EFTA01461267.pdf

6645 JP Not rated at DB Current price 4105 Target price (12m) 4426 (Bloomberg avg. NOt covered by DB) Upside 8% Kawasaki Kisen: http://gm.db.com/ger/document/ShowPdf.egsr?productIDMore=0900b8c087790d17 9107 JP Buy current price 236 Target price (12m) 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 (12m) 1710 Upside 12% Resona: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c0879ce3f0.pdf 8308 JP Buy Current price 512 Target price (12m) 650 Upside 27% (Embedded image moved to file: pic11466.gif) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & wealth ►tanagement 345 Park Avenue, 26th Floor New York. NY 10154 Tel. Fax Mobi 1 e Email (Embedded image moved to file: pic28052.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123202 CONFIDENTIAL SDNY_GM_00269386 EFTA01461267