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ated financial products or services are available only to Professional Clients, as defined by the Dubai Financial Services Authority. Australia and New Zealand: This research is intended only for 'wholesale clients' within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act
nts and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are based on a 12-month forecast period.. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298
n specific research disclosures and related information at https://australia.db.com/australialcontent/research-information.html Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand
2016 Focus Europe: Dark clouds. no storm yet not disclosed according to the Financial Instruments and Exchange Law of Japan. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/00
n specific research disclosures and related information at https://australia.db.com/australialcontent/research-information.html Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand
2016 Focus Europe: Dark clouds. no storm yet not disclosed according to the Financial Instruments and Exchange Law of Japan. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/00
DB FX Research and RBA Source: DB FX Research and RBA Page 26 Deutsche Bank AG/London EFTA01464521 28 February 2013 Exchange Rate Perspectives New Zealand (NZD bn ) Figure 1: The basic balance Figure 2: FDI flows Source: DB FX Research and Haver Source: DB FX Research and Haver Figure 3: Net Portfo
vestment business in the UK and authorized by the BaFin. This report is distributed in Hong Kong by Deutsche Bank AG, Hong Kong Branch, in Korea by Deutsche Securities Korea Co. This report is distributed in Singapore by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch, and recipients
alian specific research disclosures and related information at https://australia.db.com/australia/- content/research-information.html Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealan
of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298
Entities connected to both New Zealand and Deutsche Securities Korea Co.

Malaysia
LOCATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Deutsche Bank
ORGANIZATION
Moody's
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
Russia
LOCATION
Riyadh
LOCATION
South Africa
LOCATIONthe Dubai Financial Services Authority
ORGANIZATIONStandard & Poor's
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATION
Tower
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION