EFTA Document EFTA01458584

Macro outlook U.S. rate hike in sight The improved U.S. labor-market situation should encourage the U.S. Federal Reserve Board (Fed) to raise official rates soon. But low inflation and worsening growth dynamics in the emerging markets should keep rate hikes at a gentle pace. - The global economy remains on a moderate growth path. - Lackluster growth in the emerging markets hampers global growth. - Commodity-exporting countries suffer from low commodity prices. - The United States continues to lead the developed economies' recovery. - The first rate hike by the Fed is in sight. - The economic environment limits the scope for better earnings to boost equities. International bond markets may suffer from rising U.S. rates. Asoka Wohrmann, Chief I,nr.stment Officer of Deutsche Asset & Wealth Management iDeutsche AWM) end Member of the Deutsche AWM Executive, Committee Only a couple of years ago, the Eurozone was the global headache. This is no longer the case. Risks are now centered on the emerging markets. 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. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Mow> ado,* I Anwrmal Edstico lOctabor 1015 =litre. DB-SDNY-0118560 SDNY_GM_00264744 EFTA01458584