EFTA01297271.pdf

Deutsche Bank
Wealth Manag;irnent
s A N--
This questionnaire is highly relevant for Deutsche Bank's compliance with the requirements stipulated in
the German Bank Separation Act (GBSA). Violation of GBSA prohibitions can be prosecuted as a criminal
offense and expose Deutsche Bank to significant penalties and reputational risk. This questionnaire must
therefore be completed with the utmost diligence. In case of any questions regarding this questionnaire,
please contact your line manager or your local contact at Deutsche Bank's Legal Department.
Darren K. Indyke PLLC
Name al Cline Mete:tree)
Section 1: Proprietary Trading
This section deals with activities of Deutsche Bank Group entities involving the ptschase or sale of financial instrument in a
principal capacity.
Level 1
Qt. Do the proposed activities involve transactions in financial instruments by A Deutsche Bank Group entity as principal
(i.e., not as agent, broker or in any other role as service provider)?
Please indicate YES or NO, and describe the basis for this conclusion in the Comments section as well as by checking
the appropriate box in below table with examples.
YES (if the answer is "YES". please proceed to 02 of this questionnaire kir documentation of anplicable exclusions or
exemptions)
I NO (this is permissible trading under GBSA)
Comments
This is an law firm and is solely owned by Darren Indyke
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Mark IX) Examples for in scope-products i.e. "financial Mark (XI Examples for out-of-scope products
instruments" within the meaning of Section and activities
1(11) of the German Banking Act
If Yes Shares and comparable holdings If Yrs Loans evidenced by promissory notes
(Schuldscheindertehere issued under German
law, PROVIDE() that III they have a residual
minority of more than twelve months (i.e.,
they are not money market instruments) and
they have been granted on the basis of
contractual agreements with a limited number
of institutional investors only, but not broadly
Meted to the public.
If Yes Certificates representing shares If Yes Registered bonds
fleameneschuldverschreibungent, PROVIDED
they have been issued on the basis of
contractual agreements with a limited number
of institutional investors only, but not broadly '
tifleied to the public
If Yes Investment products under the Capital II Yes Loans (other than subordinated loans and
Investment Act' that are not represented by welt participating loans), including non-
a tradeable secunty, such as shares or units Win forming loans. and other receivables le.g.,
that grant a participation in the rotten of lease, rent). unless represented bye tradeable
business; shares in assets which the issuer or locurity.
a third party holds for the account of another
person (trust assets); mote participation loans.
subordinated loans, (profit) participation
rights; registered bonds; other investments
that promise interest and refund or a cash
settlement in consideration of the temporary
transfer of money, provided that they are
offered or marketed to the public in Germany:
(Note: The qualification of loans evidenced Uv
promissory notes tSchuldetheirefarlehen)
depends on their marketability arid remaining
maturity, see in the right column.)
If Yes Debt instruments (including participation If Yes Emission allowances, but only until the
certificates. bearer notes and order notes) and implementation of MiFID II which is currently
comparable rights which are tradable on the expected for 3 January 2018.
capital markets
(Note: This includes any form of bond note
being negotiable in the market without
restriction (e.g. variable funding notes without
transfer restriction]
If Yes Certificates representing debt instruments It Yea Payment instruments (checks and bills
of exchange)
If Yos Other securities a rights which entitle their II Yes Repurchase transactions or securities lending
holder to purchase or sell securities or rights transactions
as described above in this column or which
result in a cash payment depending on such
securities or rights, loreiun exchange rates.
interest rates or other revenues, commodities.
indices or parameters
II Yes Units ar shares in undertakings for collective II Yes Unclementing and placement business on or
investments (in particular UCITS. AIF, other without a firm commitment basis
forms of mutual or alternative investment
funds) unless the acquisition of units or shares
is closely related to client-related management
activities te.g., seeding and co-investment
activities) and does not aim at generating
short-toms prolits.
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If Yes Money market instruments. i.e. all types of II Yes Financial portfolio management or
receivables that are normally traded in the investment advice
money market, such as promissory notes
(Schu)dscheine) which are tradable on the
money markets and have a residual maturity of
up to 12 months Also. Certificate of Deposits
(CDs) and Commercial Papers (CPs) are usually
money market instruments.
