EFTA01369696.pdf

Recent SPAC debut performance Day 1 trading statistics and outperformance by DB-led SPACs I From structuring the First day Total Day 1 Closing % change Day 1 Maximum % change high] Day 1 trading SPAC IPOs since June 2014 transaction properly to of trading IPO (Smm) Price I unit on Day 1 Price I unit on Day 1 ! Vol. (thousands) ---------- marketing the deal to the Silver Run Acquisition Corp. 2/24/16 $600.0 C.:: 2.1% 310.38 3.8% 6,067 - ------ - highest quality investor Capitol Acquisition Corp.III 10114/16 326.0 10.00 ------ ---- ---------2,667 base to supporting the Boulevard Acquisition Corp. II 922/15 370.0 9.96 (0.4%) 10.00 0.0% 2.328 Double Eagle Acquisition Corp 9/11116 500.0 10.05 0.5% 10.09 0.9% 3,801 deal in the after-markets, Pace Holdings Corp 9/11116 450.0 10.11 1.1% 10.20 2.0% 4,932 DB is the unparalleled Gores Holdings Inc 8/14/16 376.0 10.49 4.9% 10,49 4.9% 1.663 industry leader Easterly Acquisibon Corp 7.30115 200.0 9.99 (0.1%) 1002 0.2% 1,060 Global Partner Acquisition Corp 7130115 166.3 10.01 0.1% 10.04 0.4% 778 Sponsors and investors Hennessy Capital Acquisition Corp. II 7/23;15 199.6 10.00 0.0% 10.05 0.5% 1,576 take comfort in our ability Alignvest Acquisition Corp' 624/15 258.8 10.35 3.5% 10.35 3.5% 1.435 Electrum Special Acquisition 6111115 200.0 10.15 1.5% 10.15 1.5% 713 to shepherd the deal INFOR Acquisition Corp.' 6/27/16 184.6 10.05 0.6% 10.19 1.9% 420 prudently and maintain GP Investments Acquisition Corp. 520115 172.5 10.02 0.2% 10.05 0.5% 1,256 meaningful liquidity Dundee Aoqusition Ltd' 421;15 112.3 10.03 0.3% 10.05 0.5% 204 Harmony Merger Corp. 324/15 115.0 10.00 0.0% 10.08 (1.2%) 815 FunTech Acquisition Corp. 2/13/15 1000 10.00 0 0% 10.03 0.3% 424 Day 1 Price Increase of Cluinpatio Acquisition Corp. 2 1116116 360.0 10.00 0.0% 10.01 0.1% 3,176 Recent SPAC IPOs AR Capital Acquisition Corp. 102/14 276 0 9.74 (2.6%) 9.83 (1.7%) 4.431 Terrapin 3 Acquisition Corp. 7117114 212.8 10.01 0.1% 10.04 0.4% 1.231 WL Ross Holdings Corp. 616114 600.3 10.16 1.6% 10.26 2.6% 3.327 DB lett-led deals (8) Mean $380.4 510,13 13% $10.19 1.9% 2,994 ae Median 412.5 10.08 0.8% 10.15 1.5% 3.252 Citi left-led deals (5) ars Mean 52687 59.94 (0.6%) $9.98 (0.2%) 2,349 Unanist an Day 1 Median 276.0 9.99 (0.1%) 10,01 0.0 2,328 Y•dhaK.0 high an day I Other banks' left-led deals (7) • 08 left4ed deals (8) • Chi lethled deals (S) "Mean $1672 $10.08 0.8% $10.13 1.0% 798 Chief banks' left-led deals (7) [Median 184.6 10.03 0.3% 10.08 0.5% 713 Deutsche Bank Nolo: 8okt (imminent, offteings endow/Mien by Deutsche Bank. Asterisked deals indicated the SPAC is TSX•listed 11 Corporate Banking d, Securities Includes SPACs with IPO sizes of StOOmm and greater. Trading volume in thousands (of units) DB left led SPACs are: SRAC). EAGL, PACE. GRSH, GPAC. OPAC, TRTL and WLRH.Cili left-led SPACs are: CLAC. EtLVD, EACO, GPIA and AUMA SCUMS: FectSet, SEC filings CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0062128 CONFIDENTIAL SDNY_GM_00208312 EFTA01369696