Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-137902
Dated: April 3, 2009
[GRAPHIC OMITTED] Global Markets Equity Proprietary Indices Monthly Report - April 2009 slide00 |
GME Indices Review (as of 31st March 2009) - -------------------------------------------------------------------------------- TABLE OF CONTENTS - -------------------------------------------------------------------------------- Performance Summary Deutsche Bank CROCI Indices 2 Deutsche Bank Evergreen Indices 2 Deutsche Bank Alpha Indices 3 Deutsche Bank Multi-Asset Indices 4 Deutsche Bank Specialised Indices 4 Deutsche Bank Islamic Indices 5 Monthly Reviews - --------------- Deutsche Bank CROCI US+ Index 6 Deutsche Bank CROCI US Plus II Index 7 Deutsche Bank CROCI Euro+ Index 8 Deutsche Bank CROCI Euro II Index 9 Deutsche Bank CROCI Japan+ Index 10 Deutsche Bank CROCI Japan II Index 11 Deutsche Bank US Growth Total Return Index 12 Deutsche Bank US Value Total Return Index 13 Deutsche Bank Euro Growth Total Return Index 14 Deutsche Bank Euro Value Total Return Index 15 Deutsche Bank UK Growth Total Return Index 16 Deutsche Bank UK Value Total Return Index 17 Deutsche Bank Japan Growth Total Return Index 18 Deutsche Bank Japan Value Total Return Index 19 S&P X-Alpha Total Return USD Index 20 S&P X-Alpha Excess Return USD Index 21 Deutsche Bank X-Alpha Total Return USD Index 22 Deutsche Bank X-Alpha Excess Return USD Index 23 DBIQ ImpAct Dollar Equity Volatility (Bid) Index 24 Deutsche Bank Liquid Alpha USD 5 Total Return S1 Index 25 Deutsche Bank Liquid Alpha USD 5 Excess Return S1 Index 26 Deutsche Bank US ValueGrowth Select Index 27 Deutsche Bank ValueGrowth Select Total Return Index 28 Deutsche Bank Global Yield US Total Return Index 29 Deutsche Bank Global Yield Euro Total Return Index 30 Deutsche Bank Global Yield AP Total Return Index 31 Deutsche Bank E-REV Europe Total Return Index 32 Deutsche Bank E-REV Japan Total Return Index 33 Deutsche Bank SectorLeader Total Return Index 34 Deutsche Bank ChinaOpportunity USD Total Return Index 35 Deutsche Bank Islamic US EquityBuilder Total Return Index 36 Deutsche Bank Islamic Europe EquityBuilder Total Return Index 37 Deutsche Bank Islamic Asia Pacific EquityBuilder Total Return Index 38 Deutsche Bank Islamic Global Pacific EquityBuilder Total Return Index 39 slide01 |
GME Indices Performance Summary (as of 31st March 2009) - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE BANK CROCI INDICES - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank CROCI US+ Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: CROCI Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI US+ Index 9.4% -6.5% -27.1% -6.5% -35.7% -10.5% -0.4% 6.7% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% S&P 500/Citigroup Value Index (TR) 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% Excess Return vs S&P 500 Index (TR) 0.7% 4.6% 3.5% 4.6% 2.4% 2.6% 4.4% 9.7% Excess Return vs S&P 500/Citigroup Value Index (TR) -0.5% 9.6% 9.0% 9.6% 8.3% 5.5% 5.3% 8.6% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank CROCI US Plus II Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSCPII Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI US Plus II Index 9.2% -4.8% -21.8% -4.8% -28.9% -7.0% 1.9% 7.9% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% S&P 500/Citigroup Value Index (TR) 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% Excess Return vs S&P 500 Index (TR) 0.4% 6.2% 8.7% 6.2% 9.2% 6.1% 6.7% 10.9% Excess Return vs S&P 500/Citigroup Value Index (TR) -0.7% 11.3% 14.3% 11.3% 15.1% 9.0% 7.7% 9.8% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank CCROCI Euro+ Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: CRCEU Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Euro+ Index 4.8% -10.9% -25.0% -10.9% -37.4% -12.8% 0.9% 4.5% EuroSTOXX 50 Index (TR) 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% MSCI EMU Index (TR) 4.5% -13.0% -31.6% -13.0% -43.1% -16.9% -2.8% N/A Excess Return vs EuroSTOXX 50 Index (TR) 0.0% 4.2% 6.2% 4.2% 3.4% 3.5% 4.1% 7.7% Excess Return vs MSCI EMU Index (TR) 0.3% 2.1% 6.6% 2.1% 5.7% 4.1% 3.7% N/A - ------------------------------------------------------------------------- -------------------------------- ------- -------- DEUTSCHE Bank CROCI Euro II Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEECRII Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Euro II Index 4.6% -8.4% -23.1% -8.4% -34.1% -10.8% 2.4% 5.2% EuroSTOXX 50 Index (TR) 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% MSCI EMU Index (TR) 4.5% -13.0% -31.6% -13.0% -43.1% -16.9% -2.8% N/A Excess Return vs EuroSTOXX 50 Index (TR) -0.3% 6.8% 8.1% 6.8% 6.7% 5.5% 5.6% 8.4% Excess Return vs MSCI EMU Index (TR) 0.1% 4.6% 8.5% 4.6% 9.0% 6.2% 5.1% N/A - ------------------------------------------------------------------------- ------------------------------- ------- --------- DEUTSCHE Bank CROCI Japan+ Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: CRCJP Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years CROCI Japan+ Index 6.0% 2.2% -27.1% 2.2% -34.8% -19.1% -5.5% 0.3% TOPIX 100 Index (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Index (TR) 