If Yes Foreign exchange or units of account. including II Yes Armee as agent or broker (i.e. not in a principal
FX spot (i.e. up to 1+2 or as per MiFIR)' Ca0aCitV;
It Yes Derivatives within the meaning ot Annex I, II Yes Stakes in a cooperative society within
Section C points (41 to (10) of MiFIDI' the meaning of Section 1 of the
(including options. forwards. caps, floors. German Cooperative Societies Act
FBAs, futures, swaps. contracts for differences (Genonsenschaftsgesetz)
and credit derivatives{
Note: in order for an instrument to qualify as security or If Yes Commodity spot transactions. but only until
money market instrument for purposes of GSM. it must the implementation of MiFID II which is
be tradable/negotiable in the market .;urrently expected for 3 January 2018.
If Yes Physically settled commodity transactions,
unless traded on a regulated market or MTF, or
unless collateralized, or unless cleared using a
recognized CCP'.
If Yes Order execution or transmission (unless High-
Frequency Trading, see Section 3)
9t this box is marked with ix) please make sure that the lending and guarantee prohibition in Section 2 will be examined
02. If the answer to 01 is YES: Is the trading activity covered by one or more of the exclusions or exemptions listed in
the table below?
Please indicate YES or NO and describe the basis for this conclusion in the Comments section and by checking the
appropriate box below.
YES (this is permissible trading under GBSA)
NO (this is impermissible proprietary trading under GBSA!)
Comments
Mark LX) Exclusions Mark IXI Exemptions
If Yes Market Making If Yes Hedging of permitted client transactions—
i.e. dealing as a member of a trading venue closing of open positions
(organized market MTF or OIF) or of a market i.e. transactions to hedge trades with
in a third country. whose legal and supervisory customers, unless such hedge would relate to
framework has been declared equivalent by the an impermissible loan or guarantee wan AIF
European Commission, as principal. in a financial (see bekw, under Section 2)
instrument, on or outside a trading venue, fi) by Anticipatory hedging of future client
posting firm, simultaneous two-way quotes of transactions is arse covered by the exemption.
comparable size and at competitive prices, with However, anticipatory hedging does not justify
the result of providing liquidity on a regular and -warehousing" or holding of an "inventory'
ongoing basis to the market, as pan of the firms of WWI itios in excess of what is required for
usual business, fin by fulfilling orders initiated by snliCipatOry hedging.
diems or in response to clients' requests to trade
end/or (ill by hedging positions arising from thn
fulfilment of the tasks undo (ii and hi{.
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If Yes Systematic Internalization II YlitS Hedging of market risks
i.e., dealing on own account on an organized. i.e.. transactions that serve to hedge all
frequent, systematic and substantial basis when types of market risk INCLUDES. for example
executing client orders outside a regulated (i.e.. exemption applies):
market oi an MTP (i) hedging of price risk, rate risk, interest rate
risk, foreign exchange risk. market risk arising
from commodities business (including electricity
derivatives and CO' emission cortilie.etos),
maiketeelated risk which results from a change
in a counterpane crecatwortleiness (e.g.,
specific position risk ei potential changes in
credit spreads) or which is attributable to market
liquidity (BTR 2.1 No. 1 MaRisk),
(ii) hedging on portfolio level or based on
correlation assumptions,
fiii) anticipatory hedging of future risk.
Irv) split hedges.
M money market loans or other money market -
uansections Ira the purpose of short-term
liquidity management.
If Yes Dealing on own account as a service for others If Yrs Strategic investments
i.e.. trading to fulfil a client o'dei el trading i.e., transactions serving or supporting the
that relates to trading for a potential client. acquisition or salt ci a strategic (long-term)
including intragroup transactions (where the participation
-client` of the Bank is a subsidiary of the Bank)
It Yes Trading without short-term trading intention
i.e., hansoctions that are not entered into for
the purpose of using existing or expected
dilknen-t€5 between buying and selling prices
or fluctuations in the market rates, prices,
vetoes nr interest rates in the short term so
as to gemeate a mule. ere exempt from the
Proprietary trading prohibition
INCLUDES. for example (i.e.. exemption
applies):
the acquisition or holding of investment fund
units if it relates to the establishment and
management of alternative investment funds
(Alf) and the placement of units issued by
them heeding and co-investment activities)
are generally not covered by the prohibition
in Sec. 3 (2) sentence 2 no. 1 KVVG, if the
acquisition or holding of units is closely
related to Client-retated asset management
activities and doos not aim at generating
short-term proles
' Needs to be amended as soon as regulation C4201612398 final enters into force (COMMISSION DELEGATED REGULATION
(EU) of 25.4.2016 supplementing Directive 2014/65/EU of the European Parliament arid of the Council as regards
organisational requirements and operating conditions for investment lams and defined terms for the purposes of that
Directive), a MiFID II related regulation.
