EFTA Document EFTA01373772

For Key Client Partners or US Institutional Investors. Not for Retail Distribution Attractive Characteristics of the US Muni Market USD-denominated Fixed Income Long Duration Historically Steep Yield Curve Low Correlation with Other Fl Outperform in Bear Rates Environment Deutsche Bank • 54 trillion notional outstanding • Diffuse (>50,000 issuers, 2mm CUSIPS) • High grade market (lower default and LGD than corporates) • Majority of the new issue volume is >10 yr • -70% of trading