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

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)

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

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

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

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

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

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

fund) - Buy -S250k-lmm FRC E 7% (thin, buy with a limit), trading -$25.23 last - Buy 51-2mm of DXJ and/or Japanese single stocks ((Toyota, Rukaten, Resona, Panasonic, omron, Kawasaki Kisen, sell yen forward - would be done in southern Financial or southern Trust, be that acct is set up) - Buy S1-2mm