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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
014 'Research Team London Bilel Hafeez James Malcolm Henrik Gullberg George Sarevelos Siddhanh Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Dreusio GiacomoIli Guilherme Marone Singapore Sameer Goel Ma'like Sadie!eye Perry Kojodjojo Sydney Adam Boyton Tokyo Teisuke
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
m London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanak
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 (competent authority: European Central Bank) and is subject to supervision by the
Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research Telephone +44 20 754 55502 +852 2
Entities connected to both Frankfurt and Alan Ruskin

Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
Bloomberg L.P.
ORGANIZATION
Sydney
LOCATION
Norway
LOCATION
New Zealand
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSON
Malaysia
LOCATIONDavid Folkerts-Landau
PERSON
Samantha Power
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONMichael Spencer
PERSON
Moody's
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONChiyoda-ku
ORGANIZATION
Kowloon
LOCATION
Philippines
LOCATION
Alan Dershowitz
PERSONMarcel Cassard
PERSON