DBIQ Regulated Utilities Index

Transcription

1 db Ide Develome March 2013 DBIQ Ide Guide DBIQ Regulaed Uiliies Ide Summary The DBIQ Regulaed Uiliies Ide ( Uiliies Ide is a rules-based ide aimig o rack he reurs ou of he regulaed uiliies secor i develoed markes. The Uiliies Ide icludes comaies which have heir mai busiess oeraios i he regulaed uiliy secor. This oly icludes such comaies whose acillary, o-uiliy busiesses ad/or uregulaed uiliies busiess does o rerese more ha 25% of EBITDA (or if EBITDA is o available, e icome or oeraig icome i ay year o a hree-year look back basis. The Uiliies Ide is recosiued ad rebalaced o a aual basis. Ide Publicaio The Uiliies Ide is calculaed ad ublished as follows: Ide Name Reur Tye Currecy DBIQ Regulaed Uiliies Ide Bloomberg Ticker Reuers Ticker Toal Reur USD DBIQUTLT.DBIQUTLT Ide Descriio The Uiliies Ide is a rules-based ide aimig o rack he reurs ou of he regulaed uiliies secor i develoed markes. The Uiliies Ide icludes comaies which have heir mai busiess oeraios i he regulaed uiliy secor. This oly icludes such comaies whose acillary, o-uiliy busiesses ad/or uregulaed uiliies busiess does o rerese more ha 25% of EBITDA (or if EBITDA is o available, e icome or oeraig icome i ay year o a hree-year look back basis. The uiverse of comaies eligible for he Uiliies Ide (he Selecio Pool are hose comaies ha fulfill he followig codiios: (a Legal domicile i a develoed marke coury wih he eceio of Jaa. The followig markes are classified as a develoed marke: Caada, USA, Ausria, Belgium, Demark, Filad, Frace, Germay, Greece, Irelad, Israel, Ialy, Neherlads, Norway, Porugal, Sai, Swede, Swizerlad, Uied Kigdom, Ausralia, Hog Kog, Jaa, New Zealad, Sigaore. (b Lisig o a regulaed sock echage i he form of shares radable for foreig ivesors wihou resricios i a develoed marke coury wih he eceio of Jaa; (c Mai busiess oeraios i he regulaed uiliies secor; (d Free floa marke caializaio of a leas $500 millio; (e Average daily radig volume i he las hree mohs of a leas $1 millio. Ide Develome Coacs: Lodo: +44 ( Hog Kog: New York: A comay is cosidered o be i he regulaed uiliies secor if is acillary, o-uiliy busiesses ad/or uregulaed uiliies busiess does o rerese more ha 25% of he comay s earigs before ieres, aes, dereciaio ad amorizaio

2 db Ide Develome ( EBITDA i ay year of he revious hree years (hough his eriod may o aly o comaies which have sold or urchased o-uiliy or uregulaed uiliy busiesses durig ha ime. The Uiliies Ide is a oal reur ide. The Uiliies Ide is calculaed o each Busiess Day usig he echage closig rices. Busiess Days are defied as days o which he New York Sock Echage (NYSE is oe for busiess. A commiee comosed of saff from DBIQ (he Ide Commiee is resosible for amedmes o he rules ad he Ide Admiisraor is resosible for decisios regardig he comosiio of he Uiliies Ide. Oversigh of he Uiliies Ide is he resosibiliy of he Ide Commiee. Each member of he Ide Commiee is subjec o rocedures desiged o reve he use ad dissemiaio of maerial o-ublic iformaio regardig he Uiliies Ide. The fuure comosiio of he Uiliies Ide is se by he Ide Admiisraor o he Selecio Days (as defied herei. The Ide Admiisraor also makes decisios regardig he fuure comosiio of he Uiliies Ide if ay Eraordiary Eves (as defied herei should occur ad he imlemeaio of ay ecessary adjusmes. Members of he Ide Admiisraor ca recommed a ay ime chages o he comosiio of he Uiliies Ide or o he rules ad submi hem o he Ide Commiee for aroval i order o address eraordiary circumsaces. Ide