EFTA01459033.pdf

Important Information Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG Cr any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that win bo identified to clients pursuant to the txmtracte. agreements, offering materials or other documentation Re/vent to such productsor services. Deutsche Asset & Wealth Management offers wealth malxxrrneent selutions for wealthy their ferralies and °elect institutions worldwide. Note:heAsset & Wealth Management, through Deutsche Bank AG, its a Mated companies and its officers and employees (collectively "L)eutsthe Bank") are communicating this document in good frath and on the following bags. This document has been prepared without consideration of the investment needs. objectives err financial circumstances of any inortetor Before making an investment decision, investors need to oongder, with or without the assistance of an investment adviser, whether the investments and strategies described cr provided by Deutsche Bank, aro appropriate, in light ot thrar particular investment needs objectives and finery-eat circumstances. Furthermore, this document is for information/discussion papaws only and does not and is not intended to constitute an offer, recommendation or solicitation to ()Include a I ra osachon or the basis for any contract to purchase or sellany secunty, or other instrument, or for Deutsche Bank to enter into or arrange any type of transaction as a consequence of arty infonwition contraned herein and shout' not be [rested as ghard invegment advice Deutsche Bank AG, including its subskliaries and affiliates, does not provide legal. tax or accounting advice. This communication was prepared stately in connection with the promotion or marketing, to the extent permitted by applicable law, of the transaction or matter addressed heroin, and was not intended or wanton to be used. and cannot be relied upon, by any taxpayer for the purposes ol avoiding any U.S. federal lax penalties The recipient of this communication should seek ielvicy, from an independent tax advisor regarding any tax matters addressed herein based on its particular circumstances Investments with Deutsche Bank are not quarrel trad, unless seedbed Although 'elimination in this document has been obtained limn sources beleved to be rehable we do not guarantee its accuracy, completeness or fainrass, antic it shraiki not be RAW Upon as stch. All opinionsend estimates herein, including forecast returns, reflect our judgment on the date of thus report, arc subject to change without notice and involve a number of assumptions which may not prove vaid. Investmentsaresubject to various risks. including market fluctuations. regulatory change. counterparty risk, possible deLsys in repayment and lass of income and onneepal invested. The votive of investments can fah as well as rise and you may not recover the amount criginal& invested et any point in time lumbermen), substantial fluctuations el the value Of the investment are ransible even over short periods of time. Further, inwastment in international markets can be affected by a host of factors. including pohtirAl or social conditions, diplomatic relations, limitations or removal of funds or assets or linposition of Icr change int exchange control or tax regulations in such nuirkets. Additionally. investments denominated in an alternative currency will be subject to currency risk, changes in exchange rates which may have an adverse effect on the value, pike: or income of the investment. This document does not identify all the ricks (direct and indirect) or other considerations which might be material to you when entering into a transaction. For certain investments. the terms will be exclusively subject to the detailed provisions. including risk considerations, contained in the Offering Documents. Review caret iiliy before investing. This publication contains kaward looking statements. Forward looking statements include, iut are not limited to assumptions, estimates, projections, opiPens, Meat* and hypothetical performance analysis The forward looking statementsexpressed constitute the author's judgment as of the date of this material. Forward looking statements involve signitic.ant elements of subjective judgments and analyses and changes ramie anther ceneideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary perhaps materially. from the nemIts containrai herein. No representation or warranty is made by Deutsche Bank as to the reasonableness or completeness of such forward locking statements or to any other Imandal inkaination contained herein. We assume no responsibility to advise the recipients of this document with regard to changes in our views Nc assurance can be given that any investment desetibect herein would yield favorable investment results or that the investment objectives will be achieved. Any swuti this or financial instruments presentoht herra n are net insured by the Federal Depcht Insurance Corporation (,, DIG-) unless specifically noted. and are not guaranteed by or obligations of Deutsche Rank AG or its ofIiiales. %Nem our affiliates4x persons associated with in may oci upon or use material in this report prior to publicrition DR may engage in transactione in a manner inailiSiSlent with the views discussed herein Opinions expreesexi herein may Miler from the opinions expressed by departments: or other divisions or alMates of Deutsche Bank. This document may not be re prociiInd or circulated without ciur written authority. The manner of circulation and distilbillion of this document may be restricted by law or regulation in certain countries. This document is not directed to, or intended for distribution lo or use by, any person or entity who is a citizen or resident of or located in any locality, gate, country or oiler junto-Wit including the United States, whert4 such distnhtdirn, Iiiiblialt;an,, availneI ty or use would to contrary to law or regulation or which would subject Deutsthe Bank to any registration or licensing requirement within such junsdrakon net currently met within such junschchon Persons into whose possession this document may come afe roquiled to inform themselves of. and to obtrarve, such restrictions. Past perk:inn:met is fr guarantee of future welts, nothing contained herein shall constitute arty representation or warranty as to inure performance. Further inform eon is availabki open in'verter's request. All third party data (such as MSCI, S&P & Bloomberg) are copyrighted by and propnetary to the pretrider. Additional information for wealth management clients Forinwetras in the United Stales Wealth• management services are Mom.' through Deutsche Bank Trust Coinpany Americas (member FDIC) and Deutsche Rank Securities he:. (Melnlesr FINfiA, NYSE, Slit). a registered lard eraleater alai resji stemd investment adviser that which conducts investment banking and Seemed's* activities in the L rated States Deuteette Bank has published this document in good faith. This document has been prepared without censiderauon of the investment reeds. objectives or fi flangeI circumstances of any investor. Belpre making an investment decision, investors need to amsider, with or without the assistance elan investment adviser. whether tine investments and strategies described o provided by Deutsche Bank, areappropriate, in light of their gratietriar investment me ods. cbrackvin end firenot al circumstancos. lurthormo this document is for infemlatioNdiscuesicn purposes only and does nct =institute an oiler. micsanmendannri ar rk,faaon tocork:bytea transaction and is not investment advice. Frank AG us autfiraised under Genteel Rankincl i a w finnigrairra sill tcei ty European Central Bank and the Bariit, Germany's Federal Financial OitAtithiWityj gild by the PriHinted gratulation Authority and set- e.:3 to limited mouldiest by the Financial Conduct Authority ard Prtidential ulpllpgjkiitlodty. Doted's about the extent ot our authorisation end regulation by the Prudential Regulation Authority, and regulation by the Financial Aittliallig reReadable horn us on me tract. Drafitlethe Asset & WealUt Management Investment GmbH, Mainzer Lancisfitifie 11-14 B032-9 Frankfurt ani Main, Germany IMMI-Pthat. IC 022416 2/15) CIOVIFW.WM•DFC CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119233 CONFIDENTIAL SDNY_GM_00265417 EFTA01459033