EFTA01357836

Deutsche Bank Securities I Figure 111: Commodity Price) Scenario Analysis Light:Hearn Resources Sensitivity BastA on Bloomberg Conser•:.m 0 0 FY ISE EMMA (.5 Million) F9 150 FCF (1 Million) 0 -c 51.75 $225 52.75 1125 13.75 14.25 $4.75 $175 1225 12.75 2325 5175 $4.26 $4.75 SAO 1,41 $149 $157 MO sin 5110 SIN $110 31031 9150) (31451 (11401 111324 15124) 4117) 21440 515$ 2194 $202 $710 1214 2726 5234 150.0 11121) ($1141 (1105) (1431 43901 1$23) OM $910 1232 2230 $245 1255 1203 5271 1279 160.0 ISO ($72) 1164) ISM 13401 1541) (1331 1600 5277 $215 1203 $301 MOO $317 3326 IMO 1136) Ma 1122) 0151 9 71 11 10 1700 1323 1330 $.132 $346 1354 3302 $370 570.0 $4 III $10 $27 135 $43 NO SOCIO $368 $314 13.34 3192 112) 5402 1416 2110.0 546 1.53 161 109 1M SM SW $900 $495 Sus $442 $.933 $468 $475 5451 $40.0 $114 1121 1120 1137 $145 1152 1103 F Y 160 EBITDA (S Million) FY 16E FCF (5 Million( In c...:3 $1.71 $2.4 22-75 1123 237$ 1.425 14.73 11.75 12.23 52.75 53.25 5175 $426 1415 $300 PS $23 131 13.2 $47 $55 561 $300 t$21:. an., room 11301 t alto 11173) (SIN) $400 155 $93 $101 1100 5117 2125 $133 $40.0 41431 l$136i 412.1 ,112o1 $112) i 11105) ISC/7) MO $45 $154 $172 1179 2117 1125 $203 $500 4701 (ISM €1001 059 444) 1130) IMO 2221 $231 $242 $260 $254 $206 $274 0 1400 RIO ($01 $4 $10 124 Sr 140 $700 1205 1304 1312 1320 $321 1336 $344 170.0 KO 1455 170 $64 192 1100 lice $500 $305 1374 1.111 4393 130$ MOS 1414 1.10 0 $124 4136 $144 $152 MO $163 1170 1900 $416 $444 1452 2460 $464 $470 $413 Do 0 MOS $24 4214 4222 1230 $236 $244 FY 15E Net Lcvotagr FY 150 Deb2Noved Rtscrves ( Si Mc ft 1 NYMEX Gas (tingle) $1 74 $225 12.6 $3.22 $276 11.25 14.75 Sin 1171 $2.15 S3.4 $1 IS 6 72 54.75 1200 ill. 114* 10 IS 102x 1144 024 473 210.0 324 423 121 127 127 12 7 $27 $400 29. 64. 51. 7n 742 717 140.0 $27 $27 127 527 326 124 120 1400 690 46 64* 61* 59c 5-72 45. 141 $240 1126 1.26 126 226 126 325 126 MOO 56r 44. 52. 404 40, 4 Tr 4.04 50 VS $25 125 125 125 125 224 1700 46. 45. 424 424 414 4r 314 5710 124 22 4 224 124 $2 4 124 323 1000 31 36 374 364 362 344 36t 27, 550.0 124 223 523 423 123 123 323 1000 13 302 204 26 26, 274 950.0 222 222 122 $22 122 221 121 FY 16E Net Leverage FY 16E OebtProved Reserves 114M4 fe 311). 0.45 µlmere) NYMEX Gt. sincro 51 122$ 1275 $3.23 117$ 5425 2475 11.75 423 12.73 13.25 1215 5125 14.75 13110 114$, 748, 1. 4344 1311 917.4 246 $30.0 $2 0 $28 $28 123 $23 $24 $27 1100 106. 171 10 34 1504 136 12% 12.1. $40.0 227 $2 7 $27 $27 $27 127 126 $500 101 98. 514 43 7r 704 sso.o 52 a 126 $26 $26 526 126 $24 $(40 46 66 4 b 604 5116 4r 5,04 MOO 52$ 325 525 525 125 124 324 $700 504 464 404 41 444 434 4.1s $70.0 52.4 224 114 124 223 $23 123 1000 17. 366 362 344 3.34 3.2. $10.0 223 123 223 $23 122 122 122 $000 30' 2w 28. 274 201 252 IWO 12 1 121 $21 $21 S2 1 520 $20 Jaen Onsellsaink Skordev Anna LP Fore. itarav emporia reconnolly08 Wskt the Iowan Swim Min 131mentn amnia aginweectir 40.45•0tAltOORCOAFAMt EICUSCOWIAMAD.CMS. CPAR0SESN.SEWEALSALTRA411 W owl MP% co 2 0C 0 01 3 R a; N2 O. O. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044674 SDNY_GM_00 190858 EFTA01357836