Calculaio ad Publicaio Srucured Soluios AG ( Srucured Soluios serves as he Ide Admiisraor ad Calculaio Age. The rice of he Uiliies Ide is calculaed o each Busiess Day based o he rices o he resecive echages o which he Uiliies Ide comoes ( Ide Comoes are lised. The mos rece rices of all Ide Comoes are used. Prices of Ide Comoes o lised i U.S. Dollars are raslaed usig so foreig echage raes quoed by Reuers. The daily ide closig value is calculaed usig Reuers so foreig echage raes a 4:30m New York ime. Should here be o curre rice available o Reuers, he mos rece rice or he Tradig Price o Reuers for he recedig Tradig Day is used i he calculaio. The Uiliies Ide is calculaed every Busiess Day from 3:00 am 4:30 m New York ime. The Uiliies Ide is ublished via he rice markeig services of Reuers ad Boerse Sugar AG ad is disribued o all affiliaed vedors. All secificaios ad iformaio releva for calculaig he Uiliies Ide are made available o he h:// web age ad sub-ages. Ide Rebalacig ad Weighig The comosiio of he Uiliies Ide is deermied he firs Busiess Day i Ocober (he Selecio Day. The comosiio of he Uiliies Ide is ordiarily adjused aually o he fifh Busiess Day afer he Selecio Day (he Adjusme Day. O each Selecio Day, Srucured Soluios ideifies he Selecio Pool. The comaies i he Selecio Pool are raked accordig o heir marke caializaio, from highes o lowes. The comaies wih he highes raks are he chose as ide comoes ad he ew ide comosiio deermied hereby is valid as of he immediaely followig Adjusme Day. The miimum umber of ide comoes is 30 ad he maimum umber of ide comoes is 100. The Ide Commiee may decide o icrease he maimum umber of ide comoes o a Selecio Day. I case he rak assiged o a comay which is currely a ide comoe o a Selecio Day is o sufficie o be seleced as a ide comoe, i shall oly be removed from he Uiliies Ide if is rak eceeds he maimum umber of ide comoes by more ha e raks. The comay wih he lowes rak which is seleced as a ide comoe o his Selecio Day bu which is o currely a ide comoe o he Selecio Day will o be icluded i he Uiliies Ide i his case. O each Adjusme Day each ide comoe is weighed roorioally accordig o is marke caializaio. The erceage weigh of ay ide comoe is caed a 5 erce o he Selecio Days. The ecess weigh is allocaed roorioally o all ide comoes whose erceage weighs are o caed. The ew ide comosiio ad weighigs are imlemeed afer he close of radig o he Adjusme Day. 2

3 If a comay icluded i he Uiliies Ide is removed from he Uiliies Ide bewee wo Adjusme Days due o a Eraordiary Eve (as defied herei, if ecessary, he Ide Commiee shall desigae a successor. The Uiliies Ide will he be adjused o he same day. DBIQ Regulaed Uiliies Ide Calculaio Ide formula The Uiliies Ide value o a Tradig Day a he releva ime is calculaed i accordace wih he followig formula: Ide * i 1 D wih: i, = Number of Ide Shares of he Ide Comoe i o Tradig Day i, = Price of Ide Comoe i o Tradig Day f i, = Foreig echage rae o cover he Price of Ide Comoe i o Tradig Day io U.S. Dollars D = Divisor o Tradig Day The iiial Divisor o he Sar Dae is calculaed accordig o he followig formula: D i1 ( 100 * Afer he close of radig o each Adjusme Day he ew Divisor is calculaed as follows: D ( * i 1 Ide This Divisor is valid sarig he immediaely followig Tradig Day. Preseaio The value of he Uiliies Ide will be rouded o wo decimal laces. The Number of Shares of he Ide Comoes will be rouded o iegers. Tradig Prices ad foreig echage raes will be rouded o four decimal laces. Divisors will be rouded o si decimal laces.

