1. COMPETENCE IN GERMAN EQUITIES
November 2009
FPM FRANKFURT PERFORMANCE MANAGEMENT AG – FREIHERR-VOM-STEIN-STR. 11 – 60323 FRANKFURT – GERMANY

2. CONTENTS
About us
Our investment philosophy
Why we invest in German shares
We believe that
Our funds
Our awards
Contact
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As at: November 2009

3. About us
STOCKPICKER IN GERMAN EQUITIES
FPM Frankfurt Performance Management AG, an independent and owner-
managed fund management company, was established in the year 2000 by
Manfred Piontke and Martin Wirth, two highly experienced financial analysts
and professionals in fundamental bottom up analysis
We practice stock-picking, without benchmark thinking, based on our own primary
analysis with a sustainable setup, for achieving long-term outperformance with
limited risk
Our aim: Implementation of our know-how in primary analysis and valuation within
the FPM-products
Focusing on our home base Germany, due to our high grade of knowledge, the
existing network and the proximity to German companies
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4. About us
FUNDAMENTAL ANALYSTS
Due to many years of research activity at established investment banks, we
have acquired profound and comprehensive insight into the German corporate
landscape and built up an extensive, dense network in Germany
FPM AG has a rock-solid equity base.
Our clients include institutional investors as well as asset managers, multi
managers, private banks, family offices, HNI’s and individuals
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5. About us
VALUE INVESTING
Primary Research & Fund Management
Manfred Piontke:
FPM founder and Management Board Member
Deutsche Bank AG: Deputy Head of German Equity
Research
Bank Julius Bär (Deutschland) AG: Head of German
Equity Research
Credit Suisse First Boston: German Equity Research
Martin Wirth: FPM founder and Management Board Member
Credit Suisse: Deputy Head of Portfolio Management
Sal. Oppenheim jr. & Cie. KGaA: German Equity Research
Bank Julius Bär (Deutschland) AG: German Equity Research
Credit Suisse First Boston: German Equity Research
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6. Our investment philosophy
„OUR INVESTMENT DECISIONS ARE INDEPENDENT OF INDEX-
AND/OR SECTOR-WEIGHTING CONSIDERATIONS“.
Management of investment funds
All FPM-products have been launched and are being administered by DWS.
Focus on Germany
Our funds are investing in listed, mainly German companies.
Active stock-picking
On the basis of fundamental data and company value drivers, business model
and management quality
Stringent investment process
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7. Our investment philosophy
„BOTTOM-UP“
Independent fund management
Our stock-picking is based strictly on our own methodical fundamental analysis
Value setup
Investments in undervalued, promising companies with an above average
risk/ reward-ratio
First-hand knowledge
Superb market expertise and systematic accumulation of grass-roots knowledge
through regular on-site meetings with companies‘ management
Consistent investment philosophy
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8. Our investmentphilosophy
„IDENTIFICATION AND ANALYSIS OF UNDERVALUED STOCKS
BEFORE THEY ARE DISCOVERED BY THE MARKET“.
Interdisciplinary setup:
We determine price targets (fair value) for all of our investments and do not play
momentum. Sector or index affiliation are not relevant.
Selling discipline
An investment is sold when:
Fair value is reached
Stop loss price is reached
Important changes in the business environment occur
Other investments hold greater promise
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9. Our investment philosophy
„CALL THE MANAGER! WE ARE NOT A BLACK BOX“.
Transparency
We regularly report all fund holdings, including their weightings
Follow-up information on a regular basis
Our own investment
We are invested in our funds with a significant portion of our personal wealth
Daily liquidity in all FPM-products
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10. Our investment philosophy
SELECTION PROCESS
Investment Universe
Selection Criteria
About 500 companies
Market position Innovativeness
Understanding the business model and value drivers
Cyclicity Growth
Competition
Management quality Credibility Trust
Experience
P/E Cash flow /
Valuation
Embedded value free cash flow yield
EV/EBITDA etc.