3.5% -8.8% -29.0% -8.8% -36.3% -21.9% -6.3% -4.2% Excess Return vs TOPIX 100 Index (TR) 3.8% 11.6% 4.8% 11.6% 3.0% 3.5% 2.3% 5.8% Excess Return vs MSCI Japan Index (TR) 2.5% 10.9% 2.0% 10.9% 1.5% 2.8% 0.8% 4.5% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank CROCI Japan II Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPCRII Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Japan II Index 7.2% 4.6% -24.9% 4.6% -32.3% -17.5% -4.4% 0.9% TOPIX 100 Index (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Index (TR) 3.5% -8.8% -29.0% -8.8% -36.3% -21.9% -6.3% -4.2% Excess Return vs TOPIX 100 Index (TR) 5.0% 14.0% 7.0% 14.0% 5.5% 5.1% 3.4% 6.4% Excess Return vs MSCI Japan Index (TR) 3.7% 13.3% 4.1% 13.3% 4.0% 4.4% 1.9% 5.1% - ------------------------------- DEUTSCHE BANK EVERGREEN INDICES - ------------------------------- DEUTSCHE Bank US Growth Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSUSG Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years US Growth Index 9.4% -3.0% -30.0% -3.0% -40.7% -15.9% -3.1% 0.5% S&P 500/Citigroup Growth Index (TR) 7.8% -6.2% -25.2% -6.2% -32.2% -10.3% -4.0% -4.4% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500/Citigroup Growth Index (TR) 1.6% 3.2% -4.9% 3.2% -8.5% -5.6% 0.9% 4.9% Excess Return vs S&P 500 Index (TR) 0.7% 8.0% 0.5% 8.0% -2.6% -2.9% 1.7% 3.5% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank US Value Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSUSV Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years US Value Index 11.5% -4.8% -23.5% -4.8% -35.5% -13.8% -1.2% 4.2% S&P 500/Citigroup Value Index (TR) 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500/Citigroup Value Index (TR) 1.6% 11.3% 12.6% 11.3% 8.5% 2.2% 4.6% 6.1% Excess Return vs S&P 500 Index (TR) 2.8% 6.2% 7.0% 6.2% 2.5% -0.7% 3.6% 7.2% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank Euro Growth Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEEUGR Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Euro Growth Index 5.4% -9.5% -23.8% -9.5% -36.1% -12.8% 0.7% 0.8% EuroSTOXX Large Cap Growth Index (TR) 4.7% -13.0% -28.7% -13.0% -40.5% -15.7% -4.7% -4.4% EuroSTOXX Large Euro Return Index (TR) 4.7% -14.3% -31.7% -14.3% -42.6% -16.9% -3.2% N/A Excess Return vs EuroSTOXX Large Cap Growth Index (TR) 0.7% 3.5% 4.9% 3.5% 4.5% 2.9% 5.5% 5.2% Excess Return vs EuroSTOXX Large Euro Return Index (TR) 0.7% 4.9% 8.0% 4.9% 6.6% 4.2% 3.9% N/A Return data shown above may be based on simulated and/or actual returns, refer to Index description pages for details. Past performance is no guarantee of future results. - ------------------------------------------------------------------------------------------------------------------------ Source: Bloomberg or Deutsche Bank AG/London 2 slide02 |
GME Indices Performance Summary (as of 31st March 2009) - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank Euro Value Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEEUVA Annualised ------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Euro Value Index 5.1% -19.7% -39.0% -19.7% -50.3% -21.0% -4.7% -0.1% EuroSTOXX Large Cap Value Index (TR) 5.7% -13.4% -33.5% -13.4% -47.9% -19.5% -3.8% -5.0% EuroSTOXX Large Euro Return Index (TR) 4.7% -14.3% -31.7% -14.3% -42.6% -16.9% -3.2% N/A Excess Return vs EuroSTOXX Large Cap Value Index (TR) -0.6% -6.3% -5.5% -6.3% -2.4% 1.5% -0.9% 4.9% Excess Return vs EuroSTOXX Large Euro Return Index (TR) 0.4% -5.4% -7.3% -5.4% -7.6% -4.0% -1.5% N/A - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank UK Growth Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEUKGT Annualised ----------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years UK Growth Index 5.8% 10.5% 4.7% 10.5% -12.2% -7.4% 6.7% 5.9% FTSE 100 Index (TR) 3.0% -10.3% -18.1% -10.3% -28.2% -9.7% 1.4% -1.5% MSCI UK Growth Index (TR) 3.0% -5.5% -16.2% -5.5% -26.8% -7.2% 2.1% -2.1% Excess Return vs FTSE 100 Index (TR) 2.9% 20.8% 22.8% 20.8% 15.9% 2.3% 5.3% 7.4% Excess Return vs MSCI UK Growth Index (TR) 2.9% 16.0% 20.9% 16.0% 14.6% -0.1% 4.6% 8.0% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank UK Growth Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEUKVT Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years UK Value Index 20.2% 15.7% 2.9% 15.7% -30.7% -16.0% -0.3% 5.4% FTSE 100 Index (TR) 3.0% -10.3% -18.1% -10.3% -28.2% -9.7% 1.4% -1.5% MSCI UK Value Index (TR) 3.3% -16.8% -22.4% -16.8% -32.2% -13.5% -0.6% -1.3% Excess Return vs FTSE 100 Index (TR) 17.2% 26.0% 21.0% 26.0% -2.6% -6.3% -1.7% 6.9% Excess Return vs MSCI UK Value Index (TR) 16.8% 32.5% 25.3% 32.5% 1.4% -2.5% 0.3% 6.7% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank Japan Growth Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPJGT Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Japan Growth Index -0.2% -8.7% -30.9% -8.7% -41.7% -25.3% -7.6% -3.5% TOPIX 100 Index (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Growth Index (TR) 3.0% -12.9% -35.0% -12.9% -42.6% -26.6% -9.9% -8.0% Excess Return vs TOPIX 100 Index (TR) -2.5% 0.8% 1.0% 0.8% -3.9% -2.6% 0.2% 1.9% Excess Return vs MSCI Japan Growth Index (TR) -3.2% 4.2% 4.0% 4.2% 0.9% 1.3% 2.4% 