EFTA01388583.pdf

Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank and the DaFin, Germanic Federal Financial S upervisery Authority) and by the Pnekontial Peg elation Authority and subject to hnii ted regulation by the Financial Corduct Autlion ty and Prudential Regulation Authority. Details about the extent of our authon%iition and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Risk Warning Investments are subject to investment risk, including market fluctuations, regulatory change. possible delays in repayment and loss of incomeand pnncipaI invested. The value of investments can fall as well asrise and you might net get back the amount nsally investod at any point in time. Investmentsin Foreign Countries- Such investments may Dein countries that prove to be politically or ixonornirolly unstable. Further-mom, in theVISO0i invesUnents in fore git securities or other amts. any fluctuations in currency exchange odes wifl affect the value of this investments ark] any restrictions imposed to prevent capital flight may make itdiflicult or impossible to exchange or repatriate foreign currency. Foreign Exciter:rye/Currency Such transactiontt involve multipkt: risks. including currency risk and settlement risk. Economic; or tinandat intitabaty, lack of finely or reliable financial information or unfavorable political or legal developments may substantially and permanently alter the conditions, terms, marketability or once of a foreign currency. Profits and losses in transactions in ioreign exchange will also be affected by I itictuaVons in currency where there IS a need toccmien the product's denominate*/ teanothercurrency Time zone difIcrences may cause several hours to elapse between a payment being made in one currency and an offsetting payment in another currency Relevant movements in currencies during the settlement period may seriously erode potential profits or significantly increase any losses. /-ligh Yield Fixed Income Securities • Investing in high yield bonds. which lend to be morevolatile than investment grade fixed income securities, is specukitive. Thesis bonds aro affected by interest rate changes and the creditworthiness of the issuers, and investing in high yield bonds poses additional credit risk, as well as give kTr risk of default. Hedge Funds- An investment in hedge funds is speculative and involves a high degnse of risk, and la "InInble onhr for 'Dinhfed Purchasers' as defined by the US Investment Company Act of 1-940 and 'Accredited Investors' as defined in Regulation O of the 1933 Securities Act. No assurance can be given that a hedge fund's investment objective will be achieved, or that investors will mocive a return of all cr part of their investment. Commodiues The risk of loss invading commoditiescan be substantial. The price of commodities (e.g., raw industrial matenstlt such as gold. copper and aluminium) may be subject to substantial fluctuations over short periods of time and may be affected by unpredicted international monetaryand political peticite Additionally, valtatioris of mminodihos may bosuoceptible to such adverse global economic, political or regukotory developments. Prospective investors must independently assess the appropriateness of an investment in oommoil ties in light et their own fins niXal condition and objectives Not all affiliates or subsslianNS of Deutsche Rank Group offer commodities or commork twertibted products and earacbs. Investment in pnvate equity funds is speculative and irwolves significant risks including illiquidity, heightened potential for loss and lack of transparency. The environment lor private equity investnntnts is Increasingly volatile andMin(*fifty% and an investor should only invest in the furxi if the investorcan withstand a total loss. In light of the fact that there arc restrictions on withdrawals, transfers and redemptions, and the fi thirds are not registered under the securities laws of any tunstketions, an investment in the hinds will he illiquid. Investors should be prepared to bear the financial risks of theirinvestments for an indefinite period at time Investment in real estate may be or become nonperforming alter acquisition for a wide variety of reasons. Nonperforming real estate investment may require substantial' orkout nrgotiations and/ or restructuring. F r Mrs inneettal liabilities may nose a risk such that thee: rieror operator cif real property may beet a batik, for the awls of removal or remediationoicenain hirzatrktur3 substances released on, about, under. or in its property. Additionally. to the extent real estate inves. tments are made in foreign countries, such countries miry prove to be politically or economically unstable Finally. ex pessure to fluctuations in currency exchange rates may atfect the valueot a real estate invostromit. Structurryd or..lubons am not suitable kx anews-Atomdue to potential illiquidity, ontionality.. time to redemption, and the payoff web ki of the strategy. Weer our al filiatescr persons associated with us or such alIdeates may- nviintain a long or short position in email lies referred to herein, or in related futures or options. purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensntion. Calculations of ICtnrns 611 the instrIIMO iits may be linked to a referenced index or interest rate. In sled, eases, the investments may not be suitable for persons unfamiliar with sod, ur Iitter5St rate& or unwilling or unable to hear the HA% ate:ea:lied with the transaction. Products denominated in a currency, other than the investor's herrn currency, ',WI be subject to Chancier, in exchange ra VA which may have an adverse effect on the value. price or income return of tbe products. Thele peednets may nOi be readily realizable investments and are net traded on any regulated market 20103 rAturtsetwi Bank AG. Tauneveitetp t2, C0325 Frank furt rim Main, Germany. All tights fttSt.r.:+1 I ""S • 'I CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092218 CONFIDENTIAL SDNY_GM_00238402 EFTA01388583