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




Rule Your Investment
May 2010
Content


   1        db funds

   2        Our funds

   3        www.funds.db.com

   4        Contacts




db funds· Ma...
db funds

      Who we are…

          We are responsible for developing Deutsche Bank's systematically managed
          ...
db funds
 Awards
 2010        1st   Geld-Magazin: Alternative Investments Award              Dynamic Alternative Portfolio...
Organisational structure




                                     Global                                               Pri...
About db funds


     1           Started operations in May 2002

     2           Based in London, Frankfurt, Luxembourg ...
Service providers
                                                                                   DB Platinum
         ...
Leverage the expertise of a global investment bank
                                                                       ...
Fund range: an overview




                              db funds




db funds· May 2010 · page 9
Assets under management (as of 30 April 2010)


                               Broad range of funds to meet investor deman...
Content


   1        db funds

   2        Our funds

   3        www.funds.db.com

   4        Contacts




db funds· Ma...
Changing investor requirements…


 –        Pre-crisis investor habits                 +       New investor demands

     ...
... requires asset allocators to re-think their asset
allocation
              Focus: Institutional Investors             ...
Today’s UCITS Funds offer investors a wide range of
products capable of generating beta + or alpha

                      ...
db funds’ five unique selling propositions


     1           Innovative systematic strategies


     2           Liquidit...
The methodology of our CROCI Funds
 The strategy
       Investment objective: aims to provide investors
       with direct...
CROCI: a successful, consistent & systematic
investment process
                         220
                             ...
The DB Platinum Commodity Euro/USD Funds

  DB Commodity Euro/USD Index Components
                                       ...
The DB Platinum Commodity Euro Fund

                         42000
                                         Commodity Eur...
The DB Platinum Agriculture Euro/USD Funds

  Individual Component Allocation

 Individual weights have been chosen by Deu...
The DB Platinum Agriculture Euro Fund

                         14000
                                          Agricultur...
The DB Platinum IV Commodity Allocator Fund

 Strategy Overview                                                   Risk Con...
The DB Platinum IV Commodity Allocator Fund

 Strategy Overview                                                           ...
The DB Platinum Currency Returns Plus Fund

                            Carry                                             ...
The DB Platinum Currency Returns Plus Fund
                          120
                                         Currency...
360°UCITS – single manager exposure

                                                              Innovation


          ...
The DB Platinum IV QCM GDP Index Fund

                                          Operating history of 14 years from 1995
 ...
QCM’s Global Diversified Programme (GDP)

  Wealth Creation from inception to Mar 2010 (in USD)

                         ...
Ability to design bespoke systematic funds

                                                  Collateral        UCITS
    ...
Content


   1        db funds

   2        Our funds

   3        www.funds.db.com

   4        Contacts




db funds· Ma...
www.funds.db.com

 Overview
    www.funds.db.com is an intuitive and
    accessible portal that aims to cater for all
    ...
Content


   1        db funds

   2        Our funds

   3        www.funds.db.com

   4        Contacts




db funds· Ma...
Contacts

                               London:      +44 207 547 8699



      db funds                 Frankfurt:   +49 ...
CROCI Disclaimer
Deutsche Bank’s Cash Return On Capital Invested (CROCI®) valuation metric attempts to transform an accoun...
Disclaimer
The information herein is believed to be reliable and has been obtained from sources believed to be reliable, b...
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Db funds master may 2010 ver 5

