Evercore Investment Banking Pitch Book

Financial Analysis Research Analyst Recommendations Firm Name Susquehanna Financial Group Ladenburg Thalmann & Co Capital One Southcoast, Inc. EVA Dimensions JP Morgan RBC Capital Markets Howard Weil Inc Iberia Jefferies Guggenheim Securities LLC Analyst Duane Grubert Noel A Parks Richard Tullis Team Coverage Joseph Allman Leo P Mariani Joseph Bachmann Patrick Rigamer Biju Z Perinchenil Robert Cordray Summary Price Targets Recommendation Positive but add underweight underweight sector perform market perform outperform hold bur and Price Targets Max Min Median Average Date 11/29/2012 11/28/2012 11/28/2012 11/28/2012 11/27/2012 11/27/2012 11/27/2012 11/27/2012 11/27/2012 11/26/2012 12-Month Price Target $18.00 21.00 12.00 10.00 15.00 Price Target 26 12.00 20.00 $21.00 10.00 15.00 15.43 Discounted Price Target (1) Analst 12-month price target discounted back to present value at McMoRan's equity cost of capital of 13.3% to estimate a current share price target EVERCORE PARTNERS (1) $15.89 18.53 10.59 8.83 13.24 - 10.59 17.65 Premium/(Discount) to Market 146.2% 17.2% 75.8% 80.9% Analyst Recommendations Sell Confidential Hold 30.0% Buy 50.0% McMoRan

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