Disclaimer
DISCLAIMER
THIS MATERIAL IS INTENDED FOR INSTITUTIONAL CUSTOMERS ONLY. This material was prepared by personnel in a Sales or Trading function of Deutsche Bank Securities Inc., or one or more other affiliates of Deutsche Bank AG (collectively Deutsche Bank), and is not the product of the Deutsche Bank Research Department. This material is not a research report and is not intended as such, it was not prepared or reviewed by the Deutsche Bank Research Department, and the views expressed herein may differ from those of the Research Department. This material is for our clients’ informational purposes and is a general solicitation of derivatives business for the purposes of, and to the extent it is subject to, §§ 1.71 and 23.605 of the U.S. Commodity Exchange Act. 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 take into account 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 or not 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. 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 principal positions in the instruments (or related derivatives) discussed herein, and these may be known to the author. Deutsche Bank may make a market in the instruments (or related derivatives) discussed herein. Assumptions, estimates and opinions expressed constitute the author's judgment as of the date of this material and are subject to change without notice. This material 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. 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. 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. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S., materials discussing securities are approved and/or distributed by Deutsche Bank Securities Inc. Copyright 2015 Deutsche Bank AG.
THIS MATERIAL IS INTENDED FOR INSTITUTIONAL CUSTOMERS ONLY. This material was prepared by personnel in a Sales or Trading function of Deutsche Bank Securities Inc., or one or more other affiliates of Deutsche Bank AG (collectively Deutsche Bank), and is not the product of the Deutsche Bank Research Department. This material is not a research report and is not intended as such, it was not prepared or reviewed by the Deutsche Bank Research Department, and the views expressed herein may differ from those of the Research Department. This material is for our clients’ informational purposes and is a general solicitation of derivatives business for the purposes of, and to the extent it is subject to, §§ 1.71 and 23.605 of the U.S. Commodity Exchange Act. 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 take into account 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 or not 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. 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 principal positions in the instruments (or related derivatives) discussed herein, and these may be known to the author. Deutsche Bank may make a market in the instruments (or related derivatives) discussed herein. Assumptions, estimates and opinions expressed constitute the author's judgment as of the date of this material and are subject to change without notice. This material 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. 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. 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. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S., materials discussing securities are approved and/or distributed by Deutsche Bank Securities Inc. Copyright 2015 Deutsche Bank AG.