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retation and opinions submitted herein are not in the context of. and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company. (registered no. 07073-37) is regulated by the Capital Market Authority. Deu
ittee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deuts
retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company (registered no. 07073-37) is regulated by the Capital Market Authority. Deut
f EMEA Equity Research Andreas Neubauer Head of Research - Germany International Production Locations Dave Clark Head of APAC Equity Research Steve Pollard Head of Americas Research Global Head of Equity Research Spyros Mesomeris Global Head of Quantitative and QIS Research Pam Finelli Global Head
retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Risks to Fixed Income Positions Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promi
mmittee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deut
Entities connected to both Russia and Steve Pollard

Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
Frankfurt
LOCATIONAndreas Neubauer
PERSON
United States
LOCATION
Sydney
LOCATIONDavid Folkerts-Landau
PERSON
New Zealand
LOCATIONMichael Spencer
PERSON
Malaysia
LOCATIONChiyoda-ku
ORGANIZATION
United Kingdom
LOCATION
Kowloon
LOCATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATION
Riyadh
LOCATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Tower
ORGANIZATION