1. oktober 2012
Agribusiness
Interessante investeringsmogelijkheden langs de voedselwaardeketen
Bram Pouwels, oktober 2012

2. Afgelopen lunch, 60 minuten?
Source: www.poodwaddle.com
1

3. DWS Investments
Presence in 72 countries worldwide
Corporate and Corporate Private Clients
Investment Bank Investments and Asset Management
Global Global Corporate Asset Private & Private Wealth
Banking Markets Investments Management Business Clients Management
Deutsche Asset Management
Retail Institutional
Insurance
Alternatives
EUR 542 bn1)
Note: 1) Data as of March 31, 2012.
Source: Deutsche Bank.
2

4. No.1 in Duitsland
No. 1 in Germany No. 3 in Europe No. 8 in the world
in € bn in € bn in € bn
Black Rock 314 Vanguard 1.415
D
W 138
S Amundi 226 Fidelity 1.096
A DWS 203 BlackRock 951
GI
109
JPMorgan 196 Capital Group 711
D
ek 91
a
BNP Paribas 192 Allianz/PIMCO 554
U UBS 157 JPMorgan 521
ni 85
on Allianz/PIMC Franklin
O 157 Templeton 406
Bl
ac 28
k…
Lloyds TSB 116 DWS 278
Franklin
Fr 111 BNY Mellon 275
Templeton
an 15
k…
Credit Suisse 109 T. Rowe Price 249
Source: BVI Germany, DWS. Excl. funds of funds (except un-affiliated FoFs), incl. real estate. All data as of March 31, 2012. Excl. FoF’s (except un-affiliated
As at: March 31, 2012. Data for DWS also include DB products. DWS ex- FoFs), incl. property. Excl. JV AuM from foreign firms. European
Including FoFs, DWS figures include DB products. DB reported AuM of €141bn. data for DWS also include DB products.
Source: Lipper FMI, March 31, 2012. Sources: Lipper FMI (Europe), Simfund (US, Asia, Australia).
3

5. DWS Investments in Nederland
Waar kent u ons van?
DWS Covered Bond Fund Een solide, eeuwenoud instrument
DWS Top Dividende –  Het leidende hoogdividend aandelenfonds in Nederland
DWS Invest Global Agribusiness –  Investeren in de hele waardeketen van het voeden van
de wereld
DWS Corporate Bonds 2017 Mandje ww obligaties, vaste afloopdatum
DWS Aktien Strategie Deutschland –  Investeren in de grootste en sterkste economie van
Europa
DWS Invest Convertibles  Profiteer van beide werelden

6. DWS Invest Global Agribusiness
Fondsmanager Ralf Oberbannscheidt
5

7. Hoe de wereld te blijven voeden?
“More food will have to be produced over the next decades than has been
produced during the past 10,000 years combined.” (FAO)
 Urbanisatie
EVER-RISING
 Onderinvestering DEMAND
 Afnemende hoeveelheid
 Groeiende wereldbevolking
landbouwgrond
 Veranderd voedselpatroon
 Biofuel
PRESSURE
ON SUPPLY
6

8. Groeiende wereldbevolking & footprint
7

9. Voedselprijzen op hoger niveau
UN Food and Agriculture World Food Price Index
In 2011 food prices reached another
In 2008 record food prices triggered all-time high.
riots around the world.
240
Source Bloomberg; Version: June 2012
220
200
180
160
140
120
CAGR + 7.0%
100
80
01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12
2006 2008 2011 CAGR
Tarwe $384 $583 $620 10%
Maïs $236 $461 $583 20%
Sojabonen $392 $860 $967 20%
Source: Bloomberg; Version: October 2011
8

10. De wereld is veranderd - de vraag is stijgende
2006 2008 2011
6,555 6,705 7,000
World Population
31.6 32.5 32.9
Global Meat Consumption
(per capita, kg)
3,591 3,682 3,863
Household Consumption Expenditure
(per capita, USD)*
As of October 2011
Source: FAO, Agricultural Outlook
* Source: Worldbank October 2011, data for 2011 not available yet and therefore based on DB estimates and own calculations
9

11. Het concept van niet lineariteit: voedsel vraag
Time
S-Curve ontwikkeling
Markt veronderstelling
Calorieën
Voedsel behoefte = Bevolking Calorieën (per capita)
10 Source: DWS, simplified illustration

