SUPERFICIES DE EROSIÓN CONCLUSIONES

Investor profile Risk-tolerant Currency of sub-fund USD

Sub-fund manager Deutsche Asset Management Investment GmbH and as sub-manager Harvest Global Investments Limited

Performance benchmark –

Reference portfolio (risk benchmark) DB Offshore Renminbi Bond Index USD

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, that is also an exchange trading day in Hong Kong

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 (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.

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

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

** 1.5% based on the gross investment corresponds approx. to 1.52% based on the net investment. *** 3% based on the gross investment corresponds approx. to 3.09% based on the net investment.

**** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.

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)*

CHF FCH CHF 0% up to 0.6% 0% 0.05% December 10, 2012

CHF LCH CHF up to 3%*** up to 1.1% 0% 0.05% December 10, 2012

FCH EUR 0% up to 0.6% 0% 0.05% August 16, 2011

FDH EUR 0% up to 0.6% 0% 0.05% August 31, 2015

IDH EUR 0% up to 0.4% 0% 0.01% December 13, 2013

LCH EUR up to 3%*** up to 1.1% 0% 0.05% August 16, 2011 LDH EUR up to 3%*** up to 1.1% 0% 0.05% April 2, 2012 NC EUR up to 1,5%** up to 1.4% 0.1% 0.05% August 19, 2013 NCH EUR up to 1.5%** up to 1.4% 0.1% 0.05% April 2, 2012 NDH EUR up to 1.5%** up to 1.4% 0.1% 0.05% January 20, 2014 PFCH EUR 0% up to 0.6% 0% 0.05% May 26, 2014 PFDQH EUR 0% up to 0.6% 0% 0.05% May 26, 2014 RMB FC RMB 0% up to 0.6% 0% 0.05% February 18, 2013 RMB LC RMB up to 3%*** up to 1.1% 0% 0.05% February 18, 2013

USD FC USD 0% up to 0.6% 0% 0.05% August 16, 2011

USD LC USD up to 3%*** up to 1.1% 0% 0.05% August 16, 2011

USD LCH (P) USD up to 3%*** up to 1.1% 0% 0.05% February 29, 2016

USD FCH (P) USD 0% up to 0.6% 0% 0.05% December 1, 2015

USD LDH (P) USD up to 3%*** up to 1.1% 0% 0.05% December 1, 2015

USD LDMH (P) USD up to 3%*** up to 1.1% 0% 0.05% December 1, 2015

SEK FCH SEK 0% up to 0.6% 0,0% 0.05% December 1, 2015

SEK LCH SEK up to 3%*** up to 1.1% 0,0% 0.05% December 1, 2015

For the sub-fund with the name Deutsche Invest I China Bonds, 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 China Bonds is to achieve an above average return for the sub-fund. The sub-fund’s assets may be invested in inter- est-bearing debt securities issued by:

– the Chinese government, – Chinese government agencies, – Chinese municipals,

– companies which have their registered office in China or that conduct their principal busi- ness activity in China.

Assets not denominated in Renminbi will generally be hedged against the Renminbi. The sub-fund’s assets may also be invested in interest-bearing debt securities denominated in or hedged against the Renminbi from issuers that do not meet the above mentioned criteria and Renminbi-denom- inated cash deposits. Renminbi-denominated assets may be invested via the Chinese offshore as well as the Chinese onshore market.

Investments in domestic securities via the Chi- nese onshore market will be done in listed securi-

ties or via the inter-bank bond market and require the investment manager to be granted a Renminbi Qualified Foreign Institutional (R-QFII) license granted by the China Securities Regulatory Com- mission (CSRC).

In addition the Investment Manager needs to be granted a R-QFII investment quota by the State Administration of Foreign Exchange (SAFE). Due to the fact that investments made by the sub-fund and income received by the sub-fund may be denominated in Renminbi, investors should be aware of a possible depreciation of the Renminbi.

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.

Dilution adjustment PFCH and PFDQH:

(payable by the shareholder)**** A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation.

Placement fee PFCH and PFDQH:

The above-mentioned securities may be listed on Asian or other foreign securities exchanges or traded on other regulated markets that oper- ate regularly and are recognized and open to the public. The exchanges and other regulated markets must comply with requirements of Article 41 of the Law of 2010 .

In extreme market situations, the fund manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing securities of United States of America and Japanese and European (EU- Member States) government bonds. In this case, whether or not and to what extend the sub-fund hedges the currency risk into Renminbi shall be subject to manager’s discretion.