4.4% - ------------------------------------------------------------------------------------------------------------------------ DEUTSCHE Bank Japan Value Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPJVT Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Japan Value Index 6.4% -3.4% -29.8% -3.4% -39.9% -19.7% -4.2% 3.2% TOPIX 100 Index (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Value Index (TR) 3.1% -5.3% -23.7% -5.3% -30.0% -17.8% -2.9% -0.8% Excess Return vs TOPIX 100 Index (TR) 4.1% 6.0% 2.1% 6.0% -2.1% 3.0% 3.6% 8.7% Excess Return vs MSCI Japan Value Index (TR) 3.2% 1.9% -6.0% 1.9% -9.9% -1.9% -1.3% 4.0% - --------------------------- DEUTSCHE BANK ALPHA INDICES - --------------------------- - ------------------------------------------------------------------------------------------------------------------------ S&P X-Alpha Return USD Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: SPXADT Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years S&P X-Alpha TR Index 1.2% 5.2% 4.9% 5.2% -0.2% 1.4% 7.7% 9.3% MSCI World Index (TR) 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index (TR) -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index (TR) -6.3% 17.1% 36.0% 17.1% 42.4% 15.1% 11.2% 11.5% Excess Return vs HFRX USD Equity Market Neutral Index (TR) 2.8% 7.7% 8.6% 7.7% 3.5% 0.3% 7.0% N/A - ------------------------------------------------------------------------------------------------------------------------ S&P X-Alpha Excess Return USD Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: SPXADE Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years S&P X-Alpha ER Index 1.2% 5.1% 4.7% 5.1% -1.3% -2.2% 4.3% 5.7% MSCI World Index (TR) 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index (TR) -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index (TR) -6.3% 17.1% 35.8% 17.1% 41.2% 11.5% 7.8% 8.0% Excess Return vs HFRX USD Equity Market Neutral Index (TR) 2.8% 7.6% 8.4% 7.6% 2.3% -3.8% 3.6% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank X-Alpha Total Return USD Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBGLXAT Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years X-Alpha TR Index 1.4% 4.6% 3.8% 4.6% -1.0% 1.0% 7.6% 9.5% MSCI World Index (TR) 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index (TR) -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index (TR) -6.2% 16.6% 34.9% 16.6% 41.6% 14.7% 11.1% 11.7% Excess Return vs HFRX USD Equity Market Neutral Index (TR) 2.9% 7.1% 7.5% 7.1% 2.7% -0.1% 6.9% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank X-Alpha Excess Return USD Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBGLXAE Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years X-Alpha ER Index 1.3% 4.6% 3.6% 4.6% -2.1% -2.6% 4.2% 6.0% MSCI World Index (TR) 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index (TR) -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index (TR) -6.2% 16.5% 34.7% 16.5% 40.5% 11.1% 7.7% 8.2% Excess Return vs HFRX USD Equity Market Neutral Index (TR) 2.9% 7.1% 7.3% 7.1% 1.5% -3.7% 3.5% N/A Return data shown above may be based on simulated and/or actual returns, refer to Index description pages for details. Past performance is no guarantee of future results. - ------------------------------------------------------------------------------------------------------------------------ Source: Bloomberg or Deutsche Bank AG/London 3 slide03 |
GME Indices Performance Summary (as of 31st March 2009) - ------------------------------------------------------------------------------------------------------------------------ DBIQ ImpAct Doller Equity Volatility (Bid) Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBVEUSDB Annualised ------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years ImpAct Dollar Equity Volatility Index -0.4% 0.5% -12.1% 0.5% -24.9% -8.7% -0.2% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% iBoxx USD Treasury Index (TR) 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% Excess Return vs S&P 500 Index (TR) -9.2% 11.5% 18.5% 11.5% 13.1% 4.4% 4.6% Excess Return vs iBoxx USD Treasury Index (TR) -2.6% 2.7% -19.4% 2.7% -32.5% -17.2% -5.6% - ---------------------------------- DEUTSCHE BANK MULTI-ASSET INDICES - ---------------------------------- - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Liquid Alpha USD 5 Total Return $1 Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBLAUT5J Annualised ------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years Liquid Alpha USD 5 TR Index 0.7% 3.3% -1.9% 3.3% -4.6% 4.1% 8.0% MSCI World Index (TR) 7.6% -11.8% -30.9% -11.8% -42.2% -13.3% -3.0% iBoxx USD Treasury Index (TR) 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% Excess Return vs MSCI World Index (TR) -6.9% 15.1% 29.0% 15.1% 37.5% 17.3% 11.0% Excess Return vs iBoxx USD Treasury Index (TR) -1.5% 5.5% -9.3% 5.5% -12.2% -4.4% 2.5% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Liquid Alpha USD 5 Excess Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBLAUE5J Annualised ------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years Liquid Alpha USD 5 ER Index 0.7% 3.2% -2.1% 3.2% -5.8% 0.3% 4.5% MSCI World Index (TR) 