  1. 1. This document is for institutional use only and not for retail distribution. Rule Your Investment May 2010
  2. 2. Content 1 db funds 2 Our funds 3 www.funds.db.com 4 Contacts db funds· May 2010 · page 2
  3. 3. db funds Who we are… We are responsible for developing Deutsche Bank's systematically managed mutual funds investing in a broad range of asset classes and strategies. In using these systematic strategies, the team focuses on innovation, efficiency and transparency. We provide bespoke investment funds to more than 250,000 retail and institutional investors in Europe, Asia, Latin American, the Middle East and Africa, including many of the world's leading asset managers. We are part of the Global Markets division of Deutsche Bank. Global Markets has established itself as a global leader in these products by combining its unique distribution franchise with its pricing, structuring and execution expertise. The fund range gives investors access to innovative strategies in a regulated format which provide for efficient risk diversification and limited risk exposure. The majority of our innovative funds qualify as UCITS and provide daily liquidity at NAV. db funds· May 2010 · page 3
  4. 4. db funds Awards 2010 1st Geld-Magazin: Alternative Investments Award Dynamic Alternative Portfolio (Hedge Funds with a Volatility of up to 5% Category) 1st Lipper Fund Awards: Austria Equity Group Large Best Fund Group (3 years) 1st Lipper Fund Awards: Germany Equity Group Large Best Fund Group (3 years) 1st Lipper Fund Awards: Luxembourg Equity Group Large Best Fund Group (3 years) 1st Lipper Fund Awards: Nordics Equity Group Large Best Fund Group (3 years) 20091st Lipper Fund Awards: Germany Equity Group Large Best Fund Group (3 years) 1st Lipper Fund Awards: Austria Equity Group Large Best Fund Group (3 years) st 1 Lipper Fund Awards: Switzerland Equity Europe CROCI Euro (3 years) st 1 Lipper Fund Awards: Nordics Equity Eurozone CROCI Euro (3 years) st 1 Lipper Fund Awards: Luxembourg Equity Group Large Best Fund Group (3 years) 1st CROCI Euro, CROCI US and CROCI Japan Funds in France Investir Magazine Fund Award st 1 FWW fondsmeter Ranking: Fonds – Sieger 2009 Award CROCI Japan 2008 1st Structured Products Europe Awards Structured funds house of the year 1st €uro-FundsAwards: Multi Asset Commodities Commodity Euro (1 year) 1st €uro-FundsAwards: Multi Asset Absolute Return Dynamic Alternative Portfolio (1 year) 2nd €uro-FundsAwards: Multi Asset Absolute Return Dynamic Alternative Portfolio (3 years) 2nd €uro-FundsAwards: European Equity Funds Dynamic Aktien Plus (1 year) 3rd €uro-FundsAwards: European Equity Funds CROCI Euro (1 year) 1st €uro-FundsAwards: Euro-Bond Funds Sovereign Plus (1 year) 1st €uro-FundsAwards: Euro Bond Funds Sovereign Plus (3 years) 3rd €uro-FundsAwards: Mixed Funds (mostly Bonds) Dynamic Bond Stabilität Plus (1 year) 3rd €uro-FundsAwards: Mixed Funds International Currencies Dynamic Bond Stabilität Plus (3 years) db funds· May 2010 · page 4
  5. 5. Organisational structure Global Private & Business Asset Management Global Markets PWM Banking Clients Management db funds DB Platinum Advisors Company* Structuring Trading Sales DBIQ Over 600 trading specialists' Over 200 structuring and 600 A strong team with over 40 covering Over 1500 sales people research analysts professionals all main asset classes *Please note that the Management Company may be different for certain funds db funds· May 2010 · page 5
  6. 6. About db funds 1 Started operations in May 2002 2 Based in London, Frankfurt, Luxembourg and Hong Kong 3 Fully owned by Deutsche Bank AG 4 Pioneers in Providing Innovative UCITS III Solutions 5 Luxembourg & Ireland-Based Funds (since 2002) 6 EUR 13.27 Bio AuM (for all db funds as of 30 April 2010) 7 Over 60 Funds db funds· May 2010 · page 6
  7. 7. Service providers DB Platinum BONY Advisors Collateral Management Management State Street RBC Dexia Global Advisors Administration, Investment Custody management db funds KPMG KNEIP (+ other local) Data Vending Tax Advisers Ernst & Young Linklaters Audit (+ other local) Legal Advisors Please note that the service providers may differ for different funds db funds· May 2010 · page 7
