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EUROPEAN EQUITIESSECTOR ASSESMENT FRAMEWORK -MONTHLY UPDATE

February 2019

Europe US World EMTechnology 5.5% Information Technology 7.0% Information Technology 6.4% Consumer Discretionary 4.7%Health Care 5.1% Industrial 6.5% Industrial 4.7% Information Technology 2.3%

Industrial Goods 4.4% Utilities 3.8% Financials 3.1% Materials 1.3%Financials 4.3% United States 3.3% MSCI World 3.0% MSCI Emerging Markets 0.2%Stoxx 600 4.2% Materials 3.3% Materials 2.6% Energy 0.0%

Consumer Goods 4.1% Financials 2.6% Energy Sector 2.6% Financials -0.6%Basic Resources 3.6% Energy Sector 2.3% Utilities 2.5% Utilities -0.6%

Consumer Services 3.4% Consumer Staples 2.2% Consumer Staples 2.3% Industrials -0.6%Oil & Gas 3.2% Health Care 1.2% Health Care 2.0% Health Care -0.6%Utilities 0.3% Real Estate 1.1% Consumer Discretionary 1.2% Consumer Staples -1.7%

Telecommunications 0.0% Consumer Discretionary 1.0% Communication 0.8% Communication -2.3%Communication 0.9% Real Estate 0.5% Real Estate -2.7%

Over the last year Technology ETFs saw the greatest inflows with +€888m followed by Healthcare andCommunications (+€454m and +€363m respectively). Over the last 3 months, Financials ETFs have seen strongoutflows (-€1890m) while Consumer Goods (+€146m) saw the greatest inflows.

Monthly Performance (through February 2019)

Source Bloomberg LP, MSCI, DWS calculations. As of 28th February 2019. Performances (in USD for World, USA and EM and EUR for Europe) and flows are over the previous 1 calendar month. Flows refer to UCITS ETFs only and are in € millions and as per internal DWS classifications. Correlations are calculated using 3yr historical beta-adjusted excess returns. Past performance, actual or simulated, is not a reliable indicator of future results. The results in this section are shown for illustrative purposes only.

Flows (in €m)

In another positive month for developed equities, IT and Industrials did well with real estate and communications lastin the pack.In EM, IT also did well but less so than Consumer Discretionnary

1Y Flows (€m)Technology 888Healthcare 454

Communications 363Consumer Goods 82

Utilities 79Industrials -80

Natural Resources -221Energy -887

Financials -4516

Sectors for interest rate changesThe Rising (Falling) Rate Basket comprises thosethree sectors which have shown the highest(lowest) correlation with interest rates over thepast 3 years.

World Europe USRising Rate Baskets

Consumer Discretionary Financials FinancialsFinancials Industrials IndustrialsIndustrials Basic Materials Energy

Falling Rate BasketsConsumer Staples Consumer Goods Consumer Staples

Telecoms Health Care TelecomsUtilities Utilities Utilities

SECTOR SPOTLIGHT

Sector Assesment Framework - Stoxx 600 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Current Indicator Summary 5Y Risk1

l 5.3% 29.8%

l 3.8% 15.8%

l 7.5% 15.0%

l 1.4% 19.8%

l 6.3% 15.9%

l 6.4% 16.8%

l 3.9% 22.1%

l 10.3% 18.9%

l -0.6% 17.9%

l 4.9% 16.5%

4.8% 15.6%

Macro Economy

Cycl. Def. Def.

0.2% 0.8% 1.5%

-0.6% 2.3% 40.8

0.0% 0.3% 123.5

Valuations (Relative to Historical Averages)

12M Forward P/E (Consensus)

Fundamental Relative to Historical Averages

12M Forward Growth in Sales (Consensus) 12M Forward Cash Flow per Share Growth (Consensus)

11 Month Momentum3

Source Bloomberg LP, Thomson Reuters Datastream, DWS Calculations. As of 28 Feb 2019

1. Risk measures (Volatility, Drawdown, Beta) are calculated over the last five years period using daily frequency observations.

2. Except GDP , "Change" refers to the data change of the observed metric since last month observation. For GDP ,change refers to the change since last quarter observation.

3. 11M Momentum is defined as the 11M performance of the index calculated as of 1 month ago (often referred in the literature as "1M removed").

4. This earning revision indicator, often referred as "Sentiment" is calculated as: positive minus negative revisons / Total Number of 12M Fwd EPS estimates.

Past performance, actual or simulated, is not a reliable indicator of future results. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.

Passive Assement Management Sector Assessment Framework - Monthly Update - February 2019

Consumer Services l

This "Sector Assessment Framework" aims to provide detailed information on a wide range of factors which are deemed to impact sectors' performance. The information is split into multiple

categories: macro-economic indicators, valuations, fundamentals, momentum, and sentiment indicators.

Return

Macroeco

Short TermValuation Fundamentals Momentum Sentiment 1M 3M 1Y 5Y Volatility Max. DD Beta

Macroeco

Long

Term

Consumer Goods l

Financials l

128%

l l l l 3.4% -1.0% 4.4% -23.7% 93%

l l l l 3.6% 6.1% 1.9% -55.3%Basic Resources l

88%

l l l l 4.3% -2.6% -10.2% -37.6% 117%

l l l l 4.1% -1.6% 2.3% -16.6%

Technology l

85%

l l l l 4.4% -6.9% -1.2% -25.1% 102%

l l l l 5.1% 1.6% 14.0% -24.0%Health Care l

Industrial Goods l

Telecommunications l

Utilities l

109%

l l l l 5.5% -7.5% 0.5% -25.4% 102%

l l l l 3.2% -2.2% 12.4% -37.1%Oil & Gas l

98%

l l l l 0.3% 9.5% 18.7% -20.7% 86%

l l l l 0.0% 0.8% -5.2% -33.2%

4.2% -1.8% 1.1% -25.2% -

Defensive Sectors Consumer Services Health Care Oil & Gas Telecommunications Utilities

Macro-economic factors typically provide a long term persepctive on the current business cycle. Some factors like Volatility, Term Spread or CDS provide insights for the short-term, whereas

factors like GDP Growth, Industrial production are longer term.

Sectors can be classified as cyclical and defensive. Cyclical sectors tend to outperform the market during economic growth period and underperform during economic slow down.

