EFTA01458594.pdf

Nine positions Our key forecasts Pace of global economic growth is Emerging markets' (EM) growth Commodity-exporting countries likely to slow down for a while. advantage has been eroded. hurt by low commodity prices. U.S. Federal Reserve Board (Fed) Fed and low inflation may force the Private equity and hedge funds postpones rate hike and the pace of European Central Bank (ECB) to should benefit from the capital• subsequent increases will be slow. continue easing beyond September market environment. 2016. Oil prices climb as slowly as output Earnings forecasts revised down Asset allocation of our balanced capacity contracts. slightly for developed markets and model portfolio: significantly for emerging markets. Cogrosscaers Ntontaint.s* en. 4, 12,nvit, Firsul Oxon** rt • sfu.:Set ss 22 ti!2. rl! ; u.- .1‘ - , Aszt 7;ts =Mr:, itYr.: E, • Atlfrsativt5 Ott r)..)Z f.srt3i3lt far oil 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. Investments come with risk. Investments can fall as well as rise and investors may not get back the amount originally invested at any point in time- Investors capital may be at risk. 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 9/24/15 2 0 tras.. V( ..:n4 a [di 1O. ol I 2. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0118573 CONFIDENTIAL SDNY_GM_00264757 EFTA01458594