EFTA01461174

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head FICC Rosearch & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research. Ger many Steve Pollard Regional Head Americas Research Peuts.Ate Elm* A() Deulmtv 13nns, Llt i l l : rib,' Clinik Ai.: Deutsche Bank Mace GroBe GallusstraBe 10 14 Filial° Hongkong 2-I Nagatacho Level 16 60272 Frankluit am Mem International Commerce Centre, Sanno Park Tower Corner of Hunter & Phi1Lp Sheets Germany 1 Austin Road West.Kowloco, Chiyoda-ku. Tokyo 1006171 Sydney. NSW 2000 Hong Kong Japan Tel: Australia Tel Tel: Tel: Dout&:he Bank AO lotukin r ibIlltAllt BOSE Sib; 1 Great Winchester Street 60 Wad Street London EC2N 2E0 New York, NY 10005 United Ki Nom United States of Amenca Tel: Tel: Global Disclaimer The eformarom and oproOns In this wean were papered by Deutsche Bank AG Orox o/ assume kollecilecrof "Destsdle Ba^.t1 The intormoton /wren a tel ha be reliableend Ms bean obtained trot, pubic 14404. b0.04/0 10 be rehab* (44$0,0 Bank math no represent/Mon es to the a -Gooey of completeress of sun, witormation DIutsChe Dark may Avg< In bacurnies varnaCtOM On • pr tanetaro bun Or oneness[ l e manner nanomem lo th the lee Nikon in reseed , roper, In eating.% Others wrosin Cmcbthe WO( including grategats and sales stab. near tµe a Yew Tate 0/cornmeal van trot team in the research report Comm estimates end propstoris n114 moor! 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CunenCy. • Cheer eaChenge WWI may 0.440/ area the ins /WM" Pest Cre" >meshy b Mt reCeirorly inditauve tit /Num results Deutsche Sari may we, renpta to '<CURS. Ctott00 by the roves. sell 10 Or bin teem custom*, On a prororoal basis, end <Onside+ rue retort in CroCOIng to trade On a I:Mantuan, basis tiniest BOIsmin0 100, "Chines othembe. ell Irkneetliere stocld CO 4440100 thrOut the Deutsche tank entry lithe intestals same irossiClaOn in the Lt S [Ns repo" co approval WS° , 001/b.444 or 044/12the Bank SeCusters Inc, a warmer of the NYSE the NASD. AFA and DK In Germany the moon n aconwed memunroited by Deutsche Bank AG Crandon enhanced by the Cohn in the tinted Kngdorn Ts noon Is approved annhor CommunCated by DOA/1CM Bark AG LOrhan. • 141044. 01 04 1.4440n MOM Eathenge ens regulated by Tie RnanCrolCOndutt Aueronty lOf the twits ol intestment busmen in The UR end a -thorned by the Calm Ohs repo." s Ostributed in Prong Kong by Date:he Giant AA Promo Kong trench In core* by North* Secures Korea CO The report e claCebutod m Srnotion be Deo:sent Bank AG. Singteptiro Branch of Deutsche Sectribte Asia tented. S rogapOna Brent 'One Raffia Crow sib 03 &bah Tome Secopore 04 9583, nth fA23 BOOS. era recipients in SoDapare of the report are to contact Deutsche Bank AA Swoops* Drench of Deutsche Securities Asia Canted Stroepse /bench in reepea o ny masers 0440 //OM or In connection vath. Pro mow. there the raPCS Is 05,00 or promigateti fl ange:orela • Comm ye* 4 not en /Strolled Investa. ebbs ?went, Of es:cube /rot /44.10/ 10. 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Federal flti0004 of Germaihe Arendt ileg titer Number in South Abbe 1908003296/10) AWionel infoimatitin relieve to siecur les. over trencral prodocts Or wither CroCussee In th e report es enoltabe uteri /0/1041 The 'won may not be reprodined, drsterotted ertinsfed Of WY pens for any purpose without Contsche Panes pnor written comers Pease cite source sties enema Coproutt C 2013 Deutsche Bent AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM, P. 6(e) CONFIDENTIAL DB-SDNY-0 123033 SDNY_GM_00269217 EFTA01461174