From: Tazia Smith

From: Tazia Smith To: jeevacation®gmail.com Cc: Paul Morris Subject: Follow Up + Meeting/Portfolio Repositioning [C] Date: Tue, 24 Dec 2013 16:14:40 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2) Vahe Stepanian Classification: Confidential Jeffrey - Thank you for the call. Per our conversation: (1) we're spreading S1mm 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 8308 JP Equity 506 650 28% Consumer Electronics Panasonic 6752 JP Equity 1158 1300 12% Automation Equipment Omron* 6645 JP Equity 4105 4426 8% Shipping Kawasaki Kisen 9107JP Equity 236 280 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 & Wealth Management 345 Park Avenue. 26th Floor New York. NY 10154 Panritri,:frr Peefoyin EFTA01141048 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. ➢eutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01141049