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/capex drag and strength in housing to support U.S. growth in 2016. Source: Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 3 Belgium Manufacturing Survey Consumer Sentiment PMI Manufacturing/Services Cement Output Average Real Earnings Housing Prices Consumer Confidence Ret

Crawling, not Leaping, into the New Year 2016 Ten Themes Larry Adam, CFA, CIMA Chief Investment Officer and Chief Investment Strategist Managing Director Tel: 410-895-4135 Email: [email protected] EFTA01477363

arket equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

Wealth Management 22 subsidiaries offered through Deutsche Bank constraints. The of emerging market investments may EFTA01477988 Biographies Larry Adam Chief Investment Officer and Chief Investment Strategist Deutsche Bank Wealth Management—Americas Larry Adam is a Managing Director and serves the

arket equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

Wealth Management 22 subsidiaries offered through Deutsche Bank constraints. The of emerging market investments may EFTA01478058 Biographies Larry Adam Chief Investment Officer and Chief Investment Strategist Deutsche Bank Wealth Management—Americas Larry Adam is a Managing Director and serves the