db funds master may 2010 ver 5

This document is for institutional use only and not for retail distribution.

Rule Your InvestmentMay 2010

db funds· May 2010 · page 2

Content

1 db funds

2 Our funds

3 www.funds.db.com

4 Contacts


db funds

Who we are…

We are responsible for developing Deutsche Bank's systematically managedmutual funds investing in a broad range of asset classes and strategies. Inusing these systematic strategies, the team focuses on innovation, efficiencyand transparency. We provide bespoke investment funds to more than 250,000retail and institutional investors in Europe, Asia, Latin American, the Middle Eastand Africa, including many of the world's leading asset managers.

We are part of the Global Markets division of Deutsche Bank. Global Marketshas established itself as a global leader in these products by combining itsunique distribution franchise with its pricing, structuring and execution expertise.The fund range gives investors access to innovative strategies in a regulatedformat which provide for efficient risk diversification and limited risk exposure.The majority of our innovative funds qualify as UCITS and provide daily liquidityat NAV.


db funds

20091st

1st

1st

1st

1st

1st

1st

Lipper Fund Awards: Germany Equity Group Large

Lipper Fund Awards: Austria Equity Group Large

Lipper Fund Awards: Switzerland Equity Europe

Lipper Fund Awards: Nordics Equity Eurozone

Lipper Fund Awards: Luxembourg Equity Group Large

CROCI Euro, CROCI US and CROCI Japan Funds in France

FWW fondsmeter Ranking: Fonds – Sieger 2009 Award

Structured Products Europe Awards€uro-FundsAwards: Multi Asset Commodities€uro-FundsAwards: Multi Asset Absolute Return€uro-FundsAwards: Multi Asset Absolute Return€uro-FundsAwards: European Equity Funds€uro-FundsAwards: European Equity Funds€uro-FundsAwards: Euro-Bond Funds€uro-FundsAwards: Euro Bond Funds€uro-FundsAwards: Mixed Funds (mostly Bonds)€uro-FundsAwards: Mixed Funds International Currencies

Structured funds house of the yearCommodity Euro (1 year)Dynamic Alternative Portfolio (1 year)Dynamic Alternative Portfolio (3 years)Dynamic Aktien Plus (1 year)CROCI Euro (1 year)Sovereign Plus (1 year)Sovereign Plus (3 years)Dynamic Bond Stabilität Plus (1 year)Dynamic Bond Stabilität Plus (3 years)

2008

Best Fund Group (3 years)


CROCI Euro (3 years)

CROCI Euro (3 years)


Investir Magazine Fund Award

CROCI Japan

1st

1st

1st

2nd

2nd

3rd

1st

1st

3rd

3rd

2010 1st

1st

1st

1st

1st

Dynamic Alternative Portfolio





Geld-Magazin: Alternative Investments Award(Hedge Funds with a Volatility of up to 5% Category)Lipper Fund Awards: Austria Equity Group Large

Lipper Fund Awards: Germany Equity Group Large

Lipper Fund Awards: Luxembourg Equity Group Large

Lipper Fund Awards: Nordics Equity Group Large

Awards


Organisational structure

Asset Management GlobalBanking Global Markets PWMPrivate & Business

Clients

DB Platinum AdvisorsManagementCompany*

SalesTradingStructuring DBIQ

Over 200 structuring and 600research analysts Over 1500 sales people

Over 600 trading specialists'covering

all main asset classes

A strong team with over 40professionals

db funds

*Please note that the Management Company may be different for certain funds


About db funds

Started operations in May 2002

Based in London, Frankfurt, Luxembourg and Hong Kong

Fully owned by Deutsche Bank AG

Pioneers in Providing Innovative UCITS III Solutions

Luxembourg & Ireland-Based Funds (since 2002)

EUR 13.27 Bio AuM (for all db funds as of 30 April 2010)

