EFTA01376844

Multi Asset Investment Process The Multi Asset Committee's 3 Pillar Framework Multi Asset Investment Committee's 3 Pillars Scope: Qualitative judgment by Asset Managers — Voting is anonymous, collected before MIC and taken on (sub-)asset class basis — Median is taken and various statistics (outliers, dispersion) Scope: Quantitative independent judgment on risks — Macro indicator — Surprise indicator — Risk indicator — Regime indicator to: ". • • •• ••aaSJa • '`J —"“"4. Al ja i: id . se . Final decision — Discussion based on proposals of Pillars 1-3 — Final decision by MIC voting members — If no consensus can be found 4 Chair and Owner take the final decision For illustrative purposes only. Allocations are unlikely to vary to this extent. Source: Deutsche Bank Wealth Management Deutsche Bank Wery,ftn Manage Scope: Independent ranking by Strategy Group (macro view) - Systematic scoring incl. allocation proposal — Strategy View and Key Multi Asset market drivers + platform asset class views being analysed sae I Tr seas as MM awn an low SIM Nan 0 a IIMMINN0 _ ECM MS "-• n - Marna al -.-- - CIS 0 la — - -- Illa Nana al a a 0 — Mae a a ■--- MINIM a a a 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073280 CONFIDENTIAL SDNY_GM_00219464 EFTA01376844