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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 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. I JJ Litchford Associate Deutsche Bank Trust Company Americas New Y r N wY 10154 Tel. Mobil Email Pana-p,-lo-Peifterpt, 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 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? CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0089821 SDNY_GM_00236005 EFTA01387358