<SEC-DOCUMENT>0000088053-17-000325.txt : 20170307
<SEC-HEADER>0000088053-17-000325.hdr.sgml : 20170307
<ACCEPTANCE-DATETIME>20170307165348
ACCESSION NUMBER:		0000088053-17-000325
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170307
DATE AS OF CHANGE:		20170307
EFFECTIVENESS DATE:		20170307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				260529973
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		17672647

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ar123116eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WASHINGTON,
D. C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
N-CSR</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Company Act file number: 811-04632</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
European Equity Fund, Inc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345
Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>New
York, NY 10154-0004</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices) (Zip Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
Telephone Number, including Area Code: <U>(212) 250-3220</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
Schubert</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60
Wall Street</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>New
York, NY 10005</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
and Address of Agent for Service)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 131.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of fiscal year end:</FONT></TD>
    <TD STYLE="width: 358.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/31/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of reporting period:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/31/2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 655px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    1.</B></FONT></TD>
    <TD STYLE="width: 5.75in; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORT
    TO STOCKHOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_001.jpg" ALT="eea_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">December 31,
2016</P>

<P STYLE="font: 24pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D"><B>Annual Report<BR>
to Shareholders</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D"><B>The European
Equity Fund, Inc.</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">Ticker Symbol:
EEA</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_002.jpg" ALT="eea_coversquare0" STYLE="height: 86px; width: 403px"></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Contents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-bottom: 3pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT>
        <FONT STYLE="font-size: 12pt">Letter to the Shareholders</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>8</B></FONT>
        <FONT STYLE="font-size: 12pt">Outlook Interview with the Portfolio Manager</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>10</B></FONT>
        <FONT STYLE="font-size: 12pt">Performance Summary</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>11</B></FONT>
        <FONT STYLE="font-size: 12pt">Schedule of Investments</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>17</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Assets and Liabilities</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>18</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Operations</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>19</B></FONT>
        <FONT STYLE="font-size: 12pt">Statements of Changes in Net Assets</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>20</B></FONT>
        <FONT STYLE="font-size: 12pt">Financial Highlights</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>21</B></FONT>
        <FONT STYLE="font-size: 12pt">Notes to Financial Statements</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>30</B></FONT>
        <FONT STYLE="font-size: 12pt">Report of Independent Registered Public Accounting Firm</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>31</B></FONT>
        <FONT STYLE="font-size: 12pt">Tax Information</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>31</B></FONT>
        <FONT STYLE="font-size: 12pt">Shares Repurchased and Issued</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>32</B></FONT>
        <FONT STYLE="font-size: 12pt">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>36</B></FONT>
        <FONT STYLE="font-size: 12pt">Approval of Continuance of Investment Advisory Agreement</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>42</B></FONT>
        <FONT STYLE="font-size: 12pt">Directors and Officers of&nbsp;the&nbsp;Fund</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>46</B></FONT>
        <FONT STYLE="font-size: 12pt">Additional Information</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund seeks long-term capital appreciation primarily
through investment in European equities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments in funds involve risks, including the
loss of principal.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The shares of most closed-end funds, including the
Fund, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market. Shares of closed-end
funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several
of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above
net asset value.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This Fund is diversified and primarily focuses its
investments in equity securities of issuers domiciled in countries that are members of the European Union, thereby increasing its
vulnerability to developments in that region. Investing in foreign securities, particularly those of emerging markets, presents
certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a
particular segment of the market will generally be more volatile than a fund that invests more broadly.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The European Union, the United States and other countries
have imposed sanctions on Russia as a result of the Russian military intervention in Ukraine. These sanctions have adversely affected
Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed sanctions targeting Western individuals,
businesses and products including food products. The various sanctions have adversely affected, and may continue to adversely affect,
not only the Russian economy but also the economies of many countries in Europe. Potential developments in Ukraine, and the continuation
of current sanctions or the imposition of additional sanctions may materially adversely affect the value of the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In June 2016, citizens of the United Kingdom voted
that the United Kingdom should leave the European Union. Significant uncertainty exists regarding the timing and terms of the United
Kingdom's anticipated withdrawal from the European Union and the effects such withdrawal may have on the United Kingdom, other
European countries and the global economy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Asset Management represents the asset management
activities conducted by Deutsche Bank AG or any of its subsidiaries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">NOT FDIC/NCUA INSURED&emsp;NO BANK GUARANTEE&emsp;MAY
LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Letter
to the Shareholders </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dear Shareholder,</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For the year 2016, European stock markets had another
positive year in local currency terms. In euro terms, the MSCI Europe Index had a total return of +3.1% and the German DAX +6.9%.<SUP>1
</SUP>The euro depreciated against the USD by 3.1%.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the 12-month period ended December 31, 2016,
the European Equity Fund, Inc.&rsquo;s total return in U.S. dollars (USD) was &ndash;1.52% based on net asset value and &ndash;3.31%
based on market price. During the same period, the total return of the Fund&rsquo;s benchmark, the MSCI Europe Index, was &ndash;0.40%.<SUP>2</SUP></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Equity markets experienced unusual volatility in
the first quarter caused by credit-related fears: The continued drop in oil prices produced additional stress for the U.S. high-yield
bond market given the largely debt-financed U.S. shale gas boom; at the same time, persistently weak economic data from China brought
fears of a large expansion of bad debt. In contrast, European leading indicators such as indices tracking manufacturing activity
levels, stayed in expansionary territory. The resulting market rebound was driven by a lack of corporate earnings disappointment
and dovish global central bank policies. The European Central Bank (ECB) raised its monthly asset buying program and, surprisingly,
announced the buying of&nbsp;corporate bonds.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Economic leading indicators in Europe stayed in positive
territory throughout the year. High readings of the German Ifo Business Climate Index pointed to an expansionary economic phase.<SUP>3
</SUP>The remaining Eurozone PMIs entered the recovery phase.<SUP>4 </SUP>Consumer confidence was supported by low oil prices and
rising wages. Eurozone GDP growth reached approximately +1.9% for the year, higher than initial consensus estimates of +1.5%.<SUP>5</SUP></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Diverging growth trends continued for European exporters
between North&nbsp;America and China. The tightening U.S. labor market gave continued strength to the consumer, and, therefore,
to imports. In China, however, the previously high growth rates slowed further, reducing demand for imports. Leading indicators
disappointed and the yuan devalued further, causing capital flight. Importantly, a demand-driven rise in the oil price restored
confidence in&nbsp;global economic growth.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Companies&rsquo; earnings reports were additional
drivers of market moves. After weak reports in Q1, the lack of wider disappointments in subsequent quarters was enough to support
equity prices. As the year progressed, positive surprises increasingly outnumbered negative ones. Since Q2, revenues, which were
driven by decent demand, grew slightly, while margins improved. Again, corporations were able to generate high cash balances. Merger
&amp; acquisition activity, as well as buybacks and dividend increases, helped to support market valuations.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Political events did not deter these trends. The
two major surprises were the U.K. referendum on European Union (EU) membership with its majority &quot;out&quot; vote and Donald
Trump&rsquo;s winning the U.S. presidential election. Despite dire predictions of the consequences of these outcomes, in both cases,
equity markets actually turned positive. In the case of the U.S. election, Trump&rsquo;s conciliatory post-election statement triggered
a sharp bounce in equity markets. Investors focused on Trump&rsquo;s plans to boost infrastructure spending, cut corporate taxes
and roll back regulation. The mining, health care, banking and defense segments rallied. The final risk event of the year, the
Italian reform referendum, was largely ignored by the markets, and an Italian banking crisis was averted by a combination of government
support and equity increases.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The performances of equity sectors diverged greatly.
The biggest losers of 2015, the materials and energy sectors, became the biggest gainers of 2016, with +26% and +25%, respectively.
Industrials also did well, with +8%. There were two double-digit losers: health care at &ndash;12% and telecommunication services
at &ndash;16%. The biggest surprise was the rotation away from stocks with quality and defensive growth characteristics to cyclical-value
and interest-sensitive stocks such as banks, which started in August with the positive earnings season and accelerated with&nbsp;the
U.S. elections.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Accordingly, the Fund&rsquo;s portfolio, with its
defensive strategy of focusing on quality criteria, experienced strong relative outperformance during the first half of the year,
which was lost in the substantial rotation during the second half. Changes to the portfolio starting in Q3 and continuing into
Q4, reducing defensive growth stocks while increasing cyclical value stocks, mitigated second half underperformance. Hence, the
Fund was able to generate positive returns in the second half of the year and lower volatility returns during the whole year.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The aforementioned rotation led to reductions of
the portfolio weight invested in health care and telecommunication stocks, both long duration sectors, versus a significant increase
in industrials. In the latter, we added a diverse mix of companies each with its own catalysts for growth. Of the four new industrial
stocks we added in the second half of the year, three have a more cyclical profile, while selling one with a more defensive profile.
Earnings events were in sum positive for the portfolio holdings.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s discount to net asset value averaged
11.9% for the year 2016.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_003.jpg" ALT="eea_portsumfollowing0" STYLE="height: 151px; width: 343px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ten Largest Equity Holdings at December 31,&nbsp;2016 </B>(31.4%&nbsp;of Net Assets)</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Country</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Percent </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1. Royal Dutch Shell PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2. AXA SA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3. Securitas AB</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sweden</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4. Allianz SE</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5. Merck KGaA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6. SAP SE</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7. Lagardere SCA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8. Heineken NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9. Daimler AG</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10. ING Groep NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>2.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 6pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio holdings and characteristics are subject
        to change and not indicative of future portfolio composition.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For more details about the Fund's Schedule of Investments,
        see page 11. For additional information about the Fund, including performance, dividends, presentations, press releases, market
        updates, daily NAV and shareholder reports, please visit deutschefunds.com.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Economic Outlook</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A year ago, we emphasized that achieving further
gains for equities would become more challenging. Now, after a year of markets moving sideways, the foundation for European equities
seems more solid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Economic leading indicators for Europe stayed in
positive territory, confirming the likelihood of a globally synchronized economic upturn. In comparison to other regions, Europe&rsquo;s
export driven economy offers higher leverage to global growth. From a bottom-up perspective, we can observe forecasts for earnings
growth being revised positively. For the first time in six years, the Earnings Revisions Ratio moved above one.<SUP>6</SUP></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The wall of skepticism towards Europe was driven
by years of anemic growth and continued political risks. The large valuation gap to the U.S. now adequately reflects the latter.
Therefore, as earnings come through during 2017, we believe European equities should be well positioned to perform. Outflows out
of&nbsp;Europe by global investors were high throughout 2016, but stopped towards year-end.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In contrast, investors do need to keep in mind a
number of risks that could unfold this year. Important political events include the Dutch parliamentary elections in March, the
French presidential elections in April and the German parliamentary elections in September. Both have the possibility of putting&nbsp;the
EU breakup theme back on the agenda of capital markets. Nonetheless, hope for reforms should not be discarded outright. A risk
that has turned into an opportunity for equity markets is the new U.S. administration. However, given the extent of the equity
rally, the potential for disappointment rises. Experience shows that measures such as tax cuts and infrastructure spending can
take much longer than markets have patience for. Perhaps the biggest risk for Europe comes from China, which, in terms of marginal
European growth, is the single most important country. Given high financial leverage, rising defaults, capital flight and a potential
trade war with the U.S., China could trigger a deflationary spiral.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On a stock level, the economic recovery phase, with
its shift to riskier stocks, is likely to continue into the first half of 2017. Later in the year, we would then need to see if
any of the above-mentioned risks actually materialize. In the meantime, the outlook for earnings growth in Europe is&nbsp;encouraging.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Mr. Joachim Wagner retired as a Director of the Fund,
effective January&nbsp;13, 2017. The Board thanks Mr. Wagner for his service to the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%; padding-bottom: 3pt"><IMG SRC="image_004.jpg" ALT="eea_TEAM170" STYLE="height: 56px; width: 103px"></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; padding-bottom: 3pt"><IMG SRC="image_005.jpg" ALT="eea_TEAM171" STYLE="height: 56px; width: 125px"></TD>
    <TD STYLE="line-height: 107%; padding-bottom: 3pt"><IMG SRC="image_006.jpg" ALT="eea_TEAM172" STYLE="height: 42px; width: 119px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; padding-left: 2.9pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian Strenger<BR>
        Chairman</P>
        <P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 35%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gerd Kirsten</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Portfolio Manager</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Brian Binder</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">President and Chief</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>The views expressed in the preceding discussion
reflect those of the portfolio management team generally through the end of the period of the report as stated on the cover.</B>
The management team's views are subject to change at any time based on market and other conditions and should not be construed
as recommendations. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">1 The DAX tracks the performance of the 30 major
German companies trading on the Frankfurt Stock Exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2</SUP> The MSCI Europe Index tracks the performance
of 16 developed markets in Europe. MSCI indices are calculated using closing local market prices and translated into U.S. dollars
using the London close foreign exchange rates.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>3</SUP> The Ifo Business Climate Index is a
monthly survey that measures the business climate in Germany.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>4</SUP> The Eurozone PMI Index tracks business
trends across both the manufacturing and service sectors in the Euro area, based on data collected from a representative panel
of over 5,000 companies (60 percent from the manufacturing sector and 40 percent from the services sector). The index tracks variables
such as sales, new orders, employment, inventories and prices.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>5</SUP> The gross domestic product (GDP) is
the monetary value of all the finished goods and services produced within a country's borders in a specific time period.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>6</SUP> The Earnings Revision Ratio measures
the number of stocks for which the consensus earnings per share estimate has risen, versus the number for which it has fallen.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Outlook
Interview with the</B></FONT><B><BR>
<FONT STYLE="font-size: 13.5pt">Portfolio Manager </FONT><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Portfolio Manager</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Gerd Kirsten</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">You mention cyclical value stocks as beneficiaries of the current market rotation. Can you specify
how you respond to this trend?</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">For a number of years now, riskier cyclical stocks have been punished by investors given the close-to-zero
growth environment in Europe. A final wave of selling materialized after the Brexit vote, when a European recession became a likely
scenario. However, the factor indicators we follow showed us that quality stocks were starting to lose momentum. We started reducing
some high-quality positions such as Lonza Group Ltd. (pharma ingredients), Essilor International (eyewear lenses) and Novo Nordisk
(diabetes drugs). On the other side, we increased some of our existing cyclically geared companies that also offered good value,
such as Daimler (cars and trucks) and SKF AB (ball bearings). </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Then, in Q4, we added another cyclical value stock
with Lanxess (performance chemicals) and two new industrial stocks that stand to benefit from an expansion of U.S. growth, BAE
Systems (defense) and Ashtead Group plc (construction equipment rental).</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">Why do you categorize consumer staples and health care stocks as &quot;long duration&quot;?<SUP>1</SUP></FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">Many of the companies&rsquo; business models in these sectors deliver stable and predictable cash
flows and their stocks offer stable dividend payouts. Due to these characteristics, their valuations grew ever higher as interest
rates moved ever lower. The correlation of their stock returns with bonds increased. As soon as the market adopted the reflation
theme with potentially rising interest rates, these stocks started underperforming. Traditionally, only telecommunications, utility
and real estate stocks were considered bond-like. Having stated this, we do not approach this from a top-down perspective, but
rather differentiate between each stock with our bottom-up analysis.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">Would you give up your defensive quality bias, if reflation becomes a sustainable theme?<SUP>2</SUP></FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">First of all, from a top-down point of view, we still live in a largely&nbsp;overleveraged world.
Rising rates could mean rising defaults, in which case a quality bias would be very helpful. The strength of our investment strategy
&mdash; which we call &quot;Stability&quot; is its adaptive nature, i.e., we screen with differing factors according to the phase
of the economic cycle. Therefore, in the slowdown and recession phases, our quality bias is high; in the recovery and boom phases
it is lower, but at a minimum at the level of our benchmark, the MSCI Europe Index. This makes it more difficult to outperform
in bull markets, as, for example, deep cyclicals such as mining or steel have difficulty passing our tough selection criteria.
Given this approach, we have largely outperformed in weak markets. In sum, the reduction in volatility has the potential to pay
well over the complete cycle.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>1</SUP> Consumer staples is a sector of the
economy selling essential products.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2</SUP> Reflation is a fiscal or monetary policy,
designed to expand a country's output and curb the effects of deflation or the reduction in the general level of prices in an economy.
Reflation policies can include reducing taxes, changing the money supply and lowering interest rates.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt">December 31, 2016 (Unaudited)</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>All performance shown is historical, assumes reinvestment
of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate
with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance
may be lower or higher than the performance data quoted. Please visit deutschefunds.com for The European Equity Fund, Inc.'s (the
&quot;Fund&quot;) most recent performance.</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fund specific data and performance are provided
for information purposes only and are not intended for trading purposes.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average Annual Total Returns </B>as of 12/31/16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.52)%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.17%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.99)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market Price<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.31)%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.17%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.66)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI Europe Index<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.40)%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.36%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Total return based on net asset value
reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market
value during each period. Each figure includes reinvestments of income and capital gain distributions, if any. Total returns based
on net asset value and market price will differ depending upon the level of any discount from or premium to net asset value at
which the Fund's shares trade during the period. Expenses of the Fund include investment advisory and administration fees and other
fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the Fund for the
year ended December 31, 2016 was 1.54%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>b</SUP> The MSCI Europe Index tracks the performance
of 16 developed markets in Europe. MSCI indices are calculated using closing local market prices and translate into U.S. dollars
using the London close foreign exchange rates.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Index returns do not reflect any fees or expenses
and it is not possible to invest directly in the MSCI Europe Index.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund's benchmark was changed as of July 1, 2014
from the MSCI EMU Index to the MSCI Europe Index as a result of the Fund changing its investment policy.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value and Market Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 12/31/16</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 12/31/15</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 8.76</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 8.98</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 7.72</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 8.06</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Prices and Net Asset Value fluctuate and are not
guaranteed.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribution Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per Share</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Twelve Months as of 12/31/16:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .08</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions are historical, not guaranteed and
will fluctuate. Distributions do not include return of capital or other non-income sources.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Schedule
of Investments </B></FONT><B><FONT STYLE="font-size: 10pt">as of December 31, 2016</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Common Stocks 98.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Germany 19.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Aerospace &amp; Defense 2.6% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MTU Aero Engines AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,852,546</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Automobiles 3.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Daimler AG (Registered)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">29,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,162,653</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Capital Markets 1.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Deutsche Boerse AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,600</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>693,030</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Chemicals 1.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">LANXESS AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,400</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>749,528</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Construction &amp; Engineering 2.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HOCHTIEF AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">12,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,683,615</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Insurance 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Allianz SE (Registered)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">14,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,317,791</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Pharmaceuticals 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Merck KGaA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">22,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,300,181</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Software 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SAP SE</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">26,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,270,402</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Germany</B> (Cost $12,488,007)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>14,029,746</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Netherlands 14.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 2.9% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ING Groep NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">150,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,114,799</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Beverages 3.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Heineken NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">29,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,179,167</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 3.3% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Royal Dutch Shell PLC &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">82,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,384,475</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Semiconductors &amp; Semiconductor Equipment 2.8% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ASML Holding NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">18,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,024,323</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Specialty Retail 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">GrandVision NV 144A</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">76,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,675,369</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Netherlands</B> (Cost $10,267,053)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>10,378,133</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>France 14.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Commercial Services &amp; Supplies 2.2% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Edenred</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">80,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,588,921</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Construction &amp; Engineering 1.9% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vinci SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">20,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,364,523</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Energy Equipment &amp; Services 2.7% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Technip SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">28,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,002,158</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Health Care Equipment &amp; Supplies 1.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Essilor International SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>792,404</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Insurance 3.3% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AXA SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">93,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,352,173</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Media 3.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lagardere SCA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">80,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,226,682</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total France</B> (Cost $9,221,101)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>10,326,861</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Switzerland 13.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Biotechnology 2.1% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Actelion Ltd. (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,518,595</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Building Products 2.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Geberit AG (Registered)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,606,454</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Capital Markets 1.9% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Partners Group Holding AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,841</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,333,990</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Chemicals 2.8% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Syngenta AG*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,025</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,994,624</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Life Sciences Tools &amp; Services 1.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lonza Group AG (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>867,277</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Specialty Retail 2.8% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dufry AG (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,999,213</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Switzerland</B> (Cost $7,859,783)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>9,320,153</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>United Kingdom 11.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Aerospace &amp; Defense 1.9% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BAE Systems PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">188,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,373,678</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Household Products 2.7% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Reckitt Benckiser Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">23,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,956,443</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Media 2.6% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">WPP PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">84,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,884,376</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Trading Companies &amp; Distributors 2.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ashtead Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">78,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,522,384</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Wireless Telecommunication Services 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vodafone Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">700,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,728,123</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total United Kingdom</B> (Cost $8,876,544)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>8,465,004</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Sweden 8.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Commercial Services &amp; Supplies 3.2% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Securitas AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">147,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,318,576</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Household Products 2.6% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Svenska Cellulosa AB SCA &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">65,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,839,535</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Machinery 2.3% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SKF AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">89,245</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,645,178</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Sweden</B> (Cost $5,323,693)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,803,289</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Denmark 6.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Chemicals 1.2% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Chr Hansen Holding A/S</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>887,414</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Marine 2.7% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AP Moller &mdash; Maersk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,200</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,917,890</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Pharmaceuticals 1.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Novo Nordisk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">19,241</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>694,984</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Textiles, Apparel &amp; Luxury Goods 1.6% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pandora A/S</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,900</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,166,220</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Denmark</B> (Cost $4,858,536)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,666,508</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Ireland 3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Airlines 1.5% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ryanair Holdings PLC*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">71,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,088,603</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Food Products 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kerry Group PLC &quot;A&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">24,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,712,592</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Ireland</B> (Cost $3,043,390)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,801,195</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Spain 3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Construction &amp; Engineering 2.5% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ferrovial SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">100,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,792,123</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Electric Utilites 1.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Red Electrica Corp SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">52,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>982,899</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Spain</B> (Cost $2,988,000)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,775,022</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Belgium 2.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 2.8% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KBC Groep NV (Cost $1,908,100)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">33,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,047,196</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Common Stocks</B> (Cost $66,834,207)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>70,613,107</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Contracts</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; padding-bottom: 3pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Put Options Purchased 0.1%</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Exchange-Traded Index Options Contracts</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EURO STOXX50 Index, Expiration Date 6/16/2017, Strike&nbsp;Price 3,000.00 (Cost $74,068)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70 </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,553</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Cash Equivalents 2.3%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deutsche Central Cash Management Government Fund, 0.50% (Cost $1,632,381) (a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,632,381</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,632,381</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Portfolio</B> (Cost&nbsp;$68,540,656)**</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.4</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72,320,041</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.4)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(264,357)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72,055,684</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Non-income producing security.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">** The cost for federal income tax purposes was $68,801,451.
At December 31, 2016, net unrealized appreciation for all securities based on tax cost was $3,518,590. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,091,046 and aggregate
gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,572,456.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(a) Affiliated fund managed by Deutsche Investment
Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">144A: Securities exempt from registration under Rule
144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For purposes of its industry concentration policy,
the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories in the above Schedule
of Investments consist of multiple industry sub-groups or industries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fair Value Measurements</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Various inputs are used in determining the value
of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets
for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&rsquo;s
own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication
of the risk associated with investing in those securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the inputs used as
of December 31, 2016 in valuing the Fund&rsquo;s investments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Stocks (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 14,029,746</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 14,029,746</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,378,133</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,378,133</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,326,861</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,326,861</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Switzerland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,320,153</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,320,153</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United Kingdom</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,465,004</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,465,004</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sweden</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,803,289</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,803,289</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Denmark</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,666,508</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,666,508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ireland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,801,195</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,801,195</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Spain</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,775,022</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,775,022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Belgium</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,047,196</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,047,196</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-Term Instruments (b)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,632,381</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,632,381</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives (c)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchased Options</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,553</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,553</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 72,320,041</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 72,320,041</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been no transfers between fair value measurement
levels during the year ended December 31, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(b) See Schedule of Investments for additional detailed
