EFTA Document EFTA01451125

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] Nay 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 - $47 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] (1) 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) (2) Favor DM >EM. (3) Bullish Japanese Recovery, equities and assets. Bearish JPY vs. USD. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107355 CONFIDENTIAL SDNY_GM_00253539 EFTA01451125