Epstein Secrets

N AMERICA 37 Brazil — cheap but fundamentals continue to deteriorate 37 Mexico — expensive but still better than the alternatives 39 Chile — continued breakdown of the neo-liberal EFTA01466398 model 41 CEEMEA 42 South Africa — cheap currency but expensive equities Russia —

f Pharamstand and the tariff freeze which was imposed on the utility sector. Going forward, there are major risks for the big state owned banks and Gazprom if the economy continues to deteriorate, since these companies will be under an obligation to help the state fulfil its social obligations, regardl

dents were dispatched to the gulag or explicitly exiled by the Soviets, or jailed and murdered by traditional dictatorships like Augus- to Pinochet's Chile, today’s activists are checked by NGO regulations that control registration and foreign funding, laws that allow arbitrary restrictions on public pro

/story/2017/03/michael-flynn-lobby-turkey-235843. 21. Ben Stewart, “When Russia Declared War on Greenpeace: The Story of the Arctic 30 Captured on a Gazprom Drilling Platform and Sentenced to Years in Jail,” Independent, April 11, 2015, http://www.independent.co.uk/news/world/europe/when-russia-declared-

ities’ risk profiles e _ Bifurcation of sector valuation because of WACC changes e European gas price delinkage from oil e Ongoing renegotiation of Gazprom contracts e European utility non-regulated investments moving offshore e __ Erosion of the Italian power price premium e = New Italian water regul

White Paper CONFIDENTIAL e §=Latam Utilities Latin America will be a trading market for the next year or two. These markets, with the exception of Chile, are subject to significant government intervention, which follows long cycles; Brazil is early in the interventionist cycle (e.g., Brazilian Preside