DWS Global EquityAgribusiness Fund

Investing in a global megatrend:

The business of feeding the world

Responsible entity and registered address

Deutsche Asset Management (Australia) LimitedABN 11 076 098 596Level 21/83 Clarence StreetSydney NSW 2000www.am.australia.db.com

How to contact us

Please call your Financial Adviser or contact our client services team

By telephone between 8.30am and 5.30pm (Sydney time)Monday to Friday: Toll Free on 1800 034 402By facsimile: (02) 9249- 9445By email: cltserv@db.com

Financial Advisers can contact Deutsche Adviser Services

By telephone between 8.30am and 5.30pm (Sydney time)Monday to Friday: Toll Free on 1800 678 519By email: advserv@db.com

Soaring Global Population 4

Rising Incomes, Better Food 5

Limited Resources 6

Agribusiness – A Global Megatrend 8

Portfolio 9

Evaluation Process 10

Fund Details 11

Contents

112

Sector Allocation

COUNTRY HOLDINGS IN PERCENT*:

USA 24%

Germany 11%

India 8%

Switzerland 7%

Israel 6%

Norway 5%

Singapore 5%

Australia 2%

Brazil 3%

Netherlands 3%

China 3%

Russia 4%

Japan 4%

Canada 5%

Malaysia 2%

Hong Kong 2%

Denmark 2%

Peru 2%

Turkey 2%

MSCI SECTOR HOLDINGS IN PERCENT*:

Water 2%

Agritech 5%

Health Care 3%

Financials 4%

Retail 5%

Industrials /Equipment 19%

Materials / Fertilizer /Additives 27%

Consumer goods / Land /Aquaculture 35%

*Fund holdings and sector breakdowns as at 31 January 2007 based on existingDWS Global Agribusiness Fund managed by DWS Investments.

11

DWS Global Equity Agribusiness FundThe fund in brief

2

The DWS Global Equity Agribusiness Fund will provide investors with exposureto an actively managed portfolio of global agribusiness companies. The Fund seeksinvestments in all parts of the food production-to-consumption value chain viastakes in listed companies worldwide including those involved in land andplantations, seeds and fertilisers, equipment manufacturing for planting andharvesting, crop protection, water and irrigation, aquaculture, bio fuels, themarketing and sales of agricultural and food products, and climate services.

Why invest in the DWS Global Equity Agribusiness Fund?

The Fund offers:

■ access to a global dynamic sector that represents one of the fastest growingsegments of the global commodities market and participates in the entireagribusiness value chain

■ access to dedicated and experienced global specialists within the broaderglobal thematic equities team

■ the ability to exploit the benefits of long term cashflow analysis■ an investment team with an established and proven investment process

with detailed fundamental research within a risk controlled framework.

Fund details

■ Investment objective To provide access to an actively managedportfolio of global agribusiness stocks invarious sectors such as agrochemicals,biotechnology and food processing

■ Income potential Low

■ Growth potential High

■ Volatility High

■ Primary investment universe MSCI World Index

■ Launch date March 2007

■ Suggested investment period 3 – 5 years

■ Typical number of stocks 40 – 80

■ Entry and exit fee Nil

■ Minimum investment amount $25,000

■ Investment management fee 0.90% pa (capped), inclusive of GST

■ Buy/sell spread +0.20/-0.20%

■ Distribution Frequency Half yearly after 30 June and 31 Decembereach year

■ APIR code MGL0019AU

Some Food For Thought...Evaluation ProcessSelecting the freshest stock picks

When constructing an agribusiness portfolio, there are a wide assortment ofsectors from which value can be derived.

10 3

SCREEN

Identify stocksfor companiesinvolved anywherealong the global foodproduction chain

SHORTLIST

Filter a large universeof such stocks andbring it down to aselection to activelyinterview and analyse

EVALUATE

Perform stress testson the shortlistbefore the finaladmission of thechosen stocksinto the portfolioconstruction process

FINAL PORTFOLIO

About 40 to 80 stocks will be chosen for inclusion into the portfolio possessingcharacteristics as follows:

■ strong market position■ favourable balance sheet ratios■ strong management■ clear corporate strategy■ good corporate governance

There are now 80 million new mouths to feed every year3.

