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authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
(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 Steve Pollard Regiona
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
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 Steve Pollard Regiona
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
okyo 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 Steve Pollard Regiona
Entities connected to both BaFin and Richard Smith

Frankfurt
LOCATION
Deutsche Bank
ORGANIZATION
United Kingdom
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONDeutsche Securities Inc.(DSI
ORGANIZATIONthe Federal Republic of Germany
LOCATION
Tokyo
LOCATIONSteve Pollard
PERSON
Moody's
ORGANIZATION
Sydney
LOCATIONAndreas Neubauer
PERSONNippon
ORGANIZATIONStandard & Poor's
ORGANIZATIONDavid Folkerts-Landau
PERSON
Federal Financial Supervisory Authority
ORGANIZATIONMichael Spencer
PERSONthe Dubai Financial Services Authority
ORGANIZATIONMarcel Cassard
PERSONRalf Hoffmann
PERSON