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trap targeting the inboard Lower Tertiary. CIE will now release the Ensco 8503 rig. Upcoming targets include Bicuar (late 10/2O) and Orca (2O14) in Angola, as well as three non-operated US GoM wells in 2014: CVX's Anchor (11114, CIE 24%), BHP's Rum Ramsey (21114, CIE 24%) and ENI's Goodfellow (21114,
016 -0.20 -0.20 FY EPS (USD) -0.70 -0.66 -0.78 PIE (x) Sam Deaschr Sat • irciuclos the wrpact of rasurfa new.; tro oponewq al twit 0P.n. Deutsche Bank Securities Inc. The views expressed above accurately reflect the personal views of the authors about the subject companies and its(their) securities. The authors h
ive 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-OPEC Latin America Other Europe OECD China Indonesia Other Asia OECD Malaysia ■ Non-OPEC Africa Russia GoM
in America Other Asia OECD China Australia Malaysia Angola GoM Caspian Sea Brazil Canada Sotto* Dainthe Bert IJ ■ ■ -500 0 500 1000 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058861 CONFIDENTIAL SDNY_GM_00205045 EFTA01367329
d from 2017-2020. Our demand growth assumptions are based on lEA estimates and compare to -650 Mb/d of demand growth in 2014. OPEC production (ex Angola) is assumed flat to 2014 levels in our forecast. This assumption is admittedly 'rosier' than would otherwise be implied from recent production leve
7 imam. 119 24 Sctive Detente an. VitortMeSanzle, lEA. OPProwlegrommon mono dawn Mace Math **mate ov sacoomy toterot rig OFEC 11% S3I Page 26 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058877 CONFIDENTIAL SDNY_GM_00205061 EFTA01367344
31 May 2015 Integrated Oil US Integrated Oils A Country by Country Outlook on Key Players Angola Recent pre-salt drilling activity withstanding, exploration spend in Angola over the last 15 years has been largely concentrated in the Lower Congo
Production Swing (Bear vs. Bull) of —235 IMbid dim 40rne temp 400 myosin 704M. •1%4 made* nen Seurat Deumh• 9074 MOW PACIMIS lEA 1771 Page 40 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058891 CONFIDENTIAL SDNY_GM_00205075 EFTA01367358
Entities connected to both Angola and Deutsche Bank Securities Inc.

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