EFTA01447828.pdf

Executive summary — We are pleased to present a put opportunity supported by units in a luxury high-rise residential development in Miami, Florida (the "Reference Asset"). — The Reference Asset building, designed by a prominent Pritzker Prize-winning architect, is currently under construction by a Brazilian developer (the "Borrower"). 45% of the 80+ units have been sold, and construction is expected to be completed by 2017. — DB has been asked to provide $[75) million in financing (the "Bridge Loan") to the Borrower to bridge to deposits made by purchasers of units in the Reference Asset building. The Bridge Loan will be secured by remaining unsold units (the "Collateral"). - DB is seeking an investor (the "Put Investor) to write a put option (the "Put") on the Collateral. — DB will pay the Put Investor an up-front premium — The Put will be sized upon the notional amount of the Bridge Loan — Upon a Bridge Loan default, DB will foreclose upon the Collateral and put it to the Put writer in exchange for the Put's notional delivered in cash — DB wears the risk of enforcement and can only exercise the Put if it can deliver the Collateral Deutsche Bank 2 Corporate Banking & Secunties Confidential — Not for Distribution CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102587 CONFIDENTIAL SDNY_GM_00248771 EFTA01447828