EFTA01460053.pdf

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation 414 Americas Regional Investment Committee (RIC) Asset allocation for U.S. portfolios Selection of third party managers Strategic Asset Allocation Tactical Asset Allocation' — Long term (10-year outlook) - Shorter term (12-month outlook) — Sensitive to alter-tax returns -- Sensitive to after-tax returns — Changes infrequently (1 year) — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios Return Portfolio Consultants tailor models according to client's unique circumstances R.sk fiJ 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 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0120946 CONFIDENTIAL SDNY_GM_00267130 EFTA01460053