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and 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 Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Kor
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
rnational 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 Sasol Li
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.
Alghanim Mohammed F. Alghanim Yusuff Ali Kevin Ali Chairman Founder and Chairman Deputy Editor-in-Chief Minister of Trade and Investment of Nigeria President Founder and Chairman Professor of Medicine and Engineering President and Chief Executive Officer Professor of Computer Science Execut
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
Entities connected to both Nigeria and Alcoa

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