12. Meer eten: Calorieën tellen
Drijvende kracht van exponentiële groei
Kcal per capita per day
3,100
3,000
2,900
2,800
2,700
2,600
2,500
2,400
2,300
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012E 2014E 2016E 2018E 2020E
Africa Asia World
Source: GTP, April 2012
E =Estimate / there is no guarantee that the estimates highlighted will materialize
11

13. Grotere middenklasse
Bevolking per inkomens categorie (73 landen) Inkomens-elasticiteit
People, Billions
8.0 All food Cereals Oils and fats
0.8
7.0
0.6
6.0
5.0 0.4
4.0 0.2
3.0 0
LIC MIC HIC LIC MIC HIC LIC MIC HIC
2.0
ICP = International Comparison Program, a Wold Bank program
1.0 covering 146 countries
LIC = Lower income countries
0.0 MIC = Middle income countries
1980 1990 2000 2010 2020 2030 2040 2050 HIC = High income countries
Over $6k Under $6k 2006 ICP 1996 ICP
Source: USDA,, Economic Research Service analysis of international Comparison
Source: WDI, UN Population Division, Goldman Sachs Global ECS Research, 2011 Program data, World Bank.
12

14. Snelle urbanisatie – infrastructuur bestedingen
Population World Infrastucture Spendings
in trillion USD
10000000
14.0
9000000
8000000 12.0
7000000 10.0
6000000
8.0
5000000
4000000 6.0
3000000
4.0
2000000
1000000 2.0
0 0.0
1950 1965 1980 1995 2010 2020 2035 2050 1960 1966 1972 1978 1984 1990 1996 2002 2008
Total population Rural population Urban population
Een van de belangrijkste sociaal-economische factoren die de toenemende vraag
naar voedsel drijft en de hoeveelheid beschikbare landbouwgrond vermindert is de
toenemende verstedelijking.
Source: United Nations, Department of Economic and Social Affairs,
Population Division, April 2012 Source: GTP, own calculations, April 2012
13

15. Urbanisatie - van Mega to Meta
Kuala Lumpur - 1974 Kuala Lumpur - 2005
Source: Wikipedia, March 2007

16. Agribusiness²
Het concept van niet lineariteit
Groeiende Meer calorieën
wereldbevolking per inwoner
Toenemende Eiwitrijke voeding
urbanisatie
15

17. Apple = een hele wereld met voedsel?
Onderinvestering Agribusiness
Source: DWS, GTP, April 2012
16

18. DWS Invest Global Agribusiness
Samenvatting
Universe: Over de hele „Agribusiness voedselketen“
Style: Actief, flexibele allocatie
Benchmark: Geen officiële benchmark, thema fonds
Process: Actief stock picking, gebaseerd op
fundamentele research, ESG bewust
Instruments: Aandelen, geen derivaten, geen valuta-
afdekking
Allocation: 80-100 bedrijven
17

19. Verdeling over de waardeketen
UPSTREAM DOWNSTREAM
43%
28%
16%
13%
Resource Owners Facilitators Value Adders Distributors
 Machinery  Agri. products  Packaged Food  Retailer
 Fertilizer  Machinery  Meat & Bev.  Restaurants
 Seeds  Logistic  Aquaculture  Services
Source: DWS
Data as per end of May 2012
18

20. Investeringsmogelijkheid: Zaden & Gewasbescherming
UPSTREAM
Million $
 Lange termijn groei in zaden & 50000
gewasbescherming
CAGR
45000 8.10%
 GM gemodificeerde zaden met
boven-gemiddelde groei 40000
 Agro-chemische prijzen 35000
verbeteren in 2012
30000
25000
CAGR
20000 5.36%
CAGR
15000
21.78%
10000
5000
0
2006 2007 2008 2009 2010 2011
Prelim
Crop Protection GM Seed Conventional Seed
Source: Philipps Mc Dougal, February 2012
19

21. Investeringsmogelijkheid: Supply Chain Managers
UPSTREAM
Wereldhandel: Sojabonen & sojaproducten, voedergranen en tarwe
Trade (MM MT)
225
180
135
90
45
0
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Soybeans and soy products Coarse grains Wheat
 Supply Chain Manager – stijging van de wereldhandel
 Price/Book – aantrekkelijk waardering
 Strategisch belang voor overheden
GTP calculation
As of January 2012
20

22. Zandloper theorie: de „consument“ bestaat niet
DOWNSTREAM
Percentage van het inkomen naar voeding.. Premium
40 Food
35
30
25
20
15
10
5
0
Lowest income quintile Middle income quintile Highest income quintile Private
2004 2005 2006 2007 2008 2009
Label
46 % 43 %
Weighted Global Average:
32 % 31 % 28 % 14.9 %
17 %
5% 5%
1%
Note: Average annual incomes for the quintiles in 2009 were $9,846 for the lowest, $46,012 for the middle, and $157.631 for the highest.
Source: USDA, Economic Research Service calculations using data from the Bureau of Labor Statistics’ Consumer Expenditure Survey. 2004-09.
21

