EFTA Document EFTA01461353

From: Tazia Smith Sent: 2/5/2014 2:05:46 PM To: [email protected] CC: Paul Morris Stepanian Subject: Japanese Equities... jC) Classification: Confidential Jeffrey - ; Vahe For the Japanese equity basket component of your allocation (5.0 in your percentages, 4.5 here). Note the basked outperformed the Nikkei by —700bps over this recent correction. Ne.v5uggeste3 Basket Sector Company Current Price DB Rating DB Price Target %change to target Price as of 12/17/13 %vs. current Auto Toyota 5830 Buy 8000 37% 61' -5% Retail Rakuten 1514 Hold 1750 15% 1491 2% Consumer Seven & l Holdings 3837 Buy 4700 22% 3840 0% Finance Resona 550 Buy 785 43% 510 7% nsurance Dai-ichi Life 1458 Buy 1940 33% 1620 '11% Consumer Fectronics Panasonic 1262 Buy 1300 3% 1170 7% Electronic Equipment Hitachi* 770 NA 912.5 19% 752 2% Automation E uipn-en: Omron' 3935 NA 4608 17% 4180 -6% Sh p in Kawasaki Icsert 225 Buy 330 47% 234 -4% Average imps led up/downside' 26% -08% • Nat covered by OB P. ce target reflects Bloomberg Average target. Nikkei 14,180.38 19.000 34% 15.278.63 -8% Topix 1,162.64 1,232.31 .6% Source. Bloomberg as 412/5/14 JE Basket Sector Company Current Price DB Rating DB Price Target %change to target Price as of 12/17/13 % vs. current FInanc afs Sun' tome 1693 Buy 6C5C 29% 5C30 -Th insurance M tsu : Fudosan 3178 Hold 3900 23% 3385 7- Insurance Da:-Ichi L fe 1458 Buy 1940 33% 1620 -11% Consumer Seven & Ho d ngs 3837 Buy 4700 22% 3840 C% Consumer Un charm* 5420 NA 65S6 22',S 6500 -.0.- Exporters Sum -terra Electric* 1540 NA 1772 15% 1638 -6% Exporters Thyote 5830 Buy 8000 37% 6100 -5% Exporters Japan Tobacco 3138 Buy 4200 34% 3440 -10% Exporters HItachIs 770 NA 912.5 19% 752 2% Advertising Dentsum 3755 NA 4309 15% 4200 -12% 25% -7.5% " Not covred by DB. Price target reflects Bloomberg Average to get. C5 0.5 0.5 C.5 C.5 C 0.5 0.5 C.5 4.5 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 123346 SDNY_GM_00269530 EFTA01461353