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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
cs 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 Regional Head Equity Research. Germany Steve Pollard Regional Head Americas Rese
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
s 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 Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Rese
15 Software & Services Alibaba 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 specific
cho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473330 Co-Global Heads Equity Research Andreas Neubauer Re
ction Pioneer Natural Resources 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 specific
curities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Re
y 2015 Biotechnology Retrophin 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 specific
urities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Re
ge 81 EFTA01476249 8 December 2015 World Outlook 2016: Managing with less liquidity 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
cho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA01476252 Equity Research Andreas Neubauer Regional Head Equity Re
50 Deutsche Bank Securities Inc. EFTA01476550 20 November 2015 US Equity Insights 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
cho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA01476553 Equity Research Andreas Neubauer Regional Head Equity Re
tions and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange EFTA01466496 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 specif
cho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01466498 Co-Global Heads Equity Research Andreas Neubauer Re
Entities connected to both Moody's and Ralf Hoffmann

Deutsche Bank
ORGANIZATIONStandard & Poor's
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATIONNippon
ORGANIZATION
New Zealand
LOCATION
United Kingdom
LOCATION
Tokyo
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Malaysia
LOCATION
Sydney
LOCATIONDavid Folkerts-Landau
PERSONMichael Spencer
PERSON
United States
LOCATIONDeutsche Bank Research
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONChiyoda-ku
ORGANIZATIONMarcel Cassard
PERSONDeutsche Bank Securities Inc.
ORGANIZATION