  8. 8. Leverage the expertise of a global investment bank Phase 3: New developments Phase 2: Our flagship funds Phase 1: Launching the platform 3600 UCITS: Single Hedge Fund Emerging First First Managers Markets First Index available in First Payout CROCI® Commodity Tracker UCITS Fund Fund Fund Fund Innovative World First Tailored Equity First UCITS solutions First First Direct Allocation Currency compliant Guaranteed Investment Fund Hedge Fund Fund Fund tracker 2002 - 2003 2003 – 2009 2009 – 2010 CROCI® is a registered trade mark of Deutsche Bank AG in certain jurisdictions. db funds· May 2010 · page 8
  9. 9. Fund range: an overview db funds db funds· May 2010 · page 9
  10. 10. Assets under management (as of 30 April 2010) Broad range of funds to meet investor demands Equity 40.26% Fixed Income 28.06% Commodities 19.16% Total Assets Hybrid 5.59% EUR 13.27 bn Alternative Funds 5.38% Currencies 1.51% Credit 0.03% db funds· May 2010 · page 10
  11. 11. Content 1 db funds 2 Our funds 3 www.funds.db.com 4 Contacts db funds· May 2010 · page 11
  12. 12. Changing investor requirements… – Pre-crisis investor habits + New investor demands Gating mechanisms were largely ignored Daily or weekly liquidity Little disclosure on positions, investment Transparency on positions, strategy strategy was required Infrastructure (SAS 70) Infrastructure was not part of the Custodian, auditors, etc. investment decision process Cost efficiency No or no known auditors (Madoff) UCITS No regulated fund vehicle Less focus on costs Offshore Funds (Cayman, Bermuda) db funds High costs db funds· May 2010 · page 12
  13. 13. ... requires asset allocators to re-think their asset allocation Focus: Institutional Investors Focus: Private Investors Insurance Companies Fund of Funds UCITS III Increase allocations to alternatives (UCITS hedge funds) Onshore Funds (Luxembourg/Ireland) ETFs Managed Accounts Proven systematic strategies UCITS compliant single hedge funds db funds Pension Funds Wealth Managers UCITS III UCITS III Invest in transparent, simple & innovative Invest in transparent, simple & products innovative products Increase allocations to alternatives Increase allocations to alternatives db funds· May 2010 · page 13
  14. 14. Today’s UCITS Funds offer investors a wide range of products capable of generating beta + or alpha Core satellite-approach Investment strategies at a glance Cash management 1. Satellite 2. Satellite Asset allocation Stock picking Emerging Markets Trading strategies Core portfolio Core-satellite-approach ~ 50-80% Substitute for derivatives Hedging of equities Commodities 3. Satellite 4. Satellite Currency Alternative assets Commodities similar to Hedge Absolute return strategies Currencies Funds Source: Deutsche Bank db funds· May 2010 · page 14
  15. 15. db funds’ five unique selling propositions 1 Innovative systematic strategies 2 Liquidity 3 Transparency 4 Cost efficiency 5 Ability to design bespoke funds db funds· May 2010 · page 15
  16. 16. The methodology of our CROCI Funds The strategy Investment objective: aims to provide investors with direct and transparent access to equities. Investment strategy: In-depth adjustments to a company’s financial statements in order to make economic ratios comparable globally across sectors: 1. Accounting for “hidden” assets and liabilities. Valuation analysis has to be done in terms of enterprise value. This includes financial debt, but also associated liabilities (e.g. pension under-funding, leasing, warranties) 2. Depreciating similar assets in the same manner. 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&D and marketing costs db funds· May 2010 · page 16
  17. 17. CROCI: a successful, consistent & systematic investment process 220 CROCI US I1C S&P 500® Index TR 190 160 Net Asset Value(USD) 130 100 70 40 Aug-04 Apr-05 Jan-06 Sep-06 Jun-07 Mar-08 Nov-08 Aug-09 Apr-10 1Y 3Y Since Launch Excess Return vs Performance (Annualised Returns) (Annualised Returns) (Annualised Returns) Benchmark (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 db funds· May 2010 · page 17
  18. 18. The DB Platinum Commodity Euro/USD Funds DB Commodity Euro/USD Index Components The DB Platinum Commodity Euro/USD Fund History* in% Provides investors with exposure to twelve liquid 100 commodities and three sectors 80 60 Aims to extract additional returns by exploiting the 40 tendency of commodity prices to mean-revert 20 Employs the Optimum Yield (OY) mechanism aims 0 to optimise the Roll Yield when rolling the future May 05 May 06 May 07 May 08 May 09 Apr 10 contracts Commodity Components DB Commodity Euro/USD Index Components* in% 1.27 WTI Sweet Light Crude (20.00%) 10.34 Natural Gas (30.75%) 3.95 Corn (7.20%) Gold (1.94%) 30.75 3.11 Aluminium (7.66%) Wheat (7.21%) 5.67 Silver (0.89%) 0.89 Zinc (5.67%) 7.21 Copper – Grade A (3.11%) Soybeans (3.95%) Primary Nickel (10.34%) 7.66 Standard Lead (1.27%) 1.94 20.00 7.20 * As of 30 Apr 2010 db funds· May 2010 · page 18
