Thomas Fenge

BAK Economics AG (BAK) is an independent economic research firm headquartered in Basel, Switzerland. The firm was founded by Peter Pfister in 1980 as a spin-off from the University of Basel. BAK prepares comprehensive economic commissioned studies and makes the findings usable for politics, economy and society. Macroeconomic, regional and industry-specific questions on an empirical and quantitative basis are the focus of their analyzes. This includes macroeconomic forecasts and scenarios, regional analyzes and industry studies, impact analyzes (economic footprint) and studies in the field of public finances. The firm also measures regional location quality and competitiveness (BAK Regional Economic Database) and creates well-founded strategic action bases on the basis of international benchmarking analyze.

AXA Investment Managers (Paris) SA (Research Firm) (AXA IM Paris-Research) is the investment research division of AXA Investment Managers (Paris) SA, a wealth management firm headquartered in Puteaux, France. The firm is a subsidiary of AXA Investment Managers SA, which is owned by AXA SA (EPA: CS, ADR: AXAHY). Founded in 1990, AXA IM Paris-Research provides in-depth research both at a macroeconomic level as well as across their range of investment platforms.

CaixaBank SA (Broker) is the broker/dealer division of CaixaBank SA (BME: CABK), a Spanish multinational financial services company headquartered in Madrid, Spain. The firm was founded in 1980 and provides broking services and trading platform for various investors.

CaixaBank SA (Economic Research) is the investment research division of CaixaBank SA (BME: CABK) in Spain. Headquartered in Barcelona, the firm analyses the regulatory and competitive environment in which CaixaBank carries out its banking business, as well as the economic outlook and the evolution of international financial markets. They provide macroeconomic and financial forecasts, study the underlying factors which are transforming society, and offer a sector-specific approach to the Spanish economy to retail clients.

Agencia EFE SA is a Spanish company in the information industry. The company is based in Madrid, Spain and ultimately controlled by the Government of Spain.