Over 60 Funds

1

2

4

6

7

3

5


db funds

Service providers

KPMG(+ other local)Tax Advisers

KNEIPData Vending

State StreetGlobal Advisors

Investmentmanagement

RBC DexiaAdministration,

Custody

DB PlatinumAdvisors

Management

Ernst & YoungAudit

Linklaters(+ other local)Legal Advisors

BONYCollateral

Management

Please note that the service providers may differ for different funds


Leverage the expertise of a global investment bank

Phase 2:Our flagship funds

Phase 1:Launching the platform

3600 UCITS:Single Hedge

FundManagers

available inUCITS

InnovativeEquity

Allocation

EmergingMarkets

Tailoredsolutions

2002 - 2003 2003 – 2009 2009 – 2010

Phase 3:New developments

FirstCROCI®

Fund

FirstCurrency

Fund

FirstCommodity

Fund

World FirstUCITS

compliantHedge Fund

tracker

First IndexTracker

Fund

FirstGuaranteed

Fund

First PayoutFund

First DirectInvestment

Fund

CROCI® is a registered trade mark of Deutsche Bank AG in certain jurisdictions.


Fund range: an overview

db fundsdb funds


Assets under management (as of 30 April 2010)

Broad range of funds to meet investor demands

Equity 40.26%

Alternative Funds 5.38%

Currencies 1.51%

Credit 0.03%

Hybrid 5.59%

Fixed Income 28.06%

Commodities 19.16%Total

AssetsEUR

13.27 bn


Content

1 db funds

2 Our funds

3 www.funds.db.com

4 Contacts


Changing investor requirements…

Daily or weekly liquidityTransparency on positions, strategyInfrastructure (SAS 70)

Custodian, auditors, etc.Cost efficiencyUCITS

Gating mechanisms were largely ignoredLittle disclosure on positions, investmentstrategy was requiredInfrastructure was not part of theinvestment decision process

No or no known auditors (Madoff)No regulated fund vehicle

Less focus on costs

High costs

Pre-crisis investor habits New investor demands– +

Offshore Funds (Cayman, Bermuda) db funds


... requires asset allocators to re-think their assetallocation

Increase allocations to alternatives(UCITS hedge funds)

ETFs

Proven systematic strategies

UCITS compliant single hedgefunds

Insurance CompaniesUCITS III

Onshore Funds (Luxembourg/Ireland)

Managed Accounts

Pension FundsUCITS III

Invest in transparent, simple & innovativeproducts

Increase allocations to alternatives

Fund of Funds

Wealth ManagersUCITS III

Invest in transparent, simple &innovative products

Increase allocations toalternatives

db funds

Focus: Institutional Investors Focus: Private Investors


Core satellite-approach

Today’s UCITS Funds offer investors a wide range ofproducts capable of generating beta + or alpha

Cash management

Asset allocation

Trading strategies

Core-satellite-approach

Substitute for derivatives

Hedging of equities

Commodities

Currency

Absolute return strategies

Investment strategies at a glance

1. SatelliteStock picking

3. SatelliteAlternative assetssimilar to Hedge

Funds

2. SatelliteEmergingMarkets

Core portfolio~ 50-80%

4. SatelliteCommoditiesCurrencies

Source: Deutsche Bank


db funds’ five unique selling propositions

Innovative systematic strategies

Liquidity

Transparency

1

2

3

Cost efficiency

Ability to design bespoke funds5

4


Investment objective: aims to provide investorswith direct and transparent access to equities.

Investment strategy: In-depth adjustments to acompany’s financial statements in order to makeeconomic ratios comparable globally acrosssectors:

1. Accounting for “hidden” assets and liabilities.Valuation analysis has to be done in terms ofenterprise value. This includes financial debt,but also associated liabilities (e.g. pensionunder-funding, leasing, warranties)

2. Depreciating similar assets in the samemanner. Adjusting depreciation (and cashflow)to reflect “economic” depreciation

3. Approximating the replacement value of assets.Adjusting the value of net assets by a deflator

and adjusting currency

4. Capitalising the value of intangible assets.Systematically adjusting net assets for R&Dand marketing costs

The methodology of our CROCI FundsThe strategy


CROCI: a successful, consistent & systematicinvestment process

Performance 1Y(Annualised Returns)

3Y(Annualised Returns)

Since Launch(Annualised Returns)

Excess Return vsBenchmark (3Y Ann.)

