31 May 2015

31 May 2015 Integrated Oil US Integrated Oils Where is the growth coming from? While volume growth is coming from a variety of sources, the single largest drivers outside of the US onshore are clearly Brazil and Canada. Brazil, after years of delays and disappointment, is set to contribute -155 Mb/d per year from 2014-2020. And while the combination of lower oil price and political scandal has certainly elevated the risk profile, particularly in the out years, near-term schedules remain largely intact (see Brazil focus section on page 43). Excluding Brazil, crude production from the rest (ex-OPEC, US onshore) is projected to be relatively flat through 2020. Figure 13: ,_014-20 I 7 Cumulative Growth (Mbid) Figure 14 2014.2020 Cumulative Growth (Mbrkt Mexico MI Non-OPEC Mickile East Colombia ■ North Sea • Alaska r Caspian Sea India Europe Non-OECD Other Non-OECD Asia Angola Other FSU Australia Other Non-OPEC Latin America Other Europe OECD China Indonesia Other Asia OECD Malaysia ■ Non-OPEC Africa Russia GoM 10. Brazil Canada -400.200 0 200 400 600 800 Sane Deans Berk —..j Page 10 Mexico Non-OPEC Middle East North Sea Colombia Alaska Non-OPEC Africa Indonesia India Other Non-OECD Asia Europe Non-OECD Other Europe OECD Other FSU Russia Other Non-OPEC Latin America Other Asia OECD China Australia Malaysia Angola GoM Caspian Sea Brazil Canada Sotto* Dainthe Bert IJ■ ■ -500 0 500 1000 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058861 CONFIDENTIAL SDNY_GM_00205045 EFTA01367329