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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
umentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche B
.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
tation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifically designated in the name of the entity. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities
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
's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating EFTA01464564 agencies in Japan unless "Japan" or "Nippon" is specifically designated in the name of the entity. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities
Entities connected to both Target and Nippon

Deutsche Bank
ORGANIZATION
Ghislaine Maxwell
PERSON
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Sydney
LOCATION
Tokyo
LOCATION
Marc Rich
PERSONDeutsche Bank AG Johannesburg
ORGANIZATION
Tower
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONBaFin
ORGANIZATIONAndreas Neubauer
PERSONJapan Investment Advisers Association
ORGANIZATION