EFTA01460026.pdf

Strategic and tactical allocations Proposed allocations for taxable client (where hedge funds are suitable) Crowe ncome Maximum Growth Strategic Tactical naa Strategic Tactical E uities 32.5% 32.5% 49.0% 49.0% 137.0% 137.5% 84.5% 84.5% U.S. Large Cap 15.0% 16.5% 23.5% 25.5% 33.0% 35.5% 42.0% 45.0% U.S. Small Cap 2.0% 1.5% 2.5% 2.0% 3.5% 3.0% 4.0% 3.0% EAFE 11.5% 13.0% 17.0% 18.5% 22.5% 25.0% 29.0% 31.5% European 7.5% 7.5% 11.5% 11.5% 15.0% 15.0% 20.0% 20.0% Japan 2.5% 4.0% 3.0% 4.5% 4.5% 7.0% 5.5% 8.0% Pacific ex-Japan 1.5% 1.5% 25% 2.5% 3.0% 3.0% 3.5% 3.5% Emerging Market 4.0% 1.5% 6.0% 3.0% 8.0% 4.0% 9.5% 5.0% Core erne mins equity 1.5% 2.0% 2.5% 3.0% &roams Asia Echo 0.0% 1.0% 1.5% 2.0% Fixed Income 8 Cash 58.5% 59.5% 40.5% 41.5% 24.0% 24.5% 7.0% 8.5% MuNcipal Bonds 50.5% 50.5% 32.0% 32.0% 16.0% 16.0% High Yield Bonds 2.0% 3.0% 20% 3.0% 2.0% 3.0% 2.5% 3.5% Intl Bonds- Hedged Emerging Market Bonds 2.0% 1.0% 2.5% 1.0% 2.0% 1.0% 2.5% 1.0% TIPS 20% 1.0% 20% 1.0% 20% 1.0% -- -- Cash 2.0% 4.0% 2.0% 4.5% 2.0% 3.5% 2.0% 4.0% Alternatives 9.0% 8.0% 10.5% 9.5% 9.0% 8.0% 8.5% 7.0% ...... lire. Hedge Funds 7.0% 7.0% 8.5% 8.5% 7.0% 7.0% 6.0% 6.0% Non-directional HF 5.0% 5.0% 4.5% 4.5% 3.0% 3.0% -- — Directional HF 20% 2.0% 40% 40% 40% 4.0% 6.0% 6.0% Commodities 2.0% 1.0% 20% 1.0% 2.0% 1.0% 2.5% 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 March 22. 2016 and is reviewed monthly Allocation recommendations are subject to chasms without notice. The 'strategic allocation' represents our tones term outlook on portfolio diyersificeeion and serves as a frame of reference for our shod-term lacteal adjustments for U S. clients. Actual portfolio composition and performance wiR vary within the strategic ranee based upon active market itroginents. altering the allocation and adjusting within asset classes Neither this Allocation Table nor any of lts contents may be used for any purpose without the consent an .1 knowledge of Deutsche Barrie It may not be reproduced or circulated without our written authente. The asset allocations desertied herein are fomedated by the Regional Investment Committee within Wealth Pytenagement (RIC) and may utilize the Following asset dada components. IJ S. large cap equity, el S. spa cep equity. Japan equity. Europe equity. Pacific ex-Japan equity, emerging markets equity, .LI S fixed income, U.S. high-yield bonds, international bonds, emerging market bonds. municipal bonds. Treasury Inflation Protected Securities. hedge funds. Real Estate Investmere Trusts. commodities, and cash. The RIC currently recognizes four basic investment strseges. Income. Growth 8 Income. Growth. and Maximum Growth. The strategy aetc-cted is based upon the indMdual investor's objectives and risk tolerance. Your selected portfolio will determine the specific allocation to the asset classes represented by these veticJes. This clrx-ornrint is for vie/nation purposes oriy. Not Intended to be an offer or solicitation. The products and services above ale not appropriate for everyone An atlerested party must rnake 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 bx any governmental entity and are subject to ineestreant risk including possible loss of principal. Availability of these products and services may be limited by applicable law. These p-roduSe are not Egli. Insured and are not obligations of nor guaranteed by Deutsche Bank AG or its affiliates. Opinions expressed herein may differ torn those expressed by departments or other divisions or affiliates of Deutsche Bank tresesche Bank' means Deutsche Bank AG and its affiliated companies. as the corded requires Weakh Management refers to Deutsche Bank's weals management activities for high- net-weft clients %roux! the world. Deutsche Bank 9 t-lana:rment CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120899 CONFIDENTIAL SDNY_GM_00267083 EFTA01460026