<SEC-DOCUMENT>0000088053-18-000250.txt : 20180309
<SEC-HEADER>0000088053-18-000250.hdr.sgml : 20180309
<ACCEPTANCE-DATETIME>20180308175311
ACCESSION NUMBER:		0000088053-18-000250
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180309
DATE AS OF CHANGE:		20180308
EFFECTIVENESS DATE:		20180309

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:		18677677

	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>ar123117eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">12/31/2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">December 31, 2017</P>

<P STYLE="font: 24pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">Ticker Symbol: EEA</P>

<P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Contents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>9</B></FONT>
        <FONT STYLE="font-size: 12pt">Outlook Interview with the Portfolio Manager</FONT></P>
        <P STYLE="font: 11pt 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 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 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 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 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 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 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>32</B></FONT>
        <FONT STYLE="font-size: 12pt">Tax Information</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>32</B></FONT>
        <FONT STYLE="font-size: 12pt">Shares Repurchased and Issued</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>33</B></FONT>
        <FONT STYLE="font-size: 12pt">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>37</B></FONT>
        <FONT STYLE="font-size: 12pt">Approval of Continuance of Investment Advisory Agreement</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>43</B></FONT>
        <FONT STYLE="font-size: 12pt">Directors and Officers of&nbsp;the&nbsp;Fund</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>47</B></FONT>
        <FONT STYLE="font-size: 12pt">Additional Information</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund seeks long-term capital appreciation through investment
primarily in equity and equity-linked securities of issuers domiciled in Europe.</P>

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

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This Fund is diversified and primarily focuses its investments
in equity securities of issuers domiciled in Europe, 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 or in a particular geographical
region will generally be more volatile than a fund that invests more broadly.</P>

<P STYLE="font: 10pt 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 the Ukraine. These sanctions have adversely
affected Russian individuals, Russian issuers and the Russian economy. 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 the
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 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 and in March 2017, the United Kingdom initiated its withdrawal from the European
Union, which is expected to take place by March 2019. 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 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 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dear Shareholder,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For its most recent fiscal year ended December 31, 2017,
the European Equity Fund, Inc. (the &quot;Fund&quot;) delivered a total return in U.S. dollar terms (&quot;USD&quot;) of 26.32%
based on net asset value (NAV) and 28.97% based on market price. During the same period, the total return of the Fund&rsquo;s benchmark,
the MSCI Europe Index, was 25.51%.<SUP>1</SUP> The Fund&rsquo;s discount to net asset value averaged 10.37% for the 12 months ended
December 31, 2017, compared with 11.92% for the same period in 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">European markets performed very well in the first half of
2017 and, after a summer pause, re-accelerated from September through year end. In euro terms, during the first half of the year
the MSCI Europe Index and the German DAX each had a total return of 10.2% and 12.5%, respectively.<SUP>2</SUP> The euro appreciated
against the U.S. dollar by a significant 14.1%. This currency move was the principal macroeconomic surprise in 2017. At the start
of last year, consensus expectations were for a period of significant political risk, with a number of important elections. However,
there was no upset in the French election result and much of the political uncertainty within the Eurozone was removed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Meanwhile, economic growth dynamics in Europe improved steadily.
The Euro area economy, which is expected to have grown by 2.3% in 2017, delivered almost twice the rate of growth predicted at
the start of the year. Euro area lead indicators were even more buoyant, with the composite PMI rising to a record 58.1, consistent
with approximately 4% GDP growth.<SUP>3,4</SUP> The German ifo Business Climate Index reached 117.6, an all-time high exceeding
the peaks of 1991 and 2006.<SUP>5</SUP></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GDP growth expectations for the United States, on the other
hand, remained flat, as post-election hopes for a large-scale infrastructure-focused fiscal stimulus failed to materialize. With
real GDP growth set to come in at approximately 2.2%, it seems likely that for 2017 the U.S. economy will have underperformed the
European economy for the second year in a row. China&rsquo;s economy is likely to post growth of 6.7% for 2017, supported by a
positive consumer wealth effect from a strong property market, even while traditional industrial investment in China has declined.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In 2017, geopolitical risks remained in the form of the
ongoing conflicts with North Korea and Iran over nuclear weapons. Within Europe, the lack of formation of a new government in Germany
after the election in September had no material impact on financial markets. Talks concerning the renewal of Germany&rsquo;s existing
&quot;grand coalition&quot; began in January 2018.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Despite sturdy Euro area growth and tapering announcements
from both the U.S. Federal Reserve Board and the European Central Bank, the German 10-year bond yield rose by only 20 basis points,
though this was still the largest increase in four years.<SUP>6</SUP> The Euro trade-weighted index rose by 8% in 2017, the biggest
increase since 2003. Despite the export orientation of many European companies, European companies as a whole were able to deliver
earnings growth of over 10%. Bottom-up growth in earnings was driven by a combination of domestic demand pick-up, increased demand
from key emerging markets and the early stage of a recovery in capital expenditures which positively impacted industrials. For
years now, European corporations have been downsizing and focused on tight cost control. Now, corporate sentiment is turning, and
intentions to invest in both efficiency gains as well as expansion are increasing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In terms of sector performance, cyclical stocks solidly
outperformed the market. For the 12-month period, technology, materials and industrials stocks all delivered double-digit returns,
while telecommunications, energy and health care stocks underperformed. Banks performed well until August, but then gave back their
gains, leaving the sector flat for the year. The potential for rising rates remains a positive catalyst for banks.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s portfolio outperformed the market despite
a beta that was consistently lower than 1 throughout the period.<SUP>7</SUP> The positive relative performance was mostly driven
by stock selection, and came from a number of sectors. Some industrial stocks we had added such as Volvo AB and MTU Aero Engines
AG performed well, and several defensive issues such as Kerry Group PLC, Heineken NV and Lonza Group AG also performed well due
to positive earnings surprises. Portfolio performance also benefited from merger &amp; acquisition activity, as Actelion Ltd.*
was purchased by Johnson &amp; Johnson* and Syngenta AG* by ChemChina.*</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Our Stability investment approach focuses on structural
growth stocks that also display high quality, an acceptable valuation and favorable momentum. In addition, we dynamically adapt
the selection of these criteria according to the investment cycle phase. With a &quot;recovery&quot; phase turning into a &quot;boom&quot;
phase, we emphasized value factors more and quality factors less. This led to a number of position changes within most sectors.
Overall, the Fund&rsquo;s positioning became more cyclically oriented. Nonetheless, the portfolio return was again less volatile
than the market return.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The aforementioned bottom-up changes led to only a few adjustments
in sector weights. The weighting in materials stocks increased most, while the positioning within consumer discretionary declined
the most. Within consumer discretionary, we sold some structurally challenged media and retail stocks.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A year ago, we highlighted the fact that the foundation
for European equities was becoming more solid. We were proven right with excellent investment returns. Now, we are in a positive
environment, but need to monitor potential challenges. After having progressed steadily, economic lead indicators imply higher
growth rates for 2018 after an already favorable 2017. This offers a healthy underpinning for further earnings growth within the
Fund&rsquo;s European stock universe. Therefore, for stock prices to advance further, we do not need to see a valuation multiple
expansion. Valuation levels are historically high, but still offer a discount to the U.S. market. There still exists a large margin
gap to both the previous peak and to the United States. In addition, equity valuation is still moderate relative to interest rates.
The potential risk would be a contraction of valuation multiples. This usually happens when signs of a potential recession emerge.
In addition, possible policy changes from central banks and governments can have a negative effect. A negative factor for Europe
would be a renewed push by the United States for trade protectionism.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Going into 2018, the portfolio maintains a cyclical bias
well suited for the &quot;boom&quot; phase of the investment cycle. Hedges are small and the systematic market risk of the portfolio
with a beta close to 1 has reached the high end for a generally defensive investment strategy. Lastly, the potential for another
year of positive earnings growth in Europe looks promising.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Changes to the Fund's Board</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been several recent changes to the Fund&rsquo;s
Board. Dr. Kenneth C. Froewiss and Dr. Wolfgang Leoni joined the Board in June 2017 following their election by stockholders. Dr.
Franz Wilhelm Hopp and Mr. Richard Karl Goeltz retired as Directors of the Fund in June 2017, and Mr. Detlef Bierbaum retired as
a Director of the Fund in October 2017. The Board thanks Dr. Hopp and Messrs. Goeltz and Bierbaum for their longstanding services
to the Fund and welcomes Dr. Froewiss and Dr. Leoni to the Board.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Sector Diversification </B>(As a % of Equity Securities)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12/31/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Industrials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Financials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Health Care</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consumer Discretionary</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Materials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consumer Staples</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Information Technology</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Telecommunication Services</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Utilities</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ten Largest Equity Holdings at December 31, 2017 </B>(30.1%&nbsp;of Net Assets)</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Country</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Percent </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1. SAP SE</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2. MTU Aero Engines AG</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3. KBC Groep NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Belgium</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4. Glencore PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Switzerland</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5. Royal Dutch Shell PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6. ING Groep NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7. Securitas AB</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sweden</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8. Ashtead Group PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Kingdom</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9. SKF AB</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sweden</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10. Deutsche Boerse AG</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: bottom"><IMG SRC="image_003.jpg" ALT="eea_TEAM190" STYLE="height: 56px; width: 103px"></TD>
    <TD STYLE="vertical-align: bottom"><IMG SRC="image_004.jpg" ALT="eea_TEAM191" STYLE="height: 56px; width: 125px"></TD>
    <TD><IMG SRC="image_005.jpg" ALT="eea_TEAM192" STYLE="height: 56px; width: 119px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian Strenger<BR>
        Chairman</P>
        <P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 37%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gerd Kirsten</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Portfolio Manager</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Hepsen Uzcan</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">President and Chief</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>1 </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. Index returns assume reinvested dividends and the index does not reflect any fees
or expenses. It is not possible to invest directly in an index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2 </SUP>The Deutscher Aktien Index 100 (DAX 100) tracks
the performance of 100 major German companies trading on the Frankfurt Stock Exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>3 </SUP>Maintained by the Institute for Supply Management
(ISM), the PMI is a composite of information extracted from responses to surveys from more than 400 purchasing managers selected
for their geographic and industry diversification. The survey measures responses to topics such as production levels, new orders
from customers, supplier deliveries, inventories and employment levels.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>4 </SUP>GDP, or gross domestic product, is the value
of all goods and services produced by a country's economy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>5</SUP> The Ifo Business Climate Index is a monthly
survey prepared by the Ifo Institute for Economic Research in Munich, Germany that measures the business climate in Germany.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>6 </SUP>A basis point is equal to one hundredth of
a percentage point and is often used to illustrate differences and changes in fixed-income yields.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>7 </SUP>Beta measures a security&rsquo;s sensitivity
to the movements of the Fund&rsquo;s benchmark or the market as a whole.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Not held in the portfolio as of December 31, 2017.</P>