2 Needs to be amended as soon as MiFID II is implemented in German Banking Act (second FiMalloG) with respect to
definition of 'Financial Instrument'.
I See previous FN.
4 To be expanded to OTF once MiFID II is implemented in %mune Banking Act (second FiMalloG).
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Section 2: Lending and Guarantee Prohibition
This section deals with lending and guarantee activities of Deutsche Bank Group entities, where loans are granted to or
guarantees arc given on behalf of clients that are classified Id as hedge funds (as such term is defined under German
law) or substantially leveraged AIFs. (ii) as investment management companies of such AIFs (AIFM3). or (iii) as other
clients to whom the default risk of such hedge funds or substantially leveraged AIFs is economically attributed.
Level 1
O1. Do the proposed activities involve lending or guarantee business?
The term "lending business" means the granting of money loans (or acceptance credits, i.e. the accepting of bill of
exchanges). The term "guarantee business" means the providing of sureties. guarantees and similar forms of credit
protection to third parties on lxilialt of clients.
Please indicate YES or NO. and describe the basis for this conclusion in the Comments section.
YES fif the answer is "YES", please proceed to O2
tr NO (this transaction is not subject to the prohibition of lending or guarantee business under GBSA)
Comments
Please select in the table below the proposed activities
Mark (X) Please review the questions a) and b) and mark the relevant questions with "yes" or "no":
If Yes a) Does the Lending encompasses any type of money loan which is repayable in cash. This applies
transaction irrespective of (if whether or not the payment of intemst has been agreed, or (ii) whether or
encompass not the lender disburses the funds to the burrower or, on the borrower's instruction, to a third
the granting of party, or (ii) whether or not any collateral is being re.quirecl. or (iv) how the loan is booked.
money loans?
If No
Activities that are not considered "lending business":
If Yes Securities or commodities toweling
It Yes Securities or conimodities repurchase or hey/sell back transactions
If Yes The purchase of loan receivables including factoring and forfeiting (If the purchaser
of a loan agrees to a prolongation of the loan or to change its economic terms
(such as changing the interest rate). this is considered as lending business. This is
not the case if the purchaser merely defers the repayment (grace period) or if the
Please review whether borrower makes use of an existing emlongntion option.)
the transaction only
encompasses activities If Yes The sub-participation in loans
that are not considered
lending business" as If Yes Derivatives, even if they include an element of funding
described in the column
on the right lif so. please If Yes Cash settlement lines for the clearing business, provided that the client always •
has sufficient cash in its account to ensure immediate reimbursement of the
do mark question
Bank's advance payments made to a CCP; for the avoidance of doubt, immediate
(a) above with "no"):
reimbursement must be ensured.
If Yes NomrevoNing temporary interim capital call financing transactions not exceeding
three months, fully collateralized by claims on investors iin the case of credit line
commitments for capital call financings the permitted period for such credit line
commitment may be up to five years, provided that fi) the funds withdrawn are
used to finance a specific investor. lie am paid back within three months and
the contract excludes a repeated drawdown for the same investor)
II Yes The purchase of a bond or note, which qualifts as financial instrument, i.e.,
which is freely negotiable in the market
•If this box is marked with ix) please make sure that the proprietary trading prohibition in Section 1 will be examined
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If Yes b) Does the The term "guarantee business" moans the providing of sureties, guarantees and similar
transaction forms of credit protection to third parties on behalf of clients -guarantee business is
provide for the characterized by its substitution of lending and the bank acquiring a reimbursement claim
granting of vis.a•vis the client (the All') once law Ix•nefciary of the guarantee has drawn the guarantee
guarantees? and the hank has made payment.