  19. 19. The DB Platinum Commodity Euro Fund 42000 Commodity Euro I1C S&P GSCI EUR Hedged TR 36000 30000 Net Asset Value(EUR) 24000 18000 12000 6000 0 May-05 Dec-05 Aug-06 Mar-07 Nov-07 Jun-08 Feb-09 Sep-09 Apr-10 1Y 3Y Since Launch Annualised Vol Excess Return vs Performance (Annualised Returns) (Annualised Returns) (Annualised Returns) since Launch Benchmark (3Y Ann.) 19.51% (vs.S&P GSCI Commodity Euro Fund I1C 32.18% 7.59% 14.68% 25.80% Euro Hedged TR) S&P GSCI Euro Hedged TR 22.64% -11.93% -7.99% 29.22% - Source: Deutsche Bank, Bloomberg; As of 30 Apr 2010 db funds· May 2010 · page 19
  20. 20. The DB Platinum Agriculture Euro/USD Funds Individual Component Allocation Individual weights have been chosen by Deutsche Bank commodity research group based on expected supply 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 Weights of the seven Commodities in the Index* Valuing commodities in real terms* 6.60% Corn 6.60% Wheat 20.00% 6.80% Soybean Sugar 20.00% 20.00% Cotton 20.00% Coffee Cocoa *As of 30 April 2010 * Source: Global Markets Research Deutsche Bank, Bloomberg (End November 2009) db funds· May 2010 · page 20
  21. 21. The DB Platinum Agriculture Euro Fund 14000 Agriculture Euro I1C S&P GSCI Agriculture EUR Hedged TR 12000 Net Asset Value(EUR) 10000 8000 6000 4000 Mar-08 Jun-08 Sep-08 Dec-08 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 6M 1Y Since Launch Annualised Vol Performance (Returns) (Annualised Returns) (Annualised Returns) since Launch Agriculture Euro Fund I1C -7.34% -3.91% -23.32% 27.63% S&P GSCI Agriculture Euro -4.65% -0.92% -25.26% 31.22% Hedged TR Source: Deutsche Bank, Bloomberg; As of 30 Apr 2010 db funds· May 2010 · page 21
  22. 22. The DB Platinum IV Commodity Allocator Fund Strategy Overview Risk Control Deutsche Bank Liquid Commodity Allocator IndexTM Each month, the index adjusts its exposure to the alpha (the “DBLCI Allocator” Index) and beta indices based on the momentum of the directional index, the MRE Index The index is a dynamic combination of - This is based on the realised performance of the beta index - a Beta Index – Deutsche Bank Liquid Commodity Index over the previous 12 months. Mean Reversion Enhanced Excess Return After Cost Index TM (the “MRE Index”) Range Exposure - and an Alpha Index – 3 times leveraged participation in db Beta Index Exposure 0% - 100% Commodity Harvest Excess Return After Cost Index TM (the Alpha Index Exposure 100%- Beta Index Exposure “Harvest Index”) Target Volatility 12% Allocation range in order to meet 50%- 150% Directional exposure if commodity markets rally and Target Volatility alpha generation otherwise The exposure is adjusted according to a target volatility Balance: the diversified exposure to both alpha and mechanism that aims to smoothen returns and control beta aims to generate stable results in most market volatility conditions MRE Index Strategic Monthly DBLCI Allocator Allocation strategy Harvest Index db funds· May 2010 · page 22
  23. 23. The DB Platinum IV Commodity Allocator Fund Strategy Overview Risk Control Index Returns* 40% 600 30% 500 20% 400 10% 300 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 200 -10% -20% 100 -30% 0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 -40% DB Commodity Allocator (USD) DJ-UBS (USD) DB Commodity Allocator (USD) DJ-UBS Index (USD) -50% DB Commodity Performance of the DBLCI Allocator Index prior to launch on 9th Oct 2009 is Jan 2001 – Jan 2010 DJ-UBS (USD) simulated and shown net of index fees. Performance of the Fund will be Allocator (USD) higher due to Treasury returns and lower due to Fund fees. Past performance Annualised Excess Return 20.30% 2.30% is not a reliable indicator of future results. Volatility 12.69% 18.85% Sharpe Ratio 1.59 0.12 Max Monthly Drawdown -11% -30% Max/Min Returns Rolling 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% db funds· May 2010 · page 23
