The following charts summarize key findings regarding recoveries by general unsecured creditors in bankruptcy cases filed by large energy companies. The data regarding creditor recoveries was generated from an analysis of estimates provided by debtors in disclosure statements filed between January 1, 2012 and March 11, 2016. Some of the cases covered in our study were filed as early as 2010, but most were also filed in the 2012-2015 timeframe. In collecting the data for this study, only the last-filed disclosure statement was used for cases in which multiple versions of the disclosure statement were filed. Additionally, disclosure statements which did not provide an estimate of the percentage recovery for general unsecured creditors were excluded in charting recovery estimates. No attempt was made to independently estimate recoveries in such cases. The following charts represent only the plan proponents’ estimates of recoveries which may differ from actual recoveries received by creditors in such cases. To view a list of the energy industry bankruptcy cases examined in preparing this data, please visit https://www.chapter11dockets.com/about/cases.

March 2016 Turnarounds & Workouts 9

Special ReportEnergy Company Creditor Recoveries

Distribution of Midpoint General Unsecured Creditor Recovery Estimates (Disclosure Statements Filed Between January 1, 2012 and March 11, 2016)

0%

20%

40%

60%

80%

0-­‐25% 26%-­‐50% 51%-­‐75% 76%-­‐100%

2012 2013 2014 2015 2016 (Thru 3/11) Overall

Mean Estimated Recoveries to General Unsecured Creditors by Debtors’ Consolidated Assets at Time of Bankruptcy Filing

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

Less Than $250 Million $250 Million -­‐ $1 Billion Greater Than $1 Billion

Low End Es>mate Midpoint Es>mate High End Es>mate

Midpoint General Unsecured Creditor Recovery Estimates by Date of Last Disclosure Statement Filing

0%

25%

50%

75%

100%

January-­‐12 June-­‐12 December-­‐12

June-­‐13 December-­‐13

June-­‐14 December-­‐14

June-­‐15 December-­‐15

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