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rate, lower GMV growth, competition on mobile. Alan Hellawell III Research Analyst (+852) 2203 6240
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
ntyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Ch
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
Ginocchio, CFA 72% Nandan Amladi 28% 30% 15% Alan Hellawell Paul Trussell George Hill 16% Gunnar
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street,
Entities connected to both Alan Dershowitz and Federal Financial Supervisory Authority

Wilbur Ross
PERSON
Bloomberg L.P.
ORGANIZATION
United Kingdom
LOCATION
Sydney
LOCATION
Deutsche Bank
ORGANIZATION
South Africa
LOCATION
New Zealand
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Hong Kong
LOCATION
Frankfurt
LOCATIONStandard & Poor's
ORGANIZATION
North America
LOCATION
Tokyo
LOCATION
Malaysia
LOCATION
Adam Sandler
PERSONthe Kanto Local Finance Bureau
ORGANIZATIONthe Federal Republic of Germany
LOCATIONBaFin
ORGANIZATIONDeutsche Securities Inc.(DSI
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATION