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Text Content

DEUTSCHE BANK RESEARCH

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Deutsche Bank
Research


LOG IN HERE

Please enter your email address. If you are registered with Deutsche Bank
Research, you will receive your verification code and will be back online in no
time.

Not registered for Research access? Contact your Deutsche Bank Salesperson. If
you have forgotten your registered email address or encounter any technical
difficulties, please contact our Support Team

View instructions in Japanese


 * STEP 1 - ENTER EMAIL
   
   Email successfully submitted

Email Address Submit

An error has occurred. Please try again.


 * STEP 2 - ENTER VERIFICATION CODE
   
   Verification code successfully submitted

If your email address is linked to a valid account, you will receive an email
containing your verification code. Either copy the code into the input below, or
use the 'Verify Device' button in the email to skip this step. Your code will
expire in 30 minutes.

If you have used the 'Verify Device' button in the email, you will skip to step
3 automatically after a few seconds. To avoid waiting, use this link.

Verification Code Submit
This is a public computer

An error has occurred. Please try again.



If you do not receive the email within a few minutes of submitting your email
address:
 * Check the email address used for your DB Research account
 * Check your spam folder and filters for messages from
   DoNotReply@markit.esp.db.com

Resend Email


 * STEP 3 - ACCEPT TERMS & CONDITIONS

This Website is provided by Deutsche Bank AG, acting through its London Branch
or its Frankfurt Head office (as further described in Clause 13) on its own
behalf and on behalf of any members of the Deutsche Bank Group of Companies from
time to time (together "Deutsche Bank") which may be responsible for the
Website's content and any of the goods and services (including financial
instruments) provided through it (together "the Website").

Where you ("User") use this Website on behalf of your employer or an
organisation ("Client"), you represent and warrant that you are authorised by
such employer or organisation to access and use the website and to agree to the
following terms and conditions ("Website Terms") on their behalf. In such
circumstances except where expressly provided to the contrary "Client" shall
refer to User and Client jointly and severally.

If you have not been authorised to use this Website you must exit immediately.

