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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
search Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Andreas Neubauer Regional Head Equity Research. Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deut
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
arman 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 International Production Locations Dave Clark Head of APAC Equity Research Steve Pollard Head of Americas Research
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
earch Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deut
Entities connected to both Russia and Andreas Neubauer

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