EFTA01458293.pdf

1 September 2015 Special Report: The treat Accumulation' Is Over: FX Reserves Have Peaked. Beware OT Appendix 1 important Disclosures Additional information available upon request `Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at htto://qm.db.com/qeddisclosure/DisclosureDirectoriteasr Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analysts) has not and will not receive any compensation for providing a specific recommendation or view in this report. Robin Winkler/Mallika SachdevelGeorge Saravelos Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at httosliam.db.comfeauities under the 'Disclosures Lookup' and 'Legal' tabs. Investors are strongly encouraged to review this information before investing. 2.Short-Terri: Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at htto://am.db.com. Page 16 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118148 CONFIDENTIAL SDNY_GM_00264332 EFTA01458293