Epstein Secrets

492 290 CEP 5.25%'23 Wanton 8 %Fusin 3.3x 101.0 5.03 280 525 303 OAS 6.875%73 1Aileton 3.8x 102.3 591 383 5.89 393 SIM 850%'23 Eagle Ford 8 Fbrrrian 4.6x 102.3 5.53 344 5.40 343 1ALL 6.25% '23 Weston 4.1x 100.8 6.07 386 6.15 396 1APX 5.25%'24 Fbrrrian 8 Waelcer 4.0x

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite [Figure 6: E&P peer group bond performance Group Bond Key Basins Uihedged Net ley (as 003 17) Price 1943ac-17 V1W

, lead to the below sensitivities in supply growth. These figures deal with onshore tight oil regions only (Anadarko, Bakken, Permian, Appalachian, Eagle Ford, Haynesville and Niobrara), excluding some conventional and all offshore production. Caveats are that the profile of rig count growth, particularly

• • • • 3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite The pessimistic shift in US supply data is ending Although US supply has slowly and surely turned back to growth, the ext

panded their footprint in their core basins - not just established Permian players, but also companies in second tier basins like Bakken (Oasis) or Eagle Ford (Sanchez). During this period, corporate strategies revolved around fundamental sector views (long term oil prices, preferred basins) and financial

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite HY E&P approaching a "normal" sector in the new normal oil market In the first two years following the dramatic collapse