Responsible Investments

Environmental, Social and Governance Directives for Portfolio Management

DWS takes very seriously its fiduciary responsibilities to its investors. DWS believes that management quality has a long-term positive correlation to capital market performance. Consequently, one of the main concerns in making investment decisions is sustainable company success. DWS is committed to securing shareholder value and acting in the best interests of its clients. The main consideration that DWS takes into account is maximizing shareholder value.

There are different material issues that contribute to the maximization of shareholder value and are important to its respective clients, business and markets in achieving the goal of long-term value. One of such material issues includes the application of recognized ecological, social standards and good corporate governance (“ESG”). ESG considerations are increasingly important aspects of reaching the goal of sustainable company success and are to be taken into account by DWS in achieving its ultimate goal of maximizing shareholder value and serving its clients.

As a result, although DWS corporate analysis considers key financial data and economic merit as the main criteria in making investment decisions, DWS also takes into account ethical and non-financial aspects, both for risk assessment and contribution to performance where the interests of the clients may be simultaneously served. One of the ways in which DWS, as part of Deutsche Asset Management (“DeAM”), has formalized this priority is by becoming a signatory to the United Nations Principles for Responsible Investment (UN PRI) in February 2008.