• 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.

This material was prepared by a Sales or Trading function within Deutsche Bank, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face, so this material should not necessarily be considered objective or unbiased. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. 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. Deutsche Bank may make a market in the instruments (or related derivatives) discussed therein; and the Author may know the nature of such trading positions and strategies. Deutsche Bank 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. Certain transactions or securities mentioned herein, including derivative products, give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. This material is intended for institutional customers or accredited investors only and may be furnished for informational purposes only. If you believe you have received material which you deem not to be an acceptable minor non-monetary benefit (“AMNMBs”), please contact the sender to discuss appropriate arrangements or payment options. Any offering of securities will be made by means of one or more offering documents, which will contain detailed information about the issuer, its management and financial statements, and any underlying collateral or assets (amongst other important information).

For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to https://www.db.com/legal-resources/risk-Disclosures/index. This disclaimer shall be governed by and construed in accordance with English law.

DEUTSCHE BANK SPECIFICALLY DISCLAIMS ALL LIABILITY FOR DIRECT, INDIRECT, SPECIAL, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS BY YOU OR ANY THIRD PARTY, THAT MAY ARISE FROM ANY RELIANCE ON OR INABILITY TO USE THIS MATERIAL; OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF, OR FOR ANY DELAYS OR ERRORS IN THE TRANSMISSION OR DELIVERY OF THIS MATERIAL.

Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. This report may not be reproduced, distributed or published by any person for any purpose in whole, or in part, without Deutsche Bank's prior written consent. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor’s home jurisdiction.

In the US, this document is approved and or distributed by Deutsche Bank Securities Inc., a member of the NYSE, FINRA, NFA and SIPC. This material is for our clients’ informational purposes and is a general solicitation. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or consider the particular investment objectives, financial condition or needs of individual clients. This material, and the information contained therein, does not constitute the provision of investment advice. 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 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.

In the United Kingdom this material is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange. In Hong Kong, this document is distributed by Deutsche Securities Asia Limited (“DSAL”) and Deutsche Bank AG (“DBAG”). DSAL is an exchange participant of The Stock Exchange of Hong Kong Limited and a licensed corporation with the Securities and Futures Commission. Deutsche Bank AG is regulated by the Hong Kong Monetary Authority as a licensed bank. This document is intended for “Professional Investors” within the meaning of the Securities and Futures Ordinance (Cap. 571) and any rules made thereunder. In Singapore, this document is intended and provided exclusively for certain institutional and accredited investors as defined pursuant to section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the “Institutional Investors”).

Copyright© 2025 Deutsche Bank AG