Federal Reserve Board’s Regulation W

Under the restrictions imposed by Section 23B of the Federal Reserve Act as implemented by the Federal Reserve Board’s Regulation W, no Deutsche Bank covered banking entity, including Deutsche Bank Trust Company Americas, Deutsche Bank Trust Company Delaware, Deutsche Bank Trust Company National Association, Deutsche Bank National Trust Company, Deutsche Bank AG New York, or their subsidiaries, shall be responsible for the obligations of its affiliates, except as specified in the terms of a fully executed guarantee or letter of credit issued by the banking entity on behalf of an affiliate.