1. No offer

Nothing contained on this X-markets Website should be considered as an offer to purchase any of the products as described on this X-markets Website. Pricing levels and valuations published on the X-markets Website are indicative and they and other information displayed thereon are for information purposes only.

2. Decisiveness of offering circular or prospectus

An offering circular or prospectus referring to a specific product is available on the X-markets Website in certain cases. Users should carefully read the information contained therein before making any investment decision.

3. No investment advice

Information made available on the X-markets Website should not be considered as investment advice or any form of recommendation to purchase products described thereon.

4. Historical performance

Past performance information contained on the X-markets Website is not indicative of future results.

5. No warranties for contents

Although best efforts have been used to ensure that the information set out on the X-markets Website is reliable, no warranty is made as to its accuracy, completeness and adequacy. Any opinions expressed reflect the current view of Deutsche Bank AG, which may change without notice.

6. Use of the X-markets Website

6.1. Changes of the X-markets Website

Deutsche Bank AG reserves the right to partly or completely change the X-markets Website at any time and to restrict, interrupt or terminate its service.

6.2. Changes of General Terms and Conditions of Use

Deutsche Bank AG reserves the right to modify or amend these terms and conditions at any time.

7. Copyright

Content and design of the X-markets Website are protected by copyright. Any copying of the website or of its content requires the preliminary written consent of Deutsche Bank AG.

8. Privacy Policy

Deutsche Bank AG respects your privacy. Personal data, which are collected when visiting our website, are processed according to requirements under German law.

9. Safety of Communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although Deutsche Bank AG will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

10. Hyperlinks

Certain hypertext links on the X-markets Website may lead the user to websites that are not under the control or charge of Deutsche Bank AG. When the user clicks on such a link, he leaves the X-markets Website. Deutsche Bank AG is not responsible with respect to any material contained on any other website.

11. Governing Law; Jurisdiction

11.1. Governing Law

These terms and conditions are exclusively governed by and shall be construed in accordance with German law.

11.2. Jurisdiction

Each private user who is not a resident of one of the countries for which the Council Regulation (EC) NO 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matters is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgements in civil and commercial matters signed at Lugano on 16 September 1988, and all commercial users are subject to the exclusive jurisdiction of the competent court of Frankfurt am Main, Germany, in respect of any disputes arising under these terms.

12. Other agreements

If at any time any provision (or part of any provision) of these terms and conditions is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these terms.

13. Selling restrictions

The products described on the X-markets Website are not eligible for sale in all countries and in any event may only be sold to qualified investors. The offering circulars contain information as to the selling restrictions applicable to any particular product and the user should read them carefully.

In particular, the following restrictions apply:

Residents of the United States of America:

The information set out in the X-markets Website is not directed to the United States. US citizens (as defined in Regulation S under the US Securities Act 1933) and persons resident in the US may not enter the X-markets Website. Information from this X-markets Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. The securities have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to US citizens or US residents.

The products described on the X-markets Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.