db funds

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

db funds’ 360°UCITS PlatformFocus on Tactical Trading Funds

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

December 2010

db funds 360°UCITS December 2010 · page 2

Content

3 How to invest

4 Contacts

2 Why invest in Tactical Trading Funds

1 db funds 360°UCITS Platform


Content



3 How to Invest

4 Contacts


db funds 360°UCITS platform

The best of both worlds…

We are responsible for providing investors with access to innovative, proven alternative strategies in a regulated UCITS fund format. We leverage the risk management, prime brokerage and managed account platform expertise of Deutsche Bank to offer a range of UCITS compliant managers implementing various alternative strategies in a regulated and highly transparent environment. We attach great importance to transparency, liquidity and cost efficiency.


Organisational structure

Asset Management

Global Banking

Global Markets PWMPrivate &

Business Clients

DB Platinum Advisors

Management

Company*

SalesTradingResearch & Structuring

DBIQ

Over 200 structuring and 600 research

analystsOver 1500 sales people

Over 600 trading specialists' covering

all main asset classes

A strong team with over 40 professionals

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 12.79 Bio AuM (for all db funds as of 31 October 2010)

Over 60 Funds available for investment

1

2

4

6

7

3

5


What does a UCITS fund require?

Asset Management

Custody

Fund Administration

Transfer Agent

Umbrella (corporate / trust)

Compartment 1

EU Equity

Share Class A

Distribution

Share Class B

Capitalisation

Compartment 2

US Bonds

Share Class A

Distribution

Share Class B

US Hedge

Compartment 3

Mixed Equity, Bonds...

Share Class A

No Front Load

Share Class B

JPY

ReportingMiddle Office

RiskManagement Compliance

Legal structure example

Operational & regulatory infrastructure


db funds

Service providers

KPMG(+ other local) Tax Advisers

KNEIPData Vending

State Street Global Advisors

Investment management

RBC DexiaAdministration,

Custody

DB Platinum Advisors

Management

Ernst & YoungAudit

Linklaters(+ other local)Legal Advisors

BONYCollateral

Management

Please note that the service providers may differ for different funds


Liquidity

360°UCITS – a fully integrated platform

Bespoke Funds

Efficiency

Transparency

Global reach

Infrastructure

360°UCITS

Managed Accounts & Global Prime Finance

UCITS IIIPlatform

Custodian & Administrator

Manager


Implementation: two possible structures

Synthetic replication

OTC

UCITSFund

Collateral Performance

Exposure

Collateral

Collateral

UCITS III

Collateral

Segregation of Assets

Exposure

Direct replication

Securities/ swap

Cash

UCITSFund

Portfolio

UCITS III

Segregation of Assets

Market Transaction

Market


Synthetic replication

Managers engaged as advisors – they receive management and performance fees

Managed Account A

Managed Account B

Managed Account Z

Managed Account C

Each Managed Account is legally a segregated portfolio company – managers cannot transfer money out of a Managed Account

Managers’ returns can be represented by indices that reflect their performance – indices are independently calculated by DBIQ

Managers’ returns are accessed individually or as a portfolio

db funds issues a UCITS compliant fund

FinancialIndices/Baskets

Manager A

Manager B

Manager Z

Manager C

UCITS Fund

Manager Index 1

Manager Index 2

Manager Index 100

Manager Index 3


Case study: how to set up a UCITS fund of managed futures & options

The managed futures & options UCITS fund will be set up as follows:

The fund will receive the exposure of a portfolio of trades / positions from Deutsche Bank DB post securities as collateral to ensure compliance with the UCITS counterparty exposure limits DB will provide daily liquidity and valuations to the Fund DB structure the fund and DB Platinum Advisors manage it via third-party service providers Benefits: Cash efficiency, margin / credit efficiency, low operational cost/fees

