EFTA01461239

From: Tazia Smith Sent: 12/24/2013 11:14:40 AM To: jeevacation@ mail.com CC: Paul Morris •, Subject Follow Up + Meeting/Portfolio Repositioning [CI Classification: Confidential Vahe Stepanian Jeffrey - Thank you for the call. Per our conversation: (1) we're spreading S1 mm usd equally across each of the equities in Japan (below), taking our time implementing; we will discuss hedging the JPY independently (2) let us know a date that works for you to go through the existing positions and the DB team's re-positioning suggestions Thank you again, speak with you soon! Tazia Sector Company Ticker Current Price DB Price Target % Auto Toyota 7203 JP Equity 6180 8000 29% Retail Rukaten 4755 JP Equity 1496 1710 14% Finance Resona 8303 JP Equity 506 650 28% Consumer Electronics Panasonic 6752 JP Equity 1158 1300 12% Automation Equipment 0mron* 6645 JP Equity 4105 4426 8% Shipping Kawasaki Kisen 9107 JP Equity 236 230 19% Average implied up/downside: 18% * Not covered by DB. Price target reflects Bloomberg Average target. Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 26th Floor Now York, NY 10154 Tel. Fax Pianin4s, Peepntt, CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 123152 CONFIDENTIAL SDNY_GM_00269336 EFTA01461239