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Deutsche BankEquities

http://autobahn.db.com

Smarter Liquidity

Autobahn – Deutsche Bank’s award-winning electronic distribution service

Since 1996, Autobahn has been connecting clients to Deutsche Bank’s innovative Capital Markets products and services. Having started life primarily as an execution tool, the new Autobahn now also provides electronic access to Deutsche Bank’s wealth of sales, trading and research know-how as well as seamless access to all of your transaction banking services.

The result: An integrated experience combining powerful insight and execution applications with our outstanding voice services.

Autobahn is a simple, intuitive and consistent way for you to:

— Gain unparalleled access to markets and liquidity

— Electronically trade across multiple asset classes: Foreign Exchange, Fixed Income, Equities, Commodities, Credit, Rates and Emerging Markets

— Intuitively access Deutsche Bank’s powerful analytics and published content – straight from our trading floor

— 24/7 access to all of your transaction banking services, independent of physical location

— New in 2011: The Autobahn App Market

http://autobahn.db.com

Overview

In a world of increasingly complex and rapidly evolving electronic markets, you need a partner with cutting edge technology and global access to the best pools of liquidity. Your executions need to balance the efficiency of extracting liquidity while controlling market impact and maintaining anonymity. Our trading solutions are engineered by the best in the industry, connecting you to our global depths of liquidity with the expertise of Deutsche Bank to help you manage it.

We call this Smarter Liquidity.

Autobahn is Deutsche Bank’s algorithmic trading platform, providing you with access to execution solutions in markets worldwide. The platform combines award-winning algorithms* with our Direct Market Access (DMA) offering for smarter liquidity. Autobahn maintains offices in London, New York, Hong Kong, Tokyo, Singapore and Sydney.

Deutsche Bank Ranked Number 1 World’s Best Broker and North America’s Best Broker.**

*The Trade 2010 Algorithm Trading Awards**The World’s Best Brokers Rankings, Bloomberg Markets, April 2011

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We believe that product innovation only benefits our clients if it is closely aligned with service innovation. Clients can manage executions, access intelligence and trade on opportunities through our award-winning DMA platform* and sophisticated algorithm suite. Our understanding of market microstructure translates into smarter execution solutions for you.

Global Access

— A global leader in market share with access to over 70 markets

— Detailed knowledge of market microstructure, crucial for finding hidden liquidity in the world’s increasingly complex liquidity pools

Product Innovation

— Global direct market and liquidity pool access

— Award-winning quantitatively engineered trading algorithms available across global execution venues including liquidity pools

— System-agnostic product suite, offering fully integrated solutions to the EMS/OMS of your choice

— Available for trading cash or on swap

— Industry leading high-frequency, Hosted DMA (HDMA) and Sponsored Access product offering

World Class Service

— Dedicated specialists in every major trading hub for advice and support to enhance your trading decisions

— Available wherever you are, whatever the time, utilizing real-time global monitoring tools

— Tailored solutions to meet all of your execution needs: from trading to analytics, market structure and research

— Deep understanding of strategy performance, trading style and order optimization: timing, placement strategy and cost

Insight

— Sophisticated performance reporting and execution analysis tools to identify the best opportunities worldwide

— Comprehensive pre-trade & post-trade analytics for assessing performance and optimal liquidity sources

— Real-time access to Global Markets award winning research and analytics across all asset classes

*The Trade 2010 Algorithm Trading Awards

Products and Service Offering

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Market Coverage

Market Coverage

Proprietary and confidential

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EMEA DMA Algo

Athens Stock Exchange p p

BATS Dark

BATS Europe p p

Budapest Stock Exchange p

Chi-X p p

Chi-delta

Dubai Stock Exchange (DIFX) p

Dublin Stock Exchange p p

Euronext Amsterdam p p

Euronext Brussels p p

Euronext Lisbon p p

Euronext Paris p p

Istanbul Stock Exchange p

ITG Posit

Johannesburg Stock Exchange (LSE) p p

Liquidnet

London Stock Exchange (LSE) p p

Madrid Stock Exchange p p

Milan Stock Exchange p p

NASDAQ OMX Europe p p

OMX Copenhagen p p

OMX Helsinki p p

OMX Iceland p

OMX Stockholm p p

Oslo Stock Exchange p p

Prague Stock Exchange p

SIX Swiss Exchange p p

Tel Aviv Stock Exchange (TASE) p

Turquoise p p

Turquoise Dark

Vienna Stock Exchange p p

Xetra (Germany) p p

Xontro (Germany) p

Warsaw Stock Exchange p

Americas - Canada DMA Algo

Chi-X p p

Pure p p

TriAct MATCH Now (Liquidity Pool) p p

TSX Venture p p

Toronto Stock Exchange (TSX) p p

Americas - Latin America DMA Algo

Brazil Stock Exchange (BOVESPA) p p

Mexico p

Americas - US DMA Algo

NYSE (Amex) p p

BATS Trading (BYX) p p

BATS Trading (BZX) p p

CBOE Stock Exchange (CBSX) p p

Chicago Exchange (CHX) p p

DirectEdge A (EDGA) p p

DirectEdge X (EDGX) p p

LavaFlow p p

NASDAQ OMX PHLX p p

NASDAQ OMX BX p p

NASDAQ Stock Exchange p p

National Stock Exchange (NSX) p p

NYSE p p

NYSE Arca p p

Americas - US DMA Algo

BIDS p p

BNY ConvergEx Vortex p p

Instinet CBX p p

ISE MidPoint Match p p

Knight p p

LeveL ATS p p

Liquidnet H2O p p

NYFIX Millennium p p

Pulse BlockCross p p

Other LiquidityPools p p

Asia DMA Algo

Australian Stock Exchange p p

China p p

Hong Kong Stock Exchange (HKSE) p p

India (BSE & NSE) p p

Indonesia p p

JASDAQ p p

Korea Stock Exchange (KSE) p p

KOSDAQ p p

Malaysia p p

Osaka Securities Exchange (OSE) p p

Singapore Stock Exchange p p

Taiwan Stock Exchange p p

Thailand (SET) p p

Tokyo Stock Exchange (TSE) p p

Q22012

Consultative CustomisationDedicated consultants are on hand to change the logic of any algorithm to tailor it to your needs

Strategy Specific ParametersOffers dynamic control over regional strategies

Would ParametersAllows you to trade a portion of the parent order, specified in absolute or relative terms, in response to changing market conditions - optimal balance of simplicity & flexibility

Relative Performance ControlsProtects against adverse movements whilst capitalising on favourable short term movements

Risk Management ControlsPre-Program your response to potential market moves in order to gain an optimal balance of protection and exposure

Personalising your ALGO

For illustration purposes only

Algorithms in Action

Autobahn’s trading solutions are engineered by the best in the industry, bringing you Smarter Liquidity with the expertise of Deutsche Bank to help you manage it. Our sophisticated, award winning algorithm suite allows our clients to manage executions more efficiently, access the latest market intelligence and trade on opportunities. Our strategies are built with flexibility in their design, offering customizable parameters and system agnostic solutions to suit your individual trading needs.

Personalizing your Algorithm

Autobahn Equity Algorithmic Offering for Equities

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Algorithm Americas Asia Australia Europe Japan S. Africa

SuperX Plus p p p p pStealth p p p p p pPOV p p p p p p

IS p p p p p pVWAP p p p p p pTWAP p p p p p pTarget Close p p p p pSmartPeg p p p p pSmartIceberg p p p p pArrival Price p p pSeeker p pOPX p p

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SuperX Plus

SuperX Plus intelligently seeks dark liquidity while offering a sophisticated level of order protection for smarter execution. It is dark trading made intelligent, bringing you global access to the best pools of liquidity. The algorithm provides access to deep, diverse liquidity without advertising your size or intent to the market, minimizing the risk of information leakage. SuperX Plus is highly customizable and can be finely tuned to the individual trader. Protection at each level of urgency is achieved by multiple anti-gaming measures and a Smart Allocation model.