If No
Please review whether the Activities that are not considered "guarantee business":
transaction only encore
passes activities that am II Yes Client clearing or derivatives under the futures commission merchant (FCM)
not considered "guarantee clearing model of the U.S.A. or clearing models that provide for a similar
business" as described in guarantee
the column on the right lif If Yes Guarantees for the benefit of non•AIF mistody clients when kmdine securities of
so. please do mark ques- such custody clients to Airs !agency lending)
tion (b) above with "no"):
02. (If the answer to 01 is "yes"): Does the direct counterparty (i.e. the borrower under the loan transaction or the
principal of the guarantee transaction, in both cases hereinafter "the Borrower") qualify as an alternative investment
fund (AIF) or as the investment management company of an AIF (AIFM)?
The term "AIF" means any collective investment undertaking, including an investment compartment thereof, which
(i) raises capital horn a number of investors, with a view to investing n in accordance with a defined investment policy for
the benefit of those Investors, and is nu operationally active entrap Ise outside or the financial sector, and
(ii) is not authorised pursuant to Article 5 of Directive 2009/65/EC of 13 Juty 2009 (UCITSD)
The term "AIFM" means any legal person whose regular business is managing ono or more Airs.
The answer to 02 is split up in two—please indicate YES or NO and describe the basis for this conclusion in the
Comments section as well as by checking the appropriate box in below table containing examples.
02a. Does the Borrower qualify as an alternative investment fund (AIF)?
YES (if the answer is "yes", please proceed to 06 in LEVEL 2 of the questionnaire)
NO (if the answer is -no", please proceed to 02h)
Q2b. Does the Borrower qualify as an AIFM?
YES (if the answer is "yes", please proceed to Q3)
NO (if the answer is "no", please proceed to 04)
Comments
Please provide a brief description of the basis for the conclusion that the Borrower is, or is not, an AIF or en AIFM and
substantiate the assessment by answering the questions in the table below
Please select in the table below the applicable fund criteria
Mark (X) If Yes Is the counterparty registered as AIFM with, or euthorixrd by, competent authorities in the
relevant jurisdiction?
II Yes Is the counterparts, registered as AIF with competent authorities in the relevant jurisdiction?
ALTERNATIVELY, if none of the questions above is marked Pq—does the counterparts, (for purposes of the below questions
the term 'counterpart?' refers to the direct counterparts' under the transaction. or, in ease the counterparty is an investment
management company, to the investment fund managed by this investment management company) meet all of the
following criteria (a), fte and (c) in the column on the felt and does none of the exemptions under id) apply? (please note: to
be an AIF, it is necessary to satisfy all of the elements of the definition, e. it only one of the below questions (al. (b) and (c)
is marked with -no" or one of the exemptions under (d) applies, the counteroarty does not qualify as AIF or as AIFM):
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If Yes (a) Is the The legal nature of the CIU is not decisive—i.e., a CIU may by incorporated or organized
counterparty as trust, unincorporated (common) fund, corporation or partnership. Equally, the
a collective mechanism by which the investors participate is not decisive—comorate, contractual
investment and other forms of memberships are alf covered
undertaking (CIU)
or an investment
compartment or
sub-fund theecof?
If No
If you cannot find the relevant If Yes 01 The undertaking does not have a general commercial or industrial
entity in a fund register for purpose outside the financial sector --a general commercial or industrial
any type of CIU, are all of purpose is defined m the• ESMA Guklance as follows: the purpose of
the following criteria (i), pursuing a business strategy which includes characteristics such as running
and (iii) in the column on the predominantly (i) a commercial activity, involving the purchase, sale, and/
right met? If so, please mark or exchange nl goods or alreMeAidiel andfor the supply of nonfinancial
question (a) above with "yes" services, or (id an industrial activity, involving the production of goods or
construction of properties, or combination thereof.
If No
If Yes The undertaking pools iota:cher capital raised term its invos- tors with a
view to generating a pooled return for those investors (a pooled return is
the return generated by the pooled risk arising from acquiring, holding or
selling investment assets.- including the activities to optimize or increase
the value of these assets -irrespective of whether different returns to
investors. such as under a tailored dividend policy, are generated).
If No
II Yes tii0 the unitholtiers or shaieholdres of the undertaking—as a collective
group—have no day-to-day discretion or control,
If No
If Yes (b) Does the The respective funds must be raised directly of indirectly for the account of the
counterparty organism in a commercial manner to procure the transfer or commitment of capital. It
raise capital from does not matter whether such activity takes place once or on several occasions on an
a number of ongoing basis, or whether the transfer or commitment takes the form of subscriptions
investors? in cash of in kind.
