EFTA01452665

David Fo!keit-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 PoutsUm Bank AO Deutsche Sank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Australia Doutoc he Bank AC lotukrn I Great Winchester Street London EC2N 2E0 United Kingdom Global Disclaimer Marcel Cassard Global Head FICC Rosoarch & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Deuive,he Bank AG Groat Gallusstralae 1014 60272 Frankfurt em Main Germany NMI/A/10 Ban. SS:Lases kx. 60 Wall Street New York. NY 10005 United States of America Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Ger many ;Carr:fit,' itiort Filial° Hongkong International Commerce Centre, I Austin Road Wost.Koudoco, Hot K Steve Pollard Regional Head Americas Rosearch 2-I Nagatacho Sanno Park Tower Chiyoda-ku. Tokyo 1006171 Japan The Hortnalm and opriOns in ths roman were prepared by Deutsche Perk AG woe 0/ its ruins kotlecilere tortathe Bank The rnformaton hen a tremed to be rehab. end nal been obtains him ride sore breed to be slob* Dersch•Sank maws no spresenteben es to Me accuracy of completer...sof sr/. mformatron Deutsche Beek sty *nor in securer meow ono On • pernetary We Or Ot terie. mann& here mem err the view :token in Inc eerier, tern In addition, Oren Welk Dtrehe uric nOwilog preterits and sales slat/. maytµe a caw rat • nconstem wer that taken err the research sped Opnces mums.' end prop:awn n the newt Conferee the runes ;wagers. of Vie furor ante the dale 01 Or report They do not nerf assn. sheet the op ne.vn of Deutsche Bank end are sober to direr without Fere Deutsche Bank has no rawer to update. merle or timer the rep.w or to other/Me rote • redoes thereof in re event that any opens lormem or estimate me tont, herds chimes of siubserritte becomes reunite Fern anti evaitabrilty of frwciar estriernis we Ater to <Net* th•owni or ice The err * Pored Ne romecceill Wises% or. it is rot an offer ore Waren te en oilier 10 bw or sat my renal estretine Onto prin<Cele Inane parmoiar Parr strategy Tarp. VC*" Se einarernt impreCes and a peeler of re *SW ;Sperms As of Deutsche Bana4 March 2010 ecouseron of Bati.Bank AG. a scurry may be cmerred to mire than Me anahrst wise the Deutsche Berk drip Each Of these artists dab the direr mrshereire ti) vale the semi my an a remit the retimmeeditens Ms One ae4 Me pre teepees ale atirmiles at tact, may very wet* in Assn 2013, Deutsche Bank retried • new polo whereby *ripest' mayChoose not to se of mar ruin Wye Matt OI certbn issuers under coarege *AM a Noy rare In 1.40Kulat to nil MISSY c<cv' for 'How' sled stocks harp a mantel cap rune, than most otter compare et its sector or moron We Woes Mat itch pallor ma Slaw se to rube best use of out resources Please rot our sinabsna at Ittpl.VM CID corn to Serino he SDP pnCe Of Wry rock The f err , tristrumtets dooms, in ins roan envy rot he sombre Ice all investors are eicerilOrs meal make runt own Someed inrestmes deferrers Sugar tram-StrOns Can bad to tones as a result cr Ina Artualyes are Other firer n e tiftwiral Instrtentre is deferrer e a (Nitrify Orr Man an imesicite riflery. a cheep. A erehrde niter may arena few in* Instanter Past OS Pomo.* b rat referee indtheve 01 future Smits DMIShe Sent may we, rnpecl to scan ty Creed by Ohs err. see 10 Or boy Ire retiree On 0 petrel baps. Old COnstrir TO reirn in *err 10 trade On PrOpreany bash Gent dreier low morose Phew.e, ell aran4SCISS MMIdharaktCated Cheryl the Porde Bank entry h the insahars tree trodden In the Lf S [Ns reel a approval robe Catered be Deutsche Bank SeCtropes Inc, a ineirter Of he NYSE the NASD. NIA and DK In Germany this capon n moms] arttrof communated by Nuts/. Bank AG Franalun authrized by me Balm In the Wiled K ogdorn Vas nitpOrt Is apperied rider CominunCeleS by Dettache Bark AG LOrer. a member 01 V4 tOrrOon Stock brier, and regular, byre Freer Conduct Merry lOn Te cordedY rorestmart busmen In The UR end mthased by the Bann the report s cistnbuted in Rang Kong by Deutsche Bank AA trice. Kong &tech. in Korea by NNW. Senn.. Kowa CO The soon s eleCnbuted in Sr wasp< be Dortsche Bonk AG. ScospOS Bee-<h of Deutsche Sectrilcs Asia tented. SrgapOre Berri One Raffles Gray •19 03 South Tony Scissor* f.95.33. 6423 8001). And WSW*" in Sous's, of the report are to corral Deplete Bank ACt Scissor* bench of Deutsche Securer Asia Ltented, Stvessie Branch n respect* rr. metros *meg hem or in confroirmealh. Pr inert Why* Ihy report n sass or marniggates n Srgepareao • hereon WV 4 Mat an Erred every expel erne Or Mater malt. In MSS/ in Me applelre Scorer, awn end rociArtenr Dever* Bank AG, Seders ewes or Dessau Sewn*, As. Lintel Singapore Branch /errs sager responsibilly to suds person for the Orrin o the neon kn Japan Ts resort is approireci eery 01W.tryleS by Dessau. Stoney Inc The ironer on <omens] n vs noon dam not constmo• the Ortrepon N tnestree *d or In Artie, rest Menu shOuld reel a (Coy 01 a Pelee Corer. Statement IPDSI Waling tO any I ininCY1 piodua referee to a thy report and Cored.' the PDS tOrOft making any one en about where to actirre The product Deutsche Us AG Johamestsg as seorporatad n tile Federal Fevre: of Germary1BranS Reciblea Number in South Al Me 19fM0032gB/101 AMU/an rforniatitin relieve to secure& oimer hien:v.1 orrice or *sus *erre In the report a • r nol4bie seri egret The then ivy not be Nipedurd, rarefied Or pugShad Of it". Penns env pampas wined! Deana. 0ank's mot writer comes Pease Cr., source whm scoffs Cootie C 2Obt DestiChoBank AG GRCM2014PROD031304 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0109841 SDNY_GM_00256025 EFTA01452665