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FOR PROFESSIONAL INVESTORS ONLY

IMPORTANT INFORMATION

This website is intended for Professional Investors only, who understand the strategies and views introduced and can form an independent view of them.

CROCI represents one of many possible ways to analyze and value stocks. Potential investors must form their own view of the CROCI methodology and evaluate whether CROCI and investments associated with CROCI are appropriate for them. This website does not constitute marketing of any product connected to CROCI Strategies or an offer, an invitation to offer or a recommendation to enter into any product connected to CROCI Strategies. CROCI Investment strategies under various wrappers may be marketed and offered for sale or be sold only in those jurisdictions where such an offer or sale is permitted and may not be available in certain jurisdictions due to licensing and/or other reasons, and information about these strategies is not directed to those investors residing or located in any such jurisdictions. This material has been deemed falling under the MIFID definition of marketing material as not presented as an objective or independent piece of research in accordance with Article 24 section 1.a (Article 19.2 in directive 2004/39/EG) of implementation directive 2004/39/EC. In the data and charts presented throughout this document, “E” refers to financial years that are not yet reported. Forecasts of accounting data for these years are based on market’s consensus estimates as reported by Bloomberg Finance L.P. CROCI metrics for the forecast years are calculated by applying the CROCI model to these consensus estimates. The CROCI team does not make any forecasts or projections of accounting data. Data for historical years are derived from company reports and other publicly available sources.

RISK CONSIDERATIONS CROCI Methodology: The CROCI analysis has been built on the CROCI premise that stocks with lower CROCI Economic P/E ratios may outperform stocks with higher CROCI Economic P/E ratios over time. This premise may not be correct and prospective investors should evaluate this assumption prior to investing based on CROCI analysis. CROCI represents one of many possible ways to analyse and value stocks. Potential investors must form their own view of the CROCI methodology and evaluate whether CROCI and investments associated with CROCI are appropriate for them. The CROCI Team does not provide investment advice. CROCI analysis: The discussion above is based on analysis of agglomerations of the companies in the CROCI universe, which consists of over 800 companies globally. These agglomerations of companies may not be representative of the countries, regions, and sectors which they are intended to reflect. Past Performance is not a reliable indicator of future results and any forecasts may not be realised.  

Issued and approved by Deutsche Asset Management (UK) Limited, Winchester House, 1 Great Winchester Street, London EC2N 2DB, authorised and regulated by the Financial Conduct Authority, (“FCA”) Financial Services Registration Number 429806.

This document is a “non-retail communication” within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA’s client categorisation criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client. This document may not be reproduced or circulated without written consent of the issuer.

This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Asset Management (UK) Limited and/or its affiliates (“DB”). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(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 https://www.db.com/en/content/Risk-Disclosures.htm.

You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. As a global financial services provider, DB faces actual and potential Conflicts of Interest periodically. DB’s policy is to take all reasonable steps to maintain and operate effective organisational and administrative arrangements to identify and manage relevant conflicts. The distribution of this document and availability of these products and services in certain jurisdictions, and in particular the United States, may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission.

DB 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 THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.

© Deutsche Asset Management (UK) Limited 2017

Additional important information

Deutsche Bank AG, Stockholm branch: Deutsche Bank AG is authorized under German banking law (competent authority: European Central Bank and the BaFin, Germany’s Federal Financial Supervisory Authority. Deutsche Bank Branches operates within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area (“EEA”). Reference is made to European Union Regulatory Background and Corporate and Regulatory Disclosures at https://www.db.com/en/content/eu_disclosures_uk.htm. Details about the extent of our authorisation and regulation by BaFIN are available from us on request." DBS is acting in an agency/agency similar capacity (“the agent”) for and behalf of Deutsche Bank AG London Branch and if you decide to enter into a transaction with Deutsche Bank AG or one of its affiliates (“the principal”) will any and all contractual and commercial agreements be as entered into with that principal.  This presentation is for information purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for Deutsche Bank to enter into or arrange any type of transaction as a consequence of any information contained herein. It has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. This document is not intended for and should not be relied upon by a retail client. This material has been deemed falling under the MIFID definition of marketing material as not presented as an objective or independent piece of research in accordance with Article 24 section 1.a (Article 19.2 in directive 2004/39/EG) of implementation directive 2004/39/EC as enacted into Swedish laws and regulations, inter alia Värdepappersmarknadslagen (2007:528), Lagen (1991:980) om handel med finansiella instrument and Chapter 11, Sections 8-9, of regulation FFFS 2007:16, as amended. The views set out in this presentation are those of the author and may not necessarily reflect the views of any other persons or division within Deutsche Bank, including the Sales and Trading functions of the Corporate and Investment Bank : services provided by the Sales and Trading functions of the Corporate and Investment Bank are purely on a non-advised, execution-only basis.  

