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S&P ownership over 8% with the ability of that offered nominal return to adjust for inflation variations over the long term. Date 23 August 2013 David Bianco Strategist Ju Wang it S&P 500 Key Forecasts Price 1660 Next 5%+ move Uncertain 2013E Year-end Target EPS Target P/E Current P/E DPS Priy
uments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan
fan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research T
an: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Co
ion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/Winnie Nip Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price
pan: Approved and/or distributed by Deutsche Securities Inc.(DSI) Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Co
Entities connected to both David Bianco and the Kanto Local Finance Bureau

Deutsche Bank
ORGANIZATION
Frankfurt
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Federal Republic of Germany
LOCATIONDeutsche Securities Inc.(DSI
ORGANIZATIONBaFin
ORGANIZATION
Moody's
ORGANIZATIONNippon
ORGANIZATIONStandard & Poor's
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
Federal Financial Supervisory Authority
ORGANIZATION
New Zealand
LOCATION
Bloomberg L.P.
ORGANIZATIONDavid Folkerts-Landau
PERSONAndreas Neubauer
PERSONSteve Pollard
PERSONChiyoda-ku
ORGANIZATION
Sydney
LOCATION
Tokyo
LOCATION
Malaysia
LOCATION