EFTA Document EFTA01385542

Deutsche Bank Risks ■ ABB - ABBN.S: Key downside risks include continued M&A at high multiples, accelerated Chinese competition in T&D in overseas markets and prolonged macro weakness. ■ ArcelorMittal - MT.AS: Key risks are related to macro, steel prices, raw material costs, project development and FX rates. Should the improving leading indicators not translate into a recovery in economic performance as expected by DB, this provides a risk to demand for steel. Deviating commodity prices