Key calls sept 2013


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Key calls sept 2013

  1. 1. Deutsche Asset & Wealth Management Key Calls across Asset Classes DB X-Trackers October 2013 Houda Ennebati +33 1 44 95 61 83
  2. 2. Asset class performance YTD DM equities have outperformed YTD. Sell-off in EM assets since May 22 has mostly reversed, except in FX Deutsche Asset & Wealth Management
  3. 3. Fund flows: sustained flows into Western Europe equity funds Fund flows: Western Europe shines and outflows from EM equity funds gain pace (as of Sept. 27th) Deutsche Asset & Wealth Management
  4. 4. DB Forecasts – Global economy is gaining momentum Deutsche Asset & Wealth Management
  5. 5. US – The underlying momentum remains intact and support our view of a sustained recovery S&P 500 : we target year end level of 1750 Despite the recent softness in some data…  Durable goods orders have disappointed  Consumer confidence fallen from 6Y high in July  Below expectation housing starts, building permits …the underlying momentum remain intact  Labor market continues to recover (weekly jobless claims down to 2007 levels)  Corporate activity is strengthening (Q2 corporate profits +3.9% vs. -1.3% in Q1) We remain bullish on the medium term outlook and see growth accelerating to +3% in H2 and 2014  Private sector deleveraging complete  Housing recovery to continue  Lower pace of fiscal tightenning Deutsche Asset & Wealth Management 4
  6. 6. US - Strategy implementation …. US – Bullish Long Term DB X-Trackers S&P 500 • • • • Code D5BM GY TER 0.20% AuM 974 Mios € +0.01% Net outperf. (end July) DB X-Trackers S&P 500 Euro Hedged • Code XKSP GY • TER 0.30% • AuM 974 Mios € DB X-Trackers Russell 2000 • Code XRU2 GY • TER 0.45% • AuM 457 Mios € DB X-Trackers MSCI USA DB Platinum CROCI US Source: Deutsche Bank, as of 30th Sept. 2013 Deutsche Asset & Wealth Management • Code XMUS GY • TER 0.30% • AuM 1564 Mios € • Code XCUI1CE LX • TER 0.50% • AuM 680 Mios €
  7. 7. Europe – Expected to emerge from recession in H2 Greater positive surprise potential in Europe than in the US – Stoxx 600 can reach 345 The rebound from the Eurozone's longest recession on record was stronger than expected  Q2 GDP growth of 0.3% vs. consensus of 0.1% The Q2 recovery was broad-based across countries  Germany beat high expectations  France gained from consumption and exports  Italy and Spain are stabilizing  Portugal recorded a 1.1% jump in GDP Expect a return to positive growth from Q2-Q3  Improving peripheral export performance  Inventory cycle is turning  Fiscal tightening has peaked  Supportive credit impulse2 Deutsche Asset & Wealth Management 6
  8. 8. Europe - Strategy implementation …. Europe – Bullish long-term DB X-Trackers Eurostoxx 50 • • • • Code XESC GY/XESX GY TER 0.00% AuM 2 195 Mios € +0.34% Net outperf. (end July) DB X-Trackers MSCI Europe • • • • Code XMEU GY TER 0.30% AuM 1 074 Mios € +0.02% Net outperf. (end July) DB X-Trackers Stoxx Europe 600 DB Platinum CROCI Euro Source: Deutsche Bank, as of 30th Sept. 2013 Deutsche Asset & Wealth Management • • • • • • • • Code XSX6 GY TER 0.20% AuM 525 Mios € +0.04% Net outperf. (end July) Code XCREI1C LX TER 0.50% AuM 175 Mios € +3.65% outperf. vs Eurostoxx50 (end July)
  9. 9. Japan – Return to growth story continues Weaker Yen and Improving sentiment is set to drive the recovery We remain positive on Abenomics  Recent victory for Abe’s coalition in upper house elections provide it with a majority in both houses until at least 2016, thus a strong mandate for report  Government upgraded its GDP growth estimate for Q2 2013 to +3.8% QoQ. We see several drivers for the recovery  BoJ easing bias  Weaker yen leading to stronger earnings for exporters  Improving sentiment  Consumption tax hike to 8% in April 2014 and to 10% in Oct. 2015 looking likely, hence rush demand will lift domestic demand through Q1 2014 Deutsche Asset & Wealth Management 8
  10. 10. Japan - Strategy implementation …. Japan – BoJ easing bias, a weaker yen and improving sentiment is set to drive the recovery DB X-Trackers MSCI Japan • Code XMJP GY • TER 0.50% • AuM 900 Mios € DB X-Trackers MSCI Japan Euro Hedged • Code XMK9 GY • TER 0.60% • AuM 900 Mios € DB X-Trackers MSCI Japan Dollar Hedged • Code XMUJ LN • TER 0.60% • AuM 900 Mios € DB Platinum CROCI Japan Source: Deutsche Bank, as of 30th Sept. 2013 Deutsche Asset & Wealth Management • Code DCJI1CE LX • TER 0.50% • AuM 236 Mios €
