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retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Risks to Fixed Income Positions Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promi
number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. This report is not meant to solicit the purchase of specific fi
retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0123046 CONFIDENTIAL SDNY_GM_00269230 EFTA0146
number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinship) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stoc
retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0123032 CONFIDENTIAL SDNY_GM_00269216 EFTA0146
number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinship) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stoc
etation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. De
.(DSI), registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for
retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deu
number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. This report is not meant to solicit the purchase of specific fi
Entities connected to both Russia and Type II Financial Instruments Firms Association

Deutsche Bank
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATION
Riyadh
LOCATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONStandard & Poor's
ORGANIZATIONNippon
ORGANIZATION
United Kingdom
LOCATION
Moody's
ORGANIZATIONNew Zealand Financial Advisors Act
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
Frankfurt
LOCATIONAssociation of Japan
ORGANIZATIONthe Financial Instruments and Exchange Law: Company
ORGANIZATIONBaFin
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION