Deutsche Bank Information Document Investments

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1 Deutsche Bank Information Document Investments

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3 Introduction 04 General investment risks 05 Currency risk/exchange rate risk Interest rate risk Liquidity risk Credit/debtor risk and bankruptcy risk Valuation risk Market risk Other general risks Investment knowledge 06 Characteristics and specific risks of different types of investments 06 Bonds Shares Depositary receipts Options Futures Other leveraged financial instruments Other derivatives Investment funds Real estate Specific stock market risks 10 Risks of suspension of trading and disruption 10 Placing, verifying, executing and cancelling orders 11 Execution only orders Advisory orders Order verification Partial executions Cancelling orders Orders in foreign currency Rejected orders Order execution policy Order status 13 Available funds 13 Components of available funds Margin requirement Current orders Deficit procedure Transfers 14 Your current account Transfers from and to your securities cash account Transfers from and to your securities account Receiving foreign currency payments on your securities cash account Transferring securities to your securities account Transferring securities to another bank Overviews 16 Account statement Asset management report Position statement Annual statement Profile comparison report Shareholders meetings and corporate actions 16 Risk assessment 17 Client classification Requests for a different client classification Client form Investment profile Changes to your investment profile Accuracy and completeness Costs 18 Questions 18 Complaints 18 Order types 12 At best order Limit order Stop loss order Stop limit order Day and good till cancelled orders Information Document Investments 03

4 Introduction Risks are part and parcel of investing. This is true of all investments, even those that are considered very safe. The degree of risk depends on the nature and characteristics of the investment: an investment with a higher expected return will usually entail greater risks. Normally, you can only lose your initial investment, but it is possible to lose more if you invest in options or futures for instance. This Information Document Investments is not tailored to your personal situation. Its purpose is to give you an overall impression of the different types of investment, their essential characteristics and the potential risks. In addition, the document contains practical information on Deutsche Bank s investment services. Whilst we have strived to be as thorough as possible, it isn t feasible to cover every investment, each specific characteristic and every risk. Therefore, this document does not exhaustively describe the rights and obligations that apply to you in regard to investments. Regardless of whether the characteristics of the financial instruments in which you wish to invest are described in this Information Document Investments, prior to any purchase you must always familiarise yourself with the specific characteristics and investment risks typical of that specific financial instrument. There are various means of doing this, including studying information supplied in the financial information leaflets, prospectuses, annual accounts, essential investor information and so on. This information will help you to assess the risk of the specific financial instrument in relation to your personal financial situation, your knowledge and experience and your attitude to risk. 04 Information Document Investments

5 General investment risks This section looks at the general risks associated with investing. Currency/exchange rate risk The currency/exchange rate risk is the risk of an investment falling in value because of a change in the exchange rate of a foreign currency against the euro. You run an exchange rate risk if, for instance, you have a dollar balance on your account. The currency/exchange rate risk also arises with investments quoted in a foreign currency or investments that are sensitive to changes in exchange rates. Interest rate risk Changes in the interest rate can affect the value of investments in financial instruments. A rising interest rate, for example, makes it more expensive for companies to invest. Generally, this has a negative impact on share prices. Bonds with a fixed interest rate also become less attractive when the interest rate rises. Liquidity risk The liquidity risk is the risk of an investor being unable to buy or sell investments at a normal market price, owing to a shortage of sellers or buyers. Credit/debtor risk and bankruptcy risk Companies or governments that issue financial instruments may get into payment difficulties, or even go bankrupt, during the term of an investment. The likelihood of payment problems and/or bankruptcy depends on the credit rating. To gauge these risks, therefore, you need to have an understanding of the credit rating. These ratings are produced by special agencies. The best-known credit rating agencies are Standard & Poor s, Moody s Investors Services and Fitch Ratings. These rating agencies use letters or figures to indicate a particular creditworthiness. You should also investigate what your rights are, should the issuer go bankrupt, as these can differ depending on the investment. Valuation risk The valuation risk is the risk that an investment s valuation will not maintain pace with the economy, but is dictated by market sentiment. Market risk This is the risk connected with the volatility or mobility of the overall market due to fluctuating moods on the market. Other general risks Various other factors can affect the general price trend of securities, such as news coverage (both positive and negative), a company s growth prospects, inflation, strikes and boycotts, and political and fiscal developments Information Document Investments 05

