Multi-disciplinary Valuation Services - Tender Offer Purposes

Until Black Stone Minerals went public, we were engaged by the company annually to determine the fair market value of the outstanding common equity units on a nonmarketable, noncontrolling basis for repurchase purposes and to assist in the valuation of equity grants under the company’s long-term incentive compensation plans.

Black Stone is one of the largest oil and gas fee mineral and royalty interest owners in the United States. The company is primarily engaged in the ownership and commercial exploitation of over 45,000 wells and approximately 16.5 million gross fee mineral and royalty acres located in 41 states in the United States in virtually all major producing basins. Interests owned include oil and gas minerals, overriding royalty interests, royalty interests, and working interests.

We have valued the common equity of the company using the guideline public company and transaction methods under the market approach, the net asset value method under the asset approach, and the dividend discount method under the income approach. In order to value the company, we also had to determine the value of the underlying producing and nonproducing minerals. In doing so, we worked closely with the company’s petroleum engineers.

Our value was used by the company to redeem partners at an annual basis.

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