• Tradable Implied Volatility Indices


Deutsche Bank AG (or, where applicable, one or more of its affiliates, in each case, "DB") is providing the indicative bid and/or offer prices (“Indicative Prices”) set forth in this document or message or any attachment or enclosure to it (collectively, “Documents”) solely for your own internal use (which may include, but is not limited to, use in preparing your own financial books and records). Indicative Prices represent an indication (determined by DB at its sole discretion) of the prices at which DB might have paid or charged, as the case may be, to decrease (DB’s bid) or increase (DB’s offer) the size or notional amount of the transaction or instrument referred to above as of the time and date specified, and do not represent a firm bid or offer to transact new transactions or instruments with DB nor the actual terms at which existing transactions could be liquidated or unwound with DB. Indicative Prices do not necessarily represent DB’s economic assessment of the transaction or instrument. Indicative prices do not necessarily reflect DB’s internal bookkeeping or theoretical model-based valuations. Indicative Prices may be based upon (without limitation) certain assumptions, market data (which may be generated internally), prevailing market conditions, a limited decrease or increase in the size or notional amount of the relevant transaction or instrument, and DB’s current appetite for the resulting altered risk profile. Changes to valuation methodologies, models, market data, pricing sources (internal and/or external) and assumptions may result in future Indicative Prices or firm bid and/or offer prices that are less favourable to you than current ones, even in the absence of an adverse development in market conditions. If DB subsequently quotes firm bid or offer prices to decrease or increase the size or notional amount of the transaction or instrument, which it is under no obligation to do, the firm prices will almost certainly differ from the most recent Indicative Prices. This difference may be less favourable to you and such differential could be substantial. To the extent permitted by law, DB fully disclaims any and all liability and responsibility to you or any other party for the Indicative Prices and any reliance by you or any other party on them including, without limitation, your use of Indicative Prices in preparation of your own financial books and records. Under no circumstances shall DB be liable for any damages whatsoever, whether direct, indirect, punitive, special, consequential or otherwise, that are directly or indirectly attributable to the use of, or inability to use, the Indicative Prices, even if advised of the possibility of such damages or if such damages were foreseeable.

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