EFTA01453233

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 Pt...874AM Boni' Deutsche Bank Place Level 16 Corner of Hunter & Phdlln Streets Sydney. NSW 2000 Australia Tel: 16112 8258 1234 Dews: he !Milk AC 1.0,100C, I Great Winchester Street London EC2N 2E0 United Kingdom Tel: 144120 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Rosoarch, Germany DM Itch: theft>, e. t *, GrofSe GallusstraGe 10.10 60272 Frankfurt am Main Germany Tel: (49)69 910 00 I:tutu:Be 813,1k &kiln raid[ 80 Wall Street New Yak. NY 10005 United States of Amaica Tel (II 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Filial* Hongkong International Commerce Centre. 1 Austin Road West, Kowloon, Hang Kong Tel 1857) 7703 8888 Steve Pollard Regional Head Americas Research 2-I I -I Nagatacho Sanno Park Tower Cluyoda-ku. Tokyo 100 6171 Japan Tel 03113 5156 67/0 The efOrrnirign end openbes nibs - were teepare4thr DistsChe Bork AG or oMU to annals logleasthelDwAsthe Bann The rformittaa Mien as thieved to be tenable are has den Waved gem or.tik as Woad to be 'triable Deutsche Bars metes ro repethentation as to the accgracyce con teresM such Monteath. Deutsche Bark Aviv engoce in se<umes trionsatuthe on • pentheten bus or Whereforn Ina manner MCOMettnt W?i the vew taken a this respire, ra ce in lathltOn. Othen whin Detersethe Bans Maude° strategists and tales stall trey take • vow not a CCOnsotent eighths., taken meta month wort. Nontons, eatamtes and prountmes n has moon :pennon. PH deed "asperses or the author a of to age of ere recoil Thee to not nocessmay reflect IMP *pram. Of Derandee Bank and an Petted to chance tithed notes Deutsche Ban* has no othgerren to upda4 motley or amend has retie/ or to oehmeasit noire • reCserea Mow, al me ern Si, any *Onion forecast or rennin set forth hawk Change; Or rubsegutrithe tit:Comes nactorate Prices and thastialey M &range tretruments are garnet to change wenfl mice Ths region is pronged Ma ishemationti purposes one it is not an arty of a solicitation of an offer to but or set are firurgai iratrurnags or to pin <pate in any New erre stringy Target sores fl atten:eta( improds• and a pm:luCt ot Manalyp tedgenuct As a rout of DeelsChe Bank's Mare 2010 acchaMon of Bata Gra AG. • sintanty nem be emoted by room hen one enthst rethn the peter Bank group Each of these •-•thas free me &leery methodologies a vats the sec uirly as • result. the 440mmenditeten nay One and to get1Ce targets eV astniates Oe eon Mat vary nosey the f Pineal rtstrsentets deltuloOd ei Coq neon nay MI be suitable fth all rwastOrs and entrain Must Mate delaOwn 'Moaned nmarnere dedinors Stock Oarsman°. eon Aid to tastes et • town of rx c• frroturtroor and error factor) if • I "angel instrument a delorneated et • currency othel Mae an rnatton. thinner. •theing• nNdMnge rates may inverter,' anon the meet, mart Pat per ormanC• is rot neCananke raceree oe future result NNW* Pant may with respell, to Wire*s towered by arm neon, set to from Canine, on a pnnopal tens. end credo, rs emir in Othcing to trade on • simprelary base Demote* traniKtithe means numerous eats Inaudina, errand Others, minket Onteerparly detain and p5tudry Or The app.-Origins.. Or Gtwmte 0/ these Conducts Mr use by avestOni hs deCendern On Olt Thestran, own Crtvwfielles intruded thew tat Meadel rhea meow." eentrormem and the tatoe of their Other assets and lab's! es and es stint imesuths shout, WM to-pen legg end fi meth*, adielle thane eaten° into any Irannthen Similar 10 Or 01thred br to Cement) Oe thus exhort*, Tenn, n occ 0, 4 toeorres Mk and a not oettable f Or el arentOrs. Prat* pomp oe a11CO an *arm onion mutt renew the "owavenecs and Risks d SansaMCeo ootoes, ' N enomemeteoexc conucarey,metoaxsecaHOC pot Mkt). the vnaUe to &coons the whole mein Centel DestsChe Bets AG ot •1 gip ?AIM. kre COpy of Ms atcortitm (10( orient The Mk of nes In futures bred and ophOns. rinser or <wrist< can be subsume As • result of the high degree of lewiroge obto!notro in Nieces are neon. trading IOSSM may be steerend OW are ca let than trer amount or funds innerly Oepooted vilett gPmereng Um peewees Othawan all leansaage4 tin)40 be hateNsted "your the Devrthre en entry in the even,rs AVM WINNOW, In nit U S trat MOGI re incumed anithw ONnbuted Ceultitha Bane Secuntes IOC. a Member of IN NYSE to NASD. UFA and S'PC In Germany ecs rep>1 4 eplarbeed Edith COmewirillaled by DcAsethe Barn AG Frankton Ir•trOntol W Ma earn in the United Kingdom this mono is •thteneed andhe communlleed by Dereset. Bark AG London, a reernbee Of the 1.0, 40e Stock Dchartue and regaled by the ;mince, Comtha Authoncr for to Corte or yammer,: Worms le the UK and thittnracd be the thin The icon a dthrbuted in 'Ong Kong be Deatthe Bank AG. Meng Kong Breast pn Roo by Deutsche SeCutne, Koren CO ree men is eette.ine n SaymbOre by CestsChe Bonk AG. 5•9•Pare B,rmh or Deutsche Seamans Asti Orient Shithapere Branch (One Rehm Ogre 01400 South Tower Singapore 048S81 •GS 003 MOIL and nopeetts rn Singed:re ce r•-• mann are Ts Conrad Dethscre Bank AG &Nape re Brands 0, Deinsthe Saurus% Asia Lrmtfl Spoon Gwent .40 C1 of any mange rinsing from. Or in thinnethan writ. Inc ferOn When this radon a woes ce promulgated in S.rgapvelea cense who e nth an MCM:litta TheestOr. expel 'mister V ralnulena, rennin Is Ott fed 0 One iota cable Singapore Was, and reddening. Deutsche Bank AG. S nritthare Branch Oe DevisChe Secsnes Asia Canted SI n:1•004 &MO, yew. MOM nalIOnt, bay M span CenOn IN Me Contents Of Mm repOn In /then this Mon is novorro enctrOf Marttoted by Crevisahe Sedontem Inc The efOrnerten Weaned in ths emir 0)es net Mastede the pinersOnSinvesIrneM Eruct In Aostrefle. wog Cleats isle)40 ratan a copy of • PleduCt thisChsvre Staterrent MOS) erre le try !range' prOden referred ton that re:04 .11.4 COMther the PDS tefthe making any dtherOn eked wetly 10 /bum the 00:41$41 Desist* Bank AG jOhimneteurg s in:Mended in Om Federal Pepia$44 Of German,, .Brench Nome. Neensa• in Span A nca. 1998.0,329,1/10 Althenal entre do rainy 10 saCuatles. Other tenn441procluas or tenon dotessol e mcnet n a. al urn), tram,' nee reran rem rot be meeNteeet: lc ratted or nebi shed by are OtesiOnfOr any Purthwe vegthut DeASCrie Nene pnCer caner, COMeat Please ate leturCemten allotted Copnotht t 2011 Deutsche Bans AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0110741 SDNY_GM_00256925 EFTA01453233