EFTA01453086.pdf

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Steve Pollard Global Chief Operating Officer Global Head Co-Global Heads Rosearch FICC Rosoarch & Global Macro Economics Equity Research Michael Spencer Ralf Hoffmann Andreas Neubauer Steve Pollard Regional Head Regional Head Regional Head Regional Head Asia Pacific Research Deutsche Bank Research, Germany Equity Research. Ger many Americas Rosearch International locations Praitsisho Bank AO Peuleshe Bank AG lrn Deutsche Sank Place Groat GallusstraGe 1014 Filiale Hongkong 2-II-I Nagatacho Level 16 60272 Frankton em Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phi ip Streets Germs I Austin Road West.Kowtoco, Chiyoda -ku. Tokyo 1006171 Sydney. NSW 2000 Tel: ME Hong Kong Japan Australia Tel Tel: Tel: DOWD: he [1.30k AC; I. pricier: Nall/IT/It Bank Sa:Lases le( I Great Winchester Street 60 Wall Street London EC2N 2E0 New York, NY 10005 United Kingdom United States of America Tel: Tel: Global Disclaimer The PrOonklOn and °smear in tha tepon who taehtred by Drotsch• Bank AG or <meal es 'HMCO golipenreht 'Dynast Simi T e anormiton neon Is tatimid to be (P.N. and Ms been °Honed frOns pH< ppm beapect to ty rMetle. Destsche Beak motes no opesemetron es to Pe optirecy or completeness of sum ememsbon Devote link troy eng•pe IS HMOs, trarrOCIOne, eh a Ortenetery Been Or Onenv44. P* manner anent silent Mn, tr. hen :nen in no rescinds report In OPTIOM PPM wrests Done* tank Influding gratepos end sale. itch may teem a veer Tat s rorsersateni rah the liners estrus research report Opmees nominee end promcbons et Ina report commence the Hype Negensent of Pe pear as el the dee of Pa report They do to t necessarily Piece the pinisr. of Conon. Bank end we rasa lo change *Irmo nuke Otter* Bank has no *bide on to kodate. rrodi6 or emend the open or to othernise roars a refasten! thereof in the event that any Oprote. fOref &al Or estimate set POI nervy Popes Or Slily promo romp!. Poses and evailipirry *1 orno. nstramento Ye ppm to chop* sprout notice Ti,,, repel a poweetd IC. informiecnil poops ony n s not an offer or • eskaatise 0 lin POMO bus Or set Win Mental nsfrosnals GOO pante Cole ',any parts:ear iodine strategy Target CM., Me trinertrele MbreCesertne a 0014.1 of Pe anisat tupernerit As a re-.J. or DeAsem Swat's March ?PIO eusamon oh 614F,Bank AG...securer mho be downed DI more than one amyl worn the Deutsche Bank group Each o these wham way we Offering MethaekrOgtes to vat the seetnny es *CPA. the tecommendatons mar Omer and Me ri ce orgy. ate armee of <Ph Minors. 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SalgepOte BraoCh or Deutsgm Sawn*, Asia Linnet S rympOre Brandi tOne Raines Oaf RIB 00 South beef Sogapore 043533..05 6423 SPOIL and reopients in Sec :ore of Me reran we to cottatt Deutsche Bosh AG. Smopore ensmil or Deutsche Senores Asa Lotted. Snoops. Branch is spec, o mere!, wain, Pm or in contemon melt this moan Ahem Ps repot Is issued or Oomusente0 in Snoopy to • pans ofd Mt an PC rels.40 nrestty expert emesne nstituMmel notelot lO defiled in x appludm Smgatagre won torl repralOMI. COPPS. Bane AG. Smjecore Boni Of Desasehe Seep... Asa Losing Singapore Brand, popes Sigel responsitsIty to such pooh for me Opens or this report vs Astan the report a imposed Oembuled lar Deutsche Sporeas inc. The Pompton Comatose n Pe rotten *ill no, Constr... Me pronpon o ortestran HIM. In Antos* ristat floras POPO CAPP • fOpy at a Frodrl. Cot Moe Statement I PDS, NOM, to and I tnardtel HOPP ref en*, to m ms report end fonder the PDS Wore roam any deco on about Norse so apparent product Deutsche Bra AG Jonatnestrag a Momote0 n the Federal Raskote of Gennint 03randl Regimes Number in South AInca. INIS:032943/I04 Oda eons' itnirmatbs Pep to *Puttees other cesaecai pOdyns 0' imps discussed In Pe report a frollatie OA Poen The retort may OM be ref:PP-COI destrigseof 0, putnshed by erte peaty for env appose sviesout DevIsche Bank's poor wmten consent Prase <se soap Yon pastes; Coptor • 20th Deutsche Bona AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110500 CONFIDENTIAL SDNY_GM_00256684 EFTA01453086