EFTA01357798

I3 January 2015 HY Corporate Credit Energy Commodity MI< Semen Despite bear oil markets, we still see oil mix driving higher per unit cash margin for the oilier E&Ps, especially a credit like offshore E&P Tullow (TLW) with significant assets in the development stage. We concede, in this analysis, E&Ps with long-dated and core natural gas reserves screen poorly here despite clear long term viability. For example, RRC, AR, and WPX are screened in the bottom quartile here despite roughly BB ratings. Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044582 CONFIDENTIAL SDNY_GM_00190766 EFTA01357798