categorizations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(c) Derivatives include value of options purchased.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Assets and Liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">as of December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investments in non-affiliated securities, at value (cost $66,908,275)</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$ 70,687,660</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment in Deutsche Central Cash Management Government Fund (cost&nbsp;$1,632,381)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,632,381</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total investments, at value (cost $68,540,656)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">72,320,041</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Foreign currency, at value (cost $407,745)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">407,475</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dividends receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">34,988</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Foreign taxes recoverable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">165,469</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">244</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">72,944,317</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Distributions payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">451,662</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Fund shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">144,785</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for investments purchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">74,870</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment advisory fee payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">48,483</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,714</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Administration fee payable </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">12,603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">139,516</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">888,633</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 72,055,684</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Assets Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Undistributed net investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">397,211</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accumulated net realized loss on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(26,250,197)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,779,385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,296)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paid-in capital</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,146,581</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 72,055,684</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets value</B> per share ($72,055,684</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,223,000 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.76</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">for the year ended December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Investment Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dividends (net of foreign withholding taxes of $222,394)</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 2,022,567</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income distributions &mdash; Deutsche Central Cash Management Government Fund</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,059</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities lending income, net&nbsp;of borrower rebates</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,783</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,037,409</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expenses:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investment advisory fee</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">570,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administration fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,756</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custody and accounting fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,637</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Services to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,387</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reports to shareholders and shareholder meeting expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,139</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66,953</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,418</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit and tax fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NYSE listing fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,801</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,855</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,141,706</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net investment income</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>895,703</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Realized and Unrealized Gain (Loss)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net realized gain (loss) from:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,161,704)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(47,425)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,209,129)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Change in net unrealized appreciation (depreciation)
        on:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,635,389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,547)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,628,842</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,580,287)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net assets resulting from operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ (1,684,584)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statements of Changes in Net
Assets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Increase (Decrease) in Net Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Years Ended December&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Operations:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 895,703</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 812,641</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,209,129)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,668,614)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,628,842</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(609,877)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,684,584)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,465,850)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions to shareholders from:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(624,500)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,467,412)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Capital share transactions:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net proceeds from reinvestment of dividends</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares accepted for tender</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,351,740)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,169,561)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,102,656)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets from capital share transactions</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,169,561)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,182,184)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,478,645)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,115,446)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at beginning of period</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,534,329</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,649,775</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period (including undistributed net&nbsp;investment income of $397,211 and $163,016, as of December 31, 2016 and December 31, 2015, respectively)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 72,055,684</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 77,534,329</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at beginning of period</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,631,200</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,190,586</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares issued for dividend reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,616</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares accepted for tender</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(459,529)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(408,200)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(131,473)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,223,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,631,200</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Financial Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Per Share Operating Performance</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net asset value, beginning of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 9.79</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 7.83</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 6.74</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income (loss) from investment operations:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)<SUP>a</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.11</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.10</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.30)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.28)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.50)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.84</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.41)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.94</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Less distributions from:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.08)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.17)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.11)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.29)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion resulting from tender&nbsp;offer</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dilution in net asset value from dividend reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase resulting from share repurchases</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, end of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 9.79</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.83</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market value, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.72</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.06</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.23</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.94</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.03</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon market value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.31)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.03)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.83)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.17</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon net asset value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.52)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios to Average Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total expenses (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.54</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.60</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.98</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.95</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.14</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period ($&nbsp;thousands)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,056</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,534</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,650</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,468</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Based on average shares outstanding
        during the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>b</SUP> Total investment return based on net
        asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes
        in market value during each period. Each figure includes reinvestments of dividend and capital gain distributions, if any. These
        figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade
        during the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>*</SUP> Amount is less than $.005 per share.</P></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes to Financial Statements
</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>A. Accounting Policies</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The European Equity Fund, Inc. (the &quot;Fund&quot;)
was incorporated in Delaware on April 8, 1986 as a diversified, closed-end management investment company. Investment operations
commenced on July 23, 1986. The Fund reincorporated in Maryland on August 29, 1990 and, on October 16, 1996, the Fund changed from
a diversified to a non-diversified company. The Fund became a diversified fund on October 31, 2008.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America (&quot;U.S.&nbsp;GAAP&quot;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification
of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial
statements.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT>
<FONT STYLE="font-size: 12pt">The Fund calculates its net asset value (&quot;NAV&quot;) per share for publication at the close
of regular trading on Deutsche B&ouml;rse XETRA, normally 11:30 a.m., New York time.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Various inputs are used in determining the value
of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets
for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds and credit risk). Level&nbsp;3 includes significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication
of the risk or liquidity associated with investing in those securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Equity securities are valued at the most recent sale
price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade prior
to the time of valuation. Securities for which no sales are reported are valued at the calculated mean between the most recent
bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities
are generally categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments in open-end investment companies are
valued and traded at their NAV each business day and are categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchased options are generally valued at the settlement
prices established each day on the exchange on which they are traded and are categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Securities and other assets for which market quotations
are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner
that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally
categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include,
but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any
contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer
or of comparable companies; quotations or evaluated prices from broker-dealers and/or the appropriate stock exchange (for exchange-traded
securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer
and the market(s) in which the security is purchased and sold; and, with respect to debt securities, the maturity, coupon, creditworthiness,
currency denomination and the movement of the market in which the security is normally traded. The value determined under these
procedures may differ from published values for the same securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Disclosure about the classification of the fair value
measurements is included in a table following the Fund's Schedule of Investments.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Securities Transactions
and Investment Income.</B></FONT> <FONT STYLE="font-size: 12pt">Investment transactions are accounted for on a trade date plus
one basis for daily NAV calculation. However, for financial reporting purposes, investment security transactions are reported on
trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign
withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the
Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Proceeds from litigation payments, if any, are included in net realized gain (loss) for investments.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Securities Lending.</B></FONT>
<FONT STYLE="font-size: 12pt">Brown Brothers Harriman &amp; Co., as lending agent, lends securities of the Fund to certain financial
institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive dividends
generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities
to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to
the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort
to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During
the year ended December&nbsp;31, 2016, the Fund invested the cash collateral into a joint trading account in affiliated money market
funds including Government &amp; Agency Securities Portfolio, managed by Deutsche Investment Management Americas Inc. Deutsche
Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of December 31,
2016) on the cash collateral invested in Government &amp; Agency Securities Portfolio. The Fund receives compensation for lending
its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid
to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required
to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or
even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover
securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that
the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks
associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity
risk associated with such investments.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund had no securities on loan at December 31,
2016.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Foreign Currency
Translation.</B></FONT> <FONT STYLE="font-size: 12pt">The books and records of the Fund are maintained in United States dollars.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Assets and liabilities denominated in foreign currency
are translated into United States dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities,
income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Net realized
and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates
on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net
investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses
on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with
net realized and unrealized gain/appreciation and loss/depreciation on investments.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2016, the exchange rate was EUR &euro;1.00
to USD $1.05.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT>
<FONT STYLE="font-size: 12pt">In the normal course of business, the Fund may enter into contracts with service providers that contain
general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of
loss to be remote.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Taxes.</B></FONT>
<FONT STYLE="font-size: 12pt">The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which
are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Additionally, the Fund may be subject to taxes imposed
by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated.
Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest
income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected
as a component of net realized gain/loss on investments.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Regulated Investment Company Modernization
Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as
short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses.
As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2016, the Fund had a net tax basis
capital loss carryforward of approximately $19,102,000 of pre-enactment losses, which may be applied against any realized net taxable
capital gains of each succeeding year until fully utilized or until December 31, 2017 (the expiration date), whichever occurs first.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2016, the Fund had a net tax basis
capital loss carryforward of approximately $6,887,000, which may be applied against realized net taxable capital gains indefinitely,
including short-term losses ($4,482,000) and long-term losses ($2,405,000).</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has reviewed the tax positions for the open
tax years as of December 31, 2016 and has determined that no provision for income tax and/or uncertain tax provisions is required
in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examinations
by the Internal Revenue Service.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Dividends and Distributions
to Shareholders.</B></FONT> <FONT STYLE="font-size: 12pt">The Fund records dividends and distributions to its shareholders on the
ex-dividend date. The timing and character of certain income and capital gain distributions are determined annually in accordance
with United States federal income tax regulations, which may differ from accounting principles generally accepted in the United
States of America. These differences primarily relate to investments in foreign currency denominated investments, investments in
foreign passive investment companies, and certain securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such
period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the
NAV of the Fund.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2016, the Fund's components of distributable
earnings (accumulated losses) on a tax basis were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; border-top-style: outset; border-top-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undistributed ordinary income</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 397,211</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital loss carryforwards</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ (25,989,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 3,518,590</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, the tax character of distributions paid
to shareholders by the Fund is summarized as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding: 2.5pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions from ordinary income*</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 624,500</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 1,467,412</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* For tax purposes, short-term capital gain is considered
ordinary income.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Options.</B></FONT>
<FONT STYLE="font-size: 12pt">An option contract is a contract in which the writer (seller) of the option grants the buyer of the
option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument
at a specified price within a specified period of time. Certain options, including options on indices and interest rate options,
will require cash settlement by the Fund if exercised. For the year ended December 31, 2016, the Fund entered into options for
hedging purposes. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If the Fund writes a covered call option, the Fund
foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value
of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value
of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties
to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid.
In addition, certain risks may arise upon entering into option contracts, including the risk that an illiquid secondary market
will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the
option contract may not correlate exactly with changes in the value of the securities hedged.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A summary of the open purchased option contracts
as of December 31, 2016 is included in the Fund's Schedule of Investments. There were no open written option contracts as of December
31, 2016. For the year ended December 31, 2016, the investment in purchased option contracts had a total value generally indicative
of a range from $0 to approximately $75,000.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table summarizes the value of the Fund's
derivative instruments held as of December 31, 2016 and the related location in the accompanying Statement of Assets and Liabilities,
presented by primary underlying risk exposure:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Asset Derivative</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity Contracts&nbsp;(a) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 74,553</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 6pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The above derivative is located in the following
        Statement of Assets and Liabilities account:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(a) Investment in securities, at value (includes
        purchased options).</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Additionally, the amount of unrealized appreciation
and depreciation on derivative instruments recognized in Fund earnings during the year ended December 31, 2016, and the related
location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Change in Net Unrealized Appreciation (Depreciation)</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity Contracts (a) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 485</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 6pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The above derivative is located in the following
        Statement of Operations account:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(a) Change in net unrealized appreciation (depreciation)
        on investments (includes purchased options)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>B. Investment Advisory and Administration
Agreements</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund is party to an Investment Advisory Agreement
with Deutsche Asset Management International GmbH (&quot;Deutsche AM International GmbH&quot;). The Fund also has an Administration
Agreement with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;). Deutsche AM International GmbH and DIMA are affiliated
companies.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Investment Advisory Agreement with Deutsche
AM International GmbH, Deutsche AM International GmbH directs the investments of the Fund in accordance with its investment objectives,
policies and restrictions. Deutsche AM International GmbH determines the securities, instruments and other contracts relating to
investments to be purchased, sold or entered into by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Investment Advisory Agreement provides Deutsche
AM International GmbH with a fee, computed weekly and payable monthly, at the annual rate of 0.80% of the Fund's average weekly
net assets up to and including $50 million, 0.70% of such assets in excess of $50 million and up to and including $100 million,
and 0.60% of such assets in excess of $100 million.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Accordingly, for the year ended December 31, 2016,
the fee pursuant to the Investment Advisory Agreement was equivalent to an annual rate of 0.77% of the Fund's average daily net
assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Administration Agreement with DIMA, DIMA
provides all of the non-investment advisory services to the Fund. The Administration Agreement provides DIMA with a fee, computed
weekly and payable monthly, of 0.20% of the Fund's average weekly net assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>C. Transactions with Affiliates</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM Service Company (&quot;DSC&quot;), an
affiliate of DIMA, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer
agency agreement between DSC and DST Systems, Inc. (&quot;DST&quot;), DSC has delegated certain transfer agent and dividend-paying
agent paying functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year
ended December 31, 2016, the amount charged to the Fund by DSC aggregated $11,000, of which $1,000 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under an agreement with DIMA, DIMA is compensated
for providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2016, the amount
charged to the Fund by DIMA included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $11,643,
of which $6,517 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Bank AG, the German parent of DIMA and Deutsche
AM International GmbH, and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio
securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures.
For the year ended December 31, 2016, Deutsche Bank did not receive brokerage commissions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Certain Officers of the Fund are also officers of
DIMA or Deutsche AM International GmbH.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund pays each Director who is not an &quot;interested
person&quot; of DIMA or Deutsche AM International GmbH retainer fees plus specified amounts for attended board and committee meetings.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest cash balances in Deutsche Central
Cash Management Government Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of
Deutsche Central Cash Management Government Fund. Deutsche Central Cash Management Government Fund does not pay DIMA an investment
management fee. Deutsche Central Cash Management Government Fund seeks maximum current income to the extent consistent with stability
of principal.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>D. Portfolio Securities</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchases and sales of investment securities, excluding
short-term investments, for the year ended December 31, 2016 were $46,591,042 and $49,485,385, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>E. Capital</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the year ended December 31, 2016 and the year
ended December&nbsp;31, 2015, the Fund purchased 408,200 and 131,473 of its shares of common stock on the open market at a total
cost of $3,169,561 and $1,102,656 ($7.76 and $8.39 average per share), respectively. The average discount of these purchased shares
comparing the purchased price to the NAV at the time of purchase was 11.80% and 10.37%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the the year ended December 31, 2015, the
Fund accepted 459,529 tendered shares of common stock on the open market at a total cost of $4,351,740 at a repurchase price of
$9.47 per share, which was equal to 98% of the NAV per share on February 23, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the year ended December&nbsp;31, 2015, the
Fund issued for dividend reinvestment 31,616 shares. The average discount of these issued shares comparing the issue price to the
NAV at the time of issuance was 9.94%.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>F. Share Repurchases and Tender
Offers</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On July 28, 2014, the Fund announced that the Board
of Directors approved an extension of the repurchase authorization permitting the Fund to repurchase up to 950,000 shares during
the period from August 1, 2014 through July 31, 2015. The Fund repurchased 260,755 shares between August 1, 2014 and July 31, 2015.
On July 27, 2015, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization
permitting the Fund to repurchase up to 874,000 shares during the period from August 1, 2015 through July 31, 2016. The Fund repurchased
248,011 shares between August 1, 2015 and July 31, 2016. On July 25, 2016, the Fund announced that the Board of Directors approved
an extension of the current repurchase authorization permitting the Fund to repurchase up to 847,000 shares during the period August
1, 2016 through July 31, 2017. The Fund repurchased 239,200 shares between August 1, 2016 and December 31, 2016.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Repurchases will be made from time to time when they
are believed to be in the best interests of the Fund. There can be no assurance that the Fund's repurchases will reduce the spread
between the market price of the Fund's shares referred to below and its NAV per share.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Monthly updates concerning the Fund's repurchase
program are available on its Web site at deutschefunds.com.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On July 28, 2014, the Fund announced that the Board
of Directors adopted a new Discount Management Program whereby the Fund would initiate one contingent tender offer during the period
from August 1, 2014 through July 31, 2015 for up to 5% of the Fund's shares outstanding at 98% of the Fund's NAV per share. The
terms of the Discount Management Program required the Fund to conduct a tender offer if its shares traded at an average discount
to NAV of more than 10% during a 15-week measurement period determined by the Board of Directors. During the measurement period
that commenced on September 2, 2014 and expired on December 12, 2014, the Fund's shares traded at an average discount to NAV of
10.93%. Therefore, the Fund conducted a tender offer which commenced on January 22, 2015 and expired on February 20, 2015. The
Fund accepted 459,529 shares (which represent 5% of the Fund's outstanding shares of common stock) at a price equal to 98% of the
NAV per share as of the close of the regular trading session of the New York Stock Exchange on February 23, 2015. Approximately
4,372,566 shares of common stock, or approximately 47.58% of the Fund's common shares outstanding, were tendered through the expiration
date. Because the offer was oversubscribed, not all of the tendered shares were accepted for payment by the Fund. Under the final
pro-ration calculation, approximately 10.51% of the tendered shares were accepted for payment. The shares accepted for payment
received cash as a repurchase price of $9.47 per share, which was equal to 98% of the NAV per share on February 23, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>G. Concentration of Ownership</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">From time to time, the Fund may have a concentration
of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders
could have a material impact on the Fund. At December 31, 2016, there were three shareholders that held approximately 17%, 7% and
6%, respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Report of Independent Registered
Public&nbsp;Accounting Firm</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>To the Board of Directors and Shareholders of
The&nbsp;European&nbsp;Equity&nbsp;Fund, Inc.</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In our opinion, the accompanying statement of assets
and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and
the financial highlights present fairly, in all material respects, the financial position of The European Equity Fund, Inc. (the
&quot;Fund&quot;) as of December 31, 2016, the results of its operations, the changes in its net assets and the financial highlights
for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred to as &quot;financial statements&quot;) are the
responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation
of securities as of December 31, 2016 by correspondence with the custodian, provide a reasonable basis for our opinion.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Boston, Massachusetts</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">February 22, 2017</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">PricewaterhouseCoopers LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Tax
Information </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For federal income tax purposes, the Fund designates
$2,443,000, or the maximum allowable under tax law, as qualified dividend income.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund paid foreign taxes of $156,676 and earned
$837,192 of foreign source income year during the year ended December 31, 2016. Pursuant&nbsp;to Section 853 of the Internal Revenue
Code, the Fund designates $0.01905 per share as foreign taxes paid and $0.10181 per share as income earned from foreign sources
for the year ended December 31, 2016.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please consult a tax advisor if you have questions
about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account,
please call (800)&nbsp;728-3337.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund elected to be subject to the statutory calculation,
notification and publication requirements of the German Investment Tax Act (Investmentsteuergesetz) (the &quot;Act&quot;) for the
fiscal year ended December&nbsp;31, 2015 and intends to elect to be subject to the Act for the fiscal year ending December 31,
2016. This election allows investors based in Germany to invest in the Fund without adverse tax consequences.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Shares
Repurchased and Issued </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has been purchasing shares of its common
stock in the open market and has also purchased shares pursuant to tender offers. Shares repurchased in the open market, shares
issued for dividend reinvestment, and shares tendered and accepted for the past five years are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; padding: 2.5pt 2.9pt 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408,200</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,473</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">495,067</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319,635</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,667</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares issued for dividend&nbsp;reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,616</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,043</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,880</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,390</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares tendered and accepted</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">459,529</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">529,026</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Voluntary
Cash Purchase Program and&nbsp;Dividend Reinvestment Plan </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund offers shareholders a Voluntary Cash Purchase
Program and Dividend Reinvestment Plan (&quot;Plan&quot;) which provides for optional cash purchases and for the automatic reinvestment
of dividends and distributions payable by the Fund in additional Fund shares. A more complete description of the Plan is provided
in the Plan brochure available from Deutsche AM Service Company, the transfer agent (the &quot;Transfer Agent&quot;), P.O. Box
219066, Kansas City, Missouri 64105 (telephone 1-800-349-4281). DST Systems, Inc. (the &quot;Plan Agent&quot;) acts as the plan
agent under the Plan. A shareholder should read the Plan brochure carefully before enrolling in the Plan.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Plan, participating shareholders (&quot;Plan
Participants&quot;) appoint the Transfer Agent to receive or invest Fund distributions as described below under &quot;Reinvestment
of Fund Shares.&quot; In addition, Plan Participants may make optional cash purchases through the Transfer Agent as often as once
a month as described below under &quot;Voluntary Cash Purchases.&quot; There is no charge to Plan Participants for participating
in the Plan, although when shares are purchased under the Plan by the Plan Agent on the New York Stock Exchange or otherwise on
the open market, each Plan Participant will pay a pro rata share of brokerage commissions incurred in connection with such purchases,
as described below under &quot;Reinvestment of Fund Shares&quot; and &quot;Voluntary Cash Purchases.&quot;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Reinvestment of
Fund Shares.</B></FONT> <FONT STYLE="font-size: 12pt">Whenever the Fund declares a capital gain distribution, an income dividend
or a return of capital distribution payable, at the election of shareholders, either in cash or in Fund shares, or payable only
in cash, the Transfer Agent shall automatically elect to receive Fund shares for the account of each Plan Participant.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Whenever the Fund declares a capital gain distribution,
an income dividend or a return of capital distribution payable only in cash and the net asset value per share of the Fund's common
stock equals or is less than the market price per share on the valuation date (the &quot;Market Parity or Premium&quot;), the Transfer
Agent shall apply the amount of such dividend or distribution payable to a Plan Participant to the purchase from the Fund of Fund
Shares for a Plan Participant's account, except that if the Fund does not offer shares for such purpose because it concludes Securities
Act registration would be required and such registration cannot be timely effected or is not otherwise a cost-effective alternative
for the Fund, then the Transfer Agent shall follow the procedure described in the next paragraph. The number of additional shares
to be credited to a Plan Participant's account shall be determined by dividing the dollar amount of the distribution payable to
a Plan Participant by the net asset value per share of the Fund's common stock on the valuation date, or if the net asset value
per share is less than 95% of the market price per share on such date, then by 95% of the market price per share. The valuation
date will be the payable date for such dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Whenever the Fund declares a capital gains distribution,
an income dividend or a return of capital distribution payable only in cash and the net asset value per share of the Fund's common
stock exceeds the market price per share on the valuation date (the &quot;Market Discount&quot;), the Plan Agent shall apply the
amount of such dividend or distribution payable to a Plan Participant (less a Plan Participant's pro rata share of brokerage commissions
incurred with respect to open-market purchases in connection with the reinvestment of such dividend or distribution) to the purchase
on the open market of Fund shares for a Plan Participant's account. The valuation date will be the payable date for such dividend
or distribution. Such purchases will be made on or shortly after the valuation date and in no event more than 30 days after such
date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal
securities laws.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Transfer Agent or the Plan Agent may aggregate
a Plan Participant's purchases with the purchases of other Plan Participants, and the average price (including brokerage commissions)
of all shares purchased by the Plan Agent shall be the price per share allocable to each Plan Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For all purposes of the Plan, the market price of
the Fund's common stock on a payable date shall be the last sales price on the New York Stock Exchange on that date, or, if there
is no sale on such Exchange (or, if different, the principal exchange for Fund shares) on that date, then the mean between the
closing bid and asked quotations for such stock on such Exchange on such date. The net asset value per share of the Fund's common
stock on a valuation date shall be as determined by or on behalf of the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Transfer Agent may hold a Plan Participant's
shares acquired pursuant to the Plan, together with the shares of other Plan Participants acquired pursuant to this Plan, in non-certificated
form in the name of the Transfer Agent or that of a nominee. The Transfer Agent will forward to each Plan Participant any proxy
solicitation material and will vote any shares so held for a Plan Participant only in accordance with the proxy returned by a Plan
Participant to the Fund. Upon a Plan Participant's written request, the Transfer Agent will deliver to a Plan Participant, without
charge, a certificate or certificates for the full shares held by the Transfer Agent.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Voluntary Cash Purchases.</B></FONT>
<FONT STYLE="font-size: 12pt">Plan Participants have the option of making investments in Fund shares through the Transfer Agent
as often as once a month. Plan Participants may invest as little as $100 in any month and may invest up to $36,000 annually through
the voluntary cash purchase feature of the Plan.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Plan Agent shall apply such funds (less a Plan
Participant's pro rata share of brokerage commissions or other costs, if any) to the purchase on the New York Stock Exchange (or,
if different, on the principal exchange for Fund shares) or otherwise on the open market of Fund shares for such Plan Participant's
account, regardless of whether there is a Market Parity or Premium or a Market Discount. The Plan Agent will purchase shares for
Plan Participants on or about the 15th of each month. Cash payments received by the Transfer Agent less than five business days
prior to a cash purchase investment date will be held by the Transfer Agent until the next month's investment date. Uninvested
funds will not bear interest. Plan Participants may withdraw any voluntary cash payment by written notice received by the Transfer
Agent not less than 48 hours before such payment is to be invested.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Enrollment and Withdrawal.</B></FONT>
<FONT STYLE="font-size: 12pt">Both current shareholders and first-time investors in the Fund are eligible to participate in the
Plan. Current shareholders may join the Plan by either enrolling their shares with the Transfer Agent or by making an initial cash
deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash
deposit of at least $250 with the Transfer Agent. In order to become a Plan Participant, shareholders must complete and sign the
enrollment form included in the Plan brochure and return it, and, if applicable, an initial cash deposit of at least $250 directly
to the Transfer Agent if shares are registered in their name. Shareholders who hold Fund shares in the name of a brokerage firm,
bank or other nominee should contact such nominee to arrange for it to participate in the Plan on such shareholder's behalf.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If the Plan Participant elects to participate in
the Plan by enrolling current shares owned by the Plan Participant with the Transfer Agent, participation in the dividend reinvestment
feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan
Participant's written authorization, provided such authorization is received by the Transfer Agent prior to the record date for
such dividend or distribution. If such authorization is received after such record date, the Plan Participant's participation in
the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If the Plan Participant elects to participate in
the Plan by making an initial cash deposit of at least $250 with the Transfer Agent, participation in the dividend reinvestment
feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan
Participant's authorization and deposit, and after the Plan Agent purchases shares for the Plan Participant on the New York Stock
Exchange (or, if different, on the principal exchange for Fund shares) or otherwise on the open market, provided that the authorization
and deposit are received, and the purchases are made by the Plan Agent prior to the record date. If such authorization and deposit
are received after the record date, or if the Plan Agent purchases shares for the Plan Participant after the record date, the Plan
Participant's participation in the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A shareholder's written authorization and cash payment
must be received by the Transfer Agent at least five business days in advance of the next cash purchase investment date (normally
the 15th of every month) in order for the Plan Participant to participate in the voluntary cash purchase feature of the Plan in
that month.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Plan Participants may withdraw from the Plan without
charge by written notice to the Transfer Agent. Plan Participants who choose to withdraw may elect to receive stock certificates
representing all of the full shares held by the Transfer Agent on their behalf, or to instruct the Transfer Agent to sell such
full shares and distribute the proceeds, net of brokerage commissions, to such withdrawing Plan Participant. Withdrawing Plan Participants
will receive a cash adjustment for the market value of any fractional shares held on their behalf at the time of termination. Withdrawal
will be effective immediately with respect to distributions with a record date not less than 10 days later than receipt of such
written notice by the Transfer Agent.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Amendment and Termination
of Plan.</B></FONT> <FONT STYLE="font-size: 12pt">The Plan may only be amended or supplemented by the Fund or by the Transfer Agent
by giving each Plan Participant written notice at least 90 days prior to the effective date of such amendment or supplement, except
that such notice period may be shortened when necessary or appropriate in order to comply with applicable law or the rules or policies
of the Securities and Exchange Commission or any other regulatory body.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Plan may be terminated by the Fund or by the
Transfer Agent by written notice mailed to each Plan Participant. Such termination will be effective with respect to all distributions
with a record date at least 90 days after the mailing of such written notice to the Plan Participants.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Federal Income Tax
Implications of Reinvestment of Fund Shares.</B></FONT> <FONT STYLE="font-size: 12pt">Reinvestment of Fund shares does not relieve
Plan Participants from any income tax which may be payable on dividends or distributions. For U.S. federal income tax purposes,
when the Fund issues shares representing an income dividend or a capital gains dividend, a Participant will include in income the
fair market value of the shares received as of the payment date, which will be ordinary dividend income or capital gains, as the
case may be. The shares will have a tax basis equal to such fair market value, and the holding period for the shares will begin
on the day after the date of distribution. If shares are purchased on the open market by the Plan Agent, a Plan Participant will
include in income the amount of the cash payment made. The basis of such shares will be the purchase price of the shares, and the
