DB Platinum CROCI Funds News Update

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1 DB Platinum CROCI Funds News Update May 2014 Overview Following the introduction of the new ESMA-Guidelines for index funds/ ETFs 1 and also in order to improve certain areas of operational efficiency, the board of directors of the DB Platinum and DB Platinum IV SICAVs has decided to make some changes to CROCI funds to become effective following the publication of official notices and the required minimum one month notification period: The DB Platinum CROCI funds will no longer track indices but will follow strategies instead. The underlying CROCI processes remain unchanged to a great extent. To reduce the portfolio turnover in the respective funds, a reallocation buffer as well as quarterly rebalancing will be implemented at the end of June DB Platinum CROCI World and DB Platinum CROCI Sectors Funds will change their investment policy to direct investment and physically hold the underlying stocks. Fees across all CROCI funds will be harmonised, but retaining or reducing the same total expense ratio. The investment universe of DB Platinum CROCI Sectors will be extended to include all stocks across Europe, USA and Japan which are covered by CROCI and the selection process will be changed in a way that the strategy will never contain shares from more than three sectors. The number of business days, on which global CROCI funds can be traded, will be increased. In addition, DB Platinum CROCI Germany will be merged into DB Platinum IV CROCI Euro around July DB Platinum CROCI Funds Change from index to strategy whilst maintaining the underlying CROCI process The ESMA 2 -guidelines for index funds and ETFs introduced new rules in relation to investment in indices by UCITS funds. One such rule is that an index provider must make publically available the full index methodology and data so that an investor can replicate the index. Since most data used in the CROCI process is proprietary, the decision was taken to change the investment objective of the CROCI funds in each case from tracking an index to following a strategy. The change is a matter of form not substance. However, since the indices will be formally identified as strategies, the ESMA guidelines will not apply and there will be no requirement to disclose the proprietary data. We remain fully committed to providing the 1 For further information: 2 European Securities and Markets Authority

2 highest degree of transparency that is consistent with our obligation to maintain commercial confidentiality and each of the CROCI funds will remain fully compliant with all applicable UCITS rules. Rebalancing and reallocation buffer In order to reduce turnover and any potential associated trading costs and market impact, the CROCI Funds will begin rebalancing on a less frequent basis than in the past changing from monthly to quarterly 3. This change will be implemented around the end of June Furthermore, a selection buffer will be introduced, which limits the replacement of existing stocks from the portfolio to circumstances when its economic P/E is sufficiently higher than the proposed replacement stock. This rules-based buffer prevents the fund from rebalancing in the event of a marginal change in constituent valuation. Take DB Platinum IV CROCI US as an example: Currently the 40 stocks with the lowest economic P/E are held. An existing stock will be removed from the portfolio if it is not one of the 40 stocks with the lowest economic P/E as of the rebalancing date. Prospectively, the fund will continue to seek to hold the 40 stocks with the lowest on economic P/E. However, a selection buffer of 5 stocks will be introduced, which means: o An existing constituent will only be replaced if it no longer ranks among the 45 stocks with the lowest economic P/E on the rebalancing date. o A new stock will only enter the portfolio if it ranks among the 40 stocks with the lowest economic P/E on the rebalancing date. Selection buffer overview Fund Number of Stocks in the Portfolio Buffer CROCI US 40 5 CROCI Euro 30 5 CROCI Japan 30 5 CROCI World CROCI Sectors Branchen Stars CROCI Global Dividends CROCI US Dividends Apart from CROCI Global Dividends and CROCI US Dividends which are already on a quarterly rebalancing cycle. 4 Applied pro-rata to the different regions. 5 Five for each sector. Furthermore, a sector buffer will be introduced, which means a sector must be one of the three sectors with the lowest median economic P/E in order to enter the portfolio, but must have a higher median economic P/E than the fourth-ranked sector to be replaced. 6 CROCI Global and US Dividends use 10 stock buffers because of all of the additional filtering for sustainable dividends which creates greater volatility in the selection process.

