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