Deutsche Invest I Multi Opportunities Invest I...Deutsche Invest I Multi Opportunities was launched...

Deutsche Asset& Wealth Management

January 2016

Deutsche Invest I Multi OpportunitiesWhich Egg and Which Basket?: Turning Volatility into Opportunities

Deutsche Asset& Wealth Management 1

Deutsche AWM – CIO View 2016Key messages

GROWTH

Global recovery on track despite mixed data from the U.S.

INFLATION

Peak of deflationfears behind us, inflation to pick up

MONETARY POLICY

Loose but geographic divergence

BONDS

Party not yet over; need to dig deeper

EQUITIES

Strategicallypositive; tactically careful

CURRENCIES

U.S. Dollar: mission not yet accomplished

REAL ESTATE

Diversification & reaping of illiquidity premia

HEDGE FUNDS RISK

Central banks & geopolitics –and valuations

Market neutral and global macro strategies

No assurance can be given that any forecast or target will be achieved.Source: Deutsche Asset & Wealth Management Investment GmbH, as of November 2015


Investors’ Key Concerns

How can attractive returns be achieved in a low-yield environment?

How can market opportunities be used, without being exposed to very high levels of volatility?

How to build up capital in the long-term in a convenient way? Pictures for illustrative purposes only


Flexibility is essential in a volatile environment

Annual performance of representative indices (in €), descending order (2008-2014)

3

* EM = Emerging MarketsEquity Europe: MSCI Europe, Equity Asia: MSCI AC Asia, Equity EM: MSCI Emerging Markets, Equity USA: S&P 500,Bonds Europe: Citigroup WGBI EU All Maturities, Bonds EM: JPM EMBI Global Diversified, Bonds Global: JPM Global Government Bond,Bonds USA: JPM GBI US Government Bond, Commodities: S&P GSCI Commodity, Real Estate: FUX DE Real Estate EuropaPast performance is not indicative for future performance.Source: Thomson Reuters Datastream (Return indices), FERI

— Invest in broad-based asset class

— Are highly flexible

— Actively manage portfolio risks

Required are solutions which…

2008

Bonds USA20,2%

Bonds Global17,8%

Bonds Europe5,8%

Real Estate4,2%

Bonds EM*-7,5%

Equities USA-33,7%

Equities Asia-37,1%

Equities Europe-43,3%

Commodities-43,7%

Equities EM*-50,8%

2009

Equities EM*73,5%

Equities Europe32,5%

Equities Asia27,9%

Bonds EM*25,8%

Equities USA22,5%

Commodities10,0%

Bonds Europe4,9%

Real Estate 1,7%

Bonds Global-1,3%

Bonds USA-6,8%

2010

Equities EM*27,5%

Equities Asia26,0%

Equities USA23,1%

Bonds EM*20,0%

Commodities16,6%

Bonds Global13,8%

Bonds USA13,5%


Bonds Europe2,9%

Real Estate 0,0%

2011

Bonds USA12,9%

Bonds Global10,6%

Bonds EM*9,9%

Bonds Europe6,3%

Equities USA4,5%

Commodities2,7%

Real Estate2,0%

Equities Europe-7,9%

Equities Asia-13,3%

Equities EM*-15,9%

2012


Equities EM*16,8%

Bonds EM*15,6%

Equities Asia14,3%

Equities USA14,2%

Bonds Europe9,7%

Real Estate0,7%

Bonds USA0,6%

Bonds Global-0,3%

Commodities-1,5%

2013

Equities USA26,7%


Equities Asia8,7%

Bonds Europe0,6%

Real Estate-1,6%

Commodities-5,5%

Equities EM*-6,5%

Bonds USA-7,6%

Bonds Global-8,6%

Bonds EM*-9,3%

2014

Equities USA29,5%

Bonds EM*22,3%

Bonds USA20,8%

Equities Asia14,8%

Bonds Global14,6%

Bonds Europe14,3%

Equities EM*11,8%

Equities Europe7,4%

Real Estate-0,7%

Commodities-23,8%

Top performers tend to vary!