<P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Portfolio Manager</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT> <FONT STYLE="font-size: 12pt">Can
European stocks still perform well when the euro is&nbsp;strong?</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT> <FONT STYLE="font-size: 12pt">Euro
appreciation in 2017 was significant, and mainly driven by a declining political risk premium for Europe. Interest rate differentials
are likely to favor the U.S. dollar versus the euro in 2018. But even additional euro appreciation would not necessarily lead to
poor stock performance. The euro has historically been a cyclical currency, appreciating faster when European economies strengthen.
The boost to domestic earnings and valuations in a positive EU macroeconomic environment tends to outweigh the drag on foreign
earnings growth. Also, stock selection opportunities emerge from the currency moves. A rising euro is typically better for cyclical
stocks, while high quality exporters typically suffer most on a relative basis. On the other hand, we believe that European small
caps also stand to benefit further.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT> <FONT STYLE="font-size: 12pt">Where
are the stock selection opportunities that lead to potential above-average earnings growth? </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT> <FONT STYLE="font-size: 12pt">We
find them in almost all sectors. At the cyclical end, it is companies such as Ashtead Group PLC (construction equipment rentals),
Evonik Industries AG (specialty chemicals) and Volvo AB (trucks). In the structural growth category, we find ASML Holding NV (semiconductor
equipment), BioMerieux (medical diagnostics) and Logitech International SA (computer peripherals). Even on the defensive side,
companies such as Beiersdorf AG (personal care), Securitas AB (security services) and Vodafone Group PLC (global telco operator)
offer strong potential earnings growth. Finally, while they currently remain growth laggards, we could also see positive earnings
surprises from banks.</FONT></P>

<P STYLE="font: 11pt 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, 2017 (Unaudited)</FONT></B></P>

<P STYLE="font: 10pt 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 most recent performance of the
Fund.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Annual Total Returns </B>as of 12/31/17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>26.32%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.07%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(0.09)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market Price<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>28.97%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.11%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(0.24)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MSCI Europe Index<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">25.51%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.37%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.34%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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, 2017 was 1.43%.</P>