6 Investment knowledge If you are to invest in a responsible manner, a general knowledge of investing is not enough. You must also find out the relevant information about specific financial instruments, such as a bond of or a share in a listed fund. For the majority of financial instruments, a prospectus is issued which contains important information about the product and the issuing institution. Before investing in a particular product, we advise you to read the associated prospectus. Information about the financial position of the issuing institution can be found in the annual report and similar publications. The prospectus can be obtained from the issuing institution. Usually, a prospectus can be consulted on the issuing institution s website or requested directly from the issuing institution. For some so-called complex products, the provider of the complex product must make a financial information leaflet or essential investor information available. Investment funds active on the Dutch market must also produce a financial information leaflet or essential investor s information. Read the financial information leaflet or essential investor s information carefully before investing in such a product. Below is an overview of the general characteristics and specific risks of different types of investment. Characteristics and specific risks of different types of investments Bonds A bond is a debt certificate that is traded on the stock market. By purchasing a bond you are effectively lending money to the bond s issuer, as a result of which the latter is in debt to you. The conditions, including the amount of interest and repayment method, are contractually agreed in advance. Usually, you will receive a fixed rate of interest each year (also known as a coupon) from the company or government that issued the bond. At the end of the term, that company or government must also repay the total amount of the bond to all investors. In principle, therefore, you get your money back. Unlike a share, a bond does not grant a voting right, does not constitute a right of ownership and does not give entitlement to part of the company s profit. Bonds come in many guises, each with their own risks. Firstly, a distinction must be made between bonds issued by governments (government bonds) and bonds issued by companies (corporate bonds). Bonds differ from each other in the method of interest payment, the method of repayment, the method of issue and the special loan terms and conditions. The return on the bond might, for example, be made (partly) dependent on the current interest rate or the profit of the institution that issued the bond. There are also bonds that do not pay any interest during their term (zero-coupon bonds). The return on this type of bond is derived from the difference between the purchase price and the subsequent redemption price. Another variety are perpetual bonds, which have an indefinite duration (no fixed maturity date). The bond periodically pays a fixed amount of interest on the principal amount of the bond (the nominal amount), without ever having to be redeemed. Sometimes, however, the prospectus contains a clause to the effect that the principal may be redeemed at any future point. The convertible bond (or simply convertible ) is a special type of bond which, during the conversion period, can be exchanged for shares at the conversion rate subject to certain conditions (usually at the request of the investor). A distinction is made between convertibles and reverse convertibles. A convertible offers the right to convert the bond at the end of its duration for a pre-determined quantity of shares. The holder of a reverse convertible is obliged, if the issuing institution exercises this right, to purchase a pre-determined quantity of shares at a set price. The convertible bond has the characteristics of both a bond and a share. Therefore, the risks associated with shares also apply to this bond. The reverse convertible carries an increased risk, because the investor may be obliged to purchase shares and the time at which the investor is bound by that obligation is beyond his control. With a reverse exchangeable, not you, but the issuer has the right to make payment in shares rather than cash. The main risks of bonds are: the interest rate risk, the bankruptcy/credit risk, the currency risk and the liquidity risk. 06 Information Document Investments

7 The interest rate risk originates from the potential for the bond to fall in value due to a rise in the interest rate. The currency risk arises when the bond is quoted in a currency other than the euro and then falls against the euro. You then run the risk of an issuing institution being unable to meet its repayment obligations. With government bonds, a distinction has to be made between bonds of governments of more developed countries, and emerging countries. Emerging countries have a higher credit risk. As regards corporate bonds, a distinction is made between bonds with a good credit rating and those with a low rating. The better the credit rating, the lower the risk that you won t get your money back or won t be paid the interest. With bonds, therefore, the rating is important in order to be able to assess the risk. Bonds with a low rating are called junk bonds or high yield bonds. The risk with this bond is that you may not get all your money back, or will not be paid the interest, but you do get a higher yield in return for this increased risk. Bonds with a high rating are called investment grade, which means you could invest in these bonds without any great risk. However, the rating is just a snapshot, and there is no guarantee whatsoever that it won t be revised downwards at any moment. In the event of a bankruptcy, bondholders will be given precedence over shareholders in any payout. Nonetheless, even with an investment in bonds, there is still a risk that you will lose your entire initial investment. This is true whether the bond has a low or a high rating. It is important that you always ascertain the specific characteristics of the bond. Shares A share is proof of participation in a company s equity capital. Effectively, you become a co-owner of a little piece of the company and, as such, you will receive (usually each year) a little piece of that company s profit, in the form of a dividend. This periodic payment is not contractually stipulated, as it is with a bond, but is contingent on the company s financial position and the management s policy. The shares may be listed on a stock exchange, but they don t have to be. For shares, a distinction is made in both geographical (e.g. emerging and developed markets) and sector terms (such as technology, financial institutions, pharmaceuticals and consumer goods). This distinction is important for the spread within your investment in shares. Shares are subject to various types of risk, such as the market risk, declining growth prospects, credit risk, valuation risks, currency risk and liquidity risk. A company s declining growth prospects can have a negative effect on the company s value and, therefore, the value of the share. As regards the bankruptcy/credit risk, you must be aware that shareholders are the very last in line for compensation taking a back seat even to bondholders. The valuation risk is particularly great for shares. The equity market is highly sensitive to sentiment. There are both ordinary and special shares. Some examples of special shares are preference and priority shares. Preference shares take precedence over ordinary shares and give priority in the event of, for instance, a dividend or bankruptcy payment. Priority shares are registered shares which confer certain rights, such as the right to appoint members of the executive board or supervisory board or the right to approve share issues. Depositary receipts Depositary receipts are financial instruments that represent the original shares. In other words, you don t receive the share itself. These are usually managed by a trust office. Depositary receipt holders are effectively the partial economic beneficiaries of the underlying shares. Not all the rights associated with shares also apply to depositary receipts. Often, for example, the voting right associated with shares is restricted or excluded. The risks involved in depositary receipts are, in principle, the same as the risks associated with ordinary shares. Options An option is a contract that confers on the purchaser the right (rather than the obligation) to buy (call option) or sell (put option) a particular asset, at a pre-determined price, during or at the end of an agreed period. For this right, the purchaser usually pays a price to the vendor (writer). A vendor (writer) of an option assumes the obligation (i.e. not the right) to deliver (call option) or acquire (put option) the underlying instrument at the agreed price. Consequently, he has either an obligation to deliver or an obligation to receive, for which the writer receives a price. Options are also known as derivatives, because these financial instruments are derived from the price of the underlying instrument (usually a share, index or commodity). As a rule, the price of the option is a fraction of the value of the underlying instrument. Because of this, small fluctuations in the price of the underlying instrument Information Document Investments 07