ACCESS AND USE OBLIGATIONS

 1.  The Website is password protected and User will be assigned user
     verification data which may include user names, passwords, smartcards,
     secure ID tokens, tokens, security slips and cryptographic keys ("User
     Verification Data") to permit access to and use of the Website.
 2.  User agrees and will procure that User Verification Data will be kept
     strictly confidential.
 3.  Client (excluding User) will develop and/or maintain adequate security
     procedures to (i) ensure that User Verification Data will not be disclosed
     to any persons (including, without limitation, those involved in the
     provision of aggregation services) other than such of its authorised
     representatives who have been authorised by Deutsche Bank to use the
     Website and (ii) prevent access to the Website by all other persons.
 4.  Client will not interrupt or attempt to interrupt or impair the operation
     of the Website in any way.
 5.  Access to the Website from any location or jurisdiction other than the
     locations and jurisdictions (if any) designated at the time of assignment
     of the relevant User Verification Data or as otherwise agreed with Deutsche
     Bank from time to time is prohibited.
 6.  Client is responsible for all uses of User Verification Data and for any
     acts or omissions during such use (including, without limitation, the entry
     into any transactions) and Deutsche Bank shall be entitled to treat any
     access to or use of the Website (including without limitation the entry
     into any transactions) as having been duly authorised by Client regardless
     of whether or not it was effected on its behalf by an authorised
     representative.
 7.  Client will promptly notify Deutsche Bank: (i) of any loss or theft of User
     Verification Data; (ii) if it believes the confidentiality of any User
     Verification Data has been compromised; and (iii) of any actual or
     threatened unauthorised use of User Verification Data or the Website.
 8.  Client will comply with any security procedures specified by Deutsche Bank
     and, if access to the Website is through a third party server, any security
     procedures specified by that third party.
 9.  Client shall be solely responsible for providing and maintaining any
     equipment and software and for making all appropriate arrangements with any
     telecommunications suppliers or, where access to the Website is provided
     through a third party server, any such third party, necessary in order to
     obtain access to the Website. Deutsche Bank makes no representation or
     warranty as to the suitability or otherwise of any such equipment, software
     or arrangements.
 10. Client will not use, or allow the use of, the Website (i) in contravention
     of any laws, regulations or rules of any regulatory authorities to which
     Client is subject; (ii) in any way (including without limitation posting
     information on the Website where this facility is available) which is
     defamatory, obscene, abusive, indecent or menacing or which infringes any
     intellectual property rights or breaches obligations of confidence or which
     is otherwise illegal or unlawful; (iii) to introduce a software virus or
     other disruptive program or do any act which would cause the Website to
     become unavailable for use by others; (iv) to solicit or encourage other
     Internet websites to frame or hypertext link direct to the Website without
     the prior written consent of Deutsche Bank; or (v) in any way which is not
     authorised by Deutsche Bank or in breach of the Website Terms or other
     agreement with Deutsche Bank.
 11. Client shall not extract, reutilise, use, exploit, redistribute,
     re-disseminate, copy or store the Research Services or the Website for any
     purpose not expressly permitted by these Website Terms without Deutsche
     Bank’s prior written consent.
 12. Client shall not scrape, extract, download, upload, sell or offer for sale
     any of the material on the Website and Client agrees not to use, or cause
     to be used, any computerized or other manual or automated program or
     mechanism, tool, or process, including any scraper or spider robot, to
     access, extract, download, scrape, data mine, display, transmit, or
     publish, any of the material on the Website;
 13. User acknowledges that the Website is provided for use only by User on
     terms that Client is a commercial/trade organisation and User warrants and
     represents that User is not acting as a consumer. Deutsche Bank and, by
     accepting the Website Terms, User each agrees to opt-out of the following
     sections of the UK Electronic Commerce Regulations 2002: Article 9 (1), 9
     (2), 9 (3) and 11.
 14. Times and dates shown on Deutsche Bank’s Research Website are governed by
     the time zone preferences set in the My Profile section of the website. To
     amend these, please access https://research.db.com/Research/Profile, after
     you have logged into the website.
 15. Research is intended only for Wholesale clients in Australia within the
     meaning of the Australian Corporations Act and New Zealand Financial
     Advisors Act.
 16. Research is intended only for the specified classes of investors
     (Accredited, Institutional or Expert Investor) in Singapore as defined
     under Section 4A of Singapore’s Securities Futures Act.

GRANT OF RIGHTS AND ACCESS TO WEBSITE

 1. Deutsche Bank grants Client a revocable, non-exclusive, non-transferable,
    limited right to access, use and display the Website in accordance with
    these Website Terms.
 2. Deutsche Bank may revoke or vary such licence and/or change, suspend,
    terminate, restrict or discontinue the Website (or any part) or any goods,
    services, information, features or functions accessible by means of the
    Website at any time without notice or liability.
 3. Client acknowledges that the Website may contain audit software.
 4. Deutsche Bank has no appetite to execute any transaction or activity
    involving Russia’s military-industrial base as per recent sanctions imposed
    by the U.S. and E.U. in relation to the Russian Federation. These sanctions
    include the E.U.’s 14th package and U.S. Executive Order 14114 and activity
    involving designated persons and persons in the aerospace, technology,
    manufacturing, construction, defence and related material sectors of the
    Russian Federation economy. If you have not already done so, we strongly
    encourage you to assess your exposure and controls in view of the new
    measures, including in relation to potential Russia proxy countries, and
    take appropriate action as part of a risk-based sanctions compliance
    programme. For Executive Order 14114 specifically, this should be carried
    out in line with the recommendations articulated in OFAC’s Sanctions
    Advisory for Foreign Financial Institutions and the U.S. government’s Joint
    Business Advisory.

