EFTA01401767

Subject: AAPL Autocallable [C] From: Vahe Stepanian Date: Thu, 23 Jul 2015 15:33:07 -0400 To: jeffrey E. <jeevacation@gmail.com> Cc: Daniel Sabba Ariane Dwyer Paul Morris < Stewart Oldfield Richard Kahn Classification: Confidential Jeffrey — we indicatively priced the below note following the downward move in Apple (AAPL) this week. The structure takes advantage of the lower stock price and increase in volatility, while offering an attractive yield if you believe AAPL will trade sideways or positive over the next 18 months. We can also look at other AAPL implementations if interested. Please let us know. Thank you, Vahe Sample transaction terms - 18mo AAPL Phoenix Autocallable Note For discussion purposes only — terms subject to change Issuer: Goldman Sachs Maturity: 18 months, callable after 3 months Underlying: Apple Inc. (AAPL) Autocall: Quarterly — if underlying is above initial strike Contingent Coupon: 8.75% p.a. subject to coupon barrier EFTA01401767 Coupon Barrier: Principal Barrier: Observed and paid quarterly 80% observed quarterly 80% observed at maturity only Description: Assuming a coupon of 8.75% p.a., the investor receives 2.1875% per quarter (8.75% p.a.) if the underlying (AAPL) is above the coupon barrier (approx -20% return). If the underlying is positive after 3 months, the note is automatically called and redeemed early - observed quarterly thereafter. If not redeemed early, at maturity, the principal is at risk if the underlying has a final strike below the principal barrier (approx -20% return) and the investor will receive the return of the underlying. Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. +1 212 454-1539 Mobile +1 347 854-4676 Email This material has been prepared for discussion purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for Deutsche Bank to enter into or arrange any type of transaction as a consequence of any information contained herein. Structured products are not suitable for all investors. Terms quoted above are indicative only and subject to change. This offering relies on a Regulation S exclusion from Section 5 registration requirements of the Securities Act of 1933 and may not be offered to U.S. persons. Structured products are not suitable for all investors due to illiquidity, optionality, time to redemption, and payoff nature of the strategy. We or our affiliates or persons associated with us or such affiliates may: maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation. Calculations of returns on the instruments may be linked to a referenced index or interest rate. In such cases, the investments may not EFTA01401768 be suitable for persons unfamiliar with such index or interest rates, or unwilling or unable to bear the risks associated with the transaction. Products denominated in a currency, other than the investor's home currency, will be subject to changes in exchange rates, which may have an adverse effect on the value, price or income return of the products. These products may not be readily realizable investments and are not traded on any regulated market. Additional risks to consider involve interest rates, currencies, credit, political, liquidity, time value, commodity and market risks. Please consider carefully before investing. Most structured products are only available to certain investors who qualify as "Accredited Investor" as defined in the Regulation D under the Securities Act of 1933, as amended ("the Securities Act"), and/ or "Qualified Purchasers" as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended ("the Investment Company Act"). In addition, prospective investors must sign the Structured Products Account Agreement and Approval Form affirming investor status as well as other matters This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01401769