Which Egg and Which Basket?Turning Volatility into Opportunities

No assurance can be given that investment objectives will be achieved.Source: Deutsche Asset & Wealth Management Investment GmbH, as of April 2015

4Deutsche Asset& Wealth Management


Possible solutions for building up capital in the current market environment

Innovative instruments

Capture Opportunistic themes

Defensive investments

Ability to diversify risks

* A derivative is a mutual contract, which value depends on a choosen reference value (underlying). An underlying can be financial securities (equities, bonds etc.), a financial figures (index, interest rate etc.) or a trade asset (commodity, currency etc.).

** Index funds are investment funds which are tracking a particular market index (e.g. DAX). For this purpose funds invest for example in the constituitents of the index in the same proportion as in the index. Other funds use derivatives to track the performance of the index.

Pictures for illustrative purposes only

DWS Multi OpportunitiesTurning volatility into opportunity


Our Solution: Deutsche Invest I Multi OpportunitiesMulti Asset – A Hidden Gem Unveiled

6

Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities. 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. As of: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH

Any security information shown herein are strictly for illustrative purposes and not to be construed as an offer or solicitation.

75100125150175200225250275300

2002-05 2004-05 2006-05 2008-05 2010-05 2012-05 2014-05

DWS Multi Opportunities FC

DWS Multi Opportunities – Performance since May 31, 2002

After a decade of exclusive ownership, this strategy is now available to global investors

Deutsche Invest I Multi Opportunities

Launched as a UCITS SICAV

DWS Multi Opportunities Set

Up For Family Office



Main characteristics of the fund concept

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Diversified – broad diversification regarding asset classes (e.g. equities and bonds), industrial sectors and regions

Innovative – Using investment instruments in order to track entire markets rather quickly at relatively low costs (e.g. derivatives** and index funds***)

Global – Multi-Asset fund of fund* with a global investment universe

Flexible – Equity-/bond portfolio fraction from 0% to 100%; no predetermination regarding investment ranges, asset classes, regions or investment styles

Fundamental-based – Usage of the extensive research universe at DeAWM(more than 1200 single names) and external investment research

* At least 51% of DWS Multi Opportunities fund‘s volume must be invested in funds** A derivative is a mutual contract, which value depends on a choosen reference value (underlying). An underlying can be financial securities (equities, bonds etc.), a financial figures (index, interest rate etc.)

or a trade asset (commodity, currency etc.).*** Index funds are investment funds which are tracking a particular market index (e.g. DAX). For this purpose funds invest for example in the constituitents of the index in the same proportion as in the index.

Other funds use derivatives to track the performance of the index.

Pictures for illustrative purposes only


Main characteristics of the investment philosophy

8

Return-orientation — Aims to maximize risk-adjusted return*

Flexibility — Unconstrained portfolio allocation: No limitation on certain asset classes, regions or investment styles

Balanced profile

— Long-term risk-profile of a traditional balanced fund**— Regional balanced composition on the equity side— No focus on one particular investment style

* Risk-adjusted return: return of an investment taking into account the associated risk ** Volatility of the fund´s unit price value comparable to a fund which is the long-term average invested approximately one half each in opportunistic asset classes (e.g. equities)

and in defensive asset classes (e.g. bonds).

No assurance can be given that any forecast or target will be achieved



Strategic Asset Allocation

Investment Process at a glance

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Money flows / trade deficitsSentimentPolitical / structural changes (De-/ Pegging)Exploitation of market inefficiencies and premium income

Strategic Overlay

Tactical Asset Allocation

Asset Selection

Macro Analysis

Economic Analysis

Strategic CIO View

Newsflow

Market Sentiment

Technical Factors

Micro Analysis

High Conviction Ideas

Implied Return Analysis

Input from Global CIO Platform

Top – Down

Bottom – Up

Allocation adjustments stem from volatility and risk budget (“shortfall approach”)Monitoring of absolute and relative risksRisk-adjusted return expectations analysisHedging market risks (beta management)

Tactical Overlay

Currencies

Equity

Bonds


Deutsche Invest I Multi Opportunities Example for the application of investment philosophy

Flexibility is a major success factor

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— No limitation on certain asset classes, regions or investment styles — No benchmark orientation — Equity portfolio fraction between 0 and 100%

* Investments in absolute return funds. Generally absolute return funds intend to achieve an absolute-return independent from the respective market environment and do not have a benchmark.As of: November 30, 2015Source: Deutsche Asset & Wealth Management Investment GmbH