UCITS III compliant

Collateralised

Segregated assets Underlying exposure

Diversified collateral pledged

Swap transaction

Payment

Fund

F&Oportfolio

Collateral


Fund

Transfers collateral securities

SegregatedCollateral

Daily valuation, management & monitoring

Enters into swap transaction

Collateral Manager

Collateral Management – DB Platinum Funds

The counterparty risk is fully collateralised with UCITS-compliant securities

The collateral manager operates daily adjustments to the collateral in order to fully collateralise

the counterparty risk

The securities are held in segregated accounts of the fund

The market risk of the transferable securities is held by Deutsche Bank


db funds Launch Date

Equity Long/Short

Tosca Mid Cap Equity Fund May 2010

Commodities

Hermes Enhanced Beta Commodity Fund Mar 2010Hermes Absolute Return Commodity Fund Mar 2010

Currency

FX Concepts Global Currency Fund Jun 2009

CTA

QCM GDP Index Fund May 2010

AuM

USD 20,854,549.70

EUR 46,343,979.33

USD 12,529,453.35USD 13,266,554.73

GBP 35,690,454.39

dbX Systematic Alpha Index Fund Jun 2010USD 182,110,169.58

Our 360°UCITS funds

*Source: db funds, as of 31.10.2010

Single managers

CTA/Macro

db X-MACRO Trading Index Fund Apr 2009USD 105,284,128.79

Multi manager sub-strategies

AIMhedge Index Fund Aug 2010EUR 48,552,960.60


Content


Contacts


3 How to Invest

4


Tactical Trading Funds PrimerGlobal macro and managed futures funds main characteristics

Access to a wide range of investment opportunities

Allocate risk capital in an unconstrained way

Attempt to generate strong risk-adjusted returns

Highly flexible

Managed Futures Global MacroOnly trade futures and options on regulated exchanges, and currencies on OTC markets

Use a more diverse range of instruments

Quantitative approach Fundamental-oriented approach

Systematic quantitative approach Discretionary approach

Aim to make a little from each of a large number of opportunities

Seek to make the most out of a few opportunities

Major differences exist between global macro and managed futures funds


Tactical Trading Funds Primer

Main reasons for increased popularity of tactical trading strategies

Good tool for diversification, strong returns and high potential for downside protection

Low to negative correlation to most traditional asset classes and endeavour to be absolute return generators Liquid portfolios and flexibility to invest across all asset classes

X

Strong performance during crisis

* Source: Bloomberg September 2010. Past performance is not a reliable indicator of future performance.** Inflows into these strategies from January 2000 to March 2010 underscore this point – AUM increased by 5.5 times for managed futures funds and by thirteen times for global

macro funds during this period.

Consequently these strategies have attracted significant interest in the last decade from sophisticated investors**

Increasingly, tactical trading strategies are perceived as an asset class in their own right

Period Dow Jones Credit Suisse Global Macro

Index

Dow Jones Credit Suisse Managed

Futures Index

MSCI World Index

Events

Sep 2007 – Mar 2009 6.0% 24.9% -50.7% Credit crisis

Apr 2000 – Dec 2002 52.5% 30.1% -44.7%Bursting of tech bubble; corporate frauds

Jan1994 – Dec 1994 -5.7% 12.0% -18.7%Federal Reserve raises interest rates


Why Invest in Tactical Trading FundsTactical trading strategies as a source of return

The CISDM Global Macro index has risen nearly 800% since it

started in 1990

Global Macro has been the best performing of the 10 Dow Jones Credit Suisse Hedge Fund Strategies since 1994

DJ CS Global Macro index has increased in value by 577% since January 1994

This pattern of outperformance can be traced back to the 1980s: the HFRI Macro Index (including both managed futures and global macro) has surpassed the MSCI World equity Index by nearly 10% a year since 1989

Since 1980 managed futures funds have made multiples of what equities have made in the same period

And this is not just due to the “lost decade” for equities as it is also the case when the equity bull markets of the 1980s and 1990s are included

World equities were up by a factor ten over these 30 years but managed futures funds multiplied by more than a factor of 50

CISDM Managed Futures Index vs. MSCI World Total Return Index (both rebased to 100 as of Jan1980)*

CISDM Global Macro Index vs. MSCI World Total Return Index (both rebased to 100 as of Dec1989)*

*Sources: Bloomberg September 2010. Past performance is not a reliable indicator of future performance.


