EFTA01380809

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation Americas Regional Investment Committee (RIC) Asset allocation for U.S. portfolios Selection of third party managers Strategic Asset Allocation — Long term (10-year outlook) — Sensitive to after-tax returns — Changes infrequently (1 year) Retcy • • Tactical Asset Allocation' - Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 ..... Portfolio Consultants tailor models according to client's unique circumstances Risk 4- Client Portfolios I. We are not tax advisors. therefore please consult with your tax. legal. accounting and financial consultants before making any investment decisions. 'Tactical considerations alone drive periodic rebalancing elections by the RIC. Strategic considerations are factored into long-term modeling. 2The efficient frontier is graphical representation of portfolios giving the highest level of expected return at different levels of risk. Source: Deutsche Bank Wealth Management Deutsche Bank 3 - a 7; f?Ment 7 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0079364 SDNY_GM_00225548 EFTA01380809