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nformation The asset allocations described herein are formulated by the Regional Investment Committee (RIC) within Deutsche Bank Wealth Management (Deutsche Bank WM) and may utilize the following asset class components: U.S. large cap equity, U.S. small cap equity, Europe equity, Japan equity, Pacific ex-Japan
iliates of Deutsche Bank. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies, as the context requires. Wealth Management refers to Deutsche Bank's wealth management activities for highnet-worth clients around the world. Deutsche Bank Wealth Management 9 EFTA01477954 Growth Tactical alloca
no sales charges and no conflict of interest. Deutsche Bank products are excluded from calculation of the billable assets for advisory fee charge. No Deutsche Bank commission charged on trades. Commission on trades are only charged by the counterparty. Fees are subject to change without notice. Further inform
isor regarding any tax matters addressed herein based on its particular circumstances. All trademarks and service marks on this statement belong to Deutsche Bank AG or its affiliates, except third-party trademarks or service marks, which are the property of their respective owners. "Deutsche Bank" means Deutsc
) Tax- Free Average includes all tax-free and municipal retail and institutional money funds. It consists of funds in the National Tax-Free Retail, National Tax-Free Institutional, State-Specific Retail, and State-Specific Institutional categories. Deutsche Bank Wealth Management 27 EFTA01477994 Important information Mu
nformation The asset allocations described herein are formulated by the Regional Investment Committee (RIC) within Deutsche Bank Wealth Management (Deutsche Bank WM) and may utilize the following asset class components: U.S. large cap equity, U.S. small cap equity, Europe equity, Japan equity, Pacific ex-Japan
iliates of Deutsche Bank. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies, as the context requires. Wealth Management refers to Deutsche Bank's wealth management activities for highnet-worth clients around the world. Deutsche Bank Wealth Management 9 EFTA01478024 Growth Tactical alloca
no sales charges and no conflict of interest. Deutsche Bank products are excluded from calculation of the billable assets for advisory fee charge. No Deutsche Bank commission charged on trades. Commission on trades are only charged by the counterparty. Fees are subject to change without notice. Further inform
isor regarding any tax matters addressed herein based on its particular circumstances. All trademarks and service marks on this statement belong to Deutsche Bank AG or its affiliates, except third-party trademarks or service marks, which are the property of their respective owners. "Deutsche Bank" means Deutsc
) Tax- Free Average includes all tax-free and municipal retail and institutional money funds. It consists of funds in the National Tax-Free Retail, National Tax-Free Institutional, State-Specific Retail, and State-Specific Institutional categories. Deutsche Bank Wealth Management 27 EFTA01478064 Important information Mu
inistrator. Hedge Fund market value and performance represents the most up to date estimate provided by the fund administrator which differs from the Deutsche Bank statements that represent values at a one month lag. Emerging markets may be in transitional or formative stages and thus may be significantly less
ll) Tax-Free Average includes all tax-free and municipal retail and institutional money funds. It consists of finds in the National Tax-Free Retail, National Tax-Free Institutional, State-Specific Retail, and State-Specific Institutional categories. Iltitual Fund — The value of fund shares will fluctuate with market conditions
Entities connected to both Deutsche Bank and National Tax-Free Institutional

Julie K. Brown
PERSON
Paul Morris
PERSON
United States
LOCATIONDeutsche Bank Trust Company Americas
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Moody's
ORGANIZATION
United Kingdom
LOCATIONDeutsche Asset & Wealth Management
ORGANIZATION
Milan
LOCATION
Baltimore
LOCATION
New Zealand
LOCATION
New York
LOCATIONAlex. Brown
PERSON
New York University
ORGANIZATIONthe Deutsche Bank Group
ORGANIZATION
Norway
LOCATION
Madrid
LOCATION
Denmark
LOCATION
Finland
LOCATION