EFTA01453233.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 Research FICC Research & 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 Rosoarch, Germany Equity Research, Germany Americas Research International Locations Pt...874AM Boni' DMItch: theft>, e. t *, Deutsche Bank Place GrofSe GallusstraGe 10.10 Filial* Hongkong 2-I I -I Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre. Sanno Park Tower Corner of Hunter & Phdlln Streets Germany 1 Austin Road West, Kowloon, Cluyoda-ku. Tokyo 100 6171 Sydney. NSW 2000 Tel: (49)69 910 00 Hang Kong Japan Australia Tel 1857) 7703 8888 Tel 03113 5156 67/0 Tel: 16112 8258 1234 Dews: he !Milk AC 1.0,100C, I:tutu:Be 813, 1k &kiln raid[ I Great Winchester Street 80 Wall Street London EC2N 2E0 New Yak. NY 10005 United Kingdom United States of Amaica Tel: 144120 7545 8000 Tel (II 212 250 2500 Global Disclaimer The efOrrnirign end openbes nibs - were teepare4thr DistsChe Bork AG or oMU to annals logleasthelDwAsthe Bann The rformittaa Mien as thieved to be tenable are has den Waved gem or.tik as Woad to be 'triable Deutsche Bars metes ro repethentation as to the accgracyce con teresM such Monteath. Deutsche Bark Aviv engoce in se<umes trionsatuthe on • pentheten bus or Whereforn Ina manner MCOMettnt W?i the vew taken a this respire, ra ce in lathltOn. Othen whin Detersethe Bans Maude° strategists and tales stall trey take • vow not a CCOnsotent eighths., taken meta month wort. Nontons, eatamtes and prountmes n has moon :pennon. PH deed "asperses or the author a of to age of ere recoil Thee to not nocessmay reflect IMP *pram. Of Derandee Bank and an Petted to chance tithed notes Deutsche Ban* has no othgerren to upda4 motley or amend has retie/ or to oehmeasit noire • reCserea Mow, al me ern Si, any *Onion forecast or rennin set forth hawk Change; Or rubsegutrithe tit:Comes nactorate Prices and thastialey M &range tretruments are garnet to change wenfl mice Ths region is pronged Ma ishemationti purposes one it is not an arty of a solicitation of an offer to but or set are firurgai iratrurnags or to pin <pate in any New erre stringy Target sores fl atten:eta( improds• and a pm:luCt ot Manalyp tedgenuct As a rout of DeelsChe Bank's Mare 2010 acchaMon of Bata Gra AG. • sintanty nem be emoted by room hen one enthst rethn the peter Bank group Each of these •-•thas free me &leery methodologies a vats the sec uirly as • result. the 440mmenditeten nay One and to get1Ce targets eV astniates Oe eon Mat vary nosey the f Pineal rtstrsentets deltuloOd ei Coq neon nay MI be suitable fth all rwastOrs and entrain Must Mate delaOwn 'Moaned nmarnere dedinors Stock Oarsman°. eon Aid to tastes et • town of rx c• frroturtroor and error factor) if • I "angel instrument a delorneated et • currency othel Mae an rnatton. thinner. •theing• nNdMnge rates may inverter,' anon the meet, mart Pat per ormanC• is rot neCananke raceree oe future result NNW* Pant may with respell, to Wire*s towered by arm neon, set to from Canine, on a pnnopal tens. end credo, rs emir in Othcing to trade on • simprelary base Demote* traniKtithe means numerous eats Inaudina, errand Others, minket Onteerparly detain and p5tudry Or The app.-Origins.. 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MOM nalIOnt, bay M span CenOn IN Me Contents Of Mm repOn In /then this Mon is novorro enctrOf Marttoted by Crevisahe Sedontem Inc The efOrnerten Weaned in ths emir 0)es net Mastede the pinersOnSinvesIrneM Eruct In Aostrefle. wog Cleats isle)40 ratan a copy of • PleduCt thisChsvre Staterrent MOS) erre le try !range' prOden referred ton that re:04 .11.4 COMther the PDS tefthe making any dtherOn eked wetly 10 /bum the 00:41$41 Desist* Bank AG jOhimneteurg s in:Mended in Om Federal Pepia$44 Of German,, .Brench Nome. Neensa• in Span A nca. 1998.0,329,1/10 Althenal entre do rainy 10 saCuatles. Other tenn441procluas or tenon dotessol e mcnet n a. al urn), tram,' nee reran rem rot be meeNteeet: lc ratted or nebi shed by are OtesiOnfOr any Purthwe vegthut DeASCrie Nene pnCer caner, COMeat Please ate leturCemten allotted Copnotht t 2011 Deutsche Bans AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110741 CONFIDENTIAL SDNY_GM_00256925 EFTA01453233