Investment Goldman . . C Management ac Iranian Oil Production Has Plummeted Dist 5.0 ——Production — — Exports (3-Month Moving Average) 4.5 - Jan-12 May-18 EU agrees to ban US Withdraws 4.0 - Iranian oil imports 38 en JCPOA 35 | Nov-18 Jul-15 US sanctions—s> > JCPOA Signed go into effect 3.9 -Jul-12 NX z Ban imposed 2.6 2 : “ fo5 by US and allies «. fs» SF * 2.6 2“* | goes into effect N74 "yal J = 2.0 : ‘ 1.5 \ Vs 1.0 ie - 0.5 - a 0.0 - 2011 «2012, 2018-2014. s«2015-s 2016S 2017 —Ss«2018 =~ 2019 = Since the US withdrew from the JCPOA in May 2018: — franian oil production has fallen by 1.2 million b/d — Exports have fallen from 2.6 million b/d to 0.5 million b/d month-to-date in May (0.9 million b/d on a 3-month moving average) = Tran will continue to send a few hundred thousand b/d of oil exports despite harsh US secondary sanctions. Source: Investment Strategy Group, Bloomberg, cFlow Data (Platts Global Crude). 18 HOUSE_OVERSIGHT_026957