EFTA01453676

gladly detail this stock-selection strategy with you directly at any point. Full presentation is attached, a few key points here: Achieve benefits of active valuation for passive price Bottoms-up valuation - DB CROCI Analyst team (60 people globally) assess each company in it's global universe (800 stocks) from an Economic PE* perspective, adjusting balance sheets to reconcile operating cash flow across sectors for comparable stock-valuation Quantitative selection - stocks selected each month based on the lowest price-to-operating-earnings ratio, based on their valuation metrics (above) Stock universe is ex-financials Re-sets monthly Transparent - pull up the cRoci indices on Bloomberg for mark-to-market (ex: DBUSSDUT = CROCI US Dividends) Implementation can be customized via a separately managed account (SMA) of single stocks Tax-efficient, liquid exposure can be achieved via total-return swap (TRS) 10 total indices in the CROCI family: us, UK, Japan, Germany, Euro, world, world Ex-Japan, Sectors III, Global Dividends and US Dividends CROCI Dividends targets companies with sustainable dividends AND attractive valuations (performance below and p 7 of the attached) 13-Month TRS on DBUSSDUT Spot 4739.30 Indicative financing: L+65bps IM: 13-Month TRS on DBUSSDUT vs. SPX (long/short) Spot Indicative financing: IM: Indicative levels as of 4/8/14. Source: DB GM Equity Derivatives. * (Enterprise Value/Net Capital Invested)/(Cash Return on Capital Invested) 5-Year History of CROCI US DIVIDENDS vs. SW 500 Inedex (as of close 4/7/14) (Embedded image moved to file: pic10657.gif) Used with permission of Bloomberg Finance LP (Embedded image moved to file: pic21550.gif) (Embedded image moved to file: pic18365.gif) Tazia Smith Director I Key Client Partners - US DB securities Inc Deutsche Asset & wealth Management 345 Park Avenue 10154-0004 New York, NY, USA Tel Fax Mobil Email (Embedded image moved to file: pic23513.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 111430 CONFIDENTIAL SDNY_GM_00257614 EFTA01453676