Epstein Secrets

nia Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela G7 Adva

800 1000 1200 0 2011 2012 2013 Base case 2014 2015E 2016E Risk case Note: *Mkt cap weighted BHPB, Rio, Barrick, Freeport, Alcoa, Norilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Fi

200 400 600 800 1000 1200 0 2011 2012 2013 Base case 2014 2015E 2016E Risk case Note: *Mkt cap weighted BHPB, Rio, Barrick, Freeport, Alcoa, Norilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Resear

World Economic Forum Vice-President, Policy, Government and Chevron Corporation Public Affairs Founder and Chief Executive Officer Cinepop USA Philippines Switzerland People's Republic of China People's Republic of China People's Republic of China People's Republic of China USA USA Philippines

or and Political Commentator Vice-President, Intel Capital and Managing Director Senior Editor-at-Large President Group Chief Financial Officer. Alcoa Global Rolled Products Chairman of the Board and Managing Officer Chief Executive Officer Chief Executive Officer Executive Chairman Albert L.

n Aaser Chairman of the Board Telenor ASA Norway Florencio Abad Secretary of Budget and Management, Department of Budget and Management of the Philippines Mhammed Abbad Founder Al Jisr Morocco Andaloussi Faisal J. Abbas Editor-in-Chief Al Arabiya News Channel, English Service United Arab Emira

and Chief Executive Officer Director Ambassador Extraordinary and Plenipotentiary, Permanent Representative of Latvia Executive Vice-President, Alcoa, and Group President, Engineered Products and Solutions Professor Acting Chief Executive Officer Founder and Executive Director Chief Executive

the same as the last couple of years. There may be further slowing of China, but India and Indonesia could see growth accelerate, Malaysia and the Philippines could maintain trend growth, and the rest of Asia could see less disappointment. Indeed, our forecast for the next two years assumes such a path. W

s taken the industry lead in the base metals, with cuts of 500kt in mined zinc (c.3.5% of the market) and copper (c.2% of the market). In aluminium Alcoa announced cuts of 500kt (1% of global supply), but we think more cuts from China is needed to be truly effective. More recently, Chinese smelters