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Epstein File EFTA01461999: Deutsche Bank (DS10)

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This document is a financial analysis report from Deutsche Bank Securities Inc. containing charts and data regarding US propane to propylene spreads from Q1 2008 through Q4 2014 (with Q3 and Q4 2014 marked as estimates). The document references pricing analysis from Deutsche Bank, Eastman, and IHS Chemical sources.

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Excerpt 1
Source **Deutsche** **Bank** Figure 2: US Propane to Propylene spread (c/lb) in poised to fall in Q3'14 VS 02'14 due to modestly higher propane prices 45 40 35
Excerpt 2
Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314E Q414E Source: **Deutsche**
Excerpt 3
**Bank**, Eastman, IHS Chemical **Deutsche** **Bank** Securities Inc.

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