This is the latest I have From: Stewart Oldfield Sent: Monday, February 08, 2016 4:42 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 Cool. Do you have the latest distribution list? I think we've added a few people over the last couple of months From: Melinda Roy Sent: Monday, February 08, 2016 4:41 PM To: Stewart Oldfield; 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 Good idea. Revised Intro below.. and I will include the presentation and dial-in info Please find attached our "Ten Themes for 2016" presentation by our Chief Investment Officer and Chief Investment Strategist, Larry Adam. Replay information from his presentation on the topic is included in the attachments. His ten themes are: 1. Global Economy — No Peloton in the Tour de Global Economy 2. Our Consumption Assumption — Shop 'til You Drop America (and World!) EFTA01477355

3. Monetary Policy Divergence — "Two Roads Diverged in a Wood and I Took the One Less Traveled" 4. Global Inflation — Germination, Examination and Protection 5. US Dollar — Downshifting its Pace 6. Global Fixed Income — Combing the Field for Yield 7. Global Equities — All Eyes on Earnings 8. EM Equities — Will the EM Giants Awaken? 9. Equity Sectors — An "Appreciation" for Innovation and Demographics 10. Crude Oil — A "Glut"ton for Punishment... is $55 Oil Enough? 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: 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, our US WM CIO & Chief Investment Strategist, 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 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. Crude Oil Outlook — Our crude oil analyst puts oil on negative watch because of rising US inventories, high US crude imports, and the possibility of lower US demand growth. EFTA01477356