EFTA01367360.pdf

31 May 2015 Integrated Oil US Integrated Oils Brazil Through 2017, no country has a greater ability to impact the outlook on Non- OPEC production growth than Brazil, which after years of delays, has begun generating meaningful growth from the Pre-Salt. Although we have haircut our outlook significantly, given the upheaval caused by the combination of lower oil price and political/corporate scandal, Brazil still represents nearly 400 Mb/d of production growth by 2017 (vs. 2014). See outlook and risks below. IFigute 72: Brazil Production Outlook, 2014-2020e (Mb/d) !Figure 7T Production by type (area chart o€ onshore vs. !shallow vs. deepwater (Mb/d) 3500 3000 2500 2000 1500 1000 500 0 2014 2015 2016 2017 2018 2019 2020 sOnshore s Shallow • Deepwater c Ultra-deepwater *Base • Growth Bus Sate. DaaeM. llera ned ;Ann OM Sager O ate Bo* Voted Met/Rona*. ISA Figure 74: Crude volume growth outlook by project !Figure 75: 2017 Production Swing (Beer vs. Bull) of status (Mb/d) I-300 Mb/d 4000 2900 I 4000 -I fete roe woo 220 moo I 2500 MOO I I 2000 200 1000 1900 SOO 1700 0 2014 2015 2015 2017 2018 2010 OWNS, Anal 1500 ale,* ear INNOOpinefil mom Pretetho 0444kOmml 44 ,015 Om Case •&no wry.; WI*, roe. prptas San inn Sea van inns* #54 San Ono. an. lace Into," £4 Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058893 CONFIDENTIAL SDNY_GM_00205077 EFTA01367360