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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
nts and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are based on a 12-month forecast period.. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298
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. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request
2016 Focus Europe: Dark clouds. no storm yet not disclosed according to the Financial Instruments and Exchange Law of Japan. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/00
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. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request
2016 Focus Europe: Dark clouds. no storm yet not disclosed according to the Financial Instruments and Exchange Law of Japan. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/00
New Zeeland: 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. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request
foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/00
Entities connected to both New Zealand Financial Advisors Act and Deutsche Securities Korea Co.

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