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divided into structural surplus and deficit economies. While Anglo-Saxon countries have tended to run current account deficits. Japan. Switzerland, Norway. and Sweden have generated consistent surpluses for decades. As a result of these highly persistent global imbalances, the two camps have accumulat
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
nk of three reasons to go short CHF/NOK. 1. The relative cycle is supportive of rate differentials. Inflation is at a much higher starting point in Norway than in Switzerland, leaving the Norges Bank much less room to manoeuvre than the SNB in the event of upside surprises to import prices or stronge
relating to our obligations under MiFiD can be found at 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 (Kinsho) No. 117. Member of associ
ve Asset Management (Global) Landed and Deutsche Asset Management (UK) Limited: in Italy: RREEF Foniimmobiliari SGR S.D.A.; and in Denmark, Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management (Global) Limited: in addition to other regio
st GmbH; in Australia: Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154) an Australian financial services license holder; in Japan: Deutsche Securities Inc. (For OSI. financial advisory (not investment advisory) and distnbution services only); In Hong Kong: Deutsche Bank Aktiengesellschaft, Hong Kong Bran
ve Asset Management (Global) Limited and Deutsche Asset Management (UK) Limited. in Italy: RREEF Fondimmobilan SCR S p.A . and in Denmark. Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management (Global) Limited; in addition to other regi
st GmbH; in Australia: Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154) an Australian financial services license holder. in Japan: Deutsche Securities Inc. (For DV, financial advisory (not investment advisory) and distribution services only); in Hong Kong. Deutsche Bark Aktiengesellschaft. Hong Kong Bra
ve Asset Management (Global) Landed and Deutsche Asset Management (UK) Limited: in Italy: RREEF Foniimmobiliari SGR S.D.A.; and in Denmark, Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management (Global) Limited: in addition to other regio
st GmbH; in Australia: Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154) an Australian financial services license holder; in Japan: Deutsche Securities Inc. (For OSI. financial advisory (not investment advisory) and distnbution services only); In Hong Kong: Deutsche Bank Aktiengesellschaft, Hong Kong Bran
t Management (UK) Urrated. Deutsche Akernatme Asset Management rialobaa Linated and Deutsche Asset Managemere (UK) Limited. and in Denmark. Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management /Groben Limited. in addition to other regio
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
t Management (UK) Urrated. Deutsche Akernatme Asset Management rialobaa Linated and Deutsche Asset Managemere (UK) Limited. and in Denmark. Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management /Groben Limited. in addition to other regio
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
Entities connected to both Norway and Deutsche Securities Inc.

Denmark
LOCATION
Finland
LOCATION
United Kingdom
LOCATION
United States
LOCATION
Frankfurt
LOCATION
Malaysia
LOCATION
Deutsche Bank
ORGANIZATION
Moody's
ORGANIZATION
Tokyo
LOCATION
Sydney
LOCATION
Russia
LOCATIONDeutsche Asset & Wealth Management
ORGANIZATION
Johannesburg
LOCATIONRREEF
ORGANIZATIONNeither Deutsche Bank AG
ORGANIZATIONStandard & Poor's
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONDavid Folkerts-Landau
PERSONthe Deutsche Bank Group
ORGANIZATION