EFTA01373767

For Key Client Partners or US Institutional Investors. Not for Retail Distribution Deutsche Bank Municipal Capital Markets Group The Most Efficient and Focused Muni business in U.S. Municipals • Focus on providing customized client solutions and creating partnerships Client-Focused • Deep relationships help generate unique and programmatic opportunities • Significant amount of repeat business • Fourth largest Muni business on the street Efficient • 20 full-time employees vs. —150 street average • No low margin businesses • Not confined to any geographic area or credit sector Adaptive • Adaptive team with structuring, legal, and credit expertise • Experience with non-traditional assets and structures • One fully-integrated platform, deeply integrated into DB's global footprint Effective • Streamlined execution process • Most execution decisions taken at desk level • Business resources have steadily grown over 5 years Substantial • Significant capacity available for large transactions: Investor Financing, Capacity Direct Lending, Securities Trading Ntutsche Sank 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0068123 CONFIDENTIAL SDNY_GM_00214307 EFTA01373767