Epstein Secrets

b 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 economies Global 2015F 2.4 0.7 1.5 1.7

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

AP) International Organization for Migration (IOM) Invesfissement Quebec Canada Netherlands USA USA USA USA USA Netherlands South Africa Vietnam Nigeria United Kingdom USA USA Hikma Pharmaceuticals Limited St Mary's Hospital Intel Corporation Linklaters LLP Frontier Advisory Ply Ltd

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.

ntor Majority Leader and Congressman from Virginia (Republican), 7th District, USA Cao Duc Phat Minister of Agriculture and Rural Development of Vietnam Geoffrey Cape Chief Executive Officer and Founder Evergreen Canada Alfredo Capote Managing Director, Head of Investment Citi Mexico Banking,

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

CPI CA bal., % GDP Fiscal bal., % GDP Taiwan GDP CPI CA bal., % GDP Fiscal bal. % GDP Thailand GDP CPI CA bal., % GDP Fiscal bal., % GDP Vietnam GDP CPI CA bal., % GDP Fiscal bal. % GDP Source: Deutsche Bank Research 7.0 1.4 3.3 1.8 2.8 -3.2 2.5 3.1 0.6 2.4 7.3 4.9 -1.3 -3.9

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