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sd-10-EFTA01458992Dept. of Justice

EFTA Document EFTA01458992

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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 201

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Dept. of Justice
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sd-10-EFTA01458992
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