EFTA01361141.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 Strategic Tactical Strategic Tactical Equities IIK2331111.111111MIIIIII 49.E 87.0% 84.5% U.S. Large Cap 15.0% 15.0% 23.5% 23.5% 33.0% 33.0% 42.0% 42.0% U.S. Small Cap 2.0% 1.5% 2.5% 2.0% 3.5% 3.0% 4.0% 3.0% EAFE 11.5% 11.5% 17.0% 17.0% 22.5% 22.5% 29.0% 29.0% European 7.5% 7.5% 11.5% 11.5% 15.0% 15.0% 20.0% 20.0% Japan 2.5% 2.5% 3.0% 3.0% 45% 4.5% 5.5% 5.5% Pacific ex-Japan 1.5% 1.5% 2.5% 2.5% 3.0% 3.0% 3.5% 3.5% Emerging Market 4.0% 3.5% 6.0% 5.5% 8.0% 7.0% 9.5% 8.5% Core Emg MMs Equity 2.0% 3.5% 4.5% 5.5% Emg Mk% Asia Equity 1.5% 2.0% 2.5% 3.0% Fixed Income & Cash 5135% .4.C.'s:, ' Municipal Bonds 50.5% 50.5% 32.0% 32.0% 16.0% 16.0% High Yield Bonds 2.0% 3.0% 2.0% 3.0% 2.0% 3.0% 2.5% 4.0% Intl Bonds- Hedged Emerging Market Bonds 2.0% 2.5% 2.5% 3.0% 2.0% 2.5% 2.5% 3.5% TIPS 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cash 2.0% 2.5% 20% 25% 20% 3.0% 2-0% 3.0% Alternatives 90O U. n'is 0% b 5% 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 2.0% 2.0% 4.0% 4.0% 4.0% 4.0% 6.0% 6.0% Commodities 2.0% 1.0% 2.0% 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 wsuiciss. Last asset allocation charge was May 19. 2015 and is reviewed montruy. Allocation recommendations are subject to cnange without notice The 'strategic allocation" represeras our longer term outlook on portfolio diversification and serves as a frame of reference for cur short-term tactical adjustments for U S. dents Actual portfolio composition and performance will vary wthin the stralegic. 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 purpoee without the consend. artl knowledge or Deutsche Bank It may not be reproduced or circulated wasn't our 'mitten authority The asset allocations described herein are fomndated by the Regional Investment Commetee within Wealth tirtonagernent (RIC) an4 may utilize the following asset class components. V S. large cap equity. U S. small cap equity. Japan equity, Europe equity. pacific ex-Japan equity, emerging markets equity. ti S fixed income. U S. high-yield bonds. International bonds. emerging market bonds. munmersal bonds. Treasury Inflation Protected Securities. he e funds. Real Estate investment Trusts. commodities and cash. The RIC currently recognizes four basic investment strategies. Incomes. Growth & Income. Growth. and Minimum Growth. The strategy selected is based upon the individual investor's objectives and risk tolerance. Your selected portfolio swIl determine the specific allocation to the asset classes iegiesented by these vehicles This document is for information purposes orty. Not intended to be an offer or solicitatson. Tice, products ant services above are not appropriate for everyone An interested party must make tallier own independent legal. tax. accounting and financial evaluation of their merits and mks. Deutsche Bank does not provide tax. legal. or ecrmuntirg advice. These products and services are not insured lox any governmental entity and are subject to eicestraerit risk inckiding 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 no guaranteed by Deutsche Bank AG or its affiliates. Opinions expressed herein may dater tom those expressed by departments oother divisions Of aftliates of Deutsche Bank -Detfische Bank' means Deutsche Bank AG and its, affiliated companies, as the context redciies. Wealth Managernerl refers to Deutsche Banks wealth management acSities for high- net-worth clients around the world. Deutsche Asset e, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0050061 CONFIDENTIAL SDNY GM_00196245 EFTA01361141