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This Website is provided by Deutsche Bank AG, acting through its London Branch or its Frankfurt Head office (as further described in Clause 13) on its own behalf and on behalf of any members of the Deutsche Bank Group of Companies from time to time (together "Deutsche Bank") which may be responsible for the Website's content and any of the goods and services (including financial instruments) provided through it (together "the Website").
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No Advice or Recommendations
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- Opinions, estimates and projections in any research report accessed via the Website constitute the current judgment of the author as of the date of the report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice.
- Deutsche Bank has no obligation to update, modify or amend reports accessed via the Website or to otherwise notify Client thereof in the event that any matter stated in such reports, or any opinion, projection, forecast or estimate set forth in such reports, change or subsequently becomes inaccurate, or if research on the subject company is withdrawn.
- Prices and availability of financial instruments also are subject to change without notice. The Website (including all research reports accessed via it) is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. Any financial instruments discussed may not be suitable for all investors and Client must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives.
- If a financial instrument is denominated in a currency other than a Client’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from, the financial instrument, and Client effectively assumes currency risk.
- Income from an investment may fluctuate and the price or value of financial instruments described in this report, either directly or indirectly, may rise or fall. Past performance is not necessarily indicative of future results.
- Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor’s home jurisdiction.
- Additional information relative to any financial instruments, issuers or companies discussed in any research reports accessed via the Website is available from Deutsche Bank upon request.
Hypothetical Forecasts
Some of the materials presented in the Website may allow Clients to perform calculations and carry out analysis on the basis of hypothetical results, figures and indices. Hypothetical performance results have many inherent limitations. There are frequently sharp differences between hypothetical performance results and actual results subsequently achieved by any particular trading program. Client should recognise that hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account of the impact of financial risk in actual trading, for example, the ability to withstand losses or to adhere to a particular trading program in spite of losses are material points which also can adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Disclosure of Potential Conflicts
- Deutsche Bank and its respective officers and employees may from time to time deal in, be represented on the board of, hold significant long or short positions, or act as market-makers, advisors, brokers, commercial and/or investment bankers in relation to any institutions, financial instruments or derivatives thereof which may be discussed in the Website, including in a manner which may be inconsistent with the content of any research reports accessed via the Website. In addition, the disclosure of potential conflicts deemed relevant by certain regulators is accessible at https://research.db.com/Research/Disclosures/Disclaimer.
- Any research analyst involved in the preparation of any research reports accessed via the Website receives compensation that is based upon, among other factors, Deutsche Bank's overall investment banking revenues.
- The level and types of services provided by Deutsche Bank research analysts to Clients may vary depending on various factors such as the Client's individual preferences as to the frequency and manner of receiving communications from research analysts, the Client's risk profile and investment focus and perspective (e.g., market-wide, sector specific, long-term, short-term, etc.), the size and scope of the overall Client relationship with Deutsche Bank and legal and regulatory constraints.
Privacy
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- To the extent that you access the Website from within Australia, or that you disclose information to Deutsche Bank AG (ABN 13 064 164 162) and its subsidiaries, including Deutsche Australia Limited (collectively, “DB Australia”), DB Australia is bound by the Privacy Act 1988 (Cth). By accessing and using the Website, you acknowledge and agree that the Website will be hosted and operated by a third party vendors of DB Australia, including Markit On Demand Inc. and Dell Marketing L.P, both which are companies registered and operating from the United States. DB Australia may disclose your personal data or personal information to entities that are located outside of Australia including our own related bodies corporate, third party service providers and business associates. This may include offshore territories including (without limitation) the United States, Germany, Hong Kong, the Philippines, Singapore and the United Kingdom. There are certain safeguards which must be met before we are allowed to transfer your personal information outside Australia, which are set out in the Privacy Act. By accessing the Website you consent to such overseas disclosure. Should any matters arise regarding the handling of your personal information by overseas recipients these should be directed to DB Australia.
Disclaimer of Warranties
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Limitation of Liability
- Use of the Website is at Client's own risk and Client assumes full responsibility and risk of loss resulting from use of or access to the website.
- Except in the case of wilful misconduct, fraud or negligence resulting in death or personal injury Deutsche Bank, including its directors, agents, employees or sub-contractors, shall not be liable for any loss or damage or claim of any kind whatsoever arising directly or indirectly as a result of (1) content, accuracy, completeness or otherwise of materials, opinions or information contained on the Website, including links and Third Party Content; (2) any errors in or omissions from the Website; (3) use of or access to the website; (4) Client's inability to access or use the Website for any reason; (5) any failure by the Website to transmit, or any delay in the transmission or the receipt by Deutsche Bank of any instructions, any rejection or non-execution of any instructions or any failure of the Website to transmit, or any delay in the transmission or the receipt by the Client of any notification that any instructions have or have not been executed; (6) any breach of its contractual obligations arising under or in connection with these Website Terms; or (7) any representations, statement or tortious act or omission including negligence or any breach of statutory duty arising under or in connection with the Website Terms.
