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EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent
ve Pollard EFTA01473330 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473331
) P/E (x) Revenue (USD) Source: Deutsche Bank estimates, company data 1 Includes the impact of FAS123R requiring the expensing of stock options. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have
ve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473354
d) Performance (%) Absolute S&P 500 INDEX Source: Deutsche Bank lm 3m 12m 8.6 -0.6 80.3 -0.3 95.7 10.7 12/14 4.0% 0.96 to 1.65 t 71.5% Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should EFTA01473356 be aware that th
ve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research EFTA01473410
Entities connected to both Deutsche Bank Securities Inc. and Americas Research

Deutsche Bank
ORGANIZATION
United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
North America
LOCATION
United Kingdom
LOCATION
Malaysia
LOCATION
Moody's
ORGANIZATION
New Zealand
LOCATIONStandard & Poor's
ORGANIZATIONDeutsche Bank AG London
ORGANIZATIONthe Federal Republic of Germany
LOCATION
Sydney
LOCATIONAndreas Neubauer
PERSONNippon
ORGANIZATION
Tokyo
LOCATIONMichael Spencer
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONSteve Pollard
PERSON