Deutsche Bank Securities Inc.
(Figure 105: Commodity Price Scenario Analysis Concha Resources Sensitivity Based on Bloomberg Consensus
FY 1TE EBITDA (1 Mithr.n) FY 13E FCFC/Mtlkon
11.75 1225 2215 13.25 1175 1425 1110 $1.76 $2215 1275 1315 $3.75 $4.25 $4.75
$310 SI 26 $1.346 $1,367 51.447 11 416 SI544 $1 514 010 ($714, 0616 06501 0818/ ($586i 0553) 115211
MAO 11.408 $1160 11.503 $1.560 11410 11631 $.711 400 11601 61131 0561) 115410 05161 (M) ISViS)
$10.0 $1321 51.572 $1122 $1.673 11.733 0.774 $3104 SAO 1167* 0544) 115111 1070 (WTI (HIS) if Sall
010 $1,034 $1.014 11.716 $1,716 11236 $SW 11.037 $100 0606) ($04) rS•42i 114101 ($3711 034* 03141
1766 $1.748 $1.707 11.147 1106 1129411 $ENO 12.6.0 $710 10371 44161 03731 03411 (SX01 (1277) 02451
1820 $IAN $1.010 $1.010 12.00 11/261 $2112 SIC 1010 43611 (131,4 ($4) 4272) 620 6206) 017*
SA $1.072 $2022 12073 $2,23 $2174 12224 22270 SO 42301 02871 anis, 4171) di* ifs*
FY 16E EBITDA IS Marconi FY 16E FCF IS I'dirwmi
$1.11 $125 $2.75 Sin 2176 1425 SUS 11.75 1225 $276 $11.25 $176 $4.25 $411
$140 134/2 SI 36/ $1.132 11.30 $1 273 0143 11.41$ 1310 (.4551 41390) 412401 01.282; 032251 01.1671 101101
$440 SI 197 SI287 $1,337 11.407 $1477 $1547 11.117 $610 41,316 11.26Si ($12011 Eii.143) (11.086) c11.6214 159701
6610 $I 401 0.471 $1.5.41 11.60 11 61 *1.751 11.121 $600 (Stab 41.111), 01.0611 (.OM) 0946) IOM( ISOM)
$600 SI 605 SI 675 11.745 $1116 SI 865 $1056 12034 11140 01.037/ 00701 11021/ 114841 44071 0701 16001
$630 $1610 $I 803 31.910 12/720 1200 $200 22.210 IMO 41071 411401 07121 1$7211 40571 ($0101 1$5531
SO 12014 $2 034 52.134 52.714 $2204 $2361 $2.4* 100 07641 0703 460) 45851 45311 (0701 154131
MO $2 216 320 32.310 32 422 12.400 $256 1340 $600 0641 0566 Iwo 44461 43381 ($331) 113733
FY 15E Net Lot lag FY 15E Debt. Proved RPSI, rye', S.M.: 101
NifIVEX Gan IS.,
$1.73 $224 $.75 $321 San 1425 1476 61.75 $225 $273 SSM 13.7$ 1416
$30.0 34x 3* 31. 3 Cs 2.0* 2*/ 27$ $30.0 115 IIS S1$ 0.4 $1.4 $1.4
$40.0 31x 34 23* 274 2.33 214 216 $440 0.5 V4 $14 $1.4 $1.4 $1.4
$60.0 244 27* 201 26$ 16 2.18 12‘ 010 $1.4 04 $1.4 $1.4 11.4 $1.4 $1.4
$80.0 201 25x 14$ 2* 2.22 21$ 214 1010 $1.4 $14 SI • $14 $1.4 $14 $13
IMO 20 274 22$ 21$ 1.1$ 2.61 116 $700 11.4 SI 4 $14 IT 4 $1.3 $13 $14
140.0 22$ 21x 21* 204 IM 10 Is 60.0 11.4 St 3 II 2 $3 $13 $13
1140 26/ 20 114 114 It 1.7$ I.h 5.61 0 03 SI 3 r. I ' $1.3 $13 $IS
FY 16E 130611Proved Reserves / S Mc le;.
NYISEX Gan IS 9010
$1.71 San 12.75 lin 015 $4.25 1075 $1 I) 12 25 12.1, 13 fin $4.26 4271
Pa 66c 10 614 474 ell 41* 3* 130.0 31e SI e 510 SI 5 $1 5 $16 $16
MO 4* 44x • 0 30 3.61 341 321 11460 $16 115 $I 5 $.5 SI 5 $15 III
$10.0 30 3.1* 344 30 3.1* 20 27$ 10410 III $16 $16 $15 $1.6 $1.4 $14
MR 33$ 3.1$ 211 244 2.6 2.16 216 SO $11 $16 SI $ $1.4 11.4 $1.4 $14
$71 2.4. 274 22. 24x 2.* 2.Ix 26 IMO $1.1 I 4
$1 SI • $1.4 $1.4 $14 $14
MI 24$ 23$ 22$ 21A 20 Is. It 100 $1.4 114 11.4 11,4 $1.4 $1.4 113
1140.0 2.1x 20/ 114 114 I.h Is Is NB 114 SI 4 $1.4 $1.3 $13 $13 $13
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044668
CONFIDENTIAL SDNY_GM_00190852
EFTA01357833