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(81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473330 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regiona
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regiona
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
okyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regiona
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
Entities connected to both Richard Smith and Federal Financial Supervisory Authority

Deutsche Bank
ORGANIZATION
Frankfurt
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONSteve Pollard
PERSONDeutsche Bank AG Johannesburg
ORGANIZATIONAndreas Neubauer
PERSON
Tokyo
LOCATION
Sydney
LOCATION
United Kingdom
LOCATIONthe Federal Republic of Germany
LOCATIONDavid Folkerts-Landau
PERSONDeutsche Securities Inc.(DSI
ORGANIZATIONBaFin
ORGANIZATIONMarcel Cassard
PERSONMichael Spencer
PERSONRalf Hoffmann
PERSONDeutsche Bank Research
ORGANIZATIONChiyoda-ku
ORGANIZATION
Moody's
ORGANIZATION
Kowloon
LOCATION