Cyclical Sectors Basic Resources Consumer Goods Financials Industrial Goods Technology

Stoxx 600

Eurozone GDP Growth

(QoQ)0.2% 0.0% l

Factors Latest Change2 Current value

(vs 5Y Highs and Lows)

Current

Term Spread 10Y-2Y 0.7% 0.0% l0.3%

Current Change2 Current value

(vs 5Y Highs and Lows)

Prevailing

Cycl.Factors

13.6 -1.5 l10.7

Eurozone Inflation 1.5% 0.0% l Volatility Index

61.9 -9.0 l43.0

Key Interest Rate 0.0% l Credit Default Spread0.0%

Indicated Annual Dividend Yield

Positive and negative revisions in 12M EPS estimates4

0

5

10

15

20

25

BasicResources

Consum.Services

Consum.Goods

Financials HealthCare

Industrial Oil& Gas

Tech. Telecom. Utilities

!2M

Fw

d P

/E

5Y Range Median Current 12M Forward P/E

1%

2%

3%

4%

5%

6%

7%

8%

9%

BasicResources

Consum.Services

Consum.Goods

FinancialsHealth CareIndustrial Oil& Gas


5Y Range Median Current Indicated Annual Dividend Yield

0% 5% 10% 15% 20% 25%

Basic…

Consum.…

Consum.…

Financials

Health Care

Industrial

Oil…

Tech.

Telecom.

Utilities

Current 12M Fwd CPS Gwth Previous Quarter 12M Fwd CPS Gwth

-5% 0% 5% 10%

Basic…

Consum.…

Consum.…

Financials

Health Care

Industrial

Oil…

Tech.

Telecom.

Utilities

Current 12M Fwd Gwth in Sales Previous Quarter 12M Fwd Gwth in Sales

-15%

-10%

-5%

0%

5%

10%

15%

20%

Utilities Oil& Gas

Health CareConsum.Services

BasicResources

Consum.Goods

Stoxx 600 Tech. Telecom. Industrial Financials

-12%

-8%

-4%

0%

4%

8%

12%

-6%

-4%

-2%

0%

2%

4%

6%

BasicResources

Consum.Services

Consum.Goods

FinancialsHealth CareIndustrial Oil& Gas


Change in earnings' revisions since last month (RHS)

Stoxx 600 Basic Resources _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4

Current Indicator Summary

DWM1CDBasic Resources

Historical Performance Risk and Return Sector Snapshot

Last 1M 4.2% 58.0%

Last 3M -1.8% 30.5%

Last 1Y 1.1% 5.8%

Last 5Y 4.8% 5.7%

Vol. 15.6% 14.3%

Max DD -25.2% 10.4%

Beta - 9.5%

Tracking Error - 8.0%

7.3%

Valuations (Relative to Historical Averages) Valuations (Relative to Stoxx 600)

Factor Current2

Change2 Factor

A12PE

18.0

AB12PB

2.0

AC12PC

9.5

AT12PT

6.1

ADVYLD

3.9%

Fundamental (Relative to Historical Averages) Fundamental (Relative to Stoxx 600)

Factor Current2

Change2 Factor

20.4%

9.4%

11.3%

6.5%

11 Month Momentum3


Last Month

Basic

Resources47

Stoxx 600 540

124



2. "Change" refers to the change of the observed metric since last quarter observation.



5. Based on end of month observations over the last 5 years.



Downward Revisions 26

-1.6% Upward Revisions 25

-3.0% Neutral 656

0.0% -0.8%-0.5%

11 Month Performance (1M Removed) Current Month

1.3% -2.3%-9.9%

12M Fwd Growth BPS (Consensus) 4.6% -0.5% 12M Fwd Growth BPS (Consensus) 4.6% 4.7%

-1.2% -1.0%-3.2%

12M Fwd Growth CPS (Consensus) 11.3% 4.4% 12M Fwd Growth CPS (Consensus) 11.3% 10.0%

-7.7% -3.8%-3.2%

12M Fwd Growth Sales (Consensus) 1.2% -1.3% 12M Fwd Growth Sales (Consensus) 1.2% 2.4%

12M Fwd Growth EPS (Consensus) -0.8% -2.4% 12M Fwd Growth EPS (Consensus) -0.8% 6.9%

-0.4% -0.6%2.3%

Current value

(vs 5Y Highs and Lows)5

Basic

ResourcesStoxx 600 Difference

Historical

Median

-0.3 -1.04.6

Indicated Dividend Yield 3.3% -0.5% Indicated Dividend Yield 3.3% 3.7%

-0.4 -0.47.0

12M Forward P/EBITDA

(Consensus)6.0 1.2


(Consensus)6.0 6.3

0.1 0.11.5

12M Forward P/CF (Consensus) 8.1 0.7 12M Forward P/CF (Consensus) 8.1 8.4

0.1 0.111.4

12M Forward P/B (Consensus) 1.7 0.1 12M Forward P/B (Consensus) 1.7 1.6

12M Forward P/E (Consensus) 13.5 1.6 12M Forward P/E (Consensus) 13.5 13.4

BHP LN

Current value


Basic

ResourcesStoxx 600 Difference

Historical

Median

-55.3% BAS GY

128% RIO LN

22.5% AI FP

5Y Risk1

Basic

Resource

s

Stoxx 600 Top Five Contituents

29.8% LIN GY

6.1% Mining

1.9% Industrial Metals & Mining

5.3% Forestry & Paper

Return

Basic

Resource

s

Stoxx 600 Top Four Industry Groups

3.6% Chemicals

l l l l l l

The Stoxx 600 Basic Resources Index is designed to capture the large and mid cap segments across european markets.Basic Resources includes companies that manufacturepaper, forest

products and related packaging products, and metals, minerals and mining companies, including producers of steel.

