Deutsche Global Infrastructure Fund (TOLLX)

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1 Global Infrastructure Fund (TOLLX) A step beyond MLPs

2 Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details. 1

3 Overview Findings Global Infrastructure Fund (TOLLX) is a multi-sector, global portfolio focused on pure-play infrastructure investment ideas from across the globe. Unlike portfolios that focus only on domestic master limited partnerships (MLPs), TOLLX can focus on investment opportunities from outside of the energy continuum and can likewise expand its potential opportunity set outside of the United States. From a valuation standpoint, MLPs, as measured by the Alerian Infrastructure MLP Index, are trading at a 2% premium relative to its five-year trailing average. (source: FactSet and as of 12/31/15. See slide 6 for details.) Some of the valuation expansion specific to MLPs appears attributed to the extraordinary flow volume into MLP vehicles over the past five years. (source: U.S. Capital Advisors as of 12/31/14. See slide 7 for details.) Conclusions Global Infrastructure Fund (TOLLX) can serve as an attractive complement to MLP-only investment products given its low overlap and broader diversification at both the sector and country level, coupled with the lower valuation of global infrastructure, as an asset class (source for valuation: FactSet and Asset Management as of 12/31/15. See slide 6 for details.) Diversification cannot protect against a loss. A limited partnership is one in which two or more partners unit to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money that partner has invested. An MLP is a type of limited partnership that is publicly traded. The Alerian MLP Infrastructure Index is comprised of 25 energy infrastructure master limited partnerships (MLPs) that earn the majority of their cash flow from the transportation, storage and processing of energy commodities. It is not possible to invest directly in an index. 2

4 Sector comparison: TOLLX vs. MLP index Global Infrastructure Fund Alerian MLP Infrastructure Index 3.97% 3.12% 0.33% 7.12% 5.91% 22.15% 23.97% 8.44% 14.27% 19.98% 76.03% 14.69% Power T&D Pipelines Gas distribution Communications Toll roads Water Midstream Airports Diversified Renewable energy Pipelines Midstream Source: FactSet as of 12/31/15. Data is subject to change. Power T&D is power transmission and distribution. 3

5 Comparison of U.S. pipelines and midstream sector exposure: TOLLX vs. MLP index TOLLX derives its U.S. pipeline and midstream exposure through a mix of corporation and MLP structures The Alerian Infrastructure MLP Index focuses on only MLP structures Characteristic MLP Corporation Taxable at entity level No Yes Tax items flow through Yes No Tax deferral on distributions Yes No Tax reporting form needed K-1 DIV-1099 General partner Yes No Incentive distribution rights (IDRs) Yes No Investor voting rights No Yes Source:. Taxable at the entity level refers to whether or not the income of a company/corporation/entity is taxed. Tax items flow through refers to whether or not a legal business entity passes income onto the owners and/or investors or if only the investors/owners are taxed on revenues, not the entity itself. Tax deferral on distributions refers to whether or not any distributions earned, but not received until a later date, are taxed immediately or at a later date. General partner s are owners of a partnership who have unlimited liability. Incentive distribution rights give a limited partnership's general partner an increasing share in the incremental distributable cash flow the partnership generates. Investor voting rights are the rights of a stockholder to vote on matters of corporate policy and who will make up the board of directors. This information is not intended to provide tax or legal advice and should not be relied upon as such. Any specific tax or legal questions concerning the matters described in this article should be discussed with your tax or legal advisor., including its subsidiaries and affiliates, does not give tax or legal advice. 4

6 Country comparison: TOLLX vs. MLP index Global Infrastructure Fund Country Exposure United States 53.6% Alerian MLP Infrastructure Index Country Exposure United States 100.0% United Kingdom 11.4% Canada 9.5% Australia 5.1% Hong Kong 4.3% Italy 4.3% Netherlands 3.4% Spain 3.1% France 2.7% Switzerland 1.7% Mexico 0.8% Source: FactSet as of 12/31/15. Data is subject to change. 5

7 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Sep-15 Dec-15 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Sep-15 Dec-15 Valuation comparison: Global infrastructure vs. MLPs Global infrastructure MLPs EV/EBITDA (Five-year period ended 12/31/15) EV/EBITDA (Five-year period ended 12/31/15) Global Infrastructure Infrastructure Average MLPs MLP Average Source: FactSet and as of 12/31/15. Global infrastructure is represented by the Dow Jones Brookfield Global Infrastructure Index, which tracks the performance of global infrastructure companies. MLPs are represented by the Alerian MLP Infrastructure Index. It is not possible to invest directly in an index. EV/EBITA (enterprise value/earnings before interest, taxes depreciation and amortization) is a financial ratio that measures a company's return on investment and can preferred over other measures of return because it is normalized for differences between companies. Using EBITDA normalizes for differences in capital structure, taxation and fixed asset accounting. Meanwhile, using enterprise value also normalizes for differences in a company's capital structure. 6

8 Capital flows into MLPs Capital added with new share issues by quarter ( ) $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $- '07 '07 '07 '07 '08 '08 '08 '08 '09 '09 '09 '09 '10 '10 '10 '10 '11 CEFs ETFs/ETNs OEFs '11 '11 '11 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 '14 Source: U.S. Capital Advisors as of 12/31/14, most recent data available. CEFs, closed-end funds, are publicly traded investment companies that raise a fixed amount of capital through an initial public offering. ETFs, exchange-traded funds, are securities that track an index or asset like an index fund, but trade like a stock on an exchange. ETNs, exchange-traded notes, are a type of unsecured, unsubordinated debt security with returns based upon the performance of a market index minus applicable fees, no period coupon payments are distributed and no principal protections exists. OEFs, open-end funds, are a type of mutual fund that does not have restrictions on the amount of shares the fund will issue 7