INTELLECTUAL PROPERTY RIGHTS

 1. The Website may incorporate third party data, text, images, software,
    multi-media materials and other content ("Third Party Content") and
    references to the term "Website" shall be taken to include all materials,
    content and services made available from time to time on the Website whether
    viewed on screen or downloaded to another computer including without
    limitation Third Party Content.
 2. The Website is protected by copyright, database rights and other
    intellectual property rights. Client acknowledges that Deutsche Bank and/or
    third parties retain all right, title and interest in and to the Website.
    Our provision of Research Services and their use in accordance with these
    terms does not infringe, misappropriate or otherwise violate any
    intellectual property right of any third party. Use of the Website does not
    confer any ownership rights in the Website. The permissions contained in
    these Website Terms do not necessarily apply to Third Party Content. For
    permitted use of Third Party Content apply to the relevant content owner.
 3. All data, text, images, software, multi-media materials and other content
    provided by Client to Deutsche Bank via the Website ("Contributions") shall
    become the property of Deutsche Bank. Client assigns with full title
    guarantee all rights, title and interest (including copyright, database and
    other intellectual property rights) in and to the Contributions to Deutsche
    Bank and agrees to do all acts necessary to perfect and maintain Deutsche
    Bank's title in Contributions. Except where expressly provided to the
    contrary or as otherwise required by law Deutsche Bank shall not be subject
    to any obligations of confidentiality regarding Contributions.
 4. Except as otherwise specifically agreed in writing or to the extent
    necessary for Client to view the Website in accordance with these Website
    Terms, Client shall not: (i) copy the Website in whole or in part (except to
    make backup copies solely for disaster recovery purposes); (ii) display,
    reproduce, create derivative works from, transmit, sell, distribute, rent,
    lease, sublicense, time-share, lend or transfer or in any way exploit the
    Website in whole or in part; (iii) embed the Website into other products;
    (iv) use the Website in any timesharing arrangement; (v) create function
    calls or other embedded links from any software program to the Website; (vi)
    remove or obscure any copyright notice of Deutsche Bank or any of its
    suppliers; (vii) use any trademarks, service marks, domain names, logos, or
    other identifiers of Deutsche Bank or any of its third party suppliers; or
    (viii) save to the extent permitted under by law, reverse engineer,
    decompile, disassemble, or access the source code of the Website.
 5. Use of the Website may require the distribution of cryptographic technology
    which is subject to export controls or restrictions. Client will not
    re-distribute or re-export such cryptographic technology without: (i) the
    prior written consent of Deutsche Bank; (ii) Client's compliance with all
    applicable export laws; and (iii) Client's compliance with the laws of the
    country of destination or use.

NO ADVICE OR RECOMMENDATIONS

 1. The information provided herein is not directed at any investor or category
    of investors and is provided solely as general information and to otherwise
    provide general investment education. No information contained herein should
    be regarded as a suggestion to engage in or refrain from any
    investment-related course of action as Deutsche Bank is not undertaking to
    provide impartial investment advice, act as an impartial adviser, or give
    advice in a fiduciary capacity with respect to the materials presented
    herein. If you are an individual retirement investor, contact your financial
    advisor or other non- Deutsche Bank fiduciary about whether any given
    investment idea, strategy, product or service described herein may be
    appropriate for your circumstances.
 2. Except as otherwise specifically agreed in writing or as provided in any
    other terms and conditions applicable to transactions conducted between
    Client and Deutsche Bank through the Website nothing on this Website is an
    offer which can be accepted by Client so as to create contractual
    obligations without further action by Deutsche Bank;
 3. Opinions, estimates and projections in any research report accessed via the
    Website constitute the current judgment of the author as of the date of the
    report. They do not necessarily reflect the opinions of Deutsche Bank and
    are subject to change without notice.
 4. Deutsche Bank has no obligation to update, modify or amend reports accessed
    via the Website or to otherwise notify Client thereof in the event that any
    matter stated in such reports, or any opinion, projection, forecast or
    estimate set forth in such reports, change or subsequently becomes
    inaccurate, or if research on the subject company is withdrawn.
 5. Prices and availability of financial instruments also are subject to change
    without notice. The Website (including all research reports accessed via it)
    is provided for informational purposes only. It is not to be construed as an
    offer to buy or sell or a solicitation of an offer to buy or sell any
    financial instruments or to participate in any particular trading strategy
    in any jurisdiction. Any financial instruments discussed may not be suitable
    for all investors and Client must make their own investment decisions using
    their own independent advisors as they believe necessary and based upon
    their specific financial situations and investment objectives.
 6. If a financial instrument is denominated in a currency other than a Client’s
    currency, a change in exchange rates may adversely affect the price or value
    of, or the income derived from, the financial instrument, and Client
    effectively assumes currency risk.
 7. Income from an investment may fluctuate and the price or value of financial
    instruments described in this report, either directly or indirectly, may
    rise or fall. Past performance is not necessarily indicative of future
    results.
 8. Unless governing law provides otherwise, all transactions should be executed
    through the Deutsche Bank entity in the investor’s home jurisdiction.
 9. Additional information relative to any financial instruments, issuers or
    companies discussed in any research reports accessed via the Website is
    available from Deutsche Bank upon request.