Allocations are subject to change without notice

Changes to the asset allocation since April 2004

0%10%20%30%40%50%60%70%80%90%

100%

04/04 12/05 05/08 01/09 04/10 11/11 08/12 05/13 02/14 07/14 12/14 05/15 10/15

Equities Bonds Money Market Others

Deutsche Invest I Multi OpportunitiesTurning volatility into opportunity


Deutsche Invest I Multi Opportunities Stable volatility across market cycles

11

Yearly Performance & Volatility of DWS Multi Opportunities since inception (May 2002)

Inception of DWS Multi Opportunities was May 31, 2002. Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities.Calculation of performance is based on the time-weighted return (FC share class) 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.

Status: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH

Volatility level in the respective year


Volatility managed consistently between 5 –

8% p.a.

-6.29%

15.23%

8.51%

19.70%

10.27%6.84%

-11.92%

22.61%

6.99%

-3.20%

12.75%9.22%

14.65%

2.88%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



Deutsche Invest I Multi Opportunities Investment Philosophy in Practice

Portfolio Volatility well below that of Equities

12

No assurance can be given that investment objectives will be achieved. Past performance is not indicative of future performance.Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities.* Iboxx Euro Index Germany Performance Sovereigns 5 to 7 YearsAs of: November 30, 2015Source: Thomson Reuters Datastream

— Risk profile akin to that of a traditional “balanced” fund

— Over the long run, the fund aims to maximize its risk-adjusted return via effective downside risk management and opportunistic tactical positions

Volatility (1-year rolling) over 10 years: DWS Multi Opportunities FC vs. Market Indices


0%

5%

10%

15%

20%

25%

30%

35%

40%

11/05 11/07 11/09 11/11 11/13 11/15

DWS Multi Opportunities FC MSCI EuropeMSCI World German Bonds*


Deutsche Invest I Multi Opportunities Performance in various market phases

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.Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities.

Status: August 31, 2015Source: Deutsche Asset & Wealth Management International GmbH

55

60

65

70

75

80

85

90

95

100

105

110

12/06 06/07 12/07 06/08 12/08

DWS Multi Opportunities FCMSCI World (RI)

90

95

100

105

30/09 10/10 20/10 30/10

DWS Multi Opportunities FCMSCI World (RI)

- 5.9%

- 39.4%

+ 1.9%

+ 1.6%

2007/2008 – Financial crisis 10/2014 – Risk aversion 08/2015 – China “flash crash”

85

90

95

100

105

31/07 10/08 20/08 30/08

Deutsche Invest I Multi Opportunities FCMSCI World (RI)

- 2.8%

- 7.9%


Macro Views /Strategic Allocation

Deutsche Invest I Multi Opportunities –Maximizing Risk-Adjusted Returns

14

Equity

Bonds

MaximizeSharpeRatio

Asset class / Vehicle Selection Tactical

Positioning

Downside RiskManagement

Total Portfolio Risk Management

Diversification acrossasset classes / geographies



DWS Multi Opportunities Favorable risk-/ return profile versus the market

15

Risk- / return profile (10 years)

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 beenincluded 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.Deutsche Invest IMulti Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities.REXP is a German government bond index calculated by Deutsche Boerse Group.

As of: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH, Thomson Reuters Datastream, return indices in Euro, monthly data

Risk- / return profile (1 year)


DWS Multi Oppor-

tunities FCMSCI World

MSCI Europe

3M Euribor

REXP

0%

2%

4%

6%

8%

0% 5% 10% 15% 20%

Ret

urn

in %

p.a

.

Risk (Volatility) in % p.a.

DWS Multi Oppor-

tunities FC

MSCI World

MSCI Europe

3M Euribor

REXP

-3%

0%

3%

6%

9%

12%

15%

18%

21%

0% 3% 6% 9% 12% 15% 18% 21%

Ret

urn

in %

p.a

.Risk (Volatility) in % p.a.



