EFTA01380809.pdf

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation Americas Regional Investment Committee (RIC) Asset allocation for U.S. portfolios -4 Selection of third party managers Strategic Asset Allocation Tactical Asset Allocation' — Long term (10-year outlook) - Shorter term (12-month outlook) — Sensitive to after-tax returns — Sensitive to after-tax returns — Changes infrequently (1 year) — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios ..... Retcy • • Portfolio Consultants tailor models according to client's unique circumstances Risk I. We are not tax advisors. therefore please consult with your tax. legal. accounting and financial consultants before making any investment decisions. 'Tactical considerations alone drive periodic rebalancing elections by the RIC. Strategic considerations are factored into long-term modeling. 2The efficient frontier is graphical representation of portfolios giving the highest level of expected return at different levels of risk. Source: Deutsche Bank Wealth Management Deutsche Bank 7 3 - a 7; f?Ment CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0079364 CONFIDENTIAL SDNY_GM_00225548 EFTA01380809