l +1 415 781 3300 Singapore Floor 20 One Raffles Quay South Tower Singapore 048583 Tel +65 6536 7011 Tokyo Floor 18 Senn° Park Tower 2-11-1 Nagata-cho Chiyoda-Ku Tokyo Japan Tel: +81 3 5156 6000 Team: Global Mark Roberts Head of Research S Strategy rnarkl.roberts@db com Gianluca Minella Inf