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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
Derivatives Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Mainzer Landstrasse 11-17 Filiale Hongkong 2-11-1 Nagatacho Level t6 60329 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany
Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272 Frankfurt am Main Germany Tel: (49)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 2
2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsc
Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272 Frankfurt am Main Germany Tel: (49)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 2
2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsc
che Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 EFTA01464476 of t
N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United States of America Tel: Deutsche Bank AG Filiale Hongkong Hong Kong Tel: Deutsche Securities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany
AG Deutz:cad Bank AC: Ouch, he zr,contlos Inc Deutsche Bank Place Grc43e GaRusstralle 10.14 Filiale Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Philhp Streets Germany 1 Austin Road WesLKowl000. Chiyoda-ku. Tokyo
ional Locations Ocvt5-t-tie Bent AG Deutsche Bank AG Deutz:cad Bank AC: Ouch, he zr,contlos Inc Deutsche Bank Place Grc43e GaRusstralle 10.14 Filiale Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Philhp Streets Germany 1
Deutz:ch.; hank AG Lee 'Iv: he zr,ecuritlos Inc Deutsche Bank Place Greet Gallusstralk 10.14 Filiale Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West.Kowloon. Chiyoda-ku. Toky
ational Locations DeeMho Bant AG Deullthe Ban, AG Deutz:ch.; hank AG Lee 'Iv: he zr,ecuritlos Inc Deutsche Bank Place Greet Gallusstralk 10.14 Filiale Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany
k AG Dei it& he hank AO LIci its' he Stemma's Inc Deutsche Bank Place Grote GaRoswell. 10.14 Filiale Hongkong 2-II-I Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany I Austin Road West.Kowloon. Chiyoda-ku. Toky
national Locations Deutsche Bard AG Dout..w.he Bank AG Dei it& he hank AO LIci its' he Stemma's Inc Deutsche Bank Place Grote GaRoswell. 10.14 Filiale Hongkong 2-II-I Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany
Entities connected to both Frankfurt and Filiale Hongkong

United States
LOCATION
United Kingdom
LOCATION
Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
Sydney
LOCATION
Bloomberg L.P.
ORGANIZATION
New Zealand
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSONMichael Spencer
PERSONthe Kanto Local Finance Bureau
ORGANIZATION
Kowloon
LOCATIONChiyoda-ku
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONMarcel Cassard
PERSON
Moody's
ORGANIZATIONDeutsche Bank Research
ORGANIZATIONRalf Hoffmann
PERSONRaj Hindocha
PERSON