8 translate into big fluctuations in the price of the option. This is known as leverage. This leverage, which can result in big profits for holders of options, also constitutes the biggest risk. Equally, it can cause big losses. When trading in shares, it is rare for a share to lose all of its value. Usually, the risk is confined to a few per cent or a few dozen per cent of the invested capital. Trading in options is a very different story: due to the leverage effect of the option, the risk of losing your initial investment is greater than with an investment in the same underlying instrument, and investors regularly lose the entire invested capital when buying and selling options. When selling (writing) options, the losses can, in theory, be unlimited. The loss for the purchaser of an option is limited to the price paid. For a call option, the likelihood of losing your entire initial investment increases the higher the exercise price and for a put option, the likelihood increases the lower the exercise price. To limit the risks, the stock market requires sufficient collateral to be available to finance any losses. This is called the margin that you must hold. The margin that the writer of an option is required to hold provides some cover for price losses, but does not rule out a loss occurring that is greater than the amount of the margin. Once this amount is insufficient, the bank makes a margin call, allowing you five working days in which to make up any shortfall before the bank is obliged to liquidate your positions. As well as writing an option with the associated margin requirement as cover, it is also possible to write (partially) covered calls, for instance by writing call options on shares in a portfolio. If you are considering investing in options, you must carefully weigh up whether these types of transaction are suitable for you, having due regard for your knowledge and experience, your financial position and the goal of the investment. Futures A future, just like an option, is a derivative. A future is a forward contract whereby both buyer and seller commit to buying or selling a fixed quantity of the underlying instrument (share index, bond loans, potatoes, etc.). Unlike an option, a future is not a right to buy or sell, but an obligation. Futures are settled on the basis of either physical delivery or cash settlement. If physical delivery is agreed, you undertake to also actually deliver the underlying instrument to, or purchase it from, the opposite party. In cash settlement, settlement is based on the settlement price on the day the term expires. A margin must be deposited for the obligations ensuing from a future position. This margin is adjusted for price fluctuations each day, after close of trading. As with options, the leverage is the biggest risk associated with futures. When entering into a future, you only have to deposit a small percentage of the actual value (the margin). Consequently, a limited fluctuation in the price can result in big losses (or profits). This is the leverage. The loss need not be limited to the initial investment but, as is the case when writing options, can theoretically be unlimited. The margin that you have to deposit in futures provides some cover for price losses, but does not rule out a loss occurring that is greater than the amount of the margin. If you are considering investing in futures, you must carefully weigh up whether these types of transaction are suitable for you, having due regard for your knowledge and experience, your financial position and the goal of the investment. Other leveraged financial instruments Options and futures are not the only leveraged financial instruments. Some other examples of leveraged products are sprinters, turbos and speeders. These too are highly speculative investment products. A small percentage change in an underlying instrument will trigger a higher percentage change in the value of the instrument. In other words, the price of these products can quickly rise, but just as quickly fall. Purchasing these instruments enables you to speculate on both rises and falls in the price of the underlying instrument. You can t lose more than you invested. The risks associated with buying these products are similar to the risks associated with buying options. These instruments derive their leverage from the limited initial investment. You only pay part of the value of the underlying instrument, not the full amount. The remainder is financed by the issuing institution. You pay interest on that portion. However, you don t pay that interest direct. Due to the leverage, investing in these financial instruments is riskier than a direct investment in the underlying instrument. Furthermore, there is a currency risk when the prices of the underlying instruments are not quoted in euros. Other derivatives There are yet more types of derivatives that are not covered by this introduction, such as swaps, warrants, forwards, caps, floors and swaptions. Usually, products like these are accessible exclusively to professionals. 08 Information Document Investments

