EFTA Document EFTA01458243

Classification: Public Let's get this out today or tomorrow. Could add the attached two reports as well perhaps. Could also include the brief summary of the CIO view His nine positions are: - U.S. labor market continues to develop positively. - Increasing labor costs contribute to a rise in U.S. core inflation. - Increasing divergence in monetary policy. - Chinese currency becomes more susceptible to fluctuation. - Brazil to stay under pressure. - Weak oil price to reignite deflation concerns. - Europe's slow but steady recovery on track. - Gold price to stay relatively stable. - Asset allocation of our balanced model portfolio for clients based in the Americas: Fixed income: 40.5%, Equities: 48.5%, Alternatives: 10%, Commodities: 1% From: Jj Litchford Sent: Thursday, September 03, 2015 11:31 AM To: Stewart Oldfield; Paul Morris Cc: Melinda Roy Subject: CIO/ Research Email Intro Classification: Public Let me know what you think 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. JJ Litchford Associate Deutsche Bank Trust Company Americas Deutsche Asset 8 Wealth Management 345 Park Avenue. 24th Floor Now York. New York 10154 PAST Peepem. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0118064 CONFIDENTIAL SDNY_GM_00264248 EFTA01458243