The strategy provides built-in sophisticated features to make your executions more efficient:

Urgency - Quality vs Quantity Trade-off

A Pool Ranking Model ranks liquidity on a real-time and historical basis to determine the optimal sources according to the order characteristics and urgency.

Anti-gaming logic based on Autobahn’s Dynamic Return Model, is designed to protect against possible adverse selection. The logic analyzes real-time information to detect small fishing orders, spread closing and disadvantageous market events.

The Smart Allocation Model balances the optimal fill probability versus the total cost of execution. The dynamic MAQ (Minimum Acceptable Quantity) is designed to protect against pinging and order discovery.

Performance reporting and execution analysis allows you to monitor the efficiencyof your execution.

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—

—

—


Medium

High

High quality

Fewer available pool

Conservativegaming prevention

Minimal footprint

Mid-point* or better

Low

Balance quality/fill rates

Most but not all available pools

Moderate gaming

prevention

Tiny footprint


High fill rates

All available pools

Extreme outliers Gaming prevention

Low footprint

Whole spread* or better

Low

Moderate

High

Source: Deutsche Bank Global Markets

High quality


Conservative gaming prevention

Minimal footprint




Moderate gaming prevention

Tiny footprint


High fill rates

All available pools

Extreme outliers gaming prevention

Low footprint


Source:Deutsche Bank Global Markets

Medium

High

Low

High quality

Fewer available pools


Minimal footprint

High fill rates

All available pools

Extreme outliers gaming prevention

Low footprint



Moderate gamingprevention

Tiny footprint

Medium

High

High quality



Minimal footprint


Low

High quality



Minimal footprint


High quality



Minimal footprint




Moderate gaming

prevention

Tiny footprint


High fill rates

All available pools


Low footprint


Source:Deutsche BankGlobal Markets

High quality

Fewer available

pool


Minimal footprint


Low

High quality



Minimal footprint




Moderate gaming

prevention

Tiny footprint


High fill rates

All available pools


Low footprint


Medium High

High quality



Minimal footprint


Source:Deutsche Bank Global M

arkets


Low

High quality



Minimal footprint




Moderate gaming

prevention

Tiny footprint


High fill rates

All available pools


Low footprint


Medium High


Low Moderate High

Source - Deutsche BankGlobal Markets

High quality



Minimal footprint




Moderate gaming

prevention

Tiny footprint


High fill rates

All available pools


Low footprint


Client ParametersRequired Strategy; UrgencyOptional None

Trade Example Buy 2 million XYZ shares – find me the hidden liquidity and do so quietly ensuring minimum information leakage.

Algo Order Buy 2 MM XYZ, Urgency = Moderate

Urgency is used to optimize your preferred trade-off between fill probability and the total cost of execution. The higher the level of urgency, the higher the fill probability. Select LOW urgency for the highest level of order protection or HIGH urgency for the highest fill rates.

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Stealth

— Underpinned by SuperX Plus, the industry’s leading dark liquidity seeking algorithm*

— Highly customisable for all trading styles

— Alpha generation through rigorously back-tested high-frequency price forecasting models

— Regional market microstructure optimisation

*The World’s Best Brokers Rankings, Bloomberg Markets, April 2011

Stealth is Deutsche Bank’s next generation liquidity seeking algorithm. The strategy utilizes advanced high frequency alpha models to source dark and bright liquidity, identifying short-term market signals for smarter executions. By continually adapting to intraday market conditions, Stealth rapidly captures trading opportunities when quality liquidity is discovered.

Hypothetical example shown. Past performance is not indicative of future performance.

