EFTA01459652

From: Melinda Roy Sent: Friday, February 05, 2016 10:26 AM To: Paul Morris; Stewart Oldfield Subject: FW: COMPLIANCE COMMENT: Deutsche AM CIO View Special: "Beyond the oil bust: Are markets right to worry?" (client-ready english versions - german version will follow soon) [I] Classification: For Internal use only I was preparing a research email using the CIO View Special but then got this email it's too bad because the piece is very good. Would you like me to prepare a research distribution email without the CIO view? Or wait until next month? From: Deutsche AM CIO Office [mailt Sent: Friday, February 05, 2016 10:16 AM Subject: COMPLIANCE COMMENT: Deutsche AM CIO View Special: "Beyond the oil bust: Are markets right to worry?" (client-ready english versions - german version will follow soon) Dear colleagues, please note that in the United States, the CIO View Special is only approved for Asset Management distribution but not for Wealth Management distribution. Kind regards, CIO Office CIO Office Torsten Hang +49(69)910-14105 Illya Lebedynets +49(69)910-18587 Sonia Hildebrandt +1(212)454-0398 Fabian Becher +49(69)910-64611 Deutsche Asset 8 Wealth Management Investment GmbH Deutsche Asset Management Mainz - Frankfurt am Main, Germany Email Patio oFrPtyporm. From: Daniel-Dominik Kim On Behalf Of deawm do-office Sent: Freitag, S. Februar 2016 11:55 Subject: Deutsche AM CIO View Special: "Beyond the oil bust: Are markets right to worry?" (client-ready english versions - german version will follow soon) Dear colleagues, please find below the links to our latest CIO View Special (as of 5 February 2016) on the oil price and implications for asset classes. In our latest CIO Special 'Beyond the oil bust: Are markets right to worry?" we look at the causes and consequences of the falling oil price. We think that oil will continue to be a source of uncertainty and can no longer be seen as a 'known problem" that can be assessed purely in terms of established fundamentals. We have reduced our forecasts for major equity indices and increased our end-2016 spread forecasts for U.S. high yield. Recent market events may add to concerns about the longer-term negative side effects of looser monetary policy. We are watching current developments closely, but remain generally constructive on the world economy and financial markets. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120237 CONFIDENTIAL SDNY_GM_00266421 EFTA01459652