EFTA01459019.pdf

Mint: Kittens Faro Trt :Kr 4,,p(., Irrattincrtt it&I 9: iionts Aisat-d:as prcpsctixrs Pontilo ?icn.c.r.ovktyn ,cbas experts, boosting their role. We also want Let's get down to details now. What To be continued to reinforce our commitment to allocate strategy could a German middle-aged other core competences to each location, investor with an average risk appetite and Almost exactly on its third anniversary, something which will be reflected in our 100,000 euros follow in 2016? Deutsche AWM is taking another marketing approach. First of all, let me say that fixing realistic important step forward. Major pans of return targets can save a lot of headaches. wealth management will be incorporated What is special about Deutsche AWM's My targets may sound conservative into the German retail business (both investment process? but I am happy with an average of 4 private and business clients) making I think that we can be really proud of percent. In recent years, this could be possible a more uniform client dialog. what we have already achieved, for our achieved quite easily with investment- Apart from that, I will, as new CIO, lead an investment process is unprecedented grade bonds but this will change in asset-management unit which will build in this sector. Partly, this is simply due 2016. I might suggest a so-called barbell on our recent achievements, continuously to our size which allows us to employ a strategy now. In a nutshell, you buy the learning and improving. wide range of investment experts who most basic things in a discount store and are active all over the globe. With roughly everything else in delicatessens, skipping 750 billion euros under management. the middle segment. This means I would we are among the twenty largest asset try to safeguard the major part of returns managers world-wide. if you consider via more risky assets, possibly via sound only actively managed assets, which European equities as well as U.S. and is more meaningful when it comes to euro high-yield debt. This would be the investment expertise, we are among the delicatessen. The remainder should come top ten.' Another factor Is our structured from investments in short-dated investment process ensuring that the fixed-income papers to secure opinions of our individual experts are liquidity at low volatility. So that aggregated into a common macro picture outlines a typical investment and a coherent asset allocation. strategy for this class of investor, which, of course, How, exactly, does this work? would also depend on an Our investment process has four individual's specific investment components. The basis is provided profile. by our experts' fundamental analysis which results in recommendations on individual assets. This revolves around the continuous interaction of our specialists with each other as well as with economists, strategists and regional ClOs. The second step is the aggregation of these individual recommendations by portfolio construction teams into model portfolios. In a third step, these model portfolios are adjusted according to the restrictions and requirements of individual clients by our portfolio managers. In the last and fourth step, our quality management continuously verifies whether these actual portfolios are- in line with our strategy efficiently and timely managed within the agreed risk frame. Stefan Kreuzkamp ' Investment & Pensions Europe; year-end 2014 data CX3 VP:WI Ar4(0.."1 &Alton CUvr4yer POI it t~ 0 7 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0119216 CONFIDENTIAL SDNY_GM_00265400 EFTA01459019