of labor Statistics. Saud' Arabia spare capacity vs potential supply loss Thousands barrels per day 3.500 3.000 2.500 2.000 1.500 1.000 500 Libya & Algeria exports 0 1999 2001 2002 2004 2005 2007 2008 2010 Source: Bloomberg. 2 EFTA00610625 Eye on the Market I March 10.2011 J.P.M

ty against threats from ISIS and other militant groups) Figure 58: Longer-term, Iraq and UAE are expected to drive OPEC capacity increases ■Iraq •Libya stJAE *Other •NM OPEC OnoAh In Production CopyIty Sotto. Dana* as 0 Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. C

ets for now. While there are plenty of long-term structural challenges for many major economies - just ask China — for the moment there are no more Libyas left to explode. lEA action and the ongoing Saudi supply increases will neutralise what remains of the oil price's political risk premium. Second,

in and Sarkozy of France Visit Libya FYI As you can see Nicolas Sarkozy and Da=id Cameron took their second victory lap yesterday when they visited Libya= further cementing France and Britain's position as the countries whos= companies will receive favorable treatment when contracts are given in =he $