holding period for the shares will begin on the day following the date of purchase. State, local and foreign taxes may also be
applicable.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Approval
of Continuance of Investment Advisory Agreement </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s directors unanimously approved the
continuance of the investment advisory agreement between the Fund and Deutsche Asset Management International GmbH (&quot;Deutsche
AM International GmbH&quot;) (the &quot;agreement&quot;) at a meeting held on October 21, 2016. The Fund&rsquo;s directors simultaneously
approved the continuance of the administration agreement (the &quot;administration agreement&quot;) between the Fund and Deutsche
Investment Management Americas Inc. (&quot;DIMA&quot;), an affiliate of Deutsche AM International GmbH.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In preparation for the meeting, the directors had
requested, received and evaluated extensive materials from Deutsche AM International GmbH, including performance and expense information
for other investment companies with similar investment objectives derived from data compiled by Broadridge Financial Solutions,
Inc. (&quot;Broadridge&quot;). Prior to voting, the directors reviewed the proposed approval of the continuance of the agreement
with management, an independent consultant with extensive experience in the fund industry, and experienced Fund counsel and received
a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval of the continuance.
The directors also discussed the proposed approval in private sessions with their independent consultant and counsel at which no
representatives of Deutsche AM International GmbH or DIMA were present. In reaching their determination relating to approval of
the agreement, the directors considered all factors they believed relevant, including the following:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">1. information comparing the Fund&rsquo;s performance
to other investment companies with similar investment objectives and to an index;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">2. the nature, extent and quality of investment advisory
and other services rendered by Deutsche AM International GmbH;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">3. payments received by Deutsche AM International
GmbH and its affiliates (including DIMA) from all sources in respect to the Fund and all investment companies in the Deutsche family
of funds;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">4. the costs borne by, and profitability of, Deutsche
AM International GmbH and DIMA in providing services to the Fund;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">5. comparative fee and expense data for the Fund
and other investment companies with similar investment objectives;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">6. the extent to which economies of scale would be
realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of investors;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">7. Deutsche AM International GmbH&rsquo;s policies
and practices regarding allocation of the Fund&rsquo;s portfolio transactions, including the extent to which Deutsche AM International
GmbH benefits from soft dollar arrangements;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">8. the Fund&rsquo;s portfolio turnover rates compared
to those of other closed-end investment companies investing in international equities;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">9. fall-out benefits which Deutsche AM International
GmbH and its affiliates receive from their relationships with the Fund;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">10. information concerning the programs established
by Deutsche AM International GmbH with respect to compliance, risk management, disclosure and ethics;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">11. the professional experience and qualifications
of the Fund&rsquo;s portfolio management team and other senior personnel of Deutsche AM International GmbH; the implications for
Deutsche AM International GmbH and DIMA of recent developments relating to Deutsche Bank AG (&quot;Deutsche Bank&quot;), including
its ongoing restructuring and workforce reductions, and its various material legal and regulatory enforcement exposures, and management&rsquo;s
representation that such restructuring, workforce reductions and regulatory exposures were not expected to have any adverse effect
on the management or operations of the Fund or the quality of services provided by Deutsche AM International GmbH and DIMA to the
Fund, or result in any material changes to the personnel at Deutsche AM International GmbH and DIMA providing services to the Fund;
and Deutsche AM International GmbH&rsquo;s strengthening of the investment resources supporting the Fund in 2009; and</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">12. the terms of the agreement.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors also considered their knowledge of
the nature and quality of the services provided by DIMA and Deutsche AM International GmbH to the Fund gained from their experience
as directors of the New Germany Fund and the Central Europe, Russia and Turkey Fund and their confidence in Deutsche AM International
GmbH&rsquo;s integrity and competence gained from that experience and Deutsche AM International GmbH&rsquo;s responsiveness to
concerns raised by them in the past, including Deutsche AM International GmbH&rsquo;s willingness to consider and implement organizational
and operational changes designed to improve investment results and the services provided to the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In their deliberations, the directors did not identify
any particular information that was all-important or controlling, and each director attributed different weights to the various
factors.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors determined that the overall arrangements
between the Fund and Deutsche AM International GmbH, as provided in the agreement, were fair and reasonable in light of the services
performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their reasonable judgment.
The directors further determined that they were satisfied that the services provided by Deutsche AM International GmbH to the Fund
represented good value for the money payable to it by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The material factors and conclusions that formed
the basis for the directors&rsquo; reaching their determination to approve the continuance of the agreement (including their determinations
that Deutsche AM International GmbH should continue in its role as investment advisor for the Fund, and that the fees payable to
Deutsche AM International GmbH pursuant to the agreement are appropriate) were separately discussed by the directors.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Nature, Extent and
Quality of Services Provided by Deutsche AM International GmbH.</B></FONT> <FONT STYLE="font-size: 12pt">The directors noted that,
under the agreement, Deutsche AM International GmbH, in accordance with the Fund&rsquo;s investment objectives, policies and limitations,
makes all decisions with respect to suitable securities for investment by the Fund and transmits purchase and sale orders and selects
brokers and dealers to execute portfolio transactions on behalf of the Fund. Deutsche AM International GmbH pays all of the compensation
of the Fund&rsquo;s directors and officers who are interested persons of Deutsche AM International GmbH.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors considered the scope and quality of
services provided by Deutsche AM International GmbH under the agreement and noted that the scope of services provided had expanded
over time as a result of regulatory and other developments. The directors also considered the commitment of Deutsche AM International
GmbH to, and the programs established by it with respect to, compliance, risk management, disclosure and ethics. The directors
considered the quality of the investment research capabilities of Deutsche AM International GmbH and the other resources it has
dedicated to performing services for the Fund. The quality of the advisory services provided also were considered. The directors
considered management&rsquo;s representation that the various recent developments affecting Deutsche Bank were not expected to
have any adverse effect on the management or operations of the Fund or the quality of services provided by Deutsche AM International
GmbH and DIMA to the Fund, or result in any material changes to the personnel at Deutsche AM International GmbH and DIMA providing
services to the Fund, and agreed that they would monitor the availability and dedication of resources to the Fund going forward.
The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected
to be provided) to the Fund under the agreement.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Costs of Services
Provided and Profitability to Deutsche AM International GmbH.</B></FONT> <FONT STYLE="font-size: 12pt">At the request of the directors,
Deutsche AM International GmbH provided information concerning: its revenues, expenses, net income and financial condition for
2015; and information about revenues and expenses and the profitability of its relationship with the Fund in 2015. Similar information
was provided for DIMA. The directors reviewed the assumptions and methods of allocation used by Deutsche AM International GmbH
and DIMA in preparing Fund specific profitability data. Deutsche AM International GmbH and DIMA stated their belief that the methods
of allocation used were reasonable, but noted that there are limitations inherent in allocating costs to multiple individual clients
served by organizations such as DIMA and Deutsche AM International GmbH where each of the clients draws on, and benefits from,
the research and other resources of the Deutsche Bank organization. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors recognized that it is difficult to
make comparisons of profitability from fund advisory contracts because comparative information is not generally publicly available
and is affected by numerous factors, including the structure of the particular advisor, the types of funds it manages, its business
mix, numerous assumptions regarding allocations and the advisor&rsquo;s capital structure and cost of capital. In considering profitability
information, the directors considered the effect of possible fall-out benefits on Deutsche AM International GmbH&rsquo;s expenses,
including the fact that there were no affiliated brokerage commissions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors noted that Deutsche AM International
GmbH may allocate brokerage to receive research generated by, or paid for by, executing brokers. They also noted that Deutsche
AM International GmbH has policies to prohibit consideration of the sale of shares of Deutsche funds when selecting broker dealers
to execute portfolio transactions for the Fund or other Deutsche funds.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors recognized that Deutsche AM International
GmbH should, as a general matter, be entitled to earn a reasonable level of profits for the services it provides to the Fund and,
based on their review, concluded that Deutsche AM International GmbH&rsquo;s level of profitability from its relationships with
the Fund was not excessive. The directors also considered the aggregate profitability of the relationships with the Fund of Deutsche
AM International GmbH and DIMA and concluded that it was not excessive.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Investment Results.</B></FONT>
<FONT STYLE="font-size: 12pt">In addition to the information received by the directors for the meeting, the directors receive detailed
performance information for the Fund at each regular board meeting during the year and also receive monthly performance information.
As the Fund is not aware of any closed-end fund with an objective similar to that of the Fund, the directors generally focus on
the Fund&rsquo;s performance based on net asset value compared to its benchmark when assessing investment results. The directors
also reviewed information showing the Fund&rsquo;s performance compared to that of other investment vehicles compiled by management
based on information provided by Broadridge and Morningstar. The directors also reviewed information showing performance of the
Fund&rsquo;s benchmark index, since July 1, 2014, the MSCI Europe Index (reflecting a broadening of the Fund&rsquo;s investment
objective approved by stockholders at the Fund&rsquo;s 2014 annual meeting of stockholders); from November 1, 2005 through June
30, 2014, the MSCI EMU Index (reflecting the Fund&rsquo;s change of investment focus from Germany to the European countries using
the euro currency); and prior thereto the DAX Index of 30 large-cap German stocks.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The comparative information showed that the Fund
outperformed its benchmark in the first nine months of 2016 and in 2015 and 2014 and underperformed it in 2013. The Fund matched
the performance of the benchmark in 2012, outperformed the benchmark in 2011, 2010 and 2009, and underperformed the benchmark from
2004 through 2008. Taking into account these comparisons and the other factors considered, including Deutsche AM International
GmbH&rsquo;s strengthening of the investment resources supporting the Fund in 2009, the directors concluded that the Fund&rsquo;s
investment results since the changes implemented in 2009 were satisfactory.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Management and Investment
Advisory Fees and Other Expenses.</B></FONT> <FONT STYLE="font-size: 12pt">The directors considered the investment advisory fee
rates payable by the Fund to Deutsche AM International GmbH under the agreement. The directors recognized that it is difficult
to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds,
and noted that there is no closed-end or open-end fund that has a similar investment strategy as the Fund. The directors also considered
information provided by Deutsche AM International GmbH concerning the fee rates charged to other investment companies having somewhat
similar mandates as the Fund, as well as the representation by Deutsche AM International GmbH that it does not manage any other
institutional accounts that are similar to the Fund, and its review of the reasons that it does not consider institutional fee
rates to be relevant to the consideration of appropriate fee rates payable by investment companies such as the Fund. The directors
noted that the management fee paid by a U.S. open-end fund advised by Deutsche AM International GmbH was somewhat lower than the
current effective combined advisory and administrative fee for the Fund, while non-U.S. open-end funds advised by Deutsche AM International
GmbH pay management fees that, while not entirely comparable to the fees payable by the Fund to Deutsche AM International GmbH
and DIMA, are substantially higher than the combined advisory and administration fee rate paid by the Fund.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s management expense comparison group
consisted of seven closed-end developed market funds (including the Fund) and 13 open-end European region funds (plus the Fund)
selected by Broadridge. The directors reviewed information comparing the combined advisory and administrative fees payable under
the agreement and the administration agreement for this purpose, noting that Deutsche AM International GmbH and DIMA are affiliated
companies. The directors noted that the combined advisory and administrative fee rate paid by the Fund in 2015 of&nbsp;0.960% was
at approximately the median fee rate of the closed-end fund comparison group and above the median fee rate of the open-end comparison
fund group. The directors noted that the Fund&rsquo;s effective fee rate reflects the effect of breakpoints. The directors also
considered the Fund&rsquo;s total expense ratio in comparison to the fees and expenses of 59 closed-end international equity funds
compiled by management based on Morningstar data. The directors also noted that the Fund&rsquo;s expense ratio was above the median
and the average and in the third quartile of the comparison group. Management explained that this was principally the result of
the Fund&rsquo;s relatively small asset base and reviewed steps that had been implemented as part of continuing efforts to reduce
expenses. The directors concluded that the Fund&rsquo;s expense ratio was satisfactory.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Economies of Scale.</B></FONT>
<FONT STYLE="font-size: 12pt">The directors noted that the investment advisory fee schedule in the agreement contains breakpoints
that reduce the fee rate on assets above specified levels. The directors recognized that breakpoints may be an appropriate way
for Deutsche AM International GmbH to share its economies of scale with some funds that have substantial assets or that may grow
materially over the next year. However, they also recognized that there is no direct relationship between the economies of scale
realized by funds and those realized by Deutsche AM International GmbH as assets increase, largely because economies of scale are
realized (if at all) by Deutsche AM International GmbH across a variety of products and services, and not only in respect of a
single fund. They also noted that the Fund&rsquo;s assets have diminished in recent years. Having taken these factors into account,
the directors concluded that the breakpoint arrangements in the agreement were acceptable under the Fund&rsquo;s circumstances.</FONT></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Directors and Officers of the
Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Directors</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Name, Age, Term of Office and Length of Time Served*<SUP>&dagger;</SUP></B></FONT></TD>
    <TD STYLE="width: 58%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Principal Occupation(s) During the Past Five Years and Other Information</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Wilhelm Bender, 72<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class I Since&nbsp;2013</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior Advisor of Advent International GmbH (private equity) (since 2009); of Hebert Smith Freehills Germany LLP (legal services) (since 2016); of IFM Investors (UK) (Australian infrastructure fund) (since 2016); and a member of Supervisory Boards of MTU&nbsp;AG (aircraft engines) (since 2008) and FrankfurtRheinMain GmbH (International Marketing of the Region) (since&nbsp;2013). He is also an Independent Director/Member of the Board of Directors of the Joint Stock Company, &quot;National Company&quot; &quot;Kazakhstan Temir Zholy&quot; (logistic company) (since 2016). He is also a member of the Advisory Board of Deutsche Bank AG (since 1993) and holds a number of honorary positions including Honorary Professor of the Johann Wolfgang Goethe University in Frankfurt (since 2008). He is the former Chairman of the Executive Board (CEO) of Fraport&nbsp;AG, Germany (aviation industry) (1993&ndash;2009), former Chairman of the Supervisory Boards of Bombardier Transportation GmbH (railways) (2010&ndash;2015) and Eintracht Frankfurt Fussball AG (soccer club) (2010&ndash;2015), a former member of the Supervisory Board of Lufthansa Cargo AG (air freight) (2008&ndash;2015), and former Senior Advisor of Norton Rose Fulbright LLP (legal services) (2010&ndash;2016).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2013) and The New Germany Fund, Inc. (since 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Detlef Bierbaum, 74<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class I Since&nbsp;1986</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consultant (since 2010). Mr. Bierbaum serves as a member of the Board or Supervisory Board of a number of non-U.S. investment companies and of companies in diverse businesses including insurance, real estate, and retailing. He is a former member of the Supervisory Board of Sal. Oppenheim Jr. &amp; Cie. KGaA (private bank) (2008 to March 2010) and was formerly a partner of that firm. He is a former member of the Supervisory Board of Deutsche Bank &Ouml;sterreich AG (private bank).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The New Germany Fund, Inc. (since 2008).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Ambassador Richard R. Burt, 69<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class II Since&nbsp;2000</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Director, McLarty Associates (international strategic advisory) (since 2007). Formerly, Chairman, Diligence, Inc. (international information and risk management firm) (2002&ndash;2007); Chairman of the Board, Weirton Steel Corp. (1996&ndash;2004); Partner, McKinsey &amp; Company (consulting firm) (1991&ndash;1994); State Department, Chief Negotiator in charge of negotiating the Arms Treaty with Russia (1989&ndash;1991); U.S. Ambassador to the Federal Republic of Germany (1985&ndash;1989). Mr. Burt is also Director, IGT, Inc. (gaming technology) (since 1995), and HCL Technologies, Inc. (information technology and product engineering) (since 1999) and member, Textron Inc. International Advisory Council (aviation, automotive, industrial operations and finance) (since&nbsp;1996).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2000) and The New Germany Fund, Inc. (since 2004). Director, UBS family of mutual funds (since 1995).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Walter C. Dostmann, 60<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class I Since&nbsp;2015</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Founder and principal, Dostmann &amp; Partners LLC (international business advisory firm) (2000 to present); Director of 360 T Systems, Inc. (trading platform provider) (2013 to present). Formerly, Managing Director and Head of International Corporate Finance Division at Deutsche Bank Securities, Inc. (1990 to 1999); and Senior Vice President of Deutsche Bank AG, New York branch (1985 to 1990). Director and Chairman of North American Income Fund (since 1998) and CABEI Central American Fund (since 1999).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2015) and The New Germany Fund, Inc. (since 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Richard Karl Goeltz, 74<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class III Since&nbsp;2008</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retired. Formerly, Vice Chairman and Chief Financial Officer of American Express Co. (financial services) (1996&ndash;2000) and previously served as chief financial officer of two other major multi-national corporations. He&nbsp;is also Trustee Emeritus of the American Academy in&nbsp;Berlin. Mr. Goeltz is an Honorary Fellow and member of the Court of Governors of the London School of Economics and Political Science.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2008) and The New Germany Fund, Inc. (since 1990). Formerly Director of Aviva plc (financial services), Federal Home Loan Mortgage Corporation (financial services), Delta Air Lines, Inc. (air transport) and The Warnaco Group Inc. (apparel).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Franz Wilhelm Hopp, 74<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class III Since&nbsp;2008</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partner of Laplace Finanzconsulting GmbH (asset management). Member of the Supervisory Boards of WAVE AG (asset management), Sygnis AG (scientific research), and SchneiderGolling Bosserhoff Venn&ouml;gensInvest AG (wealth management). Former member of the Board of Management of KarstadtQuelle Pension Trust e.V. (February 2007&ndash;September 2009). Former member of the Board of ERGO Insurance Group (1995&ndash;2004).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2008) and The New Germany Fund, Inc. (since 1993).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Christopher Pleister, 68<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class II Since&nbsp;2016</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director (nonexecutive) of Depfa Bank plc. (since 2015), Chairman of the Appeal Panel of the Single Resolution Board (Institution of the European Banking Union) since November 2016 (member since 2015). He is the former Chairman of FMSA (German financial market stabilization agency) (2011&ndash;2014) and board member (2009&ndash;2011), and former Chairman of the Supervisory Board of Deutsche Zentral-Genossenschaftsbank Frankfurt (2000&ndash;2008), former Chairman of BVR (federal association of German cooperative banks) (2000&ndash;2008) and Director of Deutsche Genossenschaftsbank (1990&ndash;1999).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, The Central Europe, Russia and Turkey Fund, Inc. (since 2016) and The New Germany Fund, Inc. (since 2016).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian H. Strenger, 73<SUP>(1)(2)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class III Since&nbsp;1986</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Member of Supervisory Board (since 1999) and formerly Managing Director (1991&ndash;1999) of Deutsche Asset Management Investment GmbH (investment management), a subsidiary of Deutsche Bank AG. Mr. Strenger serves as Director of the Center for Corporate Governance at the Leipzig Graduate School of&nbsp;Management.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director and Chairman, The Central Europe, Russia and Turkey Fund, Inc. (since 1990) and The New Germany Fund, Inc. (since 1990).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* The address of each Director is c/o Deutsche Investment
Management Americas Inc., 345 Park Avenue, New York, NY 10154.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&dagger;</SUP> The term of office for Directors
in Class I expires at the 2018 Annual Meeting, Class II expires at the 2019 Annual Meeting and Class III expires at the 2017 Annual
Meeting.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(1)</SUP> Indicates that the Director also serves
as a Director of The Central Europe, Russia and Turkey Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered
investment companies for which Deutsche Investment Management Americas Inc. acts as Administrator and Deutsche Asset Management
International GmbH acts as Investment Adviser.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(2)</SUP> Indicates &quot;Interested Person&quot;,
as defined in the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;). Mr. Strenger is an &quot;interested&quot;
Director because of his affiliation with DWS-Deutsche Gesellschaft f&uuml;r Werpapiersparen mbH (&quot;DWS&quot;), an indirect
wholly owned subsidiary of Deutsche Bank AG, and because of his ownership of Deutsche Bank AG shares.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Officers*</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name, Age, Position with the Fund and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 70%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During the Past&nbsp;Five&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Brian E. Binder, 44<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">President and Chief&nbsp;Executive&nbsp;Officer,
        since December 6, 2013</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Director<SUP>(2)</SUP> and Head of US Product and Fund Administration, Deutsche Asset Management (2013&ndash;present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President. DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010&ndash;2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Paul H. Schubert, 53<SUP>(4)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Financial Officer and Treasurer, since November
        5, 2004</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Director,<SUP>(2)</SUP> Deutsche Asset Management; and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004&ndash;2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Hepsen Uzcan, 42<SUP>(4)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Vice President, since&nbsp;April&nbsp;29, 2016</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Assistant Secretary, since&nbsp;July 22, 2013</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director,<SUP>(2)</SUP> Deutsche Asset Management (since 2014).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">John Millette, 54<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Secretary, since January&nbsp;1, 2011<SUP>(5)</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director,<SUP>(2)</SUP> Deutsche Asset Management; Chief Legal Officer and Secretary, Deutsche Investment Management Americas Inc. (since 2015); and Director and Vice President, Deutsche AM Trust Company (since 2016).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Caroline Pearson, 54<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Legal Officer, since&nbsp;May 21, 2012</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Director,<SUP>(2)</SUP> Deutsche Asset Management; Secretary, Deutsche AM Distributors, Inc.; and Secretary, Deutsche AM Service Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Scott D. Hogan, 46<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Compliance Officer, since May 20, 2016</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director,<SUP>(2)</SUP> Deutsche Asset Management (since 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Wayne Salit, 49<SUP>(4)</SUP></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Anti-Money Laundering Compliance Officer, since&nbsp;June
        16, 2014</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director,<SUP>(2)</SUP> Deutsche Asset Management; AML Compliance Officer, Deutsche AM Distributors, Inc.; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011&ndash;2014); and Director, AML Compliance Officer at Deutsche Bank (2004&ndash;2011). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Each also serves as an Officer of The Central Europe,
Russia and Turkey Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companies for which Deutsche
Investment Management Americas Inc. acts as Administrator.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* As a result of their respective positions held
with the Administrator, these individuals are considered &quot;interested persons&quot; of the Administrator within the meaning
of the 1940 Act. Interested persons receive no compensation directly from the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(1)</SUP> Address: 222 South Riverside Plaza,
Chicago, Illinois 60606.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(2)</SUP> Executive title, not a board directorship.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(3)</SUP> Address: One Beacon Street, Boston,
Massachusetts 02108.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(4)</SUP> Address: 60 Wall Street, New York,
New York 10005.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(5)</SUP> Served as Assistant Secretary from
July 14, 2006 to December 31, 2010 and as Secretary to the Fund from January 30, 2006 to July 13, 2006.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Additional Information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Automated Information Lines</B></FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 349-4281</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Web Site</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>deutschefunds.com</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Obtain fact sheets, financial reports, press releases
        and webcasts when available.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Written Correspondence</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche Asset Management</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Attn: Secretary of the Deutsche Funds</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One Beacon Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02108</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Legal Counsel</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sullivan &amp; Cromwell LLP</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">125 Broad Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">New York, NY 10004</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>DST Systems, Inc.</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">333 W. 11th Street, 5th Floor</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Service Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64121-9066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 294-4366</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Custodian</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Brown Brothers Harriman &amp; Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">50 Post Office Square</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02110</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PricewaterhouseCoopers LLP</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">101 Seaport Boulevard, Suite 500</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02210</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Proxy Voting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available on our web site &mdash; deutschefunds.com or on the SEC's web site &mdash; sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;349-4281.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Portfolio Holdings</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800)&nbsp;SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Investment Management</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Asset Management International GmbH (&quot;Deutsche
        AM International GmbH&quot; or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the investment advisor
        for the fund. Deutsche AM International GmbH provides a full range of investment advisory services to both institutional and retail
        clients.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM International GmbH is an indirect, wholly
        owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in&nbsp;a&nbsp;wide variety
        of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Asset Management is the retail brand name
        in&nbsp;the U.S. for the asset management activities of Deutsche Bank AG and Deutsche AM International GmbH. Deutsche Asset Management
        is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund offers shareholders a Voluntary Cash Purchase
        Program and Dividend Reinvestment Plan (&quot;Plan&quot;) which provides for optional cash purchases and for the automatic reinvestment
        of dividends and distributions payable by the Fund in additional Fund shares. Plan participants may invest as little as $100 in
        any month and may invest up to $36,000 annually. The Plan allows current shareholders who are not already participants in the Plan
        and first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases
        are combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the transfer agent:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM Service Company</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Tel.: 1-800-349-4281 (in the U.S.) or<BR>
        00-800-2287-2750 (outside of the U.S.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>NYSE Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EEA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Nasdaq Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XEEAX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>CUSIP Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 3pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298768102</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_007.jpg" ALT="eea_notes_blank0" STYLE="height: 56px; width: 403px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-top-style: outset; border-left-style: outset; border-top-width: 1pt; border-left-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 9pt 9pt 3pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>There are three closed-end funds investing in
        European equities advised and administered by wholly owned subsidiaries of the Deutsche Bank Group:</B></P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The Central Europe, Russia and Turkey Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of issuers domiciled
        in Central Europe, Russia and Turkey (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The European Equity Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of companies domiciled in countries
        that are members of the European Union (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The New Germany Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of middle market German companies
        with up to 20% in other Western European companies (with no more than 15% in any single country).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please consult your broker for advice on any of the
        above or call 1-800-349-4281 (in the U.S.) or 00-800-2287-2750 (outside of the U.S.) for shareholder reports.</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The European Equity Fund, Inc. is diversified and
        primarily focuses its investments in equity securities of issuers domiciled in countries that are members of the European Union,
        thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain risks, such
        as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment
        of the market will generally be more volatile than a fund that invests more broadly.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_008.jpg" ALT="eea_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CODE
    OF ETHICS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of the end of the period covered by this report, the registrant has adopted a code of
                                         ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer
                                         and Principal Financial Officer.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
        have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report
        that would require disclosure under Item 2.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUDIT
    COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund&rsquo;s Board of Directors has determined that the Fund has at least one &ldquo;audit
                                         committee financial expert&rdquo; serving on its audit committee: Mr. Richard Karl Goeltz. This audit committee member is &ldquo;independent,&rdquo;
                                         meaning that he is not an &ldquo;interested person&rdquo; of the Fund (as that term is
                                         defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept
                                         any consulting, advisory, or other compensatory fee from the Fund (except in the capacity
                                         as a Board or committee member).</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
        &ldquo;audit committee financial expert&rdquo; is not an &ldquo;expert&rdquo; for any purpose, including for purposes
        of Section 11 of the Securities Act of 1933, as a result of being designated as an &ldquo;audit committee financial expert.&rdquo;
        Further, the designation of a person as an &ldquo;audit committee financial expert&rdquo; does not mean that the person
        has any greater duties, obligations, or liability than those imposed on the person without the &ldquo;audit committee
        financial expert&rdquo; designation. Similarly, the designation of a person as an &ldquo;audit committee financial expert&rdquo;
        does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">the european
equity fund, inc.<BR>
form n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that PricewaterhouseCoopers, LLP (&#8220;PWC&#8221;), the Fund&#8217;s independent registered public accounting firm, billed to
the Fund during the Fund&#8217;s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit
services that PWC provided to the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Fund</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 83.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Fund</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2016</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$61,100</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,395</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$66,100</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,137</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: left">&#8220;All Other Fees Billed to Fund&#8221; were
billed for services associated with foreign tax filings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
billed by PWC to the Fund&#8217;s advisor, Deutsche AM International GmbH, or the administrator, Deutsche Investment Management
Americas Inc. (&#8220;DIMA&#8221;), and any entity controlling, controlled by or under common control with Deutsche AM International
GmbH or Deutsche Investment Management Americas Inc (&#8220;Control Affiliate&#8221;) that provides ongoing services to the Fund
(collectively, the Advisor Entities&#8221;), for engagements directly related to the Fund&#8217;s operations and financial reporting,
during the Fund&#8217;s last two fiscal years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Fiscal Year Ended<BR>
December 31,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed to Adviser Entities</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Adviser Entities</TD>
    <TD STYLE="width: 83.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Adviser Enties</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2016</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Non-Audit Services</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that PWC billed during the Fund&#8217;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit
services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#8217;s operations
and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC
rendered during the Fund&#8217;s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating PWC&#8217;s independence.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95.75pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total<BR>
        Non&#45;Audit Fees Billed to Fund</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(A)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated
        Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(B)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated
        Fund Service Providers (all other engagements)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(C)</P></TD>
    <TD STYLE="width: 95.8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Total of (A), (B)<BR>
<BR>
and (C)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2016</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,395</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,395</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,137</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,137</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund&#8217;s
Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund&#8217;s Independent Registered Public Accounting
Firm and (ii) all non-audit services to be performed by a Fund&#8217;s Independent Registered Public Accounting Firm for the Advisor
Entities with respect to operations and financial reporting of the Fund. The Audit Committee may, in its discretion, delegate all
or a portion of its duties and responsibilities to a subcommittee of the Audit Committee. The Board and the Audit Committee have
authorized any member of the Audit Committee to pre-approve any audit or non-audit services to be performed by the independent
auditors, provided that any such approvals are presented to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">There were no amounts that were approved by the Audit Committee pursuant
to the de minimis exception under Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">According to the registrant&#8217;s principal Independent Registered Public
Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the
registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent
Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.5in">In connection with the audit
of the 2015 and 2016 financial statements, the Fund entered into an engagement letter with PwC. The terms of the engagement letter
required by PwC, and agreed to by the Fund&#8217;s Audit Committee, include a provision mandating the use of mediation and arbitration
to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the services provided
there-under.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In a letter provided to
the Audit Committee pursuant to PCAOB Rule 3526 and dated September 30, 2016, PwC informed the Audit Committee that PwC had identified
circumstances where PwC maintains lending relationships with owners of greater than 10% of the shares of certain investment companies
within the &#8220;investment company complex&#8221; as defined under Rule 2-01(f)(14) of Regulation S-X. PwC informed the Audit
Committee that these lending relationships are inconsistent with the SEC Staff&#8217;s interpretation of Rule 2-01(c)(l)(ii)(A)
of Regulation S-X (referred to as the &#8220;Loan Rule&#8221;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Loan Rule specifically
provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner
of more than ten percent of an audit client&#8217;s equity securities. For purposes of the Loan Rule, audit clients include the
Fund as well as all registered investment companies advised by Deutsche Asset Management International GmbH. (the &#8220;Adviser&#8221;),
the Fund&#8217;s investment adviser, and its affiliates, including other subsidiaries of the Adviser&#8217;s parent company, Deutsche
Bank AG (collectively, the &#8220;Deutsche Funds Complex&#8221;). PwC&#8217;s lending relationships effect PwC&#8217;s independence
under the SEC Staff&#8217;s interpretation of the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In its September 30, 2016
letter, PwC affirmed to the Audit Committee that, as of the date of the letter, PwC is an independent accountant with respect to
the Fund, within the meaning of PCAOB Rule 3520. In its letter, PwC also informed the Audit Committee that, after evaluating the
facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence
criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and
impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue
to serve as the Fund&#8217;s registered public accounting firm. PwC informed the Audit Committee that its conclusion was based
on a number of factors, including, among others, PwC&#8217;s belief that the lenders are not able to impact the impartiality of
PwC or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable
investment company&#8217;s investment adviser; and the lenders receive no direct benefit from their ownership of the investment
companies in the Deutsche Funds Complex in separate accounts maintained on behalf of their insurance contract holders. In addition,
the individuals at PwC who arranged PwC&#8217;s lending relationships have no oversight of, or ability to influence, the individuals
at PwC who conducted the audits of the Fund&#8217;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On June 20, 2016, the SEC
Staff issued a &#8220;no-action&#8221; letter to another mutual fund complex (see Fidelity Management &amp; Research Company et
al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that
it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit
firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action
letter appear to be substantially similar to the circumstances that affected PwC&#8217;s independence under the Loan Rule with
respect to the Fund. PwC confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action
letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the
letter.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUDIT
    COMMITTEE OF LISTED REGISTRANTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registrant has a separately-designated standing audit committee established in accordance
                                         with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's
                                         audit committee consists of Richard Karl Goeltz (Chairman), Walter C. Dostmann, Richard
                                         R. Burt, and Dr. Christopher Pleister.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
    OF INVESTMENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISCLOSURE
    OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>