The fact that only one Investor is invested does not per se rule out the undertaking
being an Alf. Only if the constitutional documents of the investment vehicle rule out
the investment by more than one investor. this naquitement is not fulfilled. II several
investors invest via one trustee or nominee as the, only formal investor, there will be a
"look through" beyond the legal trust or fidureary construction—such structures will not
be classified as single investoi ciuilras
If No
Family Offices are not "Air" If Yes Family Office exemption: "Family office" means an undertaking that has
because they constitute a pro- been established by a pre-existing group of family members exclusively for
existing group of individuals the investment of their private wealth. "Pre-existing group" means a group
that does not raise further of family members. irrespective of the legal structure that may be put in
capital from other investors in place by them, to invest in an undertaking and provided that the sole ultimate
a commercial manner. Please beneficiaries of such towline arta lamih, momhers. where the ecistence
review whether the Family of the group ',whites the establishment of the underaking. The definition
Office exemption applies in of "pre-existing group" does not prevent family members from Mining the
your case Id so, please do mark group after the undertaking has been established "Family members" means
question (b) above with "no"): the spouse of an individual, the person who is living with an individual in a
committed intimate relatiood rip, in a joint household and on a stable and
continuous basis. the relatives in direct lino, the siblings. uncles, aunts, first
cousins and the dependents of an individual.
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If Yos (c) Does the A "defined investment policy" Ithninen a sat of nur.alisciteionaiv enteria for the
counterparty investment of the raised capital as opposed to a more general business strategy or the
have a defined financing of general business activities which allow for gloater flexibility and discretion.
investment Sources: Prospectus. Gerv-sal mixt Special (Fund) Rules. Offering Memorandum—if they
policy? contain investment rules that cannot he deviated from, see factors listed below
If No
P co le u a n s t e e r r p e a vi r e ty w h w as h e a t h d e e r fi n th e e d — Factors that would. alone or Cullnilanvel12/1. indicate the OXiSIONO of a "defined
investment policy" are the following:
investment policy lif so, please the defined investmeAt policy is determined and fixed at the latest by the time that
do mark question above
investors' commitments to the undertaking become binding on them;
with "yes"): — the investment policy is set out in a document which becomes part of or is
leterenced in the rules or instruments of incorporation of the undertaking;
— the undertaking or the portfolio manager has an obligation to follow the
investment policy:
..- the investment policy specifies investment citadel:nes, with reference to criteria
including any or all of the following:
— to invest in certain categories of assets, or conform to restrictions on
asset allocation;
..- to pursue certain strategies.
— to invest in particular geographical regions;
— to conform to restrictions on leverage;
— to conform to minimum holding periods; or
-- to conform to other restrictions designed to provide risk diveisificatIon.
If Yes (dl Do express
exemptions apply so
that the counterparty
is not an A1E?
If No
Please review whether one of If Yes Is the counterparty a UCITS lend? (see prospectus or fund registration)
the exemptions in the column
On the right applies in your If Yes Is the counterparty a German closed-end AlF?
case (if so, please do mark (Note: A closedend AIE in a German AIE that does not repurchase
question (d) above with "yes"): or redeem its shares or units at the iequest of their holders prior to
the commencement of its hquidation phase or wind-down, directly
or indirectly, out of the assets of the. AIF and in accordance with
the procedures and frequency set out in its rules or instruments of
incorporation. ixospectus or offering documents.)
II Yes Is the countorpany a Holding Company within the meaning of Sec. 2 (1)
No, I MGR, i.e. a company with shareholdings in one or more other
(*meanies. (a) the commercial purpose of which is to carry out a business
strategy or strategics through its subsidiaries, associated companies or
participations in order to conuntiute to their longatarn value, and (h) which
is either a company (x)onnrilling on its own amount and whose shares are
admitted to trading on a regulated market in the European Union ix the
EEA; or (yt not established for the main purpose of generating returns for its
investors by means of divestment of as subsidiaries or associated companies.
as evidenced in its annual remit or °the official documents?
