Epstein Secrets

a 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 Advanced economies EM eco

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

ontier Advisory Ply Ltd Sasol Limited London School of Economics and Political Science BT Group Plc United Kingdom Applied Materials Inc. USA Sri Lanka Jordan United Kingdom USA United Kingdom South Africa South Africa United Kingdom White Hat Ventures USA The Dow Chemical Company USA The

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.

Derek Aberle Executive Vice-President and President, Qualcomm Technology Licensing Qualcomm USA Asanga Executive Director Lakshman Kadirgamar Sri Lanka Abeyagoonasekera Institute for International Relations and Strategic Studies Reuben Abraham Executive Director. Centre for Emerging Indian Scho

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

GDP Fiscal bal., % GDP Singapore GDP CPI CA bal., % GDP EFTA01476069 Fiscal bal., % GDP Korea GDP CPI CA bal., % GDP Fiscal bal., % GDP Sri Lanka GDP CPI CA bal., % GDP Fiscal bal., % GDP Taiwan GDP CPI CA bal., % GDP Fiscal bal. % GDP Thailand GDP CPI CA bal., % GDP Fiscal bal., %

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