4 db Ide Develome Adjusmes Idices eed o be adjused for sysemaic chages i rices oce hese become effecive. This requires he ew Number of Ide Shares of he affeced Ide Comoe ad he Divisor o be calculaed o a e-ae basis. Followig he Commiee s decisio he Uiliies Ide is adjused for disribuios, caial icreases, righs issues ad slis. This rocedure esures ha he firs e quoe ca be roerly refleced i he calculaio of he Uiliies Ide. This e-ae rocedure assumes he geeral acceace of he Ide calculaio formula as well as oe access o he arameer values used. The calculaio arameers are rovided by Srucured Soluios. Divideds ad oher disribuios Divided aymes ad oher disribuios are icluded i he Uiliies Ide. They cause a adjusme of he Divisor. The ew Divisor is calculaed as follows: D 1 wih D i1 ( i1 * ( ( * * y * g i, = Price of Ide Comoe i o Tradig Day f i, = Foreig echage rae o cover he Price of Ide Comoe i o Tradig Day io he Ide Currecy i, = Number of Ide Shares of he Ide Comoe i o Tradig Day y i, = Disribuio of Ide Comoe i wih e dae +1 mulilied by he Divided Correcio Facor g i, Dollars = Foreig echage rae o cover he amou of he disribuio of Ide Comoe i o Tradig Day io U.S. D = Divisor o Tradig Day D 1 = Divisor o Tradig Day +1 Cororae acios Priciles Followig he aouceme by a comay icluded i he Uiliies Ide of he erms ad codiios of a cororae acio, he Calculaio Age deermies wheher such cororae acio has a diluio, coceraio or oher effec o he rice of he Ide Comoe. If his should be he case, he Calculaio Age shall make he ecessary adjusmes o he affeced Ide Comoe ad/or he formula for calculaig he Uiliies Ide ad/or o oher erms ad codiios of his docume ha he deems aroriae i order o ake io accou he diluio, coceraio or oher effec ad shall deermie he dae o which his adjusme shall come io effec. Amogs oher higs, he Calculaio Age ca ake io accou he adjusme made by a Affiliaed Echage as a resul of he cororae acio wih regard o oio ad fuures coracs o he resecive share raded o his Affiliaed Echage. 4

5 Caial icreases I he case of caial icreases wih e dae +1 he Uiliies Ide is adjused as follows: 1 i 1 B * 1 wih: +1 = Number of Ide Shares of Ide Comoe i o Tradig Day +1 = Number of Ide Shares of Ide Comoe i o Tradig Day B = Shares received for every share held 1 s * B 1 B wih: = Price of Ide Comoe i o Tradig Day +1 = Hyoheical Price of Ide Comoe i o Tradig Day +1 s = Subscriio Price i he Ide Comoe currecy D 1 wih D ( * i1 i1 i1 ( ( 1 * 1 * ( * i, = Price of Ide Comoe i o Tradig Day f i, = Foreig echage rae o cover he Price of Ide Comoe i o Tradig Day io he Ide Currecy i, = Number of Ide Shares of he Ide Comoe i o Tradig Day i, 1 = Hyoheical rice of Ide Comoe i o Tradig Day +1 i, 1 = Number of Ide Shares of he Ide Comoe i o Tradig Day +1 D = Divisor o Tradig Day D 1 = Divisor o Tradig Day +1 Share slis I he case of share slis wih e dae o Tradig Day +1 i is assumed ha he rices chage i raio of he erms of he sli. The ew Number of Ide Shares is calculaed as follows: 5

6 db Ide Develome i, 1 * B wih = Number of Ide Shares of he affeced Ide Comoe o Tradig Day +1 = Number of Ide Shares of he affeced Ide Comoe o Tradig Day +1 B = Shares afer he share sli for every share held before he sli Sock disribuios I he case of sock disribuios wih e dae o Tradig Day +1 i is assumed ha he rices chage accordig o he erms of he disribuio. The ew Number of Ide Shares is calculaed as follows: * (1 1 B = Number of Ide Shares of he affeced Ide Comoe o Tradig Day +1 = Number of Ide Shares of he affeced Ide Comoe o Tradig Day +1 B = Shares received for every share held Calculaio of he Ide i he eve of a Marke Disruio Eve The Uiliies Ide is o calculaed i he eve of a Marke Disruio Eve. If he Marke Disruio Eve coiues over a eriod of eigh Tradig Days, he Calculaio Age calculaes he Uiliies Ide value, akig io accou he marke codiios revailig a his oi i ime, he las quoed Tradig Price for each of he Ide Comoes as well as ay oher codiios ha i deems releva for calculaig he Uiliies Ide value. Defiiios Divided Correcio Facor is calculaed as 1 mius he alicable wihholdig a rae ad/or oher alicable a rae currely revale i he resecive coury. A Eraordiary Eve is - a Merger - a Takeover bid - a delisig - he Naioalizaio of a comay - Isolvecy. The Tradig Price for his Ide Comoe o he day he eve came io effec is he las available marke rice for his Ide Comoe quoed o he Echage o he day he eve came io effec (or, if a marke rice is o available for he day he eve came io effec, he las available marke rice quoed o he Echage o a day secified as aroriae by he Calculaio Age, as deermied by he Calculaio Age, ad his rice is used as he Tradig Price of he aricular Ide Comoe uil he ed of he day o which he comosiio of he Uiliies Ide is e se. I he eve of he Isolvecy of a issuer of a Ide Comoe he Ide Comoe shall remai i he Ide uil he e Adjusme Day. As log as a marke rice for he affeced Ide Comoe is available o a Busiess Day, his shall be alied as he Tradig Price for his Ide Comoe o he releva Busiess Day, as deermied i each case by he Calculaio Age. If a marke rice is o available o a Busiess Day he Tradig Price for his Ide Comoe is se o zero. The Commiee may also decide o elimiae he resecive Ide Comoe a a earlier oi i ime rior o he e Adjusme Day. The rocedure i his case is ideical o a elimiaio due o ad Eraordiary Eve. A Ide Comoe is delised if he Echage aouces ursua o he Echage regulaios ha he lisig of, he radig i or he issuig of ublic quoes o he Ide Comoe a he Echage has ceased immediaely or will cease a a laer dae, for whaever reaso (rovided delisig is o because of a Merger or a Takeover bid, ad he Ide Comoe is o immediaely lised, raded or quoed agai o a echage, radig or lisig sysem, acceable o he Calculaio Age. 6

7 Isolvecy occurs wih regard o a Ide Comoe if (A all shares of he resecive issuer mus be rasferred o a rusee, liquidaor, isolvecy admiisraor or a similar ublic officer as resul of a voluary or comulsory liquidaio, isolvecy or widig-u roceedigs or comarable roceedigs affecig he issuer of he Ide Comoes or (B he holders of he shares of his issuer are legally ejoied from rasferrig he shares. A Takeover bid is a bid o acquire, a echage offer or ay oher offer or ac of a legal erso ha resuls i he relaed legal erso acquirig as ar of a echage or oherwise more ha 10% ad less ha 100% of he voig shares i circulaio from he issuer of he Ide Comoe or he righ o acquire hese shares, as deermied by he Calculaio Age based o oices submied o ublic or self-regulaory auhoriies or oher iformaio cosidered by he Calculaio Age o be releva. Wih regard o a Ide Comoe, a Merger is (i a chage i he securiy class or a coversio of his share class ha resuls i a rasfer or a ulimae defiie obligaio o rasfer all he shares i circulaio o aoher legal erso, (ii a merger (eiher by acquisiio or hrough formig a ew srucure or a bidig obligaio o he ar of he issuer o echage shares wih aoher legal erso (ece i a merger or share echage uder which he issuer of his Ide Comoe is he acquirig or remaiig comay ad which does o ivolve a chage i securiy class or a coversio of