EFTA01364443.pdf

Liquid Alternatives for Diversification 'Liquid Alternatives' have recently emerged 1 as a source of portfolio diversification, providing returns previously associated only with hedge funds. — Liquid Alternatives are attractive to investors that are constrained from making substantial allocations to HFs due to liquidity. Hedge Fund Returns "Replicable Alpha" — Academic research has shown that a (aka Risk Premia / significant portion of HF returns are not Alternative Beta) manager-specific alpha and are systematically replicable. — This is Risk Premia / Alternative Beta, Traditional Beta which are low-cost, systematic, liquid alternative investments - DB CB&S is a market leader in the Risk Premia space with over 12bn USD strategy AUM raised in the past three years. - Some of the world's largest and most sophisticated investors are leading the way in this space. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0054980 CONFIDENTIAL SDNY_GM_00201164 EFTA01364443