HYPOTHETICAL FORECASTS

Some of the materials presented in the Website may allow Clients to perform
calculations and carry out analysis on the basis of hypothetical results,
figures and indices. Hypothetical performance results have many inherent
limitations. There are frequently sharp differences between hypothetical
performance results and actual results subsequently achieved by any particular
trading program. Client should recognise that hypothetical trading does not
involve financial risk, and no hypothetical trading record can completely
account of the impact of financial risk in actual trading, for example, the
ability to withstand losses or to adhere to a particular trading program in
spite of losses are material points which also can adversely affect actual
trading results. There are numerous other factors related to the markets in
general or to the implementation of any specific trading program which cannot be
fully accounted for in the preparation of hypothetical performance results and
all of which can adversely affect actual trading results.

DISCLOSURE OF POTENTIAL CONFLICTS

 1. Deutsche Bank and its respective officers and employees may from time to
    time deal in, be represented on the board of, hold significant long or short
    positions, or act as market-makers, advisors, brokers, commercial and/or
    investment bankers in relation to any institutions, financial instruments or
    derivatives thereof which may be discussed in the Website, including in a
    manner which may be inconsistent with the content of any research reports
    accessed via the Website. In addition, the disclosure of potential conflicts
    deemed relevant by certain regulators is accessible at
    https://research.db.com/Research/Disclosures/Disclaimer.
 2. Any research analyst involved in the preparation of any research reports
    accessed via the Website receives compensation that is based upon, among
    other factors, Deutsche Bank's overall investment banking revenues.
 3. The level and types of services provided by Deutsche Bank research analysts
    to Clients may vary depending on various factors such as the Client's
    individual preferences as to the frequency and manner of receiving
    communications from research analysts, the Client's risk profile and
    investment focus and perspective (e.g., market-wide, sector specific,
    long-term, short-term, etc.), the size and scope of the overall Client
    relationship with Deutsche Bank and legal and regulatory constraints.

PRIVACY

 1. The data controller for the purposes of data protection legislation is
    Deutsche Bank AG London. Any queries about the use of personal data by
    Deutsche Bank should be referred to Deutsche Bank AG, London Branch at 21
    Moorfields London EC2Y 9DB or alternatively Deutsche Bank, London Branch can
    be contacted by phone on +44 (207) 545-8000, or by e-mail to:
    deutsche.bank@db.com.
 2. Deutsche Bank AG processes personal data in compliance with Data Privacy
    Laws and as further described in our Data Privacy Statement (as updated from
    time to time), available here (or on such other website as notified to
    Client from time to time).
 3. User is notified that, subject to any legal requirements for further notice
    or consent, Deutsche Bank AG may use cookies or similar technologies on the
    Website: (i) where strictly necessary to provide the Website service, or
    (ii) to personalise the Website service to the User and to track and
    facilitate browsing through the Website. A cookie is a small data file
    stored on User’s device which, in essence, enables the Website to recognise
    that device. User can set their browser to reject cookies but this may
    affect the functionality of the Website.
 4. To the extent that you access the Website from within Australia, or that you
    disclose information to Deutsche Bank AG (ABN 13 064 164 162) and its
    subsidiaries, including Deutsche Australia Limited (collectively, “DB
    Australia”), DB Australia is bound by the Privacy Act 1988 (Cth). By
    accessing and using the Website, you acknowledge and agree that the Website
    will be hosted and operated by a third party vendors of DB Australia,
    including Markit On Demand Inc. and Dell Marketing L.P, both which are
    companies registered and operating from the United States. DB Australia may
    disclose your personal data or personal information to entities that are
    located outside of Australia including our own related bodies corporate,
    third party service providers and business associates. This may include
    offshore territories including (without limitation) the United States,
    Germany, Hong Kong, the Philippines, Singapore and the United Kingdom. There
    are certain safeguards which must be met before we are allowed to transfer
    your personal information outside Australia, which are set out in the
    Privacy Act. By accessing the Website you consent to such overseas
    disclosure. Should any matters arise regarding the handling of your personal
    information by overseas recipients these should be directed to DB Australia.