<P STYLE="font: 9.5pt/12.1pt Arial,sans-serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Proxy Voting Policy and Guidelines</B></FONT></P>

<P STYLE="font: 11pt/7.2pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>Introduction</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Deutsche Asset Management (&#8220;AM&#8221;)
has adopted and implemented the following Policies and Guidelines, which it believes are reasonably designed to ensure that proxies
are voted in the best economic interest of clients and in accordance with its fiduciary duties and local regulation. This Proxy
Voting Policy and Guidelines &#8211; AM (&#8220;Policy and Guidelines&#8221;) shall apply to all accounts managed by US domiciled
advisers and to all US client accounts managed by non-US regional offices. Non-US regional offices are required to maintain procedures
and to vote proxies as may be required by law on behalf of their non-US clients. In addition, AM&#8217;s proxy policies reflect
the fiduciary standards and responsibilities for ERISA accounts.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The attached guidelines represent a set of
global recommendations that were determined by the Global Proxy Voting Sub-Committee (the &#8220;GPVSC&#8221;). These guidelines
were developed to provide AM with a comprehensive list of recommendations that represent how AM will generally vote proxies for
its clients. The recommendations derived from the application of these guidelines are not intended to influence the various AM
legal entities either directly or indirectly by parent or affiliated companies. In addition, the organizational structures and
documents of the various AM legal entities allows, where necessary or appropriate, the execution by individual AM subsidiaries
of the proxy voting rights independently of any DB parent or affiliated company. This applies in particular to non-US fund management
companies. The individuals that make proxy voting decisions are also free to act independently, subject to the normal and customary
supervision by the Management/Boards of these AM legal entities.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>AM&#8217;S Proxy Voting Responsibilities</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">Proxy votes are
the property of AM&#8217;s advisory clients.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>1 </SUP></FONT><FONT STYLE="font-size: 9pt">As
such, AM&#8217;s authority and responsibility to vote such proxies depend upon its contractual relationships with its clients or
other delegated authority. AM has delegated responsibility for effecting its advisory clients&#8217; proxy votes to Institutional
Shareholder Services (&#8220;ISS&#8221;), an independent third-party proxy voting specialist. ISS votes AM&#8217;s advisory clients&#8217;
proxies in accordance with AM&#8217;s proxy guidelines or AM&#8217;s specific instructions. Where a client has given specific instructions
as to how a proxy should be voted, AM will notify ISS to carry out those instructions. Where no specific instruction exists, AM
will follow the procedures in voting the proxies set forth in this document. Certain Taft-Hartley clients may direct AM to have
ISS vote their proxies in accordance with Taft Hartley Voting Guidelines</FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Clients may in certain instances contract with
their custodial agent and notify AM that they wish to engage in securities lending transactions. In such cases, it is the responsibility
of the custodian to deduct the number of shares that are on loan so that they do not get voted twice. To the extent a security
is out on loan and AM determines that a proxy vote (or other shareholder action) is materially important to the client&#8217;s
account, AM may request that the agent recall the security prior to the record date to allow AM to vote the securities.</P>

