EFTA01460053

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation 414 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 alter-tax returns — Changes infrequently (1 year) Return 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 R.sk Client Portfolios fiJ 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 7 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00267130 DB-SDNY-0120946 EFTA01460053