2004 Allocation • Total Return 4% 2015 1 1 0 Volatility 11% ■ Eglaa0O ■ Conde' 2% 4% 6% P,% 10% 12% Sources: Bloomberg Finance L.P., Deutsche Ascot PAanagernent Investment GmbH, as ol 03/2016 Wax iBoxx Euro Germany Sow t4 This has already started to happen. Take a portfolio held in 2004, with an expected return of 4%. Lo