a WTI forward anchor al $45.50 and S5 backwardation by next summer. Our key forecasts 3017 4Q17 1Q18 2018 3m Libor 1.35 1.60 185 2.10 10y Thole 2.60 2.85 285 245 toy Efund 0.50 0.55 OR 0.60 EUR4JSD 1.10 1.08 1.10 1.10 USD4PY 119 117 117 115 LtSCi•CNY 6.95 7.05 7.10 7.1

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