By 2030, the United Nations estimates that demand for

agricultural products will be about 60% higher than today4.

Rising income in developing markets is creating an

increase in annual protein intake of 11% to 15%5.

In 2030, China’s meat consumption will be more than

double the 1997 levels of 41kg per person6.

We now have about half the arable land per person that

we had 40 years ago7.

3. Population Reference Bureau (PRB) World Population Clock 2006 Datasheet4. http://www.fao.org/english/newsroom/news/2002/8280-en.html5. CBA, Commonwealth Research, 20056. SOW-VU website (http://www.sow.vu.nl) (Centre for World Food Studies Amsterdam),

Brief: China’s rapidly growing meat demand: a domestic or an international challenge?7. United Nations Food and Agricultural Division: Dimensions of need: An atlas of food and agriculture.

Rome, FAO, 1995. p. 16-98

The DWS Global Equity Agribusiness Fund invests in that most basic human need: food.

That’s not new, but our idea to invest along all parts of the agribusiness chain is unique. We are the first tolook all the way from land and plantation owners to seeds, fertilizer, planting, harvesting, irrigation, foodprocessing, manufacturing, and distribution.

We base investment ideas oncircumstances that are not justprobable, but inevitable. Globalpopulation growth, the effects ofclimate change, a subsequent shortageof arable land and the increase indemand for food all fit in that category.In addition, it’s easy to conclude thatthe developing countries will eat betteras they grow richer. These factorsmean that companies along the chaincould potentially do well.

That’s why we’re looking at this universeof companies and sifting out our toppicks. Our scope is so wide, and thecompanies we consider are from sucha wide array of sectors that investorscould potentially be protected frommarket fluctuations such as interestrate hikes, and hence could potentiallyreduce their investment risks.

Soaring Global PopulationIncreasing demand with limited resources

The world’s population is set to soardramatically in the next century. TheUnited Nations estimates that the globalpopulation will expand to 9.3 billionpeople by 2050, from 6.3 billion in 2004,driven mainly by the population boomin the emerging markets in Asia, Africaand Latin America.

This creates tremendous pressure onprecious resources such as arable land,water, energy and biological assetsto feed the world’s population, whichis increasing at a rate of 80 millionpeople a year.

Moreover, global warming is causingextreme temperatures and adverseweather conditions, putting a furtherstrain on food supply.

PortfolioInvesting in the changing global appetite

4 9

The human race has

more than tripled in

the last 100 years.

This trend is expected

to continue – driven

by developing regions

such as Asia, Sub-

Continent South

America and the

Middle East

12

10

8

6

4

21950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

Year

Pop

ulat

ion

(bill

ions

)

10.9 billion

9.3 billion

7.9 billion

Estimates (to 1995)High variant projectionMedium variant projectionLow variant projection

Source: United Nations Population Division Issues ‘World Population Prospects:The 2000 Revision’

1 5 10 15 20 25 30 35 40 45 50Income per capita ($US 000s)

gram

s/da

y

INCOME & EXTRA FOOD INTAKE*

(*incremental protein)

US$ 2000 – US$ 5000Income per capita

Source: CBA, Commonwealth Research

Rising Incomes, Better FoodHigher protein consumption

Global meat production

increased more than

fivefold since 1950 and

has more than doubled

since the 1970s10

Agribusiness

– A Global Megatrend

The following areas along the entire food supply chain could offer promising

investment opportunities:

■ Land property companies are expected to take advantage of booming land prices due to the scarcity of arable land.

■ Agrichemicals will be seeing an increased demand to produce more effectivepesticides for crop protection.

■ Biotechnology will play a large part in achieving increased yields by producingcrops of better quality that are more weather and pest resistant.

■ Agro-Technology will be needed to supply agricultural machinery, water systemsand other infrastructure to increase yields.

■ To meet the increasing demand for higher protein foods of the developing markets, livestock and aquaculture production is expected to grow significantly.

■ Soft commodities like coffee, sugar, cocoa and fruit are set to boom from increased demand and changing consumption patterns.

■ Demand for biofuels such as biodiesel made from palm oil and bioethanol frompotatoes, sugar, corn or wheat will be driven by higher oil prices.

■ Due to climate change agrometeorology expertise will be needed to providefarmers with more accurate weather information and warning systems.