For residents of the United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority. This Document is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. By receiving this Document, the person or entity to whom it has been issued understands, acknowledges and agrees that this Document has not been approved by the UAE Central Bank, the Securities and Commodities Authority, the UAE Ministry of Economy and Planning or any other authorities in the UAE, nor has the placement agent, if any, received authorisation or licensing from the UAE Central Bank, the UAE Ministry of Economy and Planning or any other authorities in the United Arab Emirates to market or sell securities within the United Arab Emirates. No marketing of any financial products or services has been or will be made from within the United Arab Emirates and no subscription to any securities, products or financial services may or will be consummated within the United Arab Emirates. It should not be assumed that the placement agent, if any, is a licensed broker, dealer or investment advisor under the laws applicable in the United Arab Emirates, or that it advises individuals resident in the United Arab Emirates as to the appropriateness of investing in or purchasing or selling securities or other financial products. The interests in the Shares  may not be offered or sold directly or indirectly to the public in the United Arab Emirates. This does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law, Federal Law No. 8 of 1984 (as amended) or otherwise. By receiving this Document, the person or entity to whom it has been issued understands, acknowledges and agrees that the Shares have not been and will not be offered, sold or publicly promoted or advertised in the Dubai International Financial Centre other than in compliance with laws applicable in the Dubai International Financial Centre, governing the issue, offering or sale of securities. The Dubai Financial Services Authority has not approved this Document nor taken steps to verify the information set out in it, and has no responsibility for it.

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). Deutsche Bank AG, Doha (QFC) Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. Information distributed by Deutsche Bank AG, Doha (QFC) Branch relating to financial products or services regulated by the QFCRA are only available to Business Customers, as defined by the QFCRA. This document has not been filed with, reviewed or approved by the Qatar Central Bank, the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or any other relevant Qatari governmental body or securities exchange or under any laws of the State of Qatar.  This document does not constitute a public offering and is addressed only to the party to whom it has been delivered.   Kingdom of Saudi Arabia: Deutsche Bank AG in the Kingdom of Saudi Arabia (registered no. 1010217560) is regulated by the Saudi Arabian Monetary Agency. Deutsche Bank AG - Saudi Branch may only undertake the financial services activities that fall within the scope of its existing SAMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia. Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.

For Investors in Greece: These investment products can be offered in Greece only to "qualified investors" within the meaning of article 2 par. 1 (f) of Law 3401/2005, as amended by virtue of Law 4099/2012 (transposing into Greek law Directive 2010/73/EU, amending Directive 2003/71/EC)."  

For Investors in Australia: Issued by Deutsche Australia Limited (ABN 37 006 385 593), holder of an Australian Financial Services License. This information is only available to persons who are professional, sophisticated, or wholesale investors as defined under section 761 G of the Corporations Act 2001 (Cth). The information provided is not  to be construed as investment, legal or tax advice and any recipient should take their own investment, legal and tax advice before investing. An investment with Deutsche Asset Management is not a deposit with or any other type of liability of Deutsche Bank AG ARBN 064 165 162, Deutsche Australia Limited or any other member of the Deutsche Bank AG Group. The capital value of and performance of an investment  is not in any way guaranteed by Deutsche Bank AG, Deutsche Australia Limited or any other member of the Deutsche Bank Group. Any forecasts provided herein are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Deutsche Australia Limited is not an Authorised Deposit-taking Institution under the Banking Act 1959 nor regulated by APRA.

For Investors in Switzerland:  This presentation/document has been prepared upon your request exclusively on a best effort basis and intends to respond to your investment objective/strategy as a sophisticated and qualified investor within the meaning of the Swiss Collective Investment Schemes Act of June 23, 2006 (“CISA”). This communication was not produced, reviewed or edited by any research department within Deutsche Bank and is not investment research. Therefore, the "Directives on the Independence of Financial Research" of the Swiss Bankers Association relating to investment research do not apply. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank departments including research departments. The list was produced by Deutsche Bank Wealth Management, Investment Platforms EMEA, for discussion purposes only and does not result from any investment research analysis. This communication has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by Deutsche Bank, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this communication is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Investments in financial markets are subject to substantial degree of investment risk, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you might not get back the amount originally invested at any point in time. This document is confidential and personal to you and is being presented for informational and discussion purposes only. Any reproduction and/or redistribution thereof, in whole or in part, and any disclosure of its content is strictly forbidden.

For Investors in Russia: This presentation gives information on strategies which are not publically offered in Russia and can therefore only be considered for Qualified Investors in accordance with local Law 39- FZ.

For Investors in Ireland: The distribution of this Memorandum and the offering or purchase of Interests is restricted to the individual to whom it is addressed. Accordingly, it may not be reproduced in whole or in part, nor may its contents be distributed in writing or orally to any third party and it may be read solely by the person to whom it is addressed and his/her professional advisers.

For Investors in Singapore: These materials have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, these materials and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Interests may not be circulated or distributed, nor may Interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where Interests are subscribed or purchased under Section 275 by a relevant person which is: a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Interests pursuant to an offer made under Section 275 except: to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA; where no consideration is or will be given for the transfer; or where the transfer is by operation of law.