Decision
Buy, sell or watchlist Fair value target!
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11. Why we invest in German shares
INVESTMENT FOCUS ON GERMANY
Our investment focus on Germany is based on our edge we have in our market. This refers to
the companies, their history, access to management, same language, cultural background,
partially the (legal or economic) environment a company is operating in, and to some extent
valuation standards.
Companies and their share prices are mid- to long-term driven by individual parameters like
business model, execution, industry, management, but not by the region a headquarter is
located.
In that respect, as an example, German banks have more in common with their international
peers than with German software or industrial companies. This is valid for any industry (based
on the consumer boom in the US over the past 25 years, it would otherwise have been a good
idea to invest in General Motors). However, as well as we do not invest in the German
economy as a whole, we do not invest in German industries, we invest in companies which are
headquartered in Germany.
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12. Why we invest in German shares
INVESTMENT FOCUS ON GERMANY
Of utmost importance are the questions: How profitable can a company act?
What is its growth potential? How much capital is required? Do we trust the
management? Less important is (again) the location of its headquarters.
Of course, we have to accept that the popularity of German equities is fluctuating
along with the momentum of capital markets, bringing with it a strong correlation
between the stocks of any kind of company. In the long run, this is however less a
risk but something that creates opportunities.
In one aspect, however, Germany is in a very solid position compared to many
other regions of the (less developed) world: The stable legal framework, which is
benefiting any kind of investor in capital markets.
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13. Why we invest in German shares
CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD
The storm is over, and no one has been left out.
The relevant question is which assets will be permanently impaired and which
ones will be quite unaffected.
Four risks when investing:
1. Business model becomes obsolete
2. Permanent loss of capital based on a destroyed balance sheet
3. Valuation too stretched
4. Management redeploying capital in low yielding assets
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14. Why we invest in German shares
CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD
Risk 1: Recessions do not make business models obsolete, but weakness in a
given business model gets visible in a merciless manner.
Risk 2: The biggest problems for the next years. Pressure not just from the
normal funding but also from a day-to-day’s business perspective as suppliers or
customers are demanding a stronger solvency.
Risk 3: Probably the lowest risk for the next years if a company fulfils certain
quality standards. Exception: Companies which have been active in bubble areas,
which were built on leverage or are depending on demand for long-term assets.
Risk 4: Dumb decisions are normally taken in a less challenging environment.
Recessions bring the quality of the reinvestment decision to the light, so that
anybody can see them. Risk 4 is in our view the most underestimated from a long
term perspective.
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15. Why we invest in German shares
IMPLEMENTATION AT FPM FUNDS
We focus our investments on
Companies with useful products and services
Companies with a solid financial position which might include leverage as long as
the stability of the business model allows for it
Companies with a below average cyclicality, which is meant not so much in terms
of volume but in terms of pricing power
Companies which spent the money of their shareholders wisely in the past
And: companies, which do not fulfil all of these criteria but which are valued as if
going bankrupt.
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16. Why we invest in German shares
IMPLEMENTATION AT FPM FUNDS
The valuation based on long term average returns is on a multiyear low. Strong
companies will use the weakness of some of their competitors and be indeed
stronger after the recession abates. We find companies fulfilling these criteria
across all industries.
In general, we do not make turnaround bets. We do not invest in companies
which require leverage to achieve a decent return on capital. We do not invest in
companies producing long term durable goods.
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17. Why we invest in German shares
POSITITVE CHANGE IN SENTIMENT
DAX 12month forward PE vs. IFO business expectations
27 108
104
24
100
21
96
18 92
15 88
84
12
80
9
76
6 72
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
DAX 12m onth forward PE (l.s .) IFO expectations (r.s.)
