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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
auer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectiv
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
auer Regional Head Guy Ashton Chief Operating Officer EFTA01464585 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectiv
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
Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01466498 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas R
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
auer Regional Head Guy Ashton Chief Operating Officer EFTA01464410 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectiv
Entities connected to both the London Stock Exchange and Steve Pollard

Frankfurt
LOCATION
Tokyo
LOCATION
Sydney
LOCATION
Deutsche Bank
ORGANIZATIONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSONChiyoda-ku
ORGANIZATIONMarcel Cassard
PERSON
Kowloon
LOCATION
Richard Smith
PERSON
United Kingdom
LOCATION
Moody's
ORGANIZATIONGuy Ashton
PERSONNippon
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONDeutsche Bank AG London
ORGANIZATIONStandard & Poor's
ORGANIZATION