<P STYLE="font: 10pt 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 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 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value and Market Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 12/31/17</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 12/31/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Asset Value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 10.97</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 8.76</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Market Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 9.87</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 7.72</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribution Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Twelve Months as of 12/31/17:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .09</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital Gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 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, 2017</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Common Stocks 99.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Germany 23.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Aerospace &amp; Defense 3.3% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">MTU Aero Engines AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,870,631</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Capital Markets 2.6% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Deutsche Boerse AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,324,942</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 3.1% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Evonik Industries AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">48,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,808,267</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">LANXESS AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">875,684</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,683,951</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 1.8% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">HOCHTIEF AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,595,276</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Providers &amp; Services 1.5% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Fresenius SE &amp; Co KGaA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,328,424</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 1.8% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Allianz SE (Registered)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,609,807</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Internet &amp; Direct Marketing Retail 2.4% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zalando SE 144A*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">39,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,066,130</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Personal Products 1.2% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Beiersdorf AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,058,113</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 2.0% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Merck KGaA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,500</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,778,383</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Software 3.3% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">SAP SE</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">26,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,917,827</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Germany</B> (Cost $15,545,490)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>20,233,484</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>France 12.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Services &amp; Supplies 2.0% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Edenred</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">60,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,742,266</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 2.3% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Vinci SA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,045,133</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Equipment &amp; Supplies 4.0% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">BioMerieux</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,062,990</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Essilor International SA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,340</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,427,369</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,490,359</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 1.9% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">AXA SA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">55,977</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,662,755</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Media 1.9% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lagardere SCA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">53,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,701,303</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total France</B> (Cost $7,668,068)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,641,816</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Switzerland 11.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Building Products 2.0% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Geberit AG (Registered)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,761,314</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Capital Markets 2.2% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Partners Group Holding AG</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,841</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,947,448</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Life Sciences Tools &amp; Services 1.1% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lonza Group AG (Registered)*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,498</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>945,124</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 3.2% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Glencore PLC*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">530,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,795,618</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Specialty Retail 2.2% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dufry AG (Registered)*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,932,991</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Technology Hardware, Storage &amp; Peripherals 1.0% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Logitech International SA (Registered)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">26,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>877,783</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Switzerland</B> (Cost $7,389,542)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,260,278</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Netherlands 10.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 3.0% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">ING Groep NV</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">141,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,594,935</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Beverages 2.0% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Heineken NV</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,774,702</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 3.2% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Royal Dutch Shell PLC &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">82,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,782,052</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Semiconductors &amp; Semiconductor Equipment 2.3% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">ASML Holding NV</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11,500</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,004,572</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Netherlands</B> (Cost $6,596,218)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>9,156,261</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Sweden 9.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Services &amp; Supplies 2.9% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Securitas AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">147,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,572,424</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Household Products 2.4% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Essity AB &quot;B&quot;*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">74,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,107,025</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Machinery 4.6% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">SKF AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">105,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,337,867</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Volvo AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">88,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,642,116</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,979,983</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Sweden </B>(Cost $6,927,975)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>8,659,432</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>United Kingdom 9.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Aerospace &amp; Defense 2.0% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">BAE Systems PLC</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">222,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,720,461</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 2.0% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Randgold Resources Ltd (ADR)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">18,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,803,964</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Trading Companies &amp; Distributors 2.8% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ashtead Group PLC</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">90,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,424,762</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Wireless Telecommunication Services 2.5% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Vodafone Group PLC</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">700,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,224,863</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total United Kingdom</B> (Cost $7,674,627)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>8,174,050</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Denmark 6.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 1.7% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Chr Hansen Holding A/S</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,501,960</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Marine 2.4% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">AP Moller &mdash; Maersk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,200</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,098,098</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 2.6% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Novo Nordisk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">43,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,319,957</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Denmark</B> (Cost $4,946,483)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,920,015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Ireland 4.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Airlines 2.1% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ryanair Holdings PLC*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">100,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,815,761</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food Products 2.5% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Kerry Group PLC &quot;A&quot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,247,124</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Ireland</B> (Cost $3,291,343)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,062,885</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Italy 4.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 1.9% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Intesa Sanpaolo SpA</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">500,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,663,247</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Telecommunication Services 2.6% </B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Telecom Italia SpA*</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,650,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,292,908</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Italy</B> (Cost $3,943,853)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,956,155</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Belgium 3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 3.2% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">KBC Groep NV (Cost $1,908,100)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">33,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,818,068</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Luxembourg 2.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Multiline Retail 2.2% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">B&amp;M European Value Retail SA (Cost $1,684,234)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">340,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,947,925</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 6pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Spain 2.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Hotels, Restaurants &amp; Leisure 2.0% </B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">NH Hotel Group SA (Cost $1,773,818)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">248,000</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,786,939</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Common Stocks</B> (Cost $69,349,751)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,617,308</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Contracts</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Put Options Purchased 0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Exchange-Traded Index Options Contracts</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Boerse AG German Stock Index, Counterparty RBS, Expiration Date 3/16/2018, Strike Price EUR 10,200, Notional Amount EUR 40,800,000 (Cost $333,587)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">800 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>45,634</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 8pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Cash Equivalents 0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Central Cash Management Government Fund, 1.29% (Cost $271,114) (a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">271,114</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>271,114</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Portfolio</B> (Cost&nbsp;$69,954,452)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.1</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>87,934,056</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(0.1)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(121,060)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>87,812,996</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Non-income producing security.</P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">ADR: American Depositary Receipt</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">RBS: The Royal Bank of Scotland Plc</P>

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

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

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the inputs used as of December
31, 2017 in valuing the Fund&rsquo;s investments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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: 8pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common Stocks (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 20,233,484</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 20,233,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">France</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,641,816</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,641,816</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Switzerland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,260,278</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,260,278</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,156,261</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,156,261</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sweden</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,659,432</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,659,432</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Kingdom</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,174,050</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,174,050</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Denmark</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,920,015</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,920,015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ireland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,062,885</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,062,885</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Italy</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,956,155</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,956,155</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Belgium</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,818,068</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,818,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Luxembourg</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,947,925</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,947,925</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Spain</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,786,939</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,786,939</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Short-Term Instruments (b)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">271,114</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">271,114</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Derivatives (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Purchased Options</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">45,634</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">45,634</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 87,934,056</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 87,934,056</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been no transfers between fair value measurement
levels during the year ended December 31, 2017.</P>

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

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

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Assets and Liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">as of December 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Investments in non-affiliated securities, at value (cost $69,683,338)</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ 87,662,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Investment in Deutsche Central Cash Management Government Fund (cost&nbsp;$271,114)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">271,114</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Foreign currency, at value (cost $164,195)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">167,290</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dividends receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">40,686</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Foreign taxes recoverable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">184,366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Interest receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,216</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14,281</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">88,341,895</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Distributions payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">281,049</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Investment advisory fee payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">47,748</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable for Fund shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22,691</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Administration fee payable </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14,692</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable for Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">149,444</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">528,899</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 87,812,996</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net Assets Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Undistributed net investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">232,594</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Accumulated net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(3,589,107)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,979,604</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,036</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid-in capital</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">73,182,869</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 87,812,996</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets value</B> per share ($87,812,996</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,004,800 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 10.97</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">for the year ended December 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net Investment Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dividends (net of foreign withholding taxes of $173,166)</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1,638,833</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Income distributions &mdash; Deutsche Central Cash Management Government Fund</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16,762</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Securities lending income, net&nbsp;of borrower rebates</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,658</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,669,253</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expenses:</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">617,432</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">162,124</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Custody and accounting fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">58,677</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Services to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16,048</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reports to shareholders and shareholder meeting expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">42,144</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">48,259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Legal fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">80,232</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit and tax fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,795</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE listing fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23,750</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Insurance</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miscellaneous</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,983</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses before expense reductions</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,174,546</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Expense reductions</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(15,554)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses after expense reductions</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,158,992</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net investment income</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>510,261</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized and Unrealized Gain (Loss)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net realized gain (loss) from:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,558,332</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24,608</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payments by affiliates (see Note H)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">831</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,583,771</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Change in net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,200,219</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24,332</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,224,551</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>17,808,322</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 18,318,583</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Increase (Decrease) in Net Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Years Ended December&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2017</B></FONT></TD>
    <TD STYLE="padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Operations:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 510,261</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 895,703</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,583,771</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4,209,129)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,224,551</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,628,842</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,318,583</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,684,584)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions to shareholders from:</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(689,069)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(624,500)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Capital share transactions:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Shares repurchased</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,872,202)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,169,561)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total increase (decrease) in net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15,757,312</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5,478,645)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at beginning of period</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">72,055,684</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,534,329</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period (including undistributed net&nbsp;investment income of $232,594 and $397,211 as&nbsp;of December 31, 2017 and December 31, 2016, respectively)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 87,812,996</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 72,055,684</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at beginning of period</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,223,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,631,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(218,200)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(408,200)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,004,800</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,223,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Financial Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 8pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2017</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net asset value, beginning of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 8.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 9.79</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ 7.83</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income (loss) from investment operations:</I></P>
        <P STYLE="font: 10pt 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: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.06</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.11</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.21</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.30)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.28)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.50)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.84</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.27</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.41)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.94</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Less distributions from:</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.09)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.08)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.17)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.11)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accretion resulting from tender&nbsp;offer</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dilution in net asset value from dividend reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase resulting from share repurchases</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.03</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, end of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 10.97</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.79</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market value, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.87</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 7.72</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.06</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.23</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.94</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon market value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28.97</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.31)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.03)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(6.83)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">27.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon net asset value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">26.32</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.52)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">25.03</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses before expense reductions&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.45</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.54</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.60</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.61</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses after expense reductions&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.43</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.54</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.60</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.61</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net investment income (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.63</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.21</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.98</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.95</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">48</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">64</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">93</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">107</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period ($&nbsp;thousands)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">87,813</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">72,056</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,534</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">85,650</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">94,468</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Based on average shares outstanding during
        the period.</P>
        <P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes to Financial Statements </B></P>

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

<P STYLE="font: 12pt 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 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 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 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 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 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 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 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 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 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 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, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market
funds including Deutsche Government &amp; Agency Securities Portfolio, managed by Deutsche Investment Management Americas Inc.
Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of December
31, 2017) on the cash collateral invested in Deutsche 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund had no securities on loan at December 31, 2017.</P>

<P STYLE="font: 11pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2017, the exchange rate was EUR &euro;1.00
to USD $1.20.</P>

<P STYLE="font: 11pt 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 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 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. Such taxes 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2017, the Fund had a net tax basis capital
loss carryforward of approximately $3,743,000 of short-term losses, which may be applied against realized net taxable capital gains
indefinitely.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has reviewed the tax positions for the open tax
years as of December 31, 2017 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 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, expiration of capital loss carryforwards 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2017, the Fund's components of distributable
earnings (accumulated losses) on a tax basis were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-style: outset; border-top-width: 1pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed ordinary income</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 232,594</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital loss carryforwards</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (3,743,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 17,845,670</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At December 31, 2017, the aggregate cost of investments
for federal income tax purposes was $70,088,386. The net unrealized appreciation for all investments based on tax cost was $17,845,670.
This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost
of $19,640,870 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value
of $1,795,200.</P>

<P STYLE="font: 12pt 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions from ordinary income*</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 689,069</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 624,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* For tax purposes, short-term capital gain is considered
ordinary income.</P>

<P STYLE="font: 11pt 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, 2017, the Fund entered into options for hedging purposes. </FONT></P>

<P STYLE="font: 12pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A summary of the open purchased option contracts as of December
31, 2017 is included in the Fund's Schedule of Investments. There were no open written option contracts as of December 31, 2017.
For the year ended December 31, 2017, the investment in purchased option contracts had a total value generally indicative of a
range from $0 to approximately $160,000 .</P>

<P STYLE="font: 12pt 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, 2017 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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Asset Derivative</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Equity Contracts (a)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 45,634</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt">
        <P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Additionally, the amount of unrealized and realized gains
and losses on derivative instruments recognized in the Fund's earnings during the year ended December 31, 2017, and the related
location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized Gain (Loss)</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Equity Contracts (b)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (229,319)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The above derivatives are located in the following Statement
        of Operations account:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(b) Net realized gain (loss) from investments (includes
        purchased options)</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Change in Net Unrealized Appreciation (Depreciation)</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Equity Contracts (c)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (288,438)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The above derivatives are located in the following Statement
        of Operations account:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(c) Change in net unrealized appreciation (depreciation)
        on investments (includes purchased options)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>B. Investment Advisory and Administration
Agreements</B></P>

<P STYLE="font: 12pt 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 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 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&nbsp;$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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Effective November 1, 2017 through December 31, 2018, the
Advisor has agreed to voluntarily reduce its advisory fee for the Fund such that the annual effective rate is limited to 0.65%
of the Fund's average daily net assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Accordingly, for the year ended December 31, 2017, the fee
pursuant to the Investment Advisory Agreement aggregated $617,432 of which $15,554 was waived resulting in an annual effective
rate of 0.74% of the Fund's average daily net assets.</P>

<P STYLE="font: 12pt 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 an annual fee, computed
weekly and payable monthly, of 0.20% of the Fund's average weekly net assets.</P>

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

<P STYLE="font: 12pt 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
functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December
31, 2017, the amount charged to the Fund by DSC aggregated $12,000, of which $1,000 is unpaid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under an agreement with DIMA, DIMA is compensated for providing
certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2017, the amount charged to the Fund
by DIMA included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $10,486, of which $6,008 is
unpaid.</P>

<P STYLE="font: 12pt 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, 2017, Deutsche Bank did not receive brokerage commissions.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchases and sales of investment securities, excluding
short-term investments, for the year ended December 31, 2017 were $37,881,725 and $39,388,644, respectively.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the year ended December 31, 2017 and the year ended
December&nbsp;31, 2016, the Fund purchased 218,200 and 408,200 of its shares of common stock on the open market at a total cost
of $1,872,202 and $3,169,561 ($8.58 and $7.76 average per share), respectively. The average discount of these purchased shares
comparing the purchase price to the NAV at the time of purchase was 10.90% and 11.80%, respectively.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On July 27, 2015, the Fund announced that the Board of Directors
approved an extension of the 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 repurchase authorization permitting the Fund
to repurchase up to 847,000 shares during the period from August 1, 2016 through July 31, 2017. The Fund repurchased 400,500 shares
between August 1, 2016 and July 31,&nbsp;2017. On July&nbsp;31, 2017, the Fund announced that the Board of Directors approved an
extension of the repurchase authorization permitting the Fund to repurchase up to 404,000 shares during the period from August
1, 2017 through July 31, 2018. The Fund repurchased 56,900 shares between August&nbsp;1, 2017 and December 31, 2017.</P>

