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

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

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

.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/

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

.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/