12 13 14 15 16 17 -10 Deutsche Bank Research So- t.° aft 108 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 CONFIDENTIAL - PURSUANT

ank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 This communication may c

ank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 This communication may c