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Important Information
Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of
its subsidiaries. Gent: will be provided Nurselw Asset & Wealth Management products or servicves by ore or more legal entities that will be identified to
clients pursuant to the contracts, agreements. offering materials or other docurreenta lion relevant to such prixtixds or :services. Deutsche Asset & Wealth
Management of lers wealth management solutions for weelthy individuals, their fa nukes and select institutions worldwide. Deutsche Asset /A Wealth
Management, through Deutsche Bank AG. its affiliated compenies and as offerers and employees (collectivoly "Deutsche Bank") are communicating this
document in good faith and on the following basis.
This document has been prepared without consideration of the investment needs. objectives or financial circumstances of any investor. Before making an
investment decision, investors need to consider, with or without the assistance of an imestment adviser, whether the investments and strategiesdescribed
or provided by Deutsche Bank, are appropriate, in light of their particular arms:tined needs, eters:fives:aid financial circxernsUmgra. Furthermore. this
document is for informetforifdiscussion purposes only and does not and is not intended to constitute an otter, recommendation or solicitation to conclude
a transaction or the basis for any contract to purchase or sell any security, or other instrument. or for Deiet
lw Bank to enter Into or arrange tiny type of
transaction as a conseauence of any information contained herein and should not be treated as giving investment advice. Deutsche Bank AG. in-:Judi®
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 app€icable law, of the transaction or matter addressed herein, and was not intended or wri ben to be used, and
cannot be relied upon, by any taxpayer for the pr,/poses of avoidird any U.S. fix/oral tax penalties. The recipient of this win n Unidition shoukt seek advice
front an independent tax advisor regarding any tax matters addressed herein based on its particular a rcurestances. Investments with Deutsche Bank are
not guaranteed, unless specified. Although information in this document has been obtained from sources believed to be reliable, we do not guarantee
its accuracy, completeness or fairness, and it should not be relied upon as such. All opinions and estimates heroin, including forecast returns. rotted our
judgment on the date of this reptirt, are subject to change without notice and involve a number of assumptions which may not prove valid.
Investments are subject to venous risks, including market ItMlUatiOnS, regulatory charge counter party risk, possible delays in repayment and loss of
inaffie a rid principal invested The value of investments can fall as well as rise and you ray riot recover the amount originally invested at any point in time.
urthrrrmore, substantial fluctuations of the value of the investment are possible even over short periods of time. Furth% investment in international markets
can be affected by a host of factors, including political or social conditions, diplomatic relations, limitations or removal of funds or assets or imposition
of for change ireexchangecontrol cc tax regubtions in such markets. Additionally, i rwestme nts denominated in an alternative currency will be subject to
faliT6fiCy risk. changes in exchange rates which may have an adverse effect on thevela price or inoonw of the investment This doeuntunt does not identify
all the risks (direct and indirect) or other rxmsnitsrations which might be material to you when entering into a trarnviction. For certain investments, the
terms will be exclusively subject to the detailed provisions, including risk considerations, contained in the Offering Documents. Review carefully before
investing
Ibis publication contains leeward looking statements Forward kicking statements include, but are not limited to assumptions, estimates, projections,
opinions, modots and hypothetical performance analysis. The Forward locking statementsexpresser:Iconstitute the authors judgment as of the date of
this material. Forward 'coking statements involve significant elements of subjective judgments and analyses and changes thereto andter consider-alien of
di forted em additional factors cznild have ft material i MIX-X.11 On the results indicated, Therefore, a:dual reSUILS may very, perhaps materially. from the resulIS
Mil:lined herein. No representation or warranty is made by Deutsche Bank as to the reasonableness or 0011iploloness of such forward coking sta lenient s