DB's Leadership Position was Made Possible by the Strength of the Market-leading Research Group in the Space — The genesis of most of Deutsche Bank's Risk Premia investment strategies is the research of the Quantitative Investment Solutions (QIS) Research group. — The group consists of seventeen professionals in the US, Asia, and Europe, with additional offshore support — The group has consistently ranked at the top of investor surveys - most recently, the group ranked #1 in the 2016 All-Europe Institutional Investor Research Survey and #1 in the most recent (2015) US Institutional Research Survey. Page 6 Ttir.V.rM+:: . :"Z"agftfik; CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055012 SDNY_GM_00201196 EFTA01364472