EFTA01461156.pdf

Key Clients Partners services are offered to a select group of Deutsche Bank Asset & Wealth Management ("DeAWM") clients who are able to meet certain criteria including, without limitation, financial and sophistication qualifications. All Key Clients Partners opportunities may not be available in all DeAWM locations. The trading and investment ideas discussed herein are general and do not take into account a client's particular circumstances (including his or her tax situation), investment guidelines, investment goals, restrictions or needs. DB is not acting as your legal, financial, tax or accounting adviser or in any other fiduciary capacity with respect to any proposed transaction(s) mentioned herein. This document does not constitute the provision of investment advice and is not intended to do so, but is only intended to be general information. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but we make no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness, completeness of such information or that any returns indicated will be achieved. In addition we have no obligation to update, modify or amend this communication or to otherwise notify a recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. All pricing is indicative only. Prices and availability are subject to change without notice. Changes to assumptions may have a material impact on any returns detailed. Deutsche Bank is not acting as your municipal advisor, swap advisor, financial advisor or in any other advisory, agency or fiduciary capacity with respect to any transaction with you (whether or not Deutsche Bank has provided or is currently providing other services to you on related or other matters) unless expressly agreed by Deutsche Bank in writing. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Deutsche Bank trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein, and these may be known to the author. Deutsche Bank may make a market in the instruments (or related derivatives) discussed herein. Assumptions, estimates and opinions expressed constitute the author's judgment as of the date of this material and are subject to change without notice. This material is not a research report and was not prepared, reviewed or edited by the Deutsche Bank Research Department. The views expressed herein may differ from those of the Research Department. Sales and Trading functions are subjects to additional potential conflicts of interest which the research Department does not face, so this material should not necessarily be considered objective or unbiased. The investment ideas presented herein are subject to investment risk, including possible loss of principal. The past performance of securities or other instruments does not necessarily indicate or predict future performance and the value of investments and income arising there from can decrease as well as increase, the investor may get back less than was invested and no assurance can be given that any trade idea or investment described herein would yield favorable investment results. DB seeks to transact business on an arm's length basis with sophisticated investors capable of independently evaluating the merits and risks of each transaction, with investors who make their own decision regarding those transactions. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. Deutsche Bank AG, including 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 applicable law, of the transaction or matter addressed herein, and was not intended or written to be used, and cannot be relied upon, by any taxpayer for the purposes of avoiding any U.S. federal tax penalties. The recipient of this communication should seek advice from an independent tax advisor regarding any tax matters addressed herein based on its particular circumstances. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries ('Deutsche Bank"). Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. Brokerage services are offered through Deutsche Bank Securities Inc., a registered broker-dealer and investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Banking and lending services are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123008 CONFIDENTIAL SDNY_GM_00269192 EFTA01461156