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he risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Te
Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. This report is not meant to solicit the purchase of specific financial instruments or related services. We
equiring a license in the Russian Federation. Deutsche Bank Securities Inc. Page 5 EFTA01464584 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International locations Deutsche Bank AG Deutsche Bank Place Level 16 Cor
Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions
g 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 Deutsche Bank Research, Germany Richard Smith and Steve Pollard
Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissi
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, Germany Richard Smith and Steve Pollard
Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissi
g 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 Deutsche Bank Research, Germany Richard Smith and Steve Pollard
Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions
Entities connected to both Marcel Cassard and Association of Japan

Deutsche Bank
ORGANIZATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Frankfurt
LOCATION
Tokyo
LOCATIONDavid Folkerts-Landau
PERSON
Sydney
LOCATIONChiyoda-ku
ORGANIZATIONMichael Spencer
PERSONDeutsche Bank Research
ORGANIZATIONRalf Hoffmann
PERSON
Richard Smith
PERSON
Kowloon
LOCATION
Moody's
ORGANIZATIONNippon
ORGANIZATION
New Zealand
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONStandard & Poor's
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATION
Malaysia
LOCATION