EFTA01462161

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 Deutsch, Pprili AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Australia Tel:161) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272 Frankfurt am Main Germany Tel: (49)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsche Securities Inc 2-11-1 Nagatacho Sanno Park Tower Chivoda ku, Tokyo 1004171 Japan Tel (811 3 5156 6770 The oforrrean and apnea el dlr. repo, went papared by Oenoche Bank AG or roof a off beta pollenrea 'Nacho sees TIN enlomeeton hear is Galena to lat teal* and as bon obraned from ndr - wxsatannedlaberelaW Nona Bari makes no represemaan es to the occurecy or company.. of such brormacan dada Bark Mw ante in swam tearapons. an • pecuniary hated Otnin#41. n • manic macs Went wan Ike n ,e tabu Mes ratios roan In edam oars wane dada La. Jading wawa and sera stall. may take avow an d nonawom yenta tan n ...arch *pan Oprm. atingle. and propectons a man canna the coven heiddIllette al Inc raw as of ire date of the report They do rot neressenly rant the opinon. of Deana Bark and an aver ea arta about ace Conan, Bank ha no cabala to +anew natty or awed In. earl or to olivrwas notify • reopen e , nof .n the Wert dW am' cartoon lanai or amen set forth Cora arra ea snwacinte tiara adICCUFICIP Pet. eat atettlettelts oft...sea annencents r labialso change v. ho lb na raided for eternal...0 baba si of Ohm to buy ea set any ...end& disnuirsill or to panora In any donna Pang eh Cady taw prose ere ahaesMly ,mpncso •nel • praduci co Ca gnaw apemen TM anal and area decased at nes won may rot to oath la all et/afore and Teeter% TUN meta Mee awn abaci !ragmen canon Stock irweekans can la to saes n a wan ca pare facicabore and Other tartan II • Finance mamas danorward r a runway other than a raw ors currerey, a change in ISCheadeletteli may matey affect the rwelneeni Pan perlwarce o nor rocaany eldlairtree al fare peons Deutsche BIN( may won respect to serums oared the wart sea to or a Ina cacao on a arca bee, end cocoa ne. *pa at area to trade on • praprotery boa Damara Irian/a. neon* MccO410.6 yaks racing annag can. ma el cotmeeparty *data and Alquolny rat The approver...ass of carene cr law Pralcdt lee 1.140 by agars es dependant en the 'moan' Own CrCire taintIO . -cheng la Is cannot cher regunery erwroneant and the nature of awe rah and tablas end al al. mean shook, rate aped kraal and I anal OGIvOIP bola enter no ento any lea maces sem W to or wawa by me canna of a putocaton Trap it aeons MVOS.** MR ands not wane. 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P. 6(e) CONFIDENTIAL DB-SDNY-0124567 SDNY_GM_00270751 EFTA01462161