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To: Jj Litchford; Paul Morris; Stewart Oldfield Subject: RE: Research Intro Approved email attached From: Jj Litchford Sent: Thursday, October 08, 2015 11:31 AM To: Paul Morris; Stewart Oldfield Cc: Melinda Roy Subject: FW: Research Intro Below is proposed language for the monthly research email.... Let me know if there are any objections. Please find attached the October issue of CIO View, Deutsche Asset & Wealth Management's flagship thought- leadership publication. In this edition, Chief Investment Officer Asoka W0hrmann tackles the question "Why are markets so unsettled?" and explores why we believe a global economic recovery remains intact despite a more muted outlook for some markets, particularly in developing countries. His nine positions are: - Pace of global economic growth is likely to slow down for a while. - Emerging markets' growth advantage has been eroded. - Commodity-exporting countries hurt by low commodity prices. - U.S. Federal Reserve Board postpones rate hike and the pace of subsequent increases will be slow. - The Fed and low inflation may force the European Central Bank to continue easing beyond September 2016. - Private equity and hedge funds should benefit from the capital market environment. - Oil prices climb as slowly as output capacity contracts. - Earnings forecasts revised down slightly for developed markets and significantly for emerging markets. - Asset allocation of our balanced model portfolio for clients based in the Americas: Equities: 50%, Fixed income: 39%, Alternatives: 10%, Commodities: 1% If you wish to discuss where we see opportunity in current markets, we will be happy to schedule a call. Additional pieces include: • CIO Macro Outlook - In a separate piece, Asoka W6hrmann delves deeper into the effect of developed market quantitative easing on emerging market, and subsequently, global growth. • Weekly Highlights - Our U.S. Wealth Management CIO, Larry Adam, focuses on 3Q performance, Japanese economic indicators, and Eurozone resilience to EM weakness. • Economic & Asset Class Outlook — The U.S. CIO office outlines their near-term and long-term economic and asset class forecasts. • U.S. Equity Insights - David Bianco, U.S. Equity Strategist, cuts his S&P 2015 end target and predicts weak 3Q EPS. JJ Litchford Associate Banker Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management 345 Park Avenue. 24th Flea New York. New York 10154 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118492 CONFIDENTIAL SDNY_GM_00264676 EFTA01458534