If Yes Is the counterparty a "Securitizalion Special Purpose Vehicle" as defined
in Sec. 2 il) No. 7 in conjunction with Sec. 1119) No. 36 KAGS. i.e. an entity
whose sole purpose is to carry on a securitization or securitizations (within -
the meaning of Article 1(2) of Regulation MCI No 24/2009 of the EC8 of 19
Docents 20CtS COM:failing statistics on the rissets and fiabthties of financial
vehicle corporations engaged in securitization transactions) and other
activities which are Opp 0nriala to accomplish that purpose?
Securitization within the meaning of the aforesaid is defined as a
transaction or scheme whereby an asset or pool of assets is transferred to
an entity that is separate from the originator and is created for or serves
the purpose of the sccurnization and/or the credit risk of an asset or pool
of assets, or part thereof, is transferrwi to the investors in the securities,
securitizahon fund units. other debt instruments and/or financial derivatives
issued by an entity that is separate from the originator and is created for or
serves the purpose of the SOCtirditatiOn. and:
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fa) in case of transfer of credit risk, the transfer is achieved by:
the economic transfer of the assets being secuntised to an entity
separate from the originator created for or serving the put pose of the
securluallon. This is accomplished by the waster of ownership of the
secteitised assets turn the originator is :Novell sub- participation,
or
the use of credit glenvatives, guarantees or any similar mechanism;
and
lb) where such securities. secuntization fund units, debt instruments and/
or financial denvatives are issued. they do not rep esont the originator's
payment obligations.
Note:
(A) If the direct contrectual counteipany of the Bank cumulatively tulles the above criteria under ta) to
(c) without fulfilling one of the exemptions listed under id). the direct contractual countertwty of the Bank qualifies
as an AIF, so that 02a. is to be answered 'Yes'.
(El) If the direct contractual counterpany of the Bank manages a fund or vehicle that cumulatively fulfils the
above criteria under (a) to (c) without uflfilling tine of the exemptions listed tender la the direct contractual
counter pane of the Rank qualifies as an AIFM, so that 02b. is to be answered 'Yes'.
03. (If the answer to 02b, is "yes"): Is the AIFM acting on behalf of the AIF and within the scope of the Ars terms
of investment?
An AIFM is "acting on behalf of an Air if the loan or guarantee agreement is made to serve the AJF's investments. If the
purpose of the loan or guarantee is only to fund (or secure funding for) the AIFM's working capital or other administrative
expenses of the AIFM, without creating contagion risk with an All, the transaction will not be caught by the prohibition
of the GBSA.
Please indicate YES or NO, and describe the basis for this conclusion in the Comments section as well as by checking
the appropriate box in below table containing examples.
YES lif the answer is "yes", please proceed to 06)
NO (this transaction is not subject to the prohibition of lending or guarantee business under GBSA)
Comments
Please provide a brief description of the basis for the conclusion and substantiate the assessment by answering the
questions in the table below
Please select in the table below the applicable activity.
Mark (X) Potentially prohibited client activity Mark (X) Permissible client activity
If Yes Is the transaction undertaken by the AIFM an If Yes Is the pumose of the transaction to fund the
behalf of the AIF and within the scope of the AIFM's working capital or other administrative
AIF's terns of investment? expenditure. insofar as contagion from the risk
gestating from investment capital is excluded?
(Note In principle. AlFMs shall not be liable for
the risks r u)ting from the Airs investments or
incurred liabilities)
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04. (If the answer to Q2b. is "no']: While the Borrower itself is not an AIF or an AIFM acting on behalf of an AIF—is there
any interconnectedness between the Borrower and/or the transaction to an AIF or an AIFM acting on behalf of en Alf?
As you have stated in 02a. and Q2b. that the direct oaunterparty of the Bank is neither an AIF nor an AIFM, this question
shall identify whether the lending or guarantee transaction could expose the Bank to the risk of an AIF for an AIFM acting on
behalf of an AIF). In cases where the risk of default of an All Ira an AIFM acting on behalf of an AIFI is attributed for economic
cases to the Borrower, this may constitute prohibited indirect lending and guarantee business. The lending or guarantee
business could potentially be attributed to an AIF (or an AIFM acting on behalf of an All) if there is a contagion risk between
the Borrower and an AIF (or an AIFM acting on behalf of an AIF). A contagion risk may exist if the All (or the AIFM acting on
behalf of an All), e.g. as entity controlling the Borrower, has unlimited recourse to the assets of the Borrower, or if the AIF has
assumed any liability in the event of default in respect of the liabilities of the Borrower under the loan or guarantee transaction.
