Quantitative models, processes and parameters are subject to amendment, modification, adjustment and correction at Deutsche Bank’s discretion, and may incorporate Deutsche Bank’s qualitative judgment. Deutsche Bank will from time-to-time run or update such models at its discretion. Clients are responsible for making their own determination as to the suitability and appropriateness of such models for their investment objectives.
This document is intended for information purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates (“DB”). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. It does not constitute a recommendation or endorsement by DB of any investment, trading strategy or algorithm and should not be relied upon by you to make a determination as to whether or not to invest or to use any strategy or algorithm.
When making an investment decision, you should rely solely on any specific final documentation relating to a transaction and not the summary contained herein. DB is not acting as your legal, financial, tax or accounting adviser or in any other fiduciary capacity with respect to any proposed transaction mentioned herein. This document does not constitute the provision of investment advice and is not intended to do so, but is intended to be general information. Any product(s) or proposed transaction(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives, needs and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures. YOU SHOULD ALSO CONSIDER SEEKING ADVICE FROM YOUR OWN ADVISERS IN MAKING ANY ASSESSMENT ON THE BASIS OF THIS DOCUMENT. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. DB is under no obligation to update or keep current the information contained herein, and past performance is not necessarily indicative of future results. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance does not guarantee or predict future results. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB 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. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. 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 decisions 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 (“the Bank”) is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany. It is registered in the Commercial Register of the District Court, Frankfurt am Main under number HRB 30 000.
The Bank is authorized under German Banking Law (competent authorities: European Central Bank and the BaFin, Germany’s Federal Financial Supervisory Authority) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by the BaFin, and is subject to limited regulation in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of the Bank’s authorization and regulation by the Prudential Regulation Authority, and its regulation by the Financial Conduct Authority, are available from the Bank on request.
The Bank is registered as a foreign company in the register of companies for England and Wales (registration number FC007615).
Under its European Passport, the Bank carries on banking and investment services in the United Kingdom through Deutsche Bank AG, London Branch (“London Branch”) and is also authorized to provide such services into the United Kingdom from Germany and from its other EEA branches.
Deutsche Bank AG, London Branch is registered as a branch in the register of companies for England and Wales (registration number BR000005). Its registered address is Winchester House, 1 Great Winchester Street, London EC2N 2DB.
In addition to its above authorisations, the Bank is authorised by the Financial Conduct Authority to carry on investment services in precious metals.
London Branch is listed as a member firm of the London Stock Exchange.
IN HONG KONG - This document is intended for Professional Investors as defined by the SFO. Deutsche Securities Asia Limited, Hong Kong is a participant of the Stock Exchange of Hong Kong and is licensed as a licensed corporation with the Securities and Futures Commission. DBAG Hong Kong Branch is regulated by the Hong Kong Monetary Authority.
IN US: This document is approved and or distributed by Deutsche Bank Securities Inc., a member of the NYSE, FINRA, NFA and SIPC. In accordance with US regulation, please contact your local DB US registered broker dealer, Deutsche Bank Securities Inc., for any questions or discussion of potential transactions.
IN JAPAN: This document is prepared by Deutsche Bank A. G. Hong Kong Branch and is distributed in Japan by Deutsche Securities Inc. (“DSI”). Please contact the responsible employee of DSI in case you have any question on this document. DSI serves as contact for the product or service described in this document.
IN TAIWAN: This document is distributed in Taiwan by Deutsche Securities Asia Limited, Taipei Branch which is regulated by Financial Supervisory Commission, Executive Yuan. This document is intended for ‘Professional Investors’ as defined by securities regulations and is not for public dissemination
IN AUSTRALIA: Deutsche Bank holds an Australian financial services licence (AFSL 238153).
IN MALAYSIA: This document is distributed in Malaysia by Deutsche Bank (Malaysia) Berhad.