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he purchase of financial products and/or services, customers should carefully read the relevant disclosures. prospectuses and other documentation. 'Moody's". "Standard & Poor's". and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless 'Japan' or 'Nippon' is specifi
New Zealand: This research, and any access to it. is intended only for 'wholesale clients' within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifica
hority. Australia and New Zealand: This research is intended only for 'wholesale clients' within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act, respectively. Please refer to Australia-specific research disclosures and related information at Where research refers to any particular financial
the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", 'Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifi
New Zealand: This research, and any access to it, is intended only for 'wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
re price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifi
New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
re price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifi
New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifi
New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject companylies) and its(their) secu
Entities connected to both Moody's and New Zealand Financial Advisors Act

Deutsche Bank
ORGANIZATIONStandard & Poor's
ORGANIZATION
New Zealand
LOCATIONNippon
ORGANIZATION
Malaysia
LOCATIONthe Dubai Financial Services Authority
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATION
Tower
ORGANIZATION
Riyadh
LOCATION
Frankfurt
LOCATIONDeutsche Securities Saudi Arabia
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
Russia
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Norway
LOCATIONthe Dubai International Financial Centre
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Federal Republic of Germany
LOCATION