Jeffrey Gundlach’s DoubleLine Funds asset allocation webcast for the month of July 2016.

Jeffrey Gundlach – Bank Of America (2005 ? 2009) Vs. Deutsche Bank (2013 ? Present)

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: Bloomberg; DoubleLine
BAC US Equity = Bank of America stock price from November 15, 2005 through November 19, 2009. DB US Equity = Deutsche Bank stock futures price 7?3?2013 through 7?7?2017.
The DoubleLine Core Fixed Income Fund and the DoubleLine Flexible Income Fund own 0% of Bank of America common stock or Deutsche Bank common stock or futures as of July 12, 2016.

Probability of Another Hike by March and June 2016

December 17, 2015 through July 8, 2016

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: Bloomberg; DoubleLine

Market Implied Central Bank Expectations Overview

As of 7/8/16

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: DoubleLine; Morgan Stanley
Bps = basis points.

PriceStats U.S. CPI (YoY%)

July 26, 2012 through July 5, 2016

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: DoubleLine, Bianco, Bloomberg
CPI = Consumer Price index measures the weighted average prices of the basket of consumer goods and services. YoY = year?over?year. You cannot invest directly in an index

U.S. Dollar Index Spot

December 31, 2007 through July 11, 2016

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: Bloomberg Financial Services, DoubleLine Capital LP
DXY = DXY is the US Dollar Index (USDX) indicates the general value of the US dollar. Average exchange rates between the US dollar and six major world currencies. An investment cannot be made directly in an index.

Kansas City Fed Labor Market Conditions Momentum Index

December 31, 1991 through July 8, 2016

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: Bloomberg, DoubleLine reported monthly as of May 31, 2016
The Kansas City Fed Labor Market Conditions Indicators (LMCI) are monthly measures of labor market conditions based on 24 labor market variables. A positive value indicates that labor market
conditions are above their long?run average, while a negative value signifies that labor market conditions are below their long?run average. You cannot invest directly in an index.

U.S. Conference Board Leading Economic Indicator

June 30, 1986 through July 8, 2016

Jeffrey Gundlach - Bank Of America vs Deutsche Bank

Source: Bloomberg, DoubleLine reported quarterly as of 3?31?2016
The ten components of The Conference Board of Leading Economic Index for the U.S. include: average weekly hours manufacturing, average weekly initial claims for unemployment insurance, manufacturers new orders (consumer goods and materials), ISM Index of New Orders, Manufacturers’’ new orders (non?defense capital goods excluding aircraft orders), Building permits for new private housing units, Stock prices (500 stocks), Leading Credit Index, Interest rate spreads (10 yr treasury bonds less Fed Funds), and average consumer expectations for business conditions.

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