  11. 11. Emerging Markets – Fed’s non-taper helps Asia EM Assets could remain in fashion for the rest of the year  Our US economists now expect no change in Fed policy in October, with the first taper move now likely in December  For Asia, this brings welcome respite, especially for deficit economies (India, Indonesia) : expectations that global liquidity will remain ample and cheap for a longer period will make deficit financing easier.  One worry : ongoing fiscal and monetary adjustment to be delayed or postponed in some countries. Inevitable rally in asset prices will bring back the imbalances (stemming from overconsumption, property price bubble, and excessive credit growth) that had just begun to correct in many parts of Asia.  Further upside to Asia may well stem from Europe. Asia’s value-added of exports to EU is in fact larger than to the US or China. EM assets could remain in fashion for the rest of the year Deutsche Asset & Wealth Management
  12. 12. Emerging Markets Asia - Strategy implementation …. EM Assets could remain in fashion for the rest of the year DB X-Trackers MSCI Emerging Markets • Code XMEM GY • TER 0.65% • AuM 2 235 Mios € DB X-Trackers MSCI Emerging Asia • Code XMAS GY • TER 0.65% • AuM 687 Mios € DB X-Trackers MSCI India • Code XCS5 GY • TER 0.75% • AuM 34 Mios € DB X-Trackers S&P CNX Nifty (India) • Code XNIF GY • TER 0.85% • AuM 145 Mios € DB X-Trackers MSCI Indonesia • Code XMIN GY • TER 0.65% • AuM 75 Mios € Source: Deutsche Bank, as of 30th Sept. 2013 Deutsche Asset & Wealth Management
  13. 13. China – Hard landing fears have eased on stronger domestic data and hopes of an export pick up driven by the US/EU recovery Slowdown fears reduced on the back of improving recent data China macro data is showing signs of stability  July trade growth exceeded expectations on recovering external demand  HSBC Manufacturing PMI rose to above 50 in August, confirming the recovery trend Expect recent pick-up in growth momentum will continue, driven by  Strong export momentum from recovery in US and Eurozone  Faster real estate investment (given 30% yoy increase in land sale in H1)  Recovery in corporate confidence driven by reforms Chinese Communist Party congress meeting in November should deliver further reforms to drive future growth and support rebalancing efforts Deutsche Asset & Wealth Management 12
  14. 14. China - Strategy implementation …. China – Next reform meeting in November will be crucial for future growth and ongoing rebalancing efforts DB X-Trackers CSI 300 • Code XCHA GY • TER 0.50% • AuM 582 Mios € DB X-Trackers FTSE China 25 • Code XX25 GY • TER 0.60% • AuM 177 Mios € DB X-Trackers MSCI China • Code XCS6 GY • TER 0.65% • AuM 106 Mios € Source: Deutsche Bank, as of 4th Sept. 2013 Deutsche Asset & Wealth Management
  15. 15. Philippines – Fundamentals are stronger, both externally and domestically Any correction could open up some Buy opportunities Current account is in surplus  Equivalent to roughly 5% of GDP  Philippines gain from weak commodity prices, being a net importer of oil, coal, food, etc Forex reserves ate at 83 bns $  Equivalent to 12 months of imports of goods and services  Equivalent to 6x short term FX debt  Reserves also exceed total FX debt (public+private) of about 60 bns $ Practically no state subsidies on oil, power, food, etc  Weak commodity prices have kept inflation benign (sub3%) Public sector is in good shape  Fiscal deficit is running at 2% of GDP  Government debt to GDP is below 50% and falling  Its average debt maturity is close to 11 years – among the longest in the world Deutsche Asset & Wealth Management 14
  16. 16. Philippines – Strategy implementation …. Philippines – Fundamentals are stronger, both externally and domestically DB X-Trackers MSCI Philippines Source: Deutsche Bank, as of 4th Sept. 2013 Deutsche Asset & Wealth Management • Code XPQP GY • TER 0.65% • AuM 45 Mios €
  17. 17. Sub Saharan Africa – A bright spot A decade of 5% real GDP growth, second only to Emerging Asia Growth prospects are improving  Favorable demographics  Expectations of a recovering global economy  Still high commodity prices  Investment in productive capacity Improved macroeconomic management and increased political stability  Strong public spending, especially on infrastructure and services  FDI is increasing impressively  New discoveries and further exploration suggest the promise of strong revenue flows and an opportunity to create employment Consumer demand has grown rapidly  Solid real income growth  Emerging urban middle class Deutsche Asset & Wealth Management 16