Macro Long Term Macro Short Term Valuation Fundamentals Momentum Sentiment

Number of 12m Fwd EPSestimates revised up since lastmonth as a percentage of thenumber of estimates

Number of 12m Fwd EPSestimates neutral since lastmonth as a percentage of thenumber of estimates

Number of 12m Fwd EPSestimates revised down sincelast month as a percentage ofthe number of estimates

50

100

150

200

250

300

350

Feb-04 Feb-06 Feb-08 Feb-10 Feb-12 Feb-14 Feb-16 Feb-18

Basic Resources Stoxx 600

80

90

100

110

120

Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

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Basic Resources Stoxx 600

Stoxx 600 Consumer Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDConsumer Services


Last 1M 4.2% 32.6%

Last 3M -1.8% 24.8%

Last 1Y 1.1% 23.2%

Last 5Y 4.8% 19.4%

Vol. 15.6% 8.0%

Max DD -25.2% 6.9%

Beta - 5.9%


5.2%


Factor Current2

Change2 Factor

A12PE

19.0

AB12PB

3.0

AC12PC

11.0

AT12PT

8.1

ADVYLD

3.9%


Factor Current2

Change2 Factor

16.7%

6.3%

43.3%

8.1%

11 Month Momentum3


Last Month

Consum.

Services82

Stoxx 600 888

98










1.0% Upward Revisions 53

-3.0% Neutral 995

2.2% 2.4%3.9%


-2.8% 2.0%4.6%


1.0% 0.7%2.4%


0.4% -0.7%6.1%


12M Fwd Growth EPS (Consensus) 7.3% 0.5% 12M Fwd Growth EPS (Consensus) 7.3% 6.9%

-0.5% -0.4%2.8%

Current value


Consum.

ServicesStoxx 600 Difference

Historical

Median

0.8 0.86.4

Indicated Dividend Yield 3.1% 0.1% Indicated Dividend Yield 3.1% 3.7%

0.6 0.86.7


(Consensus)7.1 -0.1


(Consensus)7.1 6.3

0.7 0.82.1

12M Forward P/CF (Consensus) 9.0 -0.1 12M Forward P/CF (Consensus) 9.0 8.4

1.7 1.713.9



AD NA

Current value


Consum.

ServicesStoxx 600 Difference

Historical

Median

-23.7% KER FP

93% CPG LN

6.4% ITX SQ

5Y Risk1 Consum.

ServicesStoxx 600 Top Five Contituents

15.8% REL LN

-1.0% Travel & Leisure

4.4% General Retailers

3.8% Food & Drug Retailers

ReturnConsum.

ServicesStoxx 600 Top Four Industry Groups

3.4% Media

l l l l l l

The Stoxx 600 Consumer Services Index is designed to capture the large and mid cap segments across european markets.Consumer Services comprises companies whose businesses are

less sensitive to economic cycles. It includes retailers including food and rug retailers, as well as Medias, and Travel and leisure companies





50

100

150

200

250

Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18

Consumer Services Stoxx 600

80

90

100

110


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Consumer Services Stoxx 600

Stoxx 600 Consumer Goods _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDConsumer Goods


Last 1M 4.2% 28.7%

Last 3M -1.8% 24.0%

Last 1Y 1.1% 16.0%

Last 5Y 4.8% 15.0%

7.8%

Vol. 15.6% 16.8%

Max DD -25.2% 5.7%

Beta - 5.6%


5.0%


Factor Current2

Change2 Factor

A12PE

17.7

AB12PB

2.9

AC12PC

12.2

AT12PT

8.0

ADVYLD

3.4%


Factor Current2

Change2 Factor

13.8%

5.9%

28.7%

10.2%

11 Month Momentum3


Last Month

Consum.

Goods69

Stoxx 600 1015

127











-3.0% Neutral 1077

1.4% 3.3%2.3%


-2.4% 4.4%3.2%


0.9% 0.7%3.0%

12M Fwd Growth CPS (Consensus) 7.6% -0.9% 12M Fwd Growth CPS (Consensus) 7.6% 10.0%

2.6% 0.4%5.3%



-0.6% -0.7%2.7%

Current value


Consum.

GoodsStoxx 600 Difference

Historical

Median

0.2 0.75.8


1.3 2.29.0


(Consensus)6.4 0.2


(Consensus)6.4 6.3

0.6 0.92.0


0.7 0.912.7



UNA NA

Current value


Consum.

GoodsStoxx 600 Difference

Historical

Median

-16.6% DGE LN

88% MC FP

6.3% BATS LN

Household Goods & Home Construction

5Y Risk1 Consum.

GoodsStoxx 600 Top Five Contituents

15.0% NESN SE

-1.6% Food Producers

2.3% Beverages

7.5% Automobiles & Parts

ReturnConsum.

GoodsStoxx 600 Top Five Industry Groups

4.1% Personal Goods

l l l l l l

The Stoxx 600 Consumer Goods Index is designed to capture the large and mid cap segments across european markets.Consumer Goods encompasses those businesses that tend to be

the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, leisure equipment and textiles & apparel.





50

100

150

200

250

300

350

400

450

500

Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18

Consumer Goods Stoxx 600

80

90

100

110


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Consumer Goods Stoxx 600

Stoxx 600 Financials _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDFinancials


Last 1M 4.2% 52.0%

Last 3M -1.8% 20.6%

Last 1Y 1.1% 9.1%

Last 5Y 4.8% 8.9%

5.1%

Vol. 15.6% 8.6%

Max DD -25.2% 4.9%

Beta - 4.1%


3.1%


Factor Current2

Change2 Factor

A12PE

12.8

AB12PB

1.1

AC12PC

9.3

AT12PT

8.8

ADVYLD

6.2%


Factor Current2

Change2 Factor

23.1%

6.6%

40.3%

6.8%

11 Month Momentum3


Last Month

Financials 74

Stoxx 600 1475

195











-3.0% Neutral 1600

-0.5% -1.7%-31.1%


7.4% -1.6%-47.3%

12M Fwd Growth BPS (Consensus) 4.2% 0.6% 12M Fwd Growth BPS (Consensus) 4.2% 4.7%

0.5% -0.4%0.6%


-0.4% 0.5%2.0%


12M Fwd Growth EPS (Consensus) 6.5% -1.0% 12M Fwd Growth EPS (Consensus) 6.5% 6.9%

1.3% 0.9%3.8%

Current value

(vs 5Y Highs and Lows)5 Financials Stoxx 600 Difference

Historical

Median

1.0 0.85.5


-1.2 -1.16.0


(Consensus)7.3 0.2


(Consensus)7.3 6.3

-0.8 -0.80.7


-3.3 -2.99.2



BNP FP

Current value

(vs 5Y Highs and Lows)5 Financials Stoxx 600 Difference

Historical

Median

-37.6% ALV GY

117% SAN SQ

8.1% LLOY LN

Real Estate Investment Trusts

5Y Risk1 Financials Stoxx 600 Top Five Contituents

19.8% HSBA LN

-2.6% Nonlife Insurance

-10.2% Life Insurance

1.4% Financial Services

Return Financials Stoxx 600 Top Five Industry Groups

4.3% Banks

l l l l l l

The Stoxx 600 Financials Index is designed to capture the large and mid cap segments across european markets.Financials contains companies involved in banking, thrifts & mortgage

finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. This Sector also includes real estate companies

and REITs.





