EFTA01382204

• <!--(if IsupportListsj--><!--(endifj-->Decrease exposure to European Equities (Unhedged) by 2.0% • <!--[if Isupportlists]--><!--(endif]-->Increase exposure to Emerging Market Equities (Core) by 1.0% • <!--[if isupportlists1--><!--(endifj-->Increase exposure to Emerging Market Bonds by 1.0% • <!--(if !supporthists1--><!--(endif]-->DB WM - Economic & Asset Class Outlook — June/July 2016 o <!--(if Isupportlistsj--><!--(endifl-->Summarizes the WM near-term and long-term expectations for: • <!--[if isupportlistsj--><!--(endifj-->The global economy • <!--[if Isupportlists]--><!--(endifj-->Monetary policy, inflation and FX • <!--(if Isupportlistsj--><!--(endifj-->Major asset classes o <!--(if !supportlists)--><!--(endifj-->Provides our June 2017 economic and asset class targets • <!--(if isupportLists1--><!--(endifj-->DB WM — CIO Note: Brexit Update - July 2016 o <!--(if isupportlists]--><!--(endifj-->Provides an update on the political, policy and economic impacts of the Brexit referendum in the U.K. and globally • <!--[if Isupportlistsj--><!--(endifj-->Describes potential next steps and near-term timeline for Theresa May's government • <!--[if Isupportlistsj--><!--(endifl-->Discusses our expectations for BOE and Fed policy in the coming months • <!--[if isupportlistsj--><!--(endifj-->Provides our view on the potential impact on U.K. and global economic growth Potential Impact of the Brexit Referendum on European and Italian Banks: • <!--(if !supporthistsJ--><!--(endifl-->DB WM — CIO Note: Italian Banks — July 2016 o <!--[if Isupportlistsj--><!--(endifj-->Discusses how the Brexit referendum results have brought greater stress to an already weakened Italian banking sector o <!--[if IsupportLists1--><!--(endifj-->Explores the different approaches that the Italian government and the EU/ECB could take in order to "shore-up" the banks and reduce systemic risk (with historic examples) o <!--[if isupportlists1--><!--(endifj-->Highlights the potential effects on several asset classes and the broader European economy • <!--[if Isupportlists1--><!--(endifj-->DB Research - Brexit and Euro-Area Banks: A Key Contagion Channel — July 5, 2016 o <!--[if !supportlistsj--><!--(endifl-->Discusses the Brexit driven issues that could have a negative impact on Italian banks o <!--[if !supportlistsj--><!--(endifj-->Suggest some policy responses that may mitigate these risks • <!--[if Isupportlists1--><!--(endifj-->DB Research - European Banks Industry Update: Brexit Hangover —June 27, 2016 o <!--[if isupportlists]--><!--(endifj-->Provides an outline of the potential impacts of Brexit on the banking sector in several European regions o <!--(if Isupportlists1--><!--(endif1-->Specific focus on Italy provided on page 17 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081474 CONFIDENTIAL SDNY_GM_00227658 EFTA01382204