7.6% -11.8% -30.9% -11.8% -42.2% -13.3% -3.0% iBoxx USD Treasury Index (TR) 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% Excess Return vs MSCI World Index (TR) -6.9% 15.0% 28.8% 15.0% 36.4% 13.6% 7.5% Excess Return vs iBoxx USD Treasury Index (TR) -1.5% 5.4% -9.5% 5.4% -13.4% -8.2% -0.9% - ---------------------------------- DEUTSCHE BANK SPECIALISED INDICES - ---------------------------------- - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank US ValueGrowth Select Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSUSVG Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years US ValueGrowth Select Index 7.7% -13.3% -31.2% -13.3% -42.0% -14.2% -8.7% -1.7% S&P 500 Index (TR) 8.5% -11.7% -31.6% -11.7% -39.7% -14.9% -6.7% -4.7% Excess Return vs S&P 500 Index (TR) -0.8% -1.6% 0.4% -1.6% -2.3% 0.7% -2.1% 2.9% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank ValueGrowth Select TR Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEVGS Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years ValueGrowth Select TR Index -0.1% -12.1% -34.0% -12.1% -47.2% -18.6% -4.8% 1.3% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500 Index (TR) -8.8% -1.1% -3.5% -1.1% -9.1% -5.5% -0.1% 4.3% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Global Yield US Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSGYTR Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield US TR Index 10.3% -20.9% -35.6% -20.9% -37.9% -16.0% -6.2% 0.1% S&P 500 Index (TR) 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% DJ High Yield Select 10 (TR) 13.6% -21.3% -40.3% -21.3% -48.6% -15.4% -8.0% N/A Excess Return vs S&P 500 Index (TR) 1.6% -9.9% -5.0% -9.9% 0.2% -2.9% -1.5% 3.1% Excess Return vs DJ High Yield Select 10 (TR) -3.2% 0.4% 4.7% 0.4% 10.7% -0.6% 1.8% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Global Yield Euro Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEGYTR Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield Euro TR Index 13.4% -22.2% -44.2% -22.2% -53.3% -23.0% -5.2% 0.6% EuroSTOXX 50 Index (TR) 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% Excess Return vs EuroSTOXX 50 Index (TR) 8.5% -7.1% -12.9% -7.1% -12.5% -6.7% -2.0% 3.8% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Global Yield AP Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPGYTR Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield AP TR Index 4.7% -10.4% -25.9% -10.4% -31.4% -3.5% 3.5% 6.4% MSCI Asia Pacific Index (TR) 8.2% -8.9% -23.5% -8.9% -40.4% -13.0% -1.7% N/A Excess Return vs MSCI Asia Pacific Index (TR) -3.5% -1.5% -2.3% -1.5% 9.0% 9.5% 5.2% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank E-REV Europe Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEERET Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years E-REV Europe TR Index 0.5% -12.6% -28.5% -12.6% -39.9% -17.3% -3.3% 0.1% EuroSTOXX 50 Index (TR) 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% Excess Return vs EuroSTOXX 50 Index (TR) -4.4% 2.5% 2.7% 2.5% 1.0% -1.0% -0.1% 3.3% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank E-REV Japan Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPERJT Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years E-REV Japan TR Index -2.6% -19.6% -40.8% -19.6% -49.5% -26.0% -9.5% -6.8% TOPIX 100 Index (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% Excess Return vs TOPIX 100 Index (TR) -4.8% -10.2% -8.9% -10.2% -11.7% -3.3% -1.8% -1.3% Return data shown above may be based on simulated and/or actual returns, refer to Index description pages for details. Past performance is no guarantee of future results. - ------------------------------------------------------------------------------------------------------------------------ Source: Bloomberg or Deutsche Bank AG/London 4 slide04 |
GME Indices Performance Summary (as of 31st March 2009) - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank SectorLeader Total Return Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEESLE Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years SectorLeader TR Index 2.6% -10.8% -32.6% -10.8% -48.7% -18.3% -3.5% -3.4% DJ STOXX 600 Index (TR) 2.3% -10.4% -30.2% -10.4% -40.3% -16.9% -3.1% -2.8% Excess Return vs DJ STOXX 600 Index (TR) 0.3% -0.4% -2.3% -0.4% -8.4% -1.5% -0.3% -0.6% - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank ChinaOpportunity Total Return USD Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPCOU Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years ChinaOpportunity TR USD Index 19.7% 19.9% 4.1% 19.9% -31.1% 8.1% 4.4% 24.0% HANG SENG China Ent Index (TR) (USD) 17.0% 2.3% -10.9% 2.3% -32.9% 6.4% 11.2% 18.1% Excess Return vs HANG SENG China Ent Index (TR) (USD) 2.7% 17.7% 15.0% 17.7% 1.8% 1.7% -6.8% 5.9% ---------------------------- DEUTSCHE BANK ISLAMIC INDICES - ----------------------------- - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Islamic US EquityBuilder Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBUSIU Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic US EquityBuilder Index 8.6% -4.0% -23.3% -4.0% -35.1% -10.7% -3.0% 3.2% DJ Islamic Market US Index (TR) 7.6% -7.0% -25.1% -7.0% -32.0% -9.2% -2.5% -3.2% DJ Islamic Mkt US LCAP Index (TR) 7.3% -7.5% -23.6% -7.5% -30.9% -8.2% -2.7% N/A Excess Return vs DJ Islamic Market US Index (TR) 1.0% 3.0% 1.7% 3.0% -3.1% -1.5% -0.4% 6.4% Excess Return vs DJ Islamic Mkt US LCAP Index (TR) 1.3% 3.5% 0.3% 3.5% -4.2% -2.5% -0.3% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Islamic Europe EquityBuilder Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBEEIE Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Europe EquityBuilder Index -0.5% -8.1% -27.5% -8.1% -44.1% -17.2% -1.9% 3.7% DJ Islamic Europe Index (TR) 6.5% -11.7% -28.1% -11.7% -44.9% -12.1% -1.9% N/A DJ Islamic Mkt EUR LCAP Index (TR) 2.2% -8.4% -23.6% -8.4% -32.4% -14.2% -3.4% N/A Excess Return vs DJ Islamic Europe Index (TR) -7.0% 3.6% 0.5% 3.6% 0.8% -5.1% 0.0% N/A Excess Return vs DJ Islamic Mkt EUR LCAP Index (TR) -2.7% 0.3% -4.0% 0.3% -11.7% -3.0% 1.5% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Islamic Asia Pacific EquityBuilder Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBAPIAEP Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Asia Pacific EquityBuilder Index 2.5% -18.2% -37.5% -18.2% -51.2% -15.6% -1.1% 7.4% DJ Islamic Mkt ASIA/PAC Index (TR) 9.4% -4.5% -21.5% -4.5% -41.6% -13.9% -4.2% 0.5% DJ Islamic Mkt ASIA/PAC LCAP Index (TR) 9.0% -4.7% -22.0% -4.7% -40.7% -12.9% -3.8% N/A Excess Return vs DJ Islamic Mkt ASIA/PAC Index (TR) -6.9% -13.7% -15.9% -13.7% -9.7% -1.8% 3.1% 6.9% Excess Return vs DJ Islamic Mkt ASIA/PAC LCAP Index (TR) -6.5% -13.6% -15.5% -13.6% -10.5% -2.7% 2.7% N/A - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Islamic Global EquityBuilder Index - ------------------------------------------------------------------------------------------------------------------------ Bloomberg: DBGLIGEP Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Global EquityBuilder Index 6.0% -9.2% -28.4% -9.2% -44.0% -12.5% -1.5% 5.1% DJ Islamic Mkt World LCAP Index (TR) 7.4% -7.9% -24.0% -7.9% -36.8% -9.7% -2.2% N/A DJ Islamic Market Index (TR) 7.7% -7.2% -25.8% -7.2% -38.1% -10.7% -2.4% -2.3% Excess Return vs DJ Islamic Mkt World LCAP Index (TR) -1.4% -1.4% -4.3% -1.4% -7.3% -2.8% 0.7% N/A Excess Return vs DJ Islamic Market Index (TR) -1.7% -2.0% -2.5% -2.0% -5.9% -1.8% 0.9% 7.5% Return data shown above may be based on simulated and/or actual returns, refer to Index description pages for details. Past performance is no guarantee of future results. - ------------------------------------------------------------------------------------------------------------------------ Source: Bloomberg or Deutsche Bank AG/London 5 slide05 |
Deutsche Bank CROCI US+ Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI US+ Index is a basket of 40 equally weighted US stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Monthly Performance - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------ Jan 1.0% -4.8% 2.3% -1.3% -2.0% 0.8% -2.1% 3.3% 2.5% -5.8% -4.8% Feb -2.6% -7.8% 0.5% 0.6% -1.4% 3.8% 6.5% -0.3% -0.8% 0.3% -10.2% Mar 3.1% 11.2% -2.0% 5.5% 0.4% 0.4% -1.2% 1.7% 1.4% -2.7% 9.4% Apr 16.1% 6.6% 6.8% -0.9% 6.0% -0.2% -2.2% 0.7% 5.5% 3.9% May 2.9% 4.4% 1.7% -0.3% 9.0% -0.6% 3.4% -3.1% 5.4% 4.0% Jun 2.2% -5.4% -2.5% -6.9% 3.2% 3.3% 2.6% 1.0% -1.8% -7.1% Jul -2.9% -0.2% 0.0% -6.3% 0.4% -2.0% 5.7% 1.1% -3.0% -3.6% Aug -2.6% 7.6% -0.9% -1.2% 3.4% -0.4% -1.2% 0.4% -0.1% 1.9% Sep -5.1% 0.3% -9.0% -10.2% -1.6% 4.3% -0.5% 2.1% 2.1% -10.6% Oct 0.8% 7.4% 3.1% 7.4% 5.4% 2.5% -3.0% 4.5% 3.6% -18.5% Nov -0.8% -0.9% 7.4% 6.5% 3.0% 5.6% 3.0% 3.7% -3.4% -7.8% Dec 0.3% 7.3% 3.6% -4.1% 6.9% 3.3% 0.8% -1.2% -0.6% 3.7% - ------------------------------------------------------------------------------------------ Year 11.6% 26.5% 10.6% -12.0% 37.2% 22.5% 12.0% 14.5% 10.8% -36.8% -6.5% - ------------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised ------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI US+ Index 9.4% -6.5% -27.1% -6.5% -35.7% -10.5% -0.4% 6.7% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% S&P 500/Citigroup Value Index (TR) 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% Excess Return vs S&P 500 (TR) Index 0.7% 4.6% 3.5% 4.6% 2.4% 2.6% 4.4% 9.7% Excess Return vs S&P 500/ Citigroup Value Index (TR) -0.5% 9.6% 9.0% 9.6% 8.3% 5.5% 5.3% 8.6% - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 93.9% -22.6% -15.3% Compounded annual growth 6.7% -2.5% -1.6% Volatility 21.6% 21.6% 22.3% Sharpe ratio (3.42%) 0.15 -0.27 -0.23 Maximum drawdown -48.1% -50.9% -56.8% Start of max drawdown period Nov-2007 Nov-2007 Aug-2007 End of max drawdown period Mar-2009 Mar-2009 Dec-1899 Average monthly growth 0.7% -0.1% 0.0% Best monthly return 16.1% 9.8% 10.4% Worst monthly return -18.5% -16.8% -17.1% % of months with gains 56.9% 56.1% 56.9% 12 Month Correlation versus: S&P 500 (TR) Index 0.97 1.00 0.99 S&P 500/Citigroup Value Index (TR) 0.93 0.99 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker CROCI Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPTR Index S&P 500/Citigroup Value Benchmark 2 Index (TR) Bloomberg ticker of Benchmark 2 SPTRSVX Index Index sponsor Deutsche Bank Number of stocks 40 Stocks weighting Equal Rebalancing frequency Monthly Index Currency USD The Deutsche Bank CROCI US+ Index was launched on February 02, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 6 slide06 |
