Disclaimer

Disclaimer

This communication is being provided by Deutsche Bank AG (and/or one or more of its affiliates) (collectively “Deutsche Bank”), is intended for educational purposes only, and cannot be used in respect of any commercial purposes. This communication is not intended as any form of inducement. Deutsche Bank does not accept any liability for any direct, consequential or other loss arising from reliance on this communication and the information contained herein. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank divisions, departments or teams, including the Research Department. This communication, and the information contained herein, does not constitute the provision of investment advice or recommendations. This communication and the information contained herein is confidential and may not be reproduced or distributed in whole or in part without Deutsche Bank’s prior written consent. Assumptions, estimates and opinions expressed constitute the author’s judgement as of the date of this communication and are subject to change without notice. Past performance is not necessarily indicative of future results. This communication and the material contain herein is based upon information that Deutsche Bank considers reliable as of the date hereof, but Deutsche Bank does not represent that it is accurate and complete. Deutsche Bank has no obligation to update, modify or amend this communication or the information contained herein, or to otherwise notify a recipient thereof if any opinion, forecast or estimate set forth herein changes or subsequently becomes inaccurate.

To the extent that this communication contains any indicative bids and/or offer prices (“Indicative Prices”), such Indicative Prices are being provided as an accommodation to you solely for your own internal use. Indicative Prices represent an indication (determined by Deutsche Bank in its sole discretion) of the prices at which Deutsche Bank might have paid or charged, as the case may be, to decrease (Deutsche Bank’s bid) or increase (Deutsche Bank’s offer) the size or notional amount of the transaction or instrument referred to above as of the time and date specified. Indicative Prices do not represent a firm bid or offer. Indicative Prices do not necessarily represent Deutsche Bank’s economic assessment of the transaction or instrument. Indicative Prices do not necessarily reflect Deutsche Bank’s internal bookkeeping or theoretical model-based valuations. Indicative Prices are based upon a limited decrease or increase in the size or notional amount, prevailing market conditions and Deutsche Bank’s current appetite for the resulting altered risk profile. If Deutsche Bank subsequently quotes firm bid or offer prices to decrease or increase the size or notional amount of the transaction or instrument, which Deutsche Bank is under no obligation to do, the firm prices may differ from the most recent Indicative Prices. This difference can be less favorable to you, and due to the volatility of market conditions, the size or notional amount of the decrease or increase and other factors, the differential could be substantial. Deutsche Bank disclaims all liability for any losses or damages (incidental, consequential or otherwise) that may arise from the provision of these Indicative Prices, that are either used or relied upon by you, or any other party, for any reason including, without limitation, your use of Indicative Prices in preparation of your own financial books and records.

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