Deutsche Bank grants natural persons visiting this web site (hereinafter referred to as “User(s)”) a revocable, non-exclusive, non-transferrable and restricted authorization to access and use the web site as well as the materials contained therein. The authorization only applies insofar as the user exclusively pursues the objectives outlined below and observes the restrictions set out in these conditions for use. The user is not permitted to interrupt or to attempt to interrupt the operation of the web site in any way. 

2.1 Regional Legal Restrictions

This web site contains information of a general nature on the products and services offered by Deutsche Bank AG. The web site is not directed at persons in countries/jurisdictions in which the publication of information on this matter or the distribution of such products and services as described in the web-site is prohibited, irrespective of nationality, place of residence or other grounds. Persons who are subject to such restrictions may not use this web site. Moreover, certain products and/or services are not available in every country and in certain countries, they are provided by subsidiaries or franchises of Deutsche Bank AG or another Deutsche Bank trade name. Products and services which are portrayed in this web site are only available to inhabitants of countries where Deutsche Bank AG is authorized to operate as a financial services provider and where respective products and services are authorized for distribution. More detailed information can be found in the Imprint. The Deutsche Bank unit authorized in the user’s country of residence provides information on the availability of such products and services. 

2.2 Accuracy and Reliability of the Information and Range of Functions

The web site and its contents are provided “as they are”. Apart from the exception that liability cannot be limited according to the law to be applied and aside from liability for gross negligence and premeditation, Deutsche Bank AG, their respective franchises or other third parties providing access to information or functions on or through this web site, do not guarantee

(i) the timeliness, accuracy or completeness of the information provided in accordance with regulations on the web site, including all price details;

(ii) the accuracy of results obtained by the user or other third parties through use of the web site. Apart from the exception that liability cannot be limited according to the law which is to be applied and aside from the liability for gross negligence and premeditation, Deutsche Bank AG do not accept liability for information provided by third parties on or via the web site.

All opinions and estimates which are portrayed as an opinion or estimate of Deutsche Bank reflect Deutsche Bank’s respective opinion or estimate at the time of publication and may be altered at any time without prior notification. They may deviate from the opinions or estimates of other business areas or members of Deutsche Bank Group.

Up to the point required by the respective applicable law, the content of the web site in no way constitutes an assurance, either explicitly or implicitly, including, but not limited to the tradability of products or securities portrayed, the freedom from third-party rights or concerning the suitability for certain purposes. Deutsche Bank AG also do not guarantee the error-free or uninterrupted provision of any function or content of the web site, that defects will be rectified or that the server on which the web site is found or a connected system are free of viruses or other detrimental components.

Unless otherwise indicated, all prices, news items or other market and stock-exchange information displayed on this web site have a delay of 15 minutes. 

2.3 References to Other Web Sites (Links)

This web site may contain references to other web sites (links), which, in turn may have contents that are produced or made accessible by operators independent of Deutsche Bank. Deutsche Bank AG is not responsible for information on web sites which can be accessed via links on this web site and therefore do not accept liability for the content of external web sites. This also applies to stock market, financial and other price-sensitive information transferred online to these web sites from the systems of external providers in real or delayed time.

All opinions or recommendations expressed in these independent web sites are solely those of the providers independent of Deutsche Bank and do not constitute an opinion or recommendation by Deutsche Bank. The mere existence of a link to such a web-site does not constitute a recommendation or other acknowledgement by Deutsche Bank in favour of this web site, its content or operator. 

2.4 Changes to the Web Site

Deutsche Bank AG reserves the right to alter, suspend or cease the operation of the web site at any time, including the services, information, properties or range of functions offered on the web site which are accessible within the scope of the proper use of the web site. Deutsche Bank AG also reserves the right to restrict the use of individual properties, functions or services or to limit access to parts of or the entire web site without prior notification. 

The user uses the web site at his/her own risk. The user bears the sole responsibility and risk of loss which may arise out of the down-loading from, access to or use of the web site and/or its content.

Apart from the exception that the liability governed by the law to be applied does not allow for exclusion and aside from the liability for one’s own grossly negligent conduct or premeditation,

(i) Deutsche Bank AG, or their respective franchises or other third parties which make information or functions accessible on or through the web site, are not liable for any damages arising out of (1) information published on the web site (2) errors in or omissions in the web site.

(ii) Deutsche Bank AG or their respective franchises or other third parties which make information or functions accessible on or through the web site, are not liable for any damages arising out of orders, investment decisions or the purchase of third-parties’ goods or services (including financial instruments and foreign currency), based on information accessible on this web site;

(iii) and in no circumstances can claims be made on Deutsche Bank AG, their respective franchises or other third parties which make information or functions accessible on or through this web site for the compensation for damages in any way, be they direct or indirect, punitive or atypical in nature, or consequential damages arising out of the use or unusability of the web site, even if Deutsche Bank AG or their respective franchises or other third parties which make information or functions accessible on or through the web site were informed of the possibility of such damages arising or if such damages were foreseeable. 

