Epstein Secrets

y Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Saudi Arabia South Africa Turkey Ukraine United Ara

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

nment Alcoa Inc. USA Affairs Yolanda Cuba Non-Executive Director Reunert Ltd South Africa Daniel Joshua Global Changemaker British Council New Zealand Cullum H. Lawrence Culp President and Chief Executive Officer Danaher Corporation USA Nelson W. Managing Partner McLarty Associates USA Cun

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.

Russian Federation Co-Founder Matthew Grob Executive Vice-President and Chief Qualcomm USA Technology Officer Tim Groser Minister of Trade of New Zealand Bill Gross Co-Founder and Chairman eSolar Inc. USA Daniel Gross Global Business Editor Newsweek and The Daily USA Beast Jiirgen R. Founder

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