This material hos been prepared by and represents only the views of personnel in a sales or trading function of Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank,. R was not prepared or reviewed by Deutsche Bones Research Deportment, is not a research report, and the views herein may differ from those of the Research Department or other areas within Deutsche Bonk. Safes and Trading personnel may receive transaction-based compensation and are subject to potential conflicts of interest that the Research Department does not face. Further, Deutsche Bank may engage in transactions that are inconsistent with the views represented herein, and may trade as principal, have proprietary positions and make markets in the securities or other instruments (or related derivatives or instruments) discussed herein, and such positions and trades may be known to the author of this material. Transactions, strategies and ideas discussed herein may involve a high degree of complexity and give rise to substantial risk, including market, currency, volatility, geopolitical and other risks, and ore appropriate only for experienced, knowledgeable and sophisticated market participants who ore able and willing to assume such risks. Transactions may involve a high degree of leverage, and losses could greatly exceed the amount of your initial investment. Because you have represented to us that you are an "institutional account" for purposes of FINRA Rule 2111, we hove no obligation to determine whether any transaction is suitable for you. Before executing any transaction, you should conduct your own thorough evaluation of its terms in light of your investment outlook and particular circumstances and your appetite for risk, and determine whether it is appropriate for you. in any transaction executed by you, Deutsche Bank will not be acting in an investment advisory or fiduciary capacity, and if you face Deutsche Bonk as o counterporty it will be on an arm's length b