EFTA01446953

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Michael Spencer Regional Head Asia Pacific Research International locations Prertssho Bank AO Deutsche Sank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Aunt Tail pours< he Batik AC torsion 1 Great Winchester Street London EC2N 2E0 United Ki don Tel: I Global Disclaimer Marcel Cassard Global Head FICC Rosoarch & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Rosoarch. Germany Deuresne Bank AG Groat Gallusstralae 10-14 60272 Frankfurt em Main Garda Yet: r011Ittilt Bern! 8M LADD'S, DX. 60 Wall Street New York NY 10005 United States of America Tel:. Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Ger many ...IT. Filial° Hongkong International Commerce Centre, I Austin Road West.Kowloco, TellHo K Steve Pollard Regional Head Americas Rosearch 2-I Nagatacho Sanno Park Tower Chiyoda-ku. Tokyo 1006171 Japan Tel: The efeettlet and options e the repon were crecored by Deeply Bank AG or one of ns anllideo kolienrely 'Or/PPM Siren The 'Memnon hewn Is belterd to be (Nee. and has born obtained NOM Dude soap.. berme to tot rsietet DeWscit. Ben meet no represemetoon es to M eccurecy on completes* of tall infolwabon Devise,e link trey engage to ...Curtin Varelet004, On a Oregeetairy COSH Or Whents44. P* mann& neWe slew. *AM tre vier taken Is irks reseinCI, WWI In Werth Otte -Tin Deatthe Conk ittveling gratepes orb fait matt fraytake a now etelsoloal huh the token Inns stisoarth noon °pews ce.male end promotions es the /port cocottee the hart paSsernent of to senor St ef the dale of to non They do not nercensyn reflect the opinion. of DrAsche Bark end are staled '0 change *Moot not Ice Conde Bank his no *biped" to ogale. rrodil6 or *mend the TireCe or to othamise nein, • reagent thereof nit Pe event that are Owlet. fOr•Otsi Or estiertio set 'kWh Nese Crapes Of Kt' Willy twofers "teacup!. non and atenbirty of Intainhe tereents Ye ...atm to cheep wthoni notice The iiphl * Motel nor interniechil papw, only n s not en Ole or • /KILO/ 0 an often 10 but Of sce ens tent. WInwents Otto pati•Cele many partiular trading strategy repel peCes we rinenne ilepreCese. 0'S a 0014.1 of en anevet megteeit As a renin Ca Derse.he Bark's March XII/ atchemon of 610,Bank AG. a intern mho be Cowed IN MOW than oft aneyst varM. the Deutsche Bank group Each of these rents nay use &fenny Metnialfantin to neat ihe Wee. on *Meat the recommendenons renrOner aM the pee tient. IMO antnetei of With MeV urnetfeY In Auguu 2000, Deutsche Bens releuted a new pOICy Woven* angers nu Choose not to set On Mainten a lege pra Of setae issuers under Waage with a 644.3 ratio In parleuhr. th• wll reptely C<Ctitet 'Hold' reel stooks haw, • mane' cap sew,* Own mon ens. combo// in Is went of egos We Dan mm ern poloy wit ann. vs to make We NO of our reteurtes Pen* yet out wends a Nip Nom Seam to Oetemenere Large Once of bey sTCW The taivr:qt. tretrUtnents tleppyte rn Ire n.00 May v.% be aut•tie len all investors rd nerestoo must male nee own wanted erect Mt dearer.. Stock mane:tons can eel to losses 'serene N pnCe nuctuenve and once ?orlon • a Ileannal ostrynet n cleromnrea e a connect, Other Then en mentors Ps/MY. • Cheer t menet°. Win May ailveney 015<1 the ifeestMent Pest CemMthenet b off neCtstarly indite/se 01 future Mean Deutsche Ben may yen respect to iithrhes totted by tins wort. tog to or bin horn customers on a pnnctsl tom and toned*, no noon t ended to trade in PeOnety basis Wen govamorg Lbw proton ontreme, ell iramectiorts fhtrad be antorel Oro° , the GnesCho Belk eon/ 6, the mentors hone ;uni,300, In MMUS'S, moon et approved *tab , Oat/bled by Deutsche Beek integre Inc. a mention of the NYSE the NASD. fWa and DAC In Gemony the iepon s aocoad yarn commurneed by Omascna Bank AG Pronoun aphyded by the Bain In the unted Kneen, Ow rtiOn e attnned *Mgr Weranunare4 by Dees.* Bark AG LOntnn. a Ineentf Cil to TOWN, Stock ExcIonge ore regulated Os M Firtwool Conduct Authority tor the wrforittnent Dunes in the pi and ntIonei by the Benin The reports dEMoted nn Hong Kind by Decent* Bank AG. Hoeg Kong &arch. In Keen by Deutsche Servores Rein Co Th• repos s Onnbuted m Singapore 0t 00.001t Birk AG. Segepere Branth on Densne SeC•rdim Asti tented. S Napery Enron One Raffles Oaf BIB 00 SOW, Teen SmpeCOre 0•3533..05 6423 MOIL and recipients in Sesufore of rt e report we to co.Y.K. Deutsche Ben AG. Sroapore Bryn on Deutsch. Stoonies Asia LmesS. downer* Brain ri memo o meters *meg hem or in connector, we, this felon Mew th• wen n meet 0l nomulyes0 Sre•por• to • gene/ S t WA an EtCrOIT40 ettstie. nee oterM Or nsliteCtel nmeslOt In defiled .6 ne appICIOM Sngenre laws nr4 redone/1,MS De.ngte Bank AG. Strypdre Warmth 01 Dennehy Strewn.. Ada Lnitteed, Singapore Brand' accept. egal responehlty to such capon for the Omeetts on ilts moon int Akan th• won is stora.ea outouted by Denote Sedates mc The nnformation contained e rt e regOn toe no, Cone. ae the Mbnoon CI teener. 000.b In Supine. retail Peels should Obtain • cOpy 01 a Frodri. DeCeinne Sittement I PDS, testify to any hoar:IS pOdult ref erre, tO n is retort aq Comte. One POS Wore inning any demon about whether to orgy* to pod," Deutsche Ban AG Joherresnag n Womcwite0 n It,. Federal Becnott of Germin 'Branch Reyna Number in South AIM. ISSI.0032943.904 044 tcns' Werniele, reeve to settees. other nroncel peeves Cn *suns theusfel In trs report a frolabie TOY, reOuer The report may not be reprOduttel destninte1 Or patiShed by any pennyfor erre Cortese **Note Dieftscrie Bank's snot wmt en twang Pease <re source why <holey Cepentr • 201a Cevtiene Bent AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0101410 SDNY_GM_00247594 EFTA01446953