3 Changes in investment policy in the CROCI Sectors and CROCI World funds The investment policy of DB Platinum CROCI Sectors and DB Platinum CROCI World will change to physical replication. This change means that all CROCI Funds will implement a physical replication, with the exception of DB Platinum CROCI Asia-Pacific. Harmonisation of fees Adjustments will be made to the management company fee and fixed fee with a view to achieving a more consistent treatment across all CROCI funds. The management company fee of DB Platinum CROCI US Dividends, DB Platinum CROCI World and DB Platinum CROCI Global Dividends will increase by 0.05%. The fixed fee will however be reduced by 0.05% such that the total expense ratio will remain the same. Furthermore, the total expense ratio of DB Platinum CROCI Sectors will be reduced by 0.05% p.a.. DB Platinum CROCI Sectors - investment universe extension and change in selection process. The investment universe of DB Platinum CROCI Sectors will be expanded: Currently it is comprised of the stocks covered by CROCI out of top 251 stocks by market cap in S&P500, EuroSTOXX Large and TOPIX 100 The new investment universe will be comprised of the stocks covered by CROCI out of the entire S&P 500, STOXX 200 Large (i.e. Europe instead of Eurozone) and TOPIX 100 indices As a result, exposure is increased to non-emu Europe (UK, Switzerland and Nordics). Furthermore, the selection of stocks within the sector will be changed around end of June 7 : Currently stocks chosen from one of the three selected sectors must be below median Economic P/E. Where not possible (i.e. when the sector has fewer than 20 stocks), the lowest economic P/E stocks from remaining sectors are selected. This results in exposure to more than three sectors. The new CROCI Sectors Strategy will simply select the 10 stocks from each selected sector based on the lowest positive CROCI Economic P/E (meaning that the strategy will never contain shares from more than three sectors). As a result, the selection methodology will be consistent with all other CROCI strategies whilst reducing the portfolio turnover. 7 This change also applies for DB Platinum Branchen Stars.

4 Merger of DB Platinum CROCI Germany into DB Platinum IV CROCI Euro Also following the introduction of the ESMA-guidelines for index funds and ETFs, a merger of the DB Platinum CROCI Germany into DB Platinum IV CROCI Euro has been agreed to ensure ongoing compliance with the regulatory requirements. The following illustration shows how the individual share classes of the funds will merge. As part of the restructuring, a distributing share class for retail investors in the CROCI Euro Fund will be launched. Further information on this share class will be published on our website Timeline Investor notices are expected to be dispatched on or around the 02 May The changes are expected to be implemented across all CROCI funds around start of June. The precise date will be published on the website The changes concerning rebalancing frequency and introduction of the reallocation buffer will be implemented around the end of June. The merger of DB Platinum CROCI Germany into DB Platinum IV CROCI Euro is expected to take place in July For questions and/or further information, please contact us: Systematic Funds +44 (0)

5 Risk Factors for Systematic Funds: Important Notice: Investments in funds involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. Key risk factors to consider before investing: - The CROCI Funds described in this News Update are not capital protected, therefore investors should be prepared and able to sustain losses up to the total loss of the capital invested. - The value of an investment in CROCI Fund may go down as well as up and can result in losses, up to and including a total loss of the amount initially invested. - Past performance is not a reliable indicator of future performance. - This News Update is not intended to be investment advice or an offer or recommendation to enter into any transaction but is for information purposes only. Please consult your financial advisor before you invest in any CROCI Fund. For further information regarding risk factors and before making any decision to invest, please refer to the Prospectus and the Key Investor Information Document in relation to the UCITS funds. Important Notice This document does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates. Without limitation, this document does not constitute investment advice and does not constitute an offer or recommendation to enter into any transaction. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. The Fund may neither be offered for sale nor sold in the USA, to US Persons or persons residing in the USA. Please refer to the relevant fund s full prospectus and the relevant Key Investor Document for more information on the Fund which is available in English on request or on The information contained in this document is believed to be correct, complete and accurate and every effort has been made to represent accurate information. However, no representation or warranty, expressed or implied, is made as to the accuracy, completeness or correctness of the information contained in this document. Deutsche Bank assumes no responsibility or liability for any errors or omissions with respect to this information. The information contained in this document is provided for information purposes only. In the case of any inconsistency with the relevant prospectus of a product, the latest version of the prospectus shall prevail. Issued in the UK by DB AG London Branch. DB is authorised under German Banking Law (competent authority:bafin Federal Financial Supervising Authority) and DB AG London Branch is regulated by the Financial Conduct Authority for the conduct of UK business. DB Platinum is registered with the Luxembourg Trade and Companies Register under number B , with its registered office at 11-13, Boulevard de la Foire, L-1528 Luxembourg, and is registered in Luxembourg as an undertaking for collective investment pursuant to Part I of the law of 17 December 2010 and therefore qualifies as a UCITS under all relevant laws and regulations. DB Platinum Advisors acts as the management company. DB Platinum IV is registered with the Luxembourg Trade and Companies Register under number B , with its registered office at 11-13, Boulevard de la Foire, L-1528 Luxembourg, and is registered in Luxembourg as an undertaking for collective investment pursuant to Part I of the law of 17 December 2010 and therefore qualifies as a UCITS under all relevant laws and regulations. DB Platinum Advisors acts as the management company. Additional information for investors in Switzerland The Agent in Switzerland is Deutsche Asset Management Schweiz AG, Prime Tower, Hardstrasse 201, 8005 Zurich. The Paying Agent in Switzerland is Deutsche Bank (Suisse) SA, 3, place des Bergues, 1201 Geneva. The prospectus, simplified prospectuses and/or key investor information document, articles of association, and annual and semi-annual reports of the Fund are available free of charge from the Agent or the Paying Agent and are available in electronic form on the website Deutsche Bank AG 2014 as of

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