Stealth

Access to Smarter LiquidityPrimary Exchanges / DB Natural Liquidity / Bright ECNs/MTFs /

Dark ECNs/MTFs / Broker Liquidity Pools

Dynamic Return Model

SOR SuperX Plus

BrightLiquidity

DarkLiquidity

Urg

ency

Pool 1

Allocation Optimization

Gaming Prevention Logic

Pool 2

Pool 3

Pool 4

Pool 5

Dark Pool Ranking Model

His

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ool

Perf

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Clie

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Att

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Rapid Price Movement ModelMomentum Model

Percentage of Volume

Client ParametersRequired Strategy; Target ParticipationOptional Start time; End time; MOO; MOC; Variation; Conditional Parameters Overlay

Scaling Participation by Price Levels:For example, let’s say you submit an order to BUY 20,000 shares of XYZ at 11% participation rate with the current stock price at 78.00.

If no major events on XYZ are foreseen and the overall market is forecast to remain flat, price movements could be expected to revert to the arrival price. To take advantage of this, you may decide to direct the strategy to reduce the participation rate to 5% for stock prices above 79.00 and to increase the participation rate to 15% for stock prices below 77.00. With these settings, the strategy trades at an 11% participation rate at the initial price and varies from 15% to 5% for stock price between 77.00 and 79.00.

The Percentage of Volume strategy aims to pace the execution of single-stock orders to match a target percentage of market volume. Variable participation can be applied to capitalize on expected short-term price movements: the target percentage may be set to vary with absolute or relative stock performance.

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Variable Participation (Absolute Price)

Relative Performance

Source: Deutsche Bank Securities Inc.

Variable Participation (Absolute Price Levels)

Par

tici

pat

ion

Hypothetical example shown. Past performance is not indicative of future performance. Algorithm performance may differ from the chart examples.

14%

10%

6%

2%

76 76.5 77 77.5 78 78.5 79 79.5 80

4%

8%

12%

16%

Price


Variable Participation (Relative to Benchmark)

Par

tici

pat

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14%

10%

6%

2%

-100 -80 -60 -40 -20 0 20 40 60 80 100

4%

8%

12%

16%


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Scaling Participation by Relative PerformanceNow, let’s say you submit an order to BUY 10,000 shares of XYZ at a target rate of 10%. The market is forecast to move upwards and an announcement is scheduled for XYZ, which could have significant impact on the stock price. To take advantage of a directional move of the stock price, you may decide to reduce the participation rate to 4% if the stock underperforms the Stoxx by 60 bps and to increase it to 14% if the stock outperforms the Stoxx by 60 bps. With these settings the strategy trades at a 10% participation rate at the start time and varies from 4% to 14% for relative stock returns between -60 bps and +60 bps.

In this scenario, if the stock rallies with respect to the benchmark, the strategy accelerates trading to minimize impact. Conversely, if the stock underperforms the benchmark, the strategy slows down trading to capture the favorable price trends. Finally, if the announcement is inconsequential, the stock return follows the market and the stock trades at the target rate of 10%.


Relative Performance


Variable Participation (Absolute Price Levels)

Par

tici

pat

ion


14%

10%

6%

2%

76 76.5 77 77.5 78 78.5 79 79.5 80

4%

8%

12%

16%

Price



Par

tici

pat

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14%

10%

6%

2%

-100 -80 -60 -40 -20 0 20 40 60 80 100

4%

8%

12%

16%


Implementation Shortfall

The IS strategy is designed to minimize slippage from the arrival price while balancing the trade-off between market impact and risk.

The strategy generates optimized trading schedules designed to:

The overall trade-off between cost and risk reduction is determined by the level of urgency and the trading duration.

Client ParametersRequired Strategy; UrgencyOptional Start time; End time (defaults to continuous close); ITM Behavior, ITM Style; MOO; MOC; Participation Cap; Conditional Parameters Overlay

Trade ExampleBuy 300,000 XYZ with a 10.8 top ASAP.

Algo OrderBuy 300,000 XYZ; Limit: 10.8; Urgency: High; ITM Style: Aggressive

Aggressive In-the-Money Behavior

TimeSource: Deutsche Bank Securities Inc.

