Epstein Secrets

will restrain monetary policy independence, which will eventually have to evolve through true currency flexibility. Paul Morris Managing Director Deutsche Bank Private Bank etr z Peerty)i& CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120445 CONFIDENTIAL SDNY_GM_00266629 EFTA01459772

urrent markets, we will be happy to schedule a call. Additional pieces include: • 10 Themes for 2016 — Our WM CIO and Chief Investment Strategist, Larry Adam, outlines his top ten expectations for the coming year. Replay instructions for his conference call on the topic are included in the attachments as

his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fed tightening cycle. Paul Morris Managing Director Deutsche Bank Private Bank Offic Cell: Securities offered through Deutsche Bank Securities Inc. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. Deutsc

nomic and market developments is in the latest Deutsche AWM CIO View. Supplementary research is also attached, including: Global Weekly Insights — Larry Adam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. FX Daily — Co-Head of FX Research, George

Deutsche Bank Private Bank From: Stewart Oldfield Sent: Monday, August 03, 2015 12:44 PM To: Melinda Roy; Jj Litchford Cc: Paul Morris Subject: RE: DB market outlook resea

ier portfolio retums with Henning Gebhardt, Global Head of Equities Portfolio: Our asset-class allocation in a balanced portfolio - Long or short, Larry Adam? Six market views from our Chief Investment Officer for Wealth Management in the Americas and Chief Investment Strategist for Deutsche AMW Americas

s his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fed tightening cycle. Paul Morris Managing Director Deutsche Bank Private Bank Pa.n-io aileron, Securities offered through Deutsche Bank Securities Inc. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. De

mic and market developments is in the latest Deutsche AWM CIO View. Supplementary research is also attached, including: • Global Weekly insights - Larry Adam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. • FX Daily - Co-Head of FX Research, Geo

Jj Litchford Subject: RE: DB market outlook research and client conference call details Send tax topics separately Paul Morris Managing Director Deutsche Bank Private Bank Offic Cell: From: Stewart Oldfield Sent: Monday, August 03, 2015 12:44 PM To: Melinda Roy; Jj Litchford Cc: Paul Morris Subject: RE: DB market

und, Global Co-Heads of Fixed Income/Cash Equity-market perspectives: Gebhardt, Global Head of Equities Portfolio: Our asset-class Long or short, Larry Adam? Investment Officer for Wealth Healthier portfolio returns with Henning allocation in a balanced portfolio Six market views from our Chief Manag