In Latin America, for institutional investors only. Further distribution of this material is strictly prohibited.

Important Information

DWS is the brand name of DWS Group GmbH & Co. KGaA and its subsidiaries under which they do business. The DWS legal entities offering products or services are specified in the relevant documentation. DWS, through DWS Group GmbH & Co. KGaA, its affiliated companies and its officers and employees (collectively “DWS”) are communicating this document in good faith and on the following basis.

This document 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 investment advice.

This document is intended to be a marketing communication, not a financial analysis. Accordingly, it may not comply with legal obligations requiring the impartiality of financial analysis or prohibiting trading prior to the publication of a financial analysis.

This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statements.

Past performance is no guarantee of future results.

The information contained in this document is obtained from sources believed to be reliable. DWS does not guarantee the accuracy, completeness or fairness of such information. All third party data is copyrighted by and proprietary to the provider. DWS has no obligation to update, modify or amend this document or to otherwise notify he recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Investments are subject to various risks. Detailed information on risks is contained in the relevant offering document.

No liability for any error or omission is accepted by DWS. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid.

DWS does not give taxation or legal advice. This document may not be reproduced or circulated without DWS’s written authority.

This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject DWS to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.

Shares of the fund are only available for certain non-U.S. persons in select transactions outside the United States, or, in limited circumstances, otherwise in transactions which are exempt in reliance on Regulation S from the registration requirements of the United States Securities Act of 1933, as amended, and such other laws as may be applicable. This document does not constitute an offer to subscribe for shares in the fund. It is directed at professional/sophisticated investors and is for their use and information. This document should not be provided to retail investors. The offering or sale of fund shares may be restricted in certain jurisdictions. For information regarding jurisdictions in which the funds are registered or passported, please contact your sales representative. Fund shares may be sold on a private placement basis depending on the jurisdiction. This document should not be used or distributed in any jurisdiction, other than those in which the funds are authorized, where authorization for distribution is required. DWS Distributors, Inc. is authorized by the fund to facilitate the distribution of shares in certain jurisdictions through dealers, referral agents, sub-distributors and other financial intermediaries. Any entity forwarding this material, which is produced by DWS Distributors, Inc. (or an authorized affiliate) in the United States, to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

The shares offered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state, and are being offered and sold in reliance on exemptions from the registration requirements of the Securities Act and such laws. Because the shares offered hereby are not registered under the Securities Act, or the securities laws of any state, the shares offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws pursuant to registration or exemption therefrom. Pursuant to the rules and restrictions of Regulation S promulgated under the Securities Act, (i) shares will not be offered and sold hereunder in the United States or to U.S. persons (other than distributors) unless the shares are registered under the Securities Act or another exemption is available and (ii) hedging transactions involving those shares may not be conducted unless in accordance with the Securities Act. Shares may be offered privately outside the United States or to or for the benefit of an investor that is not a U.S. Person only in accordance with relevant laws of the jurisdiction where the offer is made.

For investors in Chile: This product is being placed by means of a private offer commencing on [initial date of the offer] and it avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances, currently the Financial Markets Commission. This offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Commission for the Financial Markets Commission, and therefore such shares are not subject to oversight by the latter. Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities. These securities may not be subject to a public offer until they are registered in the corresponding Securities Registry.

Este producto es ofrecido como oferta privada empezando el [initial date of the offer] y está sujeta al ReglamentoGeneral No. 336 de la Superintendencia de Valores y Seguros (SVS), conocida como la Comisión de MercadosFinancieros (CMF). Esta oferta cubre aquellos instrumentos que no están registrados en el Registro de Valores o Registro deValores Extranjeros de la Comisión de Mercados Financieros (CMF), por lo tanto, dichas acciones no estánsujetas bajo la supervisión de la CMF. Debido a que no están registrados, el emisor no tiene la obligación de proporcionar información sobre dichosinstrumentos en Chile, los mismos no pueden ser ofrecidos bajo una oferta pública hasta que estén registradosen el Registro de Valores que corresponde.

For investors in Peru: The Superintendencia del Mercado de Valores (SMV) does not exercise any supervision over this Product and therefore the management of it. The information the issuer/fund provides to its investors and the other services it provides to them are the sole responsibility of the Administrator. This Prospectus is only for the exclusive use of institutional investors in Peru and is not for public distribution.

For investors in Argentina: This prospectus includes a private invitation to invest in securities. It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorized copy, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. [Issuer / Placement agent] will not provide copies of this prospectus, or provide any kind of advice or clarification, or accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and will not be registered with, or authorized by, the applicable enforcement authority. The information contained herein has been compiled by DWS, who assumes the sole responsibility for the accuracy of the data herein disclosed.

For investors in Brazil: The shares in the Fund may not be offered or sold to the public in Brazil. Accordingly, the shares in the Fund have not been nor will be registered with the Brazilian Securities Commission – CVM nor have they been submitted to the foregoing agency for approval. Documents relating to the shares in the Fund, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering of shares in the Fund is not a public offering of securities in Brazil, nor used in connection with any offer or subscription or sale of securities to the public in Brazil.

For Investors in Mexico: The fund has not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the fund in Mexico, to Institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of the Mexican Securities Market Law.

For investors in Colombia: Promotion and offering of products and services are done through the representative office of DWS Distributors, Inc in Colombia. This document does not constitute a public offer in the Republic of Colombia. Any offer of the fund is addressed to less than one hundred specifically identified investors. The fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign funds in Colombia. The distribution of this Prospectus/Offering Document and the offering of Shares may be restricted in certain jurisdictions. The information contained in this Prospectus is for general guidance only, and it is the responsibility of any person or persons in possession of this Prospectus and wishing to make application for Shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for Shares should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

La promoción y oferta de productos y servicios se realizan a través de la oficina de representación de DWS Distributors, Inc en Colombia. Este documento no constituye una oferta pública en la República de Colombia. Cualquier oferta del fondo está dirigida a menos de cien inversores específicamente identificados. El fondo no puede ser promocionado o comercializado en Colombia ni a residentes colombianos, a menos que dicha promoción y comercialización se realice cumpliendo con el Decreto 2555 de 2010 y otras normas y regulaciones aplicables relacionadas con la promoción de fondos extranjeros en Colombia. La distribución de este Prospecto/Documento de Oferta y la oferta de Acciones pueden estar restringidas en ciertas jurisdicciones. La información contenida en este Prospecto es solo para orientación general, y es responsabilidad de cualquier persona o personas en posesión de este Prospecto y que deseen solicitar Acciones informarse y observar todas las leyes y regulaciones aplicables de cualquier jurisdicción relevante. Los posibles solicitantes de Acciones deben informarse sobre los requisitos legales aplicables, las regulaciones de control de cambios y los impuestos aplicables en los países de su respectiva ciudadanía, residencia o domicilio.

For investors in Uruguay: The sale of the Products qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The Products must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The Products are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay.

For investors in Costa Rica: This is an individual and private offer which is made in Costa Rica upon reliance on an exemption from registration before the General Superintendency of Securities (“SUGEVAL”), pursuant to article 6 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is it registered or will be registered before the SUGEVAL, nor can it be traded in the secondary market.

For investors in the Dominican Republic: The information provided herein is for informative purposes only regarding possible private placements and does not constitute an offer to sell.