From: Tazia Smith To: jeevacation®gmail.com Cc: Paul Morris Subject: Follow Up + Meeting/Portfolio Repositioning [C] Date: Tue, 24 Dec 2013 16:14:40 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2) Vahe Stepanian Classification: Confidential Jeffrey - Thank you for the call. Per our conversation: (1) we're spreading S1mm usd equally across each of the equities in Japan (below), taking our time implementing; we will discuss hedging the JPY independently (2) let us know a date that works for you to go through the existing positions and the DB team's re-positioning suggestions Thank you again, speak with you soon! Tazia Sector Company Ticker 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 4426 8% Shipping Kawasaki Kisen 9107JP Equity 236 280 19% Average implied up/downside: 18% ' Not covered by DB. Price target reflects Bloomberg Average target. Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New York. NY 10154 Panritri,:frr Peefoyin EFTA01141048