EFTA Document EFTA01460569

3 AWM Clients STRICTLY PRIVATE & CONFIDENTIAL, FOR INTERNAL DISTRIBUTION ONLY AWM Client Referred Deals `Client-to-Client' Transactions Background • Typically sourced from AWM clients looking to sell their companies, assets or other one-off M&A opportunities. Key Issues • No deal sponsor, no party conducting due diligence, no PE co-investor or other professional "skin in the game". • No AWM expertise or resources to due diligence these opportunities (exception: mainstream real estate and infrastructure) • However, linking KCP clients is a key part of enhancing AWM's KCP offering and network. AWM New Proposed Framework Vis-a-vis KCP Clients • As on Slide 5. The AWM Internal Review and Approval Process • The standard process for CFP deals is not applicable in these cases. KCP Client Exemption List Suitability & Appropnate ness Committee Only feasible approach should be via the KCP Client Exemption List: Specific clients selected on a name-by-name basis. for their expertise in the relevant asset or industry sector (as explained on Slide 5). The Suitability & Appropriateness Committee would approve the selection of named clients, vetting them for: Potential buyers to have the equivalent expertise in the asset or industry sector as the sellers. Beefed up "Big Boy" letter: comprehensive undertaking by clients that they have the adequate resources, expertise and experience to make their assessment of the investment and take their own investment decisions. Deutsche Asset ▪ Ma - f.:,;" 7 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0121918 CONFIDENTIAL SDNY_GM_00268102 EFTA01460569