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Bank AG Deutsche Bank AG Deutsche Securines Inc. Deutsche Bank Place Grolk Gallusstralle 10.14 Reale Hongkong 2-11-1 Nagatadb 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
New Zealand: This research, and any access to it. is intended only for 'wholesale clients' within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
d by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany' s
hority. Australia and New Zealand: This research is intended only for 'wholesale clients' within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act, respectively. Please refer to Australia-specific research disclosures and related information at Where research refers to any particular financial
nk AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Grog° Gallusstra8e 10-14 Filial° Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Senna Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West,Kowloon, Chiyoda-ku, Toky
New Zealand: This research, and any access to it, is intended only for 'wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) secu
Entities connected to both Frankfurt and New Zealand Financial Advisors Act

Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
New Zealand
LOCATION
Sydney
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Norway
LOCATIONSteve Pollard
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSON
Malaysia
LOCATIONthe Federal Republic of Germany
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONMichael Spencer
PERSON
Moody's
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONChiyoda-ku
ORGANIZATION
Kowloon
LOCATION
Riyadh
LOCATION