EFTA Document EFTA01458578

Deutsche Asset & Wealth Management CIO Flash Bond-market turmoil - specific or systemic risks? October 2, 2015 While we believe that some degree of revaluation of both equity and bond markets is justified by a slightly deteriorating macroeconomic outlook, we believe the recent correction was overdone as it was also the result of many - but we believe short- term - issues as mentioned above. Short-term issues include contagion to asset classes which would otherwise be unaffected by events,