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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
Andreas Neubauer Head of Research - Germany International Production Locations Dave Clark Head of APAC Equity Research Steve Pollard Head of Americas Research Global Head of Equity Research Spyros Mesomeris Global Head of Quantitative and QIS Research Pam Finelli Global Head of Equity Derivatives Res
entation. "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
ve Pollard EFTA01473330 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473331
entation. "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
ve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473354
entation. "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
ve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473410
uations. "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 Deutsche Securities Inc. (DS
ve Pollard EFTA01466498 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche B
Entities connected to both Nippon and Americas Research

Deutsche Bank
ORGANIZATION
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATION
Frankfurt
LOCATIONAndreas Neubauer
PERSON
Tokyo
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONSteve Pollard
PERSON
Sydney
LOCATIONDavid Folkerts-Landau
PERSONChiyoda-ku
ORGANIZATIONMichael Spencer
PERSON
Malaysia
LOCATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATION
Riyadh
LOCATION
Kowloon
LOCATION
Tower
ORGANIZATION