EFTA01364954

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, end are tubpcl 10 change vnmout noun Duman Oars has no °bigot. n to update, rnality or amend the report a to othenbe notify a IlOplaffl threof et the overt that any porton, tomcat or "minion In lath he.. dr.. Of brIblepahlady babe— raxurate Prices and nr•Ratalay of I ninoal retrumnis are subset to change winks "ChM dabs roan• provided for recemetiorel purposes only It is not an ellse a• toleration of an offer to buy or eel en linnet nrannents or to put <pie in say plink-WY man; strategy Tango pre. are onnerently :mega. and • froduct C thellritelf halrfliefe M • neat of De.tiche Banit's March 2010 am-roton of BOO Pena 44 a wise ,' may be awn, by more then one analyst vott,n tne Dowacne Eta* group FAO. M these clears may we ditched inethodologits to vase the strooty, an • bout the recomerendaron May dais end V. ace Vegas and estimates of ash may wry wifely In August 2000. Deutsche Bank nil need a new airy ortereby entysts my chase rot to let Of noncom • target price of certain omen wear avenge with • State rang In parudder, the wl typaaly occur for -Hold' plod stocks hang a mint. cap smiler than ms t other comport. 'n44 seam a noon We behave that such poky we Stow us to notebest use of Our 1•1010•01 Hue yea wwenn at ketpern m to determine the urge once ol any vak The frond.), intrumetts discussed ,n ma wool my rot be $04101.110f YI hathOft and Ifra$10, / must Ma* Ohaff OW( •000011d /vestment action Stock Parnaono an lead to Osseo as • ...Let of ace fluctuation and otter factors if • trance, ,µtrumen b denotnnisted ri • bonny other (hall 4n ofV•140, 4 CYO Ileht • Chang* as nutmegs raw my ethentekr effect V. naramthe All paw a. those cumin at the eve cre the peon. mat. session un4u otherrese incised Prose are tooted from local esche-on ha Reuters. Boorbag ion other wean Data co sourced arra CedItCh• Sa* Ohl wham, afenpanws Pest defonnence • not neoessreey ind•etrot el future recut. Der-eathe Bank my win react to fawner. <owned by the react sal to or buy hem customers on • artipsi bass. and comode the recta n O•c4try to trade On • propelary bars Dorm ntone rummies noes influding, •nong others, make( cournsrpony thereat and illogudrry rat The acpropriaseess or OlhedWaat 0/these products for use by mann ndependent on the Lryncon cm, crcurnuren echidna thee to pOtabOft man ad then taw Of Mir Other endsard While and al ouch orator. onoiihd take expert Sega era Imancia raves 13•10/• •••••h••Othf eh( V•h0(1... h."( to o, et thred It" Collin'' , of 'Ph" P Ancs" °, Trading n opt on swot. rat see r• not souffle for •II motors. Pror to boyrg or Mlp norm.. rowel.. mint renew de tnerectonnta and Risks al Stanardsed Option • a hug Mks. tlI•cet orloonvononnIdocalnida>. add you ere ulnae to eocess Po webers passe contact Doutscfre bank AG at • 112171150,700.4, for • copy of this Ps-rattan daUrrere The rsk of loos m futures trading an aeon, Ionian to domestic can be substantal 46 • mull of tin• NO% degree oliarallah)• oblinibl• n %turn and options tredrg . on. trey be Inland that an grate than tea tenure of fags any and oreocue Unless 9Yreerang law caveat creheava•, eI Inana1C1010 Vole) be executed evofl the 0•Ullida• se. Orally in the fiValOft.harna priadKVOlf In the U s the report • dapp9hid andix dented by Deutsche Ben Secure." Int, semen*, the PlYSE de NASD, NIA end SP.: In Garenry this report • •pproyed erolke COMMUnCated by Onsche Ben AG Frankton eAlnonted by the Oaf, n In the Unsed Kingdom this neon is approved 'walla commonated by Deutacts. tat AG London, • tremble of the London Seat &change and regaled by the Funnel Conduct Authority for the conduct of tweet/rem Ohara° h the UK and ••ahaff dad by the fief ,n Lh• ,epon ro demoted in Kong Kong by Deutahe BIM AG. hang Yang Brand", in Korea be Ponds Staines Komi Co the ficatet a diarthalld an &noun by Deutsche Brink Snooper* Berth or Dosed.* Seconne Pam Limied, Swabbers tan. lore Raffles bay Olt-CO South Tone Singepote 048683, f6S, 6473 tigglf, and reopen... of Stigeocre of the veal rim to toner Deutsche Bata AG, Sogepore !neat of Onalath• &readies Aso Limad, Snooper* awe, an aspen of any matters easing from or in connection wen, the no When this report a moues a promulgated in Singtoore to• rernon who • rot an accredted ahlfatOt haplet imolai a inlet/lona errata defined the depprCable Singapore lams and reputeoral, Nut ion* arse AU, Sh01120,0 eniner a Demise Saves' Atm Lena], Singed,' enrCh wasp[ legal felphalitally Suff., Palga (Of the cameral of the ippon In Japan the man is app-ano encilor aoudad by Cesniche Swum ow Inc The rf °ninon canned in the roan don not cent tun and two, eon M anatahndIf4 Svc* In Patheh PR& Chihli Unsold OILS • spy 01 • Product Disc bsure Stattarniall (0051 Raabe° to eny I canoe. patataf I Farad ton Ian rune. •••1 con der the PDS Wore mann° any daeron about no •Oatif • the product behead.. hank AG JO/lenn•abltic a intOrphatad in OW Fedora, heptabl4 C1 Grata?, ((handl Retinal Hunter n South Altos 10080:0290.101 Adchanl ,fformai on MPveto Pawnee, other hfilfhtal pedal. Of eapialra Chof salad et the reptaft ereleble upon (Shell The 'WOO may not be nip( °CVO.). dalmbina Or publenal by any anon for an purpose velheat De.odo San'. Sarah when constre Plena cite source when wary Contrite [ 2013 Deutsche tank AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055518 CONFIDENTIAL SDNY_GM_00201702 EFTA01364954