Deutsche Bank Global Public Affairs Global Political and Regulatory Risk In 2015 and 2016: What to Watch November 4, 2015 Passionto Perform Francis J. Kelly Managing Director & Global Coordinator, Public Affairs HOUSE_OVERSIGHT_026794

“There cannot be a crisis next week. My schedule is already full.” = - Former US Secretary of State Henry Kissinger “Any idiot can face a crisis. It’s day to day = living that wears you out.” - Anton Chekhov “Formula for success: rise early, work hard, strike oil.” - J. Paul Getty, US businessman Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 1 HOUSE_OVERSIGHT_026795

The world is moving rapidly from the model we have lived within for 25 years. The where, why and what... LONG TERM OUTLOOK: - Geopolitical events are increasingly pressuring global markets and will continue to do so for the remainder of 2015 and well into 2016. - Middle East serves as locus for key uncertainty and chaos. We continue to believe the region is at risk of remaining in turmoil for 30+ years . - We continue to see NAFTA nations as being seen as economic and political “safe havens” in large part to “Energy Renaissance.” - China is going through intense political, economic and societal transformation — all of which could potentially overwhelm the chances of a successful outcome. SHORT TERM (3-10 month) OUTLOOK: - In the coming three to six months, three key events will likely happen and have a long term positive impact on markets: > Approval and implementation of Iran nuclear negotiations > Congressional approval of Trans-Pacific Partnership (TPP) > USwill approve repeal ban on export of crude oil/natural gas Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 2 HOUSE_OVERSIGHT_026796

The US: Washington’s 2015-2016 agenda - what to expect and why it will be important ¢ Despite the contrary and dramatic press accounts, Washington has been getting things done, a positive for the political process and the nation. It may have been messy but here is what they have gotten done so far this year: o Trade Promotion Authority (TPA) A federal budget lran nuclear deal Debt ceiling Medicare Payment & CHIP funding Homeland Security funding Debt ceiling raise O00 0 0 0 But big policy items are unfinished: Appropriations (by December 11) Repealing oil export ban Highway bill Corporate Tax reform The Trans Pacific Partnership (TPP) O00 0 0 Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 3 HOUSE_OVERSIGHT_026797

US corporate tax reform: have the seeds been planted and is there a deal to be done? - The US Senate has worked on a possible tax package since January. But no clear consensus has emerged on a larger package. Projected Tax Revenue - The real focus is on corporate tax reform, (Fiscal Year 2015) Excise Taxes spurred on by the inversion debate. ‘i 394 Paras i Isc. o - In the Senate, a bipartisan bill was offered to Zo hm encourage corporate profits abroad to repatriate Corporate Income at a significantly lower rate (the Portman- ( Taxes Schumer bill). \ bln - In the House, a plan was offered in late July \ nde ; . ndividual Income that would allow corporations to repatriate at a NX Taxes lower rate if they invested in “research and “ 46% development” (the Boustany-Neal bill). The revenue from the deal would pay for the Highway Trust Fund — which needs money. - What is interesting for both bills is what did not happen: The White House remained silent. Payroll Taxes 32% - Could Congress (in league with US Treasury) slip a major corporate tax report into the appropriations bill using the “Reconciliation” process? Source: OMB Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 4 HOUSE_OVERSIGHT_026798

Should hedge funds and private equity funds be worried about Washington? No. - There continues to be chatter about dealing with carried interest. But chatter does not mean action and we see little actual movement toward raising the rates on carried interest through 2016. - The new “tax reform” focused on hedge funds is projected to raise $11 billion a year. somehow this gets done by allowing the IRS to audit hedge funds and find this amount of unreported revenue annually. Good luck with that. - Private Equity has also been a focus of political chatter - maybe we see new regulation on the burgeoning “Shadow Banking” sector? Again, chatter is not action. There is little chance Congress or regulators will move aggressively in this space through 2016. - But “Big Banks” continue to take it on the chin: In an effort to raise revenue for the Highway Trust Fund, Republicans have legislation moving forward that would drop the guaranteed interest rate banks receive for “investing” in the Federal Reserve — which they are required to do by law - from 6 percent to 1.5 percent. This will result in a significant drop in revenues for some of the biggest banks in the US. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 5 HOUSE_OVERSIGHT_026799

