Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

er Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regi

David Folkerts-Landau Group Chief Economist Member 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 Ba

David Folkerts-Landau Group Chief Economist Member 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 Ba

h and Steve Pollard Global Chief Operating Officer Global Head Co-Global Heads Research FICC Research & Global Macro Economics Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Beeec.he Bare. AO Ekl

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Doer< he Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Heed Asia Pacific Research International Locations Deutache Bard AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research Marcel Canard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ban

David Felker ts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Grist:ch.) Ban/ AG Deutsche Bank Place Level 16 Corner of Hunter & PNIllp Streets

International Locations Drops: ho Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Germa ny Sydney. NSW 2000 Australia Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany [Om ho

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Rai Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsche Banl AG Deutsche Bank Place Level 16 Corner ol Hunter & Phillip Streets

Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony KLarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research Marcel Canard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ban

Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Kleiman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

000 Atetratia Tel: 161) 2 8258 1234 Dina ho Bank AG L81)(k.r: I Great Winchester Street London EC2N 2E0 United Kingdom Tel: 144) 20 7545 8000 Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany DOJO m

Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

ead of Debt Research International locations Deutsche Oath AG Deutsche Bank Place level 16 Comer of Hunter & Phillip Streets Sydney, NSW 2000 Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Deutsch

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working - most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese aut

iscussion of fiscal issues, this appears to have been more a declaration of intent rather than a programme of specific measures for implementation. Michael Spencer who has a much more bullish view of the prospects for China than we do, believes that significant fiscal reforms will only take place on a ten-year

er Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Andreas Neubauer Regio