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Investor profile Risk-tolerant Currency of sub-fund EUR

Sub-fund manager Deutsche Asset & Wealth Management Investment GmbH and Deutsche Asset Management (UK) Limited. The Management Company entered into an investment management agreement with Deutsche Asset & Wealth Management Investment GmbH, Frankfurt/Main. Furthermore, Deutsche Asset & Wealth Management Invest- ment GmbH, Frankfurt/Main, entered into a sub-investment management agreement with Deutsche Asset Management (UK) Limited, London under its supervision, control and responsibility, and at its own expense. Performance benchmark –

Reference portfolio (risk benchmark) – (absolute VaR)

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 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 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 are processed on the basis of the net asset value per share on the valuation date immediately following that 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

The Board of Directors of the Company may at any time elect to launch new share classes in accordance with the share class features as specified in the general section of the Sales Prospectus. The Sales Prospectus will be updated accordingly.

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

Investment Policy

The objective of the investment policy of Deutsche Invest I CROCI Sectors is to achieve long term capital appreciation by investing in large cap global equities according to the CROCI investment process and the CROCI Sectors investment strategy (please refer to the general section of the Sales Prospectus for a detailed description of the investment process).

The investment strategy is designed to select shares with the lowest CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from the three sectors with the lowest median CROCI Economic P/Es. The sectors eligible for selection are: Consumer Discretionary, Consumer Staples, Health Care, Information Technology, Industri- als, Materials, Telecom Services, Utilities and Energy. CROCI Economic P/Es are not calculated for companies in the financial sector and it is not therefore eligible for selection. Within each sec- tor the shares are selected from a universe com- prising the largest developed market global equi- ties by market capitalisation from the US, Europe and Japan and for which CROCI Economic P/Es are calculated.

The investment strategy will generally select thirty shares using the following approach:

(1) the three global sectors (from nine) with the lowest median CROCI Economic P/Es are determined; and

(2) the ten shares with the lowest positive CROCI Economic P/E are selected from each of the sectors selected above in (1).

The sub-fund may exclude stocks with low liquid- ity (based on their recent average daily traded volumes) from selection. In the event that fewer than ten shares in a selected sector have a posi- tive CROCI Economic P/E, this sector will include only those shares that do have a positive CROCI Economic P/E and the sub-fund will have fewer than 30 different shares. The investment strategy operates on a total return basis, re-investing any dividends received in the purchase of additional shares.

The sub-funds assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the thirty selected shares that will make up the sub-fund) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on per- formance from trading large quantities of single stocks at one point in time, this re-composition

may take place in stages over a period. Conse- quently, the sub-fund may at certain times con- sist of more than thirty different shares and may not therefore be equally weighted at all times.

The sub-fund uses two selection buffers with the purpose of reducing portfolio turnover and minimising market impact and transaction costs. The first selection buffer reduces turnover by limiting the replacement of an existing selected sector from the sub-fund during re-compositions to circumstances when its median CROCI Eco- nomic P/E is sufficiently higher than the proposed replacement sector. The second selection buffer reduces turnover by limiting the replacement of an existing share from a selected sector in the sub-fund during re-compositions to circum- stances when its CROCI Economic P/E is suf- ficiently higher than the proposed replacement stock from the relevant selected sector. The threshold for removal is rules-based and sys- tematically determined based on factors such as Economic P/E, turnover and transaction costs. As a result, in many cases a sector or a share may not be added during a sub-fund re-composition despite having one of the three lowest median CROCI Economic P/Es or one of the ten low- est CROCI Economic P/Es of shares eligible for selection. Equally, a sector may remain as a selected sector even it if is no longer one of the three sectors with the lowest median CROCI 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. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

Economic P/E and a share may remain in the sub- fund despite no longer being amongst the ten shares with the lowest CROCI Economic P/Es in a selected sector. The buffers have no impact on the investment strategy maintaining three sec- tors and thirty constituents.

The recomposition dates and current sub-fund constituents will be published on the website of the Management Company www.dws.lu together with further information on the investment strat- egy and the CROCI investment pro cess.

The CROCI Economic P/E is a proprietary mea- sure of company valuation using the same rela- tionships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).

However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:

(i) Rather than price, the CROCI Enterprise Value is used as the economic measure of the market value of a company. It includes not only financial liabilities (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).

(ii) The CROCI Net Capital Invested is used in place of book value as the economic mea- sure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.

(iii) Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all compa- nies, regardless of their sector or geographic location.

In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.

Risk Management

The absolute Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.

The VaR of the sub-fund’s assets is limited to 14.14% of the sub-fund’s assets with the param- eters of a 10-day holding period and 99% confi- dence level.

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 section 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).