  18. 18. Sub Saharan Africa – Strategy implementation …. Sub Saharan Africa – A decade of strong and sustained economic growth set to continue DB X-Trackers MSCI EFM Africa Top 50 Source: Deutsche Bank, as of 4th Sept. 2013 Deutsche Asset & Wealth Management • Code XMKA GY • TER 0.65% • AuM 13 Mios €
  19. 19. Mexico – An ambitious agenda of policy upgrades Ambitious reform program with the new administration Energy Sector – a pillar of the Mexican economy  More room for the private sector to participate to government granted contracts  PEMEX to be fully transformed  Accountability and transparency to improve Labor Market Reform  Deregulate labor market reducing the cost of hiring and firing workers  Increase productivity Fiscal Reform  Tax structure in the VAT system will rely less on Pemex revenues  Streamlining of corporate income tax Deutsche Asset & Wealth Management 18
  20. 20. Mexico – Strategy implementation …. Mexico – Expect more GDP growth thanks to new government ‘s “Pacto por Mexico” DB X-Trackers MSCI Mexico Source: Deutsche Bank, as of 4th Sept. 2013 Deutsche Asset & Wealth Management • Code D5BI GY • TER 0.65% • AuM 102 Mios €
  21. 21. Fixed Income – Looking for yield Overcome underweight in Spanish & Italian sovereign bonds  Italian and Spanish yields have remained extremely resilient; spreads are close to the levels seen before the summer of 2011.  Data continues to surprise to the upside in the Euro-area (Flash PMIs).  From a structural perspective peripheral markets are clearly less vulnerable to external pressures due to the significant de-risking by international investors as well as the significant improvement in current account balances.  Therefore, even though peripheral yields might struggle to decline in the wake of renewed issuance they could still perform on a spread basis.  Potential for political upsets (particularly for Italy)  Still unconvincing fiscal consolidation results in Spain, where the deficit target for 2013 could, once again, fail to be met. Debt sustainability will continue to be regularly questioned.  Greece will return to the headlines over the next quarter : there is a funding gap in 2014-15 according to the IMF, and this will need to be covered for the IMF to continue disbursements, likely creating some tensions in the upcoming Troika review. Deutsche Asset & Wealth Management 20
  22. 22. Fixed Income - Strategy implementation …. Overcome underweight in Spanish & Italian sovereign bonds DB X-Trackers iBoxx Sovereigns Eurozone Yield Plus DB X-Trackers iBoxx Sovereigns Eurozone Yield Plus 1-3 Y Source: Deutsche Bank, as of 30th Sept. 2013 Deutsche Asset & Wealth Management • Code XY4P GY • TER 0.15% • AuM 833 Mios € • Duration : 5.91 years • Yield to Maturity : 3.86% • • • • • Code XYP1 GY TER 0.15% AuM 176 Mios € Duration : 1.84 years Yield to Maturity : 1.92%
  23. 23. Fixed Income - Strategy implementation …. Overcome underweight in Spanish & Italian sovereign bonds DB X-Trackers iBoxx Spain 1-3 Y • Code X1ES GY - TER 0.15% • AuM 18 Mios € • Duration : 1.86 years • Yield to Maturity : 2.07 % DB X-Trackers iBoxx Spain • • • • Code XIES GY - TER 0.20% AuM 18 Mios € Duration : 5.35 years Yield to Maturity : 4.03 % DB X-Trackers MTS Italy Aggregate • • • • Code XITA IM - TER 0.20% AuM 72 Mios € Duration : 4.57 years Yield to Maturity : 4.04 % DB X-Trackers MTS Italy Aggregate 1-3 Y • • • • Code XI13 GY - TER 0.15% AuM 18 Mios € Duration : 1.59 years Yield to Maturity : 1.88 % DB X-Trackers MTS Italy Aggregate 3-5 Y • • • • Code XIT3 GY - TER 0.20% AuM 18 Mios € Duration : 3.0 years Yield to Maturity : 2.96 % DB X-Trackers MTS Italy Aggregate BOT • • • • Code XBOT IM - TER 0.20% AuM 173 Mios € Duration : 0.41 years Yield to Maturity : 0.83 % DB X-Trackers MTS Italy BTP Deutsche Asset & Wealth Management Source: Deutsche Bank, as of 30th Sept. 2013 • • • • Code XBTP IM - TER 0.20% AuM 33 Mios € Duration : 5.72 years Yield to Maturity : 4.12 %
