EFTA01376847.pdf

Strategic and tactical allocations Proposed allocations for taxable client (where hedge funds are suitable) Income Growth & Income Growth Maximum Growth Strategic Tactical Strategic Tactical S''atege S'iati• Tactical U.S. Large Cap 17.5% 17.5% 27.0% 27.0% 37,0% 37.0% 45.5% 45.5% U.S. Small Cap 2.5% 2.0% 3.5% 3.0% 4.0% 3.5% 4.5% 4.0% EAFE 11.5% 11.5% 16.0% 16.0% 22.5% 22.5% 28.0% 28.0% Europe 7.0% 7.0% 10.5% 10.5% 14.5% 14.5% 18.0% 18.0% Japan 3.0% 3.0% 3.5% 3.5% 5.5% 5.5% 6.5% 6.5% Pacific ex-Japan 1.5% 1.5% 2.0% 2.0% 2.5% 2.5% 3.5% 3.5% Emerging Market 4.0% 40% 60% 6.0% 75% 7.5% 9.0% 9.0% Core rhlfitts aj a 4.0% 6 0% 7 5% 9.0% Municipal Bonds 48 5% 47.0% 30 5% 29 5% 13 5% 13 0% 41.1.6 High Yield Bonds 1.5% 1.5% 20% 15% 20% 15% 20% 1.5% Emerging Market Bonds 1 5% 3.0% 1 5% 30% 2.0% 30% 20% 3.0% TIPS 15% 1.5% 15% 15% 15% 15% Cash 30% 4.0% 30% 30% 25% 25% 25% 30% Hedge Funds 70% 7 0% 7 5% 8 5% 6 0% 7 0% 50% 50% Non-directional HF 3.5% 5 0% 30% 4 5% 20% 3 0% 1.5% Directional HF 3.5% 2 0% 4 5% 4 0% 40% 40% 3.5% 50% Commodities 1.5% 1 0% 15% 1.0% 15% 1.0% 1.5% 1.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Source. Internal sources. Last asset allocation change was July 26. 2017 and is reviewed monthly. Allocation recommendations are subiect to change without notice. The 'strategic allocation" represents our longer term outlook on portfolio diversification and serves as a frame of reference for our short-term tactical adjustments for U.S. clients. Actual portfolio composition and performance will vary within the strategic range based upon active market judgments, altering the allocation and adjusting within asset classes Neither this Allocation Table nor any of its contents may be used for any purpose without the consent and knowledge of Deutsche Bark. It may not be reproduced or circulated without our written authority. The asset allocations described herein are formulated by the Regional Investment Committee within Wealth Management (RIC) and may utilize the following asset class components: U.S. large cap equity. U.S. small cap equity. Japan equity, Europe equity. Pacific ex-Japan equity, emerging markets equity. U.S. fixed income. U.S. high-yield bonds. international bonds. emerging market bonds. municipal bonds. Treasury Inflation Protected Securities, hedge funds, Real Estate Investment Trusts. commodities, and cash. The RIC currently recognizes four basic investment strategies: Income, Growth & Income. Growth. and Maximum Growth. The strategy selected is based upon the individual investor% objectives and risk tolerance. Your selected portfolio will determine the specific allocation to the asset classes represented by these vehicles. This document is for information purposes only. Not intended to be an offer or solicitation. The products and services above are not appropriate for everyone. An interested party must make his/her own independent legal, tax, accounting and financial evaluation of their merits and risks. Deutsche Bank does not provide tax, legal, or accounting advice. These products and services are not insured by any goverrenental entity and are subject to investment risk including possible loss of principal. Availability of these products and services may be limited by applicable law. These products are not FDIC insured and are not obligations of nor guaranteed by Deutsche Bank AG or its affiliates. Opinions expressed herein may differ from those expressed by departments or other divisions or affiliates of Deutsche Bark 'Deutsche Bank' means Deutsche Bank AG and its affiliated companies, as the context requires. Wealth Management refers to Deutsche Bank's wealth management activities for high-net-worth clients around the world. Deutsche Bank Wealth Management 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073285 CONFIDENTIAL SDNY_GM_00219469 EFTA01376847