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ion. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company. (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Ar
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
tion. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may undertake only the financial services activities that fall within the scope of its existing CMA license. Its principal place of business in Saud
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
on. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi
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
on. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi
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
on. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi
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
on. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi
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
on. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi
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
Entities connected to both Deutsche Securities Saudi Arabia and Michael Spencer

Deutsche Bank
ORGANIZATION
Sydney
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Tokyo
LOCATIONDavid Folkerts-Landau
PERSON
Frankfurt
LOCATION
Riyadh
LOCATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATION
Tower
ORGANIZATIONChiyoda-ku
ORGANIZATION
Kowloon
LOCATIONthe Dubai Financial Services Authority
ORGANIZATIONDeutsche Bank Research
ORGANIZATIONRalf Hoffmann
PERSONRaj Hindocha
PERSONNippon
ORGANIZATIONStandard & Poor's
ORGANIZATION