  24. 24. Commodities – Energy & Metals – Global PMI strength will be constructive for the sector Short and long term factors favor an investment in cyclical commodities Increasing Demand Limited Supply Commodities and production capabilities are limited Emerging Markets growth  China plans to build 82 new airports by 2015 as part of the current Five Year Plan Stimulus and Infrastructure programs  e.g. EUR 1.4 billion are invested in the modernisation of the German railway(2) Information and Entertainement technology  Copper is used in the production of micro-processors and the key component for products in the communications and computer technology industry(5 Deutsche Asset & Wealth Management   Participation to rising prices  Investment linked to real goods Energy consumption increased by 60% in the past 25 years and is expected to increase by an additional 40% in the next 25 years  Fossil fuels exist only in limited quantities and alternative exploration of oil fields, such as deep sea drilling are cost intensive and only profitable when oil prices are high Limited production capabilities  Many commodity extraction sites are aged  Political and geographical challenges 23
  25. 25. Commodities – Energy & Metals - Crucial commodities in the industrial and infrastructure space Forecasts are showing decent potential upside / Index + 4.40% est. at end 2013 Q3 2013 Q4 2013 est. % potential upside 105.00 107.00 + 1.9% RBOS Gasoline (g) – 8% in the index 2.75 2.80 + 1.8% Natural Gas (mmBtu) – 8% in the index 3.80 4.00 + 5.3% 895.00 915.00 + 2.2% Aluminium (Usc/lb) – 17% in the index 88.5 93.0 + 5.1% Copper (Usc/lb) – 17% in the index 335.8 344.8 + 2.7% Zinc (Usc/lb) – 10% in the index 88.5 93.0 + 5.1% Nickel (Usc/lb) – 10% in the index 657.9 748.6 + 13.8% Lead (Usc/lb) – 6% in the index 97.5 99.8 + 2.3% Energy Brent (bbl) – 16% in the index Gasoil (t) – 8% in the index Metals Energy & Metals Index + 4.4% est. end 2013 Source: Deutsche Bank, 13 Sept. 2013 Deutsche Asset & Wealth Management 24
  26. 26. Energy & Metals – Strategy implementation …. UCITS Compliant Fund DB Platinum Energy & Metals UCITS Fund • • • • UCITS IV Compliant TER 0.71% AuM 15 Mios € Currency Hedged The mentioned weights are rebalanced on a monthly basis to their base weights. All nine commodities are replicated via standardised future contracts, which have to be rolled. Futures close to maturity are replaced by longer term maturity futures. To select new futures, the index uses the DB Optimum Yield methodology which aims to maximise gains and minimise losses that occur in the process of rolling futures contracts. When a contract needs to be rolled, the Optimum Yield methodology selects the relatively cheapest future at that time (out of all available futures contracts with a maximum maturity of 13 months). The index additionally effects monthly FX transactions to hedge the USD denominated commodities against currency changes relative to the EUR, also on a monthly basis. Source: Deutsche Bank, as of 4th Sept. 2013 Deutsche Asset & Wealth Management
  27. 27. Investment risks relating to db X-trackers UCITS ETFs — Investors should note that the db X-trackers UCITS ETFs are not capital protected or guaranteed and investors in each db X-trackers UCITS ETF should be prepared and able to sustain losses of the capital invested up to a total loss. — Investment in db X-trackers UCITS ETFs involve numerous risks including among others, general market risks relating to the relevant index, credit risks on the provider of index swaps utilised in the db X-trackers UCITS ETFs, exchange rate risks, interest rate risks, inflationary risks, liquidity risks and legal and regulatory risks. — db X-trackers UCITS ETFs following a direct replication investment policy, may engage in securities lending. In these instances the db X-trackers UCITS ETFs face the risk of the borrower not returning the securities lent by the db X-trackers UCITS ETF due to e.g. a default situation and the risk that collateral received by the db Xtrackers UCITS ETFs may be liquidated at a value lower than the value of the securities lent out by the db X-trackers UCITS ETFs. Despite the indemnity provided by Deutsche Bank to the db X-trackers UCITS ETFs for such a situation, the db X-trackers UCITS ETFs and hence investors may suffer a loss. — The db X-trackers UCITS ETFs use Deutsche Bank as the counterparty for OTC derivative transactions. In the event of a default under the terms of the OTC derivative transaction by Deutsche Bank, the db X-trackers UCITS ETFs would be liquidated and investors could lose up to 10% of the NAV of the db X-trackers UCITS ETF. The NAV at the time of default also may be considerably less than the amount an investor originally invested depending on the performance of the relevant underlying index. You should therefore understand and evaluate the counterparty credit risk prior to making any investment. — The value of an investment in a db X-trackers UCITS ETF may go down as well as up and past performance is not a guide