EFTA Document EFTA01457996

IX ter-et recto The big Kula Itnernetent vete 'tents AtlitnIttt prsputivos Pelee° 1441eotencuan eke, Nine positions Our key forecasts Central bankers warn against overheated markets. U.S. central bank is most likely to hike rates in September. • (kotche AWM !emcee: as of 611e/ IF Markets prove resilient to the Greek Long-term confident on China. crisis. pressure on oil prices. Bond yields are expected to recover slightly. •Y*4 tc re,aN isms 201a far 10mrirr Sundt Deutsche AVVM hyena,:: al of emits Agreement with Iran is likely to add Trading ranges are key - buy at the Be prepared for opportunities - bottom, sell at the top. some cash could be useful. Asset allocation of our balanced model portfolio: C74,11141ditt CAS Foal it • Altetreaeeth ere not wattle tof eh clietita. fotenttea• • Retinae Important terms are explained in our glossary. Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/or expected returns will be achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Source: Deutsche Asset & Wealth Management Investment GmbH, as of 7/2 1 /15 2 trel...• Govt."! Amcncr*Eonar•lar.Npan 2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117741 SDNY_GM_00263925 EFTA01457996