0

50

100

150

200

250


Financials Stoxx 600

70

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Financials Stoxx 600

Stoxx 600 Health Care _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDHealth Care


Last 1M 4.2% 82.3%

Last 3M -1.8% 17.7%

Last 1Y 1.1%

Last 5Y 4.8%

Vol. 15.6% 18.6%

Max DD -25.2% 15.6%

Beta - 8.2%


7.6%


Factor Current2

Change2 Factor

A12PE

19.6

AB12PB

4.4

AC12PC

15.9

AT12PT

11.6

ADVYLD

3.6%


Factor Current2

Change2 Factor

8.0%

6.4%

15.1%

8.7%

11 Month Momentum3


Last Month

Health Care 30

Stoxx 600 656

86











-3.0% Neutral 674

-2.4% 2.3%1.2%


-6.2% -0.4%1.5%


3.8% 1.2%2.5%


-0.6% -3.2%1.8%

12M Fwd Growth Sales (Consensus) 6.2% 0.5% 12M Fwd Growth Sales (Consensus) 6.2% 2.4%


-0.6% -0.6%2.8%

Current value

(vs 5Y Highs and Lows)5 Health Care Stoxx 600 Difference

Historical

Median

3.2 3.38.6


5.1 5.312.3


(Consensus)9.5 0.5


(Consensus)9.5 6.3

1.5 1.82.8


3.1 2.514.8



SAN FP

Current value

(vs 5Y Highs and Lows)5 Health Care Stoxx 600 Difference

Historical

Median

-24.0% ROG SE

85% AZN LN

9.2% GSK LN

5Y Risk1 Health

CareStoxx 600 Top Five Contituents

15.9% NOVN SE

1.6% Health Care Equipment & Services

14.0%

6.3%

ReturnHealth

CareStoxx 600 Top Two Industry Groups

5.1% Pharmaceuticals & Biotechnology

l l l l l l

The Stoxx 600 Health Care Index is designed to capture the large and mid cap segments across european markets.Health Careincludes health care providers & services, companies that

manufacture and distribute health care equipments & supplies and health care technology companies. It also includes companies involved in the research, development, production and

marketing of pharmaceuticals and biotechnology products.





50

100

150

200

250

300

350


Health Care Stoxx 600

80

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120


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Health Care Stoxx 600

Stoxx 600 Industrial Goods and Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDIndustrial Goods


Last 1M 4.2% 21.3%

Last 3M -1.8% 18.7%

Last 1Y 1.1% 17.0%

Last 5Y 4.8% 17.0%

9.9%

Vol. 15.6% 7.2%

Max DD -25.2% 5.7%

Beta - 4.1%


3.2%


Factor Current2

Change2 Factor

A12PE

18.2

AB12PB

2.9

AC12PC

12.0

AT12PT

8.6

ADVYLD

3.4%


Factor Current2

Change2 Factor

14.0%

5.2%

22.3%

8.6%

11 Month Momentum3


Last Month

Industrial 98

Stoxx 600 1500

195











-3.0% Neutral 1672

2.6% 3.3%5.6%


6.5% 6.3%4.5%


1.9% 0.8%2.7%


3.8% 2.3%6.7%



-1.0% -0.9%2.3%

Current value

(vs 5Y Highs and Lows)5 Industrial Stoxx 600 Difference

Historical

Median

0.8 0.96.3


1.6 2.09.0


(Consensus)7.1 0.3


(Consensus)7.1 6.3

0.7 0.82.1


1.7 1.713.4



SU FP

Current value

(vs 5Y Highs and Lows)5 Industrial Stoxx 600 Difference

Historical

Median

-25.1% AIR FP

102% DG FP

5.5% SAF FP

General Industrials

5Y Risk1 Industrial Stoxx 600 Top Five Contituents

16.8% SIE GY

-6.9% Industrial Engineering

-1.2% Support Services

6.4% Aerospace & Defense

Return Industrial Stoxx 600 Top Five Industry Groups

4.4% Construction & Materials

l l l l l l

The Stoxx 600 Industrial Goods and Services Index is designed to capture the large and mid cap segments across european markets.Industrial Goods includes manufacturers and

distributors of capital goods such as aerospace & defense, building products, electrical equipment and machinery. It also includes providers of commercial & professional services and

companies that provide transportation services.





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Stoxx 600 Oil & Gas _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDOil & Gas


Last 1M 4.2% 90.9%

Last 3M -1.8% 5.9%

Last 1Y 1.1% 3.2%

Last 5Y 4.8%

Vol. 15.6% 29.2%

Max DD -25.2% 15.6%

Beta - 15.0%


4.9%


Factor Current2

Change2 Factor

A12PE

19.2

AB12PB

1.4

AC12PC

6.4

AT12PT

4.3

ADVYLD

8.4%


Factor Current2

Change2 Factor

56.3%

21.9%

37.8%

6.5%

11 Month Momentum3


Last Month

Oil

& Gas43

Stoxx 600 326

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-3.0% Neutral 383

-0.2% -0.9%-3.1%


-7.1% 1.6%-13.8%


-5.4% 0.7%-17.0%


-3.6% 2.5%-32.7%

12M Fwd Growth Sales (Consensus) -3.0% -7.7% 12M Fwd Growth Sales (Consensus) -3.0% 2.4%


1.5% 2.5%4.6%

Current value


Oil

& GasStoxx 600 Difference

Historical

Median

-2.7 -2.72.9


-3.0 -3.24.4


(Consensus)3.5 0.5


(Consensus)3.5 6.3

-0.4 -0.51.0


-1.7 -0.89.7



REP SQ

Current value


Oil

& GasStoxx 600 Difference

Historical

Median

-37.1% BP/ LN

109% RDSA NA

14.2% ENI IM

5Y Risk1 Oil

& GasStoxx 600 Top Five Contituents

22.1% FP FP

-2.2% Oil Equipment, Services & Distribution

12.4% Alternative Energy

3.9%

ReturnOil

& GasStoxx 600 Top Three Industry Groups

3.2% Oil & Gas Producers

l l l l l l

The Stoxx 600 Oil & Gas Index is designed to capture the large and mid cap segments across european markets.Oil & Gas comprises companies engaged in exploration & production,

refining & marketing and storage & transportation of oil & gas and coal & consumable fuels. It also includes companies that offer oil & gas equipment and services.





