Cc: Jj Litchford Subject: RE: CIO/ Research Email Intro Here's my latest. From: Melinda Roy Sent: Tuesday, September 08, 2015 11:25 AM To: Stewart Oldfield; Paul Morris Cc: )j Litchford Subject: RE: CIO/ Research Email Intro [I] Classification: For Internal use only I will add those reports and include the CIO summary. Are the distribution lists the same? From: Stewart Oldfield Sent: Tuesday, September 08, 2015 11:23 AM To: Jj Litchford; Paul Morris Cc: Melinda Roy Subject: RE: CIO/ Research Email Intro 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089820 CONFIDENTIAL SDNY_GM_00236004 EFTA01387357