EFTA01458992

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 30 The Minn Meet by 2.5 neap cape end cows whe offsets commodity 20 , The cycie starts price weakness to tum 15 10 05 00 but rot enough to onset the speedo. torreeny pee declines VI 2015 - - - - - - - - - the risk in 2016e is tot commodity PION conbnue to weaken. our bate caw seen sore awe sees tor sect producers 2011 2012 2013 2014 2015E 2010E 2017E —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 1200 bps 1000 800 530 ace 200 ..—.GtencoretY CDS spread 0 •••••1••• a of R R R r A 2 a a 4 in in „die 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