to the future. — Not all db X-trackers UCITS ETFs may be suitable for all investors so please consult your financial advisor before you invest in a db X-trackers UCITS ETF — db X-trackers UCITS ETFs shares may be denominated in a currency different to that of the traded currency on the stock exchange in which case exchange rate fluctuations may have a negative effect on the returns of the fund. — Tax treatment of the db X-trackers UCITS ETFs depends on the individual circumstances of each investor. The levels and bases of, and any applicable relief from, taxation can change. db X-trackers may trade in limited markets. — db X-trackers may be unable to replicate precisely the performance of an index. — Investors' income is not fixed and may fluctuate. — The value of any investment involving exposure to foreign currencies can be affected by exchange rate movements. — For further information regarding risk factors, please refer to the risk factors section of the listing particulars or full prospectus. — An investment in a db X-trackers UCITS ETF tracking a leveraged or short index is intended for financially sophisticated investors who wish to take a very short term view on the underlying index, e.g., for day trading purposes. Therefore the db X-trackers UCITS ETFs on leveraged or short indices are appropriate only for financially sophisticated investors who understand the strategy, characteristics and risks. The db X-trackers UCITS ETFs on leveraged or short indices are not intended to be a buy and hold investment. — Investors should be aware that Deutsche Bank or its affiliates (“DB Affiliates”) may from time to time own interests in any db x-trackers UCITS ETF which may represent a significant amount or proportion of the overall investor holdings in the relevant db x-trackers UCITS ETF. Investors should consider what possible impact such holdings, or any disposal thereof, by DB Affiliates may have on them. Deutsche Asset & Wealth Management 26
  28. 28. Risk factors Emerging Markets (a) Emerging Market Risk: Investments in the market to which the Reference Index relates are currently exposed to risks pertaining to emerging markets generally. These include risks brought about by investment ceiling limits where foreign investors are subject to certain holding limits and constraints imposed on trading of listed securities where a registered foreign investor may only maintain a trading account with one licensed securities company in the relevant market. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment. (b) Legal Risk: The economies of most emerging markets are often substantially less developed than those of other geographic regions such as the United States and Europe. The laws and regulations affecting these economies are also in a relatively early stage of development and are not as well established as the laws and regulations of developed countries. Such countries’ securities laws and regulations may still be in their development stages and not drafted in a very concise manner which may be subject to interpretation. In the event of a securities related dispute involving a foreign party, the laws of these countries would typically apply (unless an applicable international treaty provides otherwise). The court systems of these nations are not as transparent and effective as court systems in more developed countries or territories and there can be no assurance of obtaining effective enforcement of rights through legal proceedings and generally the judgements of foreign courts are often not recognised. (c) Regulatory Risk: Foreign investment in emerging economies’ primary and secondary securities markets is often still relatively new and much of the relevant securities laws may be ambiguous and/or have been developed to regulate direct investment by foreigners rather than portfolio investment. Investors should note that because of a lack of precedent, securities market laws and the regulatory environment for primary and secondary market investments by foreign investors can be in the early stages of development, and may, in some jurisdictions, remain untested. The regulatory framework of the emerging economies’ primary and secondary securities markets is often in the development stage compared to many of the world’s leading stock markets, and accordingly there may be a lower level of regulatory monitoring of the activities of the emerging economies’ primary and secondary securities markets. d) Foreign Exchange Risk: Some currencies of emerging