EFTA01458001

Rides U.S. Treasuries (2..yrmir) U.S. Treasuries (10-year) U.S. Treasuries (30-year) U.K. Gilts (10.ywn) Eurozonc, periphery German Blinds 12-year) German Bunds (10-year) Japanese government bonds (2-year) Japanese government bonds (10-year) U.S. investment grade U.S. high yiekl EUR investment grade' FUR high yield' Asia credit Emerging.rnadtet credit • 0 • .4. • • • O • • ti • .• Sewn turd ispeciatuo,, Covered bonds' U.S. municipal bonds U.S. mortgage-backed securities Cur ronac4; EUR vs. USD USD vs. JPY FUR vs. GBP • la • • la EUR vs. JPY • GBP vs. USD • Si 'a no market sovereigns • Alter native3 ,1111111111$11111111111:111111111111111111111111111111111.11111111111.11111111111 COMITIOCII0 Os Real estate (listed) Real estate (non-listed) Hedge funds Private Equity' • • • • • -• 'as of 7/21/15 Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/or expected returns will be achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. EUR investment grade pcdtemis Faro MI' IND Pc iwa itTeoc!,If. !ler i1/41? is Asuslets paspxtios Pmfulo He.X1Wit•Wil 404$ • — Thry Despite the ECB's quantitative-easing measures. corporates' risk premiums hove widened for a couple of months, due to uncertainties over Greece. Premiums should narrow again in line with the receding "Grexit" probability. Another problem could be pent-up issuance although the primary market has kept cairn of late 0 Commodities • Otw) State!. We remain underweight on commodities. Many commodities still suffer from stowing Chinese demand, compounding the difficulties associated with expanded production capacities. The supply of oil could increase even further after the conclusion of the nuclear deal with Iran which provides for the lifting of economic sanctions. The tactical view (one to three months) Equity indices: • positive view • neutral view • negative view Fixed income and exchange rates: •The fixed-income sector or the exchange rate is expected to perform) well •We expect to see a sideways trend •We anticipate a decline in prices in the fixed-income sector or in the exchange rate The traffic lights' history is shown in the small graphs. A circled traffic light indicates that there is a commentary on the topic. The strategic view up to June 2016 Equity indices, exchange rates and alternative investments: The avows signal whether we expect to see an upward trend (I), a sideways trend (e) or a downward trend N for the particular equity index, exchange rate or alternative asset class Fixed income: For sovereign bonds, it denotes rising yields, -• unchanged yields and ti falling yields. For corporates, securitized / specialties and emerging-market bonds, the arrows depict the option-adjusted spread over U.S. Treasuries, if not stated differently. Or depicts an expected widening of the spread.. a sideways spread trend and N, a spread reduction. The arrows' colors illustrate the return opportunities for long-only investors. %it, positive return potential for long-only investors -.limited return opportunity as well as downside risk lair high downside risk for long-only investors Further explanations can be found in the glossary. Spread over German Bunds 2 These traffic-light indicators are only meaningful for existing private-equity portfolios Source: Deutsche Asset & Wealth Management Investment GmbH 'ors I Az-Icet*x. eirtic-n ) Awsi t=149:::•••••• 0 a CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117748 CONFIDENTIAL SDNY_GM_00263932 EFTA01458001