EFTA Document EFTA01453247

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Pro.itlek, INIMP .AQ Deutsche Bank Place Level 16 Corner 01 Hunter & Phillip SIIODIS Sydney, NSW 2000 Australia Tel I ieuts< he Rank AC London I Great Wncheeter Street London EC2N 2EO United Kingdom Tel Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Rosoarch, Germany DeVitthe ,,,T GrofSe Gallusstrallo 1014 60272 Frankfurt an, Main Germany Tel ltufcche Bank SO:Inzliel IrF 80 Wall Street New York. NY 10005 United States of America Tel Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Filial* Hongkong International Commerce Centre. 1 Austin Road West. Kowloon, al Kon Tel Steve Pollard Regional Head Americas Research 2-11-1 Nagatacho Sanno Park Towel Chryoda-ku, Tokyo 100 6171 Ja Tel The efOrrnitron end °pintos *the - wire menaced by DeJseta Bark AG or ono or es eines Inaleantrof Mensehe Munn The eformittIth hewn Is Whirred to be reroble ado his been Waved Nen [ASK forces bolero] to be 'Web* Deutsche Bars metro to rectementabon es to Me acct.:facia conynetenessW such elonrolon Detesehe Bore may ended. In seMelites trionsatmloo on • prOacelary bus or einem**. in a martner MtOrbottnt WM0 The mew. token Y. ass rendre, noon InrotOn. (Men wain Cm:NM* ler* Maude* • farrows and fates stall may take • vow trot a fICOnswent we, that taken Mem mouth (Won. Croncert. cabrnales and pronctions n inn moon commute me cunent wirenerl 01 the author as of Me dEe of ans nowt They do not roceswegy reflect In. (meson. o Ortietre Bank and ate suttect to change without notes Deutsche Ban* Ion no orowiton :0 upda4 mode, or amend the 'tool of to oehmensit notify • ttiOthert Meyer m me ten the tan *prior lowest or rennter• set Min Iwo, changes Or tabsev.rently betorres rectorate Prep and gerottnet of Men owl irotruments are NAND to change witime 'ice Tuts noon s prookled for ishemattonti Nystrom only II is rot an are of a solicitation of an offer 20 Um or sal env Maw./ antroments or to pin <space n any P•MCVAC Ire. I IV Sr riespe Target °Kw: ate mh•-entle impreMs• and • produCi of Me anent wfgensert ego a rebut of Detistfw INenh's Mardi 2010 acchroiron of BHP Bra AG. • smunty me, be chatted by mote than one analyst wane ale Oretsauf Bank woo* Elko of ease •-•nots nay sae deleting methodolostbes to value Me secunto as • result the fiKOwnendetans rile/ Offer and the mite targets and mints of WW1 May very wider, The f rental rstrsreerts datutsed ri 054 nerWrt nay net he sung. SY all rwastOts and Thresh], Must Moil ihbr Own Wormed ,nritUrnort dome. Stock Varner:tons eon 'oil to Thus m • tomb of per* fl•Mserbons and tear factors if • Inencial anymore IS dencemated In • currency other Man an .motes winner. 'Mande n (=doing, rate may ethane, " 'nett the IThestmert Pest penormant• m mar neeesieroy maroon of future reties Ninth* Pans may with resp•M to settrfites towered by tin nport sir to or eve from Cush:men on • pnnopal bass. and mead« Ms remit in OmnInd to Prot on • fl orae* bass Denvetwe wrong numerous roes introding amend! Others, Minket Oheeerbarly deraire and PATuary en'. The appWriateress Of OTherverre Of them OroduCts Mr use by Myestefri rs deterellere On Ole reestOls own tetsrnslantei tnMering thew Ms pOsilars Melt moor." emfronmeni 000 the Mtn of their MN, assets re idoiit es ants in saki, intents, soon, UM. miser livid end ft mock,' 'Nap Woes einenng IMO Arty IMMAtran Satter 10 Or ofihred by MO torment Oe ems oxicartion Thong fl ax 0, 4 410014S Mk area not mettable ter all WrMiOry Pro, to Wong oe otOng on Oaken •nregorf must *New On tnracteristcs end Rots d RaVaMCeo http.iftemet eboxc coovcmer,r,ontomsirea HOC totn NW. tee metre to access the wets!. most Ogolni DentsChe Bane AG • • 11212) TA Nil. Soo COMOMe info:gum Swore" The ir k of to. In Nava Penn° and oaten,. wage or domestic Can be substage:at Asa reso or IM high degree of *strode obta,notie in haves as Op Ws Inning looses miff be troworo Mal ate Water Mart L amour of ones newly Oepoi nett • groerong now "moles Ottoman. all ronsaannt etro40 te WhItsted ?tough me DevroCke sank (*ley in to evemrs AVM isit4KOOn In the U S thel mon • ipprOwed 6O6VI Ounbvt.O by Ceutroha Rana SeCuoties Inc. a mattes of Me NYSE tee NASD. WA and MP: In Cemstny Ora reirol a preyed an110, COmmumbiled by Doman Bac AG Frankton Karon:of by me Beam In the united Kingdom me retort is mylroved raw Common Cased by O1Otsele /Irk AG London. a member of the 00(400 StWit Drown< and regained by the Corova Authonvy for ye Conduct or mewl ern Therms in the UK and *Arwood Or the Senn Ths noon a d Metaled m,435O *MO by °tarok° Bank AG. 11000 Prong Mena% in Korea by N. see Secures Cotta CO The mon n dpitte.ited n Smsbebtre by OckasChe ark AG. Sngapote lOaoth or Cletnothe Seeman., Asti tweed Strowsore Manch live Raffles OWN all -00 South Tower Sinop:ore 048S81 •00 egT3 MOIL and reocrows m Stgawe 01 Ms mum are Ts contact Demme. Bank AG Suppe re Croon.0. Deutsch Serowe% Asia Limon; Spero," Dine. MS MCI Or any matters aroma Iron% Or in tonneroon wit ins Peron Where this report • &saw Or prOmulgatnn Strgagge Ma person who o not en Kneen Irrettror. expel Investor V ralittrinnal rootlet la Matron trl me arc/Katie Season tows and reosteteral. CrotroChe Sink /4. S Nero* Prod, • DevlsChe Seabee,* Asia tunnel. Si NM** bra , Keeps legal IMPOM bits M %Mb teriOn In Me contents Of KM repro Jronn Inn reton Is WfMtne0 orebOr Ontrlsoted by Devise-he Sago*. Inc The WOunteteS COrtimod In Ms MUM Otes not Matt Cole the pronsen invesimero afloat In Mattel. rem. <lents Wald tatill a Copy of • Product CtsChstre Strerrent MOS, 1,1•1003 10 try ?Meng& pro trol referred ton thtt nW'I ado Centro* Ust PDS tehere making any droMOn about weather 10 aroune the Ortdosi DmesCe* Bane AG rohanotottur0 s internment* She Federal Pemble *5 Cerro". •Srerth Rewire. Norneme in South Amok 1998.1:03.200J101 4OO1Orol 4.14191,611),, releThe TO yeturItles. Other troncel metros or mutts flotsmel •Inn rem, n 0101). up.), remora Thrs omen mer rot br rep-cm. reff ImnbsTM or pubi shed In the Peron 101 Wry Purtunt vnirout DeWsCile But, prof women Cense* Please Ole rowronten grotty Ceptrodet t 2011 Deutsche Bans AG CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 110757 SDNY_GM_00256941 EFTA01453247