Epstein Secrets

nd Satellite Aar.-.1 Watts Research AneYst )10d Wvii Research Analyst Sean•rd Wrsidrack Research Analyst 4n(Iniw :.,st net! Research Analyst Deutsche Bank Securities Inc. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0

ry 2018 Andrew Casella Research Analyst iddrs Highsmith Research Analyst • Building Products Hollando. CFA Research Analyst • Chemicals • HY Energy • Gaming and Lodging KIJr4nin II • Healthcare Research Analyst • Media / Business Services Retail, Consumer and Food r...enflrev IvIr.kinne

rgy vs VVT1 price movements 6000 $70 s000 seo 4600 $50 BB 6660/ —HY 66671 —B &SD Sans DanowSitat Bernivg Anne* LP — CCGEnergy —W1I Page 46 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086605 CONFIDENTIAL SDNY_GM_00232789 EFTA01385321

-213 bps) already rade inside the broader-BB index and it is therefore difficult to see much further upside. I Figure 5: Historical spread levels: HY Energy, 66 Energy, 8 Energy and CCC Energy vs VVT1 price movements 6000 $70 s000 seo 4600 $50 BB 6660/ —HY 66671 —B &SD Sans DanowSitat Bernivg Anne

these names have driven solid improvements to their opex/capex cost structure in recent years driving down FCF breakeven oil price substantially. Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086603 SDNY_GM_00232787 EFTA01385319

ge scale overhaul of the asset portfolio (mainly a shift to Permian). By early 2017, the revamped corporate strategies were largely in place. The HY Energy index is currently trading only modestly wide of the broader HY index (50 bps wider), a far cry from the >1,000 bps gap in early 2016. Meanwhile,

enn Lan [Figure 29: HY Energy 2017 issuance by quarter 1111 OI17 WI7 Wag 0417.010 Sean C— an Sans C— an • See* Notes • Tarn took Page 62 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086621 CONFIDENTIAL SDNY_GM_00232805 EFTA01385337

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite HY Energy debt market activity in FY 17 The HY Energy bond issuance market activity gained back momentum this year after a semi-hiatus over the last two year

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

vestitures). By early 2017. broad financial and portfolio strategies for most companies were largely in place. Post-OPEC deal in November 2016, the HY Energy sector was trading only 25 bps wide of the broader HY index, reminiscent of spreads seen during 1H 14, and a far cry from the >1,000 bps gap in ear

it to that increased liquidity either because there's a perception that more capital is needed or on a macro basis, that we just aren't there yet. Deutsche Bank Securities Inc. Page 41 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044584 CONFIDENTIAL SDNY_GM_00190768 EFTA01357800

DB HY Energy E&P Index, and maintain this recommendation. Last year, the DB HY Energy E&P Index was the worst performing sub-sector in high yield. HY Energy was down -6% for the year, which compares to overall HY being up -3.5%. In particular, we see little room for E&P subsector outperformance as these