4
Shared Docs
4
Same-Page
10 / 4
Mentions
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
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 Corner of Hunter & Phillip Streets Germany
eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and
l Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Tel: D t iei n n London EC2N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United S
rector 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 (collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained from public source
ider this report in deciding to trade on a proprietary basis. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of th
N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United States of America Tel: Deutsche Bank AG Filiale Hongkong Hong Kong Tel: Deutsche Securities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany
Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsch, Pprili AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Australia Tel:161) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester St
2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsc
Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsch, Pprili AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Australia Tel:161) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester St
2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsc
Entities connected to both Deutsche Bank and Filiale Hongkong

United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Moody's
ORGANIZATION
United Kingdom
LOCATION
Tokyo
LOCATIONSteve Pollard
PERSON
New Zealand
LOCATION
Sydney
LOCATIONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONNippon
ORGANIZATIONDoug Band
PERSONMichael Spencer
PERSONDeutsche Bank AG Johannesburg
ORGANIZATION
Target
ORGANIZATIONChiyoda-ku
ORGANIZATIONMarcel Cassard
PERSON
Kowloon
LOCATION