Why Invest in Tactical Trading FundsLow to slightly negative correlation with both alternative and traditional investment strategies

CISDM Equally Weighted CTA and CISDM Global Macro Indices: correlation coefficients against other asset classes*

Even diversified vehicles, such as funds of hedge funds, would have derived substantial diversification gains by allocating to tactical trading funds

When adding tactical trading funds to a diversified portfolio, investors can benefit from a decrease in volatility

Performance of BTOP 50 and CISDM Macro Indices over the Worst Ten Quarters of the HFRI Fund Weighted Hedge Fund Index**

*Sources: all Bloomberg. All data between January 1990 and May 2010 except for LPX Buyout Index, which started January 1998. CTA: CISDM Equal-Weighted CTA. Macro: CISDM Global Macro. Equities: MSCI World TR Index. Bonds: JPM Bond Index Global . Commodities : S&P GSCI TR Index. Private Equity: LPX Buyout Index. Past performance is not a reliable indicator of future performance.

**Source: Bloomberg September 2010. The table compares two specific hedge fund strategy indices against a broad hedge fund index that contains a wide spread of hedge fund strategies (the HFRI Fund Weighted Index). Past performance is not a reliable indicator of future performance.

3Q 1998

3Q 2008

4Q 2000

3Q 2002

1Q 2008

4Q 1997

4Q 1994

2Q 1998

2Q 2000

1Q 1994

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

HFRI Fund Weighted Index

BTOP 50 Index

CISDM Macro Index

CTA Macro Equity Bonds Commo-dities

Private Equity

CTA 1

Macro 0.26 1

Equity -0.10 0.36 1

Bonds 0.23 0.11 0.25 1

Commo-dities

0.18 0.08 0.17 0.12 1

Private Equity

-0.24 0.18 0.69 -0.18 0.25 1


Why Invest in Tactical Trading Funds

Multiple layers of regulatory supervision and cost efficient futures markets

REGULATION

Trade on regulated exchanges

Clearing houses

UCITS III framework

Regulated by the CFTC

COST EFFICIENCY

Smaller bid-offer spreads

Lower transaction

fees

Cheap leverage

Only margin calls required


CTA / Macro

db funds360°UCITS Managers


Performance History (17.04.09 – 29.10.10)*

db X-MACRO Trading Index Fund

UCITS III compliant

Open ended with weekly liquidity at NAV

Investment policy:

- Typically trades in global financial, currency and commodity futures and options markets, thereby taking a range of investment approaches from systematic to discretionary

- The investment case is the potential for de-correlation to downward trending markets and improved portfolio risk/return profile, through investment in liquid instruments diversified geographically and across asset classes.

Fund terms

*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns.

8,500

9,000

9,500

10,000

10,500

Apr 09 Aug 09 Nov 09 Mar 10 Jul 10 Oct 10

dbX-Macro Trading Index Fund I1C

HFRXM Macro Index (HFRXM Index)

Performance since launch (17.04.09 - 29.10.10)*

Performance YTD 6M (Returns) 1Y (Returns)Since Launch

(Annualised Returns)Annualised Vol since

Launch

dbX-Macro Trading Index Fund I1C 3.86% -0.40% 4.98% 0.68% 7.63%

HFRXM Macro index -2.02% -1.85% -2.20% -6.39% 5.90%


db X-MACRO Trading Index Fund Key facts

Issuer DB Platinum, Luxembourg UCITS IIIShare Class Institutional

WKN A0RNNT A0RNNU A0RNNWISIN-Code LU0412903667 LU0412903824 LU0412904558Share Classes I1C I2C I4DCurrency USD EUR GBPUpfront Fee 0.00% 0.00% 0.00%

