e 7 EFTA00793998 David Folkerts-Landau Group 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 Andre

David Folkerts-Landau Group Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research International Locations Drops: ho Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Germa

ndersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Andrew Zarnett/Anthony Klarman Deutsche Bank debt rating key Bond to ing dispersion and banking relationships Buy: These bonds are expected to outperform other issues in the se

David Folkerts-Landau Group 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 Andre