Can US banks get some regulatory relief? Taking care of small- and mid-sized banks and reforming the Fed Senator Richard Shelby (R-AL), chair of the US Senate Banking Committee, has put forward a regulatory relief bill which: - Raises the “Systemically Important” bar from $50 billion to $500 billion; Re-define small banks from $10 billion to $50 billion; - Provides an exemption for banks under $10 billion of assets from the Volcker Rule; - Requires the Federal Open Market Committee to release quarterly reports on economic conditions around the country, though the Fed chair would still testify before Congress semiannually; - Creates an independent commission to evaluate the structure of the Federal Reserve Board system, including a review of the number and structure of the Fed's 12 districts and requires the Federal Reserve to publish a study every two years on its regulation and oversight of nonbanks; - Requires the Government Accountability Office (GAO) to study the Federal Reserve's regulation of systemically important institutions (SIFIs); - Requires the President of the Federal Reserve Bank of New York to be nominated by the President and confirmed by the Senate. Also require3 the Fed to speed up the release of Fed minutes. some observers have suggested this bill will go nowhere; but we would not write it off so fast. Shelby is the master of the legislative process and there is some bipartisan support already for parts of his bill. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 6 HOUSE_OVERSIGHT_026800

Housing reform: 2015 be the year of GSE reform? - After initial movement on bi-partisan legislation last year, this is a dead effort as indicated by Banking Committee member and advocate for GSE reform, Senator Bob Corker (R-TN): “Congress will ignore GSE overhaul for next 16 months.” - Meanwhile, the housing market is moving on a number of fronts (we’ve seen this horror movie before): v¥ Fannie Mae launched their “HomeReady Mortgage” program: You can (again) use the income from non-borrower household members. v¥ Freddie and Fannie are working on a common Securitization Platform. Just for them (for now) but will eventually allow other participants. Question as to whether this is a transition to something new or simply securing the monopoly/duopoly of the GSE’s. Existing Home Sales (in millions) Existing Home Sales has increased 53.9% from its lowest level of 3.45 million in July 2010. me * FP oH oF oF 28 ee rn or a a | on to s e ee » * > - eo ? os re we Source: Deutsche Bank Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 7 HOUSE_OVERSIGHT_026801

The “Americas Decades’ - The energy revolution keeps moving forward, the implications are enormous - The NAFTA Bloc (US, Canada, Mexico) is emerging as a new “Super Bloc” for business, finance and energy. - Combined, the NAFTA Bloc is comprised of more than 500 million people, a $19 trillion economy and the largest energy capability in the world. Not to mention US and Canadian military superiority and reach globally. - Mexican government “got it” and amended their constitution; Canada has “gotten it” for quite some time (i.e. oil sands, Keystone Pipeline, etc.). US Congress now seeing strategic imperative (not to mention massive federal revenues). - The local, national, regional and broader geopolitical implications of greater hemispheric energy independence are extraordinary and are already creating significant policy changes — and ruptures globally (i.e. Russia, Middle East, Venezuela, China, Iran). > Case in point: If the Ukrainian crisis has done anything, it has intensely focused Washington (and Mexico City and Ottawa) on the need to rapidly build out natural gas and crude oil development and export capabilities. > And, in the near future, can tariffs and fees on overseas sales help deal with the US deficit? There are a growing number of members of Congress who think it can. And will. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 8 HOUSE_OVERSIGHT_026802

The 2016 US election campaigns have begun... Deutsche Bank Francis J. Kelly HOUSE_OVERSIGHT_026803

Yes, of course, we are already talking about the 2016 presidential elections.... A multi-billion dollar race? Ex-Gov. Jeb Bush (R-FL) Hillary Clinton Senator Bernie Sanders (D-VT) Ex-Gov. Martin O’Malley (D-MD) Harvard Professor Lawrence Lessig Gov-Scott Walker (R-W} Senator Rand Paul (R-KY) Dr. Ben Carson senator Ted Cruz (R-TX) Gov. Chris Christie (R-NJ) Gov. John Kasich (R-OH) Senator Marco Rubio (R-FL) senator Lindsey Graham (R-SC) Ex-Gov. George Pataki (R-NY) ex-Senator Rick Santorum (R-PA) Ex-HP CEO Carly Fiorina Ex-Gov. Bobby Jindal (R-LA) Donald Trump Ex-Gov. Jim Gilmore (R-VA Ex-Gov- Rick Perry (R-TX) Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 10 Ex-Senator Jim Webb(D-VA) HOUSE_OVERSIGHT_026804

