Db funds

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Db funds

  1. 1. This document is for institutional use only and not for retail distribution<br />db funds’ 360°UCITS PlatformFocus on Tactical Trading Funds<br />December 2010<br />
  2. 2. Content<br />1<br />db funds 360°UCITS Platform<br />Why invest in Tactical Trading Funds<br />2<br />3<br />How to invest<br />4<br />Contacts<br />
  3. 3. Content<br />1<br />db funds 360°UCITS Platform<br />Why invest in Tactical Trading Funds<br />2<br />3<br />How to Invest<br />4<br />Contacts<br />
  4. 4. db funds 360°UCITS platform<br />The best of both worlds…<br />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.<br />
  5. 5. Organisational structure<br />Asset Management<br />Global <br />Banking<br />Global Markets<br />PWM<br />Private & Business Clients<br />Management Company*<br />DB Platinum Advisors<br />db funds<br />DBIQ<br />Sales<br />Trading<br />Research & Structuring<br />Over 200 structuring and 600 research analysts<br />Over 1500 sales people<br />Over 600 trading specialists' covering all main asset classes<br />A strong team with over 40 professionals<br />*Please note that the Management Company may be different for certain funds<br />
  6. 6. About db funds<br />Started operations in May 2002<br />1<br />Based in London, Frankfurt, Luxembourg and Hong Kong<br />2<br />Fully owned by Deutsche Bank AG<br />3<br />Pioneers in Providing Innovative UCITS III Solutions<br />4<br />Luxembourg & Ireland-Based Funds (since 2002)<br />5<br />EUR 12.79 Bio AuM (for all db funds as of 31 October 2010)<br />6<br />Over 60 Funds available for investment<br />7<br />
  7. 7. <ul><li>Operational & regulatory infrastructure</li></ul>What does a UCITS fund require?<br />Fund Administration<br />Asset Management<br />Transfer Agent<br />Risk<br />Management <br />Compliance<br />Middle <br />Office<br />Reporting<br />Custody<br /><ul><li>Legal structure example</li></li></ul><li>Service providers<br />DB Platinum <br />Advisors<br />Management<br />BONY<br />Collateral Management<br />State Street <br />Global Advisors<br />Investment <br />management<br />RBC Dexia<br />Administration, <br />Custody<br />Customised Funds<br />UCITS Luxembourg<br />db funds<br />KPMG<br />(+ other local)<br /> Tax Advisers<br />Non UCITS<br />KNEIP<br />Data Vending<br />Ernst & Young<br />Audit<br />Linklaters<br />(+ other local)<br />Legal Advisors<br />Please note that the service providers may differ for different funds<br />
  8. 8. 360°UCITS – a fully integrated platform<br />Transparency<br />Manager<br />Efficiency<br />Liquidity<br />Managed Accounts & <br />Global Prime Finance<br />UCITS IIIPlatform<br />360°UCITS<br />Bespoke Funds<br />Infrastructure<br />Custodian & Administrator <br />Global reach<br />
  9. 9. Implementation: two possible structures<br />Direct replication<br />UCITS<br />Fund<br /><ul><li>UCITS III
  10. 10. Segregation of Assets</li></ul>Market<br />Securities/ swap<br />Cash<br />Portfolio<br />Market Transaction<br />Synthetic replication<br />Collateral<br />UCITS<br />Fund<br /><ul><li>UCITS III
  11. 11. Collateral
  12. 12. Segregation of Assets</li></ul>Collateral Performance<br />Collateral<br />Exposure<br />Exposure<br />OTC<br />
  13. 13. Synthetic replication<br />Managed Account A<br />Manager A<br />Manager Index 1<br />Managed Account B<br />Manager B<br />Manager Index 2<br />Financial<br />Indices/<br />Baskets<br />UCITS Fund<br />Managed Account C<br />Manager C<br />Manager Index 3<br />Managed Account Z<br />Manager Z<br />Manager Index 100<br />Managers engaged as advisors – they receive management and performance fees<br />Each Managed Account is legally a segregated portfolio company – managers cannot transfer money out of a Managed Account<br />Managers’ returns can be represented by indices that reflect their performance – indices are independently calculated by DBIQ<br />Managers’ returns are accessed individually or as a portfolio<br />db funds issues a UCITS compliant fund<br />
  14. 14. Case study: how to set up a UCITS fund of managed futures & options<br />The managed futures & options UCITS fund will be set up as follows:<br /><ul><li>The fund will receive the exposure of a portfolio of trades / positions from Deutsche Bank
  15. 15. DB post securities as collateral to ensure compliance with the UCITS counterparty exposure limits
  16. 16. DB will provide daily liquidity and valuations to the Fund
  17. 17. DB structure the fund and DB Platinum Advisors manage it via third-party service providers
  18. 18. Benefits: Cash efficiency, margin / credit efficiency, low operational cost/fees
  19. 19. UCITS III compliant
  20. 20. Collateralised
