Here's my latest. From: Melinda Roy Sent: Tuesday, September 08, 2015 11:25 AM To: Stewart Oldfield; Paul Morris Cc: Jj Litchford Subject: RE: CIO/ Research Email Intro [I] Classification: For internal use only I will add those reports and include the CIO summary. Are the distribution lists the same? From: Stewart Oldfield Sent: Tuesday, September 08, 2015 11:23 AM To: Jj Litchford; Paul Morris Cc: Melinda Roy Subject: RE: CIO/ Research Email Intro Classification: Public Let's get this out today or tomorrow. Could add the attached two reports as well perhaps. Could also include the brief summary of the CIO view EFTA01474523

His nine positions are: - U.S. labor market continues to develop positively. - Increasing labor costs contribute to a rise in U.S. core inflation. - Increasing divergence in - Chinese currency becomes monetary policy. more susceptible to fluctuation. - Brazil to stay under pressure. - Weak oil price to reignite deflation - Europe's slow but steady recovery on - Gold price to stay relatively stable. concerns. track. — Asset allocation of our balanced model portfolio for clients based in the Americas: Fixed income: 40.5%, Equities: 48.5%, Alternatives: 10%, Commodities: 1% From: Jj Litchford Sent: Thursday, September 03, 2015 11:31 AM To: Stewart Oldfield; Paul Morris Cc: Melinda Roy Subject: CIO/ Research Email Intro Classification: Public Let me know what you think With the recent sell-off in equity markets and spike in volatility, many investors have been asking, "How should I position my portfolio in light of increasing uncertainty?" If this edition of our CIO View, Asoka Wohrmann explores the impact of recent global growth woes. Specifically, he takes an in-depth look at the complex interplay of China, the Fed's impending rate hike, and US economic EFTA01474524

growth. He also discusses what these conditions mean for various asset classes and our view that, for long-term investors, sharp pullbacks present many buying opportunities. If you wish to discuss where we see opportunity in current markets or how you can take advantage of the recent volatility spike, we will be happy to schedule a call. fcid:[email protected] JJ Litchford Associate Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management fcid:[email protected] From: Stewart Oldfield Sent: Thursday, September 03, 2015 10:48 AM To: Jj Litchford; Paul Morris Subject: RE: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Classification: Public I was thinking the same. Have been a few decent reports since we last sent From: Jj Litchford Sent: Thursday, September 03, 2015 10:43 AM EFTA01474525

To: Paul Morris; Stewart Oldfield Subject: RE: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Classification: Public Working on an intro now, Melinda is compiling research. She will take points on getting approval as I am out. My thought was not to send pre-Labor Day with everyone out and to send next week—what do you think? fcid:[email protected] JJ Litchford Associate Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management fcid:[email protected] From: Paul Morris Sent: Thursday, September 03, 2015 To: Jj Litchford; Stewart Oldfield Subject: FW: Deutsche AWM CIO View: the engines /// Zinswende voraus - (September 2015 EXTERNAL version) Importance: High 10:42 AM Rate hike ahead - Federal Reserve slows Federal Reserve drosselt die Maschinen EFTA01474526