Epstein Secrets

Country by Country Outlook on Key Players 40 Angola 40 Brazil 42 Canada 44 Caspian Sea, ex Russie 47 Colombia 49 U.S. Gulf of Mexico 51 Malaysia 54 Mexico 56 North Sea 59 Russia 61 Appendix 63 Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB

Integrated Oils Table Of Contents Executive Summary 3 The Non-OPEC growth outlook to 2017 8 Looking for rapid declines? Don't hold your breath Non-OPEC growth: Late to the party 8 Where is the growth coming from? 10 Capex Reductions 15 Show me the money (or lack thereof) 15 Setting the stage

3C00 28000 1 -2000 2014 2015E 2016E 2017E 2018E 2019E 2020E • GoM • Colombia • Non-OPEC Africa • Non-OPEC Middle East • Australia • Malaysia ell Indonesia • Other Non-OECD Asia • Russia • Caspian Sea i Total North Sea a Other Non-OPEC Latin America • Other i Mexico • China i Indi

31 May 2015 Integrated Oil US Integrated Oils Figure 15: Brazil and Canada: Exclude them and Non-OPEC crude production is down -1500 MMIard horn 2014-2020. include them and production is up 400 Mbid 43000 38000 r , 1 . 1 r________, 23000 180

ope Non-OECD Other Non-OECD Asia Angola Other FSU Australia Other Non-OPEC Latin America Other Europe OECD China Indonesia Other Asia OECD Malaysia ■ Non-OPEC Africa Russia GoM 10. Brazil Canada -400.200 0 200 400 600 800 Sane Deans Berk —..j Page 10 Mexico Non-OPEC Middle East Nort

cted to be relatively flat through 2020. Figure 13: ,_014-20 I 7 Cumulative Growth (Mbid) Figure 14 2014.2020 Cumulative Growth (Mbrkt Mexico MI Non-OPEC Mickile East Colombia ■ North Sea • Alaska r Caspian Sea India Europe Non-OECD Other Non-OECD Asia Angola Other FSU Australia Other Non