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<P STYLE="font: 11pt/19.35pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">For purposes of this document, &#8220;clients&#8221; refers to persons or entities: (i) for which AM serves as investment adviser or sub-adviser; (ii) for which AM votes proxies; and (iii) that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting such proxies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>POLICIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri,sans-serif; padding-top: 5.9pt; padding-right: 1.95pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.1.</B></FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri,sans-serif; padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proxy Voting Activities are Conducted in the Best Economic Interest of Clients</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM has adopted the following Policies and Guidelines to ensure that
proxies are voted in accordance with the best economic interest of its clients, as determined by AM in good faith after appropriate
review.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>The Global Proxy Voting Sub-Committee</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The Global Proxy Voting Sub-Committee is an internal
working group established by the applicable AM&#8217;s Investment Risk Oversight Committee pursuant to a written charter. The GPVSC
is responsible for overseeing AM&#8217;s proxy voting activities, including:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Adopting, monitoring and updating guidelines, attached as Attachment A (the &#8220;Guidelines&#8221;), that provide how AM will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Voting proxies where (i) the issues are not covered by specific client instruction or the Guidelines; (ii) the Guidelines specify that the issues are to be determined on a case-by-case basis; or (iii) where an exception to the Guidelines may be in the best economic interest of AM&#8217;s clients; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Monitoring Proxy Vendor Oversight&#8217;s proxy voting activities (see below).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM&#8217;s Proxy Vendor Oversight, a function
of AM&#8217;s Operations Group, is responsible for coordinating with ISS to administer AM&#8217;s proxy voting process and for
voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&#8217;
proxy responsibilities in this regard.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.3</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Availability of Proxy Voting Policy and Guidelines and Proxy Voting Record</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Copies of this Policy, as it may be updated from
time to time, is made available to clients as required by law and otherwise at AM&#8217;s discretion. Clients may also obtain information
on how their proxies were voted by AM as required by law and otherwise at AM&#8217;s discretion. Note, however, that AM must not
selectively disclose its investment company clients&#8217; proxy voting records. Proxy Vendor Oversight will make proxy voting
reports available to advisory clients upon request. The investment companies&#8217; proxy voting records will be disclosed to shareholders
by means of publicly-available annual filings of each company&#8217;s proxy voting record for the 12-month periods ending June
30 (see Section 5, below), if so required by relevant law.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>4.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>PROCEDURES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The key aspects of AM&#8217;s proxy voting process are delineated
below.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.1.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>The GPVSC&#8217;s Proxy Voting Guidelines</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The Guidelines set forth the GPVSC&#8217;s standard
voting positions on a comprehensive list of common proxy voting matters. The GPVSC has developed, and continues to update the Guidelines
based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of the matter
on issuers and the value of the investments.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The GPVSC will review the Guidelines as necessary
to support the best economic interests of AM&#8217;s clients and, in any event, at least annually. The GPVSC will make changes
to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interests
of clients. Before changing the Guidelines, the GPVSC will thoroughly review and evaluate the proposed change and the reasons therefore,
and the GPVSC Chair will ask GPVSC members whether anyone outside of the AM organization (but within Deutsche Bank and its affiliates)
or any entity that identifies itself as an AM advisory client has requested or attempted to influence the proposed change and whether
any member has a conflict of interest with respect to the proposed change. If any such matter is reported to the GPVSC Chair, the
Chair will promptly notify the Conflicts of Interest Management Sub-Committee (see Section 4.4) and will defer the approval, if
possible. Lastly, the GPVSC will fully document its rationale for approving any change to the Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The Guidelines may reflect a voting position
that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies
for which AM or an affiliate serves as investment adviser or sponsor. Investment companies, particularly closed-end investment
companies, are different from traditional operating companies. These differences may call for differences in voting positions on
the same matter. Further, the</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">manner in which AM votes investment company proxies
may differ from proposals for which an AM-advised or sponsored investment company solicits proxies from its shareholders. As reflected
in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are generally voted in accordance with the
pre-determined guidelines of ISS.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Funds (&#8220;Underlying Funds&#8221;) in which
Topiary Fund Management Fund of Funds (each, a &#8220;Fund&#8221;) invest, may from time to time seek to revise their investment
terms (i.e. liquidity, fees, etc.) or investment structure. In such event, the Underlying Funds may require approval/consent from
its investors to effect the relevant changes. Topiary Fund Management has adopted Proxy Voting Procedures which outline the process
for these approvals.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Specific Proxy Voting Decisions Made by the GPVSC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">Proxy Vendor Oversight will refer to the GPVSC all proxy proposals
(i) that are not covered by specific client instructions or the Guidelines; or (ii) that, according to the Guidelines, should be
evaluated and voted on a case-by-case basis.</P>

<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">Additionally,
if Proxy Vendor Oversight, the GPVSC Chair or any member of the GPVSC, a Portfolio Manager, a Research Analyst or a sub-adviser
believes that voting a particular proxy in accordance with the Guidelines may not be in the best economic interests of clients,
that individual may bring the matter to the attention of the GPVSC Chair and/or Proxy Vendor Oversight.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If Proxy Vendor Oversight refers a proxy proposal
to the GPVSC or the GPVSC determines that voting a particular proxy in accordance with the Guidelines is not in the best economic
interests of clients, the GPVSC will evaluate and vote the proxy, subject to the procedures below regarding conflicts.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The GPVSC endeavors to hold meetings to decide how to vote particular
proxies sufficiently before the voting deadline so that the procedures below regarding conflicts can be completed before the GPVSC&#8217;s
voting determination.</P>

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<P STYLE="font: 11pt/19.35pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight generally monitors upcoming proxy solicitations for heightened attention from the press or the industry and for novel or unusual proposals or circumstances, which may prompt Proxy Vendor Oversight to bring the solicitation to the attention of the GPVSC Chair. AM Portfolio Managers, AM Research Analysts and sub-advisers also may bring a particular proxy vote to the attention of the GPVSC Chair, as a result of their ongoing monitoring of portfolio securities held by advisory clients and/or their review of the periodic proxy voting record reports that the GPVSC Chair distributes to AM portfolio managers and AM research analysts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Certain Proxy Votes May Not Be Cast</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">In some cases, the GPVSC may determine that it
is in the best economic interests of its clients not to vote certain proxies, or that it may not be feasible to vote certain proxies.
If the conditions below are met with regard to a proxy proposal, AM will abstain from voting:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Neither the Guidelines nor specific client instructions cover an issue;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">ISS does not make a recommendation on the issue; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The GPVSC cannot convene on the proxy proposal at issue to make a determination as to what would be in the client&#8217;s best interest. (This could happen, for example, if the Conflicts of Interest Management Sub-Committee found that there was a material conflict or if despite all best efforts being made, the GPVSC quorum requirement could not be met).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">In addition, it is AM&#8217;s policy not to
vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are voted,
in order to preserve liquidity. In other cases, it may not be possible to vote certain proxies, despite good faith efforts to do
so. For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis.
Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often
being the only way to attempt to</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">vote proxies on the loaned securities. Lastly, the GPVSC
may determine that the costs to the client(s) associated with voting a particular proxy or group of proxies outweighs the economic
benefits expected from voting the proxy or group of proxies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding
any specific proxies and any categories of proxies that will not or cannot be voted. The reasons for not voting any proxy shall
be documented.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Conflict of Interest Procedures</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.1.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Procedures to Address Conflicts of Interest and Improper Influence</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 5pt 0 0"><FONT STYLE="font-size: 9pt"><I>Overriding Principle.</I> In the limited
circumstances where the GPVSC votes proxies</FONT><FONT STYLE="font-size: 9.5pt"><SUP>3</SUP></FONT><FONT STYLE="font-size: 9pt">,
the GPVSC will vote those proxies in accordance with what it, in good faith, determines to be the best economic interests of AM&#8217;s
clients.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>4</SUP></FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Independence of the GPVSC.</I> As a matter
of Compliance policy, the GPVSC and Proxy Vendor Oversight are structured to be independent from other parts of Deutsche Bank.
Members of the GPVSC and the employee responsible for Proxy Vendor Oversight are employees of AM. As such, they may not be subject
to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&#8220;CIB&#8221;).
Their compensation cannot be based upon their contribution to any business activity outside of AM without prior approval of Legal
and Compliance. They can have no contact with employees of Deutsche Bank outside of the Private Client and Asset Management division
(&#8220;PCAM&#8221;) regarding specific clients, business matters or initiatives without the prior approval of Legal and Compliance.
They furthermore may not discuss proxy votes with any person outside of AM (and within AM only on a need to know basis).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Conflict Review Procedures.</I> The Conflicts
of Interest Management Sub-Committee within AM monitors for potential material conflicts of interest in connection with proxy proposals
that are to be evaluated by the GPVSC. Promptly upon a determination that a proxy vote shall be presented to the GPVSC, the GPVSC
Chair shall notify the Conflicts of Interest Management Sub-Committee. The Conflicts of Interest Management Sub-Committee shall
promptly collect and review any information deemed reasonably appropriate to evaluate, in its reasonable judgment, if AM or any
person participating in the proxy voting process has, or has the appearance of, a material conflict of interest. For the purposes
of this policy, a conflict of interest shall be considered &#8220;material&#8221; to the extent that a reasonable person could
expect the conflict to influence, or appear to influence, the GPVSC&#8217;s decision on the particular vote at issue. GPVSC should
provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all necessary
and appropriate reviews. To the extent that a conflicts review cannot be sufficiently completed by the Conflicts of Interest Management
Sub-Committee the proxies will be voted in accordance with the standard Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The information considered by the Conflicts
of Interest Management Sub-Committee may include without limitation information regarding (i) AM client relationships; (ii) any
relevant personal conflict known by the Conflicts of Interest Management Sub-Committee or brought to the attention of that sub-committee;
and (iii) any communications with members of the GPVSC (or anyone participating or providing information to the GPVSC) and any
person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as an
AM advisory client regarding the vote at issue. In the context of any determination, the Conflicts of Interest Management Sub-Committee
may consult with and shall be entitled to rely upon all applicable outside experts, including legal counsel.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Upon completion of the investigation, the Conflicts
of Interest Management Sub-Committee will document its findings and conclusions. If the Conflicts of Interest Management Sub-Committee
determines that (i) AM has a material conflict of interest that would prevent it from deciding how to vote the proxies concerned
without further client consent; or (ii) certain individuals should be recused from participating in the proxy vote at issue, the
Conflicts of Interest Management Sub-Committee will so inform the GPVSC Chair.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">If notified that AM has a material conflict
of interest as described above, the GPVSC chair will obtain instructions as to how the proxies should be voted either from (i)
if time permits, the affected clients, or (ii) in accordance with the standard Guidelines. If notified that certain individuals
should be recused from the proxy vote at issue, the GPVSC Chair shall do so in accordance with the procedures set forth below.</P>

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<P STYLE="font: 11pt/19.35pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>3</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">As mentioned above, the GPVSC votes proxies where: (i) neither a specific client instruction nor a Guideline directs how the proxy should be voted, (ii) where the Guidelines specify that an issue is to be determined on a case-by-case basis or (iii) where voting in accordance with the Guidelines may not be in the best economic interests of clients.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight, who serves as the non-voting secretary of the GPVSC, may receive routine calls from proxy solicitors and other parties interested in a particular proxy vote. Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Note: Any AM employee who becomes aware of
a potential, material conflict of interest in respect of any proxy vote to be made on behalf of clients shall notify Compliance.
Compliance shall call a meeting of the Conflict Review Committee to evaluate such conflict and determine a recommended course of
action.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Procedures to be followed by the GPVSC.</I>
At the beginning of any discussion regarding how to vote any proxy, the GPVSC Chair (or his or her delegate) will inquire as to
whether any GPVSC member (whether voting or ex officio) or any person participating in the proxy voting process has a personal
conflict of interest or has actual knowledge of an actual or apparent conflict that has not been reported to the Conflicts of Interest
Management Sub-Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The GPVSC Chair also will inquire of these
same parties whether they have actual knowledge regarding whether any Director, officer, or employee outside of the AM organization
(but within Deutsche Bank and its affiliates) or any entity that identifies itself as an AM advisory client, has: (i) requested
that AM, Proxy Vendor Oversight (or any member thereof) or a GPVSC member vote a particular proxy in a certain manner; (ii) attempted
to influence AM, Proxy Vendor Oversight (or any member thereof), a GPVSC member or any other person in connection with proxy voting
activities; or (iii) otherwise communicated with a GPVSC member, or any other person participating or providing information to
the GPVSC regarding the particular proxy vote at issue, and which incident has not yet been reported to the Conflicts of Interest
Management Sub-Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If any such incidents are reported to the GPVSC
Chair, the Chair will promptly notify the Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote
until the Conflicts of Interest Management Sub-Committee can complete the conflicts report. If a delay is not possible, the Conflicts
of Interest Management Sub-Committee will instruct the GPVSC (i) whether anyone should be recused from the proxy voting process
or (ii) whether AM should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote the proxy
at issue from ISS or, if time permits, the effected clients. These inquiries and discussions will be properly reflected in the
GPVSC&#8217;s minutes.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Duty to Report.</I> Any AM employee, including
any GPVSC member (whether voting or ex officio), that is aware of any actual or apparent conflict of interest relevant to, or any
attempt by any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies
itself as an AM advisory client to influence, how AM votes its proxies has a duty to disclose the existence of the situation to
the GPVSC Chair (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee. In
the case of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in
any activities or participating in any discussion pertaining to that vote.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Recusal of Members.</I> The GPVSC will recuse
from participating in a specific proxy vote any GPVSC members (whether voting or ex officio) and/or any other person who (i) are
personally involved in a material conflict of interest; or (ii) who, as determined by the Conflicts of Interest Management Sub-Committee,
have actual knowledge of a circumstance or fact that could affect their independent judgment, in respect of such vote. The GPVSC
will also exclude from consideration the views of any person (whether requested or volunteered) if the GPVSC or any member thereof
knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other person has a material conflict
of interest with respect to the particular proxy or has attempted to influence the vote in any manner prohibited by these policies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If, after excluding all relevant GPVSC voting
members pursuant to the paragraph above, there are three or more GPVSC voting members remaining, those remaining GPVSC members
will determine how to vote the proxy in accordance with these Policy and Guidelines. If there are fewer than three GPVSC voting
members remaining, the GPVSC Chair will vote the proxy in accordance with the standard Guidelines or will obtain instructions as
to how to have the proxy voted from, if time permits, the effected clients and otherwise from ISS.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Investment Companies and Affiliated Public Companies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify"><I>Investment Companies.</I> As reflected in the
Guidelines, all proxies solicited by open-end and closed-end investment companies are voted in accordance with the pre-determined
guidelines of ISS, unless the investment company client directs AM to vote differently on a specific proxy or specific categories
of proxies. However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter,
such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221;
voting). Master Fund proxies solicited from feeder Funds are voted in accordance with applicable provisions of Section 12 of the
Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Subject to participation agreements with certain
Exchange Traded Funds (&#8220;ETFs&#8221;) issuers that have received exemptive orders from the US Securities and Exchange Commission
(&#8220;SEC&#8221;) allowing investing Deutsche funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment
Company Act, AM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally
when required to do so by participation agreements and SEC orders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Affiliated Public Companies.</I> For proxies
solicited by non-investment company issuers of or within the Deutsche Bank organization, (e.g., Deutsche Bank itself), these proxies
will be voted in the same proportion as the vote of other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Note: With respect to the Central Cash Management
Fund (registered under the Investment Company Act), the Fund is not required to engage in echo voting and the investment adviser
will use these Guidelines and may determine, with respect to the Central Cash Management Fund, to vote contrary to the positions
in the Guidelines, consistent with the Fund&#8217;s best interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Other Procedures that Limit Conflicts of Interest</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM and other entities in the Deutsche Bank organization
have adopted a number of policies, procedures and internal controls that are designed to avoid various conflicts of interest, including
those that may arise in connection with proxy voting, including but not limited to:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Business Conduct and Ethics - DB Group;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Conflicts of Interest Policy - DB Group;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Information Sharing Procedures &#8211; AWM, GTB &amp; CB&amp;S;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Ethics &#8211; AWM; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Professional Conduct &#8211; US.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The GPVSC expects that these policies, procedures and internal controls
will greatly reduce the chance that the GPVSC (or, its members) would be involved in, aware of, or influenced by an actual or apparent
conflict of interest.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">All impacted business units are required to
adopt, implement, and maintain procedures to ensure compliance with this Section. At a minimum, such procedures must: (i) assign
roles and responsibilities for carrying out the procedures, including responsibility for periodically updating the procedures;
(ii) identify clear escalation paths for identified breaches of the procedures; and (iii) contain a legend or table mapping the
procedures to this Section (e.g., cross-referencing Section or page numbers).</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>5.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>RECORDKEEPING</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">At a minimum, the following records must be properly maintained
and readily accessible in order to evidence compliance with this Policy.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM will maintain a record of each proxy vote cast by AM that includes among other things, company name, meeting date, proposals presented, vote cast and shares voted.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight maintains records for each of the proxy ballots it votes. Specifically, the records include, but are not limited to:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/7.2pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 682px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 19.45pt; padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 3.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Any additional information considered in the voting process that may be obtained from an issuing company, its agents, or proxy research firms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Analyst worksheets created for stock option plan and share increase analyses; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Edge print-screen of actual vote election.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 684px; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 493.55pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM will (i) retain this Policy and the Guidelines; (ii) will maintain records of client requests for proxy voting information; and (iii) will retain any documents Proxy Vendor Oversight or the GPVSC prepared that were material to making a voting decision or that memorialized the basis for a proxy voting decision.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The GPVSC also will create and maintain appropriate records documenting its compliance with this Policy, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">With respect to AM&#8217;s investment company clients, ISS will create and maintain records of each company&#8217;s proxy voting record for the 12-month periods ending June 30. AM will compile the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the company was entitled to vote:</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.95pt; padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 19.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="width: 470.05pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The name of the issuer of the portfolio security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The Council on Uniform Securities Identification Procedures (&#8220;CUSIP&#8221;) number for the portfolio security (if the number is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The shareholder meeting date;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">A brief identification of the matter voted on;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the matter was proposed by the issuer or by a security holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the company cast its vote on the matter;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of Directors); and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the company cast its vote for or against Management.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">Note: This list is intended to provide guidance
only in terms of the records that must be maintained in accordance with this policy. In addition, please note that records must
be maintained in accordance with the Archiving and Record Retention Policy &#8211; Deutsche Bank Group and applicable policies
and procedures thereunder.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">With respect to electronically stored records,
&#8220;properly maintained&#8221; is defined as complete, authentic (unalterable), usable and backed-up. At a minimum, records
should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements),
the first three years in an appropriate AM office.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>6.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>The GPVSC&#8217;S Oversight Role</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">In addition to adopting the Guidelines and
making proxy voting decisions on matters referred to it as set forth above, the GPVSC monitors the proxy voting process by reviewing
summary proxy information presented by ISS. The GPVSC uses this review process to determine, among other things, whether any changes
should be made to the Guidelines. This review will take place at least quarterly and is documented in the GPVSC&#8217;s minutes.</P>