Put simply, agribusiness is the business of feeding the world. It includes theentire spectrum of businesses related to food production – from planting to thedistribution and sales of the end product.

LAND USE EFFICIENCY – USABLEPROTEIN YIELD PER ACRE FROM

DIFFERENT FOODS

Soybeans (356)

Rice (261)

Corn (211)

Other legumes (192)

Wheat (138)

Milk (82)Eggs (78)

Meat(all types 45)

Beef (20)

0

50

100

150

200

250

300

350

400

Pou

nds

of U

sabl

e P

rote

in

Source: USDA; FAO/WHO/UNICEFProtein Advisory Group (2004)

8 5

With the world’s rapidly growingeconomies like China and India surgingahead, higher incomes, demographicchanges, improved infrastructure andincreasing consumer quality awarenesswill influence global eating habits.As people become wealthier, higherprotein foods will be consumed.

Studies have shown that theincremental protein consumption islargest when income levels arebetween US$2,000 and US$5,000 percapita. This is not just extra food, butmore specifically, an increase in meatand other proteins. While the absoluteincome per capita remains low, thegrowth rate of income levels is fastgrowing in developing countries. Eightyper cent of the world’s population fallsin the less than US$3,465 per annumincome bracket. This potential demandfor protein consumption is tremendous8.

Meat, especially beef, is the mostresource-costly form of food. In termsof usable protein yields per acre of land,wheat can feed about seven times morepeople than beef can. lt also takes about100 times more gallons of water toproduce a pound of beef than a poundof wheat9.

The Food Supply Chain

Resource Owners

Farming(land, plantation& harvesting)

Seed andfertiliser supply

Agrichemicals

Facilitators

Farm andinfrastructuremachinery/equipment

Logistics

Banks

Value Adders

Wholesale

Distribution

Processingagricultural products

Collectors &

Distributors

Processed food& meat

Marketing and sales

Other related services,e.g. climate advisory

Cereal prices,

particularly for wheat

and maize, have

reached levels not seen

for a decade14

80% of increased

crop production in

developing countries

will have to come from

intensification: higher

yields, increased

multiple cropping and

shorter fallow periods15

4

8

12

16

0

8. Income Group Classification: World Bank 2006, CIA, The World Factbook 2006, CBA 20059. Diet for a New America: How Your Food Choices Affect Your Health, Happiness and the Future of Life on

Earth by John Robbins (1987)10. http://www.worldwatch.org/node/3893, State of the World 2006 report

14. http://www.fao.org/newsroom/en/news/2006/1000459/index.html15. http://www.fao.org/docrep/004/y3557e/y3557e08.htm

Limited ResourcesGrowing need for higher productivity

6 7

How will the world meet

the challenges facing food production?

“The race is on not only to feed the world, but also to produce

more quality food to meet the changing nutritional needs

of an increasingly affluent population.”Bill Barbour,

Investment Specialist, Deutsche Asset Management

As the global population continues to grow, so too will the demand for food.However, due to diminishing water resources, unplanned urbanisation, and theeffects of growing affluence in the emerging markets, the amount of arable landavailable is set to decline steadily. In order to meet these challenges and keeppace with the demand, higher efficiency in food production is imperative. Thisnecessitates improved farming methods, biotechnology and use of agrochemicalsto increase yields as well as the quality and resistance of food crops.

The arable land per person is predicted to decrease independent of the variouspopulation growth scenarios13.

By 2025, it’s estimated

that between 600

million and 986 million

people will be living

in countries where

cultivated land is

critically scarce11

Arable land is being

lost at 30-35 times

the historical rate12

Rapid population growth is leading to a swelling demand for food.This, coupled with increased consumption of proteins by theemerging giants like China and India, are putting tremendouspressure on farmland and water resources. There is unmistakablya desperate need to maximise farmland potential not only throughimproving the productivity of land but also through improving thequality of its produce. This entails maximising efficiency at everystage of the food supply chain – from farm to fork.

■ Land &water scarcity

Rising Prices for Agricultureand Food related Products?

GrowingGlobal Population

Rising Income

■ Strongest populationgrowth in Asia

■ Urbanisation

■ Increase inlife expectancy

■ Increasing demand forhigh-protein food...