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

<P STYLE="font: 12pt 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, 2017, there were three shareholders that held approximately 18%, 6% and
5%, respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>H. Payments by Affiliates</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the period ended December 31, 2017, the Advisor agreed
to reimburse the Fund $831 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the
Fund's average net assets, thus having no impact on the Fund's total return.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>I. Change in Investment Objective and
Related Fundamental Investment Policy of the Fund</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At the Annual Meeting of Stockholders initially called to
order and adjourned on June 27, 2017 and reconvened on June 30, 2017, stockholders voted to approve a proposal to change to the
Fund's investment objective from seeking &quot;long-term capital appreciation through investment primarily in equity or equity-linked
securities of issuers domiciled in countries that are members of the European Union&quot; to seeking &quot;long-term capital appreciation
through investment primarily in equity or equity-linked securities of issuers domiciled in Europe;&quot; and to make corresponding
changes to the Fund's related fundamental investment policy to provide that, &quot;under normal circumstances, at least 80% of
the Fund's net assets (plus any assets funded with leverage) will be invested in equity or equity-linked securities of issuers
domiciled in Europe.&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of The European Equity Fund, Inc. (the &quot;Fund&quot;) as of December 31,
2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each
of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the
five years in the period ended December 31, 2017 (collectively referred to as the &quot;financial statements&quot;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017,
the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended
December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with
accounting principles generally accepted in the United States of America.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">These financial statements are the responsibility of the
Fund&rsquo;s management. Our responsibility is to express an opinion on the Fund&rsquo;s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&quot;PCAOB&quot;)
and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We conducted our audits of these financial statements in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Our audits included performing procedures to assess the
risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned
as of December 31, 2017 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis
for our opinion.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">Boston, Massachusetts</FONT><BR>
<FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">February 16, 2018</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">PricewaterhouseCoopers LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We have served as the auditor of The Central and Eastern
Europe Fund, Inc., The European Equity Fund, Inc., and The New Germany Fund, Inc. since 1987.</P>

<P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For federal income tax purposes, the Fund designates $2,420,000,
or the maximum allowable under tax law, as qualified dividend income.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund paid foreign taxes of $114,263 and earned $508,754
of foreign source income year during the year ended December 31, 2017. Pursuant&nbsp;to Section 853 of the Internal Revenue Code,
the Fund designates $0.0143 per share as foreign taxes paid and $0.0636 per share&nbsp;as income earned from foreign sources for
the year ended December 31, 2017.</P>

<P STYLE="font: 12pt 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 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, 2016 and intends to elect to be subject to the Act for the fiscal year ending December 31,
2017. This election allows investors based in Germany to invest in the Fund without adverse tax consequences.</P>

<P STYLE="font: 11pt 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 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">218,200</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">408,200</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">131,473</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">495,067</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">319,635</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares issued for dividend&nbsp;reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,616</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">33,043</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares tendered and accepted</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">459,529</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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;DeAMI&quot;) (the
&quot;agreement&quot;) at a meeting held on October 27, 2017. 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 DeAMI.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In preparation for the meeting, the directors had requested,
received and evaluated extensive materials from DeAMI, 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 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 counsel at which no representatives
of DeAMI 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">2. the nature, extent and quality of investment advisory
and other services rendered by DeAMI;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">3. payments received by DeAMI 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">4. the costs borne by, and profitability of, DeAMI and DIMA
in providing services to the Fund;</P>

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

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

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

<P STYLE="font: 12pt 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 DeAMI; the implications for DeAMI and DIMA of recent developments
relating to Deutsche Bank AG (&quot;Deutsche Bank&quot;), including: (A) its announcement of plans to sell a minority interest
in its asset management business in an initial public offering (the &quot;IPO&quot;); and (B) its ongoing restructurings and workforce
reductions, and its various material legal and regulatory enforcement exposures, and management&rsquo;s representation that neither
the IPO nor such restructurings, workforce reductions and regulatory exposures were expected to have any adverse effect on the
management or operations of the Fund or the quality of services provided by DeAMI and DIMA to the Fund, or result in any material
changes to the personnel at DeAMI and DIMA providing services to the Fund, and that to the extent such persons leave DeAMI or DIMA
high quality replacements would be put in place as promptly as is reasonably practicable; and DeAMI&rsquo;s strengthening of the
investment resources supporting the Fund in 2009</P>

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

<P STYLE="font: 12pt 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 DeAMI to the Fund gained from their experience as directors of the New Germany
Fund and the Central and Eastern Europe Fund and their confidence in DeAMI&rsquo;s integrity and competence gained from that experience
and DeAMI&rsquo;s responsiveness to concerns raised by them in the past, including DeAMI&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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors determined that the overall arrangements between
the Fund and DeAMI, 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 DeAMI to the Fund represented good value for the money payable
to it by the Fund.</P>

<P STYLE="font: 12pt 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 DeAMI should continue in its role as investment advisor for the Fund, and that the fees payable to DeAMI pursuant to the agreement
are appropriate) were separately discussed by the directors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Nature, Extent and Quality
of Services Provided by DeAMI.</B></FONT> <FONT STYLE="font-size: 12pt">The directors noted that, under the agreement, DeAMI, 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. DeAMI pays all of the compensation of the Fund&rsquo;s directors and officers who are interested
persons of DeAMI.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors considered the scope and quality of services
provided by DeAMI 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 DeAMI 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 DeAMI 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 DeAMI and DIMA to the Fund, or result in any material changes to the personnel at DeAMI 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Costs of Services Provided
and Profitability to DeAMI.</B></FONT> <FONT STYLE="font-size: 12pt">At the request of the directors, DeAMI provided information
concerning its revenues, expenses and net income and financial condition for 2016 as well as information about revenues and expenses
and the profitability of its relationship with the Fund in 2016. Similar information was provided for DIMA. The directors reviewed
the assumptions and methods of allocation used by DeAMI and DIMA in preparing Fund-specific profitability data. DeAMI 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 DeAMI 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 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 DeAMI&rsquo;s expenses, including the fact that there were
no affiliated brokerage commissions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors noted that DeAMI may allocate brokerage to
receive research generated by, or paid for by, executing brokers. They also noted that DeAMI 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The directors recognized that DeAMI 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 DeAMI&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 DeAMI and DIMA and concluded that it was not excessive.</P>

<P STYLE="font: 11pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The comparative information showed that the Fund outperformed
its benchmark in the first nine months of 2017, underperformed it in 2016, outperformed it 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 in 2007 and 2008. Taking into account these comparisons and the other factors considered, including DeAMI&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 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 DeAMI 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 no closed-end
or open-end fund has a similar investment strategy as the Fund. The directors also considered information provided by DeAMI concerning
the fee rates charged to other investment companies having somewhat similar mandates as the Fund, the representation by DeAMI that
it does not manage any other institutional accounts that are similar to the Fund and DeAMI&rsquo;s 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: (i) in response to a request of the directors, DeAMI had agreed to implement a fee
waiver for the period November 1, 2017 through December 31, 2018 to reduce the advisory fee to .65% (from the current rate of approximately
..76%) in order to match the reduced advisory fee that had recently been implemented in respect of a U.S. open-end fund advised
by DeAMI that has a somewhat similar investment strategy as the Fund, with no diminution in the quality of advisory services provided
to the Fund, and (ii) non-U.S. open-end funds advised by DeAMI pay management fees that, while not entirely comparable to the fees
payable by the Fund to DeAMI and DIMA, are substantially higher than the combined advisory and administration fee rate paid by
the Fund.</FONT></P>

