Evercore Investment Banking Pitch Book
Introduction
Evercore Evaluation Process and Due Diligence
■Evercore has been actively engaged in due diligence with MMR management since being retained by the Special Committee
■ Evercore attended three meetings with McMoRan's technical team
An overview meeting on August 15, 2012 given by James Moffett and the McMoRan technical team to a group of
advisors working for various companies involved in the contemplated transaction
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Management presented their views on the overall geology of the ultra-deep shelf play and provided specifics or
major discoveries and prospects
A technical discussion on September 13, 2012 with McMoRan's technical team including a geophysical review and
discussion of sizing parameters for the ultra-deep portfolio
Reviewed 3D seismic of each of the discoveries and prospects with the McMoRan technical team
- An in-person meeting on October 15, 2012 with McMoRan's technical team covering sizing and risking of ultra-deep
prospects and discoveries
Evercore presented its view of geologic risk for each prospect and discovery and discussed those assumptions with
McMoRan's technical team
■ MMR is currently awaiting the flow-testing of the Davy Jones #1, the ultimate results of that production test will be a
significant data point for the ultra-deep shelf play
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