EFTA Document EFTA01466576

JE Meeting - January 10, 2014 I. Your DB Investment Team - Delivering the Institution [Paul & Caroline] Key Client Partners (KCP) — Your Global Capital Markets: Caroline Kitidis is the Head of Key Client Partners Americas (US and Latam). Her team is comprised of 8 senior sales professionals, 8 junior sales professionals and a support team. Sister desks are situated in Singapore, London, and Zurich/Geneva. Through KCP, Key Clients of Deutsche Bank receive global coverage across Capital Markets, Private Markets, Structured Credit, and Alternative Investments. Your Global Capital Markets Team Includes: Vinit Sahni - Global Head of Key Client Partners Capital Markets [London] Nav Gupta - former global macro with Citadel(?) [London] Vanshree Verma — formerly fixed income research [London] Roger Pocsh — [Zurich] Tazia Smith — [New York] Raphael Zagury — [Latam] Luis Chavez — [Latam] Bobby Abraham — [Singapore] Ed Lam — [Hong Kong] Apurva Gupta — [Mumbai] Delivering the Institution: In addition to their own experience and cross-asset expertise, your KCP Capital Markets Team delivers the best thinking and implementation solutions from across the entire firm — both the Institutional side of the firm (Corporate Bank & Securities, CB&S) and the asset management side of the firm (Asset & Wealth Management): FX — Number 1 in FX trading, dominate —1/3 of the —$4T FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; George Saravelos, DB Research] Equities— Leverage the extensive work of DB Global Markets Research, Traders, and Equity Capital Markets [Joe Spinelli, CB&S Equity Strategy; Brian Rigney, ECM; Frank Wendels, ECM] Equity Derivatives — Greg Kuppenheimer (CB&S US), Andy Yaeger (structured lending), Chris Loudon (AWM) Bonds — High Yield, Municipal Asset-Backed/Mortgages — Structured Credit — Distressed — [Phil Giordano] Alternative Investments - Private Markets — II. Outlook into 2014 [Tazia & Vinit] Selective Equities . Bullish global equities, be selective. After a year of Beta, favor Alpha, equity long/short, and relative value. Sectors: Bullish global financials, bullish Tech (anticipate cap-ex /enterprise spend, valuation) Favor DM >EM. Bullish Japanese Recovery, equities and assets. Bearish JPY vs. USD. EFTA01466576 Bullish European Recovery. Note: Periphery spreads have collapsed, favor equity and real assets. Bullish SMID cap equities. Bullish Germany (DAX 11,000) Bullish USD. Bearish Euro. The year it finally fumbles Rates — 5yr part of the curve should sell off further, short end stays anchored through mid 2015, back end has steepened/fairly valued at present. Inflation — upside risk to inflation long-term given the Fed's tolerance for inflation short-term and the sheer magnitude of liquidity in the system. III. JE DB Account Summary [Tazia] IV. JE Position Review [Vinit & Tazia] V. Reccomendations (1) 10yr USDcJPYp 85 strike, 90 KO (2) DBUUPPN Index — 13mo Call option (3) Gymboree (GYMB) 9.125% '28 at —94.625 (10.5%) EFTA01466577