EFTA01453086

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 Praitsisho Bank AO Deutsche Sank Place Level 16 Corner of Hunter & Phi ip Streets Sydney. NSW 2000 Australia Tel: DOWD: he [1.30k AC; I. pricier: I Great Winchester Street London EC2N 2E0 United Kingdom Tel: Global Disclaimer Marcel Cassard Global Head FICC Rosoarch & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Peuleshe Bank AG Groat GallusstraGe 1014 60272 Frankton em Main Germs ME Tel: Nall/IT/It Bank Sa: Lases le( 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 lrn Filiale Hongkong International Commerce Centre, I Austin Road West.Kowtoco, Hong Kong Tel Steve Pollard Regional Head Americas Rosearch 2-II-I Nagatacho Sanno Park Tower Chiyoda -ku. Tokyo 1006171 Japan Tel: The PrOonklOn and °smear in tha tepon who taehtred by Drotsch• Bank AG or <meal es 'HMCO golipenreht 'Dynast Simi T e anormiton neon Is tatimid to be (P.N. and Ms been °Honed frOns pH< ppm beapect to ty rMetle. Destsche Beak motes no opesemetron es to Pe optirecy or completeness of sum ememsbon Devote link troy eng•pe IS HMOs, trarrOCIOne, eh a Ortenetery Been Or Onenv44. P* manner anent silent Mn, tr. hen :nen in no rescinds report In OPTIOM PPM wrests Done* tank Influding gratepos end sale. itch may teem a veer Tat s rorsersateni rah the liners estrus research report Opmees nominee end promcbons et Ina report commence the Hype Negensent of Pe pear as el the dee of Pa report They do tot necessarily Piece the pinisr. of Conon. Bank end we rasa lo change *Irmo nuke Otter* Bank has no *bide on to kodate. rrodi6 or emend the open or to othernise roars a refasten! thereof in the event that any Oprote. fOref &al Or estimate set POI nervy Popes Or Slily promo romp!. Poses and evailipirry *1 orno. nstramento Ye ppm to chop* sprout notice Ti,,, repel a poweetd IC. informiecnil poops ony n s not an offer or • eskaatise 0 lin POMO bus Or set Win Mental nsfrosnals GOO pante Cole ',any parts:ear iodine strategy Target CM., Me trinertrele MbreCesertne a 0014.1 of Pe anisat tupernerit As a re-.J. or DeAsem Swat's March ?PIO eusamon oh 614F,Bank AG...securer mho be downed DI more than one amyl worn the Deutsche Bank group Each o these wham way we Offering MethaekrOgtes to vat the seetnny es *CPA. the tecommendatons mar Omer and Me rice orgy. ate armee of <Ph Minors. PPP In August Persg, Deutsche Bert rata teed a new coley 6661/tre anoints may Choose not to set Or Manton a Urge pea Of Oetaus issuers under Cdoerege Mtn a Hdd mating In ftenCular. TO sill Typephr CPO fOr 'Hold' Fined stocks hong • mantel cap mono Mot most other corpse., tn Is oast or noon We game mm wen paldv wu allow vs to make beet we 01 our remotes Merit vet ow mernite impArgm Scam IP delawine Te large once CA any stop, The teuterhtt. tratrurneets *spool in lm o retort may et% to spy.e 10 NI investors amd freedom most Melo thee Own MONIS Prestmeto deepens POO utraPtiOns Can Rte tO nsses is a rends te pa: 0 fluCtulasPs and mear ?ems. e a fiewww immeresrm a clernammatea 6 a Grammy other then en (mentors PerstaCy. a Jong. n Pahang. MP may adverseN reel the imestmOnt Pen Crenforana le Mt Iseftmarey McMinn* co Mese femme Otulkehe Bent Mar well resOca 10 'PPM. MORO by dos repri. See So Or bin Pan f .00mm On a ennOssal gam IP sonnets Try Rpm in emaing He !rode PI • troOnehley bests woos govemop law mossogy omenssse, as parsuaises PPP be eredwed them,' the Ca/.Win Bank Play is the inmetors hone :trelitialWn In Pt LiSms repels approve ma's, PetrbAps Dl Otoote Bank Securities Inc. a member Of the NYSE the NASD. IPA an, SPC In Germany the repot s maenad valor conminfiered by Coulon* Bank AG 'tendon theforded by me Bain In try anted Kedged, eas escort a attrtreed PCPs fferanunate4 by Deuteche Bank AG teem^ a m inter ftl Pa TOMO, Stock Exchange and regulated be Tv Anfroml Conduct Aothorny for the Conesol Noon-oat business in the di and azh,tued by the Bann The repel a <webs/Tea in Hong Kong by Deutsche Bea AG. Hoeg Kong Boron in Moo by Deutsche Sec stres Ceres Co The report e elMnbuted an Singapore be Devettne PM AG. SalgepOte BraoCh or Deutsgm Sawn*, Asia Linnet S rympOre Bran di tOne Raines Oaf RIB 00 South beef Sogapore 043533..05 6423 SPOIL and reopients in Sec :ore of Me reran we to cottatt Deutsche Bosh AG. Smopore ensmil or Deutsche Senores Asa Lotted. Snoops. Branch is spec, o mere!, wain, Pm or in contemon melt this moan Ahem Ps repot Is issued or Oomusente0 in Snoopy to • pans ofd Mt an PC rels.40 nrestty expert emesne nstituMmel notelot lO defiled in x appludm Smgatagre won torl repralOMI. COPPS. Bane AG. Smjecore Boni Of Desasehe Seep... Asa Losing Singapore Brand, popes Sigel responsitsIty to such pooh for me Opens or this report vs Astan the report a imposed Oembuled lar Deutsche Sporeas inc. The Pompton Comatose n Pe rotten *ill no, Constr... Me pronpon o ortestran HIM. In Antos* ristat floras POPO CAPP • fOpy at a Frodrl. Cot Moe Statement I PDS, NOM, to and I tnardtel HOPP ref en*, to m ms report end fonder the PDS Wore roam any deco on about Norse so apparent product Deutsche Bra AG Jonatnestrag a Momote0 n the Federal Raskote of Gennint 03randl Regimes Number in South AInca. INIS:032943/I04 Oda eons' itnirmatbs Pep to *Puttees other cesaecai pOdyns 0' imps discussed In Pe report a frollatie OA Poen The retort may OM be ref:PP-COI destrigseof 0, putnshed by erte peaty for env appose sviesout DevIsche Bank's poor wmten consent Prase <se soap Yon pastes; Coptor • 20th Deutsche Bona AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0110500 SDNY_GM_00256684 EFTA01453086