9 Investment funds An investment fund is a fund whereby the fund manager assembles an investment portfolio within a predefined distribution over the various investment categories such as liquid assets, shares, bonds, real estate and commodities. An investment fund is, in fact, a pot of investors money, managed by a professional who makes the investment choices for the investors in order to achieve the best possible return on the investment. By investing in a fund, with a relatively small initial investment you can achieve a wide spread in your investment portfolio, which could otherwise only be achieved with a much larger initial investment. There is also the option of investing often at a lower cost in financial instruments that are not normally available to individual investors. The manner in which the fund manager assembles the investment portfolio is described in detail in the relevant prospectus. There are a great number of investment funds on the market, with a wide variety of instruments and/or investment objects. Some examples are: investment in shares (equity fund), just bonds (bond fund), both bonds and shares (mixed fund), investment in real estate (real estate fund), investment in ocean-going vessels and technology companies. A distinction can also be made by geographical location: for instance investments solely within Europe, the United States or the Far East. Investment funds are offered via a regulated stock exchange (listed investment funds) and over-the-counter (non-listed). This distinction affects tradability. Listed funds can be bought from all commission agents, banks and brokers. Non-listed funds can only be bought from the fund itself. Positions in non-listed investment funds can, in some cases, only be acquired by presubscription. This means there is no direct delivery of the share in the fund in return for payment. If you presubscribe to a non-listed investment fund, you must be aware that this entails an increased credit risk. The issuing institution might go bankrupt between the presubscription period and the ultimate delivery of the positions. The amount set aside for presubscription in order to pay for the delivery of the position will then form part of the issuing institution s bankruptcy assets. In this event, no positions in the investment fund will be delivered to you, but your payment obligation will continue to exist. A distinction can also be made between open-end and closed-end investment funds. An open-end investment fund has the option of issuing new shares once fresh funds flow into the fund. The value of an open-end investment fund trades around its actual value. A closed-end investment fund does not have the option of issuing new shares and, consequently, the price depends on supply and demand on the financial market. Normally, closed-end investment funds are purchased by means of limit orders. This prevents a transaction from taking place at an unexpectedly high or low price. The risks associated with investment funds depend on, and are comparable to, the objects and/or financial instruments in which the fund invests, and the fund s objective. In the most extreme scenario, you may lose your entire initial investment. The fund also has discretion to use borrowed money to finance the investments. Generally, this makes the investment fund vulnerable to greater price fluctuations. Index trackers, or exchange traded funds (ETFs), are funds that track an index. They are listed, open-end investment funds, the objective of which is to track an underlying index as closely as possible. Under current laws and regulations, an ETF must have a certain spread. Whilst spread can reduce the specific risk, there is a chance of a concentration risk nonetheless. This occurs when, for instance, a very specific underlying index is tracked or the underlying instruments are all from the same sector. ETFs that track a commodity or currency do not satisfy the spread criterion and, because of this, are also called exchange traded commodity or exchange traded currency funds (ETCs). A distinction must be made between ETFs/ETCs that own the underlying commodity (e.g. by keeping bullion of gold in a safe) and ETFs/ETCs that do not own the commodity but are swap-based. As an investor, it is wise to investigate which form of fund you are investing in. The majority of ETFs are relatively simple and transparent products and their operating methods, conditions and other product features are clear to the investor. The most straightforward ETFs are assembled in complete imitation of one underlying index and are characterised by a broad spread, passive management and low costs. The tracking error indicates the extent to which an ETF succeeds in tracking the return on the underlying index. However, there are product variants that entail specific risks because they have their own, differing product features Information Document Investments 09

10 Real estate Real estate denotes investments in non-listed real estate funds. Listed real estate funds are regarded as a specific sector of the equity market and are placed in the same category as shares. The main risk you run is that the real estate in which you invest may fall in value. Usually, this is caused by an increase in supply and/or a decline in demand for property. You also run a credit risk. If a real estate fund has tenants with a poor credit rating, it runs the risk of some of the rental no longer being paid and, potentially, having to re-let the properties concerned, with all the expense that incurs. You also run a liquidity risk. Real estate is not traded daily. This entails the risk that you cannot exit whenever you like. There is also a currency risk if you invest in real estate outside the euro area, and the currency risk is not hedged. Thus the results are dependent partly on the development of the euro against the other currency. Next, there is an information risk. Real estate funds often lack transparency and their activities are often harder to follow. This reduced transparency makes it difficult to monitor the fund in practice, which can entail risks. The final risk is the valuation risk. The fund is valued by means of periodic appraisals of the real estate. As there can be long intervals between appraisals, you run the risk of the value stated not tallying with the actual value. Furthermore, omissions can creep into the appraisal process, resulting in the value indicated not being entirely representative. Specific stock market risks It is possible to trade on various stock exchanges through Deutsche Bank. Bear in mind that differing rules may apply on the various stock exchanges in regard to factors such as the permitted order types, opening hours and the trading system used. It is wise to obtain full information on these specific rules before trading on a new stock exchange or market. These rules may change from time to time. We advise you to occasionally read information from the various stock exchanges, which can often be found on their respective websites. Risks of suspension of trading and disruption As well as the aforementioned risks, there is a chance that the placing of orders will be temporarily impossible, seriously delayed or that you won t be able to invest via a particular means of communication. Equally, certain information might not be available (e.g. price information or order acknowledgements) and, if this happens, you may suffer substantial losses. No matter what lengths the market participants go to in an effort to avoid this, such risks cannot be entirely ruled out. Imagine, for instance, that technical infrastructure is damaged by third parties. Furthermore, depending on the various stock exchange regulations, trading may be suspended, often to prevent prices becoming out of equilibrium with the market. You need to be aware that the various market participants, including Deutsche Bank, accept no liability for contingencies such as service disruption, suspension of trading and so on. Consequently, any loss must be borne by the investors. That said, Deutsche Bank does everything it can to counter such contingencies. Deutsche Bank only uses third parties with a good reputation to assist in the provision of its services. Nonetheless, Deutsche Bank may have to contend with disruption, such as a computer fault in the order system or a fault in the connection with the stock exchange. In the event of a fault, Deutsche Bank may decide to temporarily suspend the placing of orders via the website and/or mobile internet. Deutsche Bank will keep you updated on any service disruption via its website. 10 Information Document Investments

