Epstein Secrets

gold returns. Footnotes: Data as of December 31, 2015. Source: FactSet, Bloomberg Finance LP, Deutsche Bank Wealth Management. 31 EFTA01477419 Multi Asset Investment Committee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr

EFTA01477421 Japan Credit Barclays U.S. High Yield 2.05% 0.41% 1.71% 0.23% Current Couponl 6.70% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 9.47% 7.08% Current Spread5 799 457 J J J J Next 3%+ Move6 2.40% 0.75% 2.20% 0.35% 12-Month (

Allocation MIC1 Regional Asset Allocation RIC2 Security Selection PIC3 Portfolio Management Client Portfolio Quality Management 1 MIC = Multi Asset Investment Committee 2 RIC = Regional Investment Committee 3 PIC = Portfolio Implementation reCommendation Source: Deutsche Bank Wealth Management Deutsche Bank Weal

Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50) Germany (DAX) UK (FTSE 100) MSCI Japa

Allocation MIC1 Regional Asset Allocation RIC2 Security Selection PIC3 Portfolio Management Client Portfolio Quality Management 1 MIC = Multi Asset Investment Committee 2 RIC = Regional Investment Committee 3 PIC = Portfolio Implementation reCommendation Source: Deutsche Bank Wealth Management Deutsche Bank Weal

Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50) Germany (DAX) UK (FTSE 100) MSCI Japa