  21. 21. Segregatedassets </li></ul>Fund<br />Diversified collateral pledged<br />F&O<br />portfolio<br />Payment<br />Underlying exposure<br />Collateral<br />Swap transaction<br />
  22. 22. Collateral Management – DB Platinum Funds<br /><ul><li>The counterparty risk is fully collateralised with UCITS-compliant securities
  23. 23. The collateral manager operates daily adjustments to the collateral in order to fully collateralise the counterparty risk
  24. 24. The securities are held in segregated accounts of the fund
  25. 25. The market risk of the transferable securities is held by Deutsche Bank</li></li></ul><li>Our 360°UCITS funds<br />db funds<br />Launch Date<br />AuM<br />Multi manager sub-strategies<br />CTA/Macro<br />db X-MACRO Trading Index Fund<br />USD 105,284,128.79<br />Apr 2009<br />Single managers<br />Equity Long/Short<br />Tosca Mid Cap Equity Fund<br />GBP 35,690,454.39<br />May 2010<br />Commodities<br />Hermes Enhanced Beta Commodity Fund<br />USD 13,266,554.73<br />Mar 2010<br />Hermes Absolute Return Commodity Fund<br />USD 12,529,453.35<br />Mar 2010<br />Currency<br />Jun 2009<br />FX Concepts Global Currency Fund<br />EUR 46,343,979.33<br />CTA<br />AIMhedge Index Fund<br />EUR 48,552,960.60<br />Aug 2010<br />QCM GDP Index Fund<br />USD 20,854,549.70<br />May 2010<br />USD 182,110,169.58<br />Jun 2010<br />dbX Systematic Alpha Index Fund<br />*Source: db funds, as of 31.10.2010<br />
  26. 26. Content<br />1<br />db funds 360°UCITS Platform<br />2<br />Why invest in Tactical Trading Funds<br />3<br />How to Invest<br />Contacts<br />4<br />
  27. 27. Tactical Trading Funds Primer<br />Global macro and managed futures funds main characteristics<br /><ul><li>Access to a wide range of investment opportunities
  28. 28. Allocate risk capital in an unconstrained way
  29. 29. Attempt to generate strong risk-adjusted returns
  30. 30. Highly flexible</li></ul>Major differences exist between global macro and managed futures funds<br />
  31. 31. Tactical Trading Funds Primer<br />Main reasons for increased popularity of tactical trading strategies<br /><ul><li>Good tool for diversification, strong returns and high potential for downside protection
  32. 32. Low to negative correlation to most traditional asset classes and endeavour to be absolute return generators
  33. 33. Liquid portfolios and flexibility to invest across all asset classes</li></ul>X<br />Increasingly, tactical trading strategies are perceived as an asset class in their own right<br />Strong performance during crisis<br />Consequently these strategies have attracted significant interest in the last decade from sophisticated investors** <br />* Source: Bloomberg September 2010. Past performance is not a reliable indicator of future performance.<br />** 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. <br />
  34. 34. Why Invest in Tactical Trading Funds<br />Tactical trading strategies as a source of return<br />CISDM Managed Futures Index vs. MSCI World Total Return Index (both rebased to 100 as of Jan1980)*<br /><ul><li>The CISDM Global Macro index has risen nearly 800% since it started in 1990
  35. 35. Global Macro has been the best performing of the 10 Dow Jones Credit Suisse Hedge Fund Strategies since 1994
  36. 36. DJ CS Global Macro index has increased in value by 577% since January 1994</li></ul>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<br />CISDM Global Macro Index vs. MSCI World Total Return Index (both rebased to 100 as of Dec1989)*<br /><ul><li>Since 1980 managed futures funds have made multiples of what equities have made in the same period
  37. 37. 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
  38. 38. World equities were up by a factor ten over these 30 years but managed futures funds multiplied by more than a factor of 50</li></ul>*Sources: Bloomberg September 2010. Past performance is not a reliable indicator of future performance.<br />
  39. 39. Why Invest in Tactical Trading Funds<br />Low to slightly negative correlation with both alternative and traditional investment strategies<br />CISDM Equally Weighted CTA and CISDM Global Macro Indices: correlation coefficients against other asset classes*<br /> Performance of BTOP 50 and CISDM Macro Indices over the Worst Ten Quarters of the HFRI Fund Weighted Hedge Fund Index**<br />Even diversified vehicles, such as funds of hedge funds, would have derived substantial diversification gains by allocating to tactical trading funds<br />When adding tactical trading funds to a diversified portfolio, investors can benefit from a decrease in volatility <br />*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.<br />**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.<br />
