Macquarie Marquee Ideas Shifting to OECD LI

Event

We adjust the Japan Marquee Ideas list to reflect the recent call by PeterEadon-Clarke, our Head of Global Strategy, that OECD LI is inflecting andhence global cyclical stocks should outperform.

New additions(6): Nippon Steel (Outperform), Suzuki (Outperform), TowaPharma (Outperform), MELCO (Outperform), Fanuc (Underperform) & DaiwaHouse (Outperform). Maintain(3): Mitsubishi Corp (Outperform), Hulic(Outperform), Panasonic (Outperform). Removals (5): Fast Retailing(Outperform), Takara Leben (Outperform), Cookpad (Outperform),Kakaku.com (Underperform) & Matsumotokiyoshi (Outperform).