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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
o reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate Tax Free Municipal bonds are subject to changes in price, call and availability. Under present law, these bonds provide exemption from federal tax and depending on y
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
o reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate Tax Free Municipal bonds are subject to changes in price, call and availability. Under present law, these bonds provide exemption from federal tax and depending on y
t that we may receive 12b.1 fees and other compensation from the funds and their investment advisors and that funds may execute transactions through Deutsche Bark Carefully consider a Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found i
to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate Tax Free Municipal bonds are subject to changes in price. call and availability. Under present law. these bonds provide exemption from federal tax and depending on your
ation of their merits and risks. Opinions expressed herein may differ from the opinions expressed by departments or other divisions or affiliates of Deutsche Bar*. The investment ideas presented herein are subject to investment risk, including possible loss of principal. The past performance of securities or o
f information about bonds and bond investing, and is available at via the website httPliepps.finra.org/Investor Intormationismart/bonds/000100.aso. Tax Free Municipal bonds are subject to changes in price, call and availability. Under present law, these bonds provide exemption from federal tax and depending on your
Entities connected to both Deutsche Bank and Tax Free Municipal

Julie K. Brown
PERSON
Paul Morris
PERSON
United States
LOCATIONDeutsche Bank Trust Company Americas
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Moody's
ORGANIZATIONDeutsche 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
LOCATIONBloomberg Finance LP
ORGANIZATION