Sustainability Disclosures

ESG DBTCA Article 5 Remuneration Policy Disclaimer

DBTCA - Deutsche Bank Trust Company Americas (applicable solely to Germany-domiciled Discretionary Portfolio Management Clients)

Introduction

The Sustainable Finance Disclosure Regulation (SFDR)[1] came into effect on March 10, 2021. SFDR imposes transparency obligations (website disclosures, pre-contractual disclosures) and periodic reporting requirements on investment management firms at both a product and entity/manager level. This disclosure document relates to the “Website Disclosure” regulatory obligations arising out of SFDR Articles 3-10.

Definitions

For the purposes of this disclosure document, ‘Sustainability Risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.

Remuneration Policy

Sustainability and Remuneration

The consideration of Sustainability Risks is an integral part of the performance-based determination of variable compensation at DB group, both for employees and the Management Board.

Where appropriate, we have set sustainability related targets which include financial and non-financial targets such as sustainable financing and investment volumes as well as culture and conduct.

Furthermore, we expect all employees of DB to adhere to the sustainability principles stipulated in our code of conduct, which aim to generate sustainable value for our clients, employees, investors and society at large. The code of conduct is embedded in our governance, policies, processes, and control systems.

References

https://eur-lex.europa.eu/eli/reg/2019/2088/oj

056740 102125

In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S.

The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

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Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.