Notwithstanding the principle of risk spreading and in accordance with Article 45 of the Law of 2010, the sub-fund may invest up to 100% of its assets in interest-bearing debt securities that are issued or guaranteed by the Chinese government. The sub-fund may also invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a member state of the European Union, its local authorities, an OECD member country, or by a public international body of which one or more member states of the European Union are members. The sub-fund must hold secu- rities from at least six different issues, but securi- ties from any one issue may not account for more than 30% of the sub-fund’s net assets.

In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, for- ward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps. The sub-fund’s investments in contingent convert- ibles shall be limited to 10% of the sub-fund’s net asset value.

In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Arti- cle 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.

Specific risks

Investments in or related to China carry specific risks, We refer in that context to the specific risk factors outlined in the general section of the Sales Prospectus.

Liquidity Risk

The sub-fund will be investing parts of its assets in RMB-denominated interest-bearing debt secu- rities issued or distributed via the RMB offshore markets, such as Hong Kong and Singapore. The quantity of RMB-denominated interest-bearing debt securities issued or distributed via the RMB offshore markets is currently limited. The sub-fund may therefore under certain market conditions have to invest a significant portion of its assets

in RMB-denominated deposits. This may have an impact on the NAV of the sub-fund’s share classes.

Trading Costs

Due to potentially limited liquidity of RMB- denominated interest-bearing debt securities issued or distributed via the RMB offshore mar- ket the spread between bid and offer prices for these securities may be higher compared to those of other fixed income securities.

Credit Risk

Parts of the RMB-denominated interest-bearing debt securities the sub-fund invests in may not be rated. Unrated interest-bearing debt securities are generally more susceptible to the credit risk of their issuers. Defaults of RMB-denominated interest-bearing debt securities will have an impact on the NAV of the sub-fund’s share classes. Fur- thermore the sub-fund may encounter difficulties or delays if having to enforce its rights against the Chinese issuers of interest-bearing debt securi- ties. This is due to the fact that such issuers may be incorporated outside the jurisdiction in which the sub-fund has been authorized or registered and subject to foreign laws.

Exchange Rate Risk

Investors will be exposed to the exchange rate risk of the Renminbi against the respective sub-fund currency, e.g. the U.S Dollar. If the currency of the share class (e.g. EUR) differs from the currency of the sub-fund (USD), this might lead to an additional currency risk. There is no guarantee that the Ren- minbi will not depreciate against the U.S. Dollar. The Renminbi is not a freely convertible currency and is subject to exchange control policies and repatriation restrictions put in place by the Chi- nese government. Since the sub-fund will not be investing via the RMB onshore market, it will not be directly affected by exchange control regula- tions or possible changes thereto. Nonetheless the RMB offshore market may be affected indi- rectly by these regulations which then would also have impact on the sub-fund’s assets.

The exchange rate used for Share Classes denom- inated in RMB is the offshore Chinese Renminbi. The value of the offshore Chinese Renminbi may deviate significantly from that of the onshore Chi- nese Renminbi due to various reasons, such as foreign exchange control policies and repatriation restrictions pursued by the Chinese government and other external market forces.

China Market Risk

Investment in China is subject to legal, regulatory, monetary and economic risks. China is dominated by the one-party rule of the Communist Party. Investments in China involve greater control over the economy, political and legal uncertainties and currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support the economic reform programs imple- mented in 1978 and possibly return to the com- pletely centrally planned economy that existed prior to 1978, and the risk of confiscatory taxation, and nationalization or expropriation of assets. The Chinese government exercises significant con- trol over China’s economic growth through the allo- cation of resources, controlling payment of foreign currency denominated obligations, setting mon- etary policy and providing preferential treatment

to particular industries or companies. The willing- ness and ability of the Chinese government to support the Chinese and Hong Kong economies is uncertain. The growing interconnectivity of global economies and financial markets has increased the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. In particular, the adop- tion or continuation of protectionist trade policies by one or more countries could lead to a decrease in demand for Chinese products and reduced flows of private capital to these economies. Govern- ment supervision and regulation of Chinese stock exchanges, currency markets, trading systems and brokers may be less than in developed countries. Companies in China may not be subject to the same disclosure, accounting, auditing and finan- cial reporting standards and practices as in devel- oped countries. Thus, there may be less informa- tion publicly available about Chinese companies than about other companies. Political, social or economic disruptions in the region, includ- ing conflicts and currency devaluations, even in countries in which the Fund is not invested, may adversely affect security values in other countries in the region and thus the Fund’s holdings.

German Taxation

Taxation bases to be calculated in accordance with Article 5 (1) of the German Investment Tax Act (Investmentsteuergesetz) are not determined for the PFCH, PFDQH 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 there- fore 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 suitable for inves- tors who are without limitation subject 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 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).