it is based on listed option prices ■ Market Neutral: The strategy is constructed using a basket of options and implies no directional exposure to Brent front month prices ■ Rebalancing: The index is rebalanced every year to provide equal exposure to the 3 sub-indices once a year. The rebalance date

on to Perform. Deutsche Bank El EFTA_R1_02151765 EFTA02716191 DB Brent Short Volatility II Index Summary ■ Rationale: Historically, on average Brent implied volatility has been higher than subsequent realized volatility. In other words, historically implied volatility has priced at a premium. Thi

ract ■ Dynamic delta hedging on the options i Short position in 3-month straddles on the respective Roll Dates + Hedge by buying delta amount of Brent futures 1 Sub Index I Rebalancing ■ Rebalanced to equal weights every year on the option expiry of December contract v Sub Index II i Sub In

TC closed out 1/2 of this =osition (4,430 AAPL at 469.58). The profit realized was $62,511. 2) On 4/19/13 SFLLC wrote a put on 100,000 Barrels on Brent oil at =7.5 and went long on 100,000 Brent oil at 111. Both contracts mature =n July 11, 2013. This trade was cashless (spot was 99.25 on 4/19/13, =

AAPL at 469.58). The profit realized was $62,511. 2) On 4/19/13 SFLLC wrote a put on 100,000 Barrels on Brent oil at =7.5 and went long on 100,000 Brent oil at 111. Both contracts mature =n July 11, 2013. This trade was cashless (spot was 99.25 on 4/19/13, =urrent spot is 101.68) ($86,000 cost and $

5 $50 $55 $60 $65 $70 $75 $80 Figure 4: Brent now expected to settle at —$50 at 2016 EFTA01476308 end and stay under $60 even by 2018 end Brent futures prices over time $40 $45 $50 $55 $60 $65 $70 $75 $80 Dec 2015 Dec 2016 Source: Bloomberg Finance LP, Deutsche Bank Dec 2017 Dec

ime $35 $40 $45 $50 $55 $60 $65 $70 $75 $35 $40 $45 $50 $55 $60 $65 $70 $75 $40 $45 $50 $55 $60 $65 $70 $75 $80 Figure 4: Brent now expected to settle at —$50 at 2016 EFTA01476308 end and stay under $60 even by 2018 end Brent futures prices over time $40 $45 $50 $55 $

the maturity of the debt, the more toxic this combination becomes. If we were to assume an EV of USD100bn for Petrobras in 2020 (4x EBITDA) with a Brent price of USD50/bbl and USDBRL of 4.7, the EV-implied recovery to unsecured debt (assuming no haircut to secured debt) would be about 55% if we assu

cess cash at the end of 2015 (assuming a minimum cash position of USD5bn), USD20.30bn of asset sales (hard to assume anything above UD30bn with the Brent price below USD55flabl) and up to USD60bn of bank debt rollovers. We believe the execution risk for the company's refinancing challenge beyond 2020

vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as well as in commodity carry. • We expect the gasoline spread to Brent to narrow further over the coming weeks as refinery maintenance season come

ns have moved back to pm-crisis levels, and are thus more "normal", where local supply and demand conditions drive prices. We are short gasoline vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as

repay these bonds is actually lower; probably around USD14-I 5bn, while the funding gap to repay the '16s is lower than USD4bn. Even if we assume a Brent price of USD40/bbl, the cumulative funding gap to repay the '16s and '17s would still be manageable, at less than USD5bn and about USD I 5-16bn, re

nk debt maturities next year). We forecast a cash burn of USD10bn (mainly due to working capital uses) and USD10bn of asset sales in 2016, assuming Brent of USD50/bbl and USDBRL of 4.2. In 2017, we forecast a cash burn of USD6bn (stable working capital) and USD3bn of asset sales. Since the company wo

major prospective projects (non- OPEC. non-shale), especially deepwater, will likely keep a lid on oil prices. Between 04 16 and 03 17, breakeven Brent oil price (10% discounted) of major pre-FID projects have fallen from $53/bbl to $46/bbl. For new Canadian oil sands projects, 365 (Brent) could b

breakeven Brent oil price (10% discounted) of major pre-FID projects have fallen from $53/bbl to $46/bbl. For new Canadian oil sands projects, 365 (Brent) could be a threshold for additional supply kicking in. US net gas normal winter key to absorb coming production surge For most of this year, th

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iaries? (77 Yes, provide details below and contact pearfrigt Ores Web fiatemfirrt7)or the Reprdatwy Control Prop and natty Compiacer in ) G. Does Brent have financial interactions the or related party any or other association / within by the Pike Foreign Assets Control O Yes n No countrie

Brent

balances point to deficits of 210 kbd in 2017 and 90 kbd in 2018. We lower our WTI forecasts to average $47 this year and $50.bbl next year. We cut Brent to $50 this year and $52bbl in 2018. We now beleve oil stays in contango by yearend. but see a WTI forward anchor al $45.50 and S5 backwardation by

6 +0000 Infirm-Images: image004.png; image005.png; image002.jpg Classification: Confidential Jeffrey, We looked into correlation of Jet Fuel with Brent, WTI and heating oil. See the correlation of weekly returns since Jan- 2012 below: With WTI: 80% With Brent: 88% With Heating oil: 82% Jet Fuel,

ent Assistant Coach and Defensive Coordinator at New Canaan High School. Joining Will on staff this summer is Fairfield University alum Brent Adams. Brent was a 2012 All-American selection and two time All-ECAC First Team selection following his 2011 and 2012 seasons with the Stags. In September of 201

the block. This legacy seller was 90perc of the stocks selling volume in 2017. Which is amazing enough. At current values. and massive leverage to Brent. Jadestone has a run rate of 530+mm of cash flows and free cash flow and zero net debt(S80mm EV). The company just hedge sane of thei 2018 productio

ult of the shale boom, WTI futures on the New York Mercantile Exchange remain at a discount of about $7 a barrel to their European counterpart, the Brent contract on ICE Futures Europe's London-based exchange. WTI was at $103.74 a barrel as of 4:13 p.m. London time. Islamist Insurgency. "The shale pr

esia Default protection • To protect against potential emerging risks in Asia, look to add to Indonesia CDS even at current levels around 190bps. Brent Puts: • Add short Brent positions to protect against a global recession • Since oil's peak at the beginning of May this year, WTI has declined ov

ut March 2013 and at least in or about April 2013, in the Southern District of New York and elsewhere, CLAUDIUS ENGLISH, a/k/a "Jay Barnes," a/k/a "Brent English," the defendant, in or affecting interstate and foreign commerce, recruited, enticed, harbored, transported, provided, obtained, advertise

esia Default protection • To protect against potential emerging risks in Asia, look to add to Indonesia CDS even at current levels around 190bps. Brent Puts: • Add short Brent positions to protect against a global recession • Since oil's peak at the beginning of May this year, WTI has declined ov

From: "Barrett, Paul S" To: Jeffrey Epstein <[email protected]> Subject: RE: Anything to do on Brent? Date: Wed, 13 Feb 2013 13:50:52 +0000 ok Paul Barrett I Manaoina Director 1 Global Investment Opportunities Group I J.P. Morgan Private Bank I F

From: "Barrett, Paul S" To: Jeffrey Epstein <[email protected]> Subject: RE: Brent pricing Date: Tue, 01 May 2012 13:36:26 +0000 > So confirm - you would like to do the Sept contract on 250,000 barrels. Would you like to keep the