EFTA01458247.pdf

•;•*- et:Wool rec:e. The be.) Woos frovetntore Vele hohts AnitnIttt prsputivos Porl•Oho iiocoretr:oon oka, Nine positions Our key forecasts U.S. labor market continues to Increasing labor costs contribute to Increasing divergence in monetary develop positively. a rise in U.S. core inflation'. policy. • u5 Fodor.e It.-••••••• So:of • 046:7 KN; AM, laws rta 44 of ••-•!:;iEO Ett,frUlf. Cont,o, ilon6; Chinese currency becomes more Brazil to stay under pressure. Weak oil price to reignite deflation susceptible to fluctuation. concerns. Europe's slow but steady recovery Gold price to stay relatively stable. Asset allocation of our balanced on track. model portfolio: C74,11141ditt ionontn.ers' 10 Pow,licsoma • Altorroaevos on. not we3Jk fOr oe <elan. ' Core PCE price index (measures consumer spending by private households, excluding food and energy) Important terms are explained in our glossary. Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/or expected returns will be achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Source: Deutsche Asset & Wealth Management Investment GmbH, as of 8/18/15 2 0 ratos CC,V4.4. Anws€.2r-x•Isesstzssu 2015 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118069 CONFIDENTIAL SDNY_GM_00264253 EFTA01458247