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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

troleum (HOLD-rated) as they otter significantly faster growth through FY 19E with lower cash burn when compared with their respective peers - QEP Resources (SELL-rated) and Whiting Petroleum (HOLD-rated). Among Lower Quality oily names, we note that most names (with the exception of EP Energy), are we

n the lower quartile on a liquidity-basis due to significant FCF burn over the next two years at current crude prices ($50-60/bbl cases). Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044571 CONFIDENTIAL SDNY_GM_00190755 EFTA01357792

rtile, three out of seven top ranking E&Ps in the liquidity screen have recently completed asset sales, namely Chesapeake (CHK), Newfield (NFX) and QEP Resources (QEP). Interestingly, looking at the bottom quartile, there are several credits that have recently completed liquidity enhancing activities relativ

erform, of which QEP is one. Upside risks include using cash on hand to pay down debt while downside risks include potential levering acquisitions. Deutsche Bank Securities Inc. Page 97 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044640 CONFIDENTIAL SDNY_GM_00190824 EFTA01357821

I3 January 2015 HY Corporate Credit Energy QEP Resources Relative value QEP Resources (QEP) divested its midstream business in October 2014 for 52.5 billion, and before it could make any major decisions on rewarding shareholders from