all he shares i circulaio, (iii a akeover offer, echage offer, oher offer or aoher ac of a legal erso for he uroses of acquirig or oherwise obaiig from he issuer 100% of he shares issued ha eails a rasfer or he irrevocable obligaio o rasfer all shares (wih he eceio of shares which are held ad corolled by he legal erso, or (iv a merger (eiher by acquisiio or hrough formig a ew srucure or a bidig obligaio o he ar of he issuer of he share or is subsidiaries o echage shares wih aoher legal erso, whereby he issuer of he share is he acquirig or remaiig comay ad i does o ivolve a chage i he class or a coversio of he all shares issued, bu he shares i circulaio direcly rior o such a eve (ece for shares held ad corolled by he legal erso rerese i oal less ha 50% of he shares i circulaio direcly subseque o such a eve. The Merger Dae is he dae o which a Merger is cocluded or he dae secified by he Calculaio Age if such a dae cao be deermied uder he law alicable o he Merger. Naioalizaio is a rocess whereby all shares or he majoriy of he asses of he issuer of he shares are aioalised or are eroriaed or oherwise mus be rasferred o ublic bodies, auhoriies or isiuios. Echage is, i resec of he Selecio Pool ad every Ide Comoe, he resecive rimary echage where he Ide Comoe has is rimary lisig. The Commiee may decide o declare a differe sock echage he Echage for radig reasos, eve if he comay is oly lised here via a Sock Subsiue. Sock Subsiue icludes America Deosiory Receis (ADR ad Global Deosiory Receis (GDR. Wih regard o a Ide comoe (subjec o he rovisios give above uder Eraordiary Eves he Tradig Price i resec of a Tradig Day is he closig rice o his Tradig Day deermied i accordace wih he Echage regulaios. If he Echage has o closig rice for a Ide Comoe, he Calculaio Age shall deermie he Tradig Price ad he ime of he quoe for he share i quesio i a maer ha aears reasoable o him. A Tradig Day is i relaio o he Ide or a Ide Comoe a Tradig Day o he Echage (or a day ha would have bee such a day if a marke disruio had o occurred, ecludig days o which radig may be ceased rior o he ormal Echage closig ime. The Calculaio Age is ulimaely resosible as o wheher a cerai day is a Tradig Day wih regard o he Ide or a Ide Comoe or i ay oher coecio relaig o his docume. A Busiess Day is a day o which New York Sock Echage is oe for radig. The Calculaio Age is Srucured Soluios or ay oher aroriaely aoied successor i his fucio. Marke Caializaio is wih regard o each of he shares i he Selecio Pool o a Selecio Day or Adjusme Day he value ublished by Reuers (or a successor as he Marke Caializaio for his day. As a he dae of his docume Marke Caializaio is defied by Reuers as he value of a comay calculaed by mulilyig he umber of shares ousadig of he comay by is share rice. Free Floa Marke Caializaio is wih regard o each of he shares i he Selecio Pool or i he Ide o a Selecio Day or Adjusme Day he Marke Caializaio for his day mulilied by he raio of (A he umber of shares i circulaio ad (B he umber of shares ousadig of he resecive comay. If Reuers (or a successor: (i does o ublish for a Selecio Day a Marke Caializaio for a share or 7

