The Index is designed to replicate the return on an international long-short strategy, where the Investor is synthetically long eight Deutsche Bank (“DB”) style indices, and simultaneously short comparable regional benchmark indices. The objective of the Index is to reflect the performance of an alpha investment model.

For the Index, the underlying assets are eight DB style indices representing four regions and the relevant benchmarks are four regional benchmark indices.

The Index effectively replicates a notional investment whereby, for each region, an Investor is long: (i) an equally weighted position of a DB Value Index and DB Growth Index, and (ii) short an initially equally offsetting position in a regional benchmark index. The four regions are Continental Europe, the United
States, Japan and the United Kingdom.

The relevant Index Constituents comprising each Index Constituent Pair are listed below:

Euro Value Pair:

• DB Euro Value Total Return Index
• Dow Jones Euro STOXX 50 Total Return Index

Euro Growth Pair:

• DB Euro Growth Total Return Index
• Dow Jones Euro STOXX 50 Total Return Index

US Value Pair

• DB US Value Total Return Index
• S&P 500 Total Return Index

US Growth Pair

• DB US Growth Total Return Index
• S&P 500 Total Return Index

UK Value Pair

• DB UK Value Total Return Index
• FTSE 100 Total Return Index

UK Growth Pair

• DB UK Growth Total Return Index
• FTSE 100 Total Return Index

Japan Value Pair

• DB Japan Value Total Return Index
• TOPIX 100 Total Return Index

Japan Growth Pair

• DB Japan Growth Total Return Index
• TOPIX 100 Total Return Index