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

ch show superior growth-FCF equations compared to their peers. We acknowledge the top quality core assets of Higher Quality Oily names - but except Parsley (OAS: 248 bps), the other names (OAS: 179-213 bps) already rade inside the broader-BB index and it is therefore difficult to see much further upsid

% - 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

how superior growth-FCF equations compared to their peers. We acknowledge the top quality core assets of Higher Quality Oily names - but outside of Parsley these already trade inside the broader-BB index and it is therefore difficult to see much further upside. Neutral on Higher Quality gassy namos L

e with lower decline rates and lower general maintenance capex, despite the company's strategy of acquiring big and small assets alike frequently. Deutsche Bank Securities Inc. Page 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044562 CONFIDENTIAL SDNY_GM_00190746 EFTA01357785

t was not surprising to see more highly rated companies in the top quartile overall (CXO, HILCRP); however, it was surprising to see companies like Parsley (PE) and Penn Virginia (PVA) with CCC ratings there. Looking more closely at these two - they are in some of better US unconventional plays (Permia