CROCI US I1C 40.35% -2.57% 7.29% 2.73% (vs.S&P 500)

CROCI Euro I1C 24.75% -6.87% 6.65% 4.02% (vs. Eurostoxx50)

CROCI Germany I1C 35.87% -5.19% 8.05% 0.78% (vs.DAX)

CROCI Japan I1C 28.24% -13.64% -1.43% 2.40% (vs.Topix 100)

Source: Deutsche Bank, Bloomberg; As of 30 Apr 2010

40

70

100

130

160

190

220

Aug-04 Apr-05 Jan-06 Sep-06 Jun-07 Mar-08 Nov-08 Aug-09 Apr-10

CROCI US I1C S&P 500® Index TR

Net A

sset

Val

ue(U

SD

)


020406080

100

May 05 May 06 May 07 May 08 May 09 Apr 10

in%

DB Commodity Euro/USD Index ComponentsHistory*

Provides investors with exposure to twelve liquidcommodities and three sectors

Aims to extract additional returns by exploiting thetendency of commodity prices to mean-revert

Employs the Optimum Yield (OY) mechanism aimsto optimise the Roll Yield when rolling the futurecontracts

The DB Platinum Commodity Euro/USD Fund

DB Commodity Euro/USD Index Components*Commodity Components

The DB Platinum Commodity Euro/USD Funds

* As of 30 Apr 2010

WTI Sweet Light Crude (20.00%)

Gold (1.94%)

Wheat (7.21%)

Zinc (5.67%)

Soybeans (3.95%)

Standard Lead (1.27%)

Natural Gas (30.75%)

Corn (7.20%)

Aluminium (7.66%)

Silver (0.89%)

Copper – Grade A (3.11%)

Primary Nickel (10.34%)

30.75

20.007.20

1.94

7.66

7.21

0.89

5.67

3.11

3.95

10.341.27in%


Performance 1Y(Annualised Returns)



Annualised Volsince Launch

Excess Return vsBenchmark (3Y Ann.)

Commodity Euro Fund I1C 32.18% 7.59% 14.68% 25.80%19.51% (vs.S&P GSCI

Euro Hedged TR)

S&P GSCI Euro Hedged TR 22.64% -11.93% -7.99% 29.22% -


The DB Platinum Commodity Euro Fund

0

6000

12000

18000

24000

30000

36000

42000

May-05 Dec-05 Aug-06 Mar-07 Nov-07 Jun-08 Feb-09 Sep-09 Apr-10

Commodity Euro I1C S&P GSCI EUR Hedged TR

Net A

sset

Val

ue(E

UR)


Individual Component Allocation

Weights of the seven Commodities in the Index*

CornWheatSoybean

Sugar

CottonCoffee

Cocoa

6.60%

20.00%

20.00% 20.00%

20.00%

6.60%

6.80%

Individual weights have been chosen by Deutsche Bank commodity research group based on expectedsupply demand imbalances for each individual component as well as liquidity consideration

broad exposure to agriculture with the seven most liquid commodities in the sector

combines high returns with low volatility and while providing diversified exposure to the agricultural sector

employs the DB Optimum Yield rolling mechanism to generate alpha and enhance returns

applies research driven fixed weights based on expected supply demand imbalances

The DB Platinum Agriculture Euro/USD Funds

*As of 30 April 2010

Valuing commodities in real terms*

* Source: Global Markets Research Deutsche Bank, Bloomberg (End November 2009)


The DB Platinum Agriculture Euro Fund

Performance 6M(Returns)



Annualised Volsince Launch

Agriculture Euro Fund I1C -7.34% -3.91% -23.32% 27.63%

S&P GSCI Agriculture EuroHedged TR -4.65% -0.92% -25.26% 31.22%


4000

6000

8000

10000

12000

14000

Mar-08 Jun-08 Sep-08 Dec-08 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10

Agriculture Euro I1C S&P GSCI Agriculture EUR Hedged TR

Net A

sset

Val

ue(E

UR)


Each month, the index adjusts its exposure to the alphaand beta indices based on the momentum of thedirectional index, the MRE Index

- This is based on the realised performance of the beta indexover the previous 12 months.

