DWS hereby informs its clients that all telephone conversations of employees in direct contact with clients/business partners or their representatives are recorded in order to meet legal requirements in accordance with applicable laws and regulations. DWS is in particular required to record telephone calls and electronic communications with its clients relating to the provision of investment services that relate to the reception, transmission and execution of client orders. In this context, DWS collects, processes and uses personal data. DWS is also under a record-keeping obligation even if those conversations or communications do not result in the conclusion of such transactions or in the provision of client order services. More detailed information on requirements and scope of recordings are contained in the respective agreements or documents provided by DWS to its clients.