1 Private Markets STRICTLY PRIVATE & CONFIDENTIAL, FOR INTERNAL DISTRIBUTION ONLY AFS Private Markets: Process Chart Description RE, Infra, PE: All direct deals / co-invests All third party funds RE Direct Deals: Initial due diligence, Prioritisation TRC Review (TRC Paper) PWM, KCP, GCG + TRC/PDC Members + PSG Involvement + Regional Commercial Cmts WREC: Lead by ARA ARA / AFS PEPM Structuring Legal documentation Manufacturing NPA PSG— Due Diligence, WM NPAs Feedback to WREC ARA / AFS PEPM AFS-ARA IV AFS Idea Generation Initial Viability Review ARA TRC Real Estate Initial Viability Review V AFS PDC a. V Demand Assessment Wealth RE Committee AFS PDC Post-Close Services Marketing & Closing Fail Fail Fail Fail Fad Abort Description RE, Infra, PE: All direct deals / co-invests All third party funds All other than RE Direct Deals: Initial Due Diligence, Prioritisation PDC Review I (2-4 Page Paper) PWM, KCP, GCG + TRC/PDC Members + PSG Involvement + Regional Commercial Cmts PDC Review II AFS PEPM Structuring Legal documentation Manufacturing NPA PSG— Due Diligence, WM NPAs Feedback to PDC AFS PEPM CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00268084 DB-SDNY-0 121900 EFTA01460555