11 Placing, verifying, executing and cancelling orders How you must place an order depends on the manner in which you invest. Execution only orders As an execution only client, you must place all orders yourself via the online platform. If it is not reasonable to place the order online, you may telephone your relationship manager, who will place the order for you. However, the relationship manager will not provide you with any investment advice and will merely execute your order. Advisory orders As an investment advisory client you have two options, in principle. Firstly, you can place your orders yourself via the online platform in the same way as an execution only client. You cannot do this, however, if you elect Mandaat Vermogensadvies or your investment portfolio has been pledged to Deutsche Bank in connection with a loan extended to you. Please note: if you place the order yourself, we will assume that you have independently obtained adequate information about the investment, that you have independently checked whether the investment is appropriate for you, and that Deutsche Bank has not advised you in any way. You may also telephone your investment manager, who will place the order for you. If you elect Mandaat Vermogensadvies or your investment portfolio has been pledged to Deutsche Bank in connection with a loan extended to you, this is the only option for placing an order. The investment manager will provide (additional) information about the investment and the composition of your portfolio, unless you indicate that you do not require advice and simply wish the order to be executed. If an order is not appropriate, the investment manager will always warn you. If, despite the warning, you still wish to place the order, you are at liberty to do so. The order will then be executed. Order verification Barring some exceptions, you may place orders online, by phone, by letter or by fax. For orders placed online, Deutsche Bank does not verify whether the person who placed the order has authority to do so. It is up to you to ensure that unauthorised people do not have access to the login details required in order to place orders online. For telephone orders, in case of doubt as to whether an authorised person is placing the order, Deutsche Bank may ask questions about your personal details. Deutsche Bank may also telephone you in order to verify whether you placed an order. For written orders, in case of doubt as to whether they originate from an authorised person, Deutsche Bank may telephone you in order to verify whether you placed an order. For fax orders, you will always be telephoned to verify that you placed the order. Partial executions No matter which stock exchange you trade on, there is a chance that your order will be executed in parts, at differing prices. If you have placed a good till cancelled order, there is also the possibility that your order will be executed over several days. Cancelling orders Orders may be cancelled up to the point at which the order, or a part thereof, has actually been executed. This is the point at which, in other words, a purchase or sale has taken place, in full or in part. If your order has already been partially executed, your cancellation will relate to the part of the order that has not yet been executed. It isn t possible to partially cancel an order. You can, however, cancel the entire order and, once the cancellation has been accepted, place a new order. Acceptance or receipt of your request to cancel an order does not, however, offer any guarantee whatsoever that the order will not be executed. Your cancellation request will only be sent to the stock exchange concerned. You always run the risk that the order in question has already been wholly or partially executed. Orders relating to non-listed investment funds cannot be cancelled. Orders in foreign currency To be able to invest, you need a securities cash account (on which your cash for investing purposes is administered) and a securities account (on which your securities are administered). If you have just one securities cash account, this will, as standard, be a euro account Information Document Investments 11

12 You may, however, hold securities cash accounts in a limited number of foreign currencies, in addition to your euro account. If you only have a securities account in euro, transactions in a currency other than euro will be converted to euros at the rate applicable at the time and credited or debited to your securities cash account. If, for instance, as well as your euro account you have a dollar securities cash account, all transactions in dollars will be settled via the dollar account. If you then have insufficient funds on the dollar account, but do have sufficient available funds from balances on other securities cash accounts, the transaction will result in a debit balance on your dollar account, on which you will owe interest. You are personally responsible for clearing your debit balance. Foreign currency securities cash accounts must, however, be linked to a current account in the same currency, from which and to which you transfer foreign currency. You can then use funds from your foreign currency current account to clear any debit balance on your foreign currency securities cash account. Deutsche Bank takes the initiative to clear a debit balance on, for example, your dollar securities cash account by debiting your dollar current account. Example You wish to buy shares to a value of $800. The balance on your euro securities cash account is 1,500 and the balance on your dollar securities cash account is $500. Assuming that the dollar and euro have the same exchange rate, your available funds are (( 1,500 + $500 =) 2,000. Although the balance on your dollar account is just $500 your order for $800 will still be executed. This is because you have more than adequate available funds of After this transaction the balance on your dollar securities cash account is ($500 - $800 =) -$300. You must pay debit interest on this debit balance. Rejected orders Orders may be rejected for several reasons. If an order is rejected, we will contact you when your order has been rejected. In this event, your order will not be active on the stock exchange in question. You will have to re-place your order if you wish. Order execution policy Deutsche Bank informs its clients about how it implements the best execution policy. Best execution means that the bank is obliged to take all reasonable measures to achieve the best possible outcome for the client when executing orders. Deutsche Bank informs you about this in its Order Execution and Placement Policy for which a disclosure statement is made available that describes how Deutsche Bank executes your orders. For the latest version, please visit our website Order types When placing orders, you have a choice of different order types. Not every order type is accommodated on every stock exchange. At best order An at best order is a buy or sell order in which you do not stipulate any limiting conditions with regard to the price. At best orders are always day orders. These orders are executed at the next price, regardless of the level of that price. At best orders cannot be placed outside trading hours. However, on the Euronext stock exchanges in Amsterdam, Brussels, Paris and Lisbon, at best orders for shares can be placed from half an hour prior to the start of trading. The advantage of an at best order is its swift execution. One disadvantage, however, is that the price at which your order is executed may differ greatly from the latest price, due to price fluctuations. In the time it takes for you to input the at best order, the situation on the order book may have changed greatly. Therefore, Deutsche Bank advises you to always place orders with a limit. 12 Information Document Investments

