Epstein Secrets

ntyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Ch

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

with integration expertise • In 1980. Alain Bouchard purchased one convenience store in Canada. Today the company owns over 10.000 stores globally. Alain has a lot of skin in the game as most of his $3 billion net worth is invested in the company. As a matter of fact. all 4 co-founders own 20% of ATM

egment. Arconic. has a 10% EBITDA margin lag relative to PCP. which features a similar product catalogue) 2) Misunderstanding of quality nature of Alcoa's core businesses 3 ) Aluminum market may remain oversupplied. but alumina should be supportive (China will likely replace its high cost smelters.

sov Christian Angermayer Husodo Angkosubroto Alan Annex Paola Antonelli Platon Antoniou Leo Apot

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.

Eddy Bruyninckx Erik Brynjolfsson Amjad Bseisu Alan Buckle Jorgen Buhl Rasmussen Jerry Buhlmann S

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

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StTnitsion mot out DAlt TRACAC11011 OLSCRIP113,1 SYMBOUCIJSIP GUMMI MCI AtiCOLte NOMA TAYSAYER WOMER tl LAST STATMENT mt• 29. 2001 Can Alcoa CREW HAIM 07/02/01 06127/01 BOUGHT HOME DEPOT INC HO 1.500 47.57500 71482.50 CeECUT011 BY UISSW COMMISSION 105.00 07/02/01 06/27/01 BO

nd USD/CAD at 0.60, 0.50 and 1.45 respectively. Alan Ruskin (1) 212-250-8646 George Saravelos (44) 20

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