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02% ASS Sower Owen?. Sink Fn(. &bombe. Haw. LP Date 29 March 2018 Strategy Update Aleksandar Stojanovski Research Analyst +971-4-361-1786 VA Deutsche Bank AG/London Distributed on: 29/03/2018 03:12:07 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, inv
securities issued by the companies it covers. Deutsche Bank research analysts sometimes have shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Some trade ideas for equities are listed as SOLAR ideas on the Research Website I I , and can be found on the genera
this directly from us, we ask that you inform us immediately. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. Aside from within this report, important conflict disclosures can also be found at on each company' s r
S Research Pam Finelli Global Head of Equity Derivatives Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Mainzer Landstrasse 11-17 Filiale Hongkong 2-11-1 Nagatacho Level t6 60329 Frankfurt am Main International Commerce Centre, Sanno Park Tower
al 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 International Production Locat
h Raj Hindocha Global Chief Operating Officer Research Anthony Kleiman Global Head of Debt Research International locations Deutsche Oath AG Deutsche Bank Place level 16 Comer of Hunter & Phillip Streets Sydney, NSW 2000 Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head
Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Deutsche Banfr AG GmRe Gaflusstrage 10-14 60272 Frankton am Main Dositscho Sank AC, London Deutsche Bank Sacwitlec Inc 1 Great Winchester Street 60 WS Street Lo
ternational locations Deutsche Oath AG Deutsche Bank Place level 16 Comer of Hunter & Phillip Streets Sydney, NSW 2000 Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Deutsche Banfr AG GmRe Gaflus
Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research International Locations Drops: ho Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Germa ny Sydney. NSW 2000 Australia Michael Spencer Head of APAC Research Global Head of Economics
Drops: ho Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Germa ny Sydney. NSW 2000 Australia Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany [Om ho Bank AG Infok.t: I Gre
Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany International Production Locations rivutt:nnt Rank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: 161) 2 8258 1234 lAtth:cr,s, tn ntjg, 1 Groat Winchester Street
al Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Kleiman 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 Locat
h Raj Hindocha Global Chief Operating Officer Research Anthony Kleiman Global Head of Debt Research International Locations Dooitcho Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Atetratia Tel: 161) 2 8258 1234 Dina ho Bank AG L81)(k.r: I Great Winchester Stre
2 8258 1234 Dina ho Bank AG L81)(k.r: I Great Winchester Street London EC2N 2E0 United Kingdom Tel: 144) 20 7545 8000 Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany DOJO m Bank ;Oa Mainzer Lands
ative and OIS Research Pam Finelli Global Head of Equity Derivatives Research (Mom Bank AG Omani:he Bank AG i tUlt AS; tion“:N. S.noitie.; Deutsche Bank Place Mainzer Landstrasse 11-17 Finale Hongkong 2-11-1 Nagatacho Level 16 60329 Frankfurt am Main International Commerce Centre, Sanno Park Tower C
al 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 International Production Locat
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Frankfurt
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United Kingdom
LOCATION
Tokyo
LOCATION
Sydney
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSONDavid Folkerts-Landau
PERSONMichael Spencer
PERSONChiyoda-ku
ORGANIZATION
Kowloon
LOCATION
Hong Kong
LOCATIONRaj Hindocha
PERSONAmericas Research
ORGANIZATION
Dave Clark
PERSONPaul Reynolds
PERSONDebt Research
ORGANIZATIONSpyros Mesomeris
ORGANIZATIONMainzer
PERSONResearch - Germany
ORGANIZATIONAnthony Kleiman
PERSON