EFTA01388534.pdf

This material hos been prepared by and represents only the views of personnel in a sales or trading function of Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank,. R was not prepared or reviewed by Deutsche Bones Research Deportment, is not a research report, and the views herein may differfrom those of the Research Department or other areas within Deutsche Bonk. Safes and Trading personnel may receive transaction-based compensation and are subject to potential conflicts of interest that the Research Department does not face. Further, Deutsche Bank may engage in transactions that are inconsistent with the views represented herein, and may trade as principal, have proprietary positions and make markets in the securities or other instruments (or related derivatives or instruments) discussed herein, and such positions and trades may be known to the author of this material. Transactions, strategies and ideas discussed herein may involve a high degree of complexity and give rise to substantial risk, including market, currency, volatility, geopolitical and other risks, and ore appropriate only for experienced, knowledgeable and sophisticated market participants who ore able and willing to assume such risks. Transactions may involve a high degree of leverage, and losses could greatly exceed the amount of your initial investment. Because you have represented to us that you are an "institutional account" for purposes of FINRA Rule 2111, we hove no obligation to determine whether any transaction is suitable for you. Before executing any transaction, you should conduct your own thorough evaluation of its terms in light of your investment outlook and particular circumstances and your appetite for risk, and determine whether it is appropriate for you. in any transaction executed by you, Deutsche Bank will not be acting in an investment advisory or fiduciary capacity, and if you face Deutsche Bonk as o counterporty it will be on an arm's length basis. Deutsche Bonk does not provide legal, accounting or fax advice, and you should consult your own advisers regarding such matters. This communication is solely for your informational purposes and is merely preliminary and not intended os a termsheet or transaction confirmation or on offer (or solicitation thereof) for the purchase or safe ofany product. It is based upon information considered to be reliable os of the date hereof, but we do not represent that it is accurate, complete or error free. Assumptions, estimates and opinions expressed herein constitute the author's views os of the dote hereof, based on current market conditions and expectations, and ore subject to change without notice. There con be no guarantee that projected results wilt be achieved. Past performance don not predict or guarantee future results. Transactions should generally be executed through the Deutsche Sank entity in your home junscloction. Products discussed herein may not be available in all countries or may be subject to regulatory restrictions and requirements, and will not be offered or sold where prohibited by law. in the United Stotts this motenol hos been approved and distributed by Deutsche Bonk Securities Inc., o registered broker-dealer and member of FINRA, NYSE and WC This email contains confidential and privileged information. Unintended recipients of this communication must notify the sender immediately and delete it. Unauthorized reproduction or distribution of any material herein is strictly forbidden. Copyright 2018 Deutsche Bank AG. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092134 CONFIDENTIAL SDNY_GM_00238318 EFTA01388534