Deutsche Bank CROCI US Plus II Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI US Plus II Index is a basket of 40 equally weighted US stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. The CROCI US Plus II Index rebalances on a different day than the CROCI US+ Index. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Monthly Performance - -------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 ------------------------------------------------------------------------------------- Jan 1.0% -4.8% 2.3% -1.3% -2.0% 0.8% -2.1% 3.3% 2.5% -6.4% -4.1% Feb -2.6% -7.8% 0.5% 0.6% -1.4% 3.8% 6.5% -0.3% -0.8% 0.3% -9.1% Mar 3.1% 11.2% -2.0% 5.5% 0.4% 0.4% -1.2% 1.7% 1.6% -2.1% 9.2% Apr 16.1% 6.6% 6.8% -0.9% 6.0% -0.2% -2.2% 0.7% 5.5% 4.5% May 2.9% 4.4% 1.7% -0.3% 9.0% -0.6% 3.4% -3.1% 5.2% 3.4% Jun 2.2% -5.4% -2.5% -6.9% 3.2% 3.3% 2.6% 1.0% -1.7% -7.1% Jul -2.9% -0.2% 0.0% -6.3% 0.4% -2.0% 5.7% 1.1% -2.9% -3.5% Aug -2.6% 7.6% -0.9% -1.2% 3.4% -0.4% -1.2% 0.4% 0.5% 4.3% Sep -5.1% 0.3% -9.0% -10.2% -1.6% 4.3% -0.5% 2.1% 2.4% -10.0% Oct 0.8% 7.4% 3.1% 7.4% 5.4% 2.5% -3.0% 4.5% 3.3% -16.7% Nov -0.8% -0.9% 7.4% 6.5% 3.0% 5.6% 3.0% 3.7% -3.1% -5.2% Dec 0.3% 7.3% 3.6% -4.1% 6.9% 3.3% 0.8% -1.2% -0.3% 4.0% ------------------------------------------------------------------------------------- Year 11.6% 26.5% 10.6% -12.0% 37.2% 22.5% 12.0% 14.5% 12.6% -31.4% -4.8% ------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised ----------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI US Plus II Index 9.2% -4.8% -21.8% -4.8% -28.9% -7.0% 1.9% 7.9% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% S&P 500/Citigroup Value Index (TR) 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% Excess Return vs S&P 500 (TR) Index 0.4% 6.2% 8.7% 6.2% 9.2% 6.1% 6.7% 10.9% Excess Return vs S&P 500/Citigroup Value Index (TR) -0.7% 11.3% 14.3% 11.3% 15.1% 9.0% 7.7% 9.8% - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 117.7% -22.6% -15.3% Compounded annual growth 7.9% -2.5% -1.6% Volatility 21.5% 21.6% 22.3% Sharpe ratio (3.42%) 0.21 -0.27 -0.23 Maximum drawdown -42.2% -50.9% -56.8% Start of max drawdown period Nov-2007 Nov-2007 Nov-2005 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.7% -0.1% 0.0% Best monthly return 16.1% 9.8% 10.4% Worst monthly return -16.7% -16.8% -17.1% % of months with gains 57.7% 56.1% 56.9% 12 Month Correlation versus: S&P 500 (TR) Index 0.97 1.00 0.99 S&P 500/Citigroup Value Index (TR) 0.93 0.99 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker DBUSCPII Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPTR Index S&P 500/Citigroup Value Benchmark 2 Index (TR) Bloomberg ticker of Benchmark 2 SPTRSVX Index Index sponsor Deutsche Bank Number of stocks 40 Stocks weighting Equal Rebalancing frequency Monthly Index Currency USD The Deutsche Bank CROCI US Plus II Index was launched on February 20, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 7 slide07 |
Deutsche Bank CROCI Euro+ Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI Euro+ Index is a basket of 30 equally weighted Euroland stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Monthly Performance - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------ Jan 5.9% -10.8% 1.6% 0.4% -4.8% 3.8% 4.1% 5.4% 1.7% -12.8% -6.1% Feb 0.9% 1.9% 0.1% 2.4% -7.9% 1.8% 4.0% 1.9% -1.0% -0.7% -9.5% Mar -0.2% 6.7% -3.0% 5.1% -5.8% -1.9% -0.4% 4.2% 4.4% -2.5% 4.8% Apr 9.5% 1.1% 7.1% -1.7% 15.6% 3.5% -4.1% 1.6% 5.1% 7.0% May -2.5% 0.4% 1.7% -0.3% 5.0% 0.5% 6.0% -4.7% 5.9% 3.6% Jun 3.9% -0.5% -1.5% -6.8% 3.9% 2.4% 3.0% -0.6% 0.7% -12.6% Jul -1.2% 5.2% -1.5% -10.3% 3.9% -0.8% 4.4% 3.0% -3.6% -2.4% Aug 4.2% 1.9% -4.9% 2.2% 4.7% -0.1% -1.6% -0.4% 0.3% 2.4% Sep -4.3% -2.2% -12.6% -16.7% -5.8% 2.0% 2.6% 1.4% 2.0% -13.7% Oct 1.9% 7.7% 5.7% 10.3% 5.5% 0.6% -3.7% 1.9% 2.6% -14.4% Nov 4.6% -0.7% 7.7% 7.8% 3.5% 2.8% 4.3% 1.3% -2.6% -6.6% Dec 11.4% 1.7% 2.7% -10.1% 3.5% 1.8% 4.5% 4.4% -0.1% 5.3% - ------------------------------------------------------------------------------------ Year 38.2% 11.5% 1.2% -19.3% 20.7% 17.5% 24.8% 20.7% 16.0% -40.7% -10.9% - ------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised ----------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Euro+ Index 4.8% -10.9% -25.0% -10.9% -37.4% -12.8% 0.9% 4.5% EuroSTOXX 50 (TR) Index 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% MSCI Daily TR Net EMU Index (EUR) 4.5% -13.0% -31.6% -13.0% -43.1% -16.9% -2.8% N/A Excess Return vs EuroSTOXX 50 (TR) Index 0.0% 4.2% 6.2% 4.2% 3.4% 3.5% 4.1% 7.7% Excess Return vs MSCI Daily TR Net EMU Index (EUR) 0.3% 2.1% 6.6% 2.1% 5.7% 4.1% 3.7% N/A - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 65.0% -23.1% -49.1% Compounded annual growth 5.0% -2.5% -7.5% Volatility 21.2% 24.8% 23.4% Sharpe ratio (3.16%) 0.09 -0.23 -0.45 Maximum drawdown -51.0% -59.9% -56.3% Start of max drawdown period Nov-2007 May-2000 Dec-2004 End of max drawdown period Mar-2009 Mar-2009 Apr-2008 Average monthly growth 0.6% 0.0% -0.4% Best monthly return 15.6% 14.7% 13.5% Worst monthly return -16.7% -18.6% -17.5% % of months with gains 61.8% 55.3% 53.8% 12 Month Correlation versus: EuroSTOXX 50 (TR) Index 0.95 1.00 0.98 MSCI Daily TR Net EMU Index (EUR) 0.94 0.98 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker CRCEU Benchmark 1 EuroSTOXX 50 (TR) Index Bloomberg ticker of Benchmark 1 SX5T Index MSCI Daily TR Net EMU Index Benchmark 2 (EUR) Bloomberg ticker of Benchmark 2 NDDUEMU Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Monthly Index Currency EUR The Deutsche Bank CROCI Euro+ Index was launched on February 02, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 8 slide08 |
