EFTA01454235

Pierluigi Amicarella Deutsche Bank (Suisse) SA Key Client Partner Prime Tower Hardstrasse 201, 8005 Zurich, Switzerland Tel. Fa Mob, Email The proposed ideas are being delivered to you by the DBS Key Client Partners ("KCP-) EMEA Switzerland desk on your request for discussion purposes only and strictly on a non advisory basis. The proposed ideas do not create any legally binding obligation on the part of Deutsche Bank AG and or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. NOTE: The KCP EMEA Switzerland desk does not provide investment advice. All intended recipients are sophisticated. qualified investors within the meaning of the Swiss Collective Investment Schemes Act of June 23. 2006 (CISA) and MIFID professionals who understand the strategy. characteristics and risks associated with the ideas proposed herein and wit be able to evaluate it independently. The products mentioned in this presentation may not be registered with the Swiss Financial Market Supervisory Authority (FINMA), and therefore, not supervised by the FINMA. As a result, you cannot claim any protection for unregistered products under the CISA. No assurance can be given that the objectives of the mentioned products/services will be achieved. Moreover, a decision to invest in the mentioned products may have accounting. tax, legal and other implications. Therefore, you should discuss and review the content of this document and the offering documentation of the mentioned products with your own advisors anduor counsel, and conduct your own investigation to Independently determine the sUtability and consequences of such investments on your own financial circumstances prior to any decision. This document is confidential and personal to you and is being presented for informational and discussion purposes only. Any reproduction and/or redistribution thereof, in whole or in part, and any disclosure of is content without out consent is Slaty forbidden. MI trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. --- Forwarded by Tazia Smith/db/dbcom on 05'15/201403:27 PM --- From Tr. Cc: Tazia SmillVdtAbcom jeevacation@gmailoom Paul Moms Vahe Date. 04'06/201401:42 PM Subject: Consider: $10-15mm Total Return Swap on Cash Return On Capital Invested (CROCI), 3mL+85bps (C) Classification: Confidential • • Prepared exclusively for Jeffrey Epstein, Key Client Partners (KCP) • Jeffrey - Globally you are seeing the rotation from high-beta, small cap and growth stocks into large-cap value. This is inline with your early call for us to pull out a concentrated five names. Entry point here. Instead of those single stocks, consider a $10-15mm total return swap on Cash Return On Capital Invested ICROCI) index. Specifically, the CROCI sub-index focused on dividend paying/dividend-growing US equities. I've included my colleague, Joe Hall, who sits on the CROCI team and will 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 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0112231 CONFIDENTIAL SDNY_GM_00258415 EFTA01454235