EFTA01458250.pdf

Investment traffic lights Our tactical and strategic view it uo to June 20 1 To TTIT.T1th:1 1 ie 3 neat,* Regains RAT'‘ United States U.S. Treasuries (2-year) • F Europe U.S. Treasuries (10-year) • F Eurozone U S Treasuries (30-year) • Jr Germany U.K. Gills (10.year) • F United Kingdom Eurozone periphery • NI Japan German. Bunds (2-year) • F Emerging markets German. Bunds I10-year) F Asia ex Japan Japanese government bonds (2-year) • ••• Latin America Japanese government bonds (10-year) Consumer staples U.S. investment grade • Healthcare • U.S. high yield • Teferximniunications • run investment grade' NIL • EUR high yield' Consumer discretionary • Asia credit -0 Energy • Emerging. market cmdit • si Financials • • MEMEISISIONIMINIONIMI • Industrials Covered bonds' Information technology • U.S. municipal bonds Materials • U.S. mortgage-bodied securities • Style CT/UT:ITT:Kr: Small and and cap • FUR vs. USD • USD vs. JPY 'as of 8/13/15 EUR vs. GBP • *•as of 6/25/15 • • `as of 8/19/15 EUR vs. JPY • Source. Deutsche Asset & Wealth Management Investment GBP vs USD • GmbH Iniraslmcture • Commodities • Past performance is not indicative of future returns. No Real estate (listed) • assurance can be given that anyforecast, investment objectives Real coate (non-listed) and/or expected returns will tre achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, fledge funds • estimates, opinions and hypothetical models that may prove to Private Equity' be incorrect. t= 4" lit+4 E..tner.I STIrATZT.Ibt, 2{1.11T CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118075 CONFIDENTIAL SDNY_GM_00264259 EFTA01458250