Our Organization DBSI is a Delaware corporation formed in 1971. DBSI provides investment views to institutional clients through the provision of proprietary published research pertaining to investment securities, including debt and equity securities and access to the research analysts who prepare such research (collectively, “Research Services”). Such investment views and Research Services are independently developed and there is no sharing of information between DBSI and DWS Investment Management Americas, Inc. (“DIMA”) to develop their respective research views. In addition, pursuant to a continuing relationship agreement entered into by DBSI and Raymond James Financial, Inc., DBSI provides written equity research and strategy-related research reports to Raymond James & Associates, Inc. (“RJA”) and to employees of the Alex. Brown Division of RJA and authorizes RJA to give access to research and strategy reports to certain of its clients and provides limited access for Alex. Brown Division personnel and certain clients to discuss an analyst’s published views with the analyst (collectively, the “RJA Services”). As discussed below in Item 7, some of these services may then be made available by RJA to certain of its clients. These Research Services do not include any securities trading activity on a discretionary basis or otherwise and are not specially tailored for particular clients. Research Services provided by DBSI do not include information from, or access to, DBSI’s sales personnel, traders or sales-traders. Such information and access have 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. DBSI is not responsible for the re-distribution of its research and a person’s receipt of such re-distributed research shall not, by itself, be deemed to create an investment adviser-client relationship between DBSI and any such person. This disclosure brochure is being provided to you pursuant to Section 204 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) with respect to the Research Services and RJA Services provided by the Adviser. Research Services DBSI offers the Research Services to institutional clients through the Deutsche Bank Research Department. The Research Services made available to clients include (but are not limited to) the following:
• independent analysis across macroeconomics, asset allocation, quant, foreign exchange, fixed-income, credit, ESG, equity and all major industry sectors
• equities-based research reports containing discussion and analysis of companies, industries, sectors, markets and macro-economic developments, in each case produced by research analysts in DBSI’s Equity Research department;
• other research-related communications and materials from research analysts relating to published research reports and companies covered by research analysts and the securities of such companies, including financial models and other analysis; and
• access to research analysts in connection with industry conferences, and calls and meetings with institutional clients. DBSI research analysts within the Research Department provide Research Services relating to several hundred companies, across seven growth-oriented sectors: consumer; energy and sustainability; financial services and technology; global industrial infrastructure; global services; healthcare; biotechnology; and technology, media and communications. Any investment advisory relationship is strictly limited to the provision of Research Services for which DBSI receives an Advisory Fee (as defined below) and is limited in duration to the period of each Research Service for which DBSI receives an Advisory Fee, commencing thereof. Please note that Research Services do not include any services or communications provided by DBSI’s [Institutional Sales & Trading department. While the Research Services provided to a particular client vary, DBSI does not tailor or personalize such services to the individual needs of specific clients. Research Services are not customized to meet, and do not consider,the specific investment objectives, goals, strategies, financial needs, or risk profile of any client who receives the Research Services (nor any customers of such clients). Research Services are solely impersonal investment advice and are for general use only and do not include tailored or personalized investment advice or recommendations. Clients must make their own independent evaluation of the suitability of the Research Services and the recommendations contained therein to their specific objectives (and to those of any of their underlying customers), and of the risks and merits of any investment decisions by the client (for itself or its underlying customers) that are based on Research Services. The Research Services are not meant to be the primary or sole basis for any investment decision made by client (for itself or for its underlying customers). DBSI does not undertake to monitor your accounts or investments in connection with the Research Services. DBSI will give advice, make recommendations, and take action in the performance of its duties to other clients or for its own accounts that will differ from advice or recommendations given, or in the timing and nature of action taken, with respect to the Research Services provided to

you. DBSI is not obligated to recommend for purchase or sale any security or other investment that DBSI may purchase or sell, or recommend for purchase or sale, to or for the account of any other client or for its or their accounts. DBSI may provide Research Services to some clients that are inconsistent with, and reach different conclusions from, information in Research Services provided to other clients. When this occurs, the differences in ideas contained in the Research Services generally reflect the different time frames, assumptions, views, and analytical methods of the persons involved or that result from a client’s request. DBSI may favor some clients over others in various ways, including favoring clients that have greater relationships with or are responsible for greater revenues to DBSI. For example, DBSI Equity Research personnel may communicate to some clients with respect to their newly published research, market developments or other Research Services before communicating with other clients and may provide certain clients with preferred or more extensive access to research analysts. DBSI and its clients may act on Research Services more quickly than another client, which may adversely impact that client’s investments or investment opportunities. Trades placed by you or your underlying customers may receive prices that are less favorable than prices obtained by DBSI and its other clients. Research Services includes perspectives, opinions, analyses, insights, commentaries, and outlooks of DBSI and its analysts within the Research Department, all of which are inherently uncertain and may or may not prove to be correct. To the greatest extent permitted by applicable law, DBSI and its employees and partners (including but not limited to analysts in the Equity Research department) shall not be liable for any losses, costs, liabilities or expenses suffered by a client (or its underlying customers) which may arise directly or indirectly from a client’s use of the Research Services, or any information or data provided therein or otherwise obtained or derived therefrom. This limitation is not meant to constitute a waiver or limitation of any rights accorded to a client under the applicable securities laws to the extent DBSI is deemed an investment adviser when providing the Research Services. You are neither required to act on any of the information provided through Research Services nor are you required to transact business with us if you choose to utilize any Research Services or implement any strategies, recommendations or other ideas contained within the Research Services. DBSI is not responsible for the redistribution of information contained within the Research Services and a person’s receipt of such information shall not, by itself, be deemed to create an investment adviser-client relationship between DBSI and any such person. Any relationship DBSI has with a client as an investment adviser by virtue of the delivery of the Research Services for a Research Fee is limited to the client and does not extend to any of the client’s officers, directors, employees, or underlying customers. DBSI will not be or become a fiduciary to a client or a client’s underlying customers for purposes of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, except to the extent DBSI expressly agrees to do so in a separate written agreement. In addition, the delivery of Research Services does not include trade execution, trading or brokerage services provided to clients. Any trades, transactions or orders that may be executed, routed, or otherwise processed through DBSI on behalf of clients (or customers of such clients) will be handled solely in our capacity as a broker-dealer. If you engage in securities transactions with us, we will not be acting as an investment adviser with respect to such securities transactions. To the extent a client receives research or other advice incidental to brokerage services (market color, analysis, perspectives, opinions, commentaries, or ideas by the Equity Research department or the Institutional Sales & Trading department) that is in consideration of commissions or other trading (related compensation), such research or advice is NOT an investment advisory service. Please note that brokerage services are regulated under different standards than those that apply to investment advisory services and differ in terms of the types of investment assistance provided, fees charged, and the rights and obligations of the parties involved. Principal Owners DBSI is a wholly owned subsidiary of Deutsche Bank US Financial Markets Holding Corporation, and indirectly a wholly owned subsidiary of DB USA Corp. DB USA Corp. is a direct, wholly-owned subsidiary of Deutsche Bank AG, the German corporation. DBSI is registered as a broker-dealer and investment adviser with the SEC and as a futures commission merchant with the U.S. Commodities Futures Trading Commission (“CFTC”). DBSI is principally engaged in the businesses of providing securities brokerage and investment advisory services to domestic and international private clients and institutions. DBSI is also a primary dealer in US government securities as designated by the Federal Reserve. Assets Under Management With respect to Research Services and RJA Services, DBSI has no assets under management.