Classification: Confidential * * Prepared exclusively for Jeffrey Epstein, Key Client Partners (KCP) * * * Jeffrey - Globally you are seeing the rotation from high-beta, small cap and growth stocks into large-cap value. This is inline with your early call for us to pull out a concentrated five names. Entry point here. Instead of those single stocks, consider a 510-15mm total return swap on Cash Return On Capital Invested (CROCI) index. specifically, the CROCI sub-index focused on dividend paying/dividend-growing us equities. I've included my colleague, Joe Hall, who sits on the CROCI team and will gladly detail this stockselection strategy with you directly at any point. Full presentation is attached, a few key points here: Achieve benefits of active valuation for passive price Bottoms-up valuation - DB CROCI Analyst team (60 people globally) assess each company in it's global universe (800 stocks) from an Economic PE* perspective, adjusting balance sheets to reconcile operating cash flow across sectors for comparable stock-valuation Quantitative selection - stocks selected each month based on the lowest price-to-operating-earnings ratio, based on their valuation metrics (above) Stock universe is ex-financials Re-sets monthly Transparent - pull up the CROCI indices on Bloomberg for mark-to-market (ex: DBUSSDUT = CROCI US Dividends) Implementation can be customized via a separately managed account (SMA) of single stocks Tax-efficient, liquid, levered exposure can be achieved via total-return swap (TRS) 10 principal indices in the CROCI family: US, UK, Japan, Germany, Euro, World, World Ex-Japan, Sectors III, Global Dividends and US Dividends CROCI Dividends targets companies with sustainable dividends AND attractive valuations (performance below and p 7 of the attached) Long only - TRS on CROCI US Dividends (DBUSSDUT): underlying: CROCI Div (DBUSSDUT) Client Pays: 3mLibor + 0.85% p.a.,x Notional compounded quarterly Client Rcvs: Notional x [Final/Initial - 1] Initial Margin: 20% Long/short us Only - Long CROCI us Dividends vs. Short s&P 500 (two swaps): underlying: CROCI Div (DBussouT) and s&P 500 (sPTR) client Pays: [SPTR Perf - (3mLibor + 0.20% p.a)] x Notional Client Rcvs: (DBUSSDUT Perf - (3mLibor + 0.80% p.a.)] x Notional Initial Margin: 20% Index Perf = [(Final/Initial - 1)] Indicative levels as of 4/8/14. source: DB GM Equity Derivatives. * (Enterprise Value/Net Capital Invested)/(Cash Return on Capital Invested) 5-Year History of CROCI US DIVIDENDS vs. S&P 500 Inedex (source: Bloomberg, as of close 4/7/14) (Embedded image moved to file: pic06002.gif) Used with permission of Bloomberg Finance LP (Embedded image moved to file: pic20567.gif) (See attached file: FINAL I-34272-1 slimCROCI 12-31-13.pdf) (Embedded image moved to file: pic2S279.gif) Tazia Smith CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101864 CONFIDENTIAL SDNY_GM_00248048 EFTA01447276