Epstein Secrets

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 Copyright 0 2015 Deutsche Bank AG consent. Please cite source when quoting. Japan. information at Deutsche Bank AG/Hong Kong

g Kong EFTA01473322 8 May 2015 Software & Services Alibaba Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public

of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SI

s 98.00 to 104.00 t t 99,264 to 101,997 31.4 to 31.5 t 28,144.8 to 27,483.7 1 6.1% 2.8% 0.5% -2.3% -2.2 0.7 EFTA01473291 8 May 2015 Software & Services Alibaba Model updated:07 May 2015 Running the numbers Asia China Software & Services Alibaba Reuters: BABA.N Buy Price (6 May 15) Target P

cy of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINR

18 May 2016 Software & Services Baidu to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic. can be substantial

iscussed 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 2015 Deutsche Bank AG Page 10 Deutsche Bank AG/Hong Kong CONFIDENTIAL

18 May 2015 Software & Services Baidu and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor