EFTA01383684

The Regional Investment Committee (RIC) uses the global house view to develop asset allocations for U.S. clients Multi-Asset Investment Committee House view Global asset allocation Regional Investment Committee (RIC), Asset allocation for U.S. portfolios Selection of third party managers lit' [In II 3 .1 ,‘,tec)fe asset alloca: or I Loiti: tei' (lU.yenr :;ens'nit, 10 afteicax Changes mfrequenity CI veal) Irr Tactical asset al'ocat on' Slicirlei 'firm (12-mniiii oulio,A) Sersiiive (Mei-13A returns Changes, with DJilim*, for asset Allocations along the Efficient Frontier? nair Models are tailored to meet investors unique requirements Risk Customized Portfolio We are not tax advisors, therefore please consult with your tax, legal, accounting and financial consultants before making any investment decisions. (1) Tactical considerations alone drive periodic rebalancing elections by the RIC. Strategic considerations are factored into long-term modeling. (2) The efficient frontier is graphical representation of portfolios giving the highest level of expected return at different levels of risk. Deutsche Asset V.,:.≥a Marlaq.?t, ., :.,' CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0083465 CONFIDENTIAL SDNY_GM_00229649 EFTA01383684