EFTA01449383.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Appendix 1 Important Disclosures Additional information available upon request For disclosures pertaining to recommendations or estimates made on a security mentioned in this report, please see the most recently published company report or visit our global disclosure look-up page on our website at com.ae•:disclosure:DisclosureDirectorv.edsr. 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. Bilal Hafeez CreditBuy ("C-B"): The total return of the Reference Credit Instrument (bond or CDS) is expected to outperform the credit spread of bonds CDS of other issuers operating in similar sectors or rating categories over the next six months. CreditHold ("C-H"): The credit spread of the Reference Credit Instrument (bond or CDS) is expected to perform in line with the credit spread of bonds / CDS of other issuers operating in similar sectors or rating categories over the next six months. CreclitSell ("CS"): The credit spread of the Reference Credit Instrument (bond or CDS) is expected to underperform the credit spread of bonds / CDS of other issuers operating in similar sectors or rating categories over the next six months. CreditNoRec ("C-NR"): We have not assigned a recommendation to this issuer. Any references to valuation are based on an issuer's credit rating. Reference Credit Instrument ("RCI"): The Reference Credit Instrument for each issuer is selected by the analyst as the most appropriate valuation benchmark (whether bonds or Credit Default Swaps) and is detailed in this report. Recommendations on other credit instruments of an issuer may differ from the recommendation on the Reference Credit Instrument based on an assessment of value relative to the Reference Credit Instrument which might take into account other factors such as differing covenant language, coupon steps, liquidity and maturity. The Reference Credit Instrument is subject to change, at the discretion of the analyst. Page 44 Deutsche Bank AGkonclon CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104775 CONFIDENTIAL SDNY_GM_00250959 EFTA01449383