked Resource Potential Befe 1,165 423 933 315 2,836 2,156 415 162 447 160 2,169 113 257 724 2,855 454 194 556 10,661 627 627 2,061 857 844 3,762 17,887 McMoRan

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