Management Fee p.a. 0.50% 0.50% 0.50%

Fixed Fee p.a. 0.15% 0.15% 0.15%Taxe d’Abonnement p.a. 0.01% 0.01% 0.01%

All-in Fee (TER) 0.66% 0.66% 0.66%

Minimum Subscription 1 share 1 share 1 share

Initial Issue Price $ 10,000 € 10,000 £ 100 Launch Date 17.04.2009 17.04.2009 20.10.2009Transaction Day (T) Weekly, on TuesdaySubscription Cut-off 2:00 p.m. CET (T-2)Settlement T+5Maturity No maturity



AIMhedge Index Fund

UCITS III compliant

Open ended with daily liquidity

Investment policy:

- employs a proprietary, systematic strategy incorporating models that are computer-driven and fully automated

- disciplined systematic investment strategy that incorporates a high degree of performance monitoring and active risk controls

- aims to generate returns uncorrelated to traditional asset classes

Fund terms


90

100

110

120

03 Aug 01 Sep 30 Sep 29 Oct

AIMhedge Index I1C

MSCI World Index Local Currency (NDDLWI Index)

DBIQ Global IG Sovereign Euro Hedged (DBSGEUHL Index)


Performance 1M (Returns) 3M (Returns) 6M (Returns) Returns Since LaunchAnnualised Vol since

Launch

AIMhedge Index I1C 6.73% - - 13.62% -

MSCI World Index Local Currency 2.85% 6.30% -0.45% 4.35% -

DBIQ Global IG Sovereign Euro Hedged -0.40% 1.27% 4.29% 1.04% -


AIMhedge trend recognition

Sellsignal, three fold confirmed

3 Step trend confirmation system

Classic moving average crossover Break out system New high

In order to prevent false signals we need a 3-fold confirmation of a buy or sell signal to take a long or short position in any market

Classic sell signal

Classic buy signal Classic sell

signal

Classic buy signal

slow Moving average

fast Moving average

Sell Zone

Buy Zone

Source: AIMhedge Management Ltd


AIMhedge Index Fund Key facts

Issuer DB Platinum, Luxembourg UCITS IIIShare Classes I1C I2CWKN A1C0CQ A1C1J7ISIN LU0515551710 LU0523203569 Currency EUR EURDistribution Capitalising CapitalisingManagement Fee 0.55% p.a 1.55% p.a.Fixed Fee 0.15% p.a. 0.15% p.a.Taxe d’Abonnement 0.01% p.a. 0.01% p.a.All-in Fee (TER)* 0.71% 1.71%

Initial Issue Price € 100 € 100

Launch Date 03.08.2010

Subscription Cut-off 3.00 p.m. CET (T-1)

Settlement T+4

Maturity No Maturity

Swap and Index Level FeesAIMhedge Performance Fee** 20.00% p.a.

Swap Administration Fee 0.49% p.a.

Collateral Fee 0.10% p.a.AIMhedge Management Fee 1.00% p.a.

* The TER is the sum of the Fund Management Fee, Fixed Fee and Taxe d’Abonnement. The Swap Administration Fee, AIMhedge Performance Fee and AIMhedge Management Fee are deducted from the closing index level** The AIMhedge Performance Fee is deducted from the closing level of the index on cumulative outperformance level subject to high watermark.



QCM GDP Index Fund

UCITS III compliant

Open ended with daily liquidity

Investment policy:

- diversified portfolio of transactions in currency, fixed income, equity and commodity markets

- employs its proprietary, systematic strategy incorporating models that are computer-driven and fully automated

- Low correlation to traditional asset classes

Fund terms

*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns

** For the purpose of this report, the MSCI Daily TR Net World levels in USD (US Dollar) have been converted to EUR (Euro) as base currency to make a comparison with the Fund possible

80

90

100

110

120

May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10

QCM GDP Index Fund I2C

MSCI Daily TR Net World (NDDUWI Index)

DBIQ Global IG Sovereign USD Hedged (DBSGUSHL Index)