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- Deutsche Bank's total liability arising out of or in connection with the Website or otherwise under these Website Terms shall be limited to the sum of £10000 (ten thousand pounds sterling).
- Nothing in these Website Terms excludes or limits Deutsche Bank's liability for fraud or for personal injury or death caused by Deutsche Bank's negligence.
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Indemnification
Client will indemnify and keep indemnified Deutsche Bank, and its respective directors, officers, employees and agents, fully and effectively (to the fullest extent permitted by law) from and against any and all claims, actions, demands, proceedings, losses, liabilities, damages, costs and expenses (including legal fees, costs and expenses on a full indemnity basis) suffered or incurred by Deutsche Bank arising out of or relating to (directly or indirectly): (i) Client's actions that are inconsistent with or in breach of these Website Terms and the foregoing shall include (but not limited to) any claim of defamation, libel, slander, obscenity, invasion of privacy or any allegation thereof or infringement or alleged infringement of copyright, trade mark, moral right, database rights or patent or of obligations of confidence or any other claims anywhere in the world brought by third parties or any failure by Client to meet any third party obligations; (ii) Client's violation of any applicable national or international law, rule or regulation in connection with its use of the Website; and (iii) any third party claims arising out of or in connection with Client's use of or inability to use the Website.
Links
The Website may contain links to other websites which are not controlled by Deutsche Bank and contain material produced by independent third parties. The owners of any such linked websites do not necessarily have any relationship, commercial or otherwise, with Deutsche Bank. The existence of a link from the Website to any third party website does not constitute a recommendation or other approval by Deutsche Bank of such website its content or any provider thereof. Any opinions or recommendations expressed on third party websites are those of the relevant provider and are not the opinions or recommendations of Deutsche Bank. Deutsche Bank accepts no responsibility for content provided on any website that may be accessed through links on the Website.
Termination
- These Website Terms may be terminated by Deutsche Bank or Client for any reason at any time.
- Following termination of these Website Terms Client shall, on request, promptly return to Deutsche Bank or destroy any content (including Third Party Content) or other materials provided by Deutsche Bank or made available on the Website. At Deutsche Bank's request Client will certify in writing the return or destruction of all such materials.
- Unless otherwise expressly provided: (i) on termination of these Website Terms Client's permission to access the Website ceases immediately; (ii) termination of these Website Terms shall have no effect on any transactions previously executed through the Website which shall continue to be governed by these Website Terms and shall not negate any action required by any party to complete or implement any transaction which is entered into prior to such termination.
- Without prejudice to clause 12.3 above, any access of the Website by Client following the termination of these Website Terms shall again be deemed to be subject to these Website Terms.
- Clauses 1.10, 3.2, 3.3, 7, 8, 9, 10, 12 and 13 to 21 (inclusive) of these Website Terms shall survive the termination of these Website Terms for any reason.
Regulatory, Corporate and Contact Details
- The Website is provided by Deutsche Bank AG London, a branch of Deutsche Bank AG, whose branch registration number in England and Wales is BR000005 and whose branch address is 21 Moorfields London EC2Y 9DB. Deutsche Bank AG London can be contacted by phone on +44 (207) 545-8000, or by e-mail to deutsche.bank@db.com. The VAT registration number for Deutsche Bank AG London is GB 243 6097 61. With respect to Clients who are transacting with Deutsche Bank’s Frankfurt Head office, this website is provided by Deutsche Bank AG, Frankfurt whose registered address is at Taunusanlage 12, 60325 Frankfurt am Main, Germany. Deutsche Bank AG is registered in the Commercial Register of the District Court of Frankfurt am Main under registration number HRB 30 000. Deutsche Bank AG, Frankfurt may be contacted by phone on +49-69-910-21330 and by email to deutsche.bank@db.com.
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- All research reports accessed via the Website are approved and/or distributed in the United States of America by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC.
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Client acknowledges and accepts that any services provided through this Website involve transmissions over the Internet and that such transmissions are therefore subject to the Internet's inherent risks. Whilst Deutsche Bank acknowledges its responsibility to take reasonable security precautions, Client also acknowledges and accepts that, as with any network, Client may also be exposed to unauthorised invasions of privacy during, or as a result of, using the Website, system-threatening viruses and other unauthorised and invasive programs transmitted by third parties, eavesdropping and electronic trespassing, fraud and forgery and/or the failure of information and data to reach their intended destinations and/or erroneous receipt or misdirection of such information. Although Deutsche Bank and its suppliers' privacy and security features are designed to reduce these risks, Deutsche Bank cannot guarantee their elimination. Client therefore acknowledges that no transmission via the Website shall be deemed confidential and that Deutsche Bank shall not be liable for any breach of confidence arising as a result of such event.
