Deutsche Bank Securities Inc Figure 133: Commc,dit -,.PI ice Scf:na ,c; 'ollow Oil Sensitivity Based on Bloomberg Con ,...kttr.-> 0 0 O FY 15E EBITDA IS hlillion) NIPS, N. 11, Ge, Ilene.' 'therm, 51103 52300 53400 14600 365.00 NM 171.00 $310 1021 $963 SIC* $1.032 11.0/0 11.100 $1.137 105.0 SI.009 11.013 SI 071) $1.113 SI.147 11.152 51217 155.0 51.059 37124 SI 153 11113 51.226 31.202 11217 1140 11750 $1.204 51 239 $1373 1133$ $1.343 17378 1760 $1.130 $1264 $1310 SI Me 51 381 11.423 11.411 18.5.0 $1.330 31.3* St 1119 SI 04 St 40 31303 KOS SO 10.410 $(345 II 411 $1 549 11354 51.010 Y 16E EBITDA (S Million) Nap 1...e.aal IF,/ nee i therm) 11500 1:300 5»00 14300 16510 10600 $7100 $360 54K 33:4 ... S*01 300 1679 3710 1410 Se:7 $055 S: C.3 1743 5776 $816 1851 $330 304 1302 5440 347/ 3915 1913 IWO $10,0 190) 1039 5877 11014 31002 51 04 II 127 5710 51.036 31078 SI ii) 51 151 11.149 312* $1204 MO 51.175 51.20 SI 250 11 24 11 34 31.303 11.401 19150 11.312 $1,350 11 367 $1425 $1 453 11.930 11336 FY ISE Net Leverage NOP Nature}Gm IFe rice i therm) 315 00 1:30a 13500 54500 36530 MVO 57100 $35.0 4 0. 4 d 46. 43. 4624 40 10 1410 4)r 4i 4 Ix 404 3* 37s 30x 1510 4 1. 30i ast 37X 35 34e 113 $830 3* 10. 30e 34x 336 33 114 3130 35. 34e 32. 324 3 se 303 2* 555.0 32r 3 Ix 19. Mk 291 29s 2/5 1910 3* 2i 2571 27x 27x 2k 25x FY 16E Net Leverage ?IRO N owe, Gm (pence(therm) 115 1310 ? 2430 757 1530 60' 1510 4 rea 1750 41 1810 36. 1930 30 co 12500 13300 4300 1.55() 165 00 MOO Sex lee Id 07. 034 70 65. 81x 5 Ix 54 S le 50. SI. SO. 47x 4 Se 4.6. 40. 44x 42x 4* 3* 3.0x 3* 37x Jett 14x 33. 11. 34. 33t 31x 29k 2i 271 2i 2124 27x 211( 25. lex FY ISE Per FS Million) NBD N3urel Gas (pence l therm) 11600 12000 $3303 54300 15400 105.00 S75.0) VISO 1900 aton; 130061 09091 0843) IMO (NM) 10.0 59)0) 1$9021 08871 111.551 0529) IMO) 0775) 113.0 i$142) 0856) (1825) (1(02) 13775) 11744) (1721) SOSO 0821) (MB ($7741 1$741) 0721) 00110 (SW) 10.0 ($774) 11747) ($7201 MOGI 00071 0540) 0814) 116.0 11720) (SOM) (10081 00401 0813) IMO) MOP 9110 MOB (10301 (10131 435901 ass') (002) ($1OS) 936.0 *SO 46.0 N5.1) 1740 126 .0 105 0 133.0 1420 $5.30 185.0 175.0 NOM MOO FY 16E FCF 1,1 bon) 10.00 321.00 536.00 $4603 (1393) 15)00) (13313 (130(0 11291) (SM) (1215) ($2071 also 11101) 0133) ($1051 456) (UV) (131) 031 50 144 172 599 Silt 100 1174 1202 5::: 570 1278 1304 10100 MOO 9740) (3250 1121) (123) (3179) 11151) 0113) ISM) (121) 125 W MI 5127 5115 3183 5223 3257 3215 1332 13(0 1387 FY ISE OebtrPeoveil Frer.er:ec 0.51cfel NAP Naluisl Gas I pence I therm) $1500 120 1) S19 SI 0 SI 0 119 a USn C S:0 120 120 119 119 SI 9 119 $ ). 110 $ 11 4 518 26 600 130 $1 119 $19 110 SiAl 113 FY 16E 00:8)Proved Reserve NMI Natural Gan (pence t therm) MOO 120 $1 9 519 310 119 II Si 8 Inc le MOO 17800 519 $10 $19 S10 Si 9 119 $10 110 514 116 SI& SI& 116 118 115 00 125 .00 133.0) 14500 13400 IRLOO Stia 536.0 121 321 321 320 120 $20 120 $45.0 121 120 120 520 120 519 119 MOD 120 STO Si 0 Si 9 Si 9 510 $10 2660 III SI* 110 Si 0 SI 4 Si 4 III $75.0 112 Sig Sill Sill 11.6 517 $17 5340 MB 118 si 5 117 317 317 $17 1260 117 Si 7 Si> $17 Si 6 1)6 116 *arm 04340$0'26 Gant eleanterg /niece (P Ho tlx Wowing crones net cowed Dia My* HeeI. me breams. Mans teenier soonkinis ncesemus emanates okk AMEPE134106CV.CX0, FANG, Mt( may mFy6Feco.O.6s. PEPYAROSESN.SEValIt37.07Plan W.30 1,113X CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044696 SDNY_GM_00 190880 EFTA01357846