Elementos tradicionales, producción, simbología e imaginarios

Investor profile Growth-oriented Currency of sub-fund EUR

Sub-fund manager Deutsche Asset Management Investment GmbH and as sub-manager RREEF America LLC

Performance benchmark Dow Jones Brookfield Global Infrastructure Index

Reference portfolio (risk benchmark) Dow Jones Brookfield Global Infrastructure Index Leverage effect 2 times the value of the investment sub-fund’s assets

Calculation of the NAV per share Each bank business day in Luxembourg

Order acceptance For the share classes FCH (P), SGD LDMH (P), FDH (P), GBP DH (P) RD, IDH (P), USD LCH (P), USD LDMH (P): All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time (CET) on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time (CET) are processed on the basis of the net asset value per share on the valua- tion date immediately following that next valuation date.

For all other share classes:

All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time (CET) on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM

Luxembourg time (CET) are processed on the basis of the net asset value per share on the next valuation date. Value date In a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent

value is credited three bank business days after redemption of the shares. The value date for purchase and re- demption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus.

Fractional shares Up to three places after the decimal point

Expense cap Not to exceed 15% of the Management Company fee

Share class Currency of Front-end load Management Service Fee p.a. Taxe d’abonnement Launch date share class (payable by the investor) Company Fee p.a. (payable by the sub-fund)* (payable by the sub-fund)

(payable by the sub-fund)*

LC EUR up to 5%*** up to 1.5% 0% 0.05% January 14, 2008 LD EUR up to 5%*** up to 1.5% 0% 0.05% July 1, 2008 NC EUR up to 3%** up to 2% 0.2% 0.05% January 14, 2008 FC EUR 0% up to 0.75% 0% 0.05% January 14, 2008 FD EUR 0% up to 0.75% 0% 0.05% May 15, 2015 FCH (P) EUR 0% up to 0.75% 0% 0.05% November 14, 2014 FDH (P) EUR 0% up to 0.75% 0% 0.05% May 15, 2015

IDH (P) EUR 0% up to 0.60% 0% 0.01% May 15, 2015

LDH (P) EUR up to 5%*** up to 1.5% 0% 0.05% September 14, 2015 USD LC USD up to 5%*** up to 1.5% 0% 0.05% July 1, 2008

USD FC USD 0% up to 0.75% 0% 0.05% March 24, 2014

USD FDM USD 0% up to 0.75% 0% 0.05% September 14, 2015

USD ID USD 0% up to 0.6% 0% 0.01% September 14, 2015

USD LCH (P) USD up to 5%*** up to 1.5% 0% 0.05% May 15, 2015 USD LD USD up to 5%*** up to 1.5% 0% 0.05% September 14, 2015 USD LDMH (P) USD up to 5%*** up to 1.5% 0% 0.05% September 14, 2015 CHF FDH (P) CHF 0% up to 0.75% 0% 0.05% September 14, 2015 CHF LCH CHF up to 5%*** up to 1,5 % 0% 0.05% November 29, 2013

GBP D RD GBP 0% up to 0.75% 0% 0.05% June 4, 2014

GBP DH (P) RD GBP 0% up to 0.75% 0% 0.05% May 15, 2015 SGD LDMH (P) SGD up to 5%*** up to 1.5% 0% 0.05% February 16, 2015 SEK FCH (P) SEK 0% up to 0.75% 0% 0.05% September 14, 2015 SEK LCH (P) SEK up to 5%*** up to 1.5% 0% 0.05% September 14, 2015

For the sub-fund with the name Deutsche Invest I Global Infrastructure, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policy

The main investment objective of the sub-fund Deutsche Invest I Global Infrastructure is to achieve a long-term sustained capital apprecia- tion in Euros through investments in promising companies of the “Global Infrastructure” sector.

At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in equi-

ties, other equity securities and uncertificated equity instruments of issuers of the “Global Infra- structure” sector.

Infrastructure companies provide an essential product or service to a segment of the popula- tion at a given time and cost, and often retain these characteristics for an extended period of time.

The strategic competitive advantage of infrastruc- ture assets is often protected by high barriers to entry of alternative suppliers. These high barriers to entry can take various forms, including:

– requirements imposed by legislation and/or regulation;

– natural barriers like planning or environmental restrictions, or availability of land;

– high costs of new development, such as the cost to build roads;

– long-term exclusive concessions and cus- tomer contracts;

– efficiencies provided by economies of scale such as reductions in marketing or other services.

These high barriers to entry have the effect of protecting the cash flows generated by these Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.

* For additional costs, see Article 12 in the general section of the Sales Prospectus.

** 3% based on the gross investment corresponds approx. to 3.09% based on the net investment. *** 5% based on the gross investment corresponds approx. to 5.26% based on the net investment.

infrastructure assets, because services provided such as parking, roads, and communications tow- ers can generally only be delivered by relatively large and costly physical assets in close prox- imity to customers. This is a critical distinction between infrastructure and other industries.

The sub-fund manager distinguishes between social infrastructure and economic infrastructure. The sub-fund will be more focused on the latter one. The sub-fund manager understands under “economic infrastructure” the services for which the user is prepared to pay such as transport, gas, electricity, water and communications. Due to the large size and cost and often monopoly characteristics of these assets, Infrastructure has historically been financed, built, owned and oper- ated by the state. Infrastructure includes:

– Transport (roads, airports, seaports, rail) – Energy (gas and electricity transmission,

distribution and generation)

– Water (irrigation, potable water, waste treatment)

– Communications (broadcast/mobile towers, satellites, fiber and copper cables)

The potential investment universe comprises more than 400 stocks, broadly representing all the listed infrastructure assets in the world.

The social infrastructure comprises companies for instance in the health sector (hospitals, nurs- ing homes).

A total of up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in

a) equity, other equity securities and uncertifi- cated equity instruments of international issu- ers that do not operate predominantly in the Global Infrastructure sector;

b) interest-bearing securities, as well as con- vertible bonds, convertible debentures and warrant-linked bonds issued by companies in the global infrastructure sector or by issu- ers in accordance with (a) above and which are denominated in any freely convertible currency.

The sub-fund’s investments in contingent con- vertibles shall be limited to 10% of the sub-fund’s net asset value.

In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.

Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of deriva- tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:

Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.

Specific risks:

The sub-fund’s performance will largely be deter- mined by the following factors, which give rise to both upside and downside potential:

– the performance of international equity mar kets;

– company and sector specific developments; – exchange-rate movements of non-euro cur-

rencies against the euro.

The sub-fund may focus its investments on differ- ent sub-sectors, countries and market segments for a certain time period on a variable basis. In addition, the sub-fund could use derivatives. These investments could also lead to further per- formance and risks.

German Taxation

Taxation bases to be calculated in accordance with Article 5 (1) of the German Investment Tax Act (Investmentsteuergesetz) are not deter- mined for the USD FDM and USD LDMH (P) share classes. For investors who are without limitation subject to taxation in Germany, the regulations of so-called non-transparent taxation are therefore applicable (see Summary of tax regulations of importance to the investor). Due to potentially undesirable consequences of non- transparent taxation, the above-mentioned share classes are in principle neither intended nor suit- able for investors who are without limitation sub- ject to taxation in Germany.

Risk Management

The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.

In addition to the provisions of the general sec- tion of the Sales Prospectus, the potential market risk of the sub-fund is measured using a refer- ence portfolio that does not contain derivatives (“risk benchmark”).

Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

Investment in shares of target funds

In addition to the information in the general s ection of the Sales Prospectus the following is applicable to this sub-fund:

When investing in target funds associated to the sub-fund, the part of the management fee attrib- utable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).