Leisure & Transport - Page 39 Deutsche Lufthansa Page 40 Royal Mail - SELL Page 41 SGS Page 42 Vinci ■ Risk Statements ■ DB Forecasts Editors: Mark Braley, Vivek.G Midha and Mairead Smith "s Equity Focus —January 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086787 SD

addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Mark Braley Eicnyil F44;a4 ja9,mni 1.213 49 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086834 CONFIDENTIAL SDNY_GM_00233018 EFTA01385548