markets are controlled. Investors should note the risks of limited liquidity in certain foreign exchange markets. (e) Trading Volumes and Volatility: Often emerging market stock exchanges are smaller and have lower trading volumes and shorter trading hours than most OECD exchanges and the market capitalisations of listed companies are small compared to those on more developed exchanges in developed markets. The listed equity securities of many companies on such exchanges are accordingly materially less liquid, subject to greater dealer spreads and experience materially greater volatility than those of OECD countries. Many such exchanges have, in the past, experienced substantial price volatility and no assurance can be given that such volatility will not occur in the future. The above factors could negatively affect the Net Asset Value of the Sub-Fund Deutsche Asset & Wealth Management 27
  29. 29. Disclaimer © 2013 Deutsche Bank AG This document is only aimed at professional clients as defined by Directive 2004/39/EC (MIFID). This document is not destined for non professional clients who do not have the experience, knowledge or competence needed to take their own investment decisions and correctly evaluate the risks involved. The db x-trackers ETFs cited in this document received an authorisation for marketing in France from the Autorité des Marchés Financiers. The Key Investor Information Document, full prospectus, articles and latest annual report are freely available upon request from State Street Banque SA, the centralising agent of the relevant ETFs in France located at Immeuble Défense Plaza, 23/25, rue DelarivièreLefoullon, 92064 Paris-La-Défense Cedex, France This presentation contains a short summary description of the above mentioned ETFs and is for discussion purposes only. A complete description of the funds is in the respective and most recent prospectus of the above mentioned ETFs. This presentation is not for distribution to, or for the attention of, US or Canadian persons. Without limitation, this presentation does not constitute an offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation and any prospectus and the latest key investor information document relating to the transaction and not this summary. Investment strategies involve numerous risks. Prospective investors or counterparties should discuss with their professional tax, legal, accounting and other adviser(s) the effect of any transaction they may enter into, including the possible risks and benefits of such transaction and should ensure that they fully understand the transaction and have made an independent assessment of the appropriateness of such transaction in the light of their own objectives and circumstances. In no way should Deutsche Bank be deemed to be holding itself out as a financial adviser or a fiduciary of the recipient hereof. Deutsche Bank may make a market or trade in instruments economically related to fund units or derivatives mentioned herein, and/or have investment banking or other relationships with issuers of the relevant securities. Deutsche Bank actively manages various risks, and on occasion may deal in securities mentioned in this document or in related instruments during the period between your receipt of this fact sheet and the award of any order. Whilst Deutsche Bank‘s trading or hedging activities are not intended to have any significant impact upon prices, its dealings could affect the prices you pay or receive for transactions in related securities or fund units. Deutsche Bank, and its current and future subsidiaries, parents, affiliates, divisions, officers, directors, agents and/or employees, disclaim all liability with respect to this document and the information herein, and are not liable for any errors or omissions, or for any damages howsoever arising from any reliance placed thereon, save as required by applicable laws and regulations. A full description of the terms and conditions of all sub-funds are included in the prospectus of db x-trackers and db x-trackers II. You can get the full and the simplified prospectus of each sub-fund of db x-trackers at db x-trackers, 49, avenue J.F. Kennedy, L-1855 Luxembourg, R.C.S. Luxembourg D-119 899. Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervising Authority) and is regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. The registered address of Deutsche Bank AG, London Branch, is Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Asset & Wealth Management 28