DISCLAIMER OF WARRANTIES

 1. The Website is provided "as is" and Deutsche Bank makes no representations
    or warranties of any kind whatsoever regarding: (1) the currency, accuracy
    or completeness of the website; (2) the results to be obtained by Client or
    anyone else from the use of the Website; and (3) any Third Party Content
    accessible on or through the Website.
 2. Deutsche Bank is not under any obligation to update any content or opinions
    contained in any research or other report or continue to offer such reports
    regarding any company or financial instrument. Quotes, news, corporate
    actions and other market information data shown on the Website is provided
    as specified and may be current as at close of business the previous day,
    real time or delayed. Where such material is delayed it shall be delayed by
    at least 15 minutes.
 3. Except to the extent required by law Deutsche Bank, including its directors,
    agents, employees or sub-contractors: (1) disclaims any and all express or
    implied warranties and conditions including without limitation warranties
    and conditions as to quality and fitness for a particular purpose; and (2)
    does not warrant that the website, any content (including any Third Party
    Content), goods and services offered therein will be uninterrupted or error
    free, that defects will be corrected or that the Website, the servers from
    which it is made available or any connected website is free of viruses,
    Trojan horses, worms, software bombs or similar items or processes or other
    harmful components.

LIMITATION OF LIABILITY

 1. Use of the Website is at Client's own risk and Client assumes full
    responsibility and risk of loss resulting from use of or access to the
    website.
 2. Except in the case of wilful misconduct, fraud or negligence resulting in
    death or personal injury Deutsche Bank, including its directors, agents,
    employees or sub-contractors, shall not be liable for any loss or damage or
    claim of any kind whatsoever arising directly or indirectly as a result of
    (1) content, accuracy, completeness or otherwise of materials, opinions or
    information contained on the Website, including links and Third Party
    Content; (2) any errors in or omissions from the Website; (3) use of or
    access to the website; (4) Client's inability to access or use the Website
    for any reason; (5) any failure by the Website to transmit, or any delay in
    the transmission or the receipt by Deutsche Bank of any instructions, any
    rejection or non-execution of any instructions or any failure of the Website
    to transmit, or any delay in the transmission or the receipt by the Client
    of any notification that any instructions have or have not been executed;
    (6) any breach of its contractual obligations arising under or in connection
    with these Website Terms; or (7) any representations, statement or tortious
    act or omission including negligence or any breach of statutory duty arising
    under or in connection with the Website Terms.
 3. To the full extent permitted by law, Deutsche Bank shall not be liable for
    any (1) loss of profits or revenue or savings or other economic loss, (2)
    loss of business or goodwill, (3) loss of or damage to data, (4) incidental
    or special loss, (5) wasted or lost management time, or (6) indirect or
    consequential loss arising from Client's use of or access to the website,
    even if advised of the possibility of any such loss or damage or if such
    loss or damage was foreseeable.
 4. Deutsche Bank's total liability arising out of or in connection with the
    Website or otherwise under these Website Terms shall be limited to the sum
    of £10000 (ten thousand pounds sterling).
 5. Nothing in these Website Terms excludes or limits Deutsche Bank's liability
    for fraud or for personal injury or death caused by Deutsche Bank's
    negligence.
 6. Deutsche Bank will not be liable for any failure to perform any obligation
    under these Website Terms or from any delay in the performance thereof, due
    to causes beyond its reasonable control, including industrial disputes of
    any nature, acts of god, acts of a public enemy, acts of government, failure
    of telecommunications, sabotage, pestilence, terrorism, lightning or
    electro-magnetic disturbances, earthquake, flood, fire or other casualty.

