Tipos y características de las estrategias

Investor profile Risk-tolerant Currency of sub-fund USD

Sub-fund manager Deutsche Asset Management Investment GmbH and Deutsche Asset Management (UK) Limited.

The Management Company entered into an investment management agreement with Deutsche Asset Man- agement Investment GmbH, Frankfurt/Main. Under its supervision, control and responsibility, and at its own expense, Deutsche Asset Management Investment GmbH, Frankfurt/Main, entered into an investment manage- ment agreement with Deutsche Asset Management (UK) Limited, London. The collective portfolio management of the sub-fund is performed by both companies by means of close cooperation as well as common processes and IT-systems.

Performance benchmark JPM CEMBI in USD

Reference portfolio (risk benchmark) JPM CEMBI in USD

Leverage effect 5 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 (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)*

USD LD USD up to 3%*** up to 1.1% 0% 0.05% November 20, 2006 USD LDM USD up to 3%*** up to 1.1% 0% 0.05% October 2, 2013 USD LC USD up to 3%*** up to 1.1% 0% 0.05% November 20, 2006

USD FC USD 0% up to 0.6% 0% 0.05% November 20, 2006

USD ID USD 0% up to 0.4% 0% 0.01% March 31, 2015

NCH EUR up to 1.5%** up to 1.4% 0.1% 0.05% November 16, 2010 LCH EUR up to 3%*** up to 1.1% 0% 0.05% November 16, 2010 LDH EUR up to 3%*** up to 1.1% 0% 0.05% November 16, 2010

FCH EUR 0% up to 0.6% 0% 0.05% November 16, 2010

NDH EUR up to 1.5%** up to 1.4% 0.1% 0.05% November 16, 2010 LC (BRIC) EUR up to 3%*** up to 1.1% 0% 0.05% August 16, 2011

PFCH EUR 0% up to 0.8% 0% 0.05% May 26, 2014

PFDQH EUR 0% up to 0.8% 0% 0.05% May 26, 2014

ND EUR up to 1.5%** up to 1.4% 0.1% 0.05% November 3, 2014 SGD LDMH SGD up to 3%*** up to 1.1% 0% 0.05% October 2, 2013

CHF FCH CHF 0% up to 0.6% 0% 0.05% January 15, 2015

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

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

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:

(payable from the sub-fund’s assets) Up to 3% for the benefit of the distributor. Please see the general section for further explanation.

For the sub-fund with the name Deutsche Invest I Emerging Markets Corporates, 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 Emerging Markets Corporates is to generate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities that are issued by companies based in an Emerging Market or those that conduct their principal busi- ness activity in such a country.

Emerging-market countries are defined as all those countries considered by the Interna- tional Monetary Fund, the World Bank or the International Finance Corporation (IFC) or one of the large global investment banks as non-

developed industrial countries at the time of the investment.

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 securities 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 Regula- tory Commission (CSRC).

In addition the Investment Manager needs to be granted a R-QFII investment quota by the State Administration of Foreign Exchange (SAFE).

Credit derivatives such as credit default swaps on single issuers and indices as well as tranches on CDS indices may be acquired for investment and hedging purposes to the extent permitted by law.

The sub-fund’s assets are mainly denominated in USD.

A maximum of 30% of the sub-fund’s assets may be invested in interest-bearing debt securities that do not meet the above mentioned criteria, cash and money market instruments.

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 as specified in Article 2 of the general section of the Sales Prospectus.

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 and PFDQH 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 suitable for investors who are without limitation subject to taxation in Germany.

Specific Risk

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.

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”).

Contrary to the provision of the general sec- tion of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund 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). The disclosed expected level of leverage is not intended to be an addi- tional 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).