Epstein Secrets

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

ttom quartile, there are several credits that have recently completed liquidity enhancing activities relatively recently like asset sales (SD, MHR, SAIVST), IPOs (SEVGEN) and capital raises (MHR). Despite this, these companies remain in the lower quartile on a liquidity-basis due to significant FCF bu

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from a BUY rating on those notes. Upside risks include an equity infusion from the sponsor, assets divestitures and/or distressed debt exchanges. Deutsche Bank Securities Inc. Page 101 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044650 CONFIDENTIAL SDNY_GM_00190834 EFTA01357827

ucture has already been set up to layer in additional second lien debt ($500 million), we see future layering as highly probable outcome. So, while SAIVST 9.75% Notes '20 bonds are trading in the 36/38 context, we do see further downside. We therefore move to a SELL from a BUY rating on those notes. U