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nly. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy Target prices are inherently imprecise and a product of the analyst judgement. Foreign exchange transactions carry risk and may not be appropriate for al
(known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and New Zealand: This research, and any access to it, is intended only for "w
ts. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst ' s judgment. The financial instruments discussed in this report may not be suitable fo
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at httpJ/gm.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and/
ts. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst ' s judgment. The financial instruments discussed in this report may not be suitable fo
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and
Entities connected to both Target and SOLAR

Deutsche Bank
ORGANIZATION
Bloomberg L.P.
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New Zealand
LOCATIONDeutsche Bank Securities Inc.
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United Kingdom
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Malaysia
LOCATIONJapan Investment Advisers Association
ORGANIZATIONthe Research Department Management
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Moody's
ORGANIZATIONNippon
ORGANIZATIONSteve Pollard
PERSONAndreas Neubauer
PERSONStandard & Poor's
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LOCATIONDeutsche Bank AG Johannesburg
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Norway
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PERSONthe Kanto Local Finance Bureau
ORGANIZATIONDavid Folkerts-Landau
PERSONBloomberg Finance LP
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