EFTA Document EFTA01458022

In this month's CIO View, Chief Investment Officer Asoka Wohrmann takes a closer look at some of the limitations of central bank actions. In particular, for how long an expansionary monetary policy will help an economy, when does it become a hindrance, and what opportunities does it create? He also considers how Greece is reacting to the pressures to change and in what ways the Eurozone itself needs to adapt and develop. In our asset-class perspectives, we focus this month on Eurozone and Asia ex- Japan equities. More on these topics and on current economic and market developments is in the latest Deutsche AWM CIO View. Supplementary research is also attached, including: • Global Weekly insights - Larry Adam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. • FX Daily - Co-Head of FX Research, George Saravelos, revisits his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fed tightening cycle. Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: Petniowitr Peeferon Securities offered through Deutsche Bank Securities Inc. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or its subsidiaries. Banking and lending services are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. Brokerage services are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. 2015 Deutsche Bank AG. All rights reserved. 021751.08031S CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 117776 CONFIDENTIAL SDNY_GM_00263960 EFTA01458022