Unless otherwise arranged,

(i) the contents of these web sites constitute neither an advertisement for nor the offer of a contract or of a financial or other advisory service. Deutsche Bank AG does not enter into any contractual relationships with the user as a result of the derivation or calling up of content on these web sites. This web site does not constitute a replacement for advice on financial or other matters. None of the content of this web site can be understood as a recommendation to enter into or refrain from certain transactions, without first obtaining the user’s needs and overall situation by means of an individual consultation. Accordingly, nothing on this web site can be construed by the user as an offer by which, without any further addition by Deutsche Bank AG, contractual obligations arise for Deutsche Bank AG (invitatio ad offerendum)

(ii) the process of making information or functions accessible on this web site in no way constitutes an advisory service (including, without exception, the execution of all types of transactions or any kind of legal, tax or accounting-related advisory service or consultation in respect of the suitability or profitability of securities, investments or transactions)

(iii) Deutsche Bank AG only makes information and functions of a general nature accessible on this web site, which are not conceived as financial, legal, taxation-related or other advice and do not constitute an offer, invitation to trade or recommendation of securities or other financial products or services. The information which is made available to the user on this web site may differ from that made available to other users and clients of Deutsche Bank AG. The user should not rely solely on the information provided on this web site and in each case, should obtain additional, independent expert advice, in particular if this concerns his/her financial, tax-related and/or legal requirements, prior to making any investment decisions. The web site does not necessarily comprise all decisive criteria for the purposes of the user or may not reproduce the most current status of aspects important to the user. In addition to the products and services displayed on this web site, there are further products and services on the market which may be better suited to the user’s requirements.

In so far as civil legal agreements, for example transactions, are concluded with a user via this web site’s applications, in each case only the addressed contractual party, namely, Deutsche Bank AG is legally obliged and indicated. 

Deutsche Bank AG and their respective Boards of Managing Directors, Directors and employees may have or have had their own interests in securities or other investments referred to directly or indirectly on this web site, for example in which they hold positions in these investments, deal in these investments themselves or act as market makers for such investments. These legal or natural persons may also have or have had relationships to companies or provide or have provided services for companies directly or indirectly referred to on this web site. 

6.1 Underlying Law and Jurisdiction

Unless it arises otherwise from contractual agreements, these Conditions for Use are in line with German law and are to be interpreted in accordance with the laws of the Federal Republic of Germany.

6.2 Users in the United Kingdom and the United States

Deutsche Bank Securities Inc. bears the responsibility for the content of this web site vis-à-vis users in the United States. Deutsche Bank AG, London Branch bears the responsibility for the content of this web site vis-à-vis users in the United Kingdom.

6.3 Investment Performance, Returns

Information on this web site concerning investments are based on past experiences, from which conclusions in respect of future gains cannot be deduced. The value of investments may increase or fall and investors must be prepared to risk not getting the invested amount back. The products displayed on this web site are neither insured nor guaranteed by State bodies.

6.4 Scope of Application

These Conditions for Use apply for the benefit of Deutsche Bank AG and for the benefit of other members of the Deutsche Bank Group and also extend to their respective legal successors as well as their respective assignees and mandataries. Provided these Conditions for Use give rise to rights, Deutsche Bank AG or each member of the Deutsche Bank Group can transfer these rights to any of those mentioned above or other third parties.

6.5 Allocation of Tasks

Deutsche Bank AG reserves the right to commission third parties to fulfil functions relating to the operation of the web site.

6.6 Changes to the Conditions for Use

Deutsche Bank AG reserves the right to alter or add to these Conditions for Use in any way. The user should read these Conditions for Use at the start of each visit to the web site in order to familiarise him/herself with any potential changes.

6.7 No Implied Waiver

The non-exercise or late exercising of any rights by Deutsche Bank AG may not at any time be interpreted as a waiver of such right. The partial exercising of a right does not exclude the further assertion of such right. The waiver of a right does not mean that any other rights are waived or revised.

6.8 Contractual Agreements

Should any contractual agreements between Deutsche Bank AG and the user (in particular, the respective General Business Conditions) deviate from these Conditions for Use, the contractual agreements shall have precedence.

6.9 Partial Invalidity Clause

Should one or a part of one of these provisions become illegal, invalid or unfeasible at any time, according to the law on jurisdictions, this shall not affect the legality, validity or feasibility of the remaining provisions of these Conditions for Use in this jurisdiction or in any other jurisdiction.

6.10 Compatibility with Export Conditions

The use of the web site may require the use of encryption technologies subject to specific export conditions or restrictions. The user is prohibited from passing on these technologies without 

(i) the prior written agreement of Deutsche Bank 

(ii) the fulfilment of all relevant export conditions by the user and 

(iii) the fulfilment by the user of the conditions of the country in which the technology has been introduced or used. 

This web site was established in 2002 and is copyright protected.

Deutsche Bank AG and its respective suppliers, where available, each reserve all rights to all data, texts, pictures, software and other elements (including multimedia elements) displayed on this web site, or passed on by them or required for the purposes of making a function available on this web site (hereinafter referred to as “content”).

In making use of the web site and its content and the authorization to do so, the user in no way acquires the rights to the web site or its contents. The user may copy and print these Conditions for Use and other parts of the contents for private, non-commercial purposes only.

All of these copies are subject to the restrictions outlined in these Conditions for Use and must contain a copy of the copyright provisions by Deutsche Bank AG.

The user may not download, display, or reproduce the content, compile, transmit, sell, distribute, rent, lease, license, lend or transfer works derived from it, provided this is not expressly permitted in these Conditions for Use. The user is prohibited from

(i) using the web-site (including, without restrictions, software provided by third parties provided it is used) to offer services for the benefit of third parties;

(ii) changing or removing the copyright notice by Deutsche Bank AG or any of their respective suppliers;

(iii) using the trade mark, service or product descriptions, domain names, logos or any other means of identifying Deutsche Bank AG or any other third parties without the prior written agreement of Deutsche Bank AG and/or the respective third party;

(iv) with the exception of usual intermediate memory within the scope of observing the corresponding site, copying, downloading or saving market information (e.g. share prices, company news, stock market indices), distributing this market information or authorizing access to it, and using these market data to compile an index, provided such index can be used as a tradable tool in respect of a security.

Published by Deutsche Bank AG

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All rights reserved.