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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
: Disclosures relating to our obligations under MiFiD can be found at http://www.globalmarkets.db.com/riskdisclosures. Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance
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
Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to tim
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
Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to tim
Entities connected to both David Bianco and the Financial Instruments and Exchange Law

Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
New Zealand
LOCATIONthe Kanto Local Finance Bureau
ORGANIZATIONMarcel Cassard
PERSONAndreas Neubauer
PERSONSteve Pollard
PERSONDeutsche Bank AG Johannesburg
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
Moody's
ORGANIZATIONDavid Folkerts-Landau
PERSONNippon
ORGANIZATIONChiyoda-ku
ORGANIZATION
Sydney
LOCATION
Tokyo
LOCATIONBloomberg Finance LP
ORGANIZATIONStandard & Poor's
ORGANIZATIONDeutsche Bank AG London
ORGANIZATION
Malaysia
LOCATION