So who would win if the general election were held today? Strangely, closer than you might think. The November 4" RCP* average of major polls shows a surprisingly tight race between various Republican candidates and Democratic frontrunner Hillary Clinton. *RCP = Real Clear Politics Aggregate Poll of major polls Source: Realclearpolitics.com Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 11 HOUSE_OVERSIGHT_026805

How does Clinton do vs. Republican opponents? And, please, tell me what you really think of Mr. Trump Quinnipiac Swing State Poll General Hection Spreads Quinnipiac National Poll Released August 27, 2015 What is the first word that come to mind when you think of <name>? Released August 20, 2015 Clinton Bush Trump Florida Bush Rubio liar Bush arrogant Clinton 11 12 dishonest family blowhard Biden 13 5 untrustworthy honest idiot Sanders 16 experience weak businessman ; ; strong brother clown Ohio Rubio Bill dynasty honest Clinton ~ - woman experience ego Biden 3 1 smart Florida money Sanders 6 8 crook politician outspoken untruthtul republican crazy 1 2 3 A be} 6 ri fe] 9 Pennsylvania Bush Rubio Clinton 3 7 Biden 1 3 Sanders 8 13 i am) Red/blue numbers indicate FD candidate lead by that number of points. For example, the poll showed Bush leading Clinton by 11% in Florida Deutsche Bank Francis J. Kelly Source: Quinnipiac College Global Public Affairs [email protected] 12 HOUSE_OVERSIGHT_026806

Whipsawed! Democrats may be poised to regain control of the Senate in 2016 GE Republican-Held Seats J Democratic-Held Seats WE open Seats No Election in 2016 - 23 seats have Republican incumbents, 7 seats with Democratic incumbents - There are 4 open seats: California, Maryland, Indiana and Nevada Deutsche Bank Francis J. Kelly Source: National Journal Global Public Affairs [email protected] 13 HOUSE_OVERSIGHT_026807

And remember: The primaries are six months away... State Date Florida/Massachusetts/ March 15 Oklahoma/Tennessee/ Texas/Vermont/Virginia Alabama/Mississippi/ March 8 Ohio Illinois/Missouri March 15% Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 14 HOUSE_OVERSIGHT_026808

The geopolitical outlook: Growing regional tensions will not get any better in 2016 THE SECTARIAN BALANCE OF POWER IN THE MIDDLE EAST E bc J | LEBANON—w MOROCCO — JORDAN—~ as : re Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 15 HOUSE_OVERSIGHT_026809

lran: US Congress will not stop nuclear deal; EU already moving forward — fast. What’s next? - P5+1 and Iran reached a deal. Big obstacle has been overcome: Enough US Senators support to ensure it can move forward. - Saudi Arabia “supports” the deal. The Saudi king was in DC last month. US has quietly promised nuclear protection and massive weapons sales. - Market implications of a deal are significant, especially for European corporates eager to get back into Iran marketplace (i.e. Italian PM Renzi already visited Tehran as has German FM). - Iran wants to build 400 four & five star hotels in next five to ten years. - But do not expect any significant oil export increase and/or sales into Iran for at least 8 — 10 months. Iran must first comply and set up systems for inspections. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] exports in $ billion 140 Real GDP Growth IF Forecast percent 7 4 5 4 3 2 1 0 -] -2 -3 -4 -5 -6 caf me MENA Others m Turkey m= mg Japan & Korea g China & India mE = 2007 27008 2009 2010 2011 2012 27013 2014 Source: IIF; IMF 16 HOUSE_OVERSIGHT_026810

Yemen in crisis: a new global choke-point? -13 percent of world’s oil travels through Gulf of Aden as it travels up through Suez Canal — almost all of it heading to Europe. - Almost 8 percent of all world trade via shipping goes through Suez Canal. - Iran is seen to be trying to build a “Shia Crescent.” - lran sees/fears being encircled by “Sunni Crescent.” - If Yemen falls completely to Houthi tribal control — de facto, becoming an lranian satellite — what threat does it pose to Saudi Arabia? - Question: will a nuclear deal with lran empower them regionally? Or will it further spur the Sunni nations to increase their defense efforts? Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] sae o g qT iGuilt Lp o o Mashhad oe 3 Esfahan ss Afg! ulpauel Iran | _ United Arab Saudi Arabia —_*, Emirates ‘, ; o aan a 4, Muscat Yemen: Iran ‘ &) Backing the Djibo be Gulf of Awen Houthi rebels arab Ethiopia aN Somalia’s Al Shabab Somalia 17 HOUSE_OVERSIGHT_026811