Launch

QCM GDP Index Fund I2C 4.95% 13.60% - 11.41% -

MSCI Daily TR Net World 3.73% 9.17% 3.05% 7.69% -

DBIQ Global IG Sovereign USD Hedged -0.43% 1.16% 4.15% 3.42% -


The Manager: Quality Capital ManagementThe investment philosophy

Model-based systematic approach

Avoid emotional biases in decision-making Markets dictate appropriate models Maintain consistency in decision-making Alpha through well designed robust strategies

Innovative strategies

Differentiate through innovative strategies Out of box thinking Pursue skewed returns

Source: Quality Capital Management Ltd, as of May 2010

Market phenomena & opportunities

Capital flows resulting in macro price moves Short term market excesses leading to over and under-reactions Alpha generation from above Opportunities provided by relative shifts in asset prices

Sustainable investment strategies

Less reliance on general asset price appreciation/depreciation Agnostic to markets or time horizon; Reduce ‘binary’ approach of trading Allow wide margins of error with parsimonious modelling Make strategies endogenous without imposing views


QCM GDP Index FundKey facts

Issuer DB Platinum IV, Luxembourg UCITS IIIShare Classes I1C I2CWKN A0X99B A0X99CISIN LU0446855669 LU0446855743Currency EUR USDDistribution Capitalising CapitalisingManagement Fee 0.05% p.a. 0.55% p.a.Fixed Fee 0.15% p.a. 0.15% p.a.Taxe d’Abonnement 0.01% p.a. 0.01% p.a.All-in Fee (TER)* 0.21% 0.71%

Initial Issue Price € 100 $ 100

Launch Date 11.05.2010

Subscription Cut-off 3.00 p.m. CET (T-1)

Settlement T+4

Maturity No Maturity

Swap Level FeesQCM Performance Fee** 20.00% p.a.

Swap Administration Fee 0.49% p.a.

Collateral Fee 0.10% p.a.QCM Management Fee 1.00% p.a.

* The TER does not include the swap level fees.** The QCM Performance Fee is deducted from the closing level of the index on cumulative outperformance level subject to high watermark



dbX Systematic Alpha Index Fund

UCITS III compliant

Open ended with weekly liquidity at NAV

Investment policy:

- The Index reflects the exposure to global futures, forwards and options markets selected in accordance with the Winton Diversified Program.

- The Winton Trading Strategy is primarily trend-following, attempting to take advantage of the observable tendency of the markets to trend and to make exaggerated movements in both upward and downward directions

Fund terms


90

100

110

120

130

Jun 10 Jul 10 Aug 10 Oct 10

dbX Systematic Alpha Index I1C-U

MSCI Daily TR Net World (NDDUWI Index)

DBIQ Global IG Sovereign USD Hedged (DBSGUSHL Index)



Launch

dbX Systematic Alpha Index I1C-U 2.40% 8.01% - 6.31% -

MSCI Daily TR Net World 3.73% 9.17% 3.05% 18.02% -

DBIQ Global IG Sovereign USD Hedged -0.43% 1.16% 4.15% 1.73% -


The Strategy: Philosophy & risk management

Common philosophical approach based on 25 years experience in building systematic investment processes. “Kaizen” (continuous improvement) is a key feature.

Data driven approach avoids assumptions of how markets should function.

Emphasis on Risk Control and Transaction Cost Budget.

Awareness of risks of statistical “over fitting”.

Understand limitations of the research.

Use real trading experiences to feedback into the research process

Investment Committee (Monthly)Responsible for Trading System (including target level of volatility, market and sector weightings)

Risk Management Group (Fortnightly)Responsible for the identification, control and monitoring of the day-to-day risks

Capacity Research Group (Monthly)Responsible for investigating the impact of the growing CTA Industry on market liquidity

Management BoardOverall responsibility for all investment and commercial risks taken by Winton in the course of its business

System design philosophy

Risk management governance

Source: Winton Capital Management Ltd. The information above was provided by Winton Capital Management Ltd. Deutsche Bank AG and its affiliates take no responsibility for the content.