<P STYLE="font: 12pt 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 14 open-end European region fund (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 DeAMI and DIMA are affiliated companies. The directors noted that
the combined advisory and administrative fee rate paid by the Fund in 2016 of 0.97% was above the median fee rate of both comparison
groups 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 48 closed-end international equity funds compiled
by management based on Morningstar data. The directors also noted that the Fund&rsquo;s net expense ratio was at the median, below
the average and in the third quartile of the comparison group. The directors further noted that the fee waiver that DeAMI had agreed
to put in place from November 1, 2017 through December 31, 2018, as discussed above, would result in an expense ratio reduction
of approximately 11 basis points during such period. The directors concluded that the Fund&rsquo;s expense ratio was satisfactory.</P>

<P STYLE="font: 11pt 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 DeAMI 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 DeAMI as assets increase, largely because economies of scale are realized (if at all) by DeAMI 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 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="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Name, Age, Term of Office and Length of Time Served*<SUP>&dagger;</SUP></B></FONT></TD>
    <TD STYLE="width: 60%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Wilhelm Bender, 73<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Senior Advisor of Advent International GmbH (private equity) (since 2009); of Hebert Smith Freehills Germany LLP (legal services) (since 2016); and of IFM Investors (UK) (Australian infrastructure fund) (since 2016), He is a member of Supervisory Boards of MTU AG (aircraft engines) (since 2008) and FrankfurtRheinMain GmbH (International Marketing of the Region) (since 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 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The Central and Eastern Europe Fund, Inc. (since&nbsp;2013) and&nbsp;The New Germany Fund, Inc. (since&nbsp;2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Ambassador Richard R. Burt, 70<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Partner, 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The Central and Eastern Europe Fund (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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Walter C. Dostmann , 61<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The Central and Eastern Europe Fund (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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Kenneth C. Froewiss, 72<SUP>(1)(3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class III Since&nbsp;2017</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired Clinical Professor of Finance, NYU Stern School of Business (1997&ndash;2014); Member, Finance Committee, Association for Asian Studies (2002&ndash;present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until&nbsp;1996).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The Central and Eastern Europe Fund (since 2017) and The New Germany Fund, Inc. (since 2017), as well as other Deutsche funds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Wolfgang Leoni, 60<SUP>(1)(2)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Class III Since&nbsp;2017</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director of HQ Asset Management GmbH (since&nbsp;January 2018); Chief Executive Officer of Sal. Oppenheim Jr. &amp; CIE. Komplement&auml;r AG, Cologne (Germany) (private bank) (from April 2013 until April 2017) and Chairman of Sal.&nbsp;Oppenheim Jr. &amp; CIE. Luxembourg S.A. (since&nbsp;2013). He is the former Chief Investment Officer and member of the Management Board of Sal. Oppenheim Jr. &amp; CIE. Komplement&auml;r AG, Cologne (Germany) (private bank) (2009&ndash;2013). He is the former Managing Director/CIO of Oppenheim Kapitalanlagegesellschaft MBH, Cologne (Germany) (investment company) (2007&ndash;2009), Managing Director/CIO of Lupus Alpha Alternative Solutions GMBH Frankfurt/M (investment company) (2006). He&nbsp;is the former Managing Director/CIO of DEKA Investment GMBH, Frankfurt/M (investment company) (2002&ndash;2006) and Managing Director/management board member (1996&ndash;2002).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director The Central and Eastern Europe Fund (since 2017) and The New Germany Fund, Inc. (since 2017).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dr. Christopher Pleister, 69<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director (nonexecutive) of Depfa Bank plc (since&nbsp;2015), Chairman of the Appeal Panel of the Single Resolution Board (Institution of the European Banking Union) since November 2016 (member since&nbsp;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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The Central and Eastern Europe Fund (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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian H. Strenger, 74<SUP>(1)(2)</SUP></P>
        <P STYLE="font: 10pt 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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 Management.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director and Chairman, The Central and Eastern Europe Fund (since 1990) and The New Germany Fund, Inc. (since 1990).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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 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 2020 Annual
Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(1)</SUP> Indicates that the Director also serves as
a Director of The Central and Eastern Europe 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 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;). Dr. Leoni is an &quot;interested&quot;
Director because of his affiliation with Dal. Oppenheim Jr. &amp; CIE. Luxembourg S.A. and because of his ownership of Deutsche
Bank AG shares. 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(3) </SUP>Indicates that Dr. Froewiss also serves as
Director/Trustee of the Deutsche Funds&rsquo; open-end and closed-end investment companies. These Funds are advised by Deutsche
Investment Management Americas Inc., an indirect wholly-owned subsidiary of Deutsche Bank AG.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Age, Position with the Fund and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 71%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Hepsen Uzcan, 43<SUP>(2)(5)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">President and Chief&nbsp;Executive&nbsp;Officer, 2017&ndash;present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Assistant Secretary, 2013&ndash;present</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(1)</SUP> Deutsche Asset Management (2014&ndash;present); formerly: Vice President for the Deutsche funds (2016&ndash;2017).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Paul H. Schubert, 54<SUP>(2)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Financial Officer and Treasurer, 2004&ndash;present</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>(1)</SUP> Deutsche Asset Management; and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); Director, Deutsche AM Service Company (since&nbsp;2017); Director and President, DB Investment Managers, Inc. (since 2017); 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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">John Millette, 55<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Secretary, 2011&ndash;present<SUP>(6)</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(1)</SUP> Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015&ndash;present); and Director and Vice President, Deutsche AM Trust Company (since&nbsp;2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015-2017).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Caroline Pearson, 55<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Legal Officer, 2012&ndash;present</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>(1)</SUP> Deutsche Asset Management; formerly: 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-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Scott D. Hogan, 47<SUP>(3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chief Compliance Officer, 2016&ndash;present</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(1)</SUP> Deutsche Asset Management (since 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Wayne Salit, 50<SUP>(4)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Anti-Money Laundering Compliance Officer, 2014&ndash;present</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(1)</SUP> Deutsche Asset Management; 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Each also serves as an Officer of The Central and Eastern
Europe 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(1)</SUP> Executive title, not a board directorship.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUB>(2)</SUB> Address: 345 Park Avenue, New York, New York
10154</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUB>(3)</SUB> Address: One International Place, Boston,
Massachusetts 02110.</P>

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(5)</SUP> Appointed President and Chief Executive Officer
effective December 5, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(6)</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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Additional Information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automated Information Lines</B></FONT></TD>
    <TD STYLE="width: 75%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Web Site</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>deutschefunds.com</B></P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Written Correspondence</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche Asset Management</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Attn: Secretary of the Deutsche Funds</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One International Place, 12th Floor</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Legal Counsel</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sullivan &amp; Cromwell LLP</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">125 Broad Street</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>DST Systems, Inc.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">333 W. 11th Street, 5th Floor</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Service Company</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64121-9066</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Custodian</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Brown Brothers Harriman &amp; Company</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">50 Post Office Square</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PricewaterhouseCoopers LLP</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">101 Seaport Boulevard, Suite 500</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Proxy Voting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Portfolio Holdings</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Investment Management</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt 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 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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 2pt">
        <P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM Service Company</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P>
        <P STYLE="font: 10pt 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 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>NYSE Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">EEA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Nasdaq Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">XEEAX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>CUSIP Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">298768102</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_006.jpg" ALT="eea_notes_blank0" STYLE="height: 56px; width: 403px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-style: outset; border-left-style: outset; border-top-width: 1pt; border-left-width: 1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 9pt">
        <P STYLE="font: 12pt 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The Central
        and Eastern Europe Fund, Inc. (formerly The Central Europe, Russia and Turkey Fund, Inc.) &mdash; investing primarily in equity
        or equity-linked securities of issuers domiciled in Central and Eastern Europe (with normally at least 80% in securities of issuers
        domiciled in countries in Central and Eastern Europe) and concentrating in the energy sector (with more than 25% of the fund&rsquo;s
        total assets in issuers conducting their principal activities in that sector).</P>
        <P STYLE="font: 12pt 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 issuers domiciled in Europe (with normally
        at least 80% in securities of issuers domiciled in Europe).</P>
        <P STYLE="font: 12pt 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The European Equity Fund, Inc. is diversified and focuses
        its investments primarily in equity and equity-linked securities of issuers domiciled in Europe, 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 or in a particular geographical
        region will generally be more volatile than a fund that invests more broadly.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_007.jpg" ALT="eea_backcover0" STYLE="height: 629px; width: 403px"></P>

