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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
he 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 Bank AG Deutsche Bank Place Australia Te
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
equiring 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 Bank AG Deutsche Bank Place Level 16 Cor
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
g 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 Bank Research, Germany Richard Smith and Steve Pollard
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
ks 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 Bank AG Deutsche Bank Place Australia TD
Entities connected to both the London Stock Exchange and Marcel Cassard

Frankfurt
LOCATION
Deutsche Bank
ORGANIZATION
Tokyo
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Sydney
LOCATIONDavid Folkerts-Landau
PERSONChiyoda-ku
ORGANIZATION
Richard Smith
PERSON
Kowloon
LOCATION
New Zealand
LOCATION
United Kingdom
LOCATION
Malaysia
LOCATION
Moody's
ORGANIZATIONNippon
ORGANIZATIONGuy Ashton
PERSONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONDeutsche Bank AG London
ORGANIZATIONthe Federal Republic of
LOCATION