Disclaimer

PPI Currency Absolute Return / PPI Currency Absolute Return (Select)
These presentations are issued by Perréard Partners Investment SA (PPI) for information purposes only. Currency markets are volatile and unpredictable and the value of currency positions may go down as well as up. This document reflects our assessments and conclusions based on data available to us.
This communication has been prepared by and is the sole responsibility of the issuer that is the subject of this communication. It has not been reviewed, approved or endorsed by Deutsche Bank. Any offering of any security or other financial instrument that may be related to the subject matter of this communication (a "financial instrument") will be made pursuant to separate and distinct documentation (an "offering circular") and in such case the information contained herein will be superseded in its entirety by any such offering circular in its final form. In addition, because this communication is a summary only, it may not contain all material terms and this communication in and of itself should not form the basis for any investment decision. To the extent that one has been prepared, the recipient should consult the offering circular for more complete information about any proposed offer of any financial instrument.
The information and opinions herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made with respect to the fairness, correctness, accuracy reasonableness or completeness of the information and opinions. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
The recipient is strongly advised to seek their own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues discussed herein. Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency, rate or other market or economic measure. Furthermore, past performance is not necessarily indicative of future results. The issuer disclaims liability for any loss arising out of or in connection with a recipient's use of, or reliance on, this communication.

Currency Risk Management
Illustrations related to Mesirow Financial Currency Management programs are drawn from simulations of hypothetical client positions using MFIM’s proprietary risk management methodology. No existing or previous client has mandated the advisor to manage precisely these exposures and benchmarks. Results obtained for any client will depend greatly on the client’s instructions as to benchmark, objective, trading constraints and risk tolerance. Data supporting these illustrations is provided by MFIM, which believes in the accuracy of the data but cannot guarantee the same.
This document is not intended for private investors. It is issued by: (a) MFIM, which is regulated by the U.S. Securities and Exchange Commission and (b) PPI SA, which is regulated according to Swiss legal requirements.
These documents may not be distributed in the United States of America or delivered to US persons.