EFTA Document EFTA01385549

Deutsche Bank Equity Rating Key Buy: Based on a current 12-month view of total shareholder return (TSR = percentage change in share price from current price to projected target price plus projected dividend yield), we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12 months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January. 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity Rating Dispersion and Banking Relationships 400 350 300 250 200 150 100 50 0 5% 34% Hold Sod IICompanies Covered =Cos isd Banking Relationship I European Universe A'y i5 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086835 SDNY_GM_00233019 EFTA01385549