For Investors in Hong Kong: This document is issued by Deutsche Bank AG acting through its Hong Kong Branch.  The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer.  This material is intended for informational purposes only and it is not intended that it be relied on to make any investment decision.  The content and views expressed in this document are subject to change.  If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.  Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results.  Investors should read the offering documents for further details, including the risk factors, before investing.  This document is intended solely for Professional Investors, as defined under the Hong Kong Securities and Futures Ordinance. An investment in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than in circumstances which do not constitute an offer to the public for the purposes of the Hong Kong Companies Ordinance or the Hong Kong Securities and Futures Ordinance. For Investors in Israel: Deutsche Bank AG (“DB“) is not a holder of a license granted in Israel pursuant to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Law”) and does not hold the insurance coverage required of a licensee pursuant to the Investment Law. This document and any information provided by DB in relation to the contents thereof will not under any circumstances be deemed investment “advice” (as such term is defined in the Investment Law). DB is acting as a “marketing agent” (as such term is defined in the Investment Law) and any use of the word “advice” or any derivative thereof in this document should not be taken to mean that DB is offering “advice” as such term is defined in the Investment Law. The transaction or investment described in this document (“the investment”) may have been produced or issued by DB or by a third party. In either case, in the event that a client of DB enters into the investment, DB may receive a financial benefit that is separate from, and in addition to, any fee, commission or other payment (if any) made to it by the client. DB has chosen to market the investment because DB receives certain benefits when one of its clients invests in the investment. Other similar transactions or investment opportunities to which DB has no connection, may also be available however DB has chosen not to market these. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. This document has been prepared exclusively for Qualified Clients as such term is defined in the First Schedule to the Investment Law and/or the First Schedule of the Israel Securities Law, 5728-1968 (“Securities Law”). As a prerequisite to the receipt of a copy of this document a recipient may be required to provide confirmation and evidence that it is a Qualified Client. This document has not been approved by the Israeli Securities Authority and will not constitute "an offer to the public" under sections 15 and 15a of the Securities Law or section 25 of the Joint Investment Trusts Law, 5754-1994.

For Investors in New Zealand: The interests in the product or Fund may not, directly or indirectly, be offered, sold or delivered in New Zealand, nor may any offering document or advertisement in relation to any offer of the interests in the product or Fund be distributed in New Zealand, other than to persons characterized as Wholesale Investors under the Financial Markets Conduct Act 2013(NZ).

For potential investors in China: This material is intended for informational purposes only and it is not intended that it be relied on to make any investment decision.  It does not constitute investment advice or a recommendation or an invitation or an offer or solicitation and is not the basis for any contract to acquire or buy or purchase any securities, units, any interest in any securities investment fund or any other financial investment product (Products), or for any member of Deutsche Bank Group to enter into or arrange any type of transaction as a consequence of any information contained herein.  Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser.   To the fullest extent permissible pursuant to applicable PRC law, while Deutsche AM provides the information in good faith, it accepts no responsibility for the accuracy, reliability, completeness or timeliness of the information contained herein.  Your use of this material and information is at your own risk.  You assume full responsibility and risk of loss resulting from the use of this document or information.  No member of the Deutsche Bank Group or any officer, employee or associate of them accepts any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document or for any resulting loss or damage whether direct, indirect, consequential or otherwise suffered by the recipient of this document or any other person. Any person or entity resident in the PRC must satisfy its / himself that all applicable PRC laws and regulations have been complied with, and all necessary government approvals and licenses (including any investor qualification requirements) have been obtained, in connection with its / his investment outside of the PRC.  Your eligibility for any of Products is subject to final determination and acceptance by Deutsche AM. Contents contained herein are copyright protected. Reproduction of information or data content, in particular the use of text (whether in full or in part), pictures or graphics, requires the prior written consent of Deutsche AM.

Investors in Italy: This document does not constitute a public offering of financial instruments pursuant to art. 1, comma 1, let. t) of Legislative Decree. n. 58/98 and thus is not subject to art. 101 of the same regulation. As a result, the information here reported does not constitute and should not be intended, under any circumstance, as the provision of investment advisory, nor research in financial instruments nor financial analysis nor any other form of general recommendation related to transactions in financial products. Last, this document and the information provided herein do not create any legal binding obligation between the parties.

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Certain hypertext links on the Website may lead the user to websites that are not under the control or charge of Deutsche Asset Management (UK) Limited. When the user clicks on such a link, he leaves this Website. Deutsche Asset Management (UK) Limited is not responsible with respect to any material contained in or conducted through any other non-Deutsche Bank website.

Governing Law; Jurisdiction

These Terms are exclusively governed by and shall be construed in accordance with German law. Each retail user who is not a resident of one of the countries for which the Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast) is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgments in civil and commercial matters signed at Lugano on 30 October 2007, and all professional 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.

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The products described on this Website are not eligible for sale in all countries. The Offering Documents contain information as to the selling restrictions applicable to any particular product and the User should read them carefully.

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