Libya: Is there any hope for peace or will it become a hub for regional instability and violence? No and yes -The US/EU/NATO toppling of long-time strongman Muammar Gaddafi has led to a cycle of instability and continuous violence. - It has also led to severe cuts in oil production and loss of significant revenue. - More importantly, Gaddafi’s massive weapons stocks have directly flowed to Boko Haram in Nigeria, terrorist groups in Mali and to arm other movements in Tunisia — as well as financing them via the sales and trading of these weapons. - The US and EU seem to have no strategy to deal with the situation. White House sources tell us “it has literally fallen off the table” as an issue of focus. Is this now Egypt’s problem through which the US will send money/weapons? Libya total oil production (1980-2013) thousand barrels per day 2,000 1995 — total oil production Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 18 HOUSE_OVERSIGHT_026812

Conflict in Ukraine: is it all over but for the shooting? Ukraine Lines of Withdrawal - Moscow got what it wanted: securing the naval port in Sevastopol and creating a buffer state between Ukraine and Russia as well as keeping Kiev weak and unstable. - But there has been a cost: Sanctions are crushing the Russian economy and Crimea has become a giant money pit for Putin to pour rubles into. A complete economic mess. - However, do not exclude possibility of more violence in Ukraine or elsewhere in the region. eee - Still waiting for any significant financial aid or military relief from EU or US. Word to the wise: do not hold your breath. - One other conflict is now drawing in Russian troops: Syria. Russian pilots are now flying missions with Syrian Air Force. * Warsaw Source: Washington Post; IIF, Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] Percentage of population that identified Russian as their native language (2001 census) | 10% 20 30 50% RUSSIA National Bank of Ukraine 7 19 HOUSE_OVERSIGHT_026813

Russia: Return of the empire or death of a nation? - Russia covers nine time zones and fies Poipu te echt ees almost 7,000 miles end to end. -The current Russian population:143 million. With the annexation of Crimea: 146 million. - By 2030, the Russian population will have shrunk to136 million. - By 2050, it will likely have shrunk to below 120 million and perhaps as low as MS milan (roughly the size of Mexico Natural population growth of Russia since 1950 or Philippines today). == Birth rate ™==Death rate == Natural growth - Putin has also promised to increase military spending by $770 billion between now and 2020. - Putin has also overseen the building or reconstruction of 23,000 Russian Orthodox Churches. And urged Russians to have lots of children (offering financial incentives). Collapse of U.S.S.R ' (Per 1,000 Persons} Sh PP PP DP SP SE oP LP AY AO GO AP DP Bh PP PP Sh A PP P PP oP th oh PPP ILE LLL ELSE LS SELLE. IL ELI IS I IS GP PP os Sources: United Nations; American Enterprise Institute; Globe & Mail Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 20 HOUSE_OVERSIGHT_026814

Washington is watching this deal: A Sino-Russian oil and gas alliance? Russian President Putin inked a $400 billion deal with China in May 2014 mee Oparaling Qa5 PPE WNeS eeees Pipaling gas supply roubes === Gas pipelines Under CONStMCON esene (G35 (runkling Sysipm from Yakutia and ihe Ifagisk Region lo Vindeyoslok Gas production carters a a SKOVORODIND Malostinskoye \ “nun UGS Facdity Ls Q News ; ‘tae er = : a aS PAODeISING : suseeenn( f* i OZ | ; plants and ci oenied apy eS las | facilities O | TO CHINA rate DALNERECHENSK » TOCHINA ay aie UWLAN-baTOR (_) | fo A MONGOLIA CHINA | | Source: Gazprom Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 21 HOUSE_OVERSIGHT_026815