  40. 40. Why Invest in Tactical Trading Funds<br />Multiple layers of regulatory supervision and cost efficient futures markets<br />Trade on regulated exchanges<br />Smaller bid-offer spreads<br />Clearing houses<br />COST <br />EFFICIENCY<br />REGULATION<br />Lower transaction fees<br />Regulated by the CFTC<br />Only margin calls required<br />UCITS III framework<br />Cheap leverage<br />
  41. 41. db funds<br />360°UCITS Managers <br />CTA / Macro<br />
  42. 42. db X-MACRO Trading Index Fund <br />Fund terms<br />Performance History (17.04.09 – 29.10.10)*<br /><ul><li>UCITS III compliant
  43. 43. Open ended with weekly liquidity at NAV
  44. 44. Investment policy:
  45. 45. Typically trades in global financial, currency and commodity futures and options markets, thereby taking a range of investment approaches from systematic to discretionary
  46. 46. 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.</li></ul>*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns. <br />
  47. 47. db X-MACRO Trading Index Fund Key facts<br />
  48. 48. AIMhedge Index Fund<br />Fund terms<br />Performance History (03.08.10 – 29.10.10)*<br /><ul><li>UCITS III compliant
  49. 49. Open ended with daily liquidity
  50. 50. Investment policy:
  51. 51. employs a proprietary, systematic strategy incorporating models that are computer-driven and fully automated
  52. 52. disciplined systematic investment strategy that incorporates a high degree of performance monitoring and active risk controls
  53. 53. aims to generate returns uncorrelated to traditional asset classes</li></ul>*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns. <br />
  54. 54. AIMhedge trend recognition<br /><ul><li>3 Step trend confirmation system
  55. 55. Classic moving average crossover
  56. 56. Break out system
  57. 57. New high
  58. 58. 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</li></ul>Classic buy signal<br />Classic sell signal<br />slow Moving average<br />Classic buy signal<br />Classic sell signal<br />fast Moving average<br />Sell Zone<br />Buy Zone<br />Sellsignal, three fold confirmed<br />Source: AIMhedge Management Ltd<br />
  59. 59. AIMhedge Index Fund Key facts<br />* 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<br />** The AIMhedge Performance Fee is deducted from the closing level of the index on cumulative outperformance level subject to high watermark.<br />
  60. 60. QCM GDP Index Fund<br />Fund terms<br />Performance History (11.05.10 – 29.10.10)*<br /><ul><li>UCITS III compliant
  61. 61. Open ended with daily liquidity
  62. 62. Investment policy:
  63. 63. diversified portfolio of transactions in currency, fixed income, equity and commodity markets
  64. 64. employs its proprietary, systematic strategy incorporating models that are computer-driven and fully automated
  65. 65. Low correlation to traditional asset classes</li></ul>*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns<br />** 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<br />
  66. 66. The Manager: Quality Capital ManagementThe investment philosophy<br /><ul><li> Capital flows resulting in macro price moves
  67. 67. Short term market excesses leading to over and under-reactions
  68. 68. Alpha generation from above
  69. 69. Opportunities provided by relative shifts in asset prices</li></ul>Market phenomena & opportunities<br />Model-based systematic approach<br /><ul><li>Avoid emotional biases in decision-making
  70. 70. Markets dictate appropriate models
  71. 71. Maintain consistency in decision-making
  72. 72. Alpha through well designed robust strategies</li></ul>Sustainable investment strategies<br /><ul><li>Less reliance on general asset price appreciation/depreciation
  73. 73. Agnostic to markets or time horizon; Reduce ‘binary’ approach of trading
  74. 74. Allow wide margins of error with parsimonious modelling
  75. 75. Make strategies endogenous without imposing views
  76. 76. Differentiate through innovative strategies
  77. 77. Out of box thinking
  78. 78. Pursue skewed returns</li></ul>Innovative strategies<br />Source: Quality Capital Management Ltd, as of May 2010<br />
  79. 79. QCM GDP Index FundKey facts<br />* The TER does not include the swap level fees.<br />** The QCM Performance Fee is deducted from the closing level of the index on cumulative outperformance level subject to high watermark<br />
  80. 80. dbX Systematic Alpha Index Fund<br />Fund terms<br />Performance History (30.06.10 – 29.10.10)*<br /><ul><li>UCITS III compliant
  81. 81. Open ended with weekly liquidity at NAV
  82. 82. Investment policy:
  83. 83. The Index reflects the exposure to global futures, forwards and options markets selected in accordance with the Winton Diversified Program.