  24. 24. The DB Platinum Currency Returns Plus Fund Carry Valuation Momentum Rates Rates „Big Mac Index“* 3% 1% Buys the five highest yielding Buys the three most undervalued Buys the three currencies with the currencies and sells the five lowest currencies and sells the three most highest return over previous 12 yielding currencies overvalued currencies, based on months and sells the three Currency pool: G10 + 10 liquid Purchasing Power Parity currencies with the lowest returns emerging market currencies Currency pool: G10 currencies Currency pool: G10 currencies Academic research shows that Academic research shows that Currencies trend over time as prices investors are compensated for PPP holds in the long-term adjust slowly to new information currency risk with a risk premium Long: ZAR, NZD, BRL,TRY, AUD Long: USD, NZD, GBP Long: NZD, AUD, CAD Short: USD, JPY, CAD, CHF, TWD Short: NOK, AUD, CHF Short: GBP, EUR, USD Return statistics DBCR+ Carry Momentum Valuation Correlation matrix Carry Momentum Valuation Total Return, p.a. 9.9% 14.4% 5.5% 9.0% Carry 100% -19% 23% Volatility, p.a. 5.5% 10.8% 9.6% 8.5% Momentum 100% -5% Return/Vol Ratio 1.5 1.3 0.6 1.1 Valuation 100% 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 Currency Momentum 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 index fees. Performance of the DBCR+ index prior to launch (29 February 2008) is simulated. Past performance is not a reliable indicator of future results. db funds· May 2010 · page 24
  25. 25. The DB Platinum Currency Returns Plus Fund 120 Currency Returns Plus I1C MSCI World Index Local Currency 116 DBIQ Global IG Sovereign Euro Hedged 112 Net Asset Value(EUR) 108 104 100 96 92 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 Since Launch Correlation matrix DBCR+ Equities Bonds Performance 1M (Returns) 6M (Returns) (Annualised Returns) DBCR+ 100% 32% 3% Currency Returns Plus I1C 2.20% 2.61% 6.14% Equities 100% -28% MSCI World Index Local Currency 0.25% 12.17% 16.17% Bonds 100% Source: Deutsche Bank, Bloomberg; As of 30 Apr 2010 db funds· May 2010 · page 25
  26. 26. 360°UCITS – single manager exposure Innovation Manager Flexibility Efficiency Managed accounts UCITS III 360°UCITS Global Prime Platform Finance Infrastructure White labelling Custodian & Administrator Global reach db funds· May 2010 · page 26
  27. 27. The DB Platinum IV QCM GDP Index Fund Operating history of 14 years from 1995 History Extensive buy/sell side experience of founding principal, Aref Karim US$ 657 million in assets under management as of March 2010 UK incorporated Limited Liability Company Regulatory FSA registered CFTC/NFA registered Systematic macro using unique proprietary dynamic allocation tool Strategy Skewed long volatility profile Liquid and transparent strategy using exchange traded futures Global Diversified Programme (GDP): Dec 1995 Products Global Natural Resources Programme (GNRP): Aug 2000 Enhanced Commodity Beta Programme (ECBP): Apr 2005 Team of approximately 20 experienced qualified professionals Team Senior members with firm for more than 5 years Source: Quality Capital Management Ltd. db funds· May 2010 · page 27
  28. 28. QCM’s Global Diversified Programme (GDP) Wealth Creation from inception to Mar 2010 (in USD) QCM & Wealth Wealth benchmark increase increase from Dec from Feb 1995 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% *QCM GDP enhancements implemented in February 2005 NIKKEI 225 -41% -4% MSWI World +70% +7% 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 a reliable 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 when making a decision to invest in the DB Platinum IV QCM GDP Index fund. db funds· May 2010 · page 28
  29. 29. Ability to design bespoke systematic funds Collateral UCITS Fund UCITS III Synthetic Collateral Performance Collateral Segregation of Assets Replication Exposure Collateral Exposure OTC Fund UCITS III Direct Securities Segregation of Assets Investment Cash Portfolio Market Transaction Fund UCITS III Third Party Manager Securities Segregation of Assets Portfolio Third party management Manager Cash Asset Allocation db funds· May 2010 · page 29
  30. 30. Content 1 db funds 2 Our funds 3 www.funds.db.com 4 Contacts db funds· May 2010 · page 30
  31. 31. www.funds.db.com Overview www.funds.db.com is an intuitive and accessible portal that aims to cater for all your investment resource needs An easy to navigate site that enables you to: - find out more about us and our range of funds - access fund specific information and view key performance data - download key fund data and materials - utilize useful tools that aim to help you analyze your investment choices db funds· May 2010 · page 31
