Understanding Your Brokerage and Investment Advisory Relationships with Deutsche Bank Securities Inc. Deutsche Bank Securities Inc. ("DBSI") is registered with the Securities and Exchange Commission as both a broker-dealer and an investment adviser, and provides both brokerage and investment advisory services to clients. There are certain important differences between the brokerage services DBSI provides to clients and the investment advisory services DBSI provides to clients. Brokerage services primarily involve assisting clients with the purchase and sale of securities, whereas investment advisory services primarily involve offering clients advice with respect to what they may buy and sell, or assisting clients to retain a third party adviser to provide this service. The provision of investment advisory services by DBSI will only take place pursuant to a specific written agreement between DBSI and the client that describes the investment advisory services DBSI will provide to the client and DBSI's obligations to the client. In addition, advisory clients will receive a disclosure document (called a Form ADV Part 2A) that describes, among other things, DBSI's advisory services. There are differences in terms of how clients are charged for brokerage services and investment advisory services provided by DBSI. In general, DBSI brokerage clients pay DBSI a commission, mark-up or mark-down for each transaction, whereas DBSI investment advisory clients pay DBSI a fee, typically payable quarterly, that is based on the value of the assets in the client's advisory account and covers both the investment advisory and transaction execution services provided to the client. When providing investment advisory services, DBSI has a fiduciary duty to the client and thereby is required to put the client's interest ahead of DBSI's own interest, to treat all of its advisory clients fairly and equitably arid to disclose all material conflicts between DBSI's interests an