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Amendments
Deutsche Bank may vary or amend these Website Terms at any time. Any amendments to these Website Terms will be displayed on the Website or otherwise communicated to Client and Client will be deemed to have accepted such amendment if it continues to access or use the Website.
Other Agreements
In the event of any inconsistency between these Website Terms and any master or other specific agreement between Client and Deutsche Bank relating to the particular product or services traded or offered through the Website that other agreement shall prevail.
No Waiver
No failure or delay on the part of Deutsche Bank in exercising any right or remedy under these Website Terms shall operate as a waiver of, or impair, any such right or remedy. No single or partial exercise of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other rights or remedies. No waiver of any right or remedy shall be deemed a waiver or modification of any other right or remedy under these Website Terms.
Partial validity
If at any time any provision of these Website Terms is or becomes illegal, invalid or unenforceable, that shall not affect or impair the legality, validity or enforceability of any other provision of the Website Terms.
Contracts Rights of Third Parties
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Governing Law and Jurisdiction
These Website Terms and any non-contractual rights arising under or in connection herewith are governed by and shall be construed in accordance with English law. Each of the parties (i) irrevocably submits to the exclusive jurisdiction of the English courts with respect to any dispute, controversy or claim arising out of, relating to, or in connection with these Website Terms, including any question regarding its existence, validity, interpretation, breach or termination and any dispute relating to any non-contractual obligations arising out of or in connection herewith (“Proceedings”); and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party.
Addendum for Clients Unbundling Research Payments and Receiving US Originated Research Services
If the Website includes research that is communicated or prepared by Deutsche Bank Securities Inc. (“DBSI”) (“U.S.-Originated Research”), Client represents, warrants, acknowledges and agree that:
- U.S.-Originated Research does not include information from, or access to, DBSI’s sales personnel, traders or sales-traders; such information and access has been and will continue to be delivered as part of the execution services provided by DBSI in its broker-dealer capacity and not as an investment adviser for a separate fee;
- You may receive U.S.-Originated Research only in connection with your role as investment adviser and portfolio manager for other investors and investment funds that are Clients of yours (“Manager Clients”).;
- Any Manager Client for whom you use U.S.-Originated Research (a) is not a pension or employee benefit plan subject to the U.S. Employee Retirement Income Security Act (“ERISA”), nor a person or entity subject to the retirement plan provisions of the U.S. Internal Revenue Code (the “Code”) nor an entity whose underlying assets are subject to such laws, and (b) is not a governmental, church or non-U.S. plan that is subject to any law that is substantially similar to the "prohibited transaction" rules of ERISA or the Code;
- You are required under Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as implemented by the European Union member states (including, where applicable, any implementation of such regulation into the laws of the United Kingdom as from 1st January 2021) ("MiFID II”) , either directly or by contractual obligation, to pay for U.S.-Originated Research from your own money, from a separate research payment account funded with your clients’ money or a combination of the two; and
- Neither DBSI nor Deutsche Bank are not acting as investment advisers to you or the Manager Clients in connection with the U.S.-Originated Research.
Hong Kong Licensing Restrictions on Futures
Research reports on futures contracts are not intended for access by persons who are located, incorporated, constituted or resident of Hong Kong.
Additional information available at https://research.db.com/Research/Disclosures/Disclaimer.
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- Northern Mariana Islands
- Palau
- Palestinian Territory, Occupied
- Papua New Guinea
- Paraguay
- Pitcairn
- Puerto Rico
- Réunion
- Rwanda
- Saint-Barthélemy
- Saint Helena
- Saint Kitts and Nevis
- Saint Lucia
- Saint-Martin
- Saint Pierre and Miquelon
- Saint Vincent and Grenadines
- Samoa
- San Marino
- Sao Tome and Principe
- Senegal
- Seychelles
- Sierra Leone
- Slovakia
- Slovenia
- Solomon Islands
- Somalia
- South Georgia, South Sandwich Islands
- South Sudan
- Sudan
- Suriname
- Svalbard and Jan Mayen Islands
- Tajikistan
- Tanzania, United Republic of
- Timor-Leste
- Tokelau
- Tonga
- Turks and Caicos Islands
- Tuvalu
- Uganda
- United States Minor Outlying Islands
- Vanuatu
- Virgin Islands, US
- Wallis and Futuna Islands
- Western Sahara
- Yemen
- Zambia
- Zimbabwe
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