23. Eigen instrumenten
Farm model Weather/climate monitoring Mergers & Acquisitions
 Waarderingsmodel voor  Toegang tot verschillende  Waarderings instrument om
winstgevendheid wereldwijd weermodellen consolidatie tussen
landbouwgrond  Weer fenomeen: verschillende agri sectoren te
 Database van publieke en El Nino / La Nina, Monsoon meten
private landbouwgrond systems, Droughts & floods  Synergy analyse
 Winstgevendheid van bedrijf  Betaalde premie
 Acquisitiefinanciering
22

24. Van de grond tot op het bord
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
09/07 01/08 05/08 09/08 01/09 05/09 09/09 01/10 05/10 09/10 01/11 05/11 09/11 01/12 05/12
UPSTREAM DOWNSTREAM
Resource Owners Facilitators Value Adders Collectors/Distributors
Flexibility is king
Source: DWS
Version: June 2012
23

25. DWS Invest Global Agribusiness
Performance sinds lancering (LC-share class in EUR)
140
130 + 25.5%
120
110
+ 6.1%
100
90
80
70
60
50
20.11.06 08.07 05.08 01.09 10.09 07.10 03.11 12.11 08.12
DWS Invest Global Agribusiness LC MSCI World (RI)* in €
*) DWS Invest Global Agribusiness has no Benchmark. The MSCI World (RI) Index and S&P GSCI Agri TR-Index are shown for information purposes
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been
included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns.
November 20, 2006 = 100
Source: DWS, Thomson Reuters Datastream
As of: August 31, 2012
24

26. DWS Invest Global Agribusiness
Sector- en landen allocatie
Sector allocatie Country allocatie
Ag Nutrients & Protection 48,3% USA 41,1%
Agri. Products 22,1% Germany 9,3%
Pack. Foods/Meat 11,0% Norway 6,5%
Constr./Farm 2,8% Switzerland 5,9%
Super Centers 2,7% Brazil 5,9%
Life Sciences 2,6% Australia 5,5%
Food Retail 2,2% Canada 5,3%
Div. Banks 1,8% France 2,8%
Marine Ports 1,8% Singapore 2,0%
Diversified Chemicals 1,0% South Africa 1,9%
Food Distributors 1,0% Spain 1,8%
Other sectors 2,7% Other Countries 12,1%
in % of fund volume
as of: End of August 2012
25

27. DWS Invest Global Agribusiness
Top tien posities
Top tien posities Investment ratio
Mosaic Co/The 8.7% Equities 100.0%
CF Industries Holdings Inc 8.4%
Bunge Ltd 8.0%
Monsanto Co 7.1%
Yara International ASA 6.1%
Potash Corp of Saskatchewan Inc 4.7%
K+S AG 4.4%
Syngenta AG 3.9%
Incitec Pivot Ltd 3.1%
Metro AG 2.7%
Sum 57.1%
in % of fund volume
as of: End of August 2012
26

28. Agribusiness² = Goede investeringsmogelijkheden
De exponentiële groei vd vraag wordt V.b.: Zaden & Gewasbeschermings
nog steeds onderschat bedrijven, Supply chain
managers
Speel de “zandloper” theorie
Beleg over de hele waardeketen
Private label & Premium
27

29. DWS Invest Global Agribusiness
Agribusiness is a
natural growth story
28

30. DWS Invest Global Agribusiness
Facts and figures
 Share Class*: LC
 Share Class Currency: EUR
 ISIN: LU0273158872
 German Sec. Code: DWS0BU
 Front-end fee**: up to 5%
 Management fee****: 1.500% p.a.
 TER as at 31/12/11: 1.610%
 Income: Reinvestment
 Legal Status: Luxemburg SICAV Umbrella
 Fund volume: 2,208 mn EUR
 Fiscal Year: 1/1 – 31/12
*) This document contains details of the share classes LC, FC,A2, E2 only. Please refer to the latest full or simplified sales prospectus for
information on possible other share classes
**) Based on the gross investment, correspond approx. to 5.26%based on the net investment
***) Minimum investment for initial subscriptions is 400,000 Euros/dollars.
****) For other costs, see Article 12 in the general section of the Sales Prospectus.
Version: End of July 2012
29