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Stoxx 600 Technology _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDTechnology


Last 1M 4.2% 59.2%

Last 3M -1.8% 40.8%

Last 1Y 1.1%

Last 5Y 4.8%

Vol. 15.6% 25.0%

Max DD -25.2% 15.5%

Beta - 7.4%


5.6%


Factor Current2

Change2 Factor

A12PE

21.6

AB12PB

3.5

AC12PC

17.9

AT12PT

12.8

ADVYLD

2.5%


Factor Current2

Change2 Factor

33.7%

14.0%

32.0%

14.6%

11 Month Momentum3


Last Month

Tech. 33

Stoxx 600 372

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-3.0% Neutral 430

0.9% 3.5%0.4%


8.3% 15.5%11.5%


3.7% 1.6%-2.7%


6.6% 5.7%5.4%



-2.2% -1.9%1.4%

Current value

(vs 5Y Highs and Lows)5 Tech. Stoxx 600 Difference

Historical

Median

5.1 4.69.3


7.7 6.613.0


(Consensus)11.4 0.9


(Consensus)11.4 6.3

1.6 1.22.4


5.8 4.516.2



ERICB SS

Current value

(vs 5Y Highs and Lows)5 Tech. Stoxx 600 Difference

Historical

Median

-25.4% ASML NA

102% NOKIA FH

10.2% AMS SQ

5Y Risk1 Tech. Stoxx 600 Top Five Contituents

18.9% SAP GY

-7.5% Technology Hardware & Equipment

0.5%

10.3%

Return Tech. Stoxx 600 Top Two Industry Groups

5.5% Software & Computer Services

l l l l l l

The Stoxx 600 Technology Index is designed to capture the large and mid cap segments across european markets.Technology comprises companies that offer software and information

technology services, manufacturers and distributors of technology hardware& equipments such as communications equipment, cellular phones, computers & peripherals, electronic

equipment and related instruments and semiconductors.





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Stoxx 600 Telecommunications _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDTelecommunications


Last 1M 4.2% 51.4%

Last 3M -1.8% 48.6%

Last 1Y 1.1% #NUM!

Last 5Y 4.8% #NUM!

#NUM!

Vol. 15.6% 19.3%

Max DD -25.2% 14.5%

Beta - 14.0%


9.0%


Factor Current2

Change2 Factor

A12PE

21.0

AB12PB

2.0

AC12PC

6.2

AT12PT

4.7

ADVYLD

6.2%


Factor Current2

Change2 Factor

12.5%

4.3%

7.8%

4.6%

11 Month Momentum3


Last Month

Telecom. 22

Stoxx 600 296

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-3.0% Neutral 351

-3.6% -2.3%-6.6%


-6.5% -5.0%-6.8%


-1.3% -2.3%-1.8%


-2.2% -2.1%-14.9%

12M Fwd Growth Sales (Consensus) 1.1% 0.5% 12M Fwd Growth Sales (Consensus) 1.1% 2.4%


2.3% 1.6%4.3%

Current value

(vs 5Y Highs and Lows)5 Telecom. Stoxx 600 Difference

Historical

Median

-3.1 -2.73.1


-4.4 -3.84.0


(Consensus)3.2 -0.2


(Consensus)3.2 6.3

-0.2 -0.11.4


-0.4 2.112.8

12M Forward P/B (Consensus) 1.4 -0.1 12M Forward P/B (Consensus) 1.4 1.6

12M Forward P/E (Consensus) 13.0 -1.0 12M Forward P/E (Consensus) 13.0 13.4

BT/A LN

Current value

(vs 5Y Highs and Lows)5 Telecom. Stoxx 600 Difference

Historical

Median

-33.2% TEF SQ

98% VOD LN

9.3% ORA FP

#NUM!

5Y Risk1 Telecom. Stoxx 600 Top Five Contituents

17.9% DTE GY

0.8% Fixed Line Telecommunications

-5.2% #NUM!

-0.6% #NUM!

Return Telecom. Stoxx 600 Top Two Industry Groups

0.0% Mobile Telecommunications

l l l l l l

The Stoxx 600 Telecommunications Index is designed to capture the large and mid cap segments across european markets.Telecommunications contains companies that provide

communications services primarily through a fixed-line, cellular or wireless, high bandwidth and/or fiber optic cable network.





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Stoxx 600 Utilities _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDUtilities


Last 1M 4.2% 53.6%

Last 3M -1.8% 46.4%

Last 1Y 1.1% #NUM!

Last 5Y 4.8% #NUM!

#NUM!

Vol. 15.6% 13.3%

Max DD -25.2% 12.8%

Beta - 10.4%


6.6%


Factor Current2

Change2 Factor

A12PE

15.8

AB12PB

1.5

AC12PC

6.5

AT12PT

4.6

ADVYLD

6.7%


Factor Current2

Change2 Factor

6.2%

3.2%

16.3%

7.2%

11 Month Momentum3


Last Month

Utilities 19

Stoxx 600 422

23











-3.0% Neutral 451

-0.8% -0.8%2.2%


-2.9% -6.1%-7.6%

12M Fwd Growth BPS (Consensus) 3.8% 0.4% 12M Fwd Growth BPS (Consensus) 3.8% 4.7%

-0.6% -2.3%-0.9%


-0.7% -7.5%-6.3%



1.1% 1.6%4.8%

Current value

(vs 5Y Highs and Lows)5 Utilities Stoxx 600 Difference

Historical

Median

-2.0 -2.33.8


-2.7 -3.15.2


(Consensus)4.3 0.2


(Consensus)4.3 6.3

-0.1 -0.31.3


0.7 -0.512.6



EOAN GY

Current value

(vs 5Y Highs and Lows)5 Utilities Stoxx 600 Difference

Historical

Median

-20.7% ENEL IM

86% NG/ LN

9.8% ENGI FP

#NUM!

