EFTA01373772

For Key Client Partners or US Institutional Investors. Not for Retail Distribution Attractive Characteristics of the US Muni Market USD-denominated Fixed Income Long Duration Historically Steep Yield Curve Low Correlation with Other Fl Outperform in Bear Rates Environment Deutsche Bank • 54 trillion notional outstanding • Diffuse (>50,000 issuers, 2mm CUSIPS) • High grade market (lower default and LGD than corporates) • Majority of the new issue volume is >10 yr • -70% of trading activity in bonds >10 yr(1) • Muni 5y30y avg. spread at 1.71% vs. UST 5y30y avg. spread at 1.18%j2) • Current 20yr AAA MMD / 20yr UST at 106.1%j3) • Absolute yields are comparable to taxable alternatives • Low correlation with respect to US treasury, IG and HY corporate bonds so client can diversity their asset portfolios by holding a portion of munis • Potential for outperformance relative to other assets* • Low rates have caused spreads between TX and TE bonds to compress • Rising rates are expected to cause spread widening => muni outperformance • Historically, munis have outperformed in months of rate sell-offs` For Stroke", purposes only. terms and conditions subject to change. All bansacilons subject to final credit, legal, tax, and other internal O8 approvals. DB ls not a financial, accountbg, or tax advbor to investor and Investor should consictv cam(uhy elth their acMsors prior to executing any transaction. (I) Electronic Municipal Market Access 2015 trading data. (2) Historical data from 1995: (3) Bloomberg data from 9/23/2016: UST Yield using CM71/5O20 Index 'Past performance. simulated or actual. is not a reliable indicator of future results 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0068128 CONFIDENTIAL SDNY_GM_00214312 EFTA01373772