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k Alan Ruskin Daniel Brehon Dreusio GiacomoIli Guilherme Marone Singapore Sameer Goel Ma'like Sadie!eye Perry Kojodjojo Sydney Adam Boyton Tokyo Teisuke Tanaka Head of FX Strategy Bilel Hafeez Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P
s movements. Deutsche Bank AG/London Page 25 EFTA00610300 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-G
est:Kowloon. Hong Kong Tel: Steve Pollard Regional Head Americas Research 0-r-urscra-SmuntIr , 2-II-I Negated.* Sanno Park Tower Chryoda-ku, Tokyo 100-6171 Jag Tel The nfOrrnetth and opinions .erns repel wee prepared by Deesthe Bank AG Or one or is /llkia Anseenthey 1Ditailla• Banal Ter efOrn
David Fo!karts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deuto:he flank AC Deutsch
ankluit am Mem International Commerce Centre, Sanno Park Tower Corner of Hunter & Phi1Lp Sheets Germany 1 Austin Road West.Kowloco, Chiyoda-ku. Tokyo 1006171 Sydney. NSW 2000 Hong Kong Japan Tel: Australia Tel Tel: Tel: Dout&:he Bank AO lotukin r ibIlltAllt BOSE Sib; 1 Great Winchester
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head FICC Rosearch & Global Macro Economics Richard Smith and Steve Pollard Co-G
g Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsche Securities Inc 2-11-1 Nagatacho Sanno Park Tower Chivoda ku, Tokyo 1004171 Japan Tel (811 3 5156 6770 The oforrrean and apnea el dlr. repo, went papared by Oenoche Bank AG or roof a off beta pollenrea 'Nach
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsch, Pprili AG Deutsc
g Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsche Securities Inc 2-11-1 Nagatacho Sanno Park Tower Chivoda ku, Tokyo 1004171 Japan Tel (811 3 5156 6770 The oforrrean and apnea el dlr. repo, went papared by Oenoche Bank AG or roof a off beta pollenrea 'Nach
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsch, Pprili AG Deutsc
ew York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanaka Head of FX Strategy Bilal Hafeez Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P
ities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head G
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 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton
a-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464585 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head G
ntre, I Austin Road West.Kowtoco, Hong Kong Tel Steve Pollard Regional Head Americas Rosearch 2-II-I Nagatacho Sanno Park Tower Chiyoda -ku. Tokyo 1006171 Japan Tel: The PrOonklOn and °smear in tha tepon who taehtred by Drotsch• Bank AG or <meal es 'HMCO golipenreht 'Dynast Simi T e anormiton
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Michael Spencer Regional Head Asia Pacific Research International locations Praitsisho Bank AO Deutsc
nkfurt ant Main International Commerce Centre. Senna Park Tower Comer of Hunter & Phlllm SIFOOIS Germa 1 Austin Road West, Kowlcon, Cluyoda-ku, Tokyo 100-6171 Sydney. NSW 2000 TS: I Hal Kon Japan Australia Tel: ( Tel Tel: I (3e;tre‘: be Hank AC London LiBUILOIlt BOOK Se: anus'' Iry I G
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Marcel Cassard Global
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
Federation. Deutsche Bank AG/London Page 49 EFTA01466497 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche
Entities connected to both Tokyo and Guy Ashton

United States
LOCATION
Frankfurt
LOCATION
Sydney
LOCATIONChiyoda-ku
ORGANIZATION
Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONSteve Pollard
PERSONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSON
United Kingdom
LOCATION
New Zealand
LOCATIONMichael Spencer
PERSON
Kowloon
LOCATIONDeutsche Bank Research
ORGANIZATIONMarcel Cassard
PERSONDoug Band
PERSONRalf Hoffmann
PERSON
Richard Smith
PERSON
Alan Dershowitz
PERSON
Hong Kong
LOCATION