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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 specifically designated in t
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
e 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 specifically designated in the
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
e 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 specifically designated in t
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
e & Services Alibaba 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 specifically designated in th
3329 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets
eer Natural Resources 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 specifically designated in th
3352 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets
technology Retrophin 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 specifically designated in th
3408 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets
1476249 8 December 2015 World Outlook 2016: Managing with less liquidity 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 specifically designated in th
G/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero
e Bank Securities Inc. EFTA01476550 20 November 2015 US Equity Insights 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 specifically designated in th
Page 51 EFTA01476552 David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets
other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange EFTA01466496 fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifically designated in
466497 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets
Entities connected to both Standard & Poor's and Michael Spencer

Deutsche Bank
ORGANIZATION
Moody's
ORGANIZATION
Sydney
LOCATION
Frankfurt
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Tokyo
LOCATIONDavid Folkerts-Landau
PERSONNippon
ORGANIZATION
Alan Dershowitz
PERSON
Kowloon
LOCATION
Bloomberg L.P.
ORGANIZATIONChiyoda-ku
ORGANIZATIONDeutsche Bank Research
ORGANIZATION
United Kingdom
LOCATIONRalf Hoffmann
PERSONthe Kanto Local Finance Bureau
ORGANIZATION
Malaysia
LOCATION
United States
LOCATIONMarcel Cassard
PERSON