EFTA Document EFTA01461261

http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/10496-06FF/89936366/Theilouse_18oct2013.pdf • Abenomics will lead to higher operational leverage and an improved domestic economy • Bo) will ease further as needed; DB expects USD/)PY FX to reach 120 by 2015 • Strong macroeconomic data and increase in overseas asset purchases by the Japanese • GPIF panel report (a third arrow initiative) strongly positive for Japanese risk assets http://www.cas.go.jp/jp/seisaku/koutekisikin_unyourisk/pdf/e_final_report.pdf Yen weakening will likely continue to be a theme, benefiting exporters. Toyota: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c0877259ad.pdf 7203 JP Buy Current price 6170 Target price (11m) 8000 Upside 29% Panasonic https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c08795101a.pdf (6752 JP Buy Current price 1158 Target price (12m) 1300 Upside 12% Omron 6645 JP Not rated at DB Current price 4105 Target price (12m) 4426 (Bloomberg avg. Not covered by DB) Upside 8% Kawasaki Kisen: http://gm.db.com/ger/document/ShowPdf.eqsr?productlDMore=0900b8c087790d17 9107 JP Buy Current price 236 Target price (12m) 280 upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target price (12m) 1710 Upside 12% Resona: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c0879ce3f0.pdf 8308 JP Buy Current price 512 Target price (12m) 650 upside 27% (Embedded image moved to file: pic18108.gif) Tazia Smith CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123195 CONFIDENTIAL SDNY_GM_00269379 EFTA01461261