Subject: FW: Research Email From: Melinda Roy <[email protected]> Date: Wed, 10 Feb 2016 15:38:33 -0500 To: Paul Morris Stewart Oldfield This has been approved. Let me know if you need me to send from your computer. Melinda From: Melinda Roy Sent: Wednesday, February 10, 2016 9:11 AM To: Paul Morris; Stewart Oldfield Subject: Research Email [I] Classification: For internal use only Since we came out with a WM Approved version of the CIO View Special on oil last night, I revised the research email introduction. Please see below. Paul — let me know if you need any adjustments to the distribution list. Maybe we can get this out today or tomorrow. In our latest CIO Special "Beyond the oil bust: Are markets right to worry?" we look at the causes and consequences of the falling oil price. We think that oil will continue to be a source of uncertainty and can no longer be seen as a "known problem" that can be assessed purely in terms of established fundamentals. We have reduced our forecasts for major equity indices and increased our end-2016 spread forecasts for U.S. high yield. Recent market events may add to concerns about the longer-term negative side effects of looser monetary policy. We are watching current developments closely, but remain generally constructive on the world economy and financial markets. We have included supplementary research pieces that narrow in on some of the key trends in the market place this year. If you wish to discuss where we see opportunity in current markets, we will be happy to schedule a call. Additional pieces include: EFTA01477352

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 well. FX Outlook — Our global FX research team outlines their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. Weekly Highlights — Larry Adam gives an overview of major global asset classes and touches on the unlikelihood of a US recession. US Equity Insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed rate hikes. China's Evolving FX Policy — Our chief economists discuss unanticipated recent events in China foreign exchange policy. Managing the value of the RMB will restrain monetary policy independence, which will eventually have to evolve through true currency flexibility. Best, Melinda From: Stewart Oldfield Sent: Monday, February 08, 2016 4:52 PM To: Melinda Roy; Paul Morris Subject: RE: COMPLIANCE COMMENT: Deutsche AM CIO View Special: "Beyond the oil bust: Are markets right to worry?" (client-ready english versions - german version will follow soon) [I] Classification: For internal use only Please add the following EFTA01477353