Disclosure of electronic communication networks, alternative trading systems, or similar execution or trading systems or venues (collectively, “ECNs”)

Pursuant to an exemption under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Deutsche Bank and its affiliates, including DWS, may execute securities transactions through U.S.-regulated electronic communication networks, alternative trading systems, or similar execution or trading venues (collectively, “ECNs”) on behalf of client accounts subject to ERISA, provided that the conditions of the exemption are satisfied.

The conditions of the exemption include, among other requirements, notification to ERISA clients regarding the use of ECNs and ERISA client authorization for the use of any ECN in which Deutsche Bank has an ownership interest.

We have prepared the below list of ECNs through which trades may be executed for purposes of complying with these requirements. Any ECN in which Deutsche Bank has an ownership interest is denoted with an asterisk (*).

This disclosure is provided solely for purposes of the applicable ERISA exemption. It does not address, and should not be relied upon as addressing, any other legal, regulatory, or contractual requirements that may restrict or otherwise govern the use of particular ECNs. The information presented reflects the most recent review date and may not reflect subsequent legal, regulatory or business developments.

List of ECNs:

• Bloomberg Tradebook LLC
• FX Alliance Inc.
• FX Connect, LLC
• LiquidNet, Inc.
• MarketAxess Holdings Inc.
• Tradeweb Markets LLC
• Trumid Financial, LLC