EFTA01457971.pdf

Important Information Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Gent: will be provided Nurselw Asset & Wealth Management products or servicves by ore or more legal entities that will be identified to clients pursuant to the contracts, agreements. offering materials or other docurreenta lion relevant to such prixtixds or :services. Deutsche Asset & Wealth Management oflers wealth management solutions for weelthy individuals, their fa nukes and select institutions worldwide. Deutsche Asset /A Wealth Management, through Deutsche Bank AG. its affiliated compenies and as offerers and employees (collectivoly "Deutsche Bank") are communicating this document in good faith and on the following basis. This document has been prepared without consideration of the investment needs. objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an imestment adviser, whether the investments and strategiesdescribed or provided by Deutsche Bank, are appropriate, in light of their particular arms:tined needs, eters:fives:aid financial circxernsUmgra. Furthermore. this document is for informetforifdiscussion purposes only and does not and is not intended to constitute an otter, recommendation or solicitation to conclude a transaction or the basis for any contract to purchase or sell any security, or other instrument. or for Deiet lw Bank to enter Into or arrange tiny type of transaction as a conseauence of any information contained herein and should not be treated as giving investment advice. Deutsche Bank AG. in-:Judi® its subsidiaries and affiliates, does not provide legal, tax or accounting advice. This communication was prepared solely in connection with the promotion or marketing, to the extent permitted by app€icable law, of the transaction or matter addressed herein, and was not intended or wriben to be used, and cannot be relied upon, by any taxpayer for the pr,/poses of avoidird any U.S. fix/oral tax penalties. The recipient of this win nUnidition shoukt seek advice front an independent tax advisor regarding any tax matters addressed herein based on its particular a rcurestances. Investments with Deutsche Bank are not guaranteed, unless specified. Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it should not be relied upon as such. All opinions and estimates heroin, including forecast returns. rotted our judgment on the date of this reptirt, are subject to change without notice and involve a number of assumptions which may not prove valid. Investments are subject to venous risks, including market ItMlUatiOnS, regulatory charge counter party risk, possible delays in repayment and loss of inaffie a rid principal invested The value of investments can fall as well as rise and you ray riot recover the amount originally invested at any point in time. urthrrrmore, substantial fluctuations of the value of the investment are possible even over short periods of time. Furth% investment in international markets can be affected by a host of factors, including political or social conditions, diplomatic relations, limitations or removal of funds or assets or imposition of for change ireexchangecontrol cc tax regubtions in such markets. Additionally, i rwestments denominated in an alternative currency will be subject to faliT6fiCy risk. changes in exchange rates which may have an adverse effect on thevela price or inoonw of the investment This doeuntunt does not identify all the risks (direct and indirect) or other rxmsnitsrations which might be material to you when entering into a trarnviction. For certain investments, the terms will be exclusively subject to the detailed provisions, including risk considerations, contained in the Offering Documents. Review carefully before investing Ibis publication contains leeward looking statements Forward kicking statements include, but are not limited to assumptions, estimates, projections, opinions, modots and hypothetical performance analysis. The Forward locking statementsexpresser:Iconstitute the authors judgment as of the date of this material. Forward 'coking statements involve significant elements of subjective judgments and analyses and changes thereto andter consider-alien of di forted em additional factors cznild have ft material i MIX-X.11 On the results indicated, Therefore, a:dual reSUILS may very, perhaps materially. from the resulIS Mil:lined herein. No representation or warranty is made by Deutsche Bank as to the reasonableness or 0011iploloness of such forward coking sta lenient s or to any other tinsmile' information contained herein We assume no nasponsiNlily to advise the recipients of this document with regard to changes in our views. No assurance can be given that any investment described herein would yield favorable investment results or that the invostmoril objectives will he achieved. Any 5(CUI-1116S or financial instruments presented heron are not insured by the Federal Deposit insurance Corporation r DIC"1unless specifically noted, aril are not guaranteed by or obligations of Deetscire Bank AG or its affiliates. We or et,affilates or persons associated with its may act upon or use nuitnrial in this report pricer to pubication. DR may engage in transactions in a manner inamsistent with the views discussed herein. Opinions iugressed herein may differ from the opinions expressed by deprtrnentt, or other divisions or affiliates of Deutsche Bank. This document may not be reproduced or a rculatecl without our wntten authority. I he manner 01 circulation and distribution of this docoament may be restncted by law or mutation in coda in countries Thisdocument is not directed to. or intended for data buten to or use by. any person or entity who is a citizen or Welded of or located ire any locality, slat'', minty orother jurisdiction, including the United States, when, surly distribution, publication. availability or use would be contrary to Pr..' or regulation ter which would subs:cr. Deutsche Bank to any wistration or licensing requirement within StiGli jurisdiction not currently met within such jursd€ction Persons into whose possession this doctiment may comeare required to inform themselves of, and to observe, such restrictions. Past performance IS 110 guarantee of future results, nothing contained herein shall constitute any representation or warranty as to future performance. Further information is available upon investors request All third party data (such as MSCI. S&P & Bloomberg) are copyrighted by and proprietary to the provides Additional information for wealth management clients tor investors in the United States. Wealth-management services are offered through Deutsche Bank trust company Amelia-3S (member FDIC) and Deutsche Bank See unties Inc. Invenda)r IINRit, Nrist,SIPCI, a registered brckereleiaker aivJ registered investment adviser that whop oonduCIS investment banking and mcuritics activities in the Unitcd States, Deutsche Bank has published this document in good faith. This document has been prepared without CTOdi:grin:WI of lid+ nvedriviii needs., obis:fives cr finantiaI circiunslanOst; of any investor. Before making an investment decision. inveStOtS need consider, with or without taw kmistantri of an invwctrnwI adviser, whether the investments and strategies described or pro-vided by Deutsche Bank. are OpprOffratt1e, In lightof their partir,ultir investment newls, tiN tives and financial circumstances Furthermore Maidocument is for informationfdiscusmon pitposx only and dote not constitute an offer. recommendatain cr soleotation to conclude a transaction and is net investment advice. • Deutsche Bank AG is authenawl under Gemmel Banking Law (competent authority: European Cantnil Bank and the Satin. Germany's Federal Financial Supervisory AiiitiNbrittd arid by the Prudential Regulation Authorityarid subject to limits! regulation by the Financial Conduct Authonty and Prudential Regulation Authority. Dotal, bouLtheeNtantef our auttiorisaticri aryl regulation by the Prudential Rr relation Authohty, and regulation by the Financial Conduct Authority are available from us on L" 5 CTiligatt Acid & ,th,:lith FA14112V4inksfai Investment Maiinn,r I andstrage 11.17, 03:329 Frankfurt are Main. Germany. s•Etdia 021664 01151GIONnEW-Y/FA-At.d.1 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117708 CONFIDENTIAL SDNY_GM_00263892 EFTA01457971