Epstein Secrets

ated in United Kingdom, France, Germany, Italy, the Netherlands, Spain, Denmark, Finland, Sweden, Luxembourg, Austria, Ireland. Belgium, Portugal, Norway or Switzerland". Modified Calculation Agent Adjustment Modified Calculation Agent Adjustment Modified Calculation Agent Adjustment Party A Appli

nd oral communications with respect thereto. DEUTSCHE BANK AG IS NOT REGISTERED AS A BROKER DEALER UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934. DEUTSCHE BANK SECURITIES INC. ("DBSI") HAS ACTED SOLELY AS AGENT IN CONNECTION WITH THIS TRANSACTION AND HAS NO OBLIGATION, BY WAY OF ISSUANCE, ENDORSEMENT, GUARANTEE OR OTHERWI

cks. The foreign ownership is mostly by Asia sovereign wealth and oil related sovereign wealth. Also the biggest of oil related sovereign wealth is Norway (not Middle East) and we don't see those non- Middle East funds as forced sellers. 1.1% of S&P 500 market cap is owned by major Asian countries (Chi

% 1.5% BUT Bed lath & Beyond Inc Consumer Diuretic Specialty Rea 7.142 0.0% 0.0% 0.0% 1.5% 1.5% SOWN:el Rotenevve Pew or l0 DeielbaW Serra Deutsche Bank Securities Inc. l'acP2 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266391 DB-SDNY-0 120207 EFTA01459639

A NA Royal Dutch Shell PMO LN Premier Oil Plc OMV AV OMV Ag TLW LN Tullow Oil Plc Long Name EFTA01470803 Lundin Petroleum AB Country Sweden Norway Norway France Netherlands France Britain Netherlands Britain Austria Britain Energy Energy Energy Energy Energy Energy Energy Energy

Deutsche Bank. These trading and investment ideas are not necessarily consistent with trading and investment ideas provided by other persons within Deutsche Bank Securities Inc. or with the views of the Research Department of Deutsche Bank. This is not an offer, recommendation or solicitation to buy or sell, nor is it an o

survey ranks the ruble twelfth in FX turnover with a 1.6% total FX share, the third most liquid EMFX currency behind China and Mexico (and ahead of Norway in the G10). Onshore RUB products FX spot Avg. ticket size: Bid/ask spread: Avg. daily volume: Ref. source: Trading hours: FX forward swap

Avg. ticket size: USD 10mn Liquid tenors: <1Y Bid/ask spread: Avg. daily volume: Ref. source: RUB 0.10-0.30 USD 300mn Reuters page <DBMP> Deutsche Bank Securities Inc. Page 79 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00223066 DB-SDNY-0076882 EFTA01379417

e of the US onshore) concentrated in exploration budgets and deferrals of major project spend, with limited impact on near-term production levels. Norway: Exhibit A In some ways, Norway is a microcosm of the larger global picture. Largely synonymous with mature declining assets, averaging 6% YoY decl

th barrels, with nearly 380 Mb/d expected online between 2015-2017, vs. an average of 35 Mb/d of annual, projected driven increase from 2009-2013. Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058854 CONFIDENTIAL SDNY_GM_00205038 EFTA01367322

cton w Etrawen ar SenfneOurirdrpnApol • pub•0001 In our view, brownfield spend is likely to benefit from local currency devaluations. If we look at Norway as a example, our FX team forecasts a NOK to USD exchange rate of 8.2 for 2015 a drop of -25% in the value of the Krone YoY. If we assume that 20%

% 30% 40% % of Spend Denominated in Local Currency Sower Dash., Ark Moe hArcionno. Afar Analyse Awn.. Target Al% YOY Owe Coro Na Spred Page 16 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058867 CONFIDENTIAL SDNY_GM_00205051 EFTA01367335

ine rates (adjusting for outages and growth projects) averaged ^RN; however 2014 saw a reduced decline rate of - 6.S% as re developed projects in Norway began tampon r - -: i j 1 I - - I m I 2012 203 2014 oDechne OACtual San* Deaths &ink abeenbrit UK wand Git 11inegion RefiSurn Oinatnilt M

1 I - - I m I 2012 203 2014 oDechne OACtual San* Deaths &ink abeenbrit UK wand Git 11inegion RefiSurn Oinatnilt Med Maabliniii 1 Page 22 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058873 CONFIDENTIAL SDNY_GM_00205057 EFTA01367340

is primarily driven from re-developed mature assets (Ekofisk II) as well as from the bringing on-line of several growth projects in both the UK and Norway. However, the longer-term viability of North Sea production growth is most strongly correlated with the successful (i.e. timely) development of the

4 MS }It Ff., t' P 9 U %orb]. fernil%orth1t, u016nnant Sao. Lb*, Gw.toperia: 41 nu z.".” a a San* Onwl* ark Woo0 Moat:nee Page 60 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058911 CONFIDENTIAL SDNY_GM_00205095 EFTA01367378

ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent