Epstein Secrets

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

a return was offered for moving out the risk spectrum. As shown below, the Higher Quality names on average have tightened by 61 bps (OAS) while the Mid Quality names have tightened by only 12 bps. This is only partly attributable to outperformance of better quality credits in the broader HY market - the si

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

ocus on the breakeven oil price needed to keep FCF neutral in a maintenance mode, along with downside asset valuations. Based on the above, in the Mid Quality space, we are positive on WPX Energy (BUY-rated) and Oasis Petroleum (HOLD-rated) as they otter significantly faster growth through FY 19E wi

% - outside of WLL, all others have covered >50% of their oil production. This makes sense considering all of them have expansive drilling Page 60 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086619 CONFIDENTIAL SDNY_GM_00232803 EFTA01385335

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Value in Lower Quality oily and select Mid Quality names After a year of major underperformance, we see relative value emerging in the Lower Quality Oily group - excluding BBG, all other names offer

r A8D Sane Convey drat Deurrite jut odnates positae revs.ons odcates noso9ve revrsons ',Orates largely neutral rrpact to gudarce levels Page 58 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086617 CONFIDENTIAL SDNY_GM_00232801 EFTA01385333

NA 9% CLR 225 240 NA NA 1960 1950 7% NA 0% Npx 0, 144 152 58 61 1120 1225 6% 6% 9% FE 65 68 46 48 1075 1075 4% 1% 0% Mid Quality VAX 108 112 54 61 945 1030 3% 12% 5% Su 114 '22 13 38 825 875 2% ' 0% LA 57 56 NA 26 530 630 2% NA 19% CP.80 49 54 3