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nformation The asset allocations described herein are formulated by the Regional Investment Committee (RIC) within Deutsche Bank Wealth Management (Deutsche Bank WM) and may utilize the following asset class components: U.S. large cap equity, U.S. small cap equity, Europe equity, Japan equity, Pacific ex-Japan
iliates of Deutsche Bank. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies, as the context requires. Wealth Management refers to Deutsche Bank's wealth management activities for highnet-worth clients around the world. Deutsche Bank Wealth Management 9 EFTA01477954 Growth Tactical alloca
no sales charges and no conflict of interest. Deutsche Bank products are excluded from calculation of the billable assets for advisory fee charge. No Deutsche Bank commission charged on trades. Commission on trades are only charged by the counterparty. Fees are subject to change without notice. Further inform
isor regarding any tax matters addressed herein based on its particular circumstances. All trademarks and service marks on this statement belong to Deutsche Bank AG or its affiliates, except third-party trademarks or service marks, which are the property of their respective owners. "Deutsche Bank" means Deutsc
.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/
nformation The asset allocations described herein are formulated by the Regional Investment Committee (RIC) within Deutsche Bank Wealth Management (Deutsche Bank WM) and may utilize the following asset class components: U.S. large cap equity, U.S. small cap equity, Europe equity, Japan equity, Pacific ex-Japan
iliates of Deutsche Bank. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies, as the context requires. Wealth Management refers to Deutsche Bank's wealth management activities for highnet-worth clients around the world. Deutsche Bank Wealth Management 9 EFTA01478024 Growth Tactical alloca
no sales charges and no conflict of interest. Deutsche Bank products are excluded from calculation of the billable assets for advisory fee charge. No Deutsche Bank commission charged on trades. Commission on trades are only charged by the counterparty. Fees are subject to change without notice. Further inform
isor regarding any tax matters addressed herein based on its particular circumstances. All trademarks and service marks on this statement belong to Deutsche Bank AG or its affiliates, except third-party trademarks or service marks, which are the property of their respective owners. "Deutsche Bank" means Deutsc
.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/
ary, any products and services mentioned are not guaranteed by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of Deutsche Bank. This document contains "forward-looking statements"- that is, statements related to future, not past, events. In this context, forward-looking st
he appropriateness of an investment in commodities in light of their own financial condition and objectives. Not all affiliates or subsidiaries of Deutsche Bank Group offer commodities or commodities- EFTA01477429 related products and services. Ownership in an exchange traded fund does not provide investors with
Bank" means Deutsche Bank AG and its affiliated companies. Deutsche Bank Wealth Management represents the wealth management activities conducted by Deutsche Bank AG or its subsidiaries. Clients are provided Deutsche Bank Wealth Management products or services by one or more legal entities that are identified to
urn (Dec 2016) Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of November 2015. U.S. GDP is 4Q over 4Q. 1 Current as of January 22, 2016. 2 LTM stands for last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Directi
Entities connected to both Deutsche Bank and 1 Current

Julie K. Brown
PERSON
Paul Morris
PERSON
United States
LOCATIONDeutsche Bank Trust Company Americas
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Moody's
ORGANIZATIONDeutsche Asset & Wealth Management
ORGANIZATION
Milan
LOCATION
Baltimore
LOCATION
New Zealand
LOCATION
New York
LOCATIONAlex. Brown
PERSON
New York University
ORGANIZATIONthe Deutsche Bank Group
ORGANIZATION
Norway
LOCATION
Madrid
LOCATION
Denmark
LOCATIONBloomberg Finance LP
ORGANIZATION
Finland
LOCATION