9
Shared Docs
9
Same-Page
9 / 9
Mentions
b Level 16 60272 Frankfurt am Man International Commerce Centre. Sanno Park Tower Corner of Hunter & Philip Streets 1 Austin Road West.Kowbon. Chiyoda-ku. Tokyo 100-6171 Sydney. NSW 2000 Hon /(or e ~ Japan Australia Deutsche Bank AG London Deutsche Bank Secuntes Inc 1 Great Winchester Street 60
k Tower Corner of Hunter & Philip Streets 1 Austin Road West.Kowbon. Chiyoda-ku. Tokyo 100-6171 Sydney. NSW 2000 Hon /(or e ~ Japan Australia Deutsche Bank AG London Deutsche Bank Secuntes Inc 1 Great Winchester Street 60 Wall Street London EC2N 2EO New York. NY 10005 United Statte of America T Global Disc
ational Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy
l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M
ational Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deu
l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am M
iale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Tel: Deutsche Securities Inc. 2-11-1 Nagatacho 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
ional locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 AustriiiiIIIIIIIIIIIII Tel: Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kin dom Tel: Deutsc e an Grote GallusstraRe 10-14 60272 Frankfurt am Main German Tel: Deuts
ternational Commerce Centre, 1 Austin Road West,Kowloon, HongliiiiIIIIIIIIIIII Tel: Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, German
Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Aust Tel: Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ Unit Tel: Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am Main German Tel: Deutsche
ational Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deu
l Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M
ational Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deu
l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M
ational Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deu
l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am M
Tel: Deutsc e an< ecurities Inc. 05 United States of America Tel: Deutsche Bank AG Filiale Hongkong International Commerce Centre, es Inc. Chiyoda-ku, Tokyo 100-6171 Japa Tel: Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Oper
ved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member EFTA01464411 of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in t
Entities connected to both Chiyoda-ku and Deutsche Bank AG London

Tokyo
LOCATION
Deutsche Bank
ORGANIZATION
Frankfurt
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSONDavid Folkerts-Landau
PERSON
Sydney
LOCATIONMichael Spencer
PERSON
Kowloon
LOCATIONMarcel Cassard
PERSONRaj Hindocha
PERSONRalf Hoffmann
PERSONDeutsche Bank Research
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONNippon
ORGANIZATION
Moody's
ORGANIZATION
Richard Smith
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONStandard & Poor's
ORGANIZATION