Source: Thomson Financial Datastream, October 2009
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18. Why we invest in German shares
P/E-RATIO REMAINS AT HISTORIC LOW LEVELS
DAX 12month forward PE
26
24
22
20
18
16
14
12
10
8
6
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
DAX 12m onth forward PE mean s ince 1990
plus 1 s tandard deviation minus 1 standard deviation
Source: Thomson Financial Datastream, October 2009
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19. Why we invest in German shares
HIGH DIVIDEND YIELDS
DAX Dividend Yield
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Dividend Yield (IBES) long-term average
Source: Thomson Financial Datastream, October 2009
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20. Why we invest in German shares
HIGH RISK PREMIUMS ON EQUITY INVESTMENTS
Risk premium: DAX earnings yield - 10yr bond yield
10
9
8
7
6
5
4
3
2
1
0
-1
-2
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Yield differential in %: DAX-10yr German bonds
Source: Thomson Financial Datastream, October 2009
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21. We believe that
„THE TIME OF MAXIMUM PESSIMISM IS THE BEST TIME TO
BUY AND THE TIME OF MAXIMUM OPTIMISM IS THE BEST TIME
TO SELL“ Sir John Templeton
German equities are historically low valued.
Low level of private and corporate debt in relation to international peer groups.
No overheated domestic demand caused by the real estate market.
Business advantage due to low unit labour costs.
Low stock market valuation in historic comparison measured in price to book.
The risk-reward ratio is extremely appealing.
Historic low equity weightings will be reversed in the future
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22. Our funds
FPM Funds Stockpicker Germany All Cap
September 30, 2009
Investment objective: Performance of the FPM Funds Stockpicker
Investments in German equities Germany All Cap
The FPM Funds Stockpicker Germany All Cap
invests primarily in German equities.
Facts to the fund
Redemption price: 168,68
Funds category: Equity Funds Germany
Funds advisors: Manfred Piontke, Martin Wirth
Funds currency: Euro
Funds volume: 68.8 mln Euro
Launch date: January 29, 2001
Distribution policy: Retained profits
Front-end load: up to 4.00 %
Management fee: 0.90 % p.a. (plus success-related fee of 15%,
provided that the performance of the shares
exceeds 4% per half-year)
TER: 0.95 % p.a. yr 2008
ISIN: LU0124167924
German sec.-code: 603328
Key figures
Volatility: 30.39% (3 years, source: DWS)
Rate of investment: 102.45 (in % of funds volume)
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23. Our funds
FPM Funds Stockpicker Germany All Cap
September 30, 2009
Portfolio structure Top 10 holdings (in alphabetical order)
Sector weightings (in % of funds volume)
Source: Bloomberg
Aareal Bank
Basic materials 3.47%
Allianz SE
Communication 9.18%
Deutsche Bank Reg.
Consumers cyclical 3.19%
Eckert & Ziegler Strahlen- und Medizintechnik
Consumers non-cyclical 26.66%
Freenet AG
Energy 1.91%
SAF Simulation, Analysis and Forecasting
Financials 25.05%
Software
Industrials 17.69%
STO Pref.
Technology 15.29%
STRATEC Biomedical Systems
Wirecard AG
Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited
annual report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which
taken together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved.
Performance according to the BVI-Method. Past performance is no guarantee of future results.
For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: +
49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de
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As at: November 2009

24. Our funds
FPM Funds Stockpicker Germany Small/Mid Cap
September 30, 2009
Investment objective: Performance of the FPM Funds Stockpicker
Investments in German equities Germany Small/Mid Cap
The FPM Funds Stockpicker Germany Small/Mid Cap
invests primarily in German Small and Mid Caps.
