EFTA01447909

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Marcel Cassard Global Head F ICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Steve Pollard Regional Head Americas Research Deutsche. Baal. AG Deutsche Bank AG Douteshe Bank AC Deutsche Securities Ine Deutsche Bank Place Grace Gallusstralle 10-14 Filial. Hongkong 2.11.1 Nagalacho Level 16 00272 Frankfurt am Main International Commerce Centre. Sanno Pa k Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West. Kowloon. Chiyoda-ku. Tokyo 1006171 Sydney. NSW 2000 Tel: (491 69 910 00 Hong Kong Japan Australia Tel 1852) 2203 8888 Tel (81) 3 5156 6770 Tel: I61) 2 8268 1234 Deutsche: /3a;:k At) tondo,: Bank Serra:lin') Int I Creel Winchester Street 60 Wall Street London EC2N 2E0 United Kingdom New York. NY 10005 united Slates of Amecica Tel:144) 20 7045 8°30 Tel: 0)212 250 2500 Global Disclaimer The inforrivion and swoons mien report vans peeping by Dearly Erna AG won or tie aff here Iconectrn* Deutsche Bern) Woe :Monne. , hereon .• behead to tot reliable and has been otraned from pubic Nora binned in be rodeo* Dreads Seri melee no represent/aro S io the accuracy or compinerets a/ such trd own* on 0eutrthe Ban. owl engage in newton trensecnon. on a peopronery be.,. or °Shawano. n • moo. , noon*. leant svtl none tarn n the renal waft In anon. anon earn Deutsche Park eclat", strategels and sales stall. may Ube a new that • neonswern van that taken nen research ..pen Opnere. •••••••• and nectars n ens report constitute the curnoes patorment of ow. saner on col the are al rot report They do rot necessarey relict me opinion al Deutsche Bank end an rat.", to dirge we no ^note Deutsche Ben, hes m oblgeta n te gale*. mathor amrN ten anon or to otirmate natty • meaner. *snot at the ••••• VIM any OPP.% lender or *stare see lonh to....,. c h ar.w a rolsonamly b•401740. /wear, Pero .no ivedabicy or Ironclad rienreerin are sirloin to gunge valour mine Ton mown • proyded f r ,nlormanonst papaw ern., M1 n en ober or a sorrenn of an car to boy or all wry Inmost 'torment. 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MIMI ••••041 p/004411 Of 4544,11144Ut4•13 In the men 4 //verb.. up>n ragas, The ell•On retry not be t•-4 •044444. 3404044 or potnshed by any cenonlet eery puma* wencnit Drugs. Bomb, Nor natal canon Prase Pus sown, vetensnssong CopyrgH t 2011CNI•12440 Bank AG CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 102695 SDNY_GM_00248879 EFTA01447909