Evercore Investment Banking Pitch Book

McMoRan Situation Analysis Research Analyst Recommendations and Price Targets Summary Price Targets Firm Name Jefferies JPMorgan Guggenheim Securities LLC Ladenburg Thalmann & Co Capital One Southcoast, Inc. RBC Capital Markets Howard Weil Inc Susquehanna Financial Group Dahlman Rose & Co Iberia Capital Partners LLC EVA Dimensions Analyst Biju Z. Perincheril Joseph D Allman Robert Cordray Noel A Parks Richard Tullis Leo P Mariani Joseph Bachmann Duane Grubert Nicholas P Pope Patrick Rigamer Team Coverage Recommendation hold underweight buy buy add outperform market perform positive buy sector perform sell Max Min Median Average Date 11/5/2012 10/31/2012 10/31/2012 10/22/2012 10/22/2012 10/19/2012 10/19/2012 10/19/2012 10/11/2012 7/19/2012 7/18/2012 Price Target $21.00 12.00 15.00 16.11 12-Month Price Target $12.00 20.00 21.00 15.00 14.00 15.00 18.00 15.00 15.00 Premium/(Discount) to Market 67.9% (4.1%) 19.9% 28.8% Discounted Price Target $10.58 (1) Analyst 12 month price target discounted back to present value at McMoRan's equity cost of capital of 13.4% to estimate a current share price target EVERCORE PARTNERS 17.64 18.52 13.23 12.35 13.23 15.87 13.23 13.23 Analyst Recommendations Sell 18% Confidential Hold 27% Buy 55% MOMORAN

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