EFTA01452558.pdf

To: 'eevacatione Cc: Paul Morris >, Vinit Sahni P., Nay Gupta Vahe Stepanian < > Classification: Confidential Jeffrey - Summary below takes into account the DB team's feedback. We agree with overall themes. Commentary here, further implementation detail below and to follow: - Specific recommendations for modifications to the thematic baskets (Please see Healthcare detailed below -back with specifics on each level) - Propose allocation to US Tech equity (cognizant though that you have private equity investments) - Propose additional opportunistic FX exposure (trades like your short CAD) - Energy renaissance will include trades on crude, in addition to equities that are beneficiaries of secular shift in underlying energy supply, and supply chains (not just the nat gas theme in the US, but also companies like Hannon Armstrong (HASI) that finance energy efficiency) - We are reviewing PO v 1O mortgages with rates where they are. E07221211 iiiMIS Healthcare 15 15 Energy Renaissance 15 15 Financials 22 12 -10 r Tech 0 5 +5 S&P Barrier Note 0 5 +5 52 52 Limn Single Stocks 10 5 -5 r EuropeanCredit 0 10 +10 r Eurostorx Barrier Note 10 5 -5 20 20 Man Single Stocks 5 5 Topiatiato lor Delta 1) 7 7 Short Yen (premium) 13 5 -8 25 17 -8 Viilitilifil1111110/031 0 sor .10 Alttinativirs 8 11 -7 105 100 - Not a typo on Proposed total of 105; original just didn't include the single names in Japan CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109668 CONFIDENTIAL SDNY_GM_00255852 EFTA01452558