9 Profile comparison: TOLLX vs. MLP index Global Infrastructure Fund Alerian MLP Infrastructure Index TOLLX Number of holdings 42 Alerian MLP Index Number of holdings 22 Weighted average market cap $20.3 billion Weighted average market cap $13.2 billion EV/EBITDA (as represented by the Dow Jones Brookfield Global Infrastructure Index) Three-year historical earnings per share (EPS) growth 12.4x 7.33% EV/EBITDA 13.9x Three-year historical EPS growth 8.68% Source: FactSet as of 12/31/15. IBES (Institutional Brokers' Estimate System) is a system that gathers and compiles the different estimates made by stock analysts on the future earnings for the majority of U.S. publicly traded companies. EPS is earnings per share. 8

10 Global footprint, local research presence of over 100 equity investors Netherlands Germany UK Austria Luxembourg France Italy Spain Switzerland Norway Finland Europe, Middle East and Africa Russia Canada Sweden Americas USA Cayman Islands Greece Qatar UAE Saudi Arabia India China Hong Kong Singapore Japan Taiwan Philippines South Korea Asia Pacific Brazil Indonesia Mauritius Chile Australia South Africa Note: Some countries may be missing from the map at the time of print; subject to change without prior notice 9

11 Global Infrastructure Fund performance Average annual total returns as of 12/31/15 (returns of less than one year are cumulative) Share class 3-month 1-year 3-year 5-year Life of fund Inception date Unadjusted for sales charges A 2.05% 14.40% 6.07% 9.83% 6.44% 6/24/08 Adjusted for the maximum 5.75% sales charge A 7.69% 19.32% 3.99% 8.53% 5.61% 6/24/08 No sales charges S 2.01% 14.22% 6.24% 10.04% 6.66% 6/24/08 INST 1.99% 14.09% 6.39% 10.16% 6.73% 6/24/08 R6 2.08% 14.22% n/a n/a 10.29% 8/25/14 Dow Jones Brookfield Global Infrastructure Index 2.93% 14.40% 4.89% 8.78% n/a n/a MSCI World Index 5.50% 0.87% 9.63% 7.59% n/a n/a Performance is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth less when redeemed. Current performance may differ from data shown. Please visit for the fund's most recent month-end performance. Unadjusted returns do not reflect sales charges and would be lower if they did. The fund may charge a 2% fee for redemptions within 15 days. Performance includes reinvestment of all distributions. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. Not all share classes are available to all investors. The Dow Jones Brookfield Global Infrastructure Index tracks the performance of infrastructure companies. The MSCI World Index tracks the performance of stocks in select developed markets around the world, including the United States. The gross expense ratio is 1.37% for A shares, 1.09% for INST shares, 1.18% for S shares and 1.06% for R6 shares. The net expense ratio is 1.37% for A shares, 1.09% for INST shares, 1.18% for S shares and 1.06% for R6 shares. The net expense charge for this fund does not include any fee waivers. 10

12 Global Infrastructure Fund Morningstar ratings World Stock category Overall 3-year 5-year 10-year Class A (load-waived) 2 stars 5 stars n/a Class A (adjusted for 5.75% maximum sales charge) 2 stars 5 stars n/a Class S 2 stars 5 stars n/a Class INST 2 stars 5 stars n/a Number of funds in the Morningstar category n/a Source: Morningstar as of 12/31/15. Ratings are historical and do not guarantee future results. Ratings are based on risk adjusted and, unless load-waived, from load-adjusted performance. The Overall rating for a fund is a weighted average of the ratings for time periods indicated. Load-waived ratings for Class A shares should only be considered by investors who are not subject to a front-end sales charge. Please contact your investment professional regarding eligibility to purchase load-waived Class A shares Morningstar, Inc. All rights reserved. Morningstar, Inc., shall not be responsible for investment decisions, damages or other losses resulting from use of this rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund s monthly performance (including, unless load-waived, the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) 11

13 Global Infrastructure Fund Morningstar rankings World Stock category 1-year 3-year 5-year Class A Morningstar percentile 98% 79% 6% Morningstar ranking 1,189/1, /984 46/781 Class S Morningstar percentile 98% 77% 5% Morningstar ranking 1,186/1, /984 36/781 Class INST Morningstar percentile 97% 75% 4% Morningstar ranking 1,183/1, /984 31/781 Source: Morningstar as of 12/31/15. Rankings are historical and do not guarantee future results. Rankings are based on the fund s total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, results might have been less favorable. 12

14 Global Infrastructure Fund Lipper rankings Global Infrastructure category 1-year 3-year 5-year Class A Lipper percentile 82% 41% 14% Lipper ranking 64/78 21/51 6/44 Class S Lipper percentile 79% 35% 9% Lipper ranking 62/78 18/51 4/44 Class INST Lipper percentile 78% 33% 7% Lipper ranking 61/78 17/51 3/44 Source: Lipper as of 12/31/15. Rankings are historical and do not guarantee future results. Rankings are based on the fund s total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, results might have been less favorable. 13

15 Important information Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from talk to your financial representative or call (800) We advise you to carefully consider the product s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Investment products offered through DeAWM Distributors, Inc. Advisory services offered through Investment Management Americas, Inc. represents the asset management activities conducted by Bank AG or any of its subsidiaries. DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL Tel (800) Bank AG. All rights reserved. (1/16) R

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