China’s Siberian energy plans: 7,000 km of new pipe KAZAKHSTAN TURKMEN-UZBEK- KAZAKH PIPELINE ———. a a i Horgos ~KYR GYs TA on fas y* ——-/ y a al Lunnan wise wee Pxisting ——-—: Under construction —— Planned sentoen Proposed WEP 2 WEP 3. Operating Under construction or planned “eur . NO at on ¥ JMYANMAR Sa -_— f Chostainb | Cla “> “yerwan- MONGOLIA _? NORTH KOREA ® Dalian LNG .-— Odingdao LNG SOUTH KOREA “"“@ lia ngsu LNG <i Nanjing Shanghai va @Shanghai LNG 7 © Zhejiang LNG i Fas SiNanghahg _ anne * Se Fuzhou eG 4 : suiyang a * ced. = ® Fujian LNG ¢ Shaogiian™ 2 eo “Xiamen TAIWAN pNanningy —@ =O Shantou LNG ~ oO Guangdong LNG : Zhuhai LNG = Beihai LNG O Hainan LNG Deutsche Bank Global Public Affairs Francis J. Kelly [email protected] HOUSE_OVERSIGHT_026816 22

China goes big in Pakistan... - China, in an effort counter India, build additional shipping points and expand trade, has just arranged for a $46 billion investment in pipelines from one end of Pakistan to the coastal city of Gwadar. - India is not happy we suspect al-Qaeda and ISIS in the northern region are not happy about this, either. - Will China build a naval port, too? We believe so. Deutsche Bank Global Public Affairs to and Francis J. Kelly [email protected] | $46 billion big... | — Gwadar-Kashgar route I ADMINISTERED KASHMIR +——* Where the bad guys. val Islamabad AFGHANISTAN PAKISTAN BALOCHISTAN Arabian Sea . #@ se #Karachi Kashgar XINJIANG INDIAN ADMINISTERED KASHMIR 23 HOUSE_OVERSIGHT_026817

China and the evolution of revolution: Rise of radical Muslims in China's western provinces ass 7 RUSSIA sa e = | Harbin, | f MONGOLIA __, \ , Shenyang, fi a Pt Ginhuangdaa,> _<-Na KOH. i IRAN ngqgin a Tianjin Dialis R itn Lanzhou J SINIOAO vatiow jets ir ! i . F7hangzhoud, Sea | rk, | I Alan, . =a yf fe" ry \ tiie Nanjing, Shanghai Cont Dey, engdu ingbie | | r Guangzhou, | Taiwan il ae 7 ay ong Keng &. ALR. es - China now has a rapidly growing radical Islam problem: Ethnic Uyghur’s — who are Turkic speaking — feel badly repressed and left out of the Chinese economic growth. - They have become increasingly radicalized. Uyghur’s are fighting with ISIS and al- Qaeda. More importantly, they are conducting more and more terrorist strikes within China. China now is seeking to engage in Afghanistan. And they have become a key partner to Pakistan in recent years. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 24 HOUSE_OVERSIGHT_026818

The new frontier: Drilling in the Arctic and race with Russia and China - Once cold and forbidding, climate change has allowed multiple countries to see it as a massive new and untapped region for natural resources and critically important geopolitical/military vantage point. ey : “Prudhoe Bay- oil and gas field Ny - President Obama visited this week and BY not A oe P Sea more than 100 trillion both called for renewed climate strategy as é Sess hls . well as ramping up Coast Guard capabilities |. Gil ol suse Arctic Ocean to operate in the Arctic. Arealeased Tazovskoye P oil and gas field North Pole sd ' - Russian President Putin has placed great emphasis on Russian military presence in the Arctic. China is also trying to lay claim ogi y to region as part of their never-ending os << ac0as wn potential ‘ A. s more than 100 trillion search for oll. ICELAND a L-» Cubic feet of natural gas } and up to 10 billion Norwegian — barrels of oil. Sea Source: U.S. Geological Survey Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 25 HOUSE_OVERSIGHT_026819

Cuba: we showed you the love, now show us the money - President Obama’s historic re-opening of diplomatic relations has set the stage for potentially significant new investment opportunities in Cuba. But we stress “potentially” as the Castro Brothers now seem to be slowing considerably with respect to any reforms. - Meanwhile, the US Congress is going to make sure there is no funding of the US Embassy and will be vigilant on any new business licenses granted by US Treasury for banking or foreign trade with Cuba. - What to watch for: Pope Francis — who was Critical to the SUCCESS of the negotiations — “That hoard of capitalist investor’s should be just finished visit to Cuba and US. Will arriving...just... about... now.” there be further agreements to hasten better relations. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 26 HOUSE_OVERSIGHT_026820