Deutsche Bank CROCI Euro II Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI Euro II Index is a basket of 30 equally weighted Euroland stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. The CROCI Euro II Index rebalances on a different day than the CROCI Euro+ Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Monthly Performance - ------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------ Jan 5.9% -10.8% 1.6% 0.4% -4.8% 3.8% 4.1% 5.4% 1.7% -12.5% -5.0% Feb 0.9% 1.9% 0.1% 2.4% -7.9% 1.8% 4.0% 1.9% -1.0% -0.3% -7.7% Mar -0.2% 6.7% -3.0% 5.1% -5.8% -1.9% -0.4% 4.2% 4.2% -2.6% 4.6% Apr 9.5% 1.1% 7.1% -1.7% 15.6% 3.5% -4.1% 1.6% 5.6% 8.2% May -2.5% 0.4% 1.7% -0.3% 5.0% 0.5% 6.0% -4.6% 6.1% 3.8% Jun 3.9% -0.5% -1.5% -6.8% 3.9% 2.4% 3.0% -0.7% 0.7% -12.1% Jul -1.2% 5.2% -1.5% -10.3% 3.9% -0.8% 4.4% 0.4% -3.2% -1.3% Aug 4.2% 1.9% -4.9% 2.2% 4.7% -0.1% -1.6% 2.1% 0.0% 2.5% Sep -4.3% -2.2% -12.6% -16.7% -5.8% 2.0% 2.6% 1.4% 2.0% -14.3% Oct 1.9% 7.7% 5.7% 10.3% 5.5% 0.6% -3.7% 1.9% 2.5% -15.2% Nov 4.6% -0.7% 7.7% 7.8% 3.5% 2.8% 4.3% 1.3% -2.3% -6.0% Dec 11.4% 1.7% 2.7% -10.1% 3.5% 1.8% 4.5% 4.4% 0.4% 5.2% - ------------------------------------------------------------------------------------- Year 38.2% 11.5% 1.2% -19.3% 20.7% 17.5% 24.8% 20.7% 17.6% -38.9% -8.4% - ------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised --------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Euro II Index 4.6% -8.4% -23.1% -8.4% -34.1% -10.8% 2.4% 5.2% EuroSTOXX 50 (TR) Index 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% MSCI Daily TR Net EMU Index (EUR) 4.5% -13.0% -31.6% -13.0% -43.1% -16.9% -2.8% N/A Excess Return vs EuroSTOXX 50 (TR) Index -0.3% 6.8% 8.1% 6.8% 6.7% 5.5% 5.6% 8.4% Excess Return vs MSCI Daily TR Net EMU Index (EUR) 0.1% 4.6% 8.5% 4.6% 9.0% 6.2% 5.1% N/A - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 77.0% -23.1% -49.1% Compounded annual growth 5.7% -2.5% -7.5% Volatility 21.1% 24.8% 23.4% Sharpe ratio (3.16%) 0.12 -0.23 -0.45 Maximum drawdown -47.5% -59.9% -56.3% Start of max drawdown period Nov-2007 May-2000 Dec-2004 End of max drawdown period Mar-2009 Mar-2009 Apr-2008 Average monthly growth 0.6% 0.0% -0.4% Best monthly return 15.6% 14.7% 13.5% Worst monthly return -16.7% -18.6% -17.5% % of months with gains 63.4% 55.3% 53.8% 12 Month Correlation versus: EuroSTOXX 50 (TR) Index 0.95 1.00 0.98 MSCI Daily TR Net EMU Index (EUR) 0.94 0.98 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker DBEECRII Benchmark 1 EuroSTOXX 50 (TR) Index Bloomberg ticker of Benchmark 1 SX5T Index Benchmark 2 MSCI Daily TR Net EMU Index (EUR) Bloomberg ticker of Benchmark 2 NDDUEMU Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Monthly Index Currency EUR The Deutsche Bank CROCI Euro II Index was launched on February 20, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 9 slide09 |
Deutsche Bank CROCI Japan+ Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI Japan+ Index is a basket of 30 equally weighted Japanese stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Monthly Performance - -------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------- Jan 2.8% 4.2% 2.8% -5.8% -3.7% 2.3% -1.8% 4.7% 1.5% -11.8% -4.2% Feb -0.6% -1.2% -6.7% 5.2% -1.9% 3.9% 3.3% -1.2% 1.1% -0.7% 0.5% Mar 10.1% 7.1% 5.9% 2.2% -2.3% 3.0% -0.9% 4.3% -0.8% -11.5% 6.0% Apr 4.1% 5.0% 5.1% 4.6% -2.2% 1.4% -2.8% 2.4% -0.5% 12.0% May 1.9% 0.7% -1.5% 1.9% 5.8% -2.8% 2.4% -6.0% 3.1% 5.4% Jun 8.8% 5.8% -0.6% -8.1% 5.6% 4.1% 1.6% -0.5% 3.0% -7.1% Jul 3.4% -6.0% -5.5% -7.1% 3.7% -2.1% 1.8% 0.3% -4.2% -3.6% Aug -1.9% -2.0% -11.6% -0.4% 4.3% -2.4% 3.6% 5.9% -2.4% 0.1% Sep 0.0% -1.8% -5.4% -2.8% -0.1% -1.5% 12.0% -0.2% 1.7% -15.5% Oct -1.4% -2.5% 7.8% -2.9% 0.6% -1.2% -1.5% 2.2% -1.7% -21.7% Nov 0.1% 0.9% 5.2% 6.0% -0.7% -0.3% 7.9% -0.3% -5.0% -10.0% Dec 5.3% -2.8% 3.4% -4.6% 4.0% 5.2% 3.3% 7.0% -1.0% 1.4% - ------------------------------------------------------------------------------------- Year 37.0% 6.8% -3.2% -12.3% 13.2% 9.6% 31.9% 19.5% -5.6% -50.5% 2.2% - ------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised --------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Japan+ Index 6.0% 2.2% -27.1% 2.2% -34.8% -19.1% -5.5% 0.3% TOPIX W/Dividend TOPIX 100 (TR) Index 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Daily TR Net Japan USD Index 3.5% -8.8% -29.0% -8.8% -36.3% -21.9% -6.3% -4.2% Excess Return vs TOPIX W/Dividend TOPIX 100 (TR) Index 3.8% 11.6% 4.8% 11.6% 3.0% 3.5% 2.3% 5.8% Excess Return vs MSCI Daily TR Net Japan USD Index 2.5% 10.9% 2.0% 10.9% 1.5% 2.8% 0.8% 4.5% Index Bench1 Bench2 