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t authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member EFTA01464476 of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is dist
r the risks typical to options in addition to the risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba
nk AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is dist
stitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Deutsche Bank Securities Inc. Page 5 EFTA01464584 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International locations Deutsche Ba
nk AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange and regulated by the Financial Conduct Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is distr
t constitute, any appraisal or evaluation activity requiring a license in the Russian 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
t authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member EFTA01464411 of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is dist
risks typical to options in addition to the risks related to rates movements. EFTA01464408 Page 50 Deutsche Bank Securities Inc. EFTA01464409 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba
Entities connected to both the London Stock Exchange and David Folkerts-Landau

Frankfurt
LOCATION
Deutsche Bank
ORGANIZATION
Tokyo
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Sydney
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONChiyoda-ku
ORGANIZATION
Kowloon
LOCATIONMarcel Cassard
PERSON
Richard Smith
PERSON
United Kingdom
LOCATIONNippon
ORGANIZATION
Moody's
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New Zealand
LOCATIONGuy Ashton
PERSON
Malaysia
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONStandard & Poor's
ORGANIZATION
Bloomberg L.P.
ORGANIZATION