EFTA01458606.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. Clerk: will be provided Deutsche Asset & Wealth Management products or rierviais by one or more legal entities that Wall be identified to dents pursuant to the contracts. agreements. offering materials or other dotementalion relcnant to such products or services. Deulazhe Asset & Wealth Management oilers wealth management solutions for wealthy individuals, their families and select institutions worldwide. Deutsche Asset & Wealth Management through Deuttsche Bank AG. its of filleted companies and itselftars and employees (collectively -Deutsche Bank") are communicating this document in good laith 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 dee' qon, investors need to consider, with or without theassislance of at investment adviser, whether the investments and strategies deccribeel or provided by Deutsche Bank, are appropliate, in light of their particular investment needs, objectives and financial circumstances. Furth emiorti. this ilocurnent is for iniormationediscussion purposes only and does net sad is net intended to eenceittlI6 an ogee. recommendation or solicitation 10 OCS'beltdri a transaction or the basis for any an-erect to purchase or sell any security. or other instrument, or for Deutsche Bank to enter into or arrange any type of transacuon as a consequence of any Information contained hcean and should not be treated as giving investment a<Face. Deutsche Bank AG, incluthng its subsidiaries and atNiates, 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 applicable law, of the temsaction or matter addressed herein, and was not intended or written to be used, and cannot be ra€ed upon, by any taxpayer feetne pewees of eenicli any U.S. federal tax penalties The m•-ipient of Miscommunication should seek advice; from an independent tax athiscr regarding any lax matters feldresseiff herein based on its partietlar arcumslanuis. Investn tents with Deutsche Bank are not guaranteed, unless specified. Although infonnation in this document has been obtained from sources believed to be reliable. we do not guaranteeits accuracy. completeness or fairness. and it should not be rated upon as such. All opinion and estimates herein, including forecast returns, reflect our judgment on the date of this report, are subject to change without notico and involve a number of assumptions which may not prow valid. Investments are subject to various risks, including market fluctuations, regulatory change. counterparty risk, postabb delays in repayment and Wes of Mamie and principal invented. Theo cite of itwfrstments can fall as yell as nse and you may not reviver the amount originally invested at any point in time. Furthermore, substantial Iluctuationeol the value of the investment are possible even over short periods of time. Further, investinent in International markets can be affected by a host of lectors, including poitic l or Waal conditions. diplomatic relations. limitations or re ntaial of funds or assets or imposition of (Or change in} exchange control or tax regulations in such markets. Additionally. investments denominated in an alternative currency will be subject to curnancy risk, changes in cachange rates which may have an adverse effect on the value, 000 Or income of the investment. This document does not identify all the nsks idirecl and indirect) or other contederations which might be material to you when entering into a transaction. For carten investments, the terms will be exclusively subject to the detailed provisions, including risk considerations, contained in the Offenng Documents. Review carefulty beforeinvesting. this publication retains lorivarti looking statements. Forward looking statements include. but are not limited to assume wins. estimates, projections„ opinions, rnodels and hypothetical performance analysis. The lemon) looking statements expressed constitute the author's as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors acid Kira a matonaI impact on the rev€ts indicated.lhensfcre, actual results may wry, perhaps materially, from the results crinLlinal herein. No romannation or rranty is made by Deutsche Bank as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. We assume re resprinbiFay to advise the recipients of this document with maser to changes in purviews. No assurance can !Raven that any investment described heir voukl yiekl favreaNe investment results or that the investroorit objectives will be achieved. Any seawities or financial instruments presented herein are not insured by the Federal Demiat Insunince Corporation („FDIC") unless specifically noted, and are not guaranteed by or obl4atieels of Deutsche. Bar* AG or its affiliates. We or cur affiliates or persons associated with us may act upon or use material in this report liner to. publication. DB may engage in transactions in a manner inconsistent with the views discussed herein. Opinions expressed herein may differ from the opinions expressed by deperinwees or other divisions or affiliates of Fitiettiolie Bank. This document may not be reproduced or eilaterted without cur written anthxity. The nia n tier of a toulanon and distribution of this deCUMent maybe restricted by law or regulation in certain countries This document is not directed to, or interceded ter asuibution to or use by. any person or entity who is a auzen or resident of or located in any locality, elate, country or otherjurisdictien, including the Grated States, where such distribution, publications availability or use would be contrary to taw or regulation or which would subject Deutsche Bank to any registration or licensing requirement within such jurisdiction not currently met within such tun sdiction. Persons into whose possession this document may corneae° required to inform Mem selvffS of. and to observe, such restnotjons Pier proforma ice tang) quarantrza of future results, nothing contained herein Shea conautute any representation Or weireanty as to future performance. Further information is available upon imrestces request. Ali tliitI party data (midi as MSCI, S&P & Bloomberg) are copylighkwl by and proprietary to the provider Additional information for wealth management clients For ire/eaters In the United States. Wealth-management services are filtered through Deutsche Bank Trust Company Anien CHS (member FDIC) and Deutsche Bank Sowlithe trio. (rnanbcr fINRA, NYSE. SIPCT a registered brokerdealer and registered investment advisee that which conducts investment banking and :flaocarities act caret in the tinted States Deutsche Bank has published this document in good faith. This dccument has been prepared without consideration of „, the liVeSillinnt reeds. objectives or financial circurn stances of any investor. Retort. nicking an investment decision, investors need to Oen:Skier, With or without the arbiter:tante of an i Meet Wee ratia Ste; Whether the invetentenle: and strategies describe) or provided by Nutsche Bank, are appropriate, in Fight of their particular iiinvectinent needs. abrevesand finarcial circumstances. Furthermore, this document is ler intorrnationrdiscussion purposes only and does not crinstitifte an offer, recommendation or solicitation to on :ludo a transaction awl is not investment advice. mid Pa Sachs,BankAG is authc risco' under German Banking law Manteca:of authority European Central Bank and the BaFin, Germany's Federal Financial Superviwry Illili III and by tho Prude,ntial riCraUla WU Authority and subject to k mi tat regulation by the Financial CovJuct Authenty anti Prudential Regulation Authority. Vila about the extent of oteautherhatmon end regulation by the Prudential Regulation Authority.. and regulation by the Financial Con deCt Authenitv.aroavailable Hifi! Owen request. Onidsche Assist &Wealth Manegerneert Investment GmbH, Mainzer 1arcistralte 11.17.603x9 Frankfurt am Main. Germany. All rights reserved Hilt CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118593 CONFIDENTIAL SDNY_GM_00264777 EFTA01458606