Argentina: Elections in October bring little clarity to future - The August 9 mandatory open primaries (PASO) brought little clarity as to who will succeed President Cristina Kirchner in the October 25 elections. She has held office since 2007 and, before that, her husband held the presidency from 2003-06. - Kirchner’s handpicked successor, current governor of Buenos Aires province, Daniel Scioli (of the Peronist faction) leads in the elections held last week. But the 2"? and 3'¢ place finishers could band together to pull off a victory. - The Argentine economy has seen zero growth this year. FDI has declined 41 percent and inflation stands at 30 percent. Voters remain deeply divided over which candidate and which economic policy to support. We expect continued problems for the foreseeable future. Repsol Oil Co, © Paris Club OW Muttilaterat funding organizations W) Private debt tenants “You’re only going to get this much back. . .” Inflation and recession are clobbering the average Argentinean. Source: Straftor Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 27 HOUSE_OVERSIGHT_026821

Venezuela: The spiral widens and intensifies... but there is some good news - The Venezuelan legislative elections are only one month away (December 6'") and the country continues to be wracked by dysfunction, corruption and shortages of food, toilet paper, medicines, etc. - The government has also banned a number of leading opposition figures from running for office and/or has placed them under house arrest. - Inthe first half of 2105, their were reports of 132 lootings of stores and 2,800 protests”*. - Inflation is now estimated at over 800 percent, making it the highest in the world. - Meanwhile, President Maduro has revived old border disputes with Guyana and closed the border with Columbia, causing significant social unrest. - So whatis the good news? There is a new and serious dialogue underway between the United States and Venezuela. Multiple high-level diplomatic visits have been undertaken in the last six months. A by-product of the US- Cuba rapprochement? *source: Venezuelan Observatory for Social Conflict Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 28 HOUSE_OVERSIGHT_026822

Contact: Francis J. Kelly Managing Director & Global Coordinator, Public Affairs Deutsche Bank 801 17 Street, N.W. Suite 300 Washington, DC 20006 DC Office: 202-626-7022 NY Office: 212-250-7253 Email: [email protected] This material is provided to you for informational purposes only and absent written consent from Deutsche Bank, may not be transmitted in whole or in part in any format to any other party. This material was prepared by Corporate Communications and Public Affairs within Deutsche Bank AG or one of its affiliates (collectively “Deutsche Bank”). No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. This material is based upon information that Deutsche Bank considers reliable as of the date hereof. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Deutsche Bank is not responsible for updating any of the information contained herein. This material is intended for your personal use and Deutsche Bank Is not soliciting the purchase or sale of any security or transaction, or participation in any particular trading strategy. 022545 111015 Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 29 HOUSE_OVERSIGHT_026823

Francis J. Kelly Managing Director & Global Coordinator, Public Affairs Head, Government & Public Affairs — North and South America Frank Kelly is Global Coordinator for Public Affairs as well as head of Government & Public Affairs for North and Latin Americas. In this role, he manages and coordinates relationships with elected officials and political and legislative bodies globally. Additionally, he heads up the Bank’s U.S. Direct Investment Advisory Group (DIAG) providing strategic counsel to non-US companies engaged in cross-border mergers and acquisitions requiring regulatory and political approvals. Mr. Kelly also serves as the Bank’s Chief Political Risk Strategist advising clients on geopolitical and domestic risk issues and their impact on markets and industry sectors. Previously, he was Head of Communications & Public Affairs — Americas overseeing legislative and regulatory matters, corporate and internal communications, branding and advertising and conferences and events for Deutsche Bank in the Western Hemisphere. Prior to joining Deutsche Bank, Mr. Kelly held senior positions at both Charles Schwab & Co. and Merrill Lynch & Co, Inc. Before joining the private sector, Mr. Kelly served at the U.S. Securities and Exchange Commission as Chief Spokesman as well as the US Department of Justice as Assistant to the Director for Policy Development. Prior to these posts, he served in both the George H. W. Bush and, earlier, the Reagan White House where he started as a writer for President Reagan. Mr. Kelly is a member of the Council on Foreign Relations and the International Institute of Strategic Studies. He serves as a member of the Board of Directors of the American Council on Germany and the Atlantic Council of the United States. Mr. Kelly, his wife, Maura, and their two living children resides in Great Falls, Virginia. Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 30 HOUSE_OVERSIGHT_026824