EFTA Document EFTA01369691

SILVER RUN CENTENNIAL Deutsche Bank served as the Joint Equity Capital Markets Advisor for Silver Run Acquisition Corp. ("SRAO•) on its $1.74bn acquisition of Centennial Resource Production, LLC (*Centennial') —Riverstone and its affiliated funds co-invested through a $810 milion PIPE —Fidelity and Capital World also participated via a $200 million PIPE In February 2016, Deutsche Bank acted as the lead left bookrunner on Silver Run's $500mm IPO Illustrative PF Valuation PF snares (mm) $184 Total equity value 51.835 PF nut dobl (5100) Pro-forma Firm Value 51.735 Firm Value / AdJ. EBITDAX FV r 2017E Adi EBITDAX 12 6x FV 12018E Adj. EBITDAX 6.6x Deutsche Bank Corporate Banking & Securities Silver Run Acquisition Corp. announces acquisition of Centennial Resource Production for $1.74bn Transaction overview • On July 22. 2016, Silver Run Acquisition Corp. and Centennial Resource Production announced the signing of a definitive merger agreement. whereby S will acquire Centennial at an enterprise value of $1 74bn. representing 12.6x 2017E Adjusted EBITDAX of $138 million • On July 6. 2016, certain funds controlled by Riverstone entered into an agreement to acquire a majority interest in Centennial • Riverstone and certain affiliates will contribute approximately 5810mm of cash in exchange for Class A shares and will acquire a majority interest in Centennial - The existing owners of Centennial will retain a signdicant equity stake in Centennial (-11%) • Successfully secured $200mm in PIPE commitments from institutional investors to fund the remaining consideration • Transaction expected to close in September 2016 • Ended Centennial's IPO plans to file for the first IPO of a U.S. and gas producer since 2014 price crash — &Ivor Run expects that sponsor expenence will lead to better acreage development in West Texas and subsequent higher valuations Acreage map Source. PIING. Olings Company and business highlights • Centennial Resource Development. Inc (COEV") was formed on August 30. 2012 by management. 3rd party investors and an affiliate of Natural Gas Partners ("Nen-) • On June 22. 2016, CDEV tied an S-1 — gross proceeds of 610Ornm from IPO expected to pay down 565mm of existing term loan, credit facility and fund capes — CDEV ultimately decided to exit through a sale process with Silver Run • CDEV is an independent oil and gas company with assets concentrated in the Delaware Basin - largo. contiguous acreage in the Reeves. Ward and Pecos counties - 61 horctontal producing wells 45 miles long by 20 miles vide • operate -83% of -42.500 leasoWacquired not acres with -82% NWI • 1.357 gross horizontal locations with a focus on extending laterally • In 2015, operated an average one rig and 12 horizontal wells of production - suspended drilling activity in March 2016 to preserve capital - added one horizontal rig in June 2016 and expect to add a second rig in 4016 Investment highlights 0 0 0 0 0 Pure-play core Delaware Basin company 42.500 not acres primarily in Reeves and Ward counties Approximately 7.200 board of net production 48.6MMboe of net prated reserves as of June 2016 Stacked pay consisting of 5 currently producing shale zones with upside for 7 more 1.357 gross identified potential horizontal drilling locations Among the best performers in the Southern Delaware Basin based on production per lateral foot 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00208305 DB-SDNY-0062121 EFTA01369691