31. Appendix

32. DWS Invest Global Agribusiness
Examples of companies that taste good to our fund management
IOI Corp. A world leading manufacturer of farm
IFF is a leading creator and manufacturer of flavors and The company manufactures
fragrances for different industries e.g. : beverages, dairy, equipment such as lawn and garden
oleochemicals, specialty oils and fats, tractors, mowers, irrigation systems
fabric care, fine fragrances, home care, ingredients, oral palm oil refinery and palm kernel
care & pharma, personal wash, savory, sweet’s and for home and commercial use and
crushing and thru it’s various further it produces off-highway diesel
toiletries. subsidiaries such activities as engines, supplying heavy-duty
developing of residential and industrial engines among others.
commercial properties; cultivating and
processing of oil palm and rubber; and
investing in shopping mall, office
A holding and finance company for the group complex and other properties, and Cermaq ASA is a Scandinavian
of retail companies that act under the managing and operating hotels and company operating in the aquaculture
Pyaterochka name in Russia. The Company resorts and providing other services e.g. industry, with main focus on production
operates 235 own-operated supermarket landscape services. of feed to, and farming of salmonid
stores and a network of 207 franchise stores
species (salmon and trout).
across Russia, Ukraine and Kazakhstan.
Monsanto is an agricultural company. Farmers around the world use
Monsanto’s products to address on-farm challenges and reduce
A leader in the European sugar industry. The agriculture's overall impact on their environment.
company covers the entire value-added chain Monsanto produce leading seed brands in large-acre crops like corn,
and stretch from planting agricultural products cotton, and oilseeds (soybeans and canola), as well as small-acre crops
through to development and market launching of like vegetables. They also produce leading in-the-seed trait technologies
Whole Foods Market is the products for consumer and industry i.e. starch, for farmers that are aimed at protecting their yield, supporting their on-
world's leading retailer of portion packs, food ingredients e. g. inulin, farm efficiency and reducing their on-farm costs.
natural and organic foods, with oligofructose, Isomalt or rice derivates, fruit Monsanto’s business is structured in two segments: Seeds and Genomics,
187 stores in the US and UK. juice, bakery additives, deep-frozen products and Agricultural Productivity.
Global Organic food sales are (pizza), fruit preparations, fruit concentrates and a) Seeds and Genomics
growing dynamically with bioethanol. The Seeds and Genomics segment consists of the company's global
consumer getting increasingly Bioethanol offers outstanding perspectives for seeds and traits business, and genetic technology platforms - including
health conscious around the companies such as Suedzucker. Supported by biotechnology, breeding and genomics.
world. the “European Union strategy for biological b) Agricultural Productivity
fuels" the company was an early entrant and The Agricultural Productivity segment consists primarily
build a few bioethanol factories, including of crop protection products, residential
Europe’s largest in Zeitz, Germany that lawn-and-garden herbicide products, and the
strenghtened its strong position in the company's animal agricultural businesses.
dynamically growing market for biological fuels.
Sources: All information extracted from the individual company website.

33. DWS Invest Global Agribusiness
Examples of companies that taste good to our fund management
Eternal Technologies Group Inc. is engaged
Nutreco Holding N.V. is an international company in the in commercialization of newly developed
animal nutrition and fish feed markets, where it seeks to technologies in genetic engineering, and
create added value through its knowledge of the food biomedical research, which is based on
chains. The company has a selected presence in various research, development and application of
stages of the food production chains. Nutreco’s strategy A global integrated industrial fishing specialist with bioengineering technologies. The Company
aims to regain solid profit growth, reduce earnings operations across the world's Oceans, China constructs three platforms, i.e. industrialized
volatility and improve return on invested capital. In order Fishery Group Limited (CFGL) operates fishing embryo transfer, large-scale improvement of
to achieve these goals, Nutreco is rebalancing its portfolio vessels with quotas worldwide. Committed to herds, and production of new medical
of activities and capital employed. Nutreco’s Business providing quality fresh catch to consumers, CFGL products. The Company makes use of its
Groups, each comprising several Business Units, have employs sophisticated fishing technology and technology and geographical advantages to
approximately 75 production and processing plants in 20 responsible fishing strategies that tap into the promote its share in the market at very early
countries and about 7,000 employees. abundant offerings of the oceans. Through fishing, stage.
on-board processing, freezing, packing and
delivery, CFGL operates an integrated business.
Australian Agricultural Co. Ltd is Wilmar International Limited and its
the largest beef cattle Company subsidiaries commenced its operations
in Australia with 500 staff and in 1991 and has since expanded its
running 565,000 beef cattle. business operations from the trading of
palm oil, to become one of Asia’s
largest integrated agribusiness groups.
The company is domiciled in Singapore
Makhteshim-Agan Tata Motors Limited is India's largest automobile
Industries: company. It is the leader by far in commercial
Syngenta is a world-leading agribusiness company
Makhteshim-Agan vehicles in each segment, and the second
committed to sustainable agriculture through innovative
Industries Ltd. is a largest in the passenger vehicles market with
research and technology. The company is a leader in crop
world leading generic winning products in the compact, midsize car
protection, and ranks among the top tier group in the high-
manufacturer and and utility vehicle segments. The company is the
value commercial seeds market. Syngenta employs more
distributor of crop world's fifth largest medium and heavy
than 19,000 people in over 90 countries, with its head
protection products, commercial vehicle manufacturer. Agribusiness
offices in Switzerland.
such as herbicides, accounts for approx. 35% of the overall business
insecticides, with high margin contribution.
fungicides, etc
Sources: All information extracted from the individual company website.

