EFTA01377055.pdf

CIO Insights Weekly Bulletin — 19 August 2016 Perspectives From the Regions Asset Classes Forecasts Facts 3, Figures Glossary Facts and Figures Current 1 Wk RITD OTD YTD 12 Mo 2 Year 3 Year 6 Year Change Change Change Change Change Change Change Change (in bps) (in bps) (in bps) (in bps) (in bps) (In bps) (In bps) (In bps) Rates Valuations Investment Grade Spread 131 -4.0 -7.0 -16 -24.0 -21.0 32.0 -3.0 -49.0 High Yield Spreads 499 -20.0 -41 -95 -161 -29.0 118.0 53.0 -198.0 Emerging Market Spreads 315 -15.0 -28.0 -45 -91 -60.0 20.0 -17.0 -60.0 Fed Funds Rate 0.50 0.00 0.00 0.00 0.00 0.25 0.25 0 25 0.25 Current 1 Wk MTD OW YTD 12 Mo 2 Year 3 Year 5 Year Change Change Change Change Change Change Change Change Equity Valuations S8P 500 PIE (LTM) 18.7 -003 0.04 0.72 1.30 0.89 1.77 3.35 5.79 MSCI World P/E (LTM) 17.5 0.05 0.17 0.92 1.03 0.81 1.82 2.86 5.45 MSCI Europe ex UK P/E 16.2 0.19 0.24 1.26 0.15 -0.93 0.64 1.81 6.07 (LTM) MSCI UK PIE (LTM) 9.5 0.03 0.01 0.03 -0.13 -0.24 -0.31 1.34 273 MSCI Japan PIE (LT) 14.7 -022 -0 21 0.72 -0.78 -36.80 -37.62 -53 50 -54.13 MSC! Latam PIE (LTM) 22.0 0.00 5.86 6.61 8.42 8.88 7.49 8.53 11.66 MSCI Asia ex Jpn PIE 14.3 0.23 0.58 1.12 1.74 2.27 1.14 2.11 1.98 (LTM) Div Yid Relative Strength Index Next 12 Mo 3 Mo Change Earnings Growth in Earnings Est (NTM) Equity Technicals and Fundamentals S&P 500 2 0% 57.89 8.7% -1.1% MSCI World 2.6% 60.92 9.0% -2.0% MSCI Europe ex UK 3.4% 57.38 7.7% -3.1% MSCI UK 4.0% 66.68 7.4% -0.4% MSCI Latam 2.7% 69.80 28.7% -0.8% MSCI Asia ex Jpn 2.6% 70.89 7.6% -0.9% MSCI Japan 41.65 12.8% -6.8% 2.2% Canon! data as of August 17. 2016. Data source FactSet, negative numbers are in red. Deutsche Bank WealthManagement No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates. opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of futtre returns. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time Your capital may be at risk. CIO Office. Deutsche Bank Wealth Management, Deutsche Bank AG - Email: p.11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073590 CONFIDENTIAL SDNY_GM_00219774 EFTA01377055