EFTA01377489

Deutsche Bank Private Bank From: Stewart Oldfield Sent: Monday, August 03, 2015 12:44 PM To: Melinda Roy; Jj Litchford Cc: Paul Morris Subject: RE: DB market outlook research and client conference call details Let's think about whether to include the tax topics. I think we should add the EURUSD piece above. And I think the intro email should be rewritten. If we are primarily focused on the new CIO view given lack of any other recent good pieces, perhaps we just outline what is in there. Please find attached the August issue of The CIO View which contain the views of Chief Investment Officer Asoka WOhrmann. His nine positions are: Central bankers warn against overheated markets U.S. central bank is most likely to hike rates in September. Bond yields are expected to recover slightly. Markets prove resilient to the Greek crisis Long-term confident on China. Agreement with Iran is likely to add pressure on oil prices. - Trading ranges are key — buy at the bottom, sell at the top. 'Be prepared for opportunities — some cash could be useful. - Asset allocation of our balanced model portfolio for clients based in the Americas is as follows: fixed income, 41%; equities, 48%; alternatives, 10%; commodities, 1% Also in the August CIO View: Focus: The limits to monetary policy The big picture: Crises create opportunities Investment traffic lights: our tactical and strategic view Fixed-income market perspectives: Moving back to risk-on? Beware of the law of intended consequences with Joe Benevento and Joem Wasmund, Global Co-Heads of Fixed Income/Cash Equity-market perspectives: Healthier portfolio retums with Henning Gebhardt, Global Head of Equities Portfolio: Our asset-class allocation in a balanced portfolio - Long or short, Larry Adam? Six market views from our Chief Investment Officer for Wealth Management in the Americas and Chief Investment Strategist for Deutsche AMW Americas - Portfolio: Our view on non-traditional asset classes - Long or short, Mark G. Roberts? Head of Real Estate Strategy and Research considers immediate and longer-term investment issues - High-conviction ideas: Selected investment ideas to complement wealth-management clients' portfolios From: Melinda Roy Sent: Monday, August 03, 2015 11:59 AM To: Jj Litchford; Stewart Old ieId Cc: Paul Morris Subject: RE: DB market outlook research and client conference call details Email approved. Let me know if you need anything else! Melinda CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0074366 CONFIDENTIAL SDNY_GM_00220550 EFTA01377489