WESTERN EUROPE

chemicals

engineering

agrofood

ICT*

transportation

retail

servicestextile- clothing

downgraded

upgraded

metals

construction

energy

paper-wood

pharmaceuticals

automotiveEMERGING ASIA

metals

chemicalsconstruction

energyengineering

retailpharmaceuticals

services

agrofood

paper-wood

ICT*transportation

automotive

textile- clothing

downgraded

downgraded

NORTH AMERICA

metalsenergy

constructionengineering

agrofood

paper-wood

ICT*

pharmaceuticalsservices

downgraded

chemicals

transportation

retail textile- clothing

automotive

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* ICT, Information and Communication Technologies

Low risk Medium risk High risk Very high risk

SECTOR RISK • 3rd QUARTER 2015The temperature of 14 sectors in 3 of the world’s major regions

ENERGY“HIGH” RISK

• reduction of investments• major repercussions for

the players with less access to public fi nancing

•protection of leading oil companies due to their public nature

AUTOMOTIVE “MEDIUM” RISK

• slowdown in vehicle sales: only +2.6% in China over the last 8 months

• impact of the increased competition on the activity of manufacturers, who must adapt to a “new growth standard”

ENERGY : “HIGH” RISK

• suspension of the development of shale gas operations in some countries

• fall in oil prices: cuts in investments

ICT* “MEDIUM” RISK

Lower costs combined with the development of new video platforms thanks to:• stable demand•    strong private consumption• development of storage services

ENERGY : “HIGH” RISK

• fall in oil prices• drastic cuts in investments• high level of debt of exploration/production companies

• prices under downward pressure