<P STYLE="font: 10.5pt/13.2pt Arial,sans-serif; margin: 10.65pt 0 0; text-align: center"><B>Attachment A &#8211; Global Proxy Voting
Guidelines</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 12.3pt 0 0; text-align: center"><B>Deutsche Asset Management</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: center"><B>Global Proxy Voting Guidelines</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: center"><B>As Amended February 2016</B></P>

<P STYLE="font: 7pt/10.8pt Arial,sans-serif; margin: 6.6pt 0 0; text-align: center">[GRAPHIC OMITTED]</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0"><B>Table of Contents</B></P>

<P STYLE="font: 11pt/5.4pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 417px; font-size: 11pt">
<TR STYLE="height: 10.25pt; vertical-align: top">
    <TD STYLE="width: 24pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>I.</B></FONT></TD>
    <TD STYLE="width: 14pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 220.2pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Board of Directors and Executives</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Election of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Classified Boards of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Board and Committee Independence</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Liability and Indemnification of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Qualification of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Removal of Directors and Filling of Vacancies</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Fix the Size of the Board</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Restrict Chief Executive Officer&#8217;s Service on Multiple Boards</FONT></TD></TR>
<TR STYLE="height: 14.1pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Restrict Supervisory Board Members Service on Multiple Boards (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Establish Audit Committees (For FFT and US Securities)</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>II.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Capital Structure</B></FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Authorization of Additional Shares (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Authorization of &#8220;Blank Check&#8221; Preferred Stock (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Stock Splits/Reverse Stock Splits</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Dual Class/Supervoting Stock</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Large Block Issuance (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Recapitalization into a Single Class of Stock</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Share Repurchases</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reductions in Par Value</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>III.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Corporate Governance Issues</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Confidential Voting</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Cumulative Voting (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Supermajority Voting Requirements</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Right to Vote</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>IV.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Compensation</B></FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Establishment of a Remuneration Committee (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Executive Director Stock Option Plans</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Employee Stock Option/Purchase Plans</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Golden Parachutes</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Limit Benefits or Executive Compensation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Option Expensing</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Management Board Election and Motion (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Remuneration (Variable Pay) (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Long-Term Incentive Plans (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Proposals Concerning &#8220;Pay For Superior Performance&#8221;</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">K.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Executive Compensation Advisory</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">L.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Advisory Votes on Executive Compensation</FONT></TD></TR>
<TR STYLE="height: 7.25pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>V.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Anti-Takeover Related Issues</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 417px; font-size: 11pt">
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="width: 24pt; padding-top: 1.45pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14pt; padding-top: 1.45pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="width: 220.2pt; padding-top: 1.45pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Rights Plans (&#8220;Poison Pills&#8221;)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reincorporation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Fair-Price Proposals</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Exemption From State Takeover Laws</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Non-Financial Effects of Takeover Bids</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VI.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Mergers &amp; Acquisitions</B></FONT></TD></TR>
<TR STYLE="height: 7.25pt; vertical-align: top">
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VII.</B></FONT></TD>
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Environmental, Social &amp; Governance Issues</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Principles for Responsible Investment</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">ESG Issues</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Labor &amp; Human Rights</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Diversity &amp; Equality</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Health &amp; Safety</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Government/Military</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Tobacco</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VIII.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Miscellaneous Items</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Ratification of Auditors</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Limitation of Non-Audit Services Provided by Independent Auditor</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Audit Firm Rotation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Transaction of Other Business</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Motions to Adjourn the Meeting</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Bundled Proposals</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Change of Company Name</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals Related to the Annual Meeting</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reimbursement of Expenses Incurred from Candidate Nomination</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Investment Company Proxies</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">K.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">International Proxy Voting</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 3.4pt 0 0; text-align: justify">These Guidelines may reflect a voting position
that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies
for which AM or an affiliate serves as investment adviser or sponsor.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>NOTE</U>: Because of the unique structure
and regulatory scheme applicable to closed-end investment companies, the voting guidelines (particularly those related to governance
issues) generally will be inapplicable to holdings of closed-end investment companies. As a result, determinations on the appropriate
voting recommendation for closed-end investment company shares will be made on a case-by-case basis.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Board of Directors and Executives</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Election of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify"><I>Routine:</I> AM Policy is to vote &#8220;for&#8221;
the uncontested election of Directors. Votes for a Director in an uncontested election will be withheld in cases where a Director
has shown an inability to perform his/her duties in the best interests of the shareholders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Proxy contest:</I> In a proxy contest involving
election of Directors, a case-by-case voting decision will be made based upon analysis of the issues involved and the merits of
the incumbent and dissident slates of Directors. AM will incorporate the decisions of a third party proxy research vendor, currently,
Institutional Shareholder Services (&#8220;ISS&#8221;) subject to review by the Proxy Voting Sub-Committee (&#8220;GPVSC&#8221;)
as set forth in the AM&#8217;s Proxy Voting Policy and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I><U>Rationale</U>:</I> The large majority
of corporate Directors fulfill their fiduciary obligation and in most cases support for Management&#8217;s nominees is warranted.
As the issues relevant to a contested election differ in each instance, those cases must be addressed as they arise.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Classified Boards of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote against proposals to classify the Board and for
proposals to repeal classified Boards and elect Directors annually.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Directors should be held accountable on an annual
basis. By entrenching the incumbent Board, a classified Board may be used as an anti-takeover device to the detriment of the shareholders
in a hostile take-over situation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Board and Committee Independence</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals that require that a certain percentage (majority up to 66 2/3%) of members of a Board of Directors be comprised of independent or unaffiliated Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals that require all members of a company's compensation, audit, nominating, or other similar committees be comprised of independent or unaffiliated Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; shareholder proposals to require the addition of special interest, or constituency, representatives to Boards of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; separation of the Chairman and CEO positions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">5.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals that require a company to appoint a Chairman who is an independent Director.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Board independence is a cornerstone
of effective governance and accountability. A Board that is sufficiently independent from Management assures that shareholders'
interests are adequately represented. However, the Chairman of the Board must have sufficient involvement in and experience with
the operations of the company to perform the functions required of that position and lead the company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">No Director qualifies as &#8220;independent&#8221;
unless the Board of Directors affirmatively determines that the Director has no material relationship with the listed company (either
directly or as a partner, shareholder or officer of an organization that has a relationship with the company).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Whether a Director is in fact not &#8220;independent&#8221; will
depend on the laws and regulations of the primary market for the security and the exchanges, if any, on which the security trades.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Liability and Indemnification of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; Management
proposals to limit Directors' liability and to broaden the indemnification of Directors, unless broader indemnification or limitations
on Directors' liability would affect shareholders' interests in pending litigation.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While shareholders want Directors
and officers to be responsible for their actions, it is not in the best interests of the shareholders for them to be to risk averse.
If the risk of personal liability is too great, companies may not be able to find capable Directors willing to serve. We support
expanding coverage only for actions taken in good faith and not for serious violations of fiduciary obligation or negligence.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Qualification of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to follow Management&#8217;s recommended vote on either
Management or shareholder proposals that set retirement ages for Directors or require specific levels of stock ownership by Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: As a general rule, the Board of Directors, and
not the shareholders, is most qualified to establish qualification policies.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Removal of Directors and Filling of Vacancies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals that include provisions
that Directors may be removed only for cause or proposals that include provisions that only continuing Directors may fill Board
vacancies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Rationale: Differing state statutes permit
removal of Directors with or without cause. Removal of Directors for cause usually requires proof of self-dealing, fraud or misappropriation
of corporate assets, limiting shareholders' ability to remove Directors except under extreme circumstances. Removal without cause
requires no such showing.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Allowing only incumbent Directors to fill vacancies can serve as
an anti-takeover device, precluding shareholders from filling the Board until the next regular election.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Fix the Size of the Board</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals to fix the size of the Board unless: (a) no specific reason for the proposed change is given; or (b) the proposal is part of a package of takeover defenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals allowing Management to fix the size of the Board without shareholder approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Absent danger of anti-takeover use, companies
should be granted a reasonable amount of flexibility in fixing the size of its Board.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Restrict Chief Executive Officer&#8217;s Service on Multiple Boards</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to restrict a Chief
Executive Officer from serving on more than three outside Boards of Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0"><U>Rationale</U>: Chief Executive Officer must have sufficient time
to ensure that shareholders&#8217; interests are represented adequately.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Note</U>: A Director&#8217;s service on multiple closed-end fund
Boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Restrict Supervisory Board Members Service on Multiple Boards</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to restrict a Supervisory
Board Member from serving on more than five Supervisory Boards.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: We consider a strong, independent and knowledgeable
Supervisory Board as important counter-balance to executive Management to ensure that the interests of shareholders are fully reflected
by the company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Full information should be disclosed in the annual reports and accounts
to allow all shareholders to judge the success of the Supervisory Board controlling their company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Supervisory Board Members must have sufficient time to ensure that
shareholders&#8217; interests are represented adequately.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Note</U>: A Director&#8217;s service on multiple closed-end fund
Boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Establish Audit Committees</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals that require the establishment
of Audit Committees.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: The Audit Committee should
deal with accounting and risk management related questions, verifies the independence of the auditor with due regard to possible
conflicts of interest. It also should determine the procedure of the audit process.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>II.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Capital Structure</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Authorization of Additional Shares</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; proposals
to increase the authorization of existing classes of stock that do not exceed a 3:1 ratio of shares authorized to shares outstanding
for a large cap company, and do not exceed a 4:1 ratio of shares authorized to shares outstanding for a small-midcap company (companies
having a market capitalization under one billion US dollars).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While companies need an adequate
number of shares in order to carry on business, increases requested for general financial flexibility must be limited to protect
shareholders from their potential use as an anti-takeover device. Requested increases for specifically designated, reasonable business
purposes (stock split, merger, etc.) will be considered in light of those purposes and the number of shares required.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Authorization of &#8220;Blank Check&#8221; Preferred Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals to create blank check preferred stock or to increase the number of authorized shares of blank check preferred stock unless the company expressly states that the stock will not be used for anti-takeover purposes and will not be issued without shareholder approval.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals mandating shareholder approval of blank check stock placement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Shareholders should be permitted to monitor the
issuance of classes of preferred stock in which the Board of Directors is given unfettered discretion to set voting, dividend,
conversion and other rights for the shares issued.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Stock Splits / Reverse Stock Splits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; stock splits
if a legitimate business purpose is set forth and the split is in the shareholders' best interests. A vote is cast &#8220;for&#8221;
a reverse stock split only if the number of shares authorized is reduced in the same proportion as the reverse split or if the
effective increase in authorized shares (relative to outstanding shares) complies with the proxy guidelines for common stock increases.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Generally, stock splits do not detrimentally affect
shareholders. Reverse stock splits, however, may have the same result as an increase in authorized shares and should be analyzed
accordingly.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Dual Class/Supervoting Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals to create or authorize
additional shares of super-voting stock or stock with unequal voting rights.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The &#8220;one share, one vote&#8221; principal
ensures that no shareholder maintains a voting interest exceeding their equity interest in the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Large Block Issuance</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to address large block issuances
of stock on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm, currently
Institutional Shareholder Services (&#8220;ISS&#8221;) subject to review by the GPVSC as set forth in AM&#8217;s Proxy Voting Policy
and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Additionally, AM supports proposals requiring shareholder approval
of large block issuances.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Stock issuances must be reviewed in light of the
business circumstances leading to the request and the potential impact on shareholder value.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Recapitalization into a Single Class of Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; recapitalization plans to provide
for a single class of common stock, provided the terms are fair, with no class of stock being unduly disadvantaged.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Consolidation of multiple classes of stock is
a business decision that may be left to the Board and/or Management if there is no adverse effect on shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Share Repurchases</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; share repurchase plans provided
all shareholders are able to participate on equal terms.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Buybacks are generally considered beneficial to
shareholders because they tend to increase returns to the remaining shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reductions in Par Value</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to reduce par value,
provided a legitimate business purpose is stated (e.g., the reduction of corporate tax responsibility).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Usually, adjustments to par value are a routine
financial decision with no substantial impact on shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>III.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Corporate Governance Issues</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Confidential Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to provide for confidential
voting and independent tabulation of voting results and to vote &#8220;against&#8221; proposals to repeal such provisions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: Confidential voting protects
the privacy rights of all shareholders. This is particularly important for employee-shareholders or shareholders with business
or other affiliations with the company, who may be vulnerable to coercion or retaliation when opposing Management. Confidential
voting does not interfere with the ability of corporations to communicate with all shareholders, nor does it prohibit shareholders
from making their views known directly to Management.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Cumulative Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;against&#8221; shareholder
proposals requesting cumulative voting and &#8220;for&#8221; Management proposals to eliminate it. The protections afforded shareholders
by cumulative voting are not necessary when a company has a history of good performance and does not have a concentrated ownership
interest. Accordingly, a vote is cast &#8220;against&#8221; cumulative voting and &#8220;for&#8221; proposals to eliminate it if:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">a)</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The company has a five year return on investment greater than the relevant industry index,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">b)</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">All Directors and executive officers as a group beneficially own less than 10% of the outstanding stock, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">c)</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">No shareholder (or voting block) beneficially owns 15% or more of the company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Thus, failure of any one of the three criteria results in a vote
for cumulative voting in accordance with the general policy.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Cumulative voting is a tool that should be used
to ensure that holders of a significant number of shares may have Board representation; however, the presence of other safeguards
may make their use unnecessary.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Supermajority Voting Requirements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; Management proposals to
require a supermajority vote to amend the charter or by-laws and to vote &#8220;for&#8221; shareholder proposals to modify or rescind
existing supermajority requirements.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">*</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Exception made when company holds a controlling position and seeks to lower threshold to maintain control and/or make changes to corporate by-laws.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Supermajority voting provisions
violate the democratic principle that a simple majority should carry the vote. Setting supermajority requirements may make it difficult
or impossible for shareholders to remove egregious by-law or charter provisions. Occasionally, a company with a significant insider
held position might attempt to lower a supermajority threshold to make it easier for Management to approve provisions that may
be detrimental to shareholders. In that case, it may not be in the shareholders interests to lower the supermajority provision.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Shareholder Right to Vote</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals that restrict
the right of shareholders to call special meetings, amend the bylaws, or act by written consent. AM Policy is to vote &#8220;for&#8221;
proposals that remove such restrictions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Any reasonable means whereby shareholders can
make their views known to Management or affect the governance process should be supported.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>IV.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Annual Incentive Plans or Bonus Plans are often
submitted to shareholders for approval. These plans typically award cash to executives based on company performance. Deutsche Bank
believes that the responsibility for executive compensation decisions rest with the Board of Directors and/or the compensation
committee, and its policy is not to second-guess the Board&#8217;s award of cash compensation amounts to executives unless a particular
award or series of awards is deemed excessive. If stock options are awarded as part of these bonus or incentive plans, the provisions
must meet Deutsche Bank&#8217;s criteria regarding stock option plans, or similar stock-based incentive compensation schemes, as
set forth below.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Establishment of a Remuneration Committee</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals that require the establishment
of a Remuneration Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Corporations should disclose
in each annual report or proxy statement their policies on remuneration. Essential details regarding executive remuneration including
share options, long-term incentive plans and bonuses, should be disclosed in the annual report, so that investors can judge whether
corporate pay policies and practices meet the standard.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The Remuneration Committee shall not comprise
any Board members and should be sensitive to the wider scene on executive pay. It should ensure that performance-based elements
of executive pay are designed to align the interests of shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Executive and Director Stock Option Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; stock option plans that meet
the following criteria:</P>

