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rate, lower GMV growth, competition on mobile. Alan Hellawell III Research Analyst (+852) 2203 6240
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. EFTA01473328 Principal place of bu
ntyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Ch
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the D
Ginocchio, CFA 72% Nandan Amladi 28% 30% 15% Alan Hellawell Paul Trussell George Hill 16% Gunnar
irates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the D
Entities connected to both Alan Dershowitz and Deutsche Bank AG - DIFC Branch

Wilbur Ross
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Bloomberg L.P.
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Sydney
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New Zealand
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATIONStandard & Poor's
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ORGANIZATIONDeutsche Securities Saudi Arabia
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