EFTA01462013

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 FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Deutsch, Pprif AG Deutsche Bank Placa Grotto GaIlusstraRe 10-14 Level 16 60272 Frankfurt am Main Corner of Hunter & Phillip Slicers Germany Sydney. NSW 2000 Tel: (49)69 910 00 Australia Tel: 161) 2 8258 1234 tout :it Rink tit) tern (1‘41 I Great Winchester Street London EC2N 2E0 United Kingdom Tel:144)2075458000 Global Disclaimer f IttAttchlit Dan/. StiAtzfilitiN Int 60 Wall Street New York. NY 10005 united Slates of America Tel:Ill 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Fatale Hongkong International Commerce Centre. 1 Austin Road West. Kowloon. Hong Kong T& 1857/22038888 Steve Pollard Regional Head Americas Research Durrriche Securities he 2-11.1 Nagatacho Sanno Park Tower Chivoda ku. Tokyo 1004171 Japan Tel: (811 3 5156 6770 The infoiniation and opener in des trepan van prepped by Ceuta:In Bank AO or as of car &Mira (colecerny 'Deutsche Die el andiron Fenn is Pared to b rear and hat been erred From public moires bear lob rear Dimmer Bank morn no nontentron •• tore srunty or comp/were" of such telonniran Deutsche Bark fogy spar in securities transacsonst on a property Paso or MMM'µ n • noncom. novissinre we' de wow taken n nO research corn In acktotot. dews nein Deutsche Dar . including sitionagols and tits stall. try/ tar • raw that • increent with tat ter ei IN snitch iron °price, sires and protege:ins neea nelson caster the Cirflel peigernere of me mire as of die dratof rt eMOO" Try do re nocnsorly reelect the wends el Drods Pm* and de subvict so crags without moos basset., Bank no oblegron so tires. moor o armed Ms report or to oihrowee route a reopen Pirol in the sent the any oµmst forecast or famines sot lento Farm eterri Of IkkabliqtaMly neccurr Price and aerobilty d hrurcremnant. are titled to dutywithout mite hes report m provided bar inioneororati purpose ony le is not an offer or a et:Icemen of an offer so buy or 101/14.f finance r•InAMIntl. Or 10 pantpate n•ny raculs Peng strategy Tarr paces an sinenriy granter and a µotret c.0 th• aruiysi lodgement In AtiONI 2000i Oeuttensillilik award a raw potty Overby analysts may etre not so set or Pneintan • tar pica al retort err under confer will a iiiktd Hong In parttulee, has re typtary occur for TON' read Hocks timing a rare cap weir Man mat awn condor . `IV be Ma di policy wIl slow us to TM* boss us of our , O.OUrCO1 Pleas vs. our writ* al trip Ppm Meet. Jo determine the lege Ire Of any star Ti'. /normal Kenos -to oscura in Os repot rem not be uvulae for ell treetop and mason must Take That own infer! chessmen demons Stock tranmthons con Sod to losses as • result d price Ivdueau and Saar Diction /I a four& return • denorrtnned n • currency oilier thin an rerosmis curry, a charge in etchers* nue met adored rod this ornisierre Pint thetkornarce is not receranly inclicain• of fob.. restlis burets Bank may warm Nepal to 'emcees covered by this report sill to oe bid tern customer. &narrates, Barn, and corers its npon hn airing it trade on • popstery Wen ladn. reerning law provides orcensee at transactor Meted be archer romps the 044.11.010 tank entry in ifs redoes home ilnI4CON, In Ihe U S d'01 repel • approved rata Ostrom! by Dories Bonk Secures.. Inc.. motebor et the NYSE the NASO. NIA and SIPC In Germany the report n opprour Imre communicated by pieces Bark AG Frankton aviliorzed by car Dan In Itio trinit ridden, Pus regal is approved 0,_f ormunceed by DOAKII, OM* AG Wear • minter of the London Pock Exchange end regulated by If. inmul Corduct Arent/ to, Vs concs, of regimen barons n to Uc and HOHDOHPO be Ma DOM TO Fred *thraddel IFF*Wc Peng by Perch* lank AG. Hong sr., Banch, n Soo* by Deer the SacyrIttli V.0100 Co The repot Is distributed in Singapore by Df41.O* NM AG. Snider's bends or Deurche Seciathth Asa tented. Singer, Berth /One Rena Or SIPCO South boar Seigspare Parr .% 5423 et Olt and mother to Singer" of this neon en to coned levier km AG reppon Perch or Deutsche Securnies Me toner Singapore &inch ai respect of any roe, entry from or n corners:inter. this repel Mawr Or report • •4010 or weirder in S martin to • porn yea • rae an Molded ininta, wpm airier or MOT kflOnill Ma defined now applicable Snppore laws sin egistniont Deutsche tank AG. Swg•par• bench or O4nAtelip Sse.Ifiln. ASO, tuner Singers larch accepts knoi remonistaily to ouch denim lir me cirri of ton WWI in Jew that nor t OPPOW0 *nester cleribviod by Deutsche Swath Inc IS,. ittormotion coma and in sin tern does not COOSSORI:S P. revision of ,manners arc. M AUSUSI•ii. MS4 CaSnft should ern • copy e/ • PrOSIJCI Cotter Stearn Sating to any .8O(4i period minified ton din repot and consider the PDS Wore risking any cletimn end where to riare Pe product thirds Park AG Jtheineldeg to initotponsted n mho Front arra ol GISMO.", IBnKF Aegider Number ri Sower, Arca 100600320S/I0) Addionea int:erten ream.** securer ester trete , products or mum CICUI4.1 in its ern .• radar upon request fin iron rosy FM be reproduced. OW ired or partied by any Pencefor thy purpose veered Nerds Deer pnor term rimer Pinto tee source a/nenmiry Copper ft DOM Deuncra Bank AG CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 124347 SDNY_GM_00270531 EFTA01462013