EFTA01458992.pdf

8 December 2015 World Outlook 2016: Managing with less liquidity !Figure 16: Large cap• miner net debt to EBITDA !Figure 17: Glencore IY CDS spread Rem 1200 bps but rot enough to onset the ..—.GtencoretY CDS spread 30 speedo. torreeny pee declines VI 2015 1000 The MinnMeet by 2.5 neap cape end cows 800 --------- whe offsets commodity 20 , The cycie starts price weakness 530 to tum the risk in 2016e is tot 15 commodity PION conbnue ace to weaken. our bate caw 10 seen sore awe sees 200 tor sect producers 0 •••••1••• „die 05 a of in in R R R 00 a 4 r 2011 2012 2013 2014 2015E 2010E 2017E A 2 a —Base Oat Atte *WOW 1.006.0 SW Rea &riot weeny Alia NS. Cat await 504toivn app. MOO AM•00101/04 Wit Sane Owed* Bern COPTiCrfill.a Sane Dent* Sent Retina. &cornrow lawn LP Grant Sporre, (44) 20 754 58170 Michael Hsueh, (44) 20 754 78015 Page 66 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119173 CONFIDENTIAL SDNY_GM_00265357 EFTA01458992