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umentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
pany' s research page. Investors are strongly encouraged to review this information before investing. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regu
umentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
ansactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated and
umentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
ansactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated and
umentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
ther retail investor receiving this directly from us, we ask that you inform us immediately. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
cumentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Ba
okup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA end SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
umentation. "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 name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
ther retail investor receiving this directly from us, we ask that you inform us immediately. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA reg
Entities connected to both Nippon and Deutsche Bank Securities Incorporated

Deutsche Bank
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
Frankfurt
LOCATION
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATIONthe Federal Republic of Germany
LOCATIONBaFin
ORGANIZATION
United Kingdom
LOCATIONDeutsche Securities Inc.(DSI
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
South Africa
LOCATION
Federal Financial Supervisory Authority
ORGANIZATION
Hong Kong
LOCATIONthe European Central Bank
ORGANIZATIONGerman Banking Law
ORGANIZATIONDeutsche Securities Korea Co.
ORGANIZATIONF&O Segment
ORGANIZATION