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

nsparency constraints. The high volatility and speculative nature of emerging market investments may result in both significant losses or profits. Foreign Exchange/Currency - Such transactions involve multiple risks, including currency risk and settlement risk. Economic or financial instability, lack of timely or relia

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

and speculative nature of emerging market investments may at risk for , as wel as convertibility, result in both significant losses or profits. Foreign Exchange/Currency - Such transactions involve multiple risks, including currency risk and settlement risk. Economic or financial instability, lack of timely or relia

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

and speculative nature of emerging market investments may at risk for , as wel as convertibility, result in both significant losses or profits. Foreign Exchange/Currency - Such transactions involve multiple risks, including currency risk and settlement risk. Economic or financial instability, lack of timely or relia