“Deutsche Bank” means Deutsche Bank AG and its affiliated companies, as the context requires. Deutsche Bank Private Wealth Management refers to Deutsche Bank’s wealth management activities for high net worth clients around the world. Deutsche Bank Alex. Brown is a division of Deutsche Bank Securities Inc. Deutsche Bank Securities Inc. is a registered broker dealer and a member of SIPC.
By your accessing and using Deutsche Bank Private Wealth Management ("DB PWM") web site the following provisions apply: ("Disclaimer"):
This Disclaimer applies to each individual accessing this web site ("User"), to access to and the use of any of the web sites provided by DB PWM.
1. Permit of Use
DB PWM hereby grants User revocable, non-exclusive, non-transferable, limited permission to access, use and display this Web Site and the materials provided on it solely for the purposes specifically described herein and so long as User complies with the Disclaimer. User will not interrupt, or attempt to interrupt, the operation of the Web Site in any way.
2. Disclaimer of Warranties
2.1 Local Legal Restrictions
This site contains general information about the types of DB PWM's products and services. This Web Site is not directed to any person in any country/jurisdiction where the publication or availability of the DB PWM products or services mentioned in the Web Site is prohibited for any reason whatsoever (e.g. nationality, residency or otherwise). Persons to whom such restrictions apply must not access this Web Site. Moreover, products and/or services on this Web Site may not be available in all countries and in certain countries they may be offered by affiliates or licensees of DB PWM, or under a different tradename of DB PWM.
2.2 Accuracy and reliability of information
The Web Site and content is provided ''as is''. Except to the extent that liability under any applicable law or regulations cannot be excluded and to the extent of its own wilful misconduct or gross negligence, DB PWM or its licensors or other third party providers of information, that is accessible on or through this Web Site make no representations or warranties of any kind whatsoever regarding (1) the currency, accuracy or completeness of any information available by means of the Web Site, including prices; and (2) the results obtained by user or anyone else from the use of the Web Site. Except to the extent that liability under any applicable law or regulation cannot be excluded and to the extent of its own wilful misconduct or gross negligence, DB PWM makes no representations or warranties of any kind whatsoever regarding any information provided by third parties and accessible on or through the Web Site. Any views expressed as the views of DB PWM reflect the current views of DB PWM and may change without notice. Except to the extent required by applicable law, DB PWM (1) disclaims any expressed or implied warranties and conditions, including, without limitation, as to non-infringement, merchantability and suitability for a particular purpose; and (2) does not warrant that the Web Site or any services or content therein will be uninterrupted or error-free, that defects will be corrected or that the Web Site, the server on which it is made available or any connected system is free of viruses or other harmful components. Quotes, news and other market information data shown on the Web Site are at least 15 minutes delayed unless otherwise stated.
2.3 Links
The Web Site may contain links to other web sites, which in turn may contain material that has been produced by independent providers not affiliated with DB PWM. DB PWM accepts no responsibility for information provided on any web site that may be accessed through links on the Web Site. Any opinions or recommendations expressed on such other web sites are solely those of the independent providers and are not the opinions or recommendations of DB PWM. The existence of a link from the Web Site to any other such web sites does not constitute a recommendation or other approval by DB PWM of such web sites or any provider thereof.
2.4 Changes to Web Site
DB PWM may change, suspend, terminate or discontinue any aspect of the Web Site at any time, including the availability of any services, information, features or functions accessible by means of the Web Site. DB PWM may also impose limits on certain features, functions or services or restrict access to parts or all of the Web Site without notice or liability.
3. Limitation of Liability
Use of the Web Site is at User's own risk, and User assumes full responsibility and risk of loss resulting from downloading, use of or access to the Web Site and/or content. Except to the extent that liability under any applicable law or regulation cannot be excluded and to the extent of its own wilful misconduct or gross negligence: (i) DB PWM or its licensors or other third party providers of information, that is accessible on or through this Web Site are not liable for loss or damage of any kind whatsoever arising as a result of (1) information published on the Web Site, or (2) any errors in or omissions from the Web Site; (ii) DB PWM or its licensors or other third party providers of information, that is accessible on or through this Web Site shall have no liability arising from orders, investment decisions or purchases of third party goods or services (including financial instruments and currency) based on the information provided on the Web Site; and (iii) under no circumstances shall DB PWM or its licensors or other third party providers of information, that is accessible on or through this Web Site be liable for any damages whatsoever, whether direct, indirect, punitive, special or consequential, that are directly or indirectly attributable to the use of, or the inability to use, the Web Site, even if advised of the possibility of such damages or if such damages were foreseeable.