34. Investment process
Universe
construction
(800 stocks)
Aqauculture
Beverages
Capital stock Stress test
Casual dining Focus List
Screening Risk  Harvest shortfalls
Crop protection (250 stocks)
Dairy Key valuation
 Identify the
management  Trade embargoes
Fertilizer metrics  Determining
value
Flavor upside potential  Irrigation problems
proposition of
Food Processing and risk
Special
each company  Pest, disease outbreaks
Food Retail
 Target weightings
Food Testing situations  Dual-region
 Diversified across synchronous harvest
Fruit  M&A Validation major regions
Grains chessboard impairment
Ingredients  Financial  Diversified across
 Strategic  Substitution effects
Land analysis major industrial
assets
Lending  Asset valuation service sectors  New disruptive Ag R&D
Logistics  Restructuring
 Management  ETF distortion  Oil/food BTU-
Protein  Distressed
Organic
interviews  Tail risk equivalency disruption
assets
 Internal debate assessment
Packaging  Access to credit,
Restaurants & conclusion covenant tests
Seeds
Sugar
Supply Chain
Sweeteners
Water
33

35. Portfolio construction
FILTERS
Agribusiness Universe (800 stocks)
Purity of Investment
Uniqueness of Asset
Valuation
Liquidity
Investable Universe (550 stocks) Oliver Kratz
Ralf Oberbanscheidt
Researched Focus List
Karl Kyriss
Discussion of agricultural macro Steven Pomper
- crop prices
- weather/climate conditions USD Corn Trade NPK Global Thematic Team
- trade barriers ….. Private
Tariffs HFCS Water Climate
label
Discussion of: RISK/REWARD
- relative strength Peer Valuation
- position in value chain Management Quality
- valuation Earnings Quality
- risk Corporate Governance
Fair Value:
CFROI
DCF
Holt
Resource Value Collector
Asset Valuation
Facilitator
Owner Adder & Un-monetized Assets
Distributor
*approximate current weights
DWS Global Agribusiness Fund
Between 80 - 100 holdings
34

36. Disclaimer
© DWS Investments 2012
Important information
The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the fund.
Further details, especially concerning the fund's composition and risk profile, can be found in the investment information. Full details of the
fund can be found in the key investor information document and the sales prospectus, supplemented in each case by the most recent
audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These
documents constitute the sole binding basis for the purchase of fund units. They are available free of charge in either electronic or printed
form from your advisor, from DWS Investment GmbH, Mainzer Landstrasse 178-190, 60327 Frankfurt am Main, Germany, or – where
Luxembourg-based funds are involved – from DWS Investment S.A., 2, Boulevard Konrad Adenauer, 1115 Luxembourg.
All opinions given reflect the current assessment of DWS Investments, which may change without notice. In cases where information
contained in this document derives from third parties, DWS Investments accepts no liability for the accuracy, completeness or
appropriateness of such information, although DWS Investments only uses data that it deems to be reliable.
Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. Individual costs such as
fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were
included. Past performance is not a reliable indicator of future returns.
Further information on taxation can be found in the sales prospectus.
The units issued under this fund may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted. The units in
this fund are not allowed to be offered for purchase or sold either in the US or to or for the account of US citizens or US persons domiciled in
the US.
This document and the information contained therein must not be distributed in the US. The distribution and publication of this document as
well as the offering or sale of the fund's units may be subject to restrictions in other jurisdictions as well.
35