h it Portfolio Construction Global Asset Allocation MIC' Regional Asset Allocation it Security Selection PIC3 Quality Management 'MIC = Multi Asset Investment Committee 2RIC = Regional Investment Committee 3PIC = Portfolio Implementation reCommendation Source: Deutsche Bank Wealth Management Deutsche Bank Wery,I

onsistent and transparent process Multi Asset Investment Process CIO View It Research at Plifflffirr Global Asset Allocation MIC1 (1) MIC = Multi Asset Investment Committee (2) RIC = Regional Investment Committee (3) PIC = Portfolio Implementation recommendation Source: Deutsche Bank Wealth Management Deutsche Bank

Multi Asset Investment Process The Multi Asset Committee's 3 Pillar Approach Multi Asset Investment Committee (MIC) 1 2 What it does Creates a multi asset allocation based on discretionary input and bottom-up analysis Considers risk allocation aspects

anagement team responsible for investment strategy and asset allocation for discretionary portfolios in the Americas, and is a voting member on the Multi Asset Investment Committee, which formalizes and establishes the global house view. As Chief Investment Strategist, Mr. Adam is responsible for articulating and providing deta

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation Americas Regional Investment Committee (RIC) Asset allocation for U.S. portfolios Selection of third party managers Stra

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation 414 Americas Regional Investment Committee (RIC) Asset allocation for U.S. portfolios Selection of third party managers

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

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

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