Deutsche Invest I Multi Opportunities Downside Risk Effectively Managed

16

Maximum DrawDown of DWS Multi Opportunities Fund since inception (May 2002)

Inception of DWS Multi Opportunities was May 31, 2002. Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities.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 beenincluded 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.* Iboxx Euro Index Germany Performance Sovereigns 5 to 7 YearsAs of: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH, Thomson Reuters Datastream, Bloomberg, daily data


-17.71%

-5.87%

-58.22%-52.95%

-41.53%-37.03%

-60%

-50%

-40%

-30%

-20%

-10%

0%

DWS Multi Opportunities FC

German Bonds* MSCIEurope

MSCIWorld

EUR/USD Gold


Deutsche Invest I Multi Opportunities A Hidden Gem Unveiled – Comparing favorably to peers

17

Performance in EUR since May 31, 2002 of DWS Multi Opportunities Fund (mirror fund) vs peers

Deutsche Invest I Multi Opportunities was launched on June 4, 2014 and is the mirror fund of DWS Multi Opportunities. Calculation of performance is based on the time-weightedreturn 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 impacton returns if they were included. Past performance is not a reliable indicator of future returns. ** Morningstar Peer Group: EAA OE EUR Flexible Allocation - GlobalAs of: September 30, 2015Source: Deutsche Asset & Wealth Management International GmbH, Morningstar


75

100

125

150

175

200

225

250

275

300

05/02 05/03 05/04 05/05 05/06 05/07 05/08 05/09 05/10 05/11 05/12 05/13 05/14 05/15

DWS Multi Opportunities FCBenchmark: 25% MSCI World(RI), 25% MSCI Europe(RI), 40% REXP, 10% Euribor3MMorningstar peer group*

+ 156.0%(7.3% p.a.)

+ 28.3%(1.9% p.a.)

Benchmark as risk indicatorand not as basis for the portfolio structure

+ 89.8%(4.9% p.a.)


The Team Klaus Kaldemorgen

18

Experience: Fund ManagementThe Engineers of Multi Opportunities

Team Structure Broader Team

Karl-Alwin Hiller Joined the Company in 1984. Prior to his current role, Karl-Alwin worked in Product Management, where he developed an extensive software tool box for the Board and Sales department, comprising fund statistics on performance, risk and ratings. Risk Management, Performance AttributionVanessa Mueller Joined the company in 2011. Portfolio Manager and Research Analyst for Global Equities . Global Sector Focus: Consumer staples, Consumer discretionary

Henning Potstada is the lead fund manager of DWS Multi Opportunities since January 2009. He joined the team which is in charge of several Global multi asset and total return funds in 2005. Henning holds a Master´s degree in business administration from the University of Bayreuth, Germany.

Christoph-Arend Schmidt joined the company in 2008. Christoph is the co-fund manager of the fund since January 2009. He holds a Master´s degree in business administration from the University of Bayreuth, Germany and he is a CFA charterholder.

Klaus Kaldemorgen is the head of the investment team. He joined DWS 1982 as fund manager for international bonds and became head of international equities in 1991. Klaus accompanied various positions during his career at DWS such as Chief Strategist Equities and board member and spokesperson of DWS Holding & Service GmbH and Deutsche Asset Management International GmbH.

— Klaus Kaldemorgen is one of the most renowned fund mangers in Europe. He has been involved with the management of Multi Opportunities since launch in 2004

— Christoph and Henning took over fund management responsibilities at the beginning of 2009. Working closely together with Klaus they have continued to weather all storms at the capital markets well and earned their stripes. They focus on risk management.

Gunnar Friede Joined the Company in 1997. Prior to his current role, Gunnar served in various positions for the Private and Business Clients division. ESG Global Sector Focus: Telecommunications, Utilities.


Experience: Klaus Kaldemorgen and his Accolades 3 Decades of Excellence in Asset Management

19

* Fund renamed from Multi Opportunities II in December 2013** Awarded together with Henning Potstada

DWS Concept Kaldemorgen Lipper European Fund Award 2015: Award for Multi Asset Funds 3 years

DWS Concept Kaldemorgen Fund Manager of the Year 2015; FINANZEN €uro am Sonntag: GOLDEN BULL

DWS Concept Kaldemorgen Euro-Fund Awards 2015, Absolute Return Various, 3 years

DWS Concept Kaldemorgen Sauren Golden Awards 2013, Multi Asset, two gold medals

DWS Multi Opportunities* Lipper Fund Awards 2013, Mixed Asset EUR Flexible – Global**