Research Live Trading

Learning

Improvement


dbX Systematic Alpha Index FundKey facts

Issuer DB Platinum IV, Luxembourg UCITS IIIShare Classes I1C-E I1C-UWKN A0YDDV A0YDDW

ISIN-Code LU0462954396 LUO462954479Currency EUR USD

Distribution Capitalising Capitalising

Management Fee 0.24% p.a. 0.24% p.a.

Fixed Fees & Taxe d’Abonnement 0.16% p.a. 0.16% p.a.

All- in Fee (TER)* 0.40% p.a. 0.40% p.a.

Minimum Subscription 1 share

Initial Issue Price € 100 $ 100Launch Date 30.06.2010

Subscription Cut-off Dealing Day -3, 14.00 CET (T-3)

Settlement T+5

Maturity No maturity

Swap and Index Level FeesIndex Admin & Replication Fees 0.34% p.a.

Collateral Fee** 0.25% p.a.

Winton Management Fee 1.00% p.a.

Winton Performance Fee*** 20.00% p.a.

* The TER does not include the swap and index level fees** May change from time to time*** The Winton performance fee is deducted from the closing level of the index on cumulative outperformance level subject to high water mark


dbX Systematic Alpha Index FundKey facts

Issuer DB Platinum IV, Luxembourg UCITS IIIShare Classes I1C-G R1C-GWKN A0YDDX A0YDD1

ISIN-Code LU0462954552 LU0462955013

Currency GBP GBP

Distribution Capitalising Capitalising

Management Fee 0.24% p.a. 0.99% p.a.

Fixed Fees & Taxe d’Abonnement 0.16% p.a. 0.20% p.a.

All- in Fee (TER)* 0.40% p.a. 1.19% p.a.

Minimum Subscription 1 share

Initial Issue Price £ 100 £ 100Launch Date 10.11.2010

Subscription Cut-off Dealing Day -3, 14.00 CET (T-3)

Settlement T+5

Maturity No maturity

Swap and Index Level FeesIndex Admin & Replication Fees 0.34% p.a.

Collateral Fee** 0.25% p.a.

Winton Management Fee 1.00% p.a.

Winton Performance Fee*** 20.00% p.a.

* The TER does not include the swap and index level fees** May change from time to time*** The Winton performance fee is deducted from the closing level of the index on cumulative outperformance level subject to high water mark


Content


2

3 How to Invest

4

Why invest in Tactical Trading Funds

Contacts


Subscription/Redemption value: NAV

Subscription/Redemption Initiation:

Order sent to Transfer Agent (RBC Dexia) incl. number of shares/notional and settlement details

Order Transmission: Fax, Swift or FTP

Registered shares: Directly with RBC Dexia

Bearer shares: Settlement will occur via clearing house (Clearstream Banking Frankfurt, Clearstream International, Euroclear)

RBC Dexia aggregates the orders posted before the cut-off time

Transfer Agent (RBC Dexia)

Investor

SharesEUR

Clearing House(Clearstream/Euroclear)

EUR

Investor

EUR

Settlement for registered shares

Settlement for bearer shares

Shares booked onto the Investor’s account

Fund

Subscription process

Fund’s Assets


Funds & order process (1/2)Direct subscriptions & redemptions


Funds & order process (2/2)Subscriptions & redemptions via distributors

Investors can also subscribe/redeem shares via a distributor

The Investors subscribe/redeem at NAV plus any applicable sales charge

The distributor aggregates the orders received during the day

The distributor contacts Transfer Agent (RBC Dexia) as for a direct subscription

The orders are then settled between the distributor and the Fund (see previous slide)

Distributor

Broker

Investor

Direct transaction through the Distributor’s network Transaction via Broker

Clearing House(Clearstream/Euroclear)

Subscription process

Settlement

SharesEUR

EUR

EUR



Investor


Content


2 Why Invest in Tactical Trading Funds

5 Contacts

4 How to Invest


Frankfurt: +49 69 910 34393

Contacts

www.funds.db.com

[email protected]

db funds

London: +44 207 547 8699

Zürich: +41 44 227 3752


General Risks of Investing in UCITS Alternative Funds at Deutsche Bank

The value of an investment in a Fund may go down as well as up and past performance is not indicative of future performance. Investors in any of the Funds should be prepared and able to sustain losses of the capital invested up to a total loss.