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





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CODE OF ETHICS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of the code of ethics is filed as an exhibit to this Form
        N-CSR.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. Walter C. Dostmann and Dr.
Kenneth C. Froewiss. Each of these audit committee members 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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: European Equity.doc; Date: 2018%2D03%2D02T09:57:39; Size: 64000 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">the European
equity Fund, inc. form n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman, Times, 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, Times, 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: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year Ended December 31,</TD>
    <TD STYLE="width: 18%; 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">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 18%; 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">Audit&#45;Related Fees Billed to Fund</TD>
    <TD STYLE="width: 20%; 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">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 17%; 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">All Other Fees Billed to Fund</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">2017</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">$62,600</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">$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">$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">$5,343</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">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">$61,600</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">$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">$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">$5,395</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&#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, Times, 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, Times, 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: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year Ended December 31,</TD>
    <TD STYLE="width: 23%; 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">Audit&#45;Related Fees Billed to Adviser Entities</TD>
    <TD STYLE="width: 24%; 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">Tax Fees Billed to Adviser Entities</TD>
    <TD STYLE="width: 21%; 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">All Other Fees Billed to Adviser Entities</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">2017</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">$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">$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">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">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">$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">$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">$0</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year Ended December 31,</TD>
    <TD STYLE="width: 20%; 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, Times, Serif; margin: 0 0 6pt; text-align: center">Total Non&#45;Audit Fees Billed to Fund</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(A)</P></TD>
    <TD STYLE="width: 20%; 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, Times, 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, Times, Serif; margin: 0 0 6pt; text-align: center">(B)</P></TD>
    <TD STYLE="width: 20%; 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, Times, 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, Times, Serif; margin: 0 0 6pt; text-align: center">(C)</P></TD>
    <TD STYLE="width: 20%; 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">Total of (A), (B)&nbsp;&nbsp;and (C)</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">2017</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">$5,343</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">$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">$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">$5,343</TD></TR>
<TR STYLE="vertical-align: top">
    <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: left">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">$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">$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">$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">$5,395</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the
audit of the 2016 and 2017 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 Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a letter provided to the Audit Committee pursuant to PCAOB Rule 3526 and dated July 19, 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, Times, 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 Investment Management Americas Inc. (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 affect 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, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In its July 19,
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 independent 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, Times, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a letter provided to the Audit Committee pursuant to PCAOB Rule 3526 and dated January 12, 2018, PwC informed the Audit Committee
that PwC had identified circumstances where (1) a covered person within PwC that provided non-audit services to an entity within
the &#8220;investment company complex&#8221; as defined under Rule 2-01(f)(14) of Regulation S-X maintained a financial relationship
with an investment company within the investment company complex in contradiction of Rule 2-01(c)(1)(i)(A) of Regulation S-X and
(2) PwC maintains lending relationships with owners of greater than 10% of the shares of certain investment companies within the
investment company complex that 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, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Covered Person
Matter</I>: In its January 12, 2018 letter, PwC advised the Audit Committee that after consideration of the facts and circumstances
and the applicable independence rules, PwC concluded that a reasonable investor with knowledge of all relevant facts and circumstances
would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within its audit of
the financial statements of the Fund. In the letter, PwC also 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 assessing this matter, PwC
indicated that, upon detection of the breach, the PwC covered person was removed from the non-audit engagement and that, among
other things, the breach (i) did not relate to financial relationships directly in the Fund, (ii) did not involve a professional
who was part of the audit engagement team for the Fund or in a position to influence the audit engagement team, (iii) involved
a professional whose non-audit services were not and will not be utilized or relied upon by the audit engagement team in the audit
of the financial statements of the Fund and (iv) involved a professional that did not provide any consultation to the audit engagement
team of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Loan Rule Matter</I>:
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 Investment Management Americas
Inc. (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 affect 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, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In its January 12,
2018 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 PwC has concluded
that with regard to its compliance with the independence criteria set out 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 independent registered public accounting firm.
PwC informed the Audit Committee that its conclusion was based on a number of factors, including, among others, (i) PwC&#8217;s
belief that it is unlikely the lenders would have any interest in the outcome of the audit of the Fund and therefore would not
seek to influence the outcome of the audit, (ii) no third party made an attempt to influence the outcome of the audit of the Fund
and even if an attempt was made, PwC professionals are required to disclose any relationships that may raise issues about objectivity,
confidentiality, independence, conflicts of interest or favoritism, and (iii) the lenders typically lack influence over the investment
adviser, who controls the management of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to
the Fund relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520.</P>


<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 Walter C. Dostmann (Chairman), Richard R. Burt, Dr. Christopher Pleister, and Dr. Kenneth C. Froewiss.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: item 7.htm; Date: 2016%2D02%2D29T16:21:29; Size: 228467 -->
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse">
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse">
<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>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>
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<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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    <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>

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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">&#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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    <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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    <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>

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    <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>

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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>

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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.</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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<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">
<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>4.4.2.</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>

<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>4.4.3.</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>

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<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">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">
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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>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>

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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>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>

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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>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>

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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>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>

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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">&#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>

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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>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>

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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>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>

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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; 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>

<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>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>

<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>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>

<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>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>

<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>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>

<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">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>

<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>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>

<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>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>

<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">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>

<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>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>

<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>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>

<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>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>

<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>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>

<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>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>

<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">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>

<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>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>

<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>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>

<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>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>

<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>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>

<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>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>

<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>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>

<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>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>

