David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Steve Pollard Global Chief Operating Officer Global Head Co-Global Heads Research FICC Research & Global Macro Economics Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Beeec.he Bare. AO Eklecche fimiL p,c; Deutsche Bank Place DiorSe GallusstrafLo 10.10 Level 16 60272 Frankfurt am Main Corner of Hunter & Phillip SIFOOIS Gerne m a m Sydney. NSW 2000 Vaha Dews,: he Hank AC Lonclon I Great Wnchester Street London EC2N 2E0 United l i ( i lont Global Disclaimer 813, 1k Seillitoin Inc. 80 Wall Street New York, NY 10005 United States of America Andreas Neubauer Regional Head Equity Research, Germany Filial* Hongkong International Commerce Centre 1 Austin Road West, Kowloon. Steve Pollard Regional Head Americas Research 2-I I -I Nagatacho Senna Park Tower Chryoda-ku. lokyo 100-6171 Japan Thar eformatic. end opthons rat ens copal VS* Wow.] DeAsees ISM AG et on* of 41 ether. (cOillecliwely 'Deutsche Bent- ) Tel riamorlOn Neer • believed to be ratable .d nobs. Wand from balk so.ocito behead to be muck. Deutsche Bee. nonss ro ropestsentation es to the •Chary co carpstanese crt such nfortneon Deutsche. Bark may engage in secunies trensactora, on • propr nary be... or ahem.. in • manner transient with the rem taken n tins roue& report In editor, anon wan Deasche Bmt, weltering seretegnis and sales melt, m.y tolt• • wee the • s-consntem was thet taken in On research report DeutSChil tare my be an 44010. arena, managar. claribolor or adimnsoinla M, or prone othe W00.110 an ET, nc4ded m this report for ohch a teaks* COMPtIO0000 Operas, ershmates and possum n the roan continua the <Ur POI hadgenrant of the author •• 01 me dote of this roan Roy cito not neassorty reflect in option of nahltaCh• us,