Jonathan Arnold is a Managing Director at Deutsche Bank Securities Inc. and leads Deutsche Bank’s equity research team for U.S. utilities and power. Mr. Arnold joined Deutsche Bank in 2009 from Bank of America – Merrill Lynch, where he was the lead Analyst covering electric utilities from 2006 and a Member of the U.S. research team from 2001. He was ranked as Runner-Up for U.S. utilities in the 2009 Institutional Investor survey and has been consistently highly ranked in the annual Greenwich survey. Prior to Merrill Lynch, Mr. Arnold worked at Santander Investment Securities in New York (1997-2000), where he was an Analyst covering Latin American utility stocks and was also Co-Head of Equity Research. Previously, Mr. Arnold covered Latin American utilities at J.P. Morgan Securities in New York (1996-1997) and insurance brokers for S.G. Warburg Securities in London (1991-1995). He was ranked second by Institutional Investor magazine for Latin American utilities in the annual investor survey in 1997 and second for U.K. insurance brokers in the Extel survey in 1995. Mr. Arnold studied at the University of Cambridge and received his degree in modern languages and history of art in 1991.