  32. 32. Content 1 db funds 2 Our funds 3 www.funds.db.com 4 Contacts db funds· May 2010 · page 32
  33. 33. Contacts London: +44 207 547 8699 db funds Frankfurt: +49 69 910 34393 Zurich: +41 44 227 3752 www.funds.db.com db funds· May 2010 · page 33
  34. 34. CROCI Disclaimer Deutsche 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 latter may include items such as R&D or brands that cannot appear on a balance sheet under current accounting standards. A judgement on current share price valuation can be made by comparing the current and expected Cash Return On Capital Invested with the true asset multiple of the company, sector or region. CROCI charts show the results of our calculation and include annual returns, the real invested capital base on an annualised basis, and the valuation of the company, again on an annualised basis. If you require any further information on our methodology, please contact croci.valuations@db.com. CROCI® is a registered trade mark of Deutsche Bank AG in certain jurisdictions. Deutsche Bank AG reserves all of its registered and unregistered trade mark rights. db funds· May 2010 · page 34
  35. 35. Disclaimer The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but we make no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy reasonableness or completeness of the information and opinions. We have no obligation to update, modify or amend this publication or to otherwise notify a reader in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation is provided 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 agreement or contract with Deutsche Bank AG or any affiliates. Any offering or potential transaction that may be related to the subject matter of this presentation will be made by a separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. Any terms and conditions of any offering or transaction discusses herein are subject to change without 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 form the basis for any investment decision. This presentation has not been approved for distribution to, or for the use of, private customers as defined by the rules of the UK’s Financial Services Authority. Financial instruments that may be discussed herein may not be suitable for all investors and any investors must make an independent assessment of the appropriateness of any transaction in light of their own objectives and circumstances, including the possible risks and benefits of entering into such a transaction. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. We therefore strongly suggest that potential investors seek their own independent advice in relation to any legal, tax, accounting or regulatory issues relating to the matters discussed herein. By accepting receipt of this presentation the reader will be deemed to represent that they possess, either individually or through their advisor, sufficient investment expertise to understand the risks involved in any purchase or sale of any security, referenced herein. If a financial instrument is denominated in a currency other than an investor’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 in this presentation are subject to change without notice. Analyses contained herein maybe based on assumptions that if altered can change the opinions expressed herein. Furthermore, past performance is not necessarily indicative of future results and nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency, rate or other market or economic measure. In the United Kingdom this presentation is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange. In the U.S. this presentation is approved and/or distributed by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, the NFA and SIPC. This presentation is distributed in Hong Kong by Deutsche Bank AG, Hong Kong Branch. This presentation is distributed in Korea by Deutsche Securities Korea Co. This presentation is distributed in Singapore by Deutsche Bank AG, Singapore Branch. This presentation and the information contained herein is confidential and may not be reproduced or distributed in whole or in part without our prior written consent. Copyright© 2010 Deutsche Bank AG db funds· May 2010 · page 35
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