Credit Suisse Investment Banking Pitch Book
Preliminary illustrative Maine transaction matrix
($ in millions, except as indicated)
% premium / (discount) to:
Current
52-week high
All-time high
5-day average
10-day average
20-day average
30-calendar day average
60-calendar day average
1-year average
Fully diluted shares
Implied equity value (¹)
Corporate adjustments
Implied enterprise value
Pennsylvania interest (shares in millions)
Florida interest after conversion (shares in millions)
Enterprise value /
2012E EBITDAX
2013E EBITDAX
Fully diluted shares (ex Pennsylvania and Florida interest)
Implied equity value (ex Pennsylvania and Florida interest)
Incremental consideration
Proved reserves ($ / mcfe)
Total resources ($/ mcfe) per Maine management
Total resources ($/ mcfe) per RPS
2012E Production ($/ mcfe/d)
2013E Production ($ / mcfe/d)
Pre-tax PV-10%
Price /
2012E CFPS
2013E CFPS
(2)
Data
(3)
$48.96
62.93
38.10
38.05
38.70
CREDIT SUISSE
38.71
39.58
37.94
Data
$6,739
9,815
$5.42
7.88
Florida
11/23/2012
$38.88
(20.6%) $16.57
(38.2%) 34.48
2.1%
12.39
2.2%
12.53
0.5%
12.29
0.4%
(1.8%)
2.5%
949.6
$37,037
3,400
$40,437
6.0x
4.1x
Data
7.2x
5.1x
12.25
11.92
12.16
Data
$223
253
242
63,835
15,535
151
181
829
$0.73
1.43
Maine
11/23/12
$12.45
(24.9%)
(63.9%)
0.5%
(0.6%)
1.3%
1.6%
4.5%
2.4%
162.0
$2,017
1,077
$3,094
51.0
111.0
$1,382
13.9x
12.2
$12.78
0.05
0.20
$20,488
17,092
3.7x
17.0x
8.7
$15.50
24.5%
(6.5%)
(55.0%)
25.1%
23.8%
26.1%
26.5%
30.0%
27.4%
243.3
$3,772
176
$3,948
51.0
36.2
156.1
$2,420
17.7x
15.6
$16.31
0.06
0.25
$26,143
21,810
4.8x
21.2x
10.8
$16.00
28.5%
(3.4%)
(53.6%)
29.1%
27.7%
30.1%
30.6%
34.2%
31.6%
242.6
$3,881
176
$4,057
51.0
35.9
155.7
$2,491
$71
18.2x
16.0
$16.76
0.06
0.26
$26,867
22,414
4.9x
21.8x
11.2
Illustrative Maine purchase price
$16.50
$17.00
32.5%
(0.4%)
(52.1%)
33.2%
31.7%
34.2%
34.7%
38.4%
35.7%
241.7
$3,988
176
$4,164
51.0
35.6
155.1
$2,559
$68
18.6x
16.4
$17.20
0.07
0.27
$27,576
23,005
5.0x
22.5x
11.5
36.5%
2.6%
(50.7%)
37.2%
35.7%
38.3%
38.8%
42.6%
39.8%
244.9
$4,163
108
$4,271
51.0
35.4
158.5
$2,695
$136
19.1x
16.9
$17.65
0.07
0.27
$28,287
23,599
5.2x
23.2x
11.9
$17.50
40.6%
5.6%
(49.2%)
41.2%
39.7%
42.3%
42.9%
46.8%
43.9%
244.0
$4,270
108
$4,378
51.0
35.1
157.9
$2,763
$68
19.6x
17.3
$18.09
0.07
0.28
$28,992
24,187
5.3x
23.9x
12.2
$18.00
44.6%
8.6%
(47.8%)
45.3%
43.7%
46.4%
47.0%
51.0%
48.0%
243.1
$4,375
108
$4,483
51.0
34.9
157.2
$2,830
$67
20.1x
17.7
$18.52
0.07
0.29
Source: Florida management 5-year plan, Maine Financial Projections.
Assumes 161.9 million basic shares outstanding for Maine per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share and 0.1
million RSUS. Assumes 949.3 million basic shares outstanding for Florida, 13.6 million options exercisable at weighted average price of $33.10 and RSUS of 1.3 million.
Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock, $188.9 million of 4% convertible notes, $12 million
of 8% convertible preferred stock, $87.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 100 for Q3 2012. Florida corporate adjustments as of 9/30/12 based
on $3.7 billion of cash, $3.5 billion of debt and $3.6 billion of noncontrolling interest per Florida 100.
Assumes unrisked 3P reserves of 335 Bofe and unrisked resource potential of 63,500 Bofe, per Maine management.
Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 15,200 Bofe, per RPS estimates.
$29,689
24,769
5.4x
24.6x
12.6
Confidential
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