DWS Multi Opportunities* Euro-Fund Awards 2013, Fund-of-Funds, 10 years

DWS Concept Kaldemorgen Sauren Golden Awards 2012, Multi Asset, two gold medals

DWS Multi Opportunities* Euro-Fund Awards 2012, Fund-of-Funds, 5 years**

DWS Concept Kaldemorgen Sauren Golden Awards, Fund Manager Personality of the year 2011

DWS Concept Kaldemorgen Cash Magazine Marketing Prize 2011

DWS Multi Opportunities* Feri EuroRating Awards 2011, Nominated: Best Fund Top Five 2011**

DWS Multi Opportunities* Deutscher Fondspreis 2010, 3rd rank (5 years)

DWS Multi Opportunities* Sauren Golden Awards 2010, Gold medal for excellent fund management

DWS Multi Opportunities* Feri EuroRating Awards 2010, Nomination Top Five 2010

Dean Klaus Kaldemorgen „Altmeister Klaus Kaldemorgen“

börse – online 12/2014

Germany´s best known fund manager “Deutschlands bekanntester Fondsmanager”

Frankfurter Allgemeine Zeitung, 01/2011

Asset Management Legend“Fondmanager-Legende”

Fondsprofessionell

The most famous fund manager in Germany “der berühmteste Fondsmanager Deutschlands”

Süddeutsche Zeitung , 05/2014




Investment objectiveMaximizing long-term risk-adjusted returns within a 5-8% p.a. volatility range

Investment philosophy Highly flexible total return asset allocation strategy

Investment universe

Global equities, bonds and currencies including HY and Emerging Markets

No regional bias

Instruments

Mainly funds & ETFs

Direct securities

Derivatives

All instruments currently used are listed

Currency exposure Active & opportunistic FX overlay

Derivative exposure Tactical cost-effective implementation

Mirror fund of DWS Multi Opportunities (launched in 2002)

Total strategy AuM* EUR 4,514m i.e. $ 4,774m

Fund: Deutsche Invest I Multi OpportunitiesExecutive Summary

© [2015] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.* Total strategy AuM combines DWS Multi Opportunities and Deutsche Invest I Multi Opportunities funds´AUMAs of: November 30, 2015Source: Morningstar(http://www.morningstar.de/de/funds/snapshot/snapshot.aspx?id=F0GBR06DWD),FERI(http://www.ferifundrating.com/Default.aspx?Name=FundsRatingGermany&Content=FundsSearch&Lang=de)


Overall Morningstar Rating* ™

(A)




21

Equity allocation (incl. derivatives): 30.9%Duration (incl. derivatives): 0.9As of: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH

Bonds

Barclays Bank PLC RegS 1.4%

T-Mobile USA Inc. 1.1%

Nielsen Finance 144A 1.1%

Equities

Merck & Co. 1.9%

Samsung Electronics 1.8%

Banco Santander 1.7%

Funds

Deutsche Floating Rate Notes LC 9.9%

db X-trackers II-iBoxx Sov. EU Yield Plus 1-3 1C

6.3%

Deutsche Floating Rate Notes (USD) 4.4%

Allocation of asset classes Top 3 by instrument (in % of the fund volume)


6.6%

49.5%

43.9%

Liquidity (maturity < 6m) Bonds Equities


Deutsche Invest I Multi OpportunitiesFacts and figures

* For other costs, see Article 12 in the general section of the Sales Prospectus. Please refer to the website www.dws.deAs of: November 30, 2015Source: Deutsche Asset & Wealth Management International GmbH

Share Class SGD LDMH AUD LCH USD LCH AUD LDMH USD LDMHShare Class Currency SGD AUD USD AUD USD

ISIN LU1196386152 LU1196385774 LU1196394099 LU1254146217 LU1254146647Front-end fee up to 4.0%

All-in fee* 1.30% p.a.

