Epstein Secrets

lts. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. Macroeconomic fluctuations often accoun

. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. Page 46 Deutsche Sank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120440 CONFIDENTIAL SDNY_GM_00266624 EFTA01459768

uest •Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendat

00 400 300 200 i00 0 67% 47% 2%16% Buy Hold Sail •Compenros Coyarea ■Cos. w/ Banking Relationship 111 North American Universe Page 60 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093311 CONFIDENTIAL SDNY_GM_00239495 EFTA01389072

quest Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters. Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendat

ny compensation for providing a specific recommendation or view in this report. Drausio Giacomelli/Hongtao Jiang/Guilherme Marone/Jed Evans Page 8 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087567 CONFIDENTIAL SDNY_GM_00233751 EFTA01386039

PO, not covered) is a relatively smaller Mississippian comp with a fraction of the liquidity of SD and about 1.5x turns more leverage (6.5x in 2016 Bloomberg consensus) - it trades at about 2x the spread of SD (51W: -2500 bps area). That said, looking at SandRidge, we don't see any visible catalysts on t

ry points in the name going forward. Upside includes better well cost reductions and higher type curves and lower than expected FCF burn. Page 112 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044655 CONFIDENTIAL SDNY_GM_00190839 EFTA01357829