EFTA Document EFTA01357840

Deutsche Bank Securities Inc Figure 117: Commodity Price Scenario Analv,:;is: ()asks Petroleum Sensitivity Based on Bloomb,;; 0 O 0 $1.75 »25 113110 »V $050 110.0 1991 19» 11510 1735 5743 16.10 1779 172.5 1700 $822 ROO 1900 1864 5524 1901 567 5924 FY ISE ESITDA (1 NItitron I 1275 EL» $3.75 14.21 11.711 5003 $071 WI 1010 1091 5707 5714 1722 1730 1737 1750 5755 5706 1773 1781 $714 1102 1/35 $817 140 1135 11143 1883 $141 Red 5131 WO 1507 1934 1912 1552 1340 1547 1855 1933 FY ISE EBITDA(S Nblhon) 6 75 3223 1275 1125 5375 1300 1•40 1147 $156 1163 1170 1400 52.80 1276 1264 $292 $260 15110 1315 146 $411 1421 5429 $600 1577 1535 1542 1550 15.55 17110 1015 1664 1472 1171) 1617 $600 1715 5703 COI 1806 1916 5010 1815 1422 1030 5037 5946 0,10 $4110 1900 1500 1700 1900 1610 NYNEX Gas(/Mich) 1/ 4a 3 7, 351 33' 3 Ix 24 7•8 811-). Das If mere) 11.75 13{10 22 5400 1124 151110 5600 1.24 17.10 4.04 1910 314 1900 26 52 FY ISE Net Leverage 51 25 11.75 1178 11b3 1527 1515 1439 1444 1500 1573 5695 1702 $824 1$31 16 She 17 78 II 78 13 75 IL» 11.75 • 37 • .8 4a 4 Is 4 Ot 401 397 391 34 1115 1h 37x 34 14 3,4 130 347 34x 33. 3.3. 334 323c 32x 3h 11x lts 344 34 36 26 294 22:4 116 214 274 FY 16E Net Leverage 13.75 31 47 001 104 704 7b 64 554 504 104 301 2h 34 24 24 $3.25 53.75 54-25 1.75 104 161 1141 164 101 96 96 94. 154x 66 66 434 •9( 4 4.. 42. 46. 301 37x 364 it 36 29. 26 29. 24x* 31x 24. 23. FY ISE FCF (1, Million) NV ME X .63, Sin< le I 1475 5225 52.75 11.25 5175 1125 54.75 110.0 15142) 15122) t1371) 11161 41591 41531 ($147) 60.0 4155) 111491 41441 4111 4132) 4126 41201 $50.0 11129) 151221 41171 41111 4105) 1199) 4931 »90 4101) 13761 1190) 16141 471) 11721 4911 1701 1174) 4%1 73•10 457, 4611 445) 4301 »0.0 44n ,541, 138, 4301 .174, 7115) <S123 110.0 .515 ,59. 41. Si 13 04 Sr FY 16E FCF (S Millionl NYMEN G..75 (1107 33 11 is 0.26 12.75 UM $175 130.0 i 5317. .13301 43311 4324) 113111 140 0 4337. 4224) (12111 113191 IØ1)1 1401 l$117) 151C0) (1112) f$941 11031 900 47) 14 513 WI $29 1701 5113 020 1128 $134 1143 MO 0 5773 5:35 1743 1251 124 670 0 5'....4 ,4 $ 1 :. J.., ' 71 FY ISE DebtlProved Reserve: IS/Mehl NYMEX Gas (Vmcit) 25 54.75 123011 4150) 11791 $35 5151 126 $103 43011 (SIM) 471) 544 1159 1374 1390 II .O v.93 i2.75 11.25 $175 14.25 14.71 130.0 1:1 l21 121 121 121 521 111 1140.0 121 121 121 521 120 120 120 $140 120 520 520 120 520 120 120 MOM 120 120 120 120 $20 $20 120 1700 120 120 120 120 120 $20 120 10.0 120 120 120 120 520 520 120 00.0 120 120 320 $19 S19 519 119 FY I6E Debt:Proved Reserves ISYNNESCes!sins7,) 0.95 52.25 52.75 13.25 1175 11.25 1475 5300 $33 12 3 $21 $23 $23 $23 $23 $40.0 122 123 122 122 123 112 $11 150.0 12 1 $21 121 521 121 921 $21 $40.0 120 $20 520 120 520 120 519 $70.0 111 11.9 $1.9 119 519 11.9 51.6 $10.0 III 111 511 $11 II 6 $16 517 »3.0 $1.7 S17 51.7 11.7 I17 510 $10 Sown ~bob* 6dink abonterg Fat» LP Apr se 539»vro 4466615 noecoweetypeMon nev. the ronn VareStelk5T ~boo consensus esrvnacts day 4vfnERpf6LFEtl(OJMY993lI5CI485441µ4M,Q4.I,FEPN491LL1E3N,5EWD1(.WiMW.1lWNNFN CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044680 SDNY_GM_00190864 EFTA01357840