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furt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West,Kowloon, Chiyoda-ku, Tokyo 100-6171 Sydney, NSW 2000 Tel: (49) 69 910 00 Hong Kong Japan Australia Tel: (85212203 8888 Tel: (81)3 5156 6770 Tel: OH 2 8258 1234 Deutsch
March 2018 Saudi Arabia Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law and is subject to supervision by the Europea
erce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche B
held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank
g International Commerce Centre, 1 Austin Road West,Kowloon, Hong Tel: Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richa
held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank
Commerce Centre, 1 Austin Road West,Kowloon, HongliiiiIIIIIIIIIIII Tel: Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Rich
held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank
erce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche B
held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank
erce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche B
held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank
ity, Executive Research Director, Institute for International Policy Studies Tadashi Yamamoto, President, Japan Center for International Exchange, Tokyo, Pacific Asian Director, the Trilateral Commission Emilio Ybarra, Executive Chairman of the Board of Directors, Banca Bilbao-Vizcaya, Madrid Noriy
ra, Senior Vice President, Fuji Xerox Co., Ltd. Bunroku Yoshino, Senior Advisor, Institute for International Economic Studies, former Ambassador to the Federal Republic of Germany Lorenzo H. Zambrano, chief Executive officer, CEMEX, Monterrey Ernesto Zedillo, former President of Mexico Mortimer Zedillo, Chairman and Co-found
Entities connected to both Tokyo and the Federal Republic of Germany

Frankfurt
LOCATION
Deutsche Bank
ORGANIZATION
Prince Charles
PERSON
Sydney
LOCATIONLeon Black
PERSONChiyoda-ku
ORGANIZATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATION
New Zealand
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSON
Paul Ryan
PERSONDavid Folkerts-Landau
PERSONMichael Spencer
PERSON
Kowloon
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONBaFin
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATION
Joe Biden
PERSON
South Africa
LOCATION