Income allocation Distribution Reinvestment Reinvestment Distribution Distribution

Inception March 16th 2015 May 15th 2015 May 15th 2015 August 17th 2015 August 17th 2015

Legal status Luxemburg SICAVFund volume 2,320.9mn EURFiscal year 1/1 – 31/12


— Market-, sector- and company-specific price volatility

— Price losses on the equity- and commodity markets

— The price of the fund units may be negatively affected by yields rising/prices falling in the bond markets

— Issuer-, counterparty-, credit history- and default risk

— Currency losses — The value of the fund's shares may fall below the

price at which the client originally bought them.— Because of its composition or the techniques used

by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time

— Market-, sector- and company-specific price gains— Interest and dividend income — Price gains on the equity- and commodity markets — Rising prices/falling yields in the bond markets

may have a positive impact on the price of the funds’ units

— Currency gains

RisksOpportunities


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Source: Deutsche Asset & Wealth Management International GmbH


Deutsche Asset & Wealth Management is a division of Deutsche Bank and represents the retail, institutional and insurance asset management activities and the wealth management activities of Deutsche Bank AG and its subsidiaries. Wealth Management is a business unit of Deutsche Asset & Wealth Management. This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by Deutsche Bank, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Deutsche Bank does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by Deutsche Bank. Investments with Deutsche Bank are not guaranteed, unless specified. Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you might not get back the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. Past performance is no guarantee of current or future performance. Nothing contained herein shall constitute any representation or warranty as to future performance. Although the information herein has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid. We or our affiliates or persons associated with us or such affiliates (“Associated Persons”) may (i) maintain a long or short position in securities referred to herein, or in related futures or options, and (ii) purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation. The document was not produced, reviewed or edited by any research department within Deutsche Bank and is not investment research. Therefore, laws and regulations relating to investment research do not apply to it. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank departments including research departments. This document may contain forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by Deutsche Bank as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States. This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Deutsche Bank to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions. Unless notified to the contrary in a particular case, investment instruments are not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental entity, and are not guaranteed by or obligations of Deutsche Bank AG or its affiliates. © 2015 Deutsche Bank AG

Disclaimer

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Investments in Foreign Countries - Such investments may be in countries that prove to be politically or economically unstable. Furthermore, in the case of investments in foreign securities or other assets, any fluctuations in currency exchange rates will affect the value of the investments and any restrictions imposed to prevent capital flight may make it difficult or impossible to exchange or repatriate foreign currency. Foreign Exchange/Currency - Such transactions involve multiple risks, including currency risk and settlement risk. Economic or financial instability, lack of timely or reliable financial information or unfavourable political or legal developments may substantially and permanently alter the conditions, terms, marketability or price of a foreign currency. Profits and losses in transactions in foreign exchange will also be affected by fluctuations in currency where there is a need to convert the product's denomination(s) to another currency. Time zone differences may cause several hours to elapse between a payment being made in one currency and an offsetting payment in another currency. Relevant movements in currencies during the settlement period may seriously erode potential profits or significantly increase any losses. Credit -Investors in this product should be aware that the product may involve credit risk. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated or have a lower credit rating are generally considered to have a higher credit risk and greater possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities experiences financial economic difficulties, this may affect the value of the relevant securities (which may be zero) and any amounts paid on such securities (which may be zero). This may in turn affect the value of the product. Investors in any product whose performance is linked to an underlying asset should be aware that the assets for any such fund will generally include bonds or other debt instruments that include credit risk. Moreover, where such product provides for a capital protection feature, the functioning of such feature will often be dependent on the due payment of the interest and principal amounts on the bonds or other debt instruments in which the product may be invested. Interest Rate - Investors in this product should be aware that it involves interest rate risk. Interest rates are determined factors of supply and demand in the international money markets which are influenced by macro economic factors, speculation and central bank and government intervention. Fluctuations in short term and or long term interest rates may affect the value of the product. Fluctuations in interest rates of the currency in which the product is denominated and / or fluctuations in interest rates of the currency or currencies in which the underlying assets are denominated may affect the value of the product. Emerging Markets - Exposure to emerging markets generally entails greater risks than exposure to well-developed markets, including potentially significant legal, economic and political risks. The prices of emerging market exchange rates, securities and other assets are often highly volatile. Movements in such prices are influenced by, among other things, interest rates, changing market supply and demand, external market forces (particularly in relation to major trading partners), trade, fiscal, monetary programmes, policies of governments, and international political and economic events and policies."

General Risk Warning

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Deutsche Invest I Multi Opportunities Invest I...Deutsche Invest I Multi Opportunities was launched...

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