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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
ptions) also bear the risks typical to options in addition to the risks related to rates movements. Page 12 Deutsche Bank AG/London EFTA00602244 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head
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
buted or published without Deutsche Bank's prior written consent. Copyright @ 2018 Deutsche Bank AG Deutsche Bank AG/London Page 7 EFTA00793998 David Folkerts-Landau Group Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Res
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
tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 25 EFTA00610300 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head F
Entities connected to both New Zealand Financial Advisors Act and David Folkerts-Landau

Deutsche Bank
ORGANIZATIONSteve Pollard
PERSONAndreas Neubauer
PERSON
Sydney
LOCATION
Tokyo
LOCATION
Frankfurt
LOCATIONMichael Spencer
PERSONChiyoda-ku
ORGANIZATION
Kowloon
LOCATIONDeutsche Bank Research
ORGANIZATIONRalf Hoffmann
PERSON
New Zealand
LOCATIONRaj Hindocha
PERSON
Richard Smith
PERSONDeutsche Bank AG - DIFC Branch
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATION
Tower
ORGANIZATION
Riyadh
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
Moody's
ORGANIZATION