<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>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>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 67.35pt 0 0"><FONT STYLE="text-transform: uppercase"><B>Securities
Lending Activities </B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During The European Equity Fund, Inc. most recent
fiscal year ended December 31, 2017, Brown Brothers Harriman &amp; Co. (&ldquo;BBH&rdquo;) served as the fund&rsquo;s securities
lending agent.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a securities lending agent, BBH is responsible
for the implementation and administration of a fund&rsquo;s securities lending program. Pursuant to its respective Securities Lending
Agency Agreement (&ldquo;Securities Lending Agreement&rdquo;) with the fund, BBH, as a general matter, performs various services,
including the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">lend available securities
to institutions that are approved borrowers </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">determine whether a loan
shall be made and negotiate and establish the terms and conditions of the loan with the borrower </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ensure that all dividends
and other distributions paid with respect to loaned securities are credited to the fund&rsquo;s relevant account</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">receive and hold, on the
fund&rsquo;s behalf, or transfer to a fund account, upon instruction by the fund, collateral from borrowers to secure obligations
of borrowers with respect to any loan of available securities </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">mark-to-market the market
value of loaned securities relative to the market value of the collateral each business day</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">obtain additional collateral,
as needed, in order to maintain the value of the collateral relative to the market value of the loaned securities at the levels
required by the Securities Lending Agreement </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">at the termination of a
loan, return the collateral to the borrower upon the return of the loaned securities </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">in accordance with the
terms of the Securities Lending Agreement, invest cash collateral in permitted investments, including investments managed by the
fund&rsquo;s investment adviser </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">maintain records relating
to the fund&rsquo;s securities lending activity and provide to the fund a monthly statement describing, among other things, the
loans made during the period, the income derived from the loans (or losses incurred) and the amounts of any fees or payments paid
with respect to each loan </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BBH is compensated for the above-described services
from its securities lending revenue split. The tables below show the income each fund earned and the fees and compensation it paid
to service providers in connections with its securities lending activities during its most recent fiscal year.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>The European Equity Fund, Inc. </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>Securities Lending Activities Income and Fees for Fiscal
Year 2017</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.45pt; padding-right: 2.45pt; padding-left: 0.35pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt"><B>Gross income from securities lending activities </B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt">(including income from cash collateral reinvestment)</P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 7.8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19,979</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Fees and/or compensation for securities lending activities and related services</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees paid to securities lending agent from a revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,517</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,208</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administrative fees not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indemnification fee not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rebate (paid to borrower)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,596</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other fees not included in revenue split </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Aggregate fees/compensation for securities lending activities and related services</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$6,321</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income from securities lending activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13,658</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) </FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">
        <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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">per Share</P></TD>
    <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">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Part of Publicly Announced</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,300</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 7.86 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,300</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">567,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,200</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 8.01 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">536,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 8.15 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">486,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,300</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 8.44 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,300</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">467,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,400</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.04 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,400</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">460,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.23 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457,300</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,800</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.39 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,800</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">446,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,100</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.38 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">384,900</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,200</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.61 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">366,700</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,500</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.73 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">351,200</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">700</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.75 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">700</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">350,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,400</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 9.83 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">347,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218,200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$ 8.58 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218,200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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. Under this plan, the Fund repurchased 400,500 shares in open market transactions from August 1, 2016 to July 31, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2017, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 404,000 shares during the period from August 1, 2017 through July 31, 2018. Under this plan, the Fund repurchased 56,900 shares in open market transactions from August 1, 2017 to December 31, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 10.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 11.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 12.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>Disclosure of Securities Lending Activities 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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the date of this report, the following individual handles
the day-to-day management of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gerd Kirsten, CFA, Managing Director and Portfolio Manager of the
Fund</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-size: 10pt">Began managing the Fund in 2009.</LI>

<LI STYLE="margin: 0; font-size: 10pt">Senior Portfolio Manager - European Equities: Frankfurt.</LI>

<LI STYLE="margin: 0; font-size: 10pt">Joined Deutsche Asset Management in 2009.</LI>

<LI STYLE="margin: 0; font-size: 10pt">Diplom-Kaufmann in Banking, Technical University of Berlin; MBA, Columbia University.</LI>

</UL>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Compensation of Portfolio Managers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 set forth below. The compensation information below is provided
as of the Fund&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize that every employee contributes to the
Bank&#8217;s success through the Deutsche Bank Group component of VC (Group Component),</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect individual performance through discretionary
individual VC (Individual Component<B>), </B>and</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reward outstanding contributions at the junior levels
through the discretionary Recognition Award.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Employee seniority as well as divisional and regional
specifics determine 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 Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></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: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualitative measures (e.g. adherence to, as well
as contributions to, the enhancement of the investment process) are included in the performance review. </FONT></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: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio Managers</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 37%; border: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of <U><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; 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 Times New Roman, Times, Serif; margin: 0; text-align: center">Dollar Range of</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dollar Range of All in the Family of Funds Shares Owned</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies </B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <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 STYLE="font-size: 10pt">Gerd Kirsten</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$49,583,816</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <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 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 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 STYLE="font-size: 10pt">$53,772,715</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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 STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Accounts Managed:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee </B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <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 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 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 STYLE="font-size: 10pt">$1,475,726,861</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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 STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The investment results
achieved for the Fund may differ from the results achieved for other clients of the Advisor. 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. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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 STYLE="text-align: justify">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: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Because the Advisor is owned by the
Bank, a multi-national financial services company, 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 the Bank, 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>


<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 13.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>EXHIBITS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">The European Equity Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<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: left"><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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>Effective Date</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>January 31, 2005</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>Date Last Approved</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>February 10, 2017 &#8211; Deutsche Funds</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>April 28, 2017 &#8211; Germany Funds</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>Revised Appendix A</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>December 1, 2017</B></P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 7pt">&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: Times New Roman, Times, Serif; font-size: 7pt">&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 Times New Roman, Times, 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: Times New Roman, Times, Serif; font-size: 7pt">&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: Times New Roman, Times, Serif; font-size: 7pt">&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: Times New Roman, Times, Serif; font-size: 7pt">&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: Times New Roman, Times, Serif; font-size: 7pt">&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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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" STYLE="width: 100%; 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 80pt">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" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fund matters of which the Officer has actual
knowledge.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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" STYLE="width: 100%; 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: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; 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: 23%; 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 STYLE="font-size: 11pt"><SUP>[5]</SUP></FONT></FONT></TD>
    <TD STYLE="width: 22%; 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: 22%; 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-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; 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 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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">Hepsen Uzcan</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: 0in">*&#9;The Central and Eastern Europe
Fund, Inc., The European Equity Fund, Inc. and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">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 Times New Roman, Times, 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;December
1, 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>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

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

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have received and read the Officer Code and I understand the requirements
and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have disclosed any conflicts of interest of which I am aware to the
Deutsche AM Compliance Officer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I will report any known or suspected violations of the Officer Code
in a timely manner to the Deutsche AM Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 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>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

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

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have received and read the Officer Code, and I understand the requirements
and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have adhered to the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have reported any known or suspected violations of the Officer Code
in a timely manner to the Deutsche AM Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in"></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 the Deutsche AM Compliance Officer or the Fund&#8217;s Board (or committee thereof).</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt 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: 8pt 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: 8pt 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: 8pt 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 Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[5]</SUP></FONT>
As of December 1, 2017</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Paul Schubert, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Paul Schubert</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906
<SEQUENCE>4
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Paul Schubert, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/16/2018</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Paul Schubert</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
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2%%% !1110 4444 %%%% '__9

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.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$! )C!&2T4^2CD_0#W_
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!V0$!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_004.jpg
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<TEXT>
begin 644 image_004.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.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$! )C!&2T4^2CD_0#W_
MP  +"  X 9,! 1$ _\0 'P   04! 0$! 0$           $" P0%!@<("0H+
M_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$(
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M^/GZ_]H " $!   _ /9J****************************************
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..****************_]D!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_007.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