Facts to the fund
Redemption price: 111.72
Funds category: Equity Funds Germany
Funds advisors: Martin Wirth, Manfred Piontke
Funds currency: Euro
Funds volume: 20.7 mln Euro
Launch date: December 20, 2004
Distribution policy: Retained profits
Front-end load: up to 4.00 %
Management fee: 1.25 % p.a. (plus success-related fee of 15%,
provided that the performance of the shares
exceeds 4% per half-year)
TER: 1.31 % p.a. yr 2008
ISIN: LU0207947044
German sec.-code: A0DN1Q
Key figures
Volatility: 27.61 % (3 years, source: DWS)
Rate of investment: 99.87 (in % of funds volume)
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25. Our funds
FPM Funds Stockpicker Germany Small/Mid Cap
September 30, 2009
Portfolio structure Top 10 holdings (in alphabetical order)
Sector weightings (in % of funds volume)
Source: Bloomberg Aareal Bank
Basic Materials 2.97% Analytik Jena
Communication 7.56% CeWe Color Holding
Consumers cyclical 18.84% Freenet AG
Consumers non-cyclical 15.42% GfK
Financials 16.54% Grenkeleasing
Industrials 22.19% Jungheinrich Pref.
Technology 16.35% Loewe
SAF Simulation, Analysis and Forecasting
Software
Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual
report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken
together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved.
Performance according to the BVI-Method. Past performance is no guarantee of future results.
For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: +
49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de
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As at: November 2009

26. Our funds
FPM Funds Stockpicker Germany Large Cap
September 30, 2009
Investment objective: Performance of the FPM Funds Stockpicker
Investments in German equities Germany Large Cap
The FPM Funds Stockpicker Germany Large Cap
invests primarily in German Blue Chips.
Facts to the fund
Redemption price: 106.02
Funds category: Equity Funds Germany
Funds advisors: Martin Wirth, Manfred Piontke
Funds currency: Euro
Funds volume: 8.2 mln Euro
Launch date: November 7, 2005
Distribution policy: Retained profits
Front-end load: up to 4.00 %
Management fee: 0.9 % p.a. (plus success-related fee of 15%,
provided that the performance of the shares
exceeds 4% per half-year)
TER: 0.94 % p.a. yr 2008
ISIN: LU0232955988
German sec.-code: A0HGEX
Key figures
Volatility: 23.89% (3 years, source: DWS)
Rate of investment: 87.57 (in % of funds volume)
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27. Our funds
FPM Funds Stockpicker Germany Large Cap
September 30, 2009
Portfolio structure Top 10 holdings (in alphabetical order)
Sector weightings (in % of funds volume)
Source: Bloomberg Aareal Bank
Basic Materials 13.23% Allianz SE
Communication 10.35% BMW Ord.
Consumers cyclical 9.49% Deutsche Telekom Reg.
Consumers non-cyclical 19.19% Hannover Rückversicherung Reg.
Financials 26.80% Henkel Pref.
Technology 4.60% Münchener Rückversicherungs-Gesellschaft Vink.Reg.
Utilities 3.91% Software
Volkswagen Pref.
Wacker Chemie
Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual
report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken
together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved.
Performance according to the BVI-Method. Past performance is no guarantee of future results.
For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: +
49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de
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As at: November 2009

28. Our funds
TOP 25 S
September 30, 2009
Investment objective:
The TOP 25 S aims to generate a positive return and targets a significant outperformance relative to Germany’s DAX® Associated potential risks are
higher-than-average risks of loss of the invested capital, and higher credit risks. TOP 25 S invests in shares of the 25 most promising issuers
incorporated in Germany, Austria or Switzerland. A team of analysts chooses the individual equities, based on an active selection process. The “S” in
the name stands for “strategy”, as the fund management, in addition to using a systematic, multistage selection methodology, also seeks to manage
market risk through the use of derivative financial instruments. As a result of its portfolio composition and/or the techniques employed by the fund
management, Top 25 S can exhibit high volatility. In other words, the share prices of its holdings may be subject to significant downward or upward
fluctuation even over short periods.
