Sales and Trading Disclaimer

Any materials and electronic communication including emails and other transmitted documents (“Materials”) may have been prepared by sales and/or trading functions (“Sales & Trading”) within Deutsche Bank AG (“Deutsche Bank”), and may not have been produced, reviewed or edited by Deutsche Bank’s research department (“Research”). The Materials are intended for informational and/or educational purposes and are not intended to be research reports (and should not be treated as such). The Materials should not be used for any commercial purposes.

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

The Materials have been classified as Acceptable Minor Non-Monetary Benefit (“AMNMB”) provided without charge. If you believe you have received material that is not an AMNMB, please contact the sender to discuss appropriate arrangements or payment options.

The Materials are intended for the personal use of the recipient and do not constitute an offer, a recommendation (except to the extent that it is an “investment recommendation” under MAR or UK MAR as defined below) 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.

Where any of the Materials constitute an “investment recommendation” as that term is defined in Article 3(1)(35) of Regulation (EU) No 596/2014 Market Abuse Regulation (“MAR”) or the equivalent restrictions under the UK Market Abuse Regulation (“UK MAR”), the distribution of such Materials is subject to the relevant provisions of MAR or UK MAR as the case may be. For more information, please consult Deutsche Bank’s Investment Recommendation Disclosures webpage.

Furthermore, the Materials, and the information contained therein, do not constitute the provision of investment advice unless they are expressly referenced as such advice. Nothing in the Materials should be construed as investment, tax, legal, accounting, regulatory or other advice.

The Materials are for the general information of Deutsche Bank’s clients.

Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed in the Materials. 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 the Materials. Deutsche Bank may make a market in the instruments (or related derivatives) discussed in the Materials; and the Author may be aware of or know the nature of such trading positions and strategies.

Sales & Trading is subject to additional potential conflicts of interest which Research does not face. Among other things, Sales & Trading personnel are compensated in part based on the volume of transactions effected by them and may act on the basis of the material contained in the Materials either on behalf of Deutsche Bank or, where permitted, in their personal accounts. As such, the Materials should not be relied upon as either objective or independent from the interests of Deutsche Bank and its associated personnel, whose interests may conflict with your interests.

Assumptions, estimates and opinions expressed in the Materials constitute the Author’s judgment as of the date and time at which the Materials are distributed and are subject to change without notice. Past performance is not indicative of future results.

The Materials 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. Any such information may be subject to change without notice. Deutsche Bank does not commit to review or update the content of any of the Materials following their distribution.

Certain transactions or securities mentioned in the Materials, including derivative products, give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. The Materials 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. Any decision as to whether or not to enter into any transaction should be assessed by and taken solely by the recipient.

When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. Deutsche Bank is not acting as your financial adviser or in any other fiduciary capacity with respect to a proposed transaction. The transaction(s) or product(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to Risk Disclosures.

The Materials may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law.

DEUTSCHE BANK SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THE MATERIALS OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.

This page was last updated on September 25, 2026.