13 For European funds, it is possible that the stock exchange won t allow at best orders. If this is the case, our broker will change your order into a limit order. As this is done manually and, as such, takes time, you must take account of this when you place your order. If you place an at best order before an auction or before the close of trading, you will have a two-minute margin. Limit order With a limit order, when placing a buy order you indicate the maximum price you wish to pay and, for an instruction to sell, the minimum price you wish to receive. A sell order with a limit of 17, for instance, will only be executed if the market is offering 17 or more. Stop loss order A stop loss order is an order you place with a stop price (a trigger price). As soon as this price is reached and the price has been traded, the trading system automatically places an order. Of course, a stop loss order can be either a buy or a sell order. For a buy order, you indicate the price above which (trigger price) you wish to buy. The trigger price must be higher than the current market price. For instance, you can place a stop loss order to buy particular shares if they rise above a value of 15. If the shares reach this price level, the buy order will be recorded in the order book as an at best order. For a sell order, you indicate the price above which you wish to sell. The trigger price must be lower than the current market price. You might, for instance, place a stop loss order to sell when the price drops below 15. As soon as the trigger price is reached, the order changes to an at best order and is executed at the next price that is established. Stop limit order A stop limit order is also an order you place with a stop price (a trigger price). Once the price reaches or exceeds the trigger price, the order changes to a limit order, with a limit which, for a buy order, is higher and for a sell order is lower than the trigger price. The purpose of attaching a limit to the order is to avoid paying too much or receiving too little once the stipulated trigger price has been reached or breached. Day and good till cancelled orders All stock exchanges allow you to place a day or good till cancelled order for the majority of funds. A day order is valid only for the day on which you place it. If you place the day order after close of trading or on a day on which there is no trading, the order will apply for the next day of trading on the exchange. Please note: a day order for an auction fund does not expire until hours. A good till cancelled order is valid for four weeks (28 days) from the date on which it is issued. Order status The order status of your order tells you whether an order has been correctly placed or, for example, has been refused by the stock exchange. It is important that you check the order status, as you will need to take action if an order has not been correctly placed. You can check the current status of your order by logging in via the online platform. Available funds The available funds denote the maximum amount for which you can purchase financial instruments. The available funds are calculated in real time, based on the last known price and other information. You need to be aware that the available funds cannot, in any circumstances, be negative and that the figure is always a snapshot (the available funds fluctuate constantly). The latest known price information may not always be the most up-to-date information. This is the case, for instance, with all foreign stock exchanges, as the prices are typically delayed by 15 to 20 minutes. The available funds are calculated separately for each investment portfolio. This means that the balances or portfolios of any other accounts at Deutsche Bank are not taken into account when calculating the available funds Information Document Investments 13

14 Components of available funds Insofar as applicable, the following components are taken into account when calculating the available funds: the balance on the securities cash account(s) the collateral value of your portfolio the margin requirement current orders the currency risk Margin requirement The margin requirement is the required amount that has to be deposited to cover a position in futures and/or a position in uncovered or partially covered options written. This amount is deducted from your available funds. The margin requirement is calculated on a continuous basis. You can check the amount of your margin at any time. This component is only included in the calculation of available funds if you have positions in your portfolio to which a margin requirement applies. If you don t, the margin is always zero. Current orders Deutsche Bank takes account of current buy orders when calculating your available funds. If, based on the data known in the system, a current buy order may lower the available funds, the order amount is adjusted immediately. Any new orders, of course, will only be accepted if there are sufficient available funds. Deficit procedure The existence of any negative available funds balance on your investment account is determined at around 00:00 hours every day, based on closing and/or settlement prices. This is a snapshot which determines whether the available funds were negative that day. If your account shows a deficit in available funds, Deutsche Bank will send you a deficit notification by letter on the first trading day. The deficit notification will indicate the date and time by which you must clear the deficit in order to prevent Deutsche Bank closing (part of) the portfolio. If a deficit in your available funds is identified, you have the following options for eliminating it: a cash transfer from a current account; closing a position with a margin requirement or placing a sell order. If you transfer an amount, we advise you to take account of the time required to make the transfer and ensure that there is some margin. We must also point out that, given the short timeframe, it is advisable to take action immediately. If a deficit remains after the period allowed, Deutsche Bank will close positions in order to clear the deficit. Deutsche Bank may make a charge for this in addition to the normal rate for placing orders. Deutsche Bank is not responsible for any financial loss that may occur as a result of positions on your account being closed. Deutsche Bank advises you to always keep track of your available funds, so that you can take measures if a deficit appears imminent. Transfers Your current account You must link a current account to your securities cash account. This current account is a euro drawing account which you maintain at Deutsche Bank Netherlands, to which monies can be transferred from the securities cash account and from which monies can be transferred to the securities cash account. If you hold just one euro drawing account at Deutsche Bank Netherlands, this will automatically be linked to your securities cash account as a current account. If you hold more than one, you must inform Deutsche Bank which account is to serve as the current account. A drawing account may only be linked to one securities cash account as a current account. If your securities cash account is a joint account, the current account must also be a joint account, in the name of the same accountholders. 14 Information Document Investments

