Epstein Secrets

n. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%) 0.6 0.7 Sea Onto* EWA ostinsfam etyma, 401* Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

sts are currently averaging 4.5% below 2015 plan assumptions, with confidence in updated targets of 10% average decline from FYI 5 plan, led by the Permian, with declines of 8%/ 12%, captured/targeted. • Asset performance: High density completions in the Eagle Ford are tracking -23% ahead of prior (2

his expectation appears to be broadly back on track after weather in early December had opened up prospects of meaningful downside risks. Page 54 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086613 CONFIDENTIAL SDNY_GM_00232797 EFTA01385329

ian. Woodmac expects Haynesville, which has seen a meaningful revival in its drilling program over the last year and associated gas production from Permian and Midcon to be other key contributors to FY 18 growth. Figure 17: EIA estimates for 2010 gas production YoY growth since Sep '17 7.0 62 6.0 s

ion target has been maintained (FY 17E production target is down a modest 3%). That leaves us with just three names where there has been a genuine Deutsche Bank Securities Inc. Page 57 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086616 CONFIDENTIAL SDNY_GM_00232800 EFTA01385332

exchanges and debt reduction via asset sales. On the asset portfolio side, we saw many players implementing major overhauls - mainly a shift to the Permian by names like WPX, QEP and SM Energy. Others expanded their footprint in their core basins - not just established Permian players, but also compani

nons at oceans' OS M9fS Me Iowan *ta men SOOMOWO caws. pomp* on* AMPPOCAIRLICCI.CAO.PANG,EPELPSCN.AIMAIPO,OASPEPVANOSESA<SCYC4N,5147101.71W•xf inPx Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044564 CONFIDENTIAL SDNY_GM_00190748 EFTA01357787

on Resources Caa I (Neg WIACCO(Neg W) sedvsr 4 4 4 3 4 2 330 Seven Generations 83(Pcsyctc•(Stable) SEVGEN 2 4 4 4 4 4 3.67 An*rcan Permian caavcoc• AEPB 4 4 4 4 2 4 3.67 Magnum Hunter earStableyCCC(Neg) FAHR 4 4 4 4 4 4 4.00 Snot Dana* Sp* canopy** aroomave hence!' F

weighted basis (4.375% Sr Notes +320 STM). We maintain our BUY rating on both the bonds. Downside risks include possible leveraging acquisitions. Deutsche Bank Securities Inc. Page 61 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044604 CONFIDENTIAL SDNY_GM_00190788 EFTA01357809

erm this is largely offset by positive operating momentum. Also worth noting, given its extremely deep inventory in the highest IRR play in the US (Permian), Cimarex is the rare company that remains on the M&A radar for large integrateds despite the drop in commodity prices - this is observed by lookin