EFTA01369696

From structuring the transaction properly to marketing the deal to the highest quality investor base to supporting the deal in the after-markets, DB is the unparalleled industry leader Sponsors and investors take comfort in our ability to shepherd the deal prudently and maintain meaningful liquidity Day 1 Price Increase of Recent SPAC IPOs ae ars Unanist an Day 1 Y•dhaK.0 high an day I • 08 left4ed deals (8) • Chi lethled deals (S) Chief banks' left-led deals (7) Deutsche Bank Corporate Banking d, Securities Recent SPAC debut performance Day 1 trading statistics and outperformance by DB-led SPACs I SPAC IPOs since June 2014 First day of trading Total IPO (Smm) Day 1 Closing % change Price I unit on Day 1 Day 1 Maximum % change high] Day 1 trading Price I unit on Day 1 ! Vol. (thousands) Silver Run Acquisition Corp. Capitol Acquisition Corp.III 2/24/16 10114/16 $600.0 326.0 C.:: 10.00 2.1% 310.38 3.8% 6,067 -------- -2,667 Boulevard Acquisition Corp. II 922/15 370.0 9.96 (0.4%) 10.00 0.0% 2.328 Double Eagle Acquisition Corp 9/11116 500.0 10.05 0.5% 10.09 0.9% 3,801 Pace Holdings Corp 9/11116 450.0 10.11 1.1% 10.20 2.0% 4,932 Gores Holdings Inc 8/14/16 376.0 10.49 4.9% 10,49 4.9% 1.663 Easterly Acquisibon Corp 7.30115 200.0 9.99 (0.1%) 1002 0.2% 1,060 Global Partner Acquisition Corp 7130115 166.3 10.01 0.1% 10.04 0.4% 778 Hennessy Capital Acquisition Corp. II 7/23;15 199.6 10.00 0.0% 10.05 0.5% 1,576 Alignvest Acquisition Corp' 624/15 258.8 10.35 3.5% 10.35 3.5% 1.435 Electrum Special Acquisition 6111115 200.0 10.15 1.5% 10.15 1.5% 713 INFOR Acquisition Corp.' 6/27/16 184.6 10.05 0.6% 10.19 1.9% 420 GP Investments Acquisition Corp. 520115 172.5 10.02 0.2% 10.05 0.5% 1,256 Dundee Aoqusition Ltd' 421;15 112.3 10.03 0.3% 10.05 0.5% 204 Harmony Merger Corp. 324/15 115.0 10.00 0.0% 10.08 (1.2%) 815 FunTech Acquisition Corp. 2/13/15 100 0 10.00 0 0% 10.03 0.3% 424 Cluinpatio Acquisition Corp. 2 1116116 360.0 10.00 0.0% 10.01 0.1% 3,176 AR Capital Acquisition Corp. 102/14 276 0 9.74 (2.6%) 9.83 (1.7%) 4.431 Terrapin 3 Acquisition Corp. 7117114 212.8 10.01 0.1% 10.04 0.4% 1.231 WL Ross Holdings Corp. 616114 600.3 10.16 1.6% 10.26 2.6% 3.327 DB lett-led deals (8) Mean $380.4 510,13 13% $10.19 1.9% 2,994 Median 412.5 10.08 0.8% 10.15 1.5% 3.252 Citi left-led deals (5) Mean 52687 59.94 (0.6%) $9.98 (0.2%) 2,349 Median 276.0 9.99 (0.1%) 10,01 0.0 2,328 Other banks' left-led deals (7) "Mean $1672 $10.08 0.8% $10.13 1.0% 798 [Median 184.6 10.03 0.3% 10.08 0.5% 713 Nolo: 8okt (imminent, offteings endow/Mien by Deutsche Bank. Asterisked deals indicated the SPAC is TSX•listed Includes SPACs with IPO sizes of StOOmm and greater. Trading volume in thousands (of units) DB left led SPACs are: SRAC). EAGL, PACE. GRSH, GPAC. OPAC, TRTL and WLRH.Cili left-led SPACs are: CLAC. EtLVD, EACO, GPIA and AUMA SCUMS: FectSet, SEC filings 11 - CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00208312 DB-SDNY-0062128 EFTA01369696