The exposure is adjusted according to a target volatilitymechanism that aims to smoothen returns and controlvolatility

The DB Platinum IV Commodity Allocator Fund

DBLCIAllocatorstrategy

Strategic MonthlyAllocation

MRE Index

Harvest Index

Deutsche Bank Liquid Commodity Allocator IndexTM

(the “DBLCI Allocator” Index)

The index is a dynamic combination of- a Beta Index – Deutsche Bank Liquid Commodity Index

Mean Reversion Enhanced Excess Return After Cost IndexTM (the “MRE Index”)

- and an Alpha Index – 3 times leveraged participation in dbCommodity Harvest Excess Return After Cost Index TM (the“Harvest Index”)

Directional exposure if commodity markets rally andalpha generation otherwise

Balance: the diversified exposure to both alpha andbeta aims to generate stable results in most marketconditions

Range ExposureBeta Index Exposure 0% - 100%Alpha Index Exposure 100%- Beta Index ExposureTarget Volatility 12%Allocation range in order to meetTarget Volatility

50%- 150%

Strategy Overview Risk Control


Index Returns*

The DB Platinum IV Commodity Allocator Fund

Performance of the DBLCI Allocator Index prior to launch on 9th Oct 2009 issimulated and shown net of index fees. Performance of the Fund will behigher due to Treasury returns and lower due to Fund fees. Past performanceis not a reliable indicator of future results.

Strategy Overview Risk Control

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2001 2002 2003 2004 2005 2006 2007 2008 2009

DB Commodity Allocator (USD) DJ-UBS (USD)

Jan 2001 – Jan 2010 DB CommodityAllocator (USD) DJ-UBS (USD)

Annualised Excess Return 20.30% 2.30%

Volatility 12.69% 18.85%Sharpe Ratio 1.59 0.12Max Monthly Drawdown -11% -30%

Max/Min ReturnsRolling 12 months 57.96%/ -4.74% 39.79%/-52.61%Rolling 3 months 21.47%/-14.54% 27.69%/-40.69%

Average Monthly Returns 1.58% 0.29%% months with gains 69.15% 55.14%

0

100

200

300

400

500

600

Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09

DB Commodity Allocator (USD) DJ-UBS Index (USD)


The DB Platinum Currency Returns Plus Fund

Source: Deutsche Bank, Bloomberg. DBCR+: DB Currency Returns Plus EUR Funded Index (DBCRPLEF <Index>). Carry: DB Balanced Currency Harvest EUR Funded Index (DBHVBEUF <Index>). Momentum: DB CurrencyMomentum EUR Funded Index (DBMOMEFF <Index>). Valuation: DB Currency Valuation EUR Funded Index (DBPPPEFF <Index>). Statistics are based on monthly returns. Performance of the DBCR+ index is shown net of indexfees. Performance of the DBCR+ index prior to launch (29 February 2008) is simulated. Past performance is not a reliable indicator of future results.

ValuationCarry Momentum

Buys the five highest yieldingcurrencies and sells the five lowestyielding currenciesCurrency pool: G10 + 10 liquidemerging market currenciesAcademic research shows thatinvestors are compensated forcurrency risk with a risk premium

Long: ZAR, NZD, BRL,TRY, AUDShort: USD, JPY, CAD, CHF, TWD

Buys the three most undervaluedcurrencies and sells the three mostovervalued currencies, based onPurchasing Power ParityCurrency pool: G10 currenciesAcademic research shows thatPPP holds in the long-term

Long: USD, NZD, GBPShort: NOK, AUD, CHF

Buys the three currencies with thehighest return over previous 12months and sells the threecurrencies with the lowest returns

Currency pool: G10 currenciesCurrencies trend over time as pricesadjust slowly to new information

