EFTA01460027

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 Municipal Bonds WM Intermediate Tax Exempt Fixed Income — Individual Securities N/A 16.0% $8,000,000 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 Infl 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. *Cana, sources Last asset allocation change was March 22 2016 and is reviewed monlity. Allocation recomrnendanons are subject to change without notice. The 'alrategic allocation- represents our Icinger term outlook on portfolio diversification and serves as a frame of reference for cur short-term tactical adjustments for U S. dents. Actual portfolio composition and performance »1 vary wrthin the strateg* range baited upon active market migments. 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 knovAsulgo or Deutsche Ba st It may not be reproduced cx circulated without our vaitten authority. The asset allocations described herein are formulated by the Regional Investment ConutiMee within Wealth Management (RICI and may utilize the following asset class components. V S. large cap equity. U S. wnad cap equity. Japan witry, Europe equity. Pacific ex-Japan equly. emerging markets equity U.S fixed income. U S. hlghylekl bonds. international bonds. emerging market bonds, municipal bonds. Treasury Inflation Protected Securities. hedge funds. Real Estate Investment Trusts. commodities, and cash. The RIC crirently recognizes four basic investment atrate-4ies. Income. Growth & Income. Growth. and Maxinitrn Growth. The strategy selected is based upon the indhaduat investor's objectives and risk tolerance Your selected portfolio will determine the specific allocation to the asset classes represented by these vehicles The document is for information purposes orgy. Not intended to be an offer or solicitation . The products ant services above are not appropriate for everyone An interested party must make his/her own independent legal. taw. acx.ountirg aryl financial evaluation of their inerits and risks. Deutsche Bank does not provide tax legal. or accAcurtiryi advice. These products and services are not insured by ampgovernmental entity and are subbsct w investment risk including possible loss of principal. Availability of these products and services may be Smiled by applicable law These products are not FDIC insured and are not obligations of nor guaranteed by Deutsche Bank AG or its affiliates. Opinions expressed here* may differ tom those expressed by departments or other divisions or aftliates of Deutsche Bank 'Deutsche Bank' means Deutsche Bank AG and ib. affiliated companies, as the context requite. Wealth Managerniert refers to Deutsche Banks wealth management activities for high- net-worth clients around the world. Deutsche Bank We7.n *?amorernent 10 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120900 SDNY_GM_00267084 EFTA01460027