Aggressive In-the-Money Behavior

% C

om

ple

te

Hyothetical example shown. Past performance is not indictive of future performance. Algorithm perfermance may differ from the chart examples.

100.3

100.1

99.9

99.7

99.5

99.3

100%

80%

60%

40%

20%

0%

8.00

8.10

8:20

8:30

8:40

8.50

9:00

9:10

9:20

9:30

9:40

9:50

10.0

0

10.1

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10.2

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10.3

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Moderate Moderate & AITM Aggressive

Price level (right axis) Arrival price (right axis)

— Reduce the market impact of the order

— Minimize the risk due to price fluctuations

— Adjust for changing market conditions

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Seeker

Seeker is architected to meet the demands of program trading (high sustained order volume) and high frequency statistical arbitrage trading (low latency). The strategy engine typically adds a latency of approximately 1ms under a load of 2,000 orders/sec.

Parameters

Seeker AggressivePrimarily accesses displayed liquidity at high-speed, bright venues. Hidden liquidity at bright and liquidity pools is accessed for large orders, but displayed liquidity is always preferred to hidden.

Seeker NeutralPrimarily seeks bright liquidity and high fill rates, but interacts with bright and dark orders at multiple venues.

Seeker PassiveAims to minimize the order’s footprint in the market by using hidden midpoint peg orders at bright venues. Seeker Passive will eventually cross the spread, if the order is marketable and the trading rate drops below a stock-specific threshold.

Seeker DarkOnly interacts with dark liquidity at prices better than the NBBO. Both dark and bright venues are used, but orders may be hidden and may use minimum execution quantity parameters to control information leakage.

— Order Type: Supports market and limit orders

— Time In Force: Day and IOC

— Display Quantity: Sets the number of shares displayed when posting

Seeker

High Speed

High Price Improvemement

Brig

htD

ark

SeekerDark

SeekerPassive

SeekerNeutral

Seeker Aggressive


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VWAP

Client ParametersRequired StrategyOptional Start time; End time; MOO; MOC; Participation Cap; Conditional Parameters Overlay

Trade ExampleBuy 200,000 XYZ with a 75 top from now until 3pm being no more than 30% of the volume.

Algo OrderBuy 200,000 XYZ; Limit: 75; Start Time: NOW; End Time: 15:00; Participation Cap: 30%

VWAP Trading Curve

Time


Predicted Volume Profile

TWAP Trading Curve

Pre

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Trading Curve

Time



VWAP Trading Curve

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Trading Curve

The VWAP strategy is designed to pace the execution of single stock orders to match the historical distribution of volume within user-specified time periods. Expected market volume is estimated from historical volume profiles calculated on a per-stock basis. An order placement algorithm determines the size and timing of child orders to account for the expected volume and short-term market signals.

Traders have the added flexibility of controlling participation levels to limit impact and to participate at the Open and/or Close for a targeted “over the day” VWAP execution.


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The TWAP trading strategy seeks to minimize the expected negative deviation of the average trade price compared to the time weighted average price during the life of the order. Traders have the added flexibility of controlling participation levels to limit impact and of opting out of trading at the Open or Close for a targeted user-defined time period.

TWAP

Client ParametersRequired StrategyOptional Start time; End time (defaults to continuous close); MOO; MOC; Participation Cap; Conditional Parameters Overlay

Trade ExampleBuy 500,000 XYZ with a 39 top over the next 6 hours being no more than 25% of the volume.


TWAP Trading Curve

Time



TWAP Trading Curve

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Trading Curve

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VWAP Trading Curve

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Trading Curve

The strategy is designed to:

Add a maximum percentage volume cap for even greater control of the order.

When MOO/MOC are enabled, the TWAP strategy places a percentage of the order in the open and/or close that matches the percentage of daily volume that is expected to trade.

