Best Execution

Deutsche Bank Securities Inc. (DBSI) has prepared the following reports pursuant to Rules 605 and 606 of the Securities Exchange Act of 1934. DBSI has made every reasonable attempt to prepare these reports in compliance with Rules. Although the information herein has been obtained from sources believed to be reliable, these reports have not been audited and may contain errors, inadvertent omissions, or the like. Accordingly, DBSI does not guarantee its accuracy, completeness, or fairness. From time to time, DBSI may become aware of systems or other errors that may affect the information provided in the reports but that cannot be corrected before publication. DBSI may, in its discretion, revise and republish this report and/or previous reports for prior periods. All reports, original and amended, are available upon request.

Further, DBSI disclaims all liability, including without limitation direct, indirect, punitive, special, consequential, or incidental damages on behalf of ourselves and our affiliates with regard to financial results or damages that may arise from the use of the information and data herein, any errors contained in the reports or any inability to access or use these reports. The information provided in the report may be impacted by market data system outages or errors, both internal and external, and it is dependent upon the integrity and accuracy of the data provided by outside sources. This information, including these disclaimers, applies to the current reports, previously published reports, and any revised reports in their entirety, irrespective of whether the reports are used or viewed collectively or individually, in whole or in part. The information and data provided in the reports is not intended to and do not reflect all factors relevant to an analysis of a broker-dealer's best execution and order routing practices. Any decision about whether to open an account or to direct orders to DBSI should be based on analysis of the firms full range of services and not solely based on these statistics.

DBSI internalizes certain non-directed customer orders. For those customer orders that are internalized, DBSI will share in up to 100% of the profits when trading as principal with those orders.

Certain equities exchanges and third party trading centers to which DBSI routes equities orders have implemented fee structures under which broker-dealer participants may receive rebates on certain orders. Under these fee structures, participants are charged a fee for orders that take liquidity from (or that provide liquidity to) the venue, and provided a rebate for orders that add liquidity to (or that remove liquidity from) the venue. Rebates received by DBSI from a venue during any time period may or may not exceed the fees paid by DBSI to the venue during that time period. Fee rates and rebate amounts on any given venue may change periodically. We will provide you additional information regarding fees and rebates on your written request, including the amount per order or per share received by DBSI.DBSI receives payment from executing brokers for directing certain orders in listed options to such brokers for execution.

The source of these payments are marketing fee programs adopted by the options exchanges, which programs have been approved by the Securities and Exchange Commission. Further, certain options exchanges have implemented fee structures under which broker-dealer participants are charged a fee for orders that remove liquidity from (or that add liquidity to) the exchange, and provided a rebate for orders that add liquidity to (or that remove liquidity from) the exchange.

Rebates received by DBSI from an exchange during any time period may or may not exceed the fees paid by DBSI to the exchange during that time period. Fee rates and rebate amounts on any given venue may change periodically. We will provide you additional information regarding fees and rebates on your written request, including the amount per order or per contract received by DBSI.