5Y Risk1 Utilities Stoxx 600 Top Five Contituents

16.5% IBE SQ

9.5% Electricity

18.7% #NUM!

4.9% #NUM!

Return Utilities Stoxx 600 Top Two Industry Groups

0.3% Gas, Water & Multiutilities

l l l l l l

The Stoxx 600 Utilities Index is designed to capture the large and mid cap segments across european markets.Utilities comprises utility companies such as electric, gas and water utilities. It

also includes independent power producers & energy traders and companies that engage in generation and distribution of electricity using renewable sources





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Sector Assesment Framework - Glossary

How to read the "Current Indicator Summary"

Macroeconomic Long Term

This composite indicator is based on 3 metrics (GDP Growth, Inflation and Short Term interest

rate). It shows a positive signal for cyclical sectors when the average of the 5 Years Historical Z-

Score of 1 month change (3M for GDP) calculated for each metrics is significantly below zero.

Such a signal indicates that risk indicator are calming down which may be positive for cyclical

sectors.

Macroeconomic Short Term

This composite indicator is based on 3 metrics (the VIX Index, the Term Structure and the CDS

Spreads). It is calculated as the average of the 5 Years Historical Z-Score of 1 month change

calculated for each metrics. A positive Z Score for GDP and Short Term Interest Rate is considered

positive for cyclical sectors, a positive Z Score in inflation is considered negative for cyclical sectors.

Valuation

This composite indicator is based on 5 valuation metrics (12m Forward P/E , 12m Forward P/B ,

12m Forward P/CF , 12m Forward P/EBITDA and Indicated Dividend Yield ). It shows a positive

signal when the average of the Cross sectional Z-Score calculated for each metrics is significantly

below zero. Such a signal indicates that a sector is cheap compared to other sectors.

Fundamentals

This composite indicator is based on 4 fundamental metrics (12m Forward Growth in EPS , 12m

Forward Growth in Sales 12m ForwardGrowth in BPS , 12m Forward Growth in CPS ). It shows

a positive signal when the average of the Cross sectional Z-Score calculated for each metrics is

above zero. Such a signal indicates that a sector is experiencing high growth compared to other

sectors. Note that as highlighted in the Passive Insight #12, this indicator did not show any

significant statistical relevance as indicator for rotation.

MomentumThis indicator shows a positive signal when the 11m momentum of the sector is positive. Such a

signal indicates that the sector currently exhibits positive momentum.

SentimentThis indicator shows a positive signal when the Sentiment exhibited by analysts is stronger than

usual (as defined by a 5 Year Historical Z-Score ).

Definitions

VolatilityHistorical volatility is an indicator of risk. It measures the degree of variation of a trading price series

over time, as measured by the standard deviation of returns. In this case, it is calculated over the

last 5 years using daily returns.

Maximum DrawdownMaximum drawdown is an indicator of risk. It measures the largest drop from peak to trough in the

price of an asset.

BetaBeta is a measure of the risk compared to a given benchmark (here the large cap index). Beta is

calculated using regression analysis. A beta of less than 1 means that the small cap index will be

less volatile than the large cap index.

Tracking Error

Tracking error is a measure of relative risk versus a given benchmark. It is defined as the

annualized divergence between the price behavior of an index and the price behavior of a

benchmark calculated as the standard deviation of the difference between their returns. Here, it is

calculated over the last 5 years using daily returns.

12m Forward P/E (Consensus) Weighted Average Price/Earnings per Share ratio based nn 12-month-forward Earnings

12m Forward P/B (Consensus)Weighted Average Price/Book Value per Share ratio based on 12 month forward Book Value per

Share

12m Forward P/CF (Consensus)Weighted Average Price/Cash Flow per Share ratio based on 12 month forward Cash Flow per

Share

12m Forward P/EBITDA (Consensus) Weighted Average Price/EBITDA ratio based on 12 month forward EBITDA

Indicated Dividend Yield (Consensus) Weighted Average Dividend Yield based on the Indicated Annual Dividend

12M Fwd Growth EPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Earnings per Share

12M Fwd Growth Sales (Consensus) Weighted 12-month-forward Year-over-Year Growth In Sales

12M Fwd Growth CPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Cash Flow per Share

12M Fwd Growth BPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Book Value per Share

11 Month MomentumMomentum refers to the rate of change of price movements for a particular index – that is, the

speed at which the price is changing. In this case, the traditional measure of momentum is used i.e.

the 11 Month performance of the index calculated a month ago.

SentimentStandardized score calculated as the number of upward revisions of 12m Fwd EPS estimates minus

the number of downward revisions divided by the number of unchanged estimates. This scores

provides an insight into how analysts' view of a given group of stocks are shifting.

12M Forward EPS Estimates 12-month-forward Earnings per Share estimates by analysts

Revisions to 12M Forward EPS EstimatesNumber of revisions to 12-month-forward Earnings per Share estimates by analysts over the last

month.

Historical MedianValue lying at the midpoint of a frequency distribution of observed values, such that there is an

equal probability of falling above or below it.

5 Years Historical Z-Score

A z-score (aka, a standard score) indicates how many standard deviations an element is from the

mean. It is a dimensionless quantity obtained by subtracting the population mean from an individual

raw score and then dividing the difference by the population's standard deviation. Here, the last 5

year data observed on a monthly basis is used.


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This Document has not been and will not be approved by any PRC governmental or regulatory authority. Generally, this Document shall be distributed to specific entities on a private basis and may solely be used by such specific entities who satisfy themselves as to the full compliance of the applicable PRC laws and regulations with all necessary government approvals and licenses (including any investor qualification requirements) in connection with their overseas investment.

