STRICTLYPRIVATE & CONFIDENTIAL, FOR INTERNAL DISTRIBUTION ONLY Private Markets, CFP, NCOU Typical Deal Flow: Current Status 1 2 3 4 PM Distributed Deutsche Asset AWM Clients NCOU PM Framework Sponsored Non-Sponsored ÷ Client-to-Client AWM Clients Co-investment opportunity (PE. RE or Infrastructure) with a reputable third-party lead PE house or sponsor. Opportunity is originated. diligenced, potentially invested in an AWM fund and distributed to KCP Clients. Newly established Private Markets model Full fiduciary due diligence for AWM with full investment process CF mandated deals where equity or other investment is sought and AWM clients approached as potential investors. AWM: Fiduciary responsibility to AWM clients as investors CB&S: Acts for sellers: no duty or obligation to investors As above but no CF mandate; CF is seeking to win a mandate by showing value-add of DB's syndication network (including AWM clients). CF: no real work or due diligence on the transactions; no obligation to any party AWM: Lack of expertise & resources for DD plus related fiduciary onus AWM KCP client with a business or asset to sell or syndicate seeking introduction to other AWM KCP clients as potential investors AWM: Lack of expertise & resources for DD Potential for reputational risk to AWM AWM KCP clients proactively looking for balance sheet deleverage assets NCOU: maximises value for DB. plus issues around MTM of assets AWM: Conflicts of interest with fiduciary positioning & reputational risks 1 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0121898 CONFIDENTIAL SDNY_GM_00268082 EFTA01460553