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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
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: 1998/003298/10). Singapore: This report is issued by De
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
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: 1998/003298/10). Singapore: by Deutsche Bank AG, Si
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
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: 1998/003298/10). Singapore: by Deutsche Bank AG, Si
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
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: 1998/003298/I0). Singapore: by Deutsche Bank AG, Si
Entities connected to both New Zealand Financial Advisors Act and Deutsche Bank AG Johannesburg

Deutsche Bank
ORGANIZATIONthe Kanto Local Finance Bureau
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Frankfurt
LOCATIONthe Federal Republic of Germany
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Moody's
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Riyadh
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ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
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