15 If you would like a securities cash account in a foreign currency, you are required to link a current account in the same currency to that account. If you hold just one drawing account at Deutsche Bank Netherlands in this currency, this will automatically be linked to your securities cash account as a current account. If you hold more than one, you must inform Deutsche Bank which account is to serve as the current account. If you do not have a drawing account in the same currency, you must open one. Transfers from and to your securities cash account You may only transfer money by funds from and to your securities cash account from your current account(s). It is not possible to make cash deposits or withdrawals. Transfers from and to your securities account Only book-entry securities are administered on the securities account. You may not convert any physical securities into book-entry securities, deposit them for custody or arrange delivery of such securities. Receiving foreign currency payments on your securities cash account If you only have a securities cash account in euro, monies received in a currency other than euro will be converted to euros at the rate applicable at the time and credited to your securities cash account. If, for example, you also have a securities cash account in dollar in addition to a securities cash account in euro, monies received in dollars will be credited to that account, rather than to your euro account. The same applies to other foreign currency accounts. Transferring securities to your securities account If you wish to transfer all or part of your securities portfolio that is held in book-entry form at another bank to your Deutsche Bank securities account(s), there is no charge for this (other than the costs charged by your current bank), providing the securities are listed on stock exchanges on which Deutsche Bank can trade on your behalf and these securities are suitable for book-entry transfer. Your current bank should give you the relevant information. We are partly dependent on your delivering bank as regards the settlement of the transfer instruction. This is because both parties have to issue instructions to transfer securities. The transfer cannot take place until the instructions have been correctly delivered and both instructions are identical. The method of transferring securities differs depending on the instrument involved. Each instrument has a different settlement process. Consequently, it may be that securities to be transferred will be credited to your portfolio at different times. You should bear in mind that the securities that are in transit cannot be sold or closed during this period. Therefore, you are running a price risk on the securities but are powerless to intervene. Once we receive your securities, we will enter them immediately in your portfolio. You will be informed of this by and/or letter. Transferring securities to another bank Any instructions to transfer securities from your securities account to an account at another bank must always be issued in writing, by post (i.e. not by fax or ). In the case of a joint account, both accountholders must sign. To ensure that the process runs smoothly, you must include detailed contact information about your new bank with your instruction. Once we have received your instruction, Deutsche Bank will contact your bank in order that your instruction can be completed swiftly and efficiently - always provided that the available funds and any other obligations to Deutsche Bank permit the transfer (see the section entitled Available funds ). You should bear in mind that no further sell and/or closing orders can be executed in respect of the securities for which you have given a transfer instruction. Therefore, you are running a price risk on the securities but are powerless to intervene Information Document Investments 15

16 Overviews Deutsche Bank produces various overviews to keep you informed of the current status of, for example, your portfolio and your outstanding orders. The main overviews are briefly described below. Account statement You will find the key features of each transaction on your account statement. The account statement is made available after each order or at the latest on the first working day after execution. You can view your account statement by logging in via the online platform. Your account statement is available on the site as a PDF. If, for example, you do not log in regularly, you may elect to receive statements by post. However, a charge is made for this. Please contact your contact person at Deutsche Bank for the current charges. Asset management report Each quarter, an asset management report is issued for asset management clients. This summary covers all the asset management activities undertaken on your behalf during that period. To view this transaction overview, you need to log in via the online platform. Your asset management report is available on the site as a PDF. You may elect to receive your asset management report by post. Position statement Each month, Deutsche Bank provides a position statement listing all the monies and financial instruments held by you. To view this periodic overview, you need to log in via the online platform. Your overview is available on the site as a PDF. You may elect to receive this overview by post. Annual statement Your annual statement is issued in the first quarter of each new year. To view this statement, you need to log in via the online platform. Your statement is available on the site as a PDF. The statement indicates how much dividend and interest you received or paid over the last year. It also values your custody account at the closing prices on 1 January. This information is important for your income tax and wealth tax returns. Some of the information is also provided to the tax authorities, for tax disclosure purposes. The annual tax statement is also sent to you by post. Profile comparison report Twice a year, Deutsche Bank prepares a Profile Comparison Report. This report tells you whether your portfolio still matches your investment profile. To view this report, you need to log in via the online platform. Your report is available on the site as a PDF. You may elect to receive this report by post. Shareholders meetings and corporate actions If you have shares in your portfolio and wish to attend a shareholders meeting and to exercise your voting right, you can pre-register via Deutsche Bank. In order to establish whether you are entitled to participate in a shareholders meeting and how many votes you represent at that meeting, you must register well ahead of the meeting itself. You may telephone your contact at Deutsche Bank to arrange this. You must do this before the final registration date indicated in the advertisement. Deutsche Bank does not deal with requests for shareholders meetings of foreign funds. Information relevant for your portfolio such as notices pertaining to shareholders meetings and corporate actions is only made available by Deutsche Bank on its website, not by any other means of communication. You should regularly visit the website to acquire this information timely. 16 Information Document Investments

