Torsten Hari Illya Lebedynets Sonja Hildebrandt Fabian Beche Deutsche Asset & Wealth Management Investment GmbH Deutsche Asset Management Mainz - 9 Frankfurt am Main, Germany Email fcid:[email protected] From: Daniel-Dominik Kim On Behalf Of deawm cio-office Sent: Freitag, 5. Februar 2016 11:55 Subject: Deutsche AM CIO View Special: "Beyond the oil bust: Are markets right to worry?" (client-ready english versions - german version will follow soon) Dear colleagues, please find below the links to our latest CIO View Special (as of 5 February 2016) on the oil price and implications for asset classes. 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. EFTA01477361

The presentation "EMEA" is approved for distribution in Europe, Middle East and Africa. The presentation "US" is approved for distribution in the US. The presentation "APAC" is approved for distribution in the Asia Pacific region. Click on the blue link to download the respective file. The German version will follow soon. Kind regards, CIO Office {cid:[email protected]} CIO Office Torsten Harig Illya Lebedynets Sonja Hildebr Fabian Becher Deutsche Asset & Wealth Management Investment GmbH Deutsche Asset Management Mainzer Landstrasse 11-17 60329 Frankfurt am Main, Germany Email {cid:[email protected]} This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and destroy this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e- mail is strictly forbidden. EFTA01477362