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ts adjustment supports our view that the euro area will continue to accumulate foreign assets until its NIIP reaches levels above 30% of GDP or so. Finland is an interesting case study in that it illustrates that a small positive NIIP does not necessarily turn an economy into a mature creditor nation a
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
Alternative 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 ot
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
Alternative 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 o
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
Alternative 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 ot
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
tree Asset 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 oth
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
tree Asset 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 oth
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 Finland and Deutsche Securities Inc.

Denmark
LOCATION
Norway
LOCATION
United Kingdom
LOCATION
United States
LOCATION
Malaysia
LOCATION
Moody's
ORGANIZATION
Deutsche Bank
ORGANIZATION
Tokyo
LOCATIONDeutsche Asset & Wealth Management
ORGANIZATION
Frankfurt
LOCATION
Russia
LOCATION
Sydney
LOCATIONNeither Deutsche Bank AG
ORGANIZATIONRREEF
ORGANIZATIONthe Deutsche Bank Group
ORGANIZATIONthe Swiss Financial Market Supervisory Authority
ORGANIZATIONStandard & Poor's
ORGANIZATIONDeutsche Bank AG London
ORGANIZATIONRREEF Management GmbH
ORGANIZATIONDeutsche Alternative Asset Management
ORGANIZATION