ffects of economic cycles. Asoka Wohrmann. Chief Investment `Officer of Deutsche Asset & Wealth Manageakyrit (Deutsche AWM) and Member of the Deutsche AWM Executive Committee Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/o

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e

, we focus this month on Eurozone and Asia ex- Japan equities. More on these topics and on current economic and market developments is in the latest Deutsche AWM CIO View. Supplementary research is also attached, including: • Global Weekly insights - Larry Adam, our US Wealth Management CIO, gives a brief US

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

ns [I] Classification: For internal use only Thanks Anastasia. As mentioned on our call, the instructions that I provided below are to the client's Deutsche AWM brokerage account. Wealth Management (WM) brokerage accounts clear through BONY / Pershing LLC, hence the USD instructions flow through those 3 C

loor t Y :Y 10154 Pando-wfuPeefoint. From: Paul Morris Sent: Monday, August 24, 2015 3:37 PM To: Jj Litchford; Stewart Oldfield Subject: RE: Deutsche AWM co Flash: Global market volatility /// Globale Marktvolatilitat (client-ready version) [1] Pls send to my list as well cc me and stew, Melinda did l

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

fects of economic cycles. Asoka Wohnnann. Chief Investment Officer of Deutsche Asset & Wealth Matsigefrevrit (Deutsche AWM) and Member of the Deutsche AWM Executive Committee Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/o

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e