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ATE (adjusted for taxes and exch.:Jog energy). YoY NO, GIGS BanKs paecbon &wow dissent &mit elocintlxvg finance to Henrik Gullberg, London, 194/ Deutsche Bank AG/London Page 13 EFTA00610288 9 January 2014 FX Blueprint: Thin end of the wedge Theme #7: Trend no bitter end In 2007 we replicated a RBA study
deas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at 3. Country-Specific Disclosures Australia and New Zealand: This
y Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Grog° Gallusstra8e 10-14 Filial° Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Senna Park Tower C
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deas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and N
ty Research. Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securines Inc. Deutsche Bank Place Grolk Gallusstralle 10.14 Reale Hongkong 2-11-1 Nagatadb Level 16 60272 Frankfurt am Man International Commerce Centre. Sanno Park Tower Corn
be found at http://www.globalmarkets.db.com/riskdisclosures. Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (IGnsho) No. 117. Member of associ
direct, consequential or ethanol:se suffered by the recipient of this document or any ocher person: The views expressed in thrs doctrnmtchsertitute Deutsche Bar* AG ef its affiliates judgment at the time of last and are subject to change is document is only for professional investors. This document was prepared
reproduction and/or redistribution thereof, in whole em in part, and any disclosure of its content without our consent is strictly forbidden" 2016 Deutsche Bank AC; All Mists reserved. (03,164 P.:47670.1 24 U.S Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB
RREEF Spezial invest GmbH. in AtiViefia7 Deutsche Atstra€ia Limited (ABN 37 JEU 335 593) an Atstralian financial services license holder. In Japan: Deutsche Securities Inc. (For DS', financial advisory (pot investment advisory) and distribution services only). in Hong Kong. Dsutsche Bank Akbengese€ischah, Hong Kong Bran
direct, consequential or ethanol:se suffered by the recipient of this document or any ocher person: The views expressed in thrs doctrnmtchsertitute Deutsche Bar* AG ef its affiliates judgment at the time of last and are subject to change is document is only for professional investors. This document was prepared
reproduction and/or redistribution thereof, in whole em in part, and any disclosure of its content without our consent is strictly forbidden" 2016 Deutsche Bank AC; All Mists reserved. (03,164 P.:47670.1 24 U.S Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB
RREEF Spezial invest GmbH. in AtiViefia7 Deutsche Atstra€ia Limited (ABN 37 0EU 335 593) an Atstralian financial services license holder. In Japan: Deutsche Securities Inc. (For DS', financial advisory (pot investment advisory) and distribution services only). in Hong Kong. Dsutsche Bank Akbengese€ischah, Hong Kong Bran
scussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright(c) 2013 Deutsche Bank AG Additional information available upon request. DEUTSCHE
ingapore Branch accepts legal responsibility to such person for the contents of this report. In Japan this report is approved and/or distributed by Deutsche Securities Inc. The information contained in this report does not constitute the provision of investment advice. In Australia, retail clients should obtain a copy
scussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright(c) 2013 Deutsche Bank AG Additional information available upon request. DEUTSCHE
ingapore Branch accepts legal responsibility to such person for the contents of this report. In Japan this report is approved and/or distributed by Deutsche Securities Inc. The information contained in this report does not constitute the provision of investment advice. In Australia, retail clients should obtain a copy
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