EFTA Document EFTA01357835

Deutsche Bank Securities Inc Figure 109: Commoday Price Scenario Analysis IP Energy Sensitivity Based on Bloomberg Cont;onsw; 0 0 FY ISE EBITDA(.5 NItlion) $375 1225 1175 $3.25 1325 SLSS $4.23 11.316 $1663 $1560 17177 11.574 11371 $1.540 1400 $1.606 $1.663 SI 693 $1.030 $1587 51.564 11.511 t540 $1,011 $1.003 $1.603 51.033 $1.000 51.517 11.104 1600 51.824 31 021 $1 618 $1 616 11 613 11.610 SI 607 $/$40 11407 $1634 SI 631 $1108 SIC. 11.873 SI WO $11110 $1,060 Si oi 7 SI 444 SI 041 $1w $1.030 $1.433 $000 11 052 31 053 31044 31 053 SI 610 11.617 SI A05 FY ISE ESITDA (5 Million) $1.76 12215 12.75 6/26 5125 $425 14.26 $300 51.150 51.178 11203 11.727 14.252 11277 11.301 $400 11.212 $1236 11261 11215 11310 11.335 $1360 1500 11.270 11.204 11 319 11344 51.304 $1.303 $1.417 $400 SI.= $1352 SI 377 $1432 $1420 $1.451 $1 476 $700 $1.366 51.410 $1.435 31.403 $1.414 51.5 $1.534 50 11.60 11.464 SI 480 $1513 $1.538 11.50 11.587 $030 11.413 $7507 Si 532 $1567 $1 581 $56 $1.431 FY ISE Nel Leeeea0e 11.7$ 53.25 1225 $125 Sin 14.26 1100 106 10. 30. 308 A* 305 1400 316 $0. 3* 31* 30x 30) 3500 206 29. 301 3* 308 30. 1600 196 2.0. 2* 245 2* 24 $700 294 238 204 2* 2* 205 010 214 24 24 208 208 2115 $1410 286 288 255 208 204 2115 FY 16E ?let LOVerligr. 11.7$ 1175 $2.0 $.3.25 St 5300 430 401 308 346 326 $400 194 168 374 308 353 1560 34 365 34 34. 3* WO 148 144 33a 325 314 $700 324 12€ llx 301 301 5100 318 301 21114 204 29c $9.10 508 294 lb 24 2.76 14.26 11.25 108 304 IAN 24 24 20. 20. 14.15 174 30 344 143 134 325 30 108 213 223 244 276 27. 24 FY 15E FCF IS Million) NV x 618 I Sin< It 5375 P.25 $2.75 on IMO) Min) (13401 140.0 6371) 1374) 03701 1.50.0 3355) (1367) 03001 M0.0 135 13401 13421 $70.0 5322) 155231 11251 260.0 1336/1 1304) 4306i M0.0 12911 11:545, 13301 44 r SSinn Sinn 13.25 1175 14.25 14.75 1$300) 1307) 03001 03771 ($1701 ($302) 113001 6302) 1343) (3561 116131 1345) 1344) 0348/ ($3261 ($321) 1171i 0331) i$3001 11311) 1317. i$310 13011 1305) 1$3047 ,1300, FY 16E FCF IS Million' $1.75 12.25 17.75 $3.25 $375 $1.25 /4.75 130.0 $17 537 S17 1.77 $05 $110 3136 $40.0 St4 546 $106 1126 $146 3166 1185 $50.0 $710 $130 $355 $175 $05 $215 5234 $100 $105 5184 1204 1224 $244 $261 324 srao $214 SPE $253 $273 1233 $313 $133 50 1250 1170 $209 $310 $339 1358 1378 11.0 $256 ISIS $335 1355 $314 MI $414 FY ISE Debt l'io.ed Reserves (5.MCf.`i 51.75 12.25 112.75 1325 $175 14.25 $4.75 1$1.0 $I5 $15 SI 6 $1i 6 $15 $15 $15 140.0 11.4 11.4 $1.4 11.4 11.4 $14 $14 50 11.4 11.4 $1.4 $14 SI 4 $1.4 $1.4 160 11.4 $1.4 51.4 114 114 $1.4 11.4 $70.0 $14 11.4 51.4 111.1 $1.4 11.4 114 M0.0 $14 $14 $14 $14 314 $14 314 150.0 11.4 $1.4 $1.4 11.4 11.4 $1.4 $1.4 1175 1360 $I 4 M0.0 $1.4 110.0 114 260.0 114 126.0 $1.4 NSA $13 MO 113 G. Pr RI 12.25 /2.76 $3.25 $175 14.24 34.75 $14 $1.4 $1.4 $I 4 $14 $14 51.4 $1.4 $14 SIA 11.4 11,4 $1.4 114 114 114 $14 $14 $1.4 11.4 $1.4 174 $1.4 11.4 514 11.4 $13 $I 3 $13 113 $13 11.3 113 $13 113 113 513 513 113 113 $13 113 $ aaw Dance* &int Sidon fronts LP for Me barn. 55514. rot cowed* 04 7794' 71/04 On 555 hineeneinect tboornSerg 01•14441114 esolnitietny AL6115401471010./AA10.6660$06.4116‘57.04646.400.40$6.6153015($34,785,71W514/0/ CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044672 SDNY_GM_00190856 EFTA01357835