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If you do not agree to these terms, please do not proceed.

Please read these conditions carefully before proceeding. For the purposes of this agreement for Hong Kong investors, "Professional Investor" refers to individuals and entities defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

This is for informational purposes only is not the basis for any contract to deal in any security or instrument, or for Deutsche Bank AG (“DB”), any entity within the Deutsche Asset Management (“DeAM”) group, or their affiliates to enter into or arrange any type of transaction as a consequence of any information contained here. This shall not be construed as the making of any offer or invitation to anyone in any jurisdiction in which such offer is not authorised or in which the person making such offer is not qualified to do so or to anyone to whom it is unlawful to make such an offer.

The information reflects prevailing market conditions and our judgment as of this date, which are subject to change. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. We consider the information in this update to be accurate, but we do not represent that it is complete and it should be construed as investment advice. This is for informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice. Hypothetical figures are used for illustrative purposes and not indicative of the actual returns.

Certain information may constitute forward-looking statements. Due to various risks, uncertainties and assumptions made in our analysis, actual events or results or the actual performance of the markets covered may differ materially from those described. There can be no certainty that events will turn out as we have opined herein.

Investments are subject to risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not necessarily indicative of future performance. No assurance is given that the investment objective or the targets will be met. This information does not constitute investment advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. Investors should study all relevant information and consider whether the investment is appropriate for them.

Past performance is not indicative of future results. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved.

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