Sales and Trading Disclaimer

Electronic communication including emails and other transmitted documents (“Messages”) may have been prepared by sales and/or trading functions (“Sales & Trading”) within Deutsche Bank AG or one of its affiliates (collectively “Deutsche Bank”), and may not have been produced, reviewed or edited by Deutsche Bank’s research department (“Research”).

Any opinions expressed in Sales & Trading Messages are those of the author or individual sender (“Author”) and may differ from the opinions expressed by other Deutsche Bank departments, including Research. 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.

These Messages are intended for the personal use of the recipient and do not constitute an offer, a recommendation or a solicitation to enter into, or otherwise purchase or sell, any transaction or security, or to participate in any particular trading strategy unless they are expressly referenced as such content.

These Messages, and the information contained therein, do not constitute the provision of investment advice unless they are expressly referenced as such advice. These Messages are for the general information of our clients and are a general solicitation of derivatives business for the purposes of, and to the extent they are subject to, 1.71 and/or 23.605 of the U.S. Commodity Exchange Act.

Sales & Trading is subject to additional potential conflicts of interest which Research does not face.

Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed in a Message. 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 in a Message.

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. Sales & Trading personnel are compensated in part based on the volume of transactions effected by them.

Assumptions, estimates and opinions expressed constitute the Author’s judgment as of the date of the Message and are subject to change without notice. Past performance is not necessarily indicative of future results.

The Messages are 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.

Certain transactions or securities mentioned in a Message, including derivative products, give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. Messages may be intended for institutional customers or accredited investors only and may be furnished for informational purposes only.

Deutsche Bank transacts business with counterparties on an arm’s length basis and on the assumption that each counterparty is sophisticated and capable of independently evaluating the merits and risks of each transaction and that the counterparty is making an independent decision regarding any transaction.