8 db Ide Develome (ii ados aoher mehod for calculaig he Marke Caializaio for all shares or oly wih regard o he share i quesio or uses differe assumios i calculaig he Marke Caializaio for all shares or oly wih regard o he share i quesio, ad i he reasoable assessme of he Calculaio Age ad/or Ide Commiee ivolves maerial chages (he Calculaio Age ad/or Ide Commiee deermie wheher such chages are o be deemed maerial by alyig facors ha i is reasoable assessme aear aroriae o i,he Calculaio Age will deermie he Marke Caializaio i resec of he shares or of a share icluded i he Selecio Pool ad he resecive Selecio Day eiher from aoher ublicly accessible source secified a is sole discreio or from oher sources ha i is assessme are reasoable ad aroriae i he eve ha o oher ublicly quoed suiable rices are available. A Affiliaed Echage is wih regard o a Ide Comoe a echage, a radig or quoaio sysem o which oios ad fuures coracs o he Ide Comoe i quesio are raded, as secified by he Calculaio Age. A Marke Disruio Eve occurs if 1. oe of he followig eves occurs or eiss o a Tradig Day rior o he oeig quoaio ime for a Ide Comoe: A radig is suseded or resriced (due o rice movemes ha eceed he limis allowed by he Echage or a Affiliaed Echage, or for oher reasos: 1.1. across he whole Echage; or 1.2. i oios or fuures coracs o or wih regard o a Ide Comoe or a Ide Comoe ha is quoed o a Affiliaed Echage; or 1.3. o a Echage or i a radig or quoaio sysem (as deermied by he Calculaio Age i which a Ide Comoe is lised or quoed; or B a eve ha (i he assessme of he Calculaio Age geerally disrus ad affecs he ooruiies of marke aricias o eecue o he Echage rasacios i resec of a share icluded i he Ide or o deermie marke values for a share icluded i he Ide or o eecue o a Affiliaed Echage rasacio wih regard o oios ad fuures coracs o hese shares or o deermie marke values for such oios or fuures coracs; or 2. radig o he Echage or a Affiliaed Echage is ceased rior o he usual closig ime (as defied below, uless he early cessaio of radig is aouced by he Echage or Affiliaed Echage o his Tradig Day a leas oe hour before (aa he acual closig ime for ormal radig o he Echage or Affiliaed Echage o he Tradig Day i quesio or, if earlier. (bb he closig ime (if give of he Echage or Affiliaed Echage for he eecuio of orders a he ime he quoe is give. Normal echage closig ime is he ime a which he Echage or a Affiliaed Echage is ormally closed o workig days wihou akig io accou afer-hours radig or oher radig aciviies carried ou ouside he ormal radig hours; or a geeral moraorium is imosed o bakig rasacios i he coury i which he Echage is reside if he above-meioed eves are maerial i he assessme of he Calculaio Age, whereby he Calculaio Age makes his decisio based o hose circumsaces ha i cosiders reasoable ad aroriae. 8

9 Ide Guide Disclaimers This docume is ieded for iformaio oly ad does o creae ay legally bidig obligaios o he ar of Deusche Bak AG ad/or is affiliaes ( DB. This docume is ieded o rovide a summary of he ide i urors o describe. No warray or rereseaio is made as o he correcess, comleeess ad accuracy of he iformaio. Wihou limiaio, his docume does o cosiue a offer, a iviaio o offer or a recommedaio o eer io ay rasacio. Whe makig a ivesme decisio, you should rely solely o he fial documeaio relaig o he rasacio. Producs based o he ide or idices described i his docume may o be aroriae for all ivesors ad before eerig io ay rasacio you should ake ses o esure ha you fully udersad he rasacio ad have made a ideede assessme of he aroriaeess of he rasacio i he ligh of your ow objecives ad circumsaces, icludig he ossible risks ad beefis of eerig io such rasacio. Refer o your DB Sales erso for roduc relaed iformaio. For geeral iformaio regardig he aure ad risks of he roosed rasacio ad yes of fiacial isrumes lease go o You should also cosider seekig advice from your ow advisers i makig his assessme. If you decide o eer