EFTA01461876.pdf

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Stave Pollard Global Chief Operating Officer Global Head Co-Global Heads Research FICC Research & Global Macro Economics Equity Research Michael Spencer Ralf Hoffmann Andreas Neubauer Steve Pollard Regional Head Regional Head Regional Head Regional Head Asia Pacific Research Deutsche Bank Research. Germany Equity Research, Germany Americas Research International locations Ihnits(:ho Rink AG Deutsche iShnk liti beulettlike Bank A(7 00hISChe SecWitte% In. Deutsche Bank Place Ciro& Gallusstrafte 10-14 Filiale Hongkong 2-11.1 Nagetacho Level 16 03272 Frankfurt am Main International Commerce Centre. Sanno Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road WestKowloon, Chiyoda-ku, Tokyo 1C0-6171 Sydney. NSW 2000 Tel: 09109 910 00 Hong Kong Japan Australia Tel: I852) 2203 8888 Tel: (81) 3 5156 6770 Tel. 161) 2 8256 1234 Gouts( ha Et Ink AG Loixkir tUtt:h(I stank SDndgas I 1 Great Winchester Street 60 Wall Street London EC2N 2E0 Now York. NY 10005 United Kingdom United States of America Tel: 144) 20 7545 8000 Tel: (1) 212 250 2500 Global Disclaimer The infeershon and opines • Own even van pestegd by Demon• Bonk AO to env Cl Ile •INiet•eicolbecienle 'Deviant Nail The intensity. Ws o behead m te Sunk has been *based Com pubic ans. helewe ie be Sable Da/ache BSc makes no essentials es a the accuracy co Cerepletelial•ei sins inlonsten Deutsche Bak met awes in 'Sahel tainsedient. on a proprotary OOSS a etreewiw in • manna Otersielenl we. ow new Mks et Ile nosed, report In Wagon others wain Dane* Bee. ecAditto earobigets end sal.. 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