EFTA01357810

-0 C Deutsche Bank Securities Inc. ,Figure !..i& Commodity Nice Scenario Anakr,i., Cimerex Energy Forecast Metrics FY 15€ EFITTDA (5 M.lhon) 1175 $120 %A 33.21 $3 73 14 75 5475 113110 $170 $267 $355 3443 1531 $613 3707 $400 1313 $471 35% 1647 5735 yen $911 5549 3147 3575 3743 1141 3939 31077 31.115 500.0 3791 39A 3957 31.055 31843 31.231 31.319 4710 3905 31.0e3 31.171 31.259 31.3.7 31.436 31.573 %AO $1.199 31217 11.375 $1.403 11.50 31.410 11.777 3910 31.403 $1.401 $8577) $1.001 11.155 31.6* 51.101 12175 9254 3310 $200 3297 1400 3425 3527 15111) $149 3745 9100 $814 $970 11700 31.091 31.1% MO 31.322 31.419 55(15 $1547 FY 16E 8ITDA (S. Milbon) 53.21 an $425 54% 1301 5491 5068 3691 3781 3418 $715 1812 $931 $1.003 3813 $940 31,036 $1.133 51.230 31.017 $1.164 $1.201 51.104 %CO 54 292 31.389 31.455 31112 31.679 31.516 31.613 31.710 31.4% %KO $1)40 31.837 31.934 32.031 12.125 11.7$ 12.25 1235 5125 5240 1264 4h 50. 404 5410 554 4.3í 354 202 $510 33. 2.8í 24. 21. MO 23« 20. 17. 1 5« $610 17. IS 13c 1h 3810 1h 1L 10. Oh SO 1.k 0.64 01a 079 stil a 5475 $125 5110 128. 133. e1. 47x 144.0 56« 4a 3k 2«1« 1810 334 219 248 2C« 1110 22a 164 17x 11x 1700 le. 14« 12« 11. IMO 1h 10. 0a 08. 1010 064 064 0.7. OS< Sand I:~ 6~ 14.70 14.25 14.75 3.9( 3b 76. 2k 2h th 119 16, 1.4 14x 12« 1.1z td 064 0.8« 04x 07. 0.0: 064 Oh 0k nn $4.15 14.75 382 3h 20. 2k 21. 18. 18x 18« 13« 1a 14 1k 1C« 064 073 07. 064 05. 0k Oh Rh FY 15E FCF (5 hlillsoni «I /ME« Ca« ii.Jrne 11.73 57.21 $2.73 $3.21 5175 54.25 350.0 1, 042) t$1 017, 4962 44811 118731 (3758) 34.0 49331 (UM( ($401 «17391 4474) 1/610) 350.0 i37•51 137701 (3024 112001 (3574/ MI6/ 360.0 116361 13571) 11507 (34421 1377) 11312) $70.0 wen (un) 6358 132931 112291 13164/ 900.0 1%301 4774) (12C0 111451 13101 1$151 11•10 13100) 41%4 ($01) 34 340 1133 /V 16E FCF (5 ',Whorl) 1175 an 52.75 33.23 3171 $4.25 nee 111.34% 1112573 (51 157) (31.053) 46651 48741 $40.0 41.125) 41.013) ($1303 11.4.0 47501 44651 11500 11910) ($814) 47701 (14251 45311 4434) $000 11600) ($01211 44001 43171 112151 40601 44711 570.0 13377) (13121 atelel 4931 31 MO 4252/ 13154) 1143) 331 3126 3220 50 ea »1 $156 $250 $345 h.% FY 15E Debt Plo.ed Reer:es IS.Lklel 5471 an $2.73 5171 3175 $4.25 1300 $69 109 189 30 8 304 p4 340.0 311/ 108 %8 $68 937 307 $50.0 M4 938 347 $07 107 $07 34/10 54 7 307 307 $66 M6 $66 170.0 p7 006 $66 346 004 $0 6 WO 544 M4 306 309 136 10 6 WO 106 306 106 106 506 306 FY 16E DcbtProved Reserve« ($:7.'c fel 5171 an Ian $3.26 nis 14.2$ $30.0 114 $14 $13 313 112 II 1 $40.0 311 213 31.2 %I 310 310 540.0 3I1 311 310 310 300 304 950.0 310 309 309 305 M7 507 3710 109 $04 307 507 1041 $06 3%.0 13 7 $06 101 501 SO 6 $06 IMO 506 306 $66 WO 306 1015 1175 (3401) 4546) 113931 0245/ (144/ 340 1191 54.75 (3780) (35411 (33421 111%) SW 3315 $533 34.75 MB 307 M4 M6 308 109 106 $1.75 311 $09 308 SO 6 306 304 304 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044607 SDNY_GM_00190791 EFTA01357810