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 economy Monetary policy, inflation and FX • Major