Epstein Secrets

nons at oceans' OS M9fS Me Iowan *ta men SOOMOWO caws. pomp* on* AMPPOCAIRLICCI.CAO.PANG,EPELPSCN.AIMAIPO,OASPEPVANOSESA<SCYC4N,5147101.71W•xf inPx Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044564 CONFIDENTIAL SDNY_GM_00190748 EFTA01357787

et '16 PV-10 to fiat 1313 IS 16 Adi. Cash '16 Overall Company Credit Rating Ticker Leverage Net Debt 50025 Hedging Marlin Mu Ranking Newfield Bal(StableYBES(Stable) NFX 1 1 I 1 2 1 1.17 EP Energy B2A3 EPE 2 2 1 1 1 1 1.33 Hiloxp Energy Ba3 MB. HL 1 1 4 1 2 1 1.6

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

king at the top quartile, 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 enha

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

e BB-rated credits with upwards trajectory related to possible M&A like Cimarex (XEC, BUY-rated) and to development of new higher margin plays like Newfield (NFX, BUY-rated) in the SCOOP/STACK. We believe both of these credits still also have IG upgrade potential even in this market. Lastly, one of the