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Target Close

The strategy is designed to:

Client ParametersRequired Strategy; Risk AversionOptional Start time; Max MOC and Min MOC Participation; Participation Cap; Conditional Parameters Overlay

Trade ExampleSell 450,000 XYZ with a 5.28 low with no more than 30% on the close.

Algo OrderSell 450,000 XYZ; Limit: 5.28; Start Time: NOW; Max MOC: 30%

Reduce the market impact of the order

Attempt to minimize the deviation from the closing price

Adjust behavior to incorporate the information contained in the published closing

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—

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Target Close Sample Schedules (Varying Risk Aversion)

Time

Target Close Sample Schedules (Varying Risk Aversion)

%O

rder

Co

mp

leti

on

Hyothetical example shown. Past performance is not indictive of future performance. Algorithm perfermance may differ from the chart examples.

100%

80%

60%

40%

20%

0%

15.0

0

15.0

4

15:0

9

15:1

4

15:1

9

15:2

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10%

30%

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15:5

7

High Medium Low


The Target Close strategy is designed to execute single-stock orders benchmarked to the official closing price. The algorithm executes orders on an optimized trading schedule, customizable by user-specified levels of risk aversion.


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SmartPegThe Smart Peg strategy seeks to “peg” orders to a specified price level while displaying on the market only a limited amount of the total order at any time. The strategy evaluates the peg expression whenever the reference price changes and adjusts its position in the market accordingly.

Client ParametersRequired Strategy; Price Expression; Display QuantityOptional Start time; End time (defaults to continuous close); Participation Cap; Refill Quantity

Trade ExampleBuy 5,000,000 XYZ with a 7.80 top. Float two ticks below the bid and do not pay the spread. I want to show 75,000 shares and refill my display quantity when 25,000 shares have been executed.

Algo OrderBuy 5,000,000 XYZ; Limit: 7.80; Peg: Bid-2; Display: 75,000; Refill: 25,000

SmartIcebergThe Smart Iceberg strategy will execute your order while only displaying a limited amount of the total order quantity. The strategy allows you to manage exchange specific iceberg order rules by creating synthetic order functionality.

Client ParametersRequired Strategy; Display QuantityOptional Start time; End time (defaults to continuous close); Participation Cap; Refill Quantity

Trade ExampleBuy 10,000,000 XYZ with a 1.55 top and show 300,000 shares. Refill once 100,000 shares have traded. Be no more than 20% of the volume.

Algo OrderBuy: 10,000,000; Limit Price: 1.55; Participation Cap: 20%; Display: 300,000; Refill: 100,000

Client ParametersRequired Strategy; Time/Impact Trade-Off; Spread LogicOptional Start time; End time (defaults to continuous close); Force Completion; Participation Cap; Conditional Parameters Overlay

Trade ExampleSell 125,000 XYZ. Happy to lose them here, but don’t want to move the stock. Work with the offer side and need to be done today.


Arrival Price

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Optimal Portfolio Execution (OPX)

OPX is a portfolio based Implementation Shortfall algorithm designed to generate optimized trading schedules to reduce overall impact, minimize total portfolio exposure to market volatility and dynamically adjust for changing market conditions. User-supplied constraints and preferences are available to influence the behavior of the strategy based on the trader’s views on risk. Traders can specify views on overall portfolio expected return and the expected return of individual constituents.

Client ParametersRequired Strategy; UrgencyOptional Start time; End time (defaults to continuous close); Cash Imbalance; ITM Behavior; MOO; MOC; Participation Cap; Portfolio Alpha; Ticker (1-5); Alpha (1-5)

Trade ExampleA portfolio with a marked initial long-short imbalance is at first traded rapidly to reduce the overall portfolio risk. OPX chooses which stocks to trade based on their expected market volatility, their correlation with other stocks in the portfolio and expected impact costs. Thereafter, having achieved a low-risk portfolio, the portfolio trades slowly to completion.

