EFTA01447909.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 F ICC 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 Research. Germany Equity Research. Germany Americas Research International Locations Deutsche. Baal. AG Deutsche Bank AG Douteshe Bank AC Deutsche Securities Ine Deutsche Bank Place Grace Gallusstralle 10-14 Filial. Hongkong 2.11.1 Nagalacho Level 16 00272 Frankfurt am Main International Commerce Centre. Sanno Pa k Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West. Kowloon. Chiyoda-ku. Tokyo 1006171 Sydney. NSW 2000 Tel: (491 69 910 00 Hong Kong Japan Australia Tel 1852) 2203 8888 Tel (81) 3 5156 6770 Tel: I61) 2 8268 1234 Deutsche: /3a;:k At) tondo,: Bank Serra:lin') Int I Creel Winchester Street 60 Wall Street London EC2N 2E0 New York. NY 10005 United Kingdom united Slates of Amecica Tel:144) 20 7045 8°30 Tel: 0)212 250 2500 Global Disclaimer The inforrivion and swoons mien report vans peeping by Dearly Erna AG won or tie aff here Iconectrn* Deutsche Bern) Woe :Monne. , hereon .• behead to tot reliable and has been otraned from pubic Nora binned in be rodeo* Dreads Seri melee no represent/aro S io the accuracy or compinerets a/ such trdown* on 0eutrthe Ban. owl engage in newton trensecnon. on a peopronery be., . or °Shawano. n • moo. , noon*. leant svtl none tarn n the renal waft In anon. anon earn Deutsche Park eclat", strategels and sales stall. may Ube a new that • neonswern van that taken nen research ..pen Opnere. •••••••• and nectars n ens report constitute the curnoes patorment of ow. saner on col the are al rot report They do rot necessarey relict me opinion al Deutsche Bank end an rat.", to dirge we no ^note Deutsche Ben, hes m oblgeta n te gale*. mathor amrN ten anon or to otirmate natty • meaner. *snot at the ••••• VIM any OPP.% lender or *stare see lonh to....,. c h ar.w a rolsonamly b•401740. /wear, Pero .no ivedabicy or Ironclad rienreerin are sirloin to gunge valour mine Ton mown • proyded f r ,nlormanonst papaw ern., M1 n en ober or a sorrenn of an car to boy or all wry Inmost 'torment. Of to pennon/. In err/ pennuer tradng Tager teas are elnnondy apnea. era a product of the NOM :Wrenn Tne asocial nu general denaild in thn reran my rot be ••••••• lor all sweeten end sweaters mat foram Orr own nronnoci ,nonanw-a bosons Stock tarsachons can ad lase as. • taut of price ThA444•On• end Odle tenon 17 Inancin ,roindnen • denomtne n • corre- cy Omer OUP •rl :mentor s currency, • &arts rchage rates may agnomen, elect a ••••••••• Pee pennernerc• ot not nacres* entocauve of furore mulls Deutsche Bart mey win respect to sr Wenn 40,4444117/ ••• report let to or try liven ninon., on • prevail bars, and consoda ha repori on deadng to nage on a propnetary bra Drnattn* U444.0004 ornoher numeroa nes oncluder ,snlvg *then. mat et. cocettrgarty dean end Ilny.agety as The apprograteers or oPerwie el 0nes* poducts lot use by nverois • dependant lea mynas' on , OrUennatiCe$ arrartng the. tan as nun thee re/NI/tory rwronnuret and the nano, et that came assets and letallas and as such mantels *hour tele aspen Segel and fleennel Alva Wens entering deo any be ninny , smnia, to or aspired by the OWAnn Cl t h e 0ubo crinen Tntling In apnoea *wren elk and re rot sedates lot al .nnestas Pnor to txtrra of lo ser a n °Won watts mule anew the "Cnotaaenstns and Rats of Standen:0d Cron; at hap Alrany inerx conVconnenertatleceensesbx pal It ICU NO untie to accost One nebsde prase contecl Deutsche Parr AG al •t 121'212507045.lor a copy al rhos /.upon*, drunvni Th• at or lots n funnel, P•44.4 a.e1 crons, (anon or .444•44•4, can be !nib...Wise As • result ol the hop Parr al kerrege obleirsoble onluta and Mw, Inning lessee miry be named that ace great than INI, •••413; of kinds 1441•14 00p.rled •••• I ••••• •••4 Mn P•7044:1 C[NOWIS. all tren1440•4 .l oJd be Brood *rut , the Nutter Pena wen in Me otiverCle Mme jubtiCbcorl In Or U S the report • ripened ordla Corr &tog by Crunch. Bea &runes Inc. a intoner el the NYSE the NASD. NIA and SUN: In Gentsny RIt nipat • approved anSre COMV•UAle.444• by Drescher Bank AG Frankron erregal try Pe Bern In the Voted Kongdart this roan it 4“••••• aftra commune-01dd by Detach* BP* MS London. • memo* . of Ole London SUVA Eicnange and regulated by the Raincoat Conduct Authortly for it. conduct of ,nastmenr busmen n ire LAO end •-thortzed by the Balm the ..pat.. •••••••• n MeV Kong by Deunthe Barn AA Math Kong aro, o Kona by 0•14•4•• 44144•••• Korea Co 054 hipOrt a antnbsed rn Singarr• by Deutsche Ben AG. Sroptplon Perth or Dear/us Orson As.• Lents& Swapper &inch 'One Part OMy Stt ws.,aa Thar Snaspore 0413533. .65 6413 S00I L and f•Oalf•S m SnnµWe of Mos nepon ate to torrid Nurse* Bank AG Se4c0f. 6 , 440% or Ornsche 5444Mblis Ana ti nted. Sayspens &Ira, n respect el any n•••• ninny Iran. or on connect/on wet,. ten mbar Ana . Rn roan lb 044,0 of peemulyseng in Snropere to • Mn Vet 4 AN an ecotone, nano , . expert manor or ertinerni overt lap defend n the apple/die Serena* %•Wil end regurnontl. 0rrice* Pans AA Snoops ... Barret or duller Sfeunnee Aka LPIII4•4 Singapore Pare. .zone. Segel respondG.11Y 04 WO, person lot the taterts of ten non In apron ten Mier I. apponnt Corer attributed by Dineen Securers an The adca- nston contained ol this no-tnn des not constca• the pennon of 'Oat,' miltsladves In Austral& mai clans should obtnn • wiry o/ a fmni.ci Co corn Statement :PDS) ormolu to any Inancal produc Warred to n the report and conger Pro PDS Won merry sny d.c won 'bout *.Rem to earns IN orodi.a Drmaigno Ban AG Johenvnb,g rea 4•:0100•444 n the leclows' neoubic al German, 'Bang , Regret Number on South /dry.* l0013$.03208/I05 PAMono' eloemnoen ninon to mown*. MIMI ••••041 p/004411 Of 4544,11144Ut4•13 In the men 4 //verb.. up>n ragas, The ell•On retry not be t•-4 • 044444. 3404044 or potnshed by any cenonlet eery puma* wencnit Drugs. Bomb, Nor natal canon Prase Pus sown, vetensnssong CopyrgH t 2011CNI•12440 Bank AG CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0102695 CONFIDENTIAL SDNY_GM_00248879 EFTA01447909