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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
pany' s research page. Investors are strongly encouraged to review this information before investing. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regu
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
ansactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated and
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
ansactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated and
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
ther retail investor receiving this directly from us, we ask that you inform us immediately. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
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 specifical
okup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA end SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
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
ther retail investor receiving this directly from us, we ask that you inform us immediately. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
Entities connected to both Moody's and Deutsche Bank Securities Incorporated

Deutsche Bank
ORGANIZATIONStandard & Poor's
ORGANIZATION
United Kingdom
LOCATION
Frankfurt
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONNippon
ORGANIZATIONthe Federal Republic of Germany
LOCATIONBaFin
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONDeutsche Securities Inc.(DSI
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
South Africa
LOCATION
Federal Financial Supervisory Authority
ORGANIZATIONthe European Central Bank
ORGANIZATION
Hong Kong
LOCATIONGerman Banking Law
ORGANIZATIONDeutsche Securities Korea Co.
ORGANIZATIONF&O Segment
ORGANIZATION