<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The resulting dilution of existing shares is less than (a) 15% of outstanding shares for large capital corporations; or (b) 20% of outstanding shares for small-mid capital companies (companies having a market capitalization under one billion US dollars).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The transfer of equity resulting from granting options at less than fair market value (&#8220;FMV&#8221;) is no greater than 3% of the over-all market capitalization of large capital corporations or 5% of market cap for small-mid capital companies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The plan does not contain express repricing provisions and, in the absence of an express statement that options will not be repriced, the company does not have a history of repricing options.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The plan does not grant options on super-voting stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM will support performance-based option proposals
as long as (a) they do not mandate that all options granted by the company must be performance based; and (b) only certain high-level
executives are subject to receive the performance based options.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">AM will support proposals to eliminate the payment of outside Director
pensions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Determining the cost to the
company and to shareholders of stock-based incentive plans raises significant issues not encountered with cash-based compensation
plans. These include the potential dilution of existing shareholders' voting power, the transfer of equity out of the company resulting
from the grant and execution of options at less than FMV and the authority to reprice or replace underwater options. Our stock
option plan analysis model seeks to allow reasonable levels of flexibility for a company yet still protect shareholders from the
negative impact of excessive stock compensation. Acknowledging that small mid-capital corporations often rely more heavily on stock
option plans as their main source of executive compensation and may not be able to compete with their large capital competitors
with cash compensation, we provide slightly more flexibility for those companies.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Employee Stock Option/Purchase Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote for employee stock purchase plans (&#8220;ESPPs&#8221;)
when the plan complies with Internal Revenue Code Section 423, allowing non-Management employees to purchase stock at 85% of FMV.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; employee
stock option plans (&#8220;ESOPs&#8221;) provided they meet the standards for stock option plans in general. However, when computing
dilution and transfer of equity, ESOPs are considered independently from executive and Director option plans.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: ESOPs and ESPPs encourage rank-and-file employees
to acquire an ownership stake in the companies they work for and have been shown to promote employee loyalty and improve productivity.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Golden Parachutes</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; proposals
to require shareholder approval of golden parachutes and for proposals that would limit golden parachutes to no more than three
times base compensation. AM Policy is to vote &#8220;against&#8221; more restrictive shareholder proposals to limit golden parachutes.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: In setting a reasonable limitation,
AM considers that an effective parachute should be less attractive than continued employment and that the IRS has opined that amounts
greater than three times annual salary, are excessive.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Limit Benefits or Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proposals to limit benefits, pensions or compensation and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proposals that request or require disclosure of executive compensation greater than the disclosure required by Securities and Exchange Commission (&#8220;SEC&#8221;) regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Levels of compensation and benefits are generally
considered to be day-to-day operations of the company, and are best left unrestricted by arbitrary limitations proposed by shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Option Expensing</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support proposals requesting companies to expense stock
options.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Although companies can choose
to expense options voluntarily, the Financial Accounting Standards Board (&#8220;FASB&#8221;) does not yet require it, instead
allowing companies to disclose the theoretical value of options as a footnote. Because the expensing of stock options lowers earnings,
most companies elect not to do so. Given the fact that options have become an integral component of compensation and their exercise
results in a transfer of shareholder value, AM agrees that their value should not be ignored and treated as &#8220;no cost&#8221;
compensation. The expensing of stock options would promote more modest and appropriate use of stock options in executive compensation
plans and present a more accurate picture of company operational earnings.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Management Board Election and Motion</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221;:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The election of Board members with positions on either Remuneration or Audit Committees;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The election of Supervisory Board members with too many Supervisory Board mandates; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Automatic&#8221; election of former Board members into the Supervisory Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Management as an entity, and each of its members,
are responsible for all actions of the company, and are - subject to applicable laws and regulations - accountable to the shareholders
as a whole for their actions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Sufficient information should be disclosed in the annual company
report and account to allow shareholders to judge the success of the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Remuneration (Variable Pay)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><B>Executive remuneration for Management Board</B></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; Management Board remuneration
that is transparent and linked to results.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: Executive compensation should
motivate Management and align the interests of Management with the shareholders. The focus should be on criteria that prevent excessive
remuneration; but enable the company to hire and retain first-class professionals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Shareholder interests are normally best served when Management is
remunerated to optimize long-term returns. Criteria should include suitable measurements like return on capital employed or economic
value added.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Interests should generally also be correctly aligned when Management
own shares in the company &#8211; even more so if these shares represent a substantial portion of their own wealth.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Its disclosure shall differentiate between fixed pay, variable (performance
related) pay and long-term incentives, including stock option plans with valuation ranges as well as pension and any other significant
arrangements.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><B>Executive remuneration for Supervisory Board</B></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; remuneration for Supervisory
Board that is at least 50% in fixed form.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: It would normally be preferable
if performance linked compensation were not based on dividend payments, but linked to suitable result based parameters. Consulting
and procurement services should also be published in the company report.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Long-Term Incentive Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; long-term incentive plans for
members of Management Boards that reward for above average company performance.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Incentive plans will normally be supported if
they:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Directly align the interests of members of Management Boards with those of shareholders;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Establish challenging performance criteria to reward only above average performance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Measure performance by total shareholder return in relation to the market or a range of comparable companies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Are long-term in nature and encourage long-term ownership of the shares once exercised through minimum holding periods; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Do not allow a repricing of the exercise price in stock option plans.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Shareholder Proposals Concerning &#8220;Pay for Superior Performance&#8221;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to address pay for superior performance
proposals on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently
ISS) subject to review by the GPVSC as set forth in AM&#8217;s Proxy Policy and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While AM agrees that compensation
issues are better left to the discretion of Management, there remains the need to monitor for excessive compensation practices
on a case-by-case basis. If, after a review of the ISS metrics, AM is comfortable with ISS&#8217;s applying this calculation and
will vote according to their recommendation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Executive Compensation Advisory</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to follow Management&#8217;s recommended vote on shareholder
proposals to propose an advisory resolution seeking to ratify the compensation of the company&#8217;s named executive officers
(&#8220;NEOs&#8221;) on an annual basis.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: AM believes that controls
exist within senior Management and corporate compensation committees, ensuring fair compensation to executives. This might allow
shareholders to require approval for all levels of Management&#8217;s compensation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>L.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Advisory Votes on Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to evaluate Executive Compensation
proposals on a case-by-case basis, where locally defined this may be done by incorporating the recommendation of an independent
third party proxy research firm. AM will oppose Advisory Votes on Executive Compensation if:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">There is a significant misalignment between CEO pay and company performance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The company maintains significant problematic pay practices; and/or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The Board exhibits a significant level of poor communication and responsiveness to shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: While AM agrees that compensation issues are better
left to the discretion of Management, there remains a need to take action on this nonbinding proposal if excessive compensation
practices exist.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>M.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Frequency of Advisory Vote on Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; annual advisory votes on compensation,
which provide the most consistent and clear communication channel for shareholder concerns about companies&#8217; executive pay
programs.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: AM believes that annual advisory vote gives shareholders
the opportunity to express any compensation concerns to the Executive Compensation proposal which is an advisory voting.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>V.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Anti-Takeover Related Issues</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Sha</B>reho<B>lder Rights Plans (&#8220;Poison Pills&#8221;)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to require shareholder
ratification of poison pills or that request Boards to redeem poison pills, and to vote &#8220;against&#8221; the adoption of poison
pills if they are submitted for shareholder ratification.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Poison pills are the most
prevalent form of corporate takeover defenses and can be (and usually are) adopted without shareholder review or consent. The potential
cost of poison pills to shareholders during an attempted takeover outweighs the benefits.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reincorporation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to examine reincorporation proposals on a case-by-case
basis. The voting decision is based on:</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 665px; margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 476.1pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Differences in state law between the existing state of incorporation and the proposed state of incorporation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Differences between the existing and the proposed charter/bylaws/articles of incorporation and their effect on shareholder rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">If changes resulting from the proposed reincorporation violate the
corporate governance principles set forth in these guidelines, the reincorporation will be deemed contrary to shareholder&#8217;s
interests and a vote cast &#8220;against.&#8221;</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Reincorporations can be properly analyzed only
by looking at the advantages and disadvantages to their shareholders. Care must be taken that anti-takeover protection is not the
sole or primary result of a proposed change.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Fair-Price Proposals</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; Management fair-price proposals,
provided that:</P>

<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal applies only to two-tier offers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal sets an objective fair-price test based on the highest price that the acquirer has paid for a company's shares;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The supermajority requirement for bids that fail the fair-price test is no higher than two-thirds of the outstanding shares; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal contains no other anti-takeover provisions or provisions that restrict shareholders rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">A vote is cast for shareholder proposals that would modify or repeal
existing fair-price requirements that do not meet these standards.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While fair price provisions
may be used as anti-takeover devices, if adequate provisions are included, they provide some protection to shareholders who have
some say in their application and the ability to reject those protections if desired.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Exemption from State Takeover Laws</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; shareholder proposals to opt
out of state takeover laws and to vote &#8220;against&#8221; Management proposals requesting to opt out of state takeover laws.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Control share statutes, enacted at the state level,
may harm long-term share value by entrenching Management. They also unfairly deny certain shares their inherent voting rights.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Non-Financial Effects of Takeover Bids</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">Policy is to vote &#8220;against&#8221; shareholder proposals to require
consideration of non-financial effects of merger or acquisition proposals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Non-financial effects may often be subjective
and are secondary to AM&#8217;s stated purpose of acting in its client&#8217;s best economic interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VI.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Mergers &amp; Acquisitions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Evaluation of mergers, acquisitions and other
special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations)
are performed on a case-by-case basis incorporating information from an independent proxy research source (currently ISS.) Additional
resources including portfolio management and research analysts may be considered as set forth in AM&#8217;s policies and procedures.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VII.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Environmental, Social and Governance Issues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Environmental, social and governance issues (ESG)
are becoming increasingly important to corporate success. We incorporate ESG considerations into both our investment decisions
and our proxy voting decisions &#8211; particularly if the financial performance of the company could be impacted. Companies or
states that seriously contravene internationally accepted ethical principles will be subject to heightened scrutiny.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Principles for Responsible Investment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to actively engage with companies
on ESG issues and participate in ESG initiatives. In this context, AM (a) votes &#8220;for&#8221; increased disclosure on ESG issues;
(b) is willing to participate in the development of policy, regulation, and standard setting (such as promoting and protecting
shareholder rights); (c) could support shareholder initiatives</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">and also file shareholder resolutions with long term
ESG considerations and improved ESG disclosure, when applicable; (d) could support standardized ESG reporting and issues to be
integrated within annual financial reports; and (e) on a case-by-case basis, will generally follow Management&#8217;s recommended
vote on other matters related to ESG issues.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: ESG issues can affect the performance of investment
portfolios (to varying degrees across companies, sectors, regions, asset classes and through time).</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>ESG Issues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote in line with the Coalition
for Environmentally Responsible Economies (&#8220;CERES&#8221;) recommendation on Environmental matters contained in the CERES
Principles and the recommendations on Social and Sustainability issues not specifically addressed elsewhere in these Guidelines.
AM will rely on ISS to identify shareholder proposals addressing CERES Principles and proxies will be voted in accordance with
ISS's predetermined voting guidelines on CERES Principles.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Any matter that is to be voted on, consented to or approved by the
voting members, may take place in person, telephonically or via other electronic means. In addition, voting members may act in
writing, including without limitation, via e-mail.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: AM supports the CERES Principles and as such generally
votes proxies in line with the CERES recommendation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Labor and Human Rights</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; adopting global codes of
conduct or workplace standards exceeding those mandated by law.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Additional requirements beyond those mandated
by law are deemed unnecessary and potentially burdensome to companies</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Diversity and Equality</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals to force equal employment opportunity, affirmative action or Board diversity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Compliance with State and
Federal legislation along with information made available through filings with the Equal Employment Opportunity Commission (&#8220;EEOC&#8221;)
provides sufficient assurance that companies act responsibly and make information public.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is also to vote &#8220;against&#8221; proposals to adopt the MacBride Principles. The MacBride Principles promote fair employment, specifically regarding religious discrimination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Compliance with the Fair Employment Act of 1989
makes adoption of the MacBride Principles redundant. Their adoption could potentially lead to charges of reverse discrimination.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Health and Safety</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; adopting a pharmaceutical price restraint policy or reporting pricing policy changes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Pricing is an integral part
of business for pharmaceutical companies and should not be dictated by shareholders (particularly pursuant to an arbitrary formula).
Disclosing pricing policies may also jeopardize a company&#8217;s competitive position in the marketplace.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals to control the use or labelling of and reporting on genetically engineered products.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Additional requirements beyond those mandated
by law are deemed unnecessary and potentially burdensome to companies.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Government/Military</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote against shareholder proposals regarding the production or sale of military arms or nuclear or space-based weapons, including proposals seeking to dictate a company's interaction with a particular foreign country or agency.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Generally, Management is
in a better position to determine what products or industries a company can and should participate in. Regulation of the production
or distribution of military supplies is, or should be, a matter of government policy.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals regarding political contributions and donations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The Board of Directors and Management, not shareholders,
should evaluate and determine the recipients of any contributions made by the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals regarding charitable contributions and donations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The Board of Directors and Management, not shareholders,
should evaluate and determine the recipients of any contributions made by the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Tobacco</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals requesting additional standards or reporting requirements for tobacco companies as well as &#8220;against&#8221; requesting companies to report on the intentional manipulation of nicotine content.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Where a tobacco company&#8217;s
actions meet the requirements of legal and industry standards, imposing additional burdens may detrimentally affect a company's
ability to compete. The disclosure of nicotine content information could affect the company's rights in any pending or future litigation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Shareholder requests to spin-off or restructure tobacco businesses will be opposed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: These decisions are more appropriately left to
the Board and Management, and not to shareholder mandate.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VIII.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Miscellaneous Items</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Ratification of Auditors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; (a) the Management recommended
selection of auditors and (b) proposals to require shareholder approval of auditors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Absent evidence that auditors have not performed
their duties adequately, support for Management&#8217;s nomination is warranted.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Limitation of Non-Audit Services provided by Independent Auditor</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support proposals limiting non-audit fees to 50% of
the aggregate annual fees earned by the firm retained as a company's independent auditor.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: In the wake of financial
reporting problems and alleged audit failures at a number of companies, AM supports the general principle that companies should
retain separate firms for audit and consulting services to avoid potential conflicts of interest. However, given the protections
afforded by the Sarbanes-Oxley Act of 2002 (which requires Audit Committee pre-approval for non-audit services and prohibits auditors
from providing specific types of services), and the fact that some non-audit services are legitimate audit-related services, complete
separation of audit and consulting fees may not be warranted. A reasonable limitation is appropriate to help ensure auditor independence
and it is reasonable to expect that audit fees exceed non-audit fees.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Audit Firm Rotation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote against proposals seeking audit firm rotation.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: While the Sarbanes-Oxley Act mandates that the
lead audit partner be switched every five years, AM believes that rotation of the actual audit firm would be costly and disruptive.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Transaction of Other Business</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; transaction of other business
proposals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: This is a routine item to
allow shareholders to raise other issues and discuss them at the meeting. As the nature of these issues may not be disclosed prior
to the meeting, we recommend a vote against these proposals. This protects shareholders voting by proxy (and not physically present
at a meeting) from having action taken at the meeting that they did not receive proper notification of or sufficient opportunity
to consider.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Motions to Adjourn the Meeting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM Policy is to vote &#8220;against&#8221; proposals to adjourn the
meeting.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Management may seek authority
to adjourn the meeting if a favorable outcome is not secured. Shareholders should already have had enough information to make a
decision. Once votes have been cast, there is no justification for Management to continue spending time and money to press shareholders
for support.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Bundled Proposals</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote against bundled proposals
if any bundled issue would require a vote against it if proposed individually.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Shareholders should not be forced to &#8220;take
the good with the bad&#8221; in cases where the proposals could reasonably have been submitted separately.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Change of Company Name</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support Management on proposals to change the company
name.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: This is generally considered a business decision
for a company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals Related to the Annual Meeting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM Policy is to vote &#8220;for&#8221; Management for proposals related
to the conduct of the annual meeting (meeting time, place, etc.)</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: These are considered routine administrative proposals.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reimbursement of Expenses Incurred from Candidate Nomination</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to follow Management&#8217;s recommended
vote on shareholder proposals related to the amending of company bylaws to provide for the reimbursement of reasonable expenses
incurred in connection with nominating one or more candidates in a contested election of Directors to the corporation&#8217;s Board
of Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Corporations should not be liable for costs associated
with shareholder proposals for Directors.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Investment Company Proxies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Proxies solicited by investment companies are
voted in accordance with the recommendations of an independent third party, currently ISS. However, regarding investment companies
for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion
as the vote of all other shareholders. Proxies solicited by master funds from feeder funds will be voted in accordance with applicable
provisions of Section 12 of the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Investment companies, particularly closed-end
investment companies, are different from traditional operating companies. These differences may call for differences in voting
positions on the same matter. For example, AM could vote &#8220;for&#8221; staggered Boards of closed-end investment companies,
although AM generally votes &#8220;against&#8221; staggered Boards for operating companies. Further, the manner in which AM votes
investment company proxies may differ from proposals for which an AM-advised investment company solicits proxies from its shareholders.
As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are voted in accordance with
the pre-determined guidelines of an independent third-party.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Subject to participation agreements with certain
Exchange Traded Funds (&#8220;ETF&#8221;) issuers that have received exemptive orders from the US Securities and Exchange Commission
allowing investing Deutsche funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act,
DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required
to do so by participation agreements and SEC orders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Note</U>: With respect to the Central Cash
Management Fund (registered under the Investment Company Act), the Fund is not required to engage in echo voting and the investment
adviser will use these Guidelines, and may determine, with respect to the Central Cash Management Fund, to vote contrary to the
positions in the Guidelines, consistent with the Fund&#8217;s best interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>International Proxy Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The above guidelines pertain to issuers organized
in the United States, Canada and Germany. Proxies solicited by other issuers are voted in accordance with international guidelines
or the recommendation of ISS and in accordance with applicable law and regulation.</P>

<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIO
    MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Portfolio Manager Disclosure</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">The following individual handles the day-to-day management
of the Fund.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">Gerd Kirsten, CFA, Managing Director <FONT STYLE="line-height: 115%">and
Portfolio Manager of the Fund</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Began managing the Fund in 2009.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Senior Portfolio Manager - European Equities: Frankfurt.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Joined Deutsche Asset Management in 2009.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Diplom-Kaufmann in Banking, Technical University of Berlin; MBA, Columbia University.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 9pt 0 6pt">Compensation of Portfolio Managers</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">The Advisor and its affiliates are part of the Deutsche Bank
Group of companies. As employees of a company in the Deutsche Bank Group, portfolio managers are paid on a total compensation basis,
which includes Fixed Pay (base salary) and Variable Compensation, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Fixed Pay (FP) is the key and primary element of compensation and reflects the value of the individual&#8217;s role and function
within the organization.&nbsp; It rewards factors that an employee brings to the organization such as skills and experience, while
reflecting regional and divisional (i.e. Deutsche Asset Management) specifics. FP levels play a significant role in ensuring competitiveness
of the Advisor and its affiliates in the labor market, thus benchmarking provides a valuable input when determining FP levels.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Variable Compensation (VC) is a discretionary compensation element that enables the Advisor and its affiliates to provide additional
reward to employees for their performance and behaviors, while reflecting Deutsche Bank Group affordability and the financial situation
of Deutsche Bank AG (the &#8220;Bank&#8221;) and Deutsche Asset Management, the Bank&#8217;s asset management division.&nbsp; VC
aims to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Recognize that every employee contributes to the Bank&#8217;s success through the Deutsche Bank Group component of VC (Group
Component),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Reflect individual performance through discretionary individual VC (Individual Component<B>), </B>and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Reward outstanding contributions at the junior levels through the discretionary Recognition Award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">Employee seniority as well as divisional and regional specifics
determines which VC elements are applicable for a given employee and the conditions under which they apply.&nbsp; Both Group and
Individual Components may be awarded in Bank shares or other share-based instruments and under deferral arrangements.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">In general, each of the Advisor and its advisory affiliates
seek to offer its investment professionals competitive short-term and long-term compensation based on continuous, above average,
fund performance relative to the market. This includes measurement of short and long-term performance against industry and portfolio
benchmarks. To evaluate its investment professionals in light of and consistent with the compensation principles set forth above,
the Advisor and its affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar
peer group universe with respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es)
set forth in the governing documents with respect to each other account type.&nbsp; The ultimate goal of this process is to evaluate
the degree to which investment professionals deliver investment performance that meets or exceeds their clients&#8217; risk and
return objectives. When determining total compensation, the Advisor and its affiliates consider a number of quantitative, qualitative
and other factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quantitative measures (e.g. one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe
for a fund, or versus the appropriate iMoneyNet peer group for a money market fund or relevant benchmark index(es) set forth in
the governing documents with respect to each other account type, taking risk targets into account) are utilized to measure performance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Qualitative measures (e.g. adherence to, as well as contributions to, the enhancement of the investment process) are included
in the performance review.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Other factors (e.g. non-investment related performance, teamwork, adherence to compliance rules, risk management and &quot;living
the values&quot; of the Advisor and its affiliates) are included as part of a discretionary component of the review process, giving
management the ability to consider additional markers of performance on a subjective basis.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 9pt 0 6pt">Fund Ownership of Portfolio Managers</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">The following table shows the dollar range of Fund shares owned
beneficially and of record by each member of the Fund&#8217;s portfolio management team as well as in all US registered Funds advised
by Deutsche Asset Management International GmbH as a group (the &#8220;Family of Funds&#8221;), including investments by their
immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This
information is provided as of the Fund&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 174pt; border: Black 1pt solid; font: bold 10pt/11.55pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Name of<BR>
Portfolio Manager</FONT></TD>
    <TD STYLE="width: 2.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Dollar Range of</P>
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="width: 157.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt/11.55pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Dollar Range of All in the Family of Funds Shares Owned</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/11.45pt Times,serif; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 9pt 0 6pt">Conflicts of Interest</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">In addition to managing the assets of the Fund, the Fund&#8217;s
portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below
show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other
than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts
managed for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager
in the tables below include total assets of each account managed by them, although the manager may only manage a portion of such
account&#8217;s assets. For Funds subadvised by subadvisors unaffiliated with Deutsche AM International GmbH, total assets of Funds
managed may only include assets allocated to the portfolio manager and not the total assets of each Fund managed. The tables also
show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based
on the performance of the account. This information is provided as of the Fund&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other SEC Registered Investment Companies Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 97.7pt; border: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 80.8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies </B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$62,587,736</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 103.5pt; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 71.85pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 98.35pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 84.9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></FONT></TD>
    <TD STYLE="width: 84.2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$11,245,257</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Accounts Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 103.5pt; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 71.85pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 98.35pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 84.9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee </B></FONT></TD>
    <TD STYLE="width: 84.2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$1,166,606,498</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">In addition to the accounts above, an investment professional
may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The
Advisor has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions
on the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that may be recommended or
traded in the Funds and other client accounts.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">Real, potential or apparent conflicts of interest may arise
when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; line-height: 115%">&middot;</FONT></TD><TD>Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor, including other client
accounts managed by the Fund&#8217;s portfolio management team. Investment decisions for the Fund and other clients are made with
a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability
of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client
or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor
may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients
are selling the security. <FONT STYLE="line-height: 115%">The investment results achieved for the Fund may differ from the results
achieved for other clients of the Advisor. </FONT>In addition, purchases or sales of the same security may be made for two or more
clients on the same day. In such event, such transactions will be allocated among the clients in a manner believed by the Advisor
to be most equitable to each client, generally utilizing a pro rata allocation methodology. In some cases, the allocation procedure
could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund.
Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor in the interest of achieving the
most favorable net results to the Fund and the other clients.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will
need to divide time and attention among relevant accounts. The Advisor attempts to minimize these conflicts by aligning its portfolio
management teams by investment strategy and by employing similar investment models across multiple client accounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing
one account and not with respect to other accounts it manages. The Advisor will not determine allocations based on whether it receives
a performance-based fee from the client. Additionally, the Advisor has in place supervisory oversight processes to periodically
monitor performance deviations for accounts with like strategies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 9pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Advisor and its affiliates and the investment team of each Fund may manage other mutual funds and separate accounts on
a long only or a long-short basis. The simultaneous management of long and short portfolios creates potential conflicts of interest
including the risk that short sale activity could adversely affect the market value of the long positions (and vice versa), the
risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the
same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these and other potential conflicts
of interest. Included in these procedures are specific guidelines developed to provide fair and equitable treatment for all clients
whose accounts are managed by each Fund&#8217;s portfolio management team. The Advisor and the portfolio management team have established
monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of
interest relating to this type of activity are properly addressed.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 9pt 0 3pt">The Advisor is owned by Deutsche Bank AG, a multi-national
financial services company. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or engage in commercial
banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading),
hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional
and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees (the &#8220;Firm&#8221;) are
engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging activities involve
real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional and
financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the
Firm for its clients&#8217; advisory accounts. The Advisor may take investment positions in securities in which other clients or
related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing
or selling for its client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities
in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations
of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of the Advisor&#8217;s
advisory clients, including the Fund. The Advisor has instituted business and compliance policies, procedures and disclosures that
are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to a Fund&#8217;s Board.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURCHASES
    OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 617px; margin-left: 5.65pt; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 160.6pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 70.25pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67.35pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 82.65pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 81.6pt; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="height: 46pt">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 46pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Period</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 46pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares Purchased</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 46pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">per Share</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 46pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part of Publicly Announced</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plans or Programs</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 46pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plans or Programs</P></TD>
    <TD STYLE="height: 61px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">16,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">16,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">778,989</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">18,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">18,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">760,589</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">721,924</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">32,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">32,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">689,789</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">21,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">21,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">668,489</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">22,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.84 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">22,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">645,989</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">July 1 through July 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.84 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">625,989</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">August 1 through August 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">49,545</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">49,545</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">797,455</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 1 through September 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">46,155</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">46,155</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">751,300</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">October 1 through October 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">49,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">49,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">701,800</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">29,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">29,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">672,700</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">64,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">64,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">607,800</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">408,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">408,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="height: 12pt">
    <TD COLSPAN="5" ROWSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; height: 12pt"><FONT STYLE="font-size: 10pt">On July 27, 2015, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 874,000 shares during the period from August 1, 2015 through July 31, 2016.&nbsp;&nbsp;Under this plan, the Fund repurchased 248,011 shares in open market transactions from August 1, 2015 to July 31, 2016.</FONT></TD>
    <TD STYLE="height: 16px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="height: 12pt">
    <TD COLSPAN="5" ROWSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; height: 12pt"><FONT STYLE="font-size: 10pt">On July 25, 2016, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 847,000 shares during the period from August 1, 2016 through July 31, 2017.&nbsp;&nbsp;Under this plan, the Fund repurchased 239,200 shares in open market transactions from August 1, 2016 to December 31, 2016.</FONT></TD>
    <TD STYLE="height: 16px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    10.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBMISSION
    OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    were no material changes to the procedures by which stockholders may recommend nominees to the Fund&rsquo;s Board. The Nominating
    and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable
    law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth
    in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter
    requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned
    at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular
    meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders
    at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant
    to the requirements found in the Fund's By-laws. Generally, this notice must be received not less than 90 days nor more than
    120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such
    notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will
    evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates
    recommended by other sources.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    11.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTROLS
    AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36.05pt; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 376.9pt; padding-right: 5.4pt; padding-left: 0.05in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective
    based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal
    quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
    registrant&rsquo;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
    12.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code
    of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
    pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit
    99.CERT.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
    pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto
    as Exhibit 99.906CERT.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    European Equity Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/Brian
                                         E. Binder</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
        E. Binder</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/14/2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/Brian
                                         E. Binder</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
        E. Binder</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/Paul
                                         Schubert</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
        Schubert</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
        Financial Officer and Treasurer</FONT></P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/14/2017</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<BODY>




