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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
er Research Marcel Cassard Global Head FICC Research & Global Macro Economics 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 Regio
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
Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna
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
er Research Marcel Cassard Global Head FICC Research & Global Macro Economics 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 Regi
Entities connected to both New Zealand Financial Advisors Act and Michael Spencer

Deutsche Bank
ORGANIZATIONAndreas Neubauer
PERSON
Sydney
LOCATION
Tokyo
LOCATIONSteve Pollard
PERSONDavid Folkerts-Landau
PERSON
Frankfurt
LOCATION
Kowloon
LOCATIONChiyoda-ku
ORGANIZATIONDeutsche Bank Research
ORGANIZATIONRalf Hoffmann
PERSONRaj Hindocha
PERSON
New Zealand
LOCATIONDeutsche Bank AG - DIFC Branch
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATION
Riyadh
LOCATIONthe Qatar Financial Centre
ORGANIZATION
Tower
ORGANIZATION