EFTA Document EFTA01474955

Subject: RE: Research Intro From: Melinda Roy <melinda.roy@db.com> Date: Fri, 09 Oct 2015 10:01:40 -0400 To: Stewart Oldfield Paul Morris Jj Litchford Approve intro & research pieces attached From: Stewart Oldfield Sent: Thursday, October 08, 2015 6:02 PM To: Melinda Roy; Paul Morris; Jj Litchford Subject: RE: Research Intro [I] Classification: For internal use only Cool. Thanks From: Melinda Roy Sent: Thursday, October 08, 2015 5:53 PM To: Stewart Oldfield; Paul Morris; Jj Litchford Subject: RE: Research Intro [I] Classification: For internal use only Here is revised introduction: 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 W6hrmann 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. EFTA01474955 His nine positions are: - Pace of global economic growth is likely to slow down for a - Emerging markets' growth advantage has been eroded. - Commodity-exporting countries hurt by low commodity prices. while. — 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 WOhrmann delves deeper into the effect of developed market quantitative easing on emerging markets, 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 expects weak 3Q EPS. CIO Flash: Bond Market Turmoil — Our CIO office warns of near term bond market illiquidity and volatility following the September FOMC meeting. China Hard Landing — Chief Economists Peter Hooper and Torsten Slok discuss the possibility of an economic slowdown in China given recent equity market volatility and currency devaluation. EFTA01474956 The Arithmetic of EM & Global Growth — Chief Strategist Binky Chadha looks at the sustainability of global growth given the recent weakness in Chinese and EM economies. FX Forecasts & Valuations — Alan Ruskin and George Saravelos, Chief FX Strategists, examine the future of the USD bull market and assess the risks of EM currency volatility. From: Stewart Oldfield Sent: Thursday, October 08, 2015 5:46 PM To: Melinda Roy; Paul Morris; Jj Litchford Subject: RE: Research Intro [I] Classification: For internal use only Perfect. I like having different topics to entice people with From: Melinda Roy Sent: Thursday, October 08, 2015 5:44 PM To: Paul Morris; Stewart Oldfield; Jj Litchford Subject: RE: Research Intro [I] Classification: For internal use only Okay great I will add those. We were also thinking of adding this China piece attached. From: Paul Morris Sent: Thursday, October 08, 2015 5:43 PM To: Stewart Oldfield; Melinda Roy; Jj Litchford Subject: RE: Research Intro EFTA01474957 Yes Original Message From: Stewart Oldfield Sent: Thursday, October 08, 2015 05:40 PM Eastern Standard Time To: Melinda Roy; Jj Litchford; Paul Morris Subject: RE: Research Intro Do you think there is value in these? From: Melinda Roy Sent: Thursday, October 08, 2015 4:09 PM 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 W6hrmann 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. EFTA01474958 His nine positions are: - Pace of global economic growth is likely to slow down for a - Emerging markets' growth advantage has been eroded. - Commodity-exporting countries hurt by low commodity prices. while. — 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 WOhrmann 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. EFTA01474959 fcid:image001.gif@OlD02B3A.F8AC3FC01 JJ Litchford Associate Banker Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management 345 Park Avenue, 24th Floor New York, New York 10154 Tel. Mobil Email fcid:image002.gif@OlD02B3A.F8AC3FC01 From: Melinda Roy Sent: Thursday, October 08, 2015 11:08 AM To: Jj Litchford Subject: Research Intro Let me know what you think Kind regards, Melinda Roy {https://brandportal.intranet.db.com/img/modules/logo.gif} Melinda Roy Analyst Deutsche Bank Trust Company Americas Wealth Management Americas 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email {https://brandportal.intranet.db.com/img/modules/claim.gif} EFTA01474960 EFTA01474961