Investors in the Funds bear the counterparty risk from the index swap transaction with Deutsche Bank AG. This risk is limited to a maximum of 10% of the Fund NAV according to UCITS III rules. This means, in the event of a default under the terms of the index swap transaction with Deutsche Bank, the Funds will liquidate and investors could lose up to 10% of the NAV of the relevant Fund. The NAV at the time of default also may be considerably less than the amount an investor originally invested depending on the performance of the relevant underlying index. Any potential investor should therefore understand and evaluate the Deutsche Bank counterparty credit risk prior to making any investment.

In addition to the counterparty risk set out in paragraph 2 above, an investment in the Funds involve numerous other risks including among others, general market risks relating to the relevant index, exchange rate risks, interest rate risks, inflationary risks, risks due to a volatility targeting mechanism either magnifying losses or diminishing gains, liquidity risks, and legal and regulatory risks.

The Funds are based on one or more investment strategies which are built on certain assumptions to achieve positive performance. Such assumptions may not work in certain market conditions and the relevant Fund may consequently fail to deliver positive performance. Potential investors should fully understand and evaluate the characteristics, investment strategy and risks of the relevant index prior to making any investment.

Hedge fund strategies are complex and may not be suitable for all investors and no assurance can be given that the fund's investment objective will be achieved. Investments in hedge fund strategies are speculative and involve a high degree of risk. Investors should be aware of the attendant risks including, but not limited to the potential for higher fees and lack of strategy transparency. Hedge fund strategies may rely on a single manager or employ a single strategy, which may result in a lack of diversification, and consequently higher risk. Hedge funds may also use leverage, which may increase profits, but may also magnify losses. The use of leverage strategies may cause a portfolio's value to fluctuate at a greater rate than if such techniques were not used.


Disclaimer

This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates (“DB”). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. DB is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and regulated by the Financial Services Authority for the conduct of UK business.DB Platinum is registered with the Luxembourg Trade and Companies’ Register under number B-104413. DB Platinum Advisors acts as the management company. Registered office of DB Platinum : 69, route d'Esch L-1470 Luxembourg, Grand-Duchy of Luxembourg. DB Platinum is registered in the Grand-Duchy of Luxembourg as an undertaking for collective investment pursuant to Part I of the law of 20 December 2002 relating to undertakings for collective investment, as amended. DB Platinum qualifies as an undertaking for collective investment in transferable Securities under article 1(2) of the Council Directive 85/611/EEC of 20 December 1985.DB Platinum IV is registered with the Luxembourg Trade and Companies’ Register under number B-85.828. DB Platinum Advisors acts as the management company. Registered office of DB Platinum: 69, route d'Esch L-1470 Luxembourg, Grand-Duchy of Luxembourg. DB Platinum IV is registered in the Grand-Duchy of Luxembourg as an undertaking for collective investment pursuant to Part I of the law of 20 December 2002 relating to undertakings for collective investment, as amended. DB Platinum IV qualifies as an undertaking for collective investment in transferable Securities under article 1(2) of the Council Directive 85/611/EEC of 20 December 1985.DB Platinum V is registered in the Grand-Duchy of Luxembourg as an open-ended mutual investment fund pursuant to Part I of the law of 20 December 2002 relating to undertakings for collective investment, as amended managed for the account and in the exclusive interest of its co-owners by DB Platinum Advisors. DB Platinum V qualifies as an undertaking for collective investment in transferable securities under article 1(2) of the Council Directive EEC/85/611 of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended in particular by the directives EC/2001/107 and EC/2001/108.Copyright© 2009 Deutsche Bank AG

Copyright© 2010 Deutsche Bank AG

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