EFTA Document EFTA01460570

4 NCOU STRICTLY PRIVATE 8 CONFIDENTIAL, FOR INTERNAL DISTRIBUTION ONLY NCOU Assets Background ■ KCP clients proactively want access to bank deleverage assets. Key Issues ■ Conflicts of interest: NCOU to maximise value for DB Group, AWM to act in the best interests of clients ■ Valuation Issues: DBAG MTM value of asset versus sale price ■ Reputational Risks: ■ AWM presenting DB balance sheet assets to fiduciary clients ■ Transfer to NCOU implies assets are 'non-performing' or "bad" ass