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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
pan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Comm
.17% (spot ref: 3.68) from the EMEA Daily Compass on March 11 th . Little to prevent further grind lower to 2011 lows around 3.40, stop @ 3.73. Target a continued gradual grind higher in PLN/CZK. Target 6.400, stop @ 6.10. Buy a 3m USD/ZAR call with a 9.20 strike and KO at 9.65 for 32bps. Spot re
uments 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 associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan
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
uments 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 associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan
Entities connected to both Target and the Kanto Local Finance Bureau

Deutsche Bank
ORGANIZATION
United Kingdom
LOCATION
Frankfurt
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATION
New Zealand
LOCATIONBaFin
ORGANIZATION
Moody's
ORGANIZATIONNippon
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONStandard & Poor's
ORGANIZATION
Sydney
LOCATION
South Africa
LOCATION
Tokyo
LOCATION
Malaysia
LOCATIONJapan Investment Advisers Association
ORGANIZATION
Alan Dershowitz
PERSON
Hong Kong
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSON