EFTA Document EFTA01451047

David Fo!karts-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 Deuto:he flank AC Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney. NSW 2000 Australia Tel: Utrutocho Honk AG London I Great With's-ter Street London EC2N 2E0 United Kingdom Tel Global Disclaimer Marcel Canard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Loutrohe Rank AG Grog.° Gallusstrage 1044 60272 Frankfun am Main Germa Tel Claal thel/0 Batik SUCS/I Inc GO Wall Street New York. NY 10006 United States of AWAStiCS Tel Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Filiale Hongkong International Commerce Centre. 1 Austin Road West:Kowloon. Hong Kong Tel: Steve Pollard Regional Head Americas Research 0-r-urscra-SmuntIr , 2-II-I Negated.* Sanno Park Tower Chryoda-ku, Tokyo 100-6171 Jag Tel The nfOrrnetth and opinions .erns repel wee prepared by Deesthe Bank AG Or one or is /llkia Anseenthey 1Ditailla• Banal Ter efOrnithen Mmne bettered Vs be NOW and Ns been Werth from pill seems breed to be Nab* Deutsche Bare mirth N reprthentahon as to the •Ccethe a cone:itemised such refortneen Deutsche Bark now engage In Tetylthel tronsecusne on • propretary bath et otherwise, Ina manner "cemetery von the rimy Nom A ON reseed.. open a addeon, other. worn Deese* Pant, we:Ivaco strategists and sales stag, may tea a yew 111/1 a ran/11.11•01 Was that eaten in it s MS Yid, 'goon Opill041., Ca elnleat and prthectithis in the 'mon constitute the timers mirem ce the author as of IN date of this neon They Os rot necessaery reflect the opmons of ensile Bath end an subset so Change Asap., wee Deutsche Beek yea no obagetwn to update- mode. 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P. 6(e) CONFIDENTIAL DB-SDNY-0 107184 SDNY_GM_00253368 EFTA01451047