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CIO Insights Resilience versus recession Portfolio management in 2023 needs to plan for this. All investors should consider the following three factors. First, easing but continued inflation. Consider possible partial hedges against this in terms of asset classes (e.g. equities) or themes and sectors (e.g. some infrastructure). Second, generally modest but positive return expectations. We forecast mid-single digit equity returns, for example. Investors seeking higher returns may want to look to alternative investments in private markets. Third, risk. Despite our expectations of more stable financial markets in 2023, the world remains intrinsically risky. Prior thinking about potential financial implications can help protect portfolios. I wish you a successful investing year. We are always here to assist. Christian Nolting Global CIO Please use the QR code to access a selection of other Deutsche Bank CIO reports (www.deutschewealth.com). In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. This document was produced in December 2022. 3

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