EFTA Document EFTA01385545

Deutsche Bank Risks ■ Royal Dutch Shell Plc - RDSa.L: Risks to the downside are now dominated by Shell's ability to reduce balance sheet debt and reposition the business, not least at a time when the company will be targeting material ($30bn) divestments. Divestments aside, project start ups are key - including Gorgon, Prelude and Kashagan. ■ RWE - RWEG.DE: Key downside risks include a further drop in the value of RWE's stake in innogy, lower power prices, a carbon tax, lignite closures