  84. 84. 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</li></ul>*Source: Deutsche Bank, Bloomberg. Past Performance is no guarantee of future returns. <br />
  85. 85. The Strategy: Philosophy & risk management<br />System design philosophy <br />Improvement<br /><ul><li>Common philosophical approach based on 25 years experience in building systematic investment processes. “Kaizen” (continuous improvement) is a key feature.
  86. 86. Data driven approach avoids assumptions of how markets should function.
  87. 87. Emphasis on Risk Control and Transaction Cost Budget.
  88. 88. Awareness of risks of statistical “over fitting”.
  89. 89. Understand limitations of the research.
  90. 90. Use real trading experiences to feedback into the research process</li></ul>Research<br />Live Trading<br />Learning<br />Risk management governance<br /><ul><li>Investment Committee (Monthly)</li></ul>Responsible for Trading System (including target level of volatility, market and sector weightings)<br /><ul><li>Risk Management Group (Fortnightly)</li></ul>Responsible for the identification, control and monitoring of the day-to-day risks<br /><ul><li>Capacity Research Group (Monthly)</li></ul>Responsible for investigating the impact of the growing CTA Industry on market liquidity<br /><ul><li>Management Board</li></ul>Overall responsibility for all investment and commercial risks taken by Winton in the course of its business<br />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. <br />
  91. 91. dbX Systematic Alpha Index FundKey facts<br />* The TER does not include the swap and index level fees<br />** May change from time to time<br />*** The Winton performance fee is deducted from the closing level of the index on cumulative outperformance level subject to high water mark<br />
  92. 92. dbX Systematic Alpha Index FundKey facts<br />* The TER does not include the swap and index level fees<br />** May change from time to time<br />*** The Winton performance fee is deducted from the closing level of the index on cumulative outperformance level subject to high water mark<br />
  93. 93. Content<br />1<br />db funds 360°UCITS Platform<br />Why invest in Tactical Trading Funds<br />2<br />3<br />How to Invest<br />4<br />Contacts<br />
  94. 94. <ul><li>Subscription/Redemption value: NAV
  95. 95. Subscription/Redemption Initiation:</li></ul> Order sent to Transfer Agent (RBC Dexia) incl. number of shares/notional and settlement details<br /><ul><li>Order Transmission: Fax, Swift or FTP</li></ul> Registered shares: Directly with RBC Dexia<br />Bearer shares: Settlement will occur via clearing house (Clearstream Banking Frankfurt, Clearstream International, Euroclear)<br /><ul><li>RBC Dexia aggregates the orders posted before the cut-off time</li></ul>Subscription process<br />Settlement for registered shares<br />Settlement for bearer shares<br />Investor<br />Investor<br />Shares booked onto the Investor’s account<br />EUR <br />Shares booked onto the Investor’s account<br />Clearing House(Clearstream/Euroclear)<br />EUR <br />EUR <br />Shares<br />Transfer Agent (RBC Dexia)<br />Fund’s Assets<br />Fund<br />Funds & order process (1/2)Direct subscriptions & redemptions<br />
  96. 96. Funds & order process (2/2)Subscriptions & redemptions via distributors<br /><ul><li>Investors can also subscribe/redeem shares via a distributor
  97. 97. The Investors subscribe/redeem at NAV plus any applicable sales charge
  98. 98. The distributor aggregates the orders received during the day
  99. 99. The distributor contacts Transfer Agent (RBC Dexia) as for a direct subscription
  100. 100. The orders are then settled between the distributor and the Fund (see previous slide)</li></ul>Subscription process<br />Direct transaction through the Distributor’s network<br />Transaction via Broker<br />Investor<br />Investor<br />Shares booked onto the Investor’s account<br />EUR <br />Shares booked onto the Investor’s account<br />Broker<br />EUR<br />EUR <br />Shares<br />Distributor<br />Settlement<br />Clearing House(Clearstream/Euroclear)<br />
  101. 101. Content<br />1<br />db funds 360°UCITS Platform<br />2<br />Why Invest in Tactical Trading Funds<br />4<br />How to Invest<br />5<br />Contacts<br />
  102. 102. Contacts<br />db funds<br />London: +44 207 547 8699<br />Frankfurt: +49 69 910 34393<br />Zürich: +41 44 227 3752<br />www.funds.db.com<br />funds.db@db.com<br />
  103. 103. General Risks of Investing in UCITS Alternative Funds at Deutsche Bank<br />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. <br />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.<br />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.<br />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.<br />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.<br />
  104. 104. Disclaimer<br />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.<br />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.<br />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.<br />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<br />Copyright© 2010 Deutsche Bank AG<br />

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