17 Risk assessment Client classification Before providing you with investment services, Deutsche Bank will inform you whether you are classified as an eligible counterparty, a professional investor or a non-professional investor. This classification affects the extent of the duty of care that Deutsche Bank must assume, under the current laws and regulations. Of the three categories listed, the final one enjoys the most protection. In virtually all cases, you will be classed as a non-professional investor, which means you enjoy the most protection. Requests for a different client classification You may ask Deutsche Bank for a different client classification, with more or less protection, provided that request relates to your entire relationship with Deutsche Bank. Deutsche Bank is not obliged to honour such requests. Client form Before providing you with investment services, Deutsche Bank obtains information about your knowledge and experience, your financial position, investment objectives and attitude to risk. It obtains this information from the client form. Based on this information, Deutsche Bank can assess whether the product or service is suitable for you, in Deutsche Bank s opinion. Deutsche Bank warns you if, based on the information obtained, it believes that the requested financial instruments are not appropriate. If, despite this warning, you decide to undertake - by means of execution only orders - transactions in financial instruments which, in Deutsche Bank s opinion, are not appropriate, Deutsche Bank draws your attention to the fact that you may suffer negative consequences as a result. Deutsche Bank is not liable for any negative consequences. The Bank reserves the right not to assess the appropriateness of an investment if the investment service is provided on an execution only basis on your initiative and the orders relate to non-complex financial instruments as described in Article 4:24, paragraph 4 of the Dutch Financial Supervision Act (Wet Financieel Toezicht). If the information obtained gives cause, Deutsche Bank may decide not to provide you with certain investment services or investment services relating to certain financial instruments. Investment profile Your investment profile is determined on the basis of your answers to the questions asked by Deutsche Bank in the client form. The aim of this is to ascertain your personal risk tolerance. In other words: how much risk are you willing and able to accept? Based on your answers, an appropriate investment profile will be established. You are required to determine an investment profile at Deutsche Bank. The investment profile is intended as useful tool for you in your investment decisions and the composition of your investment portfolio. When providing you with a service, Deutsche Bank does not make any use whatsoever of the information you supply when determining your investment profile. The questions we ask you relate to: (a) Your available financial resources When determining your investment profile, Deutsche Bank only obtains very limited information from you about your available financial resources. Deutsche Bank merely checks whether your available funds are sufficient to execute an order you have placed. Deutsche Bank does not look into your asset and income position, whether you have debts and whether you have borrowed the available financial resources on the account from elsewhere. (b) Your attitude to risk In light of your investment objectives and your financial resources, you are prepared to accept certain investment risks and not others. If, for instance, you are investing with a view to supplementing your pension and your financial resources are limited, you will be presumably be more risk-averse than if you have surplus money and want to take advantage of the opportunities on the stock exchange. Because your attitude to risk is so important, the investment profile determined by Deutsche Bank accurately reflects that attitude Information Document Investments 17

18 Changes to your investment profile The investment profile determined by Deutsche Bank is a reflection of your current attitude to risk. Your attitude to risk may change in the future, so it is advisable to review the investment profile drawn up. If there are relevant changes to your personal situation, you must complete the questionnaire again. It is up to you to take the initiative. Accuracy and completeness If you do not answer or provide incomplete answers to the questions on the client form, Deutsche Bank will be unable to assess whether a particular financial product is suitable for you and we will not provide you with investment services. If you provide inaccurate and/or incomplete information on the client form, this may result in Deutsche Bank being unable to assess the appropriateness or suitability of the investment service and/or orders issued, or being unable to provide the best possible investment services. This may have negative consequences for you, for which Deutsche Bank is not liable. Therefore, it is important that you notify us of changes to this information. Costs For a summary of all the costs associated with Deutsche Bank s investment services, please refer to the Deutsche Bank Investment Services Pricing Schedule. This summary can be obtained from Deutsche Bank and can be found at Questions If you have any questions about Deutsche Bank s investment services, as an execution only client you can contact your relationship manager. If you are an advisory client or an asset management client, you can contact your investment manager. Complaints Complaints procedure Deutsche Bank endeavours to provide a high-quality service. If, nonetheless, you are not satisfied, you may make a complaint. Deutsche Bank has a complaints procedure detailing information about how you can make your complaint, who will deal with the complaint and the timeframe within which you can expect a response. You will find this complaints procedure on the Deutsche Bank website and a copy will be sent to you on request. The more relevant information you provide, the better able we will be to assess your complaint. Klachteninstituut Financiële Dienstverlening Deutsche Bank is a member of the Klachteninstituut Financiële Dienstverlening (Financial Services Complaints Authority, KiFiD). If your complaint has been wholly or partially rejected by Deutsche Bank, as a private individual you may submit your complaint to KiFiD. Deutsche Bank must have confirmed the full or partial rejection of your complaint to you in writing before you can submit a complaint to KiFiD. Your complaint will first be investigated by the KiFiD Ombudsman. The Ombudsman will attempt to reserve the dispute through mediation. If that fails, you can refer your complaint to the KiFiD Disputes Committee. You will have to pay a small contribution to KiFiD for handling the complaint. 18 Information Document Investments

19 For more information, consult the KiFiD website. KiFiD s address is: Klachteninstituut Financiële Dienstverlening PO Box AG The Hague The Netherlands Tel.: Internet: Naturally, we hope that you never have to make use of the above procedure. Language Deutsche Bank communicates with you in Dutch and/or English. However, not all Dutch-language information and documentation is available in English, and vice versa Information Document Investments e

20 Deutsche Bank Nederland N.V. De Entree HE Amsterdam The Netherlands PO Box AT Amsterdam The Netherlands Tel.: +31 (0) Opening hours on working days from 08:30 17:

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