EFTA Document EFTA01385544

Deutsche Bank Risks ■ Glencore - GLEN.L: Variance in commodity prices or operating currencies from expectations are key risks to our earnings and valuation forecasts. On the downside, weaker commodity prices would have a significant negative sentiment impact and provide a deterrent to a re-rating. Glencore's key growth assets are in less politically stable regions than most - such as the Democratic Republic of Congo (DRC) and Equatorial Guinea - which introduces a higher degree of sovere