Disclaimer (continued)

For Investors in AustriaFor professional investors only. Not for distribution to retail clients or the general public.No part of this material may, without DWS Investment GmbH's ("DWS") prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to retail clients or the general public.This document is strictly for information purposes and should not be considered as investment advice or an offer or solicitation to deal in any of the investments mentioned herein, or as a prospectus within the meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act (Börsegesetz 2018 – BörseG) or the Austrian Investment Fund Act (Investmentfondsgesetz 2011 – InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions. This document does not constitute investment advice or investment research as defined under EU Directive 2014/65/EU, the Commission Delegated Regulation (EU) 2017/565 or of laws or regulations implementing any of them in the Member States. The information in this document is marketing information which has been provided exclusively for information and advertising purposes. Any research or analysis used in the preparation of this document has been procured by DWS for its own use and DWS may have used it for its own purposes. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only a prognosis and actual events or results may differ materially. Any information relating to past performance is not a reliable indicator of the future results of an investment. Any views expressed in this document reflect the current assessment of DWS, which may change without notice. Any addressee of this document must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and such independent investigations as they consider necessary or appropriate for the purpose of such assessment. Investment decisions should be made, as applicable, on the basis of the key investor information document, the investor information document pursuant to Art 23 of Directive 2011/61/EU and/or the published prospectus, as supplemented by the latest audited (semi-)annual report and/or any supplementary offer documents of any investments mentioned herein. Only these documents are binding. Any opinions or assessments contained in this document are of a general nature and are not to be relied on by any person as investment advice.

Where distributed by Deutsche Bank AG, Stockholm branch: Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank and the BaFin, Germany’s Federal Financial Supervisory Authority). Deutsche Bank AG Stockholm branch ("DBS", Bolagsverket nr. 516401-9985) is authorised by BaFIN and regulated by Finansinspektionen for the conduct of licensed activities in Sweden, Denmark, Norway and Finland. Deutsche Bank branches operate within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area (“EEA”). Reference is made to European Union Regulatory Background and Corporate and Regulatory Disclosures at https://www.db.com/en/content/eu_disclosures_uk.htm. Details about the extent of our authorisation and regulation by BaFIN and respective Nordic Region Financial Supervisory Authority are available from us on request.Without limitation, this document and any attachment does not constitute an offer or a recommendation to enter into any transaction with DBS. This material and attachments is for information purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for DBS to enter into or arrange any type of transaction as a consequence of any information contained herein. The implicit or explicit views andrecommendations expressed in marketing or other financial presentation material as well as any financial proposals are solely those of the issuer of such material, and forwarded to you on behalf of the contracting party.The views set out in this presentation are those of the author and may not necessarily the views of any other division withinDeutsche Bank, including the Sales and Trading functions of the Corporate and Investment Bank or the Global Client Group of Deutsche Asset and Wealth Management: all services provided by thesethe Sales and Trading functions of the Corporate and Investment Bank are purely on a non-advised, execution-only basis. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (orrelated derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. You may not distribute this document, in whole or in part, without our express written permission.DBS is solely acting in an agency/agency similar capacity (“the agent”) for and on behalf of Deutsche Bank AG and/or any of its affiliates. Potential investors should be aware that if they decide to enter into a transaction with Deutsche Bank AG or any of its affiliates acting in their capacity as principal to the transaction(“contracting party”), any and all agreements will be entered into with that contracting party (unless re-negotiated) and pursuant to the financial laws and regulations of the country where the contractingparty is licensed.Unless DBS is entering into a separate and explicit contractual relationship with you for the provision of investment services, it is neither obliged to categorise you in accordance with MiFID nor perform MiFID suitability and/or appropriateness assessment (as enacted into Swedish laws and regulations). The investments or services mentioned in this material or an attachment thereto may not be appropriate for all investors and before entering into a transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with a contractingparty you do so in reliance on your own judgment. For general information regarding the nature and risks and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures.Past performance is not a suitable indicator of future results.

For investors in Israel:DWS UK Investments Limited is not a holder of a license granted in Israel pursuant to the Regulation of Investment Advising,Investment Marketing and Portfolio Management Law, 1995 (“the Investment Law”) and does not hold the insurance coverage required of a licensee pursuant to the Investment Law.This document and any information provided by DB in relation to the contents thereof will not under any circumstances be deemed investment “advice” (as such term is defined in the Investment Law). DB is acting as a “marketing agent” (as such term is defined in the Investment Law) and any use of the word “advice” orany derivative thereof in this document should not be taken to mean that DB is offering “advice” as such term is defined in the Investment Law.The transaction or investment described in this document (“the investment”) may have been produced or issued by DB or by a thirdparty. In either case, in the event that a client of DB enters into the investment, DB may receive a financial benefit that is separate from, and in addition to, any fee, commission or other payment (if any) made to it by the client.DB has chosen to market the investment because DB receives certain benefits when one of its clients invests in the investment. Other similar transactions or investment opportunities to which DB has no connection, may also be available however DB has chosen not to market these.This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whomcopies have been sent.This document has been prepared exclusively for Qualified Clients as such term is defined in the First Schedule to the Investment Law and/or the First Schedule of the Israel Securities Law, 5728-1968 (“Securities Law”). As a prerequisite to the receipt of a copy of this document a recipient may be required to provide confirmation and evidence that it is a Qualified Client.This document has not been approved by the Israeli Securities Authority and will not constitute "an offer to the public" under sections 15 and 15a of the Securities Law or section 25 of the Joint Investment Trusts Law, 5754-1994"

For Investors in ThailandThis material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for information purposes only. It does not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG or its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives any warranty as to the accuracy, reliability or completeness of information which is contained in this document.

Notice to prospective Investors in Japan This document is prepared by DWS UK Investments Limitedand is distributed in Japan by DeAMJ. Please contact the responsible employee of DeAMJ in case you have any question on this document because DSI serves as contacts for the product or service described in this document. This document is for distributionto Professional Investors only under the Financial Instruments and Exchange Law.The term “resident of Japan” means any natural person having his place of domicile or residence in Japan, any corporation or other entity organised under the laws of Japan or having its main office in Japan, or an office in Japan of any corporation or other entity having its main office outside Japan.

For Investors in BruneiThis document relates to a private collective investment scheme under the Securities Markets Order, 2013 and the regulations thereunder (“Order”).This document is intended for distribution only to specific classes of investors as specified in the Order and must not, therefore, be delivered to, or relied on by, a retail client.The Autoriti Monetari Brunei Darussalam (“Authority”) is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this document or any other associated documents nor taken any steps to verify the information set outin this document and has no responsibility for it.The units to which this document relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the units offered should conduct their own due diligence on the units.

