EFTA Document EFTA01458594

Nine positions Our key forecasts Pace of global economic growth is likely to slow down for a while. U.S. Federal Reserve Board (Fed) postpones rate hike and the pace of subsequent increases will be slow. Oil prices climb as slowly as output capacity contracts. 4, rt • sfu.:Set ss 22 ti!2. rl! ; u.- -.1‘, Aszt 7;ts =Mr:, itYr.: E, 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. Investments come with risk. Investments can fall as well as rise and investors may not get back the amount originally invested at any point in time- Investors capital may be at risk. 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 9/24/15 Emerging markets' (EM) growth advantage has been eroded. Fed and low inflation may force the European Central Bank (ECB) to continue easing beyond September 2016. Earnings forecasts revised down slightly for developed markets and significantly for emerging markets. 12,nvit, Commodity-exporting countries hurt by low commodity prices. Private equity and hedge funds should benefit from the capital• market environment. Asset allocation of our balanced model portfolio: Cogrosscaers en. Firsul Oxon** • Atlfrsativt5 Ott r)..)Z f.srt3i3lt far oil Nton taint. s* 2 0 tras.. V( ..:n4 a [di 1O. ol I 2. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118573 SDNY_GM_00264757 EFTA01458594