■ Declining yield

■ Changing weather& increasing pollution

■ ...and "healthy"quality food (organic)

LimitedResources

All these factors contribute to the enormous potential of theglobal agribusiness industry.

Agribusiness – a global megatrend

11. http://www.populationaction.org/resources/factsheets/factsheet_13.htm12. http://www.unep.org/Documents.multilingual/Default.asp?DocumentID=135 &ArticleID=256413. United Nations Population Division Issues ‘World Population Prospects: The 2000 Revision’.

*Based on UN Population Division’s low,medium and high population projectionsSource: UN Population Division, FAO (1995)

0.5

0.4

0.3

0.2

0.1

0

1950 2050*70 90

Hectares

ARABLE LAND PER CAPITA

Low

Med

ium

Hig

h

The DWS Global Equity Agribusiness Fund invests in that most basic human need: food.

That’s not new, but our idea to invest along all parts of the agribusiness chain is unique. We are the first tolook all the way from land and plantation owners to seeds, fertilizer, planting, harvesting, irrigation, foodprocessing, manufacturing, and distribution.

We base investment ideas oncircumstances that are not justprobable, but inevitable. Globalpopulation growth, the effects ofclimate change, a subsequent shortageof arable land and the increase indemand for food all fit in that category.In addition, it’s easy to conclude thatthe developing countries will eat betteras they grow richer. These factorsmean that companies along the chaincould potentially do well.

That’s why we’re looking at this universeof companies and sifting out our toppicks. Our scope is so wide, and thecompanies we consider are from sucha wide array of sectors that investorscould potentially be protected frommarket fluctuations such as interestrate hikes, and hence could potentiallyreduce their investment risks.

Soaring Global PopulationIncreasing demand with limited resources

The world’s population is set to soardramatically in the next century. TheUnited Nations estimates that the globalpopulation will expand to 9.3 billionpeople by 2050, from 6.3 billion in 2004,driven mainly by the population boomin the emerging markets in Asia, Africaand Latin America.

This creates tremendous pressure onprecious resources such as arable land,water, energy and biological assetsto feed the world’s population, whichis increasing at a rate of 80 millionpeople a year.

Moreover, global warming is causingextreme temperatures and adverseweather conditions, putting a furtherstrain on food supply.

PortfolioInvesting in the changing global appetite

4 9

The human race has

more than tripled in

the last 100 years.

This trend is expected

to continue – driven

by developing regions

such as Asia, Sub-

Continent South

America and the

Middle East

12

10

8

6

4

21950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

Year

Pop

ulat

ion

(bill

ions

)

10.9 billion

9.3 billion

7.9 billion

Estimates (to 1995)High variant projectionMedium variant projectionLow variant projection

Source: United Nations Population Division Issues ‘World Population Prospects:The 2000 Revision’

Some Food For Thought...Evaluation ProcessSelecting the freshest stock picks

When constructing an agribusiness portfolio, there are a wide assortment ofsectors from which value can be derived.

10 3

SCREEN

Identify stocksfor companiesinvolved anywherealong the global foodproduction chain

SHORTLIST

Filter a large universeof such stocks andbring it down to aselection to activelyinterview and analyse

EVALUATE

Perform stress testson the shortlistbefore the finaladmission of thechosen stocksinto the portfolioconstruction process

FINAL PORTFOLIO

About 40 to 80 stocks will be chosen for inclusion into the portfolio possessingcharacteristics as follows:

■ strong market position■ favourable balance sheet ratios■ strong management■ clear corporate strategy■ good corporate governance

There are now 80 million new mouths to feed every year3.

By 2030, the United Nations estimates that demand for

agricultural products will be about 60% higher than today4.

Rising income in developing markets is creating an

increase in annual protein intake of 11% to 15%5.

In 2030, China’s meat consumption will be more than

double the 1997 levels of 41kg per person6.

We now have about half the arable land per person that

we had 40 years ago7.

3. Population Reference Bureau (PRB) World Population Clock 2006 Datasheet4. http://www.fao.org/english/newsroom/news/2002/8280-en.html5. CBA, Commonwealth Research, 20056. SOW-VU website (http://www.sow.vu.nl) (Centre for World Food Studies Amsterdam),

Brief: China’s rapidly growing meat demand: a domestic or an international challenge?7. United Nations Food and Agricultural Division: Dimensions of need: An atlas of food and agriculture.

