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mirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIF
llard Co-Global Heads Equity Research Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Andreas Neubauer Regional Head Equity Research. Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. EFTA01473328 Principal place of bu
-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473330 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. EFTA01473351 Principal place of bu
o Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. EFTA01473407 Principal place of bu
Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the D
-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA01476553 Equity Research Andreas Neubauer Regional Head Equity Research, Germany GRCM2015PROD034913
Entities connected to both Deutsche Bank AG - DIFC Branch and Deutsche Bank Research

Deutsche Bank
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONMichael Spencer
PERSON
Sydney
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSON
Tower
ORGANIZATION
Riyadh
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
Tokyo
LOCATION
Frankfurt
LOCATIONDavid Folkerts-Landau
PERSONRalf Hoffmann
PERSON
Kowloon
LOCATIONChiyoda-ku
ORGANIZATIONStandard & Poor's
ORGANIZATIONMarcel Cassard
PERSON
Moody's
ORGANIZATION