Evercore Investment Banking Pitch Book

Appendix Ultra Deep Development Profile - Unrisked Net Production Free Cash Flow (SMM) Production (MMcfed) 3,000 2,500 2,000 1,500 1,000 500 $4,000 $3,000 $2,000 $1,000 $0 ($1,000) 2012E actez 2012E 2014E 2015E- 2016E- 2017E 2018E 2019E 2020E 2013E Discoveries Prospects 2014E 2015E EVERCORE PARTNERS •81262 2022E- 2023E- 2024E 2025E 2026E- 2027E 2028E- 2029E- 2030E- 2031E- 2032E 2016E Price Deck (11/1/12) NYMEX Strip (11/1/12) $75.00 Oil / $3.00 Gas $90.00 Oil/ $4.00 Gas $105.00 Oil / $5.00 Gas 2017E 2018E Net Opertaing Income Free Cash Flow (SMM) / Pre-Tax Net Present Value (SMM) 2019E 2020E NOI and Capex (SMM) 2021E $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 ($1,000) ($2,000) ($3,000) Discoveries Prospects 40 2022E Net Operating Income (SMM) 2023E Z 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2024E 2025E 3,283 5,919 2026E Capex 2027E 2028E Discount Rate 8.0% 9.0% 10.0% 11.0% 12.0% ($542) 15.0% 20.0% 30.0% 40.0% $15,874 $13,009 $10,772 $8,991 $7,552 $4,575 $1,981 $39 5,981 4,588 3,514 (1,095) (1,168) 12,609 10,232 8,379 19,238 15,875 13,244 648 (442) 2,670 1,998 6,908 5,723 11,147 9,447 1,187 (330) 2,815 436 (319) 2029E Confidential 2030E $180,000 $150,000 $120,000 $90,000 $60,000 $30,000 50 Cumulative Free Cash Flow ($30,000) Cumulative Free Cash Flow ($MM) ($60,000) ($90,000) 2031E 2032E MCMoRan

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