Facts to the Fund Performance of the TOP 25 S
Redemption price: 122.61
Last Dividend: May 11, 2009: 3.00€
Funds category: Equity funds Europe
Funds advisor: FPM Frankfurt Performance Management AG
Funds currency: Euro
Funds volume: 21.7 mln Euro
Launch date: September 24, 2008
Distribution policy: distributed
Front-end-load: up to 5% -8,07%
Management fee : 1.75% p.a. (plus success-related fee of 20% of +40,91%
the amount by which the increase in value of
TOP 25 S exceeds the performance of the DAX®)
TER: 3.48% for the short financial year 2008/2009
ISIN: DE0005152540
Benchmark: Deutscher Aktienindex DAX® (Performance-Index)
FPM DEUTSCHE INVESTMENTAG TGV
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As at: October 2009

29. Our funds
TOP 25 S
September 30, 2009
Performance 1 month Performance since inception (24.09.2008) Performance ytd
TOP 25 S: + 0.21% Top 25 S: + 25.72% TOP 25 S: + 22.92%
Benchmark DAX®: + 3.85% Benchmark DAX®: - 8.07% Benchmark DAX®: + 17.98%
Portfolio structure Funds 25 holdings (in alphabetical order)
Sector weightings: (in % of funds volume) Source: Bloomberg Aareal Bank Fresenius SE Pref. Siemens Reg.
Basic Materials 12,72% Allianz SE HeidelbergCement Softw are
Bayer Henkel Pref. STADA Arzneimittel Vink. Reg.
Communications 8,52%
Celesio Hochtief Südzucker Ord.
Consumer, Cyclical 8,10%
Deutsche Bank Reg. Lanxess Volksw agen Pref.
Consumer, Non-
26,20% Deutsche Lufthansa Vink. Reg. Linde Vossloh
cyclical
Deutsche Postbank Reg. Münchener Rückvers.-Ges. Wirecard AG
Financial 20,66%
DeutscheTelekom Reg. Nestlé Reg.
Industrial 15,64% Freenet AG RWE Ord.
Technology 4,25%
Utilities 3,92%
Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report, in addition, by
the most recent half-year report, if this report is more recent than the most recently available annual report, which taken together are the sole binding basis for the purchase
of fund units. The sales prospectus contains detailed information on the risks involved. Performance according to the BVI-Method.
Past performance is no guarantee of futures results.
For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: +49 69.79 58 86-0 |
top25s@fpm-ag.de | www.deutsche-investmentAG.de
FPM DEUTSCHE INVESTMENTAG TGV
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As at: October 2009

30. Awards
OUR AWARDS
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31. Contact
CONTACT US
FPM Frankfurt Performance Management AG
Freiherr-vom-Stein-Str. 11
60323 Frankfurt am Main Markus Dahlheimer
Phone: +49 (69) 79 58 86 – 27
Fax: +49 (69) 79 58 86 – 14
Thomas Dinges
E-Mail: fpm-funds@fpm-ag.de
Internet: www.fpm-ag.de
www.FPM-Deutsche-InvestmentAG.de
Tina Hofmann
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32. DISCLAIMER
The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the funds.
Further details, especially concerning the fund’s composition and risk profile, can be found in the investment information. Full details of the funds
can be found in the simplified or full 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 FPM Frankfurt Performance Management AG
(FPM AG), Freiherr-vom-Stein-Str. 11, 60323 Frankfurt am Main, from DWS Investment GmbH, Mainzer Landstraße 178 – 190, D- 60327 Frankfurt
am Main or from DWS Investment S. A., 2, Boulevard Konrad Adenauer, L-1115 Luxemburg. The sales prospectus contains detailed information on
the risks involved.
The information given here is based on our assessment of the current legal and tax position. All opinions given in this product information reflect the
current assessment of FPM Frankfurt Performance Management AG which may change without notice. In cases where information contained in this
document derives from third parties, FPM AG accepts no liability for the accuracy, completeness or appropriateness of such information, also FPM
AG 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 simplified and full sales
prospectuses.
The units under these funds may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted.
The units in these funds 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.
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