Algo OrderUrgency: High; Cash Imbalance: Cash Neutral; Participation Cap: 30%; Portfolio Alpha: 10bps

Urgency Execution Behavior



Po

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TimeSource: Deutsche Bank Securities Inc

The chart shows the trading trajectories for a delta-neutral portfolio submitted to the OPX algorithm with varying levels of Urgency.

Higher Urgency settings execute more rapidly to reduce risk. Lower Urgency settings extend the trading time in order to reduce market impact.

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Po

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TimeSource: Deutsche Bank Securities Inc

The chart shows the trading trajectories for a delta-neutral portfolio submitted to the OPX algorithm with varying levels of Urgency.

Higher Urgency settings execute more rapidly to reduce risk. Lower Urgency settings extend the trading time in order to reduce market impact.

0

5

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World’s Best BrokerDeutsche Bank is a major player in the world’s equity markets, delivering innovative trading solutions across a diverse client base. The platform provides access to a global network of execution and high-touch services – establishing a gateway for idea generation and cross-border expertise. Liquidity, proprietary content and price discovery are at the core of Deutsche Bank’s equity offering.

“Deutsche Bank got the best stock prices for institutional clients both globally and in North America.”The World’s Best Brokers Rankings, Bloomberg Markets, April 2011

Differential in basis points*

1 Deutsche Bank 2.282 Credit Suisse 2.09

3 Macquarie Group 0.54

4 Liquidnet 0.33

5 UBS 0.08

6 Citigroup -0.09

7 Nomura Holdings -0.18

8 Jefferies -0.45

9 Goldman Sachs -0.46

10 BNY ConvergEx Group -0.49

World’s Best Brokers Differential in basis points*

1 Deutsche Bank 1.872 Jefferies 0.79

3 Liquidnet -0.35

4 Knight Capital Group -0.67

5 Citigroup -0.88

North America’s Best Brokers

*Difference between the broker’s actual loss (from the time the broker received the order to the executed stock price) and the median result, or benchmark, from a universe of similar trades. When the differential is negative, the broker missed the benchmark. Ranking is for the four quarters ended on Sept. 30, 2010. Source: Ancerno

Equity Trading OfferingA world class Equity trading platform with access to over 90% of the investable markets globally.

— Agency Execution Expertise — Single Stock Facilitation — Block Trading — Agency and Principal Portfolio Trading — Direct Market Access — Algorithmic Trading — Capital Commitment — Market Making

Global Distribution StrengthAn unparalleled presence in markets worldwide with specialists dedicated to client excellence in local geographies.

— Institutional Research Sales — Sales Trading — Corporate Access — Program Sales — Autobahn — Sector Specialist Sales — Hedge Fund Sales — Commission Management Services

Industry Leading ResearchA leading global research house with publishing analysts dedicated to delivering cutting edge investment ideas ahead of the market.

— Multi-Asset Research — Country Research — Sector Research — Strategy — Quantitative Research

Equity Capital Markets SolutionsA recognized market leader in Equity and Equity-linked issuance, offering innovative capital solutions to corporates worldwide.

— IPOs — Follow-on Offerings — Rights Issues — Block Trades — Monetisations — Accelerated Book Buildings — Private Placements — Convertible/Exchangeable Bonds

Deutsche Bankand Autobahn

Autobahn, Deutsche Bank’s award-winning electronic distribution service, provides you with access to Deutsche Bank’s suite of equity electronic trading applications. Clients can manage executions more efficiently, access the latest market intelligence and trade on opportunities through our award-winning platform and sophisticated algorithm suite.

Autobahn’s equity trading solutions are engineered by the best in the industry, bringing you Smarter Liquidity with the expertise of Deutsche Bank to help you manage it.

For further information, contact your regional representative:

http://autobahn.db.comBloomberg: DBEQ <GO>

Deutsche BankEquities

US EuropeAsia Japan Australia

+1 212 250 3988 or+1 800 553 1226+44 20 7547 2587+852 2203 6028+81 3 5156 6642+612 8258 2862

Printed November 2011

MARKETING MATERIAL

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