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This is Risk Premia / Alternative Beta, which are low-cost, systematic, liquid alternative investments - DB CB&S is a market leader in the Risk Premia space with over 12bn USD strategy AUM raised in the past three years. - Some of the world's largest and most sophisticated investors are leading

3.2% 1.38 -7% 7% 4% MSCI World PR 3.8% 16.4% 0.23 -59% Source Deutsche Bank AG. Bloomberg. Risk-weighted Portfolio is monthly rebalanced. Premia are weighted proportional to inverse of 1-year realized volatilities on each rebalancing date Volatility is calculated with daily return data. Beta

This is Risk Premia / Alternative Beta, which are low-cost, systematic, liquid alternative investments - DB CB&S is a market leader in the Risk Premia space with over 12bn USD strategy AUM raised in the past three years. - Some of the world's largest and most sophisticated investors are leading

3.2% 1.38 -7% 7% 4% MSCI World PR 3.8% 16.4% 0.23 -59% Source Deutsche Bank AG. Bloomberg. Risk-weighted Portfolio is monthly rebalanced. Premia are weighted proportional to inverse of 1-year realized volatilities on each rebalancing date Volatility is calculated with daily return data. Beta

This is Risk Premia / Alternative Beta, which are low-cost, systematic, liquid alternative investments - DB CB&S is a market leader in the Risk Premia space with over 12bn USD strategy AUM raised in the past three years. - Some of the world's largest and most sophisticated investors are leading

3.2% 1.38 -7% 7% 4% MSCI World PR 3.8% 16.4% 0.23 -59% Source Deutsche Bank AG. Bloomberg. Risk-weighted Portfolio is monthly rebalanced. Premia are weighted proportional to inverse of 1-year realized volatilities on each rebalancing date Volatility is calculated with daily return data. Beta

This is Risk Premia / Alternative Beta, which are low-cost, systematic, liquid alternative investments - DB CB&S is a market leader in the Risk Premia space with over 12bn USD strategy AUM raised in the past three years. - Some of the world's largest and most sophisticated investors are leading

3.2% 1.38 -7% 7% 4% MSCI World PR 3.8% 16.4% 0.23 -59% Source Deutsche Bank AG. Bloomberg. Risk-weighted Portfolio is monthly rebalanced. Premia are weighted proportional to inverse of I -year realized volatilities on each rebalancing date Volatility is calculated with daily return data. Beta