EFTA Document EFTA01446602

Josh Thinloos is a Managing Director and Portfolio Manager in the Newport Beach office of PIMCO, where he focuses on interest rate derivatives. Prior to joining PIMCO in 2010, he was a Managing Director for the Royal Bank of Scotland, where he managed an interest rate proprietary trading group in Chicago. Previously, Mr. Thimons was a Senior Vice President in portfolio management for Citadel Investment Group, focusing on interest rate and volatility trading. Prior to this, he was a Director for Merrill Lynch Capital Services, managing an over-the-counter interest rate options market making desk. Mr Thimons has 14 years of investment experience and holds an undergraduate degree and an M.B.A. from the Wharton School of the University of Pennsylvania. The PIMCO Strategy The PIMCO MAV Fund is a single manager hedge fund strategy that focuses on volatility as an asset class. Within that orientation, PIMCO believes that there is a multifaceted opportunity set that provides for their ability to generate attractive risk adjusted and absolute returns. A key tenet of their philosophy rests on the fact that large users of options or volatility in different asset classes (rates, FX, equities and commodities) may have diverse, competing, and often, economically irrational motivations which cause persistent inefficiencies. Related to that perspective, they also find opportunities for RV trades between asset classes and the opportunity to structure macro-themed directional trades through risk conditional trades using options. Finally, they overlay a tail hedge over the portfolio. To briefly summarize, the overall strategy includes structural strategies, tactical strategies and a tail hedge overlay. Hedge hind investments are only available to certain investors who qualify as "Cluebraid Purchasers" as defined in Section 2h/851i of the Invesuivent Company Act of 1940 (the Investment Company Act) An investment in ledge funds rs speculative and involves a high degree of risk. No assurance can be given that a hedge fund's investment objectives will be achieved. or that investors will receive a return of all or part of their investment. Investments in hedge lunds are suitable only for persons who can afford to lose thou entire investments. Before investing, prosperlive investors should carefulN consider these risks and others, such as lack of transparency, higher fees. illiquidity and lack of registration "Deutsche Bank" means Deutsche Bank AG and its affi€iated companies. Deutsche Bank Private Wealth Management refers to Deutsche Bank's wealth management activities for highmetworth clients around the world. Brokerage services are offered themigh Deutsche Bank Securities Inc, registered brokeedealer and investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of EINRA. NYSE and SIPC T:22013 Deutsche Bank AG M rights reserved. 13-AWM.0139 014348 021913 Paul Morris Managing Director Deutsche Bank Asset & Wealth Management CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100867 CONFIDENTIAL SDNY_GM_00247051 EFTA01446602