EFTA01453247

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Pro.itlek, INIMP .AQ Deutsche Bank Place Level 16 Corner 01 Hunter & Phillip SIIODIS Sydney, NSW 2000 Australia Tel I ieuts< he Rank AC London I Great Wncheeter Street London EC2N 2EO United Kingdom Tel Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Rosoarch, Germany DeVitthe ,,,T GrofSe Gallusstrallo 1014 60272 Frankfurt an, Main Germany Tel ltufcche Bank SO:Inzliel IrF 80 Wall Street New York. NY 10005 United States of America Tel Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Filial* Hongkong International Commerce Centre. 1 Austin Road West. Kowloon, al Kon Tel Steve Pollard Regional Head Americas Research 2-11-1 Nagatacho Sanno Park Towel Chryoda-ku, Tokyo 100 6171 Ja Tel The efOrrnitron end °pintos *the - wire menaced by DeJseta Bark AG or ono or es eines Inaleantrof Mensehe Munn The eformittIth hewn Is Whirred to be reroble ado his been Waved Nen [ASK forces bolero] to be 'Web* Deutsche Bars metro to rectementabon es to Me acct.:facia conynetenessW such elonrolon Detesehe Bore may ended. In seMelites trionsatmloo on • prOacelary bus or einem**. in a martner MtOrbottnt WM0 The mew. token Y. ass rendre, noon InrotOn. (Men wain Cm:NM* ler* Maude* • farrows and fates stall may take • vow trot a fICOnswent we, that taken Mem mouth (Won. Croncert. cabrnales and pronctions n inn moon commute me cunent wirenerl 01 the author as of Me dEe of ans nowt They do not roceswegy reflect In. 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