EFTA01382204

• <!--(if IsupportListsj--><!--(endifj-->Decrease exposure to European Equities (Unhedged) by 2.0% • <!--[if Isupportlists]--><!--(endif]-->Increase exposure to Emerging Market Equities (Core) by 1.0% • <!--[if isupportlists1--><!--(endifj-->Increase exposure to Emerging Market Bonds by 1.0% • <!--(if !supporthists1--><!--(endif]-->DB WM - Economic & Asset Class Outlook — June/July 2016 o <!--(if Isupportlistsj--><!--(endifl-->Summarizes the WM near-term and long-term expectations for: • <!--[if isupportlistsj--><!--(endifj-->The global economy • <!--[if Isupportlists]--><!--(endifj-->Monetary policy, inflation and FX • <!--(if Isupportlistsj--><!--(endifj-->Major asset classes o <!--(if !supportlists)--><!--(endifj-->Provides our June 2017 economic and asset class targets • <!--(if isupportLists1--><!--(endifj-->DB WM — CIO Note: Brexit Update - July 2016 o <!--(if isupportlists]--><!--(endifj-->Provides an update on the political, policy and economic impacts of the Brexit referendum in the U.K. and globally • <!--[if Isupportlistsj--><!--(endifj-->Describes potential next steps and near-term timeline for Theresa May's government • <!--[if Isupportlistsj--><!--(endifl-->Discusses our expectations for BOE and Fed policy in the coming months • <!--[if isupportlistsj--><!--(endifj-->Provides our view on the potential impact on U.K. and global economic growth Potential Impact of the Brexit Referendum on European and Italian Banks: • <!--(if !supporthistsJ--><!--(endifl-->DB WM — CIO Note: Italian Banks — July 2016 o <!--[if Isupportlistsj--><!--(endifj-->Discusses how the Brexit referendum results have brought greater stress to an already weakened Italian banking sector o <!--[if IsupportLists1--><!--(endifj-->Explores the different approaches that the Italian government and the EU/ECB could take in order to "shore-up" the banks and reduce systemic risk (with historic examples) o <!--[if isupportlists1--><!--(endifj-->High