essage From: Melinda Roy Sent: Tuesday, March 29, 2016 09:37 AM Eastern Standard Time To: Paul Morris Cc: Joseph Dursi; Andrew King Subject: RE: Deutsche AM C'1O Flash: "Brexit: the clock is ticking — 100 days to go" (AM & WM client-ready versions) [I] Classification: For internal use only Paul, do you

boosted by about 0.1 percentage points for every $10/b that oil prices permanently decrease", explains Bettina Mailer, Chief European Economist at Deutsche AM. The picture is similar in the United States. Indeed, lower taxes on oil products than in Europe mean that a bigger part of the decline in oil pric

tates, "riskier credits have an increasingly difficult time raising money in the bond market ", notes Gary Russell, High-Yield Portfolio Manager at Deutsche AM. "The decrease in liquidity combined with the low oil price has increased the expectations of defaults in the market." An additional negative facto

adly. "Even if oil prices double, these levels would still be a nightmare for oil companies", explains Marco Scherer, our Energy Equities Expert at Deutsche AM. For decades, investors could count on oil majors to steadily increase dividends. Oil majors even increased their cash returns as they boosted capi