EFTA01385549.pdf

Deutsche Bank Equity Rating Key Equity Rating Dispersion and Banking Relationships 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, 400 350 we recommend that investors sell the stock. 300 250 Hold: We take a neutral view on the stock 12 months out and, 200 based on this time horizon, do not recommend either a Buy or Sell. 150 100 Notes: 50 5% 34% 0 1. Newly issued research recommendations and target prices Hold Sod always supersede previously published research. IICompanies Covered =Cos isd Banking Relationship I 2. Ratings definitions prior to 27 January. 2007 were: European Universe 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 A'y i5 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0086835 CONFIDENTIAL SDNY_GM_00233019 EFTA01385549