Please indicate YES or NO, and describe the basis for this conclusion in the Comments section as well as by checking
the appropriate box in below table containing examples.
YES (if the answer is "yes', please proceed to 05 in LEVEL 2 of the questionnaire)
• NO (this transaction is not subject to the prohibition of landing or guarantee business under CBSA)
Comments
Please provide a brief description of the basis for the conclusion and substantiate the assessment by answering the questions
in the table below; for the criteria that are required for an undertaking to qualify as AIF. please refer to the table provided under
02; for the criteria that are required lot an AIFM to act on behalf of an All. please rekir to the table provided under 03.
Mark N
If Yes Is there any indicator that could potentially create a contagion risk between the Borrower under the lending or
guarantee transaction and an All or an AIFM acting on behalf an Alf. because (al an AIF or an AIFM acting on
behalf of the AIF could have any kind of recourse to the Borrower's assets, or (b) the AIF or the AIFM on behalf
to has granted a guarantee or other credit support through which it assumed a liability visa-vis the Bank in
respect of the Borrower's obligations under the loan or guarantee?
If No
If you mark one of the below questions with -yes", please mark the question above with "yes-.
If Yes Is the Borrower a special purpose vehicle (SPV) and is an All for an AIFM acting on behalf of an All) acting
as sponsor or arranger of the transaction?
If No
If Yes Is an AIF (or an AIFM acting on behalf of an Alf) the (direct or ultimate) parent of the Borrower or is there any
economical dependency between the Borrower and an AIF for an AIFM acting on behalf of the AlF)?
If No
It Yes Has an AIF la an AIFM acting on behalf of the Alf) granted any kind of guarantee or other credit support
through which it assumed a liability vis-a-vis the Bank In ;newt of the Borrower's obligations under the
lending or guarantee transaction?
It No
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Section 3: High-Frequency Trading Prohibitions
This section addresses high-frequency trading activities of Deutsche Bunk Group in financial instruments.
Level 1
01. Does the activity relate to some form of electronic or algorithmic trading of financial instruments within the meaning
of GBSA? (See Table under GI of Section I for examples of financial instruments)
YES (il the answer is "yes", please proceed to 021
NO (if the answer is "no", this transaction is not prohibited High-Fextueney finding under GB5A)
02. Does the activity relate to a German trading venue?
A "German trading venue" is an exchange, MTF or 0TF operated in Germany or by a German market operator.
YES (if the answer is "yes', please proceed to Q31
' NO of the answer is "nu", this transaction is nut prohibited Hiph-Fiequency Trading under GBSA?
03. Has Global Technology,' affirmed in writing that the technical system which is used for the execution of the trades
does not qualify as a high-frequency algorithmic trading technique within the meaning of Section 1(1a) sent. 2 no. 4d of
the German Banking Act?' Please attach the affirmation from GTO.
YES 111 the answer is "yes". this transaction is not prohibited Hight requency Trading under GBSA)
NO (if the answer is "no", please contact the IULLT for further review.)
I attest that the above information is accurate and current:
Cynthia Rodriguez
Nacres of arena glop Maninwtheatstn mint Specialist
07/17/2017
&snail:it of HolAtionship n Siriniftlett rAton
Needs to be reviewed once MiFID II is implemented in German Fkrelcing. Act. i.e., second FiMalloe pasties German parliament
' 'Contact information to be inserted.'
' High-frequency algorithmic (lading technique is characterised by (i) the use of infrastructure intended to minimise latency,
particularly co-location, proximity hosting or high. speed direct electronic market access; (ii) system determination of
order initiation, generating, routing or execution without human intervention; and Iiii) high massacre intro- day rates which
constitute orders, quotes or cancellations. When assessing these requirements, GT0 shall take into account the further
details as described in BaRn's Frequently asked questions (FAGS) relating in the High-Frequency
TradingAct(https/Avww.batin.do/SharodDocs/DownloadslEN/FAO/dIjartbken.pdf?_blotrapublicationFile&vel).
f (Contact information to be inserted)
2017 Deutsche Bank AG. All rights Festival. Vaselift0711 025880.0teal i
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