Text extracted via OCR from the original document. May contain errors from the scanning process.
David Folkerts-Landau
Global Head of Research
Marcel Cassard
Global Head
CB&S Research
Ralf Hoffmann & Bernhard Speyer
Co Heads
DB Research
Guy Ashton
Chief Operating Officer
Research
Richard Smith
Associate Director
Equity Research
Fergus Lynch
Regional Head
International locations
.. ..
Andreas Neubauer
Regional Head
North America
Steve Pollard
Regional Head
Deutsche Cant. AG
Deutsche Bank AG
0i10t
if lint* ;AC
Doors/ ho Socuriiim;
Deutsche Bank Place
Smile GallusstraCe 10-14
Allele Hongkong
2-11-1 Nagatacho
Level 16
03272 Frankfurt am Main
International Commerce Centre.
Sanno Park Tower
Corner of Hunter & Phillip Streets
Germany
1 Austin Road West.Koviloon.
Cluyodeku, Tokyo 1006171
Sydney. NSW 2000
Tel: (49)69 910 00
Hong Kong
Japan
Australia
Tel: 1852) 2203 8888
Tel (8113 5156 6770
Tel: 16112 8258 1234
Cant Ara t
OttkItth.titt
Set' thhiet.
1 Great Winchester Street
60 Wall Street
London EC2N 2EO
New York. NY 10005
United Kingdom
United States of America
Tel: 144120 7545 8000
Tel: ( I1212 250 2500
Global Disclaimer
The elonnelen and spoons o the man wee prepared by DeAsee Berk AG a one s es elates ItaleCiastry Seesaw Senn The elonnalan Never a broad to be raleb* en! Ns been oedema frontage:
forces beteg to be Sable Deutsche Bark make. no repementabon es to lie actors& or corroteenene Oa arch eformelon
a uses, Boa may engage In monies trenwoons on • propretes tesa or other wee in • morrow enamel*, war the snow teen et Ms Meant report h. Sauna anon won Deiese• Bens. token.
infeogivis end sets Ora nay take a vervain is encomium, Menne lean on Ta resareth report
Opnans, comma and pepctean vs ma moon cortalee the Current 'Wrench] ce the ea or es ol ea date el IN report They do not necessary react sire opnons of Deutsche Bert and ire SACO 10 change
wrinout notice DeuroMe Berth has no obboot,n to ullatte. rroddy of amend Ina report or to orhavast NUN a moped Mame n et eon na fl con en enrols
MI ma re o
nevem Menges or
*abaci-soy becomes eacc urine Mhos and enables of thencial natnnwnts ee nature to donee anrout rotor The moon a provided tel reonnesoral peons orgy II is not an pier or • soactunion of en
ono to buy or nor arty finesse inotrenents Or TO Pen &tete in am pa near vacua strategy Target pries ate elarently mpeetie and • product tee the harrst letientart
As • out of Deutsche Bent • hod. 20t0 sods on of BOIF.Benk AG.a focamy may be coated by /No then ore halal arth.n the DeArcro Bann &top Etch of doubts...0f% meg use &Pomo manodong•r
to your he sconce 6$ a neat the reCOmtheaderhine trey defer and me ces• target and munWeW each may vary Odell
In August DOCO, Nolan. Bens estetnecl a new way aleteby analysts may Choose MI Y sel or merman • lege pee of Ceneln Owen under (Overage wen 6 KM] rat oo In plelture, en al typically Oct& for
slow Feted Mocks Nang a man* Cap Mal* then sort other corn/ernes n es isle, er region W. lasso ma such poky rat Pow us en nab bea ea of our reasoner Pleas vise our wean*
lopapm Soo
tO anemone Me NW Once Of any seek
The f Nose entrummil decossal .n pµ Whet may re b futon* lot all moron end merlon must nuke INIX Oath unarmed eassiment Scone Stock ttanacu.vs on lend to Sine a • meat or ace
lummox* end Me talon • • limns*, entrument a dimentlapted .n • corm& odor then en unman. °moo. • chenge in exchange Ma net echonery elect the tenteatillefa Past palormancir 4
rear/tory 'Neon
of %Ma routs defeat Bank mey ma raped to arcuate COthathei by the wool. el f0 or buy from customers on • ennead bathe and onsiOn Ms report n deep
to twee on •
POPIlettary babe
Unless 0,mming ere PthesPeS OMerwes,
lansandins sh)Jcl he eaCuted Overran the NOUN Bret entity in me sonlets Nene fuelditoOn ln the U S Td open n hirthetal *neat notated by Ceases
Bank Secants% Inc. a member
IN OSE the NASD. UFA and SPC In Gennthe On open a ropfored anctrar Communneed by Deutsche CNN AG Frordan mehontal or me Been in me United Kingdom UN
men is ancree0 *NO Commoneared by Deutsche Beni AG tendon. • member Of IN ltarlen Stock Denescre and regarded by me Frankel Sone<as Authors" AY the Conduct Of wasiment bones% n the UK
and is-Mowed by the Brio hen repel es defeated In Harp Kong by Deutsche Bens AG, Hein Keep Branch In Korea by Deusde Saunter Korea Co le.. theett a Ontrboted a Saga/ ore by Deasthe Bank AG,
Sognsom Brenth or Ceutsche Stott es No Limo.. Sinosp>re Branch and telpher cf Stempore Of the repin are to Contact CVO sche Bert AG. Smgetere alfenCh v DeurtsCht Saunter Asa tree, &Neat,
Branch n respect et aro maws rang floe% or rncon.dlon 'AIN T's ncofl
Vale' inn renr.
""" d
tn n thantht n Singapore to • anon when we en actuated mentor. open Inthi$101 p Insbt.aranal
'meg& las Gained in the alpine.* Stroteae laws and nroJelia& Oeulstne Beni AG, Sloane, Bremen Or °fatten Saunter Aso Limped. Sthpalient Brand, SCOOPS urge reeparearlihr to soM petrel le De
Contents of Ina felon. In Japan
osort a roproyed andlor Ostributre by Deese, Secure*. ea The agent./ ten ettnehned n the Mthert bee not COntlethe the pronson of nvestment adace In Aintrals,
Cleats Una, actin • CON of a Predrill Dadosee Sielommt (PDS) Margie err franca' pealutt Menai $0 n Ste ....on WA Combo' To P06 before ,sting any doCoOn obese veirther to thtlethe the Mao"
Deutsche Bane AG Jean reiburg n nooponsted n Me Feder* Routh: of Germane IBraren Agate Inumbe di Seen ANN 10320)03201001CI AdOrtenel inlormeten ream to saunter. other Nance! geode's Or
**um dawned in Mir repel rs antetie upon mount That mph, may the be tePthatIettd. ClUntaned of parkshed by any persOn he any pupae %WINO Deutsche NON our vegan genera Please tee source
when %retro
Cowrie. 22013 Poncho Bens AG
GRCM2013PROD030O98
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0 104783
SDNY_GM_00250967
EFTA01449389