<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Deutsche Asset Management</B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Executive and Principal Financial
Officer Code of Ethics</B></P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>For the Registered Management Investment Companies
Listed on Appendix A</B></P>

<P STYLE="color: #333399; font: italic bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="color: #333399; font: italic bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Effective Date</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>January 31, 2005</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Date Last Approved</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>February 10, 2017 &#8211; Deutsche Funds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>January 31, 2017 &#8211; Germany Funds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Revised Appendix A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>February 10, 2017</B></P>

<P STYLE="color: #333399; font: italic bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0">Table of Contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">I.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">II.&nbsp;&nbsp;&nbsp;Purposes of the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">III.&nbsp;&nbsp;&nbsp;Responsibilities of Covered Officers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Honest and Ethical Conduct</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;Conflicts of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Use of Personal Fund Shareholder Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Public Communications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">E.&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, Rules and Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IV.&nbsp;&nbsp;&nbsp;Violation Reporting</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;How to Report</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Process for Violation Reporting to the Fund Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Sanctions for Code Violations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">V.&nbsp;&nbsp;&nbsp;Waivers from the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VI.&nbsp;&nbsp;&nbsp;Amendments to the Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VII.&nbsp;&nbsp;&nbsp;Acknowledgement and Certification of Adherence to the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IX.&nbsp;&nbsp;&nbsp;Recordkeeping</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">X.&nbsp;&nbsp;&nbsp;Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">Appendices</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix A:&nbsp; List of Officers Covered under the Code, by Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix B:&nbsp; Officer Code Acknowledgement and Certification Form</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix C:&nbsp; Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD>Overview</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">This Principal Executive Officer and
Principal Financial Officer Code of Ethics (&#8220;Officer Code&#8221;) sets forth the policies, practices, and values expected
to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies
(&#8220;Funds&#8221;) they serve (&#8220;Covered Officers&#8221;). A list of Covered Officers and Funds is included on Appendix
A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Boards of the Funds listed on Appendix
A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC&#8217;s rules
thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Deutsche Asset Management or its affiliates
(&#8220;Deutsche AM&#8221;) serves as the investment adviser to each Fund. All Covered Officers are also employees of Deutsche
AM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with Deutsche AM policies
and procedures, such as the Deutsche AM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1
under the Investment Company Act of 1940.<FONT STYLE="font-size: 11pt"><SUP>[1]</SUP></FONT> In addition, such individuals also
must comply with other applicable Fund policies and procedures.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer,
who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund&#8217;s Board (or committee
thereof), is primarily responsible for implementing and enforcing this Code. The Employee Compliance Officer has the authority
to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be
directed to the Deutsche AM Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer and
his or her contact information can be found in Appendix A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">II.</TD><TD>Purposes of the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The purposes of the Officer Code are
to deter wrongdoing and to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote honest and ethical conduct among
Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote full, fair, accurate, timely and
understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications
from the Funds) and that are within the Covered Officer&#8217;s responsibilities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote compliance with applicable laws,
rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">encourage the prompt internal reporting
of violations of the Officer Code to the Deutsche AM Compliance Officer; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">establish accountability for adherence
to the Officer Code.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">Any questions about the Officer Code should be referred to
Deutsche AM&#8217;s Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">III.</TD><TD>Responsibilities of Covered Officers</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">A.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Honest and Ethical Conduct</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">It is the duty of every Covered Officer
to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any
other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves
with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid
while maintaining confidentiality of information where required by law, Deutsche AM policy or Fund policy.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers also must, at all
times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading
about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate
and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund
assets and resources entrusted to them.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers may not retaliate
against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws
or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of
the type that this Code is designed to address.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">B.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conflicts of Interest</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A &#8220;conflict of interest&#8221;
occurs when a Covered Officer&#8217;s personal interests interfere with the interests of the Fund for which he or she serves as
an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their
family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence
decisions or other Fund business or operational matters where they would benefit personally at the Fund&#8217;s expense or to the
Fund&#8217;s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal
benefit at the Fund&#8217;s expense or to the Fund&#8217;s detriment. Some examples of conflicts of interest follow (this is not
an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit
of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having
an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than Deutsche
AM or its affiliates.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Certain conflicts of interest covered
by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest
provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage
in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as
&#8220;affiliated persons&#8221; of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any
violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.</P>

<P STYLE="color: navy; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">As to conflicts arising from, or as
a result of the advisory relationship (or any other relationships) between the Fund and Deutsche AM, of which the Covered Officers
are also officers or employees, it is recognized by the Board that, subject to Deutsche AM&#8217;s fiduciary duties to the Fund,
the Covered Officers will in the normal course of their duties (whether formally for the Fund or for Deutsche AM, or for both)
be involved in establishing policies and implementing decisions which will have different effects on Deutsche AM and the Fund.
The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship
between the Fund and Deutsche AM, and is consistent with the expectation of the Board of the performance by the Covered Officers
of their duties as officers of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers should avoid actual
conflicts of interest, and appearances of conflicts of interest, between the Covered Officer&#8217;s duties to the Fund and his
or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects
or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the Deutsche AM Compliance
Officer. If a Covered Officer, in lieu of reporting such a matter to the Deutsche AM Compliance Officer, may report the matter
directly to the Fund&#8217;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the Deutsche AM Compliance
Officer or the Covered Officer reasonably believes it would be futile to report the matter to the Deutsche AM Compliance Officer).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">When actual, apparent or suspected
conflicts of interest arise in connection with a Covered Officer, Deutsche AM personnel aware of the matter should promptly contact
the Deutsche AM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Upon receipt of a report of a possible
conflict, the Deutsche AM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the Deutsche
AM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all
reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable
law.<FONT STYLE="font-size: 11pt"><SUP>[2]</SUP></FONT> The costs associated with such actions may be borne by the Fund, if appropriate,
after consultation with the Fund&#8217;s Board (or committee thereof). Otherwise, such costs will be borne by Deutsche AM or other
appropriate Fund service provider.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After full review of a report of a
possible conflict of interest, the Deutsche AM Compliance Officer may determine that no conflict or reasonable appearance of a
conflict exists. If, however, the Deutsche AM Compliance Officer determines that an actual conflict exists, the Compliance Officer
will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund&#8217;s
Board (or committee thereof). If the Deutsche AM Compliance Officer determines that the appearance of a conflict exists, the Deutsche
AM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or
resolving a conflict, the Deutsche AM Compliance Officer instead may refer the matter to the Fund&#8217;s Board (or committee thereof),
as appropriate. However, the Deutsche AM Compliance Officer must refer the matter to the Fund&#8217;s Board (or committee thereof)
if the Deutsche AM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After responding to a report of a possible
conflict of interest, the Deutsche AM Compliance Officer will discuss the matter with the person reporting it (and with the Covered
Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and
avoid them, if appropriate).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Appropriate resolution of conflicts
may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Solely because a conflict is disclosed
to the Deutsche AM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the Deutsche AM Compliance Officer
does not mean that the conflict or its resolution constitutes a waiver from the Code&#8217;s requirements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any questions about conflicts of interests,
including whether a particular situation might be a conflict or an appearance of one, should be directed to the Deutsche AM Compliance
Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">C.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Use of Personal Fund Shareholder Information</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A Covered Officer may not use or disclose
personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer
also must abide by the Funds&#8217; and Deutsche AM&#8217;s privacy policies under SEC Regulation S-P.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">D.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Public Communications</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection with his or her responsibilities
for or involvement with a Fund&#8217;s public communications and disclosure documents (e.g., shareholder reports, registration
statements, press releases), each Covered Officer must provide information to Fund service providers (within the Deutsche AM organization
or otherwise) and to the Fund&#8217;s Board (and any committees thereof), independent auditors, government regulators and self-regulatory
organizations that is fair, accurate, complete, objective, relevant, timely and understandable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Further, within the scope of their
duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications
will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable
disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely
and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities
as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable
to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote
adherence to, applicable disclosure controls, processes and procedures, including Deutsche AM&#8217;s Disclosure Controls and Procedures,
which govern the process by which Fund disclosure documents are created and reviewed.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">To the extent that Covered Officers
participate in the creation of a Fund&#8217;s books or records, they must do so in a way that promotes the accuracy, fairness and
timeliness of those records.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">E.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance with Applicable Laws, Rules and Regulations</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection with his or her duties
and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws,
rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties
with respect to the Funds (&#8220;Applicable Laws&#8221;). These requirements do not impose on Covered Officers any additional
substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">If a Covered Officer knows of any material
violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly
report the matter to the Deutsche AM Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">IV.</TD><TD>Violation Reporting</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">A.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Overview</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Each Covered Officer must promptly
report to the Deutsche AM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code.
Failure to report a violation may be a violation of the Officer Code.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Examples of violations of the Officer
Code include, but are not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unethical or dishonest behavior </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Obvious lack of adherence to policies surrounding review and approval
of public communications and regulatory filings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Failure to report violations of the Officer Code</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Known or obvious deviations from Applicable Laws</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Failure to acknowledge and certify adherence to the Officer Code</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 117pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The Deutsche AM Compliance Officer
has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known
or suspected Code violations, including consulting with the Fund&#8217;s Board, the independent Board members, a Board committee,
the Fund&#8217;s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to
use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other
consultants, subject to applicable law.<FONT STYLE="font-size: 11pt"><SUP>[3]</SUP></FONT> The costs associated with such actions
may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof). Otherwise, such
costs will be borne by Deutsche AM.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">How to Report</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any known or suspected violations of
the Officer Code must be promptly reported to the Deutsche AM Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">Process for Violation Reporting to the Fund Board</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The Deutsche AM Compliance Officer
will promptly report any violations of the Code to the Fund&#8217;s Board (or committee thereof).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">Sanctions for Code Violations</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Violations of the Code will be taken
seriously. In response to reported or otherwise known violations, Deutsche AM and the relevant Fund&#8217;s Board may impose sanctions
within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by Deutsche AM could include
termination of employment. Sanctions imposed by a Fund&#8217;s Board could include termination of association with the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">V.</TD><TD>Waivers from the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer may request a waiver
from the Officer Code by transmitting a written request for a waiver to the Deutsche AM Compliance Officer.<FONT STYLE="font-size: 11pt"><SUP>[4]</SUP></FONT>
The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards
of conduct described in and underlying purposes of the Officer Code. The Deutsche AM Compliance Officer will present this information
to the Fund&#8217;s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver.
If the Board (or committee) grants the requested waiver, the Deutsche AM Compliance Officer thereafter will monitor the activities
subject to the waiver, as appropriate, and will promptly report to the Fund&#8217;s Board (or committee thereof) regarding such
activities, as appropriate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer will
coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.</P>

<P STYLE="color: navy; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">VI.</TD><TD>Amendments to the Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer will
review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund&#8217;s
Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least
annually for its continued appropriateness and may amend the Code as necessary or appropriate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer will
coordinate and facilitate any required public disclosures of Code amendments.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">VII.</TD><TD>Acknowledgement and Certification of Adherence to the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Each Covered Officer must sign a statement
upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code,
as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of
Obligations Under the Officer Code).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Understanding and complying with the
Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#8217;s obligation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer will
maintain such Acknowledgements in the Fund&#8217;s books and records.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">VIII. </TD><TD>Scope of Responsibilities</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">A Covered Officer&#8217;s responsibilities under the Officer
Code are limited to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Fund matters over which the Officer has direct responsibility or control, matters in which the
Officer routinely participates, and matters with which the Officer is otherwise involved (<I>i.e.</I>, matters within the scope
of the Covered Officer&#8217;s responsibilities as a Fund officer); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Fund matters of which the Officer has actual knowledge.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">IX.</TD><TD>Recordkeeping</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Deutsche AM Compliance Officer will
create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating
to conflicts of interest determinations and investigations of possible Code violations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">X.</TD><TD>Confidentiality</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">All reports and records prepared or
maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except
as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the Deutsche AM Compliance
Officer, the Fund&#8217;s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the
Compliance Officer.</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-indent: 0in">Appendices</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-align: justify; text-indent: 0in">Appendix
A:</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-align: justify; text-indent: 0in">List
of Officers Covered under the Code, by Board:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 670px; margin-left: -0.05in; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 171pt; border-top: black 2.25pt double; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Fund Board</B></FONT></TD>
    <TD STYLE="width: 1.75in; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Principal Executive Officers</B></FONT></TD>
    <TD STYLE="width: 117pt; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Principal Financial Officers</B></FONT></TD>
    <TD STYLE="width: 117pt; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Treasurer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 8"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deutsche Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 8"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brian Binder<FONT STYLE="font-size: 11pt"><SUP>[5]</SUP></FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 8"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul Schubert</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 8"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul Schubert</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Germany Funds*</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brian Binder</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul Schubert</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul Schubert</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">*&#9;The Central Europe, Russia
and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.&#9;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.25in; text-align: justify; text-indent: 0in">Deutsche
AM Compliance Officer:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">Eileen Winkler</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">Head of Employee Compliance Americas</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><FONT STYLE="letter-spacing: 0.75pt">Phone: (212) 250-1544</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">Email: eileen.winkler@db.com</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: right; text-indent: 0in">As of: &#9;February
10, 2017</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">Appendix
B: Acknowledgement and Certification</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Initial Acknowledgement and Certification</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under the Officer Code</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; border-top: Black 0.5pt solid">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I acknowledge and certify that I am a Covered Officer under the Deutsche Asset Management (&#8220;Deutsche AM&#8221;) Principal
Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and
provisions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>I have disclosed any conflicts of interest of which I am aware to the Deutsche AM Compliance Officer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>I will report any known or suspected violations of the Officer Code in a timely manner to the Deutsche AM Compliance Officer.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9; Date<BR CLEAR="ALL">
</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Annual Acknowledgement and Certification</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under the Officer Code</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; border-top: Black 0.5pt solid">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I acknowledge and certify that I am a Covered Officer under the Deutsche Asset Management Principal Executive and Financial
Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and provisions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>I have adhered to the Officer Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts
of interest that I did not report to the Deutsche AM Compliance Officer in accordance with the Officer Code&#8217;s requirements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create
and file public reports and documents in accordance with applicable regulations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable
Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance
with Applicable Laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>I have reported any known or suspected violations of the Officer Code in a timely manner to theDeutsche AM Compliance Officer.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR CLEAR="ALL">
</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">Appendix
C: Definitions</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Principal Executive Officer</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Individual holding the office of President of the Fund
or series of Funds, or a person performing a similar function.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Principal Financial Officer</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Individual holding the office of Treasurer of the Fund
or series of Funds, or a person performing a similar function.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered Investment Management Investment Company</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered investment companies other than a face-amount
certificate company or a unit investment trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Waiver</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">A waiver is an approval of an exemption from a Code requirement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Implicit Waiver</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">An implicit waiver is the failure to take action within
a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made
known to theDeutsche AM Compliance Officer or the Fund&#8217;s Board (or committee thereof).</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[1]</SUP> The obligations imposed by the Officer Code are separate
from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company
Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does
not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations
of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code.
Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[2]</SUP> For example, retaining a Fund&#8217;s independent
accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[3]</SUP> For example, retaining a Fund&#8217;s independent
accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[4]</SUP> Of course, it is not a waiver of the Officer Code
if the Fund&#8217;s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code&#8217;s requirements
or is otherwise not covered by the Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>[5]</SUP></FONT>
As of December 1, 2013</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 41.4pt">&nbsp;</TD>
    <TD STYLE="width: 40.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">2/14/2017</TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 45.9pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 209.1pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">2/14/2017</TD>
    <TD STYLE="width: 262pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">2/14/2017</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">2/14/2017</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
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<FILENAME>image_007.jpg
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<TEXT>
begin 644 image_007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
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M^/GZ_]H " $!   _ /9J****************************************
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..****************_]D!

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<FILENAME>image_008.jpg
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begin 644 image_008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
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