4. No Offer, No Advice
Except as otherwise specifically agreed in writing or provided in any other terms and conditions of use applicable to transactions between User and DB PWM through the Web Site, including, but not limited to the General Business Conditions, ("Specific Terms") ), (i) nothing on this Web Site is an offer which can be accepted by User so as to create contractual obligations without further action by DB PWM; (ii) DB PWM provides no advice with respect to the use of the Web Site (including, without limitation, regarding the execution of transactions or any legal, tax or accounting advice or advice regarding the suitability or profitability of a security, investment or transaction by means of the Web Site); and (iii) the Web Site only provides general information; it is not intended as financial, legal, tax or other advice or as an offer, solicitation or recommendation of securities or other financial products; the information provided to User may not include the same information provided to other users of the Web Site or clients of DB PWM, and User should obtain independent specific professional advice including financial, tax and / or legal advice that addresses its particular investment objectives, financial situation and needs before making investment decisions. The Web Site may not be complete and up to date for User's purposes. Products and / or services other than those mentioned on this Web Site are available on the market and they may be more suitable for your requirements.
5. Conflict of Interests
DB PWM and its directors, officers and employees may have or have had interests or positions or traded or acted as market makers in securities or other values directly or indirectly referred to on this Web Site. Such entities or persons may have or have had a relationship or may provide or have provided services to companies directly or indirectly referred on this Web Site.
6. Miscellaneous
6.1 Investment Results
Statements on this Web Site regarding investments are based on past experience which is not necessarily a guide to the future performance of an investment. The value of investments can fall or rise and investors may not even get back the invested amount. Also fluctuations of foreign exchange rates can cause the value of investments to go up or down.
6.2 Assignment
This Disclaimer shall be for the benefit of DB PWM for itself and on trust for Deutsche Bank, and shall inure to the benefit of the successors and assigns of any of the foregoing persons. DB PWM shall have the right to assign this Disclaimer or any of its rights or obligations under this Disclaimer to Deutsche Bank or other business partners.
6.3 Delegation
DB PWM (i) may delegate the performance of any function in connection with the Web Site and (ii) reserves the right to use any agents on such terms as it thinks appropriate.
6.4 Amendments
DB PWM reserves the right to vary or amend this Disclaimer in any way. It is User's responsibility to familiarize himself/herself/itself with this Disclaimer and any Specific Terms and any amendments thereto on accessing the Web Site or any part of the Web Site.
6.5 No Waiver
No failure or delay on the part of DB PWM in exercising any right shall operate as a waiver of, or impair, any such right. No single or partial exercise of any such right shall preclude any other or further exercise thereof or the exercise of any other rights. No waiver of any such right shall be deemed a waiver or modification of any other right under this Disclaimer.
6.6 Agreements
Except as may be stated otherwise, in the event of any inconsistency between this Disclaimer and any Specific Terms (including, but not limited to the General Business Conditions), the Specific Terms shall prevail, and in the event of any inconsistency between any Specific Terms or the Disclaimer and any account or master agreement relating to the particular product or services traded or offered through the Web Site ("Specific Agreement") the Specific Agreement shall prevail.
6.7 Severability
If at any time any provision (or part of any provision) of the Disclaimer is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of that provision) of the Disclaimer.
6.8 Compliance with Export Laws
Use of the Web Site may require the distribution of cryptographic technology which may be the subject of export controls or restrictions. User will not redistribute or re-export such cryptographic technology without (i) the prior written consent of DB PWM, (ii) User's compliance with all applicable export laws, and (iii) User's compliance with the laws of the country of destination or use.
