2244 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional He

mber of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Heed Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head Equi

mber of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Heed Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head Equi

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Steve Pollard Global Chief Operating Officer Global Head Co-Global Heads Research FICC Research & Global Macro Economics Equ

nternational locations Doer< he Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets iCess i ma Sydney, NSW 2000 Australia Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Biree<he Bank AG In, ek.n I Gre

evel 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 llOtitt,..." 1:0 Bhfli, AG London I Great Winchester Street London EC2N 2E0 United Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Heed Deutsche Bank Research, Germany Deulache Bank AG Slone Gagusstr

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:161) 2 8258 1234 tans, he Bert:. AG Lentlee I Great Winchester Street London EC2N 2E0 United Kingdom Tel. 144) 20 7545 80C0 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Deutsche Bank AG Grote Gallusst

2000 Australia Tel: 031) 2 8258 1234 Deut:t.i:n 1.0 tvindoti I Great Winchester Street London EC2N 2EG United Kingdom Tel: 144) 20 7545 8000 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany DoutJchO Bull AC) areasGaily:st

mber of the Group Executive Committee Raj Hindoche Global Chief Operating Officer Research Michael Spencer Regional Heed Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Heed Deutsche Bank Research, Germany Steve Pollard Global Head Equi

evel 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Din 'litho Dank Ari I oild-yr: I Great Winchester Street London EC2N 2E0 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany EM4cotOtt Balk AG Grote Galtuss

Economist and Global Head of Research Raj Hindoche Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head Equi

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head FICC Rosearch & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional He

61) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272

61) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272

he risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Te

sks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locations Deutsche Bank AG London Tel: Deuts Frankfurt 60272

equiring a license in the Russian Federation. Deutsche Bank Securities Inc. Page 5 EFTA01464584 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International locations Deutsche Bank AG Deutsche Bank Place Level 16 Cor

g Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (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

Austin Road West,Kowloon, HongliiiiIIIIIIIIIIII Tel: Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard