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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
er 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 Deutsche Bank Research. Germany Andreas Neubauer Regio
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
Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna
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
er 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 Deutsche Bank Research, Germany Andreas Neubauer Regi
Entities connected to both Russia and Michael Spencer

Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
United States
LOCATION
Frankfurt
LOCATION
Sydney
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSONDavid Folkerts-Landau
PERSON
New Zealand
LOCATION
Malaysia
LOCATION
Kowloon
LOCATIONChiyoda-ku
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATION
Riyadh
LOCATION
Tower
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONDeutsche Bank Research
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATION