Epstein Secrets

s an alpha overlay (USDJPY now at 103.40). Let us know your thoughts, Tazia EFTA00711075 Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. Supplemental Information: DB Research ex ects Ja.anese e. uities could double b 2015 • Abenomics will l

m) 280 Upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://gergm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target price (12m)

gm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target price (12m) 1710 EFTA00711076 Upside 12% Resona: https://ger gm. ci b i ntra n et.d b com/ger/document/pdf/0900b8c0879ce3f0.pdf 8308 JP Buy Current price 512 Target price (12m) 650 Upside 2

4105 4426 8% Shipping Kawasaki Kisen 9107 JP Equity 236 280 19% Average implied up/downside: 18% * Not covered by DB. Price target reflects Bloomberg Average target. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0030392 CONFIDENTIAL SDNY_GM_00176576 EFTA01344670

icker 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

4105 4426 8% Shipping Kawasaki Kisen 9107 JP Equity 236 280 19% Average implied up/downside: 18% * Not covered by DB. Price target reflects Bloomberg Average target. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0030377 CONFIDENTIAL SDNY_GM_00176561 EFTA01344664

icker 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

4180 -6% Shipping Kawasaki Kisen 225 Buy 330 47% 234 -4% Average implied up/downside: 26% -0.8% Not covered by DB. Price 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 of 2/5/14 0.5 0.5 0.5 0.5

Buy 8000 37% 6100 -5% Retail Rakuten 1524 Hold 1750 15% 1491 2% Consumer Seven & I Holdings 3837 Buy 4700 22% 3840 0% Finance Resona 550 Buy 785 43% 510 7% Insurance Dai-ichi Life 1458 Buy 1940 33% 1620 -11% Consumer Electronics Panasonic 1262 Buy 1300 3% 1170

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 Co

30 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

4105 4426 8% Shipping Kawasaki Kisen 9107 JP Equity 236 280 19% Average Implied up/downside: 18% Not covered by 08. Price target reflects Bloomberg Average target. Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. CONFIDENTIAL - PURSUANT

icker 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

JP Buy Current price 1158 Target price (12m) 1300 Upside 12% Omron 6645 JP Not rated at DB Current price 4105 Target price (12m) 4426 (Bloomberg avg. Not covered by DB) Upside 8% Kawasaki Kisen: http://qm.db.com/ger/document/ShowPdf.eqsr?productIDMore=0900b8c087790d17 9107 JP Buy Curren

m) 280 Upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target price (12