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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 of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and autho
illip Streets Sydne NSW 2000 Tel: EFTA01464568 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer Research Richard Smith Associate Director Equity Research Americas Steve Pollard Regional Head GRCM2013PROD028390 E
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
a-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464585 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head G
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
Federation. Deutsche Bank AG/London Page 49 EFTA01466497 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche
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
, 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 Operating Officer EFTA01464410 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head G
Entities connected to both Deutsche Bank AG London and Guy Ashton

Deutsche Bank
ORGANIZATION
Frankfurt
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSON
Richard Smith
PERSON
Tokyo
LOCATION
Bloomberg L.P.
ORGANIZATION
Sydney
LOCATIONMarcel Cassard
PERSON
United Kingdom
LOCATIONNippon
ORGANIZATION
Moody's
ORGANIZATIONRalf Hoffmann
PERSONChiyoda-ku
ORGANIZATIONMichael Spencer
PERSONDeutsche Bank Research
ORGANIZATION
Kowloon
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION