tlists]--><!--(endif]-->Increase exposure to Emerging Market Equities (Core) by 1.0% • <!--[if isupportlists1--><!--(endifj-->Increase exposure to Emerging Market Bonds by 1.0% • <!--(if !supporthists1--><!--(endif]-->DB WM - Economic & Asset Class Outlook — June/July 2016 o <!--(if Isupportlistsj--><!--(endifl-

12: • Decrease exposure to European Equities (Unhedged) by 2.0% Increase exposure to Emerging Market Equities (Core) by 1.0% Increase exposure to Emerging Market Bonds by 1.0% • DB WM - Economic & Asset Class Outlook — June/July 2016 o Summarizes the WM near-term and long-term expectations for: • The global ec