Long: NZD, AUD, CADShort: GBP, EUR, USD

„Big Mac Index“*Rates

1%Rates

3%

Correlation matrix Carry Momentum Valuation

Carry 100% -19% 23%

Momentum 100% -5%

Valuation 100%

Return statistics DBCR+ Carry Momentum Valuation

Total Return, p.a. 9.9% 14.4% 5.5% 9.0%

Volatility, p.a. 5.5% 10.8% 9.6% 8.5%

Return/Vol Ratio 1.5 1.3 0.6 1.1

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Correlation matrix DBCR+ Equities Bonds

DBCR+ 100% 32% 3%

Equities 100% -28%

Bonds 100%

The DB Platinum Currency Returns Plus Fund

Performance 1M (Returns) 6M (Returns)Since Launch(Annualised

Returns)

Currency Returns Plus I1C 2.20% 2.61% 6.14%

MSCI World Index LocalCurrency 0.25% 12.17% 16.17%


92

96

100

104

108

112

116

120

Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

Currency Returns Plus I1C

MSCI World Index Local Currency

DBIQ Global IG Sovereign Euro Hedged

Net

Ass

et V

alue

(EU

R)


Flexibility

360°UCITS – single manager exposure

White labelling

Efficiency

Innovation

Global reach

Infrastructure

360°UCITSManaged accountsGlobal PrimeFinance

UCITS IIIPlatform

Custodian &Administrator

Manager


The DB Platinum IV QCM GDP Index Fund

HistoryOperating history of 14 years from 1995Extensive buy/sell side experience of founding principal, Aref KarimUS$ 657 million in assets under management as of March 2010

RegulatoryUK incorporated Limited Liability CompanyFSA registeredCFTC/NFA registered

StrategySystematic macro using unique proprietary dynamic allocation toolSkewed long volatility profileLiquid and transparent strategy using exchange traded futures

ProductsGlobal Diversified Programme (GDP): Dec 1995Global Natural Resources Programme (GNRP): Aug 2000Enhanced Commodity Beta Programme (ECBP): Apr 2005

TeamTeam of approximately 20 experienced qualified professionalsSenior members with firm for more than 5 years

Source: Quality Capital Management Ltd.


QCM’s Global Diversified Programme (GDP)

QCM &benchmark

Wealthincreasefrom Dec

1995

Wealthincreasefrom Feb

2005

QCM GDP + 598% + 173%

HFR Index + 265% + 33%

CSFB/Tre + 170% + 31%

JPM Global +141% +35%

S&P 500 +107% -1%

FTSE 100 +27% -11%

DAX 30 +172% +43%

CAC 40 +117% +2%

NIKKEI 225 -41% -4%

MSWI World +70% +7%

*QCM GDP enhancements implemented in February 2005

Source of CSFB/Tremont Index Monthly Data: CSFB/Tremont, Source of HFRI Index Monthly Data: HFR, Source of S&P 500 Monthly Data: Bloomberg, Source: of QCM data: Quality Capital Management Ltd. Past performance is not areliable indicator of future results. Strategy and performance may vary between the QCM GDP fund and the DB Platinum IV QCM GDP Index Fund. Potential investors should not rely on the performance data of the QCM GDP fund whenmaking a decision to invest in the DB Platinum IV QCM GDP Index fund.

Wealth Creation from inception to Mar 2010 (in USD)


Ability to design bespoke systematic funds

SyntheticReplication

DirectInvestment

Third PartyManager

SecuritiesCash

FundUCITS IIISegregation of Assets

MarketTransaction

OTC

UCITSFund

Collateral PerformanceExposure

Collateral

Collateral

UCITS IIICollateralSegregation of Assets

Exposure

SecuritiesCash

Fund

Portfolio

UCITS IIISegregation of AssetsThird party management

Asset Allocation

Manager

Portfolio


Content

1 db funds

2 Our funds

3 www.funds.db.com

4 Contacts


www.funds.db.com

www.funds.db.com is an intuitive andaccessible portal that aims to cater for allyour investment resource needs

