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Deutsche Bank Transition toward a sustainable and climate-neutral economy Non-Financial Report 2022 Sustainable finance To mitigate climate change, transformational change is required across all parts of the real economy. Reflecting on the responsibilities as an asset manager in this transformation, DWS is committed to support its clients in managing this transformation by providing expertise and bespoke investment solutions. DWS sustainability strategy is anchored around four strategic priorities. – Corporate Transformation: DWS continues seeking to increase the level of sustainability associated with its activities throughout its organization – ESG in the Investment Process: While having already built-up strong capabilities, DWS seeks to further embed ESG in its investment process to improve the assessment of the future expected risk / return of a security – Innovative and Sustainable Investment Solutions: DWS seeks to launch new and innovative ESG products and solutions across asset classes to meet the requirements of its clients; at the same time, DWS acknowledges a more differentiated client demand as well as further regulatory clarifications and, therefore, intends to launch both ESG and non-ESG new products – Stakeholder Engagement: DWS seeks to take a holistic and systematic approach to engagement as DWS considers engagement with key stakeholders across the entire investment value-chain e.g., clients, investees, index providers and policy makers as the key driver for transformation DWS sustainability governance Sustainability governance at DWS starts with the Executive Board, which has the overall responsibility for managing sustainability-related risks and opportunities throughout its activities. During 2022, DWS adapted its sustainability governance and created a Sustainability Strategy Team to support the Chief Executive Officer in the development of the sustainability strategy and to ensure that it is embedded within the corporate strategy. Effective January 2023, the DWS Executive Board is supported by a new sub-committee, the Group Sustainability Committee, which is empowered to take decisions that implement the sustainability strategy. Additionally, DWS has set-up a Sustainability Oversight Office which aims to ensure effective sustainability governance throughout the organization and to support the Group Sustainability Committee. The ESG Advisory Board continues to advise the Executive Board on sustainability issues and opportunities. DWS Responsible Investment Framework The Responsible Investment Framework (*) summarizes how the DWS ESG integration approach is integrated into the investment process. ESG Assets under Management Based on the refinements made to DWS’s global ESG Framework (a framework for ESG product classification or disclosure), the following products are considered as ESG AuM as at the end of 2022: – Liquid actively managed products: retail mutual funds which follow the "DWS ESG Investment Standard" filter, or have a "sustainable investment objective", and US mutual funds which have been labelled as ESG and seek to adhere to an ESG investment strategy – Liquid passively managed funds (ETFs) which apply a screen comparable to the "DWS ESG Investment Standard" filter, or which track indices that comply with the EU Benchmark regulation on EU Climate Transition Benchmark and EU Paris- Aligned Benchmark, or have a "sustainable investment objective", and other liquid passively managed funds which have been labelled as ESG and/or seek to adhere to an ESG investment strategy – Liquid mandates or special funds for institutional clients or White Label products in-scope of the EU Sustainable Finance Disclosure Regulation (SFDR) and report pursuant to Article 8 SFDR which follow the "DWS ESG Investment Standard" filter or a comparable ESG filter aligned with the client or which are in-scope of SFDR and report pursuant to Article 9 SFDR – Liquid mandates or special funds for institutional clients or White Label products which are out-of-scope of SFDR but comply with certain of the "General Industry Standards and Guidelines for Sustainable Investing" – Illiquid products which are in-scope of SFDR and report pursuant to Article 9 SFDR – Illiquid products which are out-of-scope of SFDR but which have a "sustainable investment objective" 34

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