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-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
ugh its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial EFTA01473325 Conduct Authority. Details about the exten
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
ugh its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the EFTA01473348 Prudential Regulation Authority and Financial Conduct Authority. Details about the exten
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
ugh its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the EFTA01473404 Prudential Regulation Authority and Financial Conduct Authority. Details about the exten
-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
ugh its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial EFTA01476549 Conduct Authority. Details about the exten
Entities connected to both Deutsche Bank Research and Prudential Regulation Authority

Deutsche Bank
ORGANIZATION
Frankfurt
LOCATION
Sydney
LOCATIONAndreas Neubauer
PERSONMichael Spencer
PERSONSteve Pollard
PERSON
Tokyo
LOCATIONRalf Hoffmann
PERSONDavid Folkerts-Landau
PERSON
Kowloon
LOCATIONChiyoda-ku
ORGANIZATIONMarcel Cassard
PERSONRaj Hindocha
PERSON
Richard Smith
PERSONAmericas Research
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATIONNippon
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION