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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
e 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 financial instruments or related services. We m
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
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 stock transactions, we charge stock commissions a
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
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 stock transactions, we charge stock commissions a
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
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 stock transactions, we charge stock commissi
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
e 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 financial instruments or related services. We m
Entities connected to both Russia and Association of Japan

Deutsche Bank
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATION
Riyadh
LOCATIONDeutsche Securities Saudi Arabia
ORGANIZATIONthe Qatar Financial Centre
ORGANIZATIONStandard & Poor's
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Tower
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATIONNippon
ORGANIZATION
Moody's
ORGANIZATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATIONNew Zealand Financial Advisors Act
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
Frankfurt
LOCATION
Norway
LOCATIONJapan Investment Advisers Association
ORGANIZATION