An easy to navigate sitethat enables you to:

- find out more about us and ourrange of funds

- access fund specific informationand view key performance data

- download key fund data and materials- utilize useful tools that aim to help youanalyze your investment choices

Overview


Content

1 db funds

2 Our funds

3 www.funds.db.com

4 Contacts


Frankfurt: +49 69 910 34393

Contacts

www.funds.db.com

db funds

London: +44 207 547 8699

Zurich: +41 44 227 3752


CROCI DisclaimerDeutsche Bank’s Cash Return On Capital Invested (CROCI®) valuation metric attempts to transform an accounting return to an economic return.Cash flows are calculated on an operating (pre-exceptional) basis and compared to the 'real' (economic) invested capital in a business. The lattermay include items such as R&D or brands that cannot appear on a balance sheet under current accounting standards. A judgement on currentshare price valuation can be made by comparing the current and expected Cash Return On Capital Invested with the true asset multiple of thecompany, sector or region. CROCI charts show the results of our calculation and include annual returns, the real invested capital base on anannualised basis, and the valuation of the company, again on an annualised basis. If you require any further information on our methodology,please contact [email protected]. CROCI® is a registered trade mark of Deutsche Bank AG in certain jurisdictions. Deutsche Bank AGreserves all of its registered and unregistered trade mark rights.

mailto:[email protected]


DisclaimerThe information herein is believed to be reliable and has been obtained from sources believed to be reliable, but we make no representation orwarranty, express or implied, with respect to the fairness, correctness, accuracy reasonableness or completeness of the information andopinions. We have no obligation to update, modify or amend this publication or to otherwise notify a reader in the event that any matter statedherein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation isprovided for information purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security, nor to enter into any agreementor contract with Deutsche Bank AG or any affiliates. Any offering or potential transaction that may be related to the subject matter of thispresentation will be made by a separate and distinct documentation and in such case the information contained herein will be superseded in itsentirety by such documentation in final form. Any terms and conditions of any offering or transaction discusses herein are subject to changewithout notice.

In addition, because this presentation is a summary only, it may not contain all material terms, this presentation, in and of itself should not formthe basis for any investment decision. This presentation has not been approved for distribution to, or for the use of, private customers as definedby the rules of the UK’s Financial Services Authority. Financial instruments that may be discussed herein may not be suitable for all investorsand any investors must make an independent assessment of the appropriateness of any transaction in light of their own objectives andcircumstances, including the possible risks and benefits of entering into such a transaction. We are not acting and do not purport to act in anyway as an advisor or in a fiduciary capacity. We therefore strongly suggest that potential investors seek their own independent advice in relationto any legal, tax, accounting or regulatory issues relating to the matters discussed herein. By accepting receipt of this presentation the readerwill be deemed to represent that they possess, either individually or through their advisor, sufficient investment expertise to understand the risksinvolved in any purchase or sale of any security, referenced herein. If a financial instrument is denominated in a currency other than aninvestor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from, the financial instrument,and any investor in that financial instrument effectively assumes currency risk. Prices and availability of any financial instruments described inthis presentation are subject to change without notice. Analyses contained herein maybe based on assumptions that if altered can change theopinions expressed herein. Furthermore, past performance is not necessarily indicative of future results and nothing contained herein shallconstitute any representation or warranty as to future performance of any financial instrument, credit, currency, rate or other market or economicmeasure.

In the United Kingdom this presentation is approved and/or communicated by Deutsche Bank AG London, a member of the London StockExchange. In the U.S. this presentation is approved and/or distributed by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, theNFA and SIPC. This presentation is distributed in Hong Kong by Deutsche Bank AG, Hong Kong Branch. This presentation is distributed inKorea by Deutsche Securities Korea Co. This presentation is distributed in Singapore by Deutsche Bank AG, Singapore Branch. Thispresentation and the information contained herein is confidential and may not be reproduced or distributed in whole or in part without our priorwritten consent.

Copyright© 2010 Deutsche Bank AG

db funds master may 2010 ver 5

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