EFTA01460085.pdf

Growth Tactical allocations Proposed allocations for taxable client (where hedge funds are suitable) Equities 67.5% $33,750,000 U.S. Large Cap WM US Large Cap/Growth - Individual Securities N/A 35.5% $17,750,000 U.S. Small Cap ClearBridge Small Cap Growth SBPYX 3.0% $1,500,000 EAFE 25.0% 512,500,000 European Invesco AIM European Growth AEDYX 7.5% $3,750,000 European db X-Trackers MSCI Europe Hedged Equity Fund DBEU 7.5% $3,750,000 Japan Wisdomtree Japan Hedged Equity DXJ 7.0% $3,500,000 Pacific ex-Japan iShares MSCI Pacific ex Japan EPP 3.0% $1,500,000 Emerging Market 4.0% $2,000,000 Core Emg Mkts Equity Aberdeen Emerging Markets Fund ABEMX 2.5% $1,250,000 Emg Mkts Asia Equity Invesco Asia Pacific Growth Fund ASIYX 1.5% $750,000 Fixed Income & Cash 24.5% $12,250,000 WM Intermediate Tax Exempt Fixed Income — Individual Municipal Bonds N/A 16.0% $8,000,000 Securities High Yield Bonds Blackrock High Yield Fund BHYIX 3.0% $1,500,000 Intl Bonds- Hedged Emerging Market Bonds MFS Emerging Market Debt Fund MEDIX 1.0% $500,000 TIPS BlackRock lnfl Protected Bond Fund BPRIX 1.0% $500,000 Cash 3.5% $1,750,000 Alternatives 8.0% $4,000,000 Hedge Funds 7.0% $3,500,000 Non-directional HF Prisma Spectrum Fund N/A 3.0% $1,500,000 Directional HF Lighthouse Global Long/Short N/A 4.0% 52,000,000 Commodities Deutsche Enhanced Commodity Strategy SKIRX 1.0% 5600,000 Total 100.0% $50,000,000 Source. interne, sources Last asset allocation change was Match 22 2016 and is reviewed montisy. Allocation recomrnendanons are sublet,/ to change without notice. The 'strategic allocation represents our larger term outlook on portfolio diversification end serves as a frame of reference for cur short-term tactical adjustments for U S. 'clients. Actual portfolio composition and performance wrfl vary wrthin the strategic range based upon active market issigtnents. altering the allocation and adjusting within asset classes. Nether this Allocation Table nor any of its contents may be used for any purpose without the consent and knoidedge or Deutsche Ba st It may not be reproduced or circulated without our seinen authority Tte asset <lacteal:ors described herein are formulated by the Regional Investment Comn*tee within Wealth Management (RIC) and may utilize the following asset class components. V S. large cap equity. U S. small cap entity. Japan wanly, Europe equity. Pacific ex-Japan equly. emerging markets spay U.S lived income. U S. hlghylekt bonds. international bonds. emeiging market bonds. municipal bonds. Treasury Inflation Protected Securities, hedge funds. Real Estate Investment Trusts. commodities, and cash. The RIC curentby recognizes four basic investment strate-gres. Income. Growth & Income. Growth, and Maxinitrn Growth. The strategy selected is based upon the indhAduat investor's objectives and risk tolerance You selected portfolio will determine the specific allocation to the asset classes septesented by these vericles The document is for information purposes only. Not Intended to be an offer or solicitation. The products and services above are not appropriate for everyone An interested patty must make tartlet own independent legal. taw. arx,ounting and financial evaluation of their inerits and inks. Deutsche Bank does not provide tar legal. or auclournity) advice. These products and servers are not insured bx amp governmental entity and are subject to investment risk including possible loss of principal. Availability of these products arid services may be Smiled by applicable law These products are not PPP- Insured and are not obligations of nor guaranteed by Deutsche Bank AG or as affiliates. Opinions expressed heretn may differ tom those expressed by departments or other divisions or affiliates of Deutsche Bar* "Detteche Bark means Deutsche Bank AG and its affiliated companies, as the context reputes. Wealth Silanagernteil refers to Deutsche Banks wealth management activities for high- net-worth dents around the world. Deutsche Bank 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0121019 CONFIDENTIAL SDNY_GM_00267203 EFTA01460085