Rome, FAO, 1995. p. 16-98

Soaring Global Population 4

Rising Incomes, Better Food 5

Limited Resources 6

Agribusiness – A Global Megatrend 8

Portfolio 9

Evaluation Process 10

Fund Details 11

Contents

112

Sector Allocation

COUNTRY HOLDINGS IN PERCENT*:

USA 24%

Germany 11%

India 8%

Switzerland 7%

Israel 6%

Norway 5%

Singapore 5%

Australia 2%

Brazil 3%

Netherlands 3%

China 3%

Russia 4%

Japan 4%

Canada 5%

Malaysia 2%

Hong Kong 2%

Denmark 2%

Peru 2%

Turkey 2%

MSCI SECTOR HOLDINGS IN PERCENT*:

Water 2%

Agritech 5%

Health Care 3%

Financials 4%

Retail 5%

Industrials /Equipment 19%

Materials / Fertilizer /Additives 27%

Consumer goods / Land /Aquaculture 35%

*Fund holdings and sector breakdowns as at 31 January 2007 based on existingDWS Global Agribusiness Fund managed by DWS Investments.

Deutsche Bank’s Asset Management division is proud to introduce

the DWS Global Equity Agribusiness Fund – the first of

its kind in Australia – offering investors an opportunity to participate

in the business of feeding the world. This is the first in a series

of innovative global funds managed by DWS Investments which

are planned for release in Australia.

DWS Investments is the mutual fund arm of Deutsche Bank’s

Asset Management division. Founded in Germany in 1956, DWS

Investments is the largest mutual fund company in Germany1 and

among the top ten players globally2 in terms of assets under

management. Leading positions in rankings of independent fund

rating agencies, and consistently awarded prizes confirm the

sustainable success and outstanding performance of DWS

Investments. In Germany in 2006, DWS Investments won the

Standard & Poor's Fund Award in the "Larger Groups" category

for 12 consecutive years.

Disclaimer

Issued by Deutsche Asset Management (Australia) Limited ABN 11 076 098 596 Australian Financial ServicesLicence Holder. This is not an offer of securities or financial products, nor is it financial product advice. TheFund/s referred to are issued by Deutsche Asset Management and Product Disclosure Statement/s can beobtained from www.am.australia.db.com or by calling Deutsche Client Services on 1800 034 402. Youshould consider the relevant Product Disclosure Statement in deciding to acquire or to continue to hold aproduct referred to. As this document has been prepared without taking account of your objectives, financialsituation and needs, you should consider its appropriateness having regard to your objectives, financial situationand needs.

An investment in the Fund/s is not a deposit with or any other type of liability of Deutsche Bank AG ARBN064 165 162, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche BankAG Group and the capital value of and performance of an investment in the Fund/s is not in any way guaranteedby Deutsche Bank AG, Deutsche Asset Management (Australia) Limited or any other member of the DeutscheBank AG Group. Investments are subject to investment risk, including possible delays in repayment and lossof income and principal invested.

Although non-Fund specific information has been prepared from sources believed to be reliable, we offer noguarantees as to its accuracy or completeness. Past performance is not an indicator of future results. Anyperformance forecasts are not promises of future performance and are not guaranteed. Opinions expressedmay change. All dollars are Australian dollars unless otherwise specified. All indices are copyrighted by andproprietary to the issuer.

1. BVI, as of December 20062. Strategic Insight, FERI FMI, ITA as of December 2006, and AAM as of June 2006

DWS Global EquityAgribusiness Fund

Investing in a global megatrend:

The business of feeding the world

Responsible entity and registered address

Deutsche Asset Management (Australia) LimitedABN 11 076 098 596Level 21/83 Clarence StreetSydney NSW 2000www.am.australia.db.com

How to contact us

Please call your Financial Adviser or contact our client services team

By telephone between 8.30am and 5.30pm (Sydney time)Monday to Friday: Toll Free on 1800 034 402By facsimile: (02) 9249- 9445By email: cltserv@db.com

Financial Advisers can contact Deutsche Adviser Services

By telephone between 8.30am and 5.30pm (Sydney time)Monday to Friday: Toll Free on 1800 678 519By email: advserv@db.com