INDEMNIFICATION

Client will indemnify and keep indemnified Deutsche Bank, and its respective
directors, officers, employees and agents, fully and effectively (to the fullest
extent permitted by law) from and against any and all claims, actions, demands,
proceedings, losses, liabilities, damages, costs and expenses (including legal
fees, costs and expenses on a full indemnity basis) suffered or incurred by
Deutsche Bank arising out of or relating to (directly or indirectly): (i)
Client's actions that are inconsistent with or in breach of these Website Terms
and the foregoing shall include (but not limited to) any claim of defamation,
libel, slander, obscenity, invasion of privacy or any allegation thereof or
infringement or alleged infringement of copyright, trade mark, moral right,
database rights or patent or of obligations of confidence or any other claims
anywhere in the world brought by third parties or any failure by Client to meet
any third party obligations; (ii) Client's violation of any applicable national
or international law, rule or regulation in connection with its use of the
Website; and (iii) any third party claims arising out of or in connection with
Client's use of or inability to use the Website.

LINKS

The Website may contain links to other websites which are not controlled by
Deutsche Bank and contain material produced by independent third parties. The
owners of any such linked websites do not necessarily have any relationship,
commercial or otherwise, with Deutsche Bank. The existence of a link from the
Website to any third party website does not constitute a recommendation or other
approval by Deutsche Bank of such website its content or any provider thereof.
Any opinions or recommendations expressed on third party websites are those of
the relevant provider and are not the opinions or recommendations of Deutsche
Bank. Deutsche Bank accepts no responsibility for content provided on any
website that may be accessed through links on the Website.

TERMINATION

 1. These Website Terms may be terminated by Deutsche Bank or Client for any
    reason at any time.
 2. Following termination of these Website Terms Client shall, on request,
    promptly return to Deutsche Bank or destroy any content (including Third
    Party Content) or other materials provided by Deutsche Bank or made
    available on the Website. At Deutsche Bank's request Client will certify in
    writing the return or destruction of all such materials.
 3. Unless otherwise expressly provided: (i) on termination of these Website
    Terms Client's permission to access the Website ceases immediately; (ii)
    termination of these Website Terms shall have no effect on any transactions
    previously executed through the Website which shall continue to be governed
    by these Website Terms and shall not negate any action required by any party
    to complete or implement any transaction which is entered into prior to such
    termination.
 4. Without prejudice to clause 12.3 above, any access of the Website by Client
    following the termination of these Website Terms shall again be deemed to be
    subject to these Website Terms.
 5. Clauses 1.10, 3.2, 3.3, 7, 8, 9, 10, 12 and 13 to 21 (inclusive) of these
    Website Terms shall survive the termination of these Website Terms for any
    reason.

REGULATORY, CORPORATE AND CONTACT DETAILS

 1. The Website is provided by Deutsche Bank AG London, a branch of Deutsche
    Bank AG, whose branch registration number in England and Wales is BR000005
    and whose branch address is 21 Moorfields London EC2Y 9DB. Deutsche Bank AG
    London can be contacted by phone on +44 (207) 545-8000, or by e-mail to
    deutsche.bank@db.com. The VAT registration number for Deutsche Bank AG
    London is GB 243 6097 61. With respect to Clients who are transacting with
    Deutsche Bank’s Frankfurt Head office, this website is provided by Deutsche
    Bank AG, Frankfurt whose registered address is at Taunusanlage 12, 60325
    Frankfurt am Main, Germany. Deutsche Bank AG is registered in the Commercial
    Register of the District Court of Frankfurt am Main under registration
    number HRB 30 000. Deutsche Bank AG, Frankfurt may be contacted by phone on
    +49-69-910-21330 and by email to deutsche.bank@db.com.
 2. Deutsche Bank AG is a joint stock corporation incorporated with limited
    liability in the Federal Republic of Germany. It is registered in the
    Commercial Register of the District Court, Frankfurt am Main under number
    HRB 30 000. Deutsche Bank AG is authorized and regulated by the European
    Central Bank and the German Federal Financial Supervisory Authority (BaFin).
    With respect to activities undertaken in the UK, Deutsche Bank AG is
    authorised by the Prudential Regulation Authority with deemed variation of
    permission. It is subject to regulation by the Financial Conduct Authority
    and limited regulation by the Prudential Regulation Authority. Details about
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