io a rasacio wih DB, you do so i reliace o your ow judgme. Pas erformace is o idicaio of fuure resuls. This maerial was reared by DBIQ. I is o ivesme research, ad has o bee reared i accordace wih legal requiremes desiged o romoe he ideedece of such. Ay oiios eressed herei may differ from he oiios eressed by oher DB dearmes icludig he Research Dearme. DB may egage i rasacios i a maer icosise wih ay views discussed herei. DB rades or may rade as ricial i isrumes (or relaed derivaives liked o he ide or idices described i his docume, ad may have rorieary osiios i he isrumes (or relaed derivaives. DB may make a marke i such isrumes (or relaed derivaives, which may i ereme circumsaces affec he levels of he ide or idices described. I o eve shall DB have ay liabiliy (wheher i egligece or oherwise o ay erso i coecio wih such erso's use of he Ide, uless such use is ursua o a rasacio bewee ha ary ad DB relaig o he Ide ad such liabiliy resuls from wilful defaul ad/or gross egligece o he ar of DB. The disribuio of his docume ad availabiliy of relaed roducs ad services i cerai jurisdicios may be resriced by law. You may o disribue his docume, i whole or i ar, wihou our eress wrie ermissio. DB secifically disclaims all liabiliy for ay direc, idirec, cosequeial or oher losses or damages icludig loss of rofis icurred by you or ay hird ary ha may arise from ay reliace o his docume or for he reliabiliy, accuracy, comleeess or imeliess hereof. DB is auhorized by Budesasal für Fiazdiesleisugsaufsich uder Germa Bakig Law (comee auhoriy: BaFi - Federal Fiacial Suervisig Auhoriy ad regulaed i he UK by he Fiacial Services Auhoriy for he coduc of UK busiess. Uless goverig law rovides oherwise, all rasacios should be eecued hrough he Deusche Bak eiy i he ivesor's home jurisdicio. I he U.S. his reor is aroved ad/or disribued by Deusche Bak Securiies Ic., a member of he NYSE, FINRA, NFA ad SIPC. I Germay his reor is aroved ad/or commuicaed by Deusche Bak AG Frakfur auhorized by he BaFi. I he Uied Kigdom his reor is aroved ad/or commuicaed by Deusche Bak AG Lodo, a member of he Lodo Sock Echage ad regulaed by he Fiacial Services Auhoriy for he coduc of ivesme busiess i he UK ad auhorized by he BaFi. This reor is disribued i Hog Kog by Deusche Bak AG, Hog Kog Brach, i Korea by Deusche Securiies Korea Co. This reor is disribued i Sigaore by Deusche Bak AG, Sigaore Brach, ad reciies i Sigaore of his reor are o coac Deusche Bak AG, Sigaore Brach i resec of ay maers arisig from, or i coecio wih, his reor. Where his reor is issued or romulgaed i Sigaore o a erso who is o a accredied ivesor, eer ivesor or isiuioal ivesor (as defied i he alicable Sigaore laws ad regulaios, Deusche Bak AG, Sigaore Brach acces legal resosibiliy o such erso for he coes of his reor. I Jaa his reor is aroved ad/or disribued by Deusche Securiies Ic. The iformaio coaied i his reor does o cosiue he rovisio of ivesme advice. I Ausralia, reail clies should obai a coy of a Produc Disclosure Saeme (PDS relaig o ay fiacial roduc referred o i his reor ad cosider he PDS before makig ay decisio abou wheher o acquire he roduc. Deusche Bak AG Johaesburg is icororaed i he Federal Reublic of Germay (Brach Regiser Number i Souh Africa: 1998/003298/10. Addiioal iformaio relaive o securiies, oher fiacial roducs or issuers discussed i his reor is available uo reques. This reor may o be reroduced, disribued or ublished by ay erso for ay urose wihou Deusche Bak's rior wrie cose. Please cie source whe quoig. Coyrigh 2013 Deusche Bak AG 9