7. Copyright and Trademark
The Web Site was created in 2005 and is protected by copyright, database rights and other intellectual property rights. DB PWM and/or its suppliers, if any, retain all rights, title and interest in and to all data, text, images, software and other elements (including multimedia elements) displayed on, distributed from, made available for downloading by means of, or used to provide any of, the Web Site's functionalities (the "Content"). Use of the Web Site and the Content does not grant User any ownership rights in the Web Site or Content. User may copy or print out as a hard copy this Disclaimer or other limited portions of the Content exclusively for private, non-business purposes. All such copies will be subject to the use limitations of the Disclaimer and must contain a copy of DB PWM’s copyright notice. User may not download, display, reproduce, create derivative works from, transmit, sell, distribute, rent, lease, sublicense, time-share, lend or transfer or in any way exploit the Web Site or Content except as permitted by this Disclaimer. User may not (i) use the Web Site (including without limitation any Third Party Software) to operate a service bureau for the benefit of any third party, (ii) remove or obscure any copyright notice of DB PWM or any of its suppliers or (iii) use any trademarks, service marks, domain names, logos, or other identifiers of DB PWM or any third party without the prior written permission of DB PWM or the relevant third party. (iv) User may not (1) copy, down-load or store any market data (i.e., but not limited to, information on security quotes, business news, security indices) except in the normal course of 'caching' the market data when viewing them on the Web Site; (2) redistribute or permit access to the market data; (3) use the market data to create an index if that index will be used as a tradable instrument in the nature of a security
8. Disclaimers on Select Investments
Hedge Funds
Dynamic international products
Protected structured products
Other advice
Structured products and derivatives
Foreign Exchange
Commodities
Private Equity
Real Estate
1 Hedge Funds. Allocations and availability of each product to a client will vary depending on client’s investment objectives, time horizon, risk tolerances, sophistication, and other constraints unique to the individual. No assurance can be given that a hedge fund’s investment objective will be achieved, or that investors will receive a return of all or part of their investment. Prospective investors should carefully consider these risks before investing. In the United States, hedge funds, private equity, real estate funds, and most structured products are only available to certain investors who qualify as “Accredited Investor” as defined in the Regulation D under the Securities Act of 1933 (“the Securities Act”) and/ or “Qualified Purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940 (“the Investment Company Act”).
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2 Dynamic international products. Recommendation would not be suitable for all investors. Compared to the fixed income holdings referenced, the international products referenced herein are less liquid, more volatile, and contain additional risks. When investing in international bonds, investors should consider the credit quality of the issuer, as well as characteristics such as coupon, maturity, redemption, and call features, if any, as well as liquidity and currency risk, which may be subject to greater fluctuations due to foreign, economic, political, monetary, and/or legal factors.
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3 Protected structured products. Not suitable for all investors due to illiquidity, optionality, time to redemption, and payoff nature of the strategy. Principal protection is only available if the instrument is held to maturity. No liquid secondary market exists. However, DB PWM may, at its sole discretion, provide a redemption price, depending on a number of factors such as market conditions and subject to the imposition of early or partial withdrawal penalties. These instruments are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other U.S. governmental agency. These instruments are not insured by any statutory scheme or governmental agency of the United Kingdom.
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4 Other advice. It is important to note that DB PWM does not provide accounting, tax, or legal advice. Nothwithstanding any other expressed or implied agreement, agreement or understanding to the contrary, we hereby authorize you to disclose to any and all persons the structure and the tax aspects of potential transactions and all materials of any kind that are provided to you related to such structure and tax aspects, without DB PWM imposing any limitation of any kind.
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5 Structured products and derivatives. Not suitable for all investors due to illiquidity, optionality, time to redemption, and payoff nature of the strategy. We or our affiliates or persons associated with us or such affiliates may: maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation.
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6 Foreign Exchange. Such transactions involve multiple risks, including currency risks and settlement risk. Economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments may substantially and permanently alter the conditions, terms, marketability, or price of a foreign currency. Profits and losses in transactions in FX will also be affected by fluctuations in currency where there is a need to convert the product’s denominations to another currency. Time zone differences may cause several hours to elapse between a payment being made in one currency and an offsetting payment in another currency. Relevant movements in currencies during the settlement period may seriously erode potential profits or significantly increase any losses.
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7 Commodities. Commodities are speculative and highly volatile. The risk of loss in trading commodities can be substantial. The price of commodities (e.g. raw industrial materials such as gold, copper, and aluminum) may be subject to substantial fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. Additionally, valuations of commodities may be susceptible to such adverse global economic, political or regulatory developments. Prospective investors must independently assess the appropriateness of an investment in commodities in light of their own financial situation and investment objectives. Not all affiliates or subsidiaries of DB PWM offer commodities or commodity related products and services.
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8 Private Equity. Private equity is speculative and involves significant risks, including lack of transparency and control. The investment vehicle is illiquid and a long-term investment, often surpassing ten years. The environment for private equity investments is volatile, and an investor should only invest if the investor can withstand a total loss of investment.
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9 Real Estate. Such investments may be or become nonperforming after acquisition for a wide variety of reasons. Nonperforming real estate investment may require substantial workout negotiations and/or restructuring. Environmental liabilities may pose a risk such that the owner or operator of real property may become liable for the costs of removal or remediation of certain hazardous substances released on, about, under, or in its property. Additionally, to the extent real estate investments are made in foreign countries, such countries may prove to be politically or economically unstable. Finally, exposure to fluctuations in currency exchange rates may affect the value of a real estate investment.
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Published by Deutsche Bank AG, Private Wealth Management division.
© Deutsche Bank AG, Frankfurt am Main.
All rights reserved.
