Epstein Secrets

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

ember has steadily increased its growth forecast to 6.2 Bcf/d by December. As our O&G Services analyst David Havens notes in his December 8th note, Woodmac has an even more aggressive estimate of +9 Bcf/d YoY growth with half of it driven by Appalachian. Woodmac expects Haynesville, which has seen a me

09 Pipeline gross exports NMI 0.56 Industrial 0.27 Power 0.91 Res/Com 1.42 Demand 5.20 (tOO) • 140 2.00 3.00 4.00 5.00 6.00 7.00 Deutsche Bank Securities Inc. Page 55 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086614 CONFIDENTIAL SDNY_GM_00232798 EFTA01385330

double by end-2019 to 9.6 Bcf/d • and would likely be key to keep the market balanced over the medium term in the face of continued supply growth. Woodmac, which is projecting much higher production (-2.8 Bcf/d higher than EIA) has a price forecast of 52.85 for 2018. The company sees the higher supply

.(1011,1400101 OW IS Wigs Fina•••••••••• OrinaMIti V al IPASMILn C••••••• MPS* II Nil all 0 it Sane Oatsets Sn lited Afecianoi Page 48 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058899 CONFIDENTIAL SDNY_GM_00205083 EFTA01367366

rom 2014 to 1H2015 yet with only 10% of the project's required capital invested as of YE 14. there is significant risk to further project slippage. Woodmac anticipates a further delay in FID to 4O15 with first oil production at FGP not expected until 2021 vs. the initial 2017 target date. FID decisions

% 0% 2005 AVE 2037 33309 2010 2011 2012 2013 2014 • Disc Raw re Woll613.16041 0%04 Co.. C4so Resew. Stang dint* Bs* 110005facitas 1 Deutsche Bank Securities Inc. Page 5/ CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058908 CONFIDENTIAL SDNY_GM_00205092 EFTA01367375

om the fields is mostly light (-37 API on average). The continued production ramp of the Tsimin field is likely the biggest spotlight in the group (Woodmac estimated -50 mboe/d in production from 2014-2017). Longer- term growth will be supported mostly by the heavy crude producing Ku- Maloob Zaap fields