Navigant Qualifications for Unconventional Oil and Gas

1. Navigant Qualifications for Unconventional Oil and Gas • November 2012

2. The Navigant Advantage Navigant is uniquely qualified to provide comprehensive business solutions for our energy focused clients

3. Navigant’s Industry Expertise Navigant’s industry expertise and credentials Energy Product Expertise Infrastructure Expert Credentials • Crude oil (heavy sour and light sweet) • Refined products (gasoline, diesel fuel, heating oil, etc.) • Natural gas, natural gas liquids (ethane, propane and butanes) • Electricity (all technologies) • End-use gas consumption • Motor vehicles • Refineries • Petrochemical plants • Pipelines (crude oil, natural gas, refined products) • Natural gas processing plants, natural gas to liquids plants • Upstream, midstream and downstream operations • Oil Platforms /Floating vessel (FPSO) • Water born transportation (ports, barges) • LNG Facilities • Railroads • Power generation market technologies • Renewable energy technologies • Emerging technologies (distributed generation and energy efficiency) • PhD Economists, MBAs, CPAs • Certified Fraud Examiners • Chartered Financial Analysts • Certified Business Appraisers • Certified Insolvency & Restructuring Advisor • FINRA Series 7, 63 & 24 licensed • Professional and Cost Engineers • CPM Scheduling Experts

4. Litigation Advisory Services Disputes & Investigations Construction Energy Economics Economic and financial analysis for expert testimony and strategic planning Litigation, forensic accounting, investigative & discovery services Hands on industry expertise Construction project disputes and expert testimony • Expert witness testimony • Quantifying damages • Forensic accounting • Government contract disputes • Investigations: • Financial • Corporate Fraud • Money laundering • Supplier interruption • Employee discrimination and personal injury • Discovery assistance • Expert witness testimony • Construction Claims • Delay/acceleration • Labor productivity • Contract termination • Construction defects • Change orders • Forensic scheduling • Quantification of damages • Forensic accounting • False claims • Surety bond claims • Litigation support • Prudence investigations • Industry practices • Operational expertise • Management expertise • Regulatory expertise • Expert witness testimony • Quantify economic • Competition analyses for mergers and acquisitions • Antitrust lawsuits • Class action • Intellectual property patents, reasonable royalties • Market manipulations • Monopolization • Price fixing • Market Design

5. Business and Risk Advisory Services Financial Advisory Energy Construction Full spectrum of financial advisory services Business advisory services Business advisory services • Project risk management practices and protocols • žProgram / project cost controls • žProgram / project scheduling • žChange order preparation and analysis • Project status monitoring • Contract costs and audits • Project management procedures development • Claims management • Real estate consolidation • Building information • Investment banking • Sell side • Buy side • Private Placement • Valuation Services • Enterprise valuation • Purchase price allocation • Fairness Opinion • Restructuring • Capital • Operating • Strategic advisory • Regulatory compliance • Rate cases • Operations and process improvement • DOE applications • Interconnection agreements • Market and pricing analyses • Feasibility and cash flow analyses • Fuel services • Resource procurement

6. Natural Gas and Crude Oil Markets, Pipelines and Related Capabilities • Navigant experts provide our clients with a full suite of advisory services focused on strategic market analyses, mitigating infrastructure project risks as well as addressing wide ranging disputes and investigations. Our global perspective uniquely positions us to provide both domestic and international expertise. • Navigant’s advisory and expert services include: • Natural gas market modeling, long term commodity price forecasting and scenario analysis • Market analysis, pricing, economic impact, feasibility, competition, antitrust economics, market manipulation, and other analyses • Strategic advice on planning construction projects, operations, financing, trading, marketing, transactions, and policy issues • Natural gas fired generation services including fuel procurement, transportation, and storage • Construction risk management and claims • Rate case support and prudence investigations • Transaction advisory, restructuring, and due diligence services • Debt and equity private placement • Valuation and purchase price allocation analyses

7. LNG Facilities Capabilities • Navigant’s natural gas and liquefied natural gas (LNG) experts provide clients with insight into energy business strategies, project transactions, financing, operations, trading, and marketing. Our global perspective uniquely positions us to provide both domestic and international expertise in: strategy and planning, market analysis and planning, regulatory advisory, commercial negotiation, and independent due diligence. • Navigant’s Natural Gas and LNG advisory services include: • Long term price forecasting and scenario analysis • LNG sector market support and analysis including regulatory permitting for both imports and exports • Construction project risk analysis • Economic impact, econometric, and statistical analysis • Expert testimony for commercial disputes and regulatory proceedings • Transaction advisory, restructuring, and due diligence services • Debt and equity private placement • Valuation and purchase price allocation analyses

8. Mergers, Acquisitions, Restructuring and Bankruptcy Navigant’s Capabilities • Navigant experts provide our clients with advisory services for many energy industry mergers of: oil and gas producing assets, refineries, major integrated oil companies, refined product wholesale and retail marketing activities, and the power and electricity industry. • Economic analyses of mergers and acquisitions include: • Antitrust risk analysis - Determine relevant antitrust markets and competitors, employing current analytic, and statistical techniques • Evaluate the effects on competition of a merger or acquisition to identify potential issue areas in advance of initiating the merger/acquisition • Assist in the preparation of Hart-Scott-Rodinofilings • Prepare white papers to the Federal Trade Commission (FTC) to support merger/acquisition and/or respond to the FTC’s second data requests; participate in making presentations to the FTC • Due diligence regarding potential transactions • Financial advisory services including: • Transaction advisory (buy-side, sell-side, and private placement) • Restructuring and due diligence services • Valuation services

9. Rick Smead Director, Energy Practice 713.646.5029 rsmead@navigant.com Julie Carey Director, Navigant Economics 202.481.7551 julie.carey@naviganteconomics.com Raoul Nowitz Director, Navigant Capital Advisors 404.504.2071 raoul.nowitz@ncacf.com Jim Zack Director, Construction Practice 949.660.8209 jim.zack@navigant.com Rob Wentland Managing Director, Disputes & Investigations Practice 312.583.2644 rob.wentland@navigant.com