Notice to prospective investors in Taiwan:The interests described in this document may be made available for investment outside Taiwan by investors residing in Taiwan, but may not be offered or sold in Taiwan. The interests described in this document are not registered or approved by FSC of Taiwan ROC and could not be offered, distributed or resold to the public in Taiwan. The investment risk borne by unregistered and unapproved interests could cause investors loss part of or all investment amount. The securities may be made available for purchase outside Taiwan by investors residing in Taiwan, but may not be offered or sold in Taiwan.

重要披露

本文件在未經發行人事先書面同意下不得分發予其他人士。

本文件僅作為資訊參考之用，不應被依賴為投資決策。本文件不構成投資建議、推薦或邀約，亦非購入或出售任何證券或其他工具之合約、或德意志銀行或其附屬公司根據本文件所含任何資料訂立或

安排任何類型的交易之基礎。德意志銀行及其附屬公司不就本文件所含資料的準確性、可靠性或完整性作任何保證。除了法律上不得免除的責任之外，德意志銀行集團、其銷售機構(distributor) 的任

何成員公司或任何管理人員、員工或彼等的任何聯繫人士就因本文件的任何錯誤或遺漏或接收本文件之人士或任何其他個人直接、間接、引致或以其他方式承受的任何損失或損害概不承擔任何責任

（不論以合約、侵權、疏忽或其他方式產生）。

本文件所述之觀點為德意志銀行或其附屬公司於發行時之判斷，可能作出修改。本文件僅供專業投資人士使用。本文件並不因應任何特定或可能收到此文件的人士之具體目標、金融環境或需要而編

訂。本文件在未經發行人事先書面同意下不得分發予其他人士。股份/單位之價值及其所得收益可升亦可跌。過往表現或任何預測或預期並不代表未來的業績。

本文件所含之預測乃基於我們截至本文件編製當日的市場觀點，可能根據市場日後的變化作出修改。有關經濟、股市、債券市場或市場經濟趨勢的任何預測、預告或預期未必代表日後或可能之表現。

本文係以英文撰寫，德意志銀行，其附屬公司及第三人無法保證翻譯之品質或正確性。

Disclaimer (continued)

For investors in PortugalIn relation to Portugal, each purchaser of the Interests acknowledges that with effect from and including the date on which the Prospectus Directive is implemented in Portugal (the “Relevant Implementation Date”) no offer of the Interests may be made to the public in Portugal, except that, with effect from and including the Relevant Implementation Date, an offer of Interests may be made to the public in Portugal at any time:to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; or to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance sheet of more than €43,000,000 and (iii) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts.For the purposes of the provision above, the expression an “offer of Interests to the public” in relation to any Interests in Portugal means the communication in any form and by any means of sufficient information on the terms of the offer and the Interests to be offered so as to enable an investor to decide to purchase or subscribe the Interests, as the same may be varied in Portugal by any measure implementing the Prospectus Directive in Portugal and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in Portugal.

For Investors in LuxembourgNeither the Prospectus nor any other document or material in relation to the Funds has been lodged, filed or registered with or otherwise approved by the Commission de surveillance du secteur financier (CSSF) or the Luxembourg Stock Exchange. The Funds may not be offered or sold in the Grand-Duchy of Luxembourg, except for Shares which are offered in circumstances that do not require the approval of a prospectus by the Luxembourg financial regulatory authority in accordance with the Law of December 17, 2010 as amended on undertakings for collective investment. The Funds are offered to a restricted circle of sophisticated persons previously known to DB AG or its subsidiaries, in all cases under circumstances designed to preclude a distribution that would be other than a private placement. This Presentation may not be reproduced or used for any purpose, or provided to any person other than those to whom copies have been sent.

For investors in MalaysiaAs the approval of the Malaysian Securities Commission pursuant to section 212 of the Malaysian Capital Markets and Services Act 2007 has not been / will not be obtained, to Products hereunder are not being and will not be deemed to be issued, made available, offered for subscription or purchase in Malaysia, and neither this presentation nor any document or other material in connection therewith should be distributed, caused to be distributed or circulated in Malaysia, to individuals or other legal entities who fall under paragraphs 8, 9, 11, 12 or 13 of Schedule 6 to the Capital Markets and Services Act 2007.

Important Information -EMEAThis marketing communication is intended for professional clients only.DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.The information contained in this document does not constitute investment advice.All statements of opinion reflect the current assessment of [Legal Entity] and are subject to change without notice.Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis, therefore actual results may vary, perhaps materially, from the results contained here.Past performance, [actual or simulated], is not a reliable indication of future performance.The information contained in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.This document and the information contained herein may only be distributed and published in jurisdictions in which such distribution and publication is permissible in accordance with applicable law in those jurisdictions. Direct or indirect distribution of this document is prohibited in the USA as well as to or for the account of US persons and persons residing in the USA. © 2019 DWS Investments UK Limited

Important Information – APACImportant Information –APACDWS is the brand name of DWS Group GmbH & Co. KGaA. The respective legal entities offering products or services under the DWS brand are specified in the respective contracts, sales materials and other product information documents. DWS Group GmbH & Co. KGaA, its affiliated companies and its officers and employees (collectively “DWS Group”) are communicating this document in good faith and on the following basis. This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by DWS Group, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.DWS Group does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by DWS Group. Investments with DWS Group are not guaranteed, unless specified.Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you might not get back the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. Past performance is no guarantee of current or future performance. Nothing contained herein shall constitute any representation or warranty as to future performance.Although the information herein has been obtained from sources believed to be reliable, DWS Group does not guarantee its accuracy, completeness or fairness. No liability for any error or omission is accepted by DWS Group. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid. All third party data (such as MSCI, S&P, Dow Jones, FTSE, Bank of America Merrill Lynch, Factset & Bloomberg) are copyrighted by and proprietary to the provider. DWS Group or persons associated with it may (i) maintain a long or short position in securities referred to herein, or in related futures or options, and (ii) purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation.The document was not produced, reviewed or edited by any research department within DWS Group and is not investment research. Therefore, laws and regulations relating to investment research do not apply to it. Any opinions expressed herein may differ from the opinions expressed by other DWS Group departments including research departments. This document may contain forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by DWS Group as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein.This document may not be reproduced or circulated without DWS Group’s written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States.This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject DWS Group to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.Unless notified to the contrary in a particular case, investment instruments are not insured by the Federal Deposit Insurance Corporation (”FDIC“) or any other governmental entity, and are not guaranteed by or obligations of DWS Group.© 2019 DWS Investments UK Limited

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