Growth over period 16.1% -31.9% -23.6% Compounded annual growth 1.5% -3.7% -2.6% Volatility 23.9% 24.7% 23.4% Sharpe ratio (0.19%) 0.05 -0.16 -0.12 Maximum drawdown -58.4% -62.7% -57.2% Start of max drawdown period Jul-2007 Jan-2000 Sep-2007 End of max drawdown period Mar-2009 Mar-2009 Dec-1899 Average monthly growth 0.3% -0.2% -0.1% Best monthly return 12.0% 14.9% 13.6% Worst monthly return -21.7% -21.4% -21.2% % of months with gains 52.0% 52.0% 52.0% 12 Month Correlation versus: TOPIX W/Dividend TOPIX 100 (TR) Index 0.96 1.00 0.98 MSCI Daily TR Net Japan USD Index 0.95 0.98 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker CRCJP TOPIX W/Dividend TOPIX 100 Benchmark 1 (TR) Index Bloomberg ticker of Benchmark 1 TPXD100 Index MSCI Daily TR Net Japan USD Benchmark 2 Index Bloomberg ticker of Benchmark 2 NDDUJN Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Monthly Index Currency JPY The Deutsche Bank CROCI Japan+ Index was launched on February 02, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 10 slide10 |
Deutsche Bank CROCI Japan II Index - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The CROCI Japan II Index is a basket of 30 equally weighted Japanese stocks selected monthly for their attractive valuation, defined as the cheapest trailing Economic P/E. Economic P/E is calculated from the DB proprietary CROCI methodology. The CROCI Japan II Index rebalances on a different day than the CROCI Japan+ Index. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Monthly Performance - ------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------- Jan 2.8% 4.2% 2.8% -5.8% -3.7% 2.3% -1.8% 4.7% 1.5% -11.9% -3.1% Feb -0.6% -1.2% -6.7% 5.2% -1.9% 3.9% 3.3% -1.2% 0.7% -0.2% 0.6% Mar 10.1% 7.1% 5.9% 2.2% -2.3% 3.0% -0.9% 4.3% -0.7% -10.6% 7.2% Apr 4.1% 5.0% 5.1% 4.6% -2.2% 1.4% -2.8% 2.4% -0.5% 12.5% May 1.9% 0.7% -1.5% 1.9% 5.8% -2.8% 2.4% -6.0% 3.4% 6.2% Jun 8.8% 5.8% -0.6% -8.1% 5.6% 4.1% 1.6% -0.5% 3.1% -7.1% Jul 3.4% -6.0% -5.5% -7.1% 3.7% -2.1% 1.8% 0.3% -4.3% -3.4% Aug -1.9% -2.0% -11.6% -0.4% 4.3% -2.4% 3.6% 5.9% -3.0% -0.8% Sep 0.0% -1.8% -5.4% -2.8% -0.1% -1.5% 12.0% -0.2% 2.1% -15.2% Oct -1.4% -2.5% 7.8% -2.9% 0.6% -1.2% -1.5% 2.2% -1.7% -22.5% Nov 0.1% 0.9% 5.2% 6.0% -0.7% -0.3% 7.9% -0.3% -4.3% -8.7% Dec 5.3% -2.8% 3.4% -4.6% 4.0% 5.2% 3.3% 7.0% -0.7% 1.6% - ------------------------------------------------------------------------------------- Year 37.0% 6.8% -3.2% -12.3% 13.2% 9.6% 31.9% 19.5% -4.8% -49.1% 4.6% - ------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised ---------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years CROCI Japan II Index 7.2% 4.6% -24.9% 4.6% -32.3% -17.5% -4.4% 0.9% TOPIX W/Dividend TOPIX 100 (TR) Index 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Daily TR Net Japan USD Index 3.5% -8.8% -29.0% -8.8% -36.3% -21.9% -6.3% -4.2% Excess Return vs TOPIX W/Dividend TOPIX 100 (TR) Index 5.0% 14.0% 7.0% 14.0% 5.5% 5.1% 3.4% 6.4% Excess Return vs MSCI Daily TR Net Japan USD Index 3.7% 13.3% 4.1% 13.3% 4.0% 4.4% 1.9% 5.1% - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 23.1% -31.9% -23.6% Compounded annual growth 2.0% -3.7% -2.6% Volatility 23.9% 24.7% 23.4% Sharpe ratio (0.19%) 0.08 -0.16 -0.12 Maximum drawdown -56.4% -62.7% -57.2% Start of max drawdown period Jul-2007 Jan-2000 Dec-1899 End of max drawdown period Mar-2009 Mar-2009 Dec-1899 Average monthly growth 0.3% -0.2% -0.1% Best monthly return 12.5% 14.9% 13.6% Worst monthly return -22.5% -21.4% -21.2% % of months with gains 51.2% 52.0% 52.0% 12 Month Correlation versus: TOPIX W/Dividend TOPIX 100 (TR) Index 0.96 1.00 0.98 MSCI Daily TR Net Japan USD Index 0.95 0.98 1.00 The Deutsche Bank CROCI Japan II Index was launched on February 20, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 11 slide11 |
REUTERS: .DBEIUSG Deutsche Bank US Growth Total Return Index BLOOMBERG: DBUSUSG - -------------------------------------------------------------------------------- Index Description - -------------------------------------------------------------------------------- The US Growth Total Return Index intends to reflect the equal-weighted total return performance of thirty US growth stocks based on trailing 12 month earnings momentum and selected from the largest 251 stocks in the S&P 500 Index on a quarterly basis. - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Historical Performance Through March 2009 - -------------------------------------------------------------------------------- Annualised ---------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years US Growth Total Return Index 9.4% -3.0% -30.0% -3.0% -40.7% -15.9% -3.1% 0.5% S&P 500/Citigroup Growth TR Index 7.8% -6.2% -25.2% -6.2% -32.2% -10.3% -4.0% -4.4% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500/ Citigroup Growth TR Index 1.6% 3.2% -4.9% 3.2% -8.5% -5.6% 0.9% 4.9% Excess Return vs S&P 500 (TR) Index 0.7% 8.0% 0.5% 8.0% -2.6% -2.9% 1.7% 3.5% - -------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 Growth over period 13.1% -31.6% -22.6% Compounded annual growth 1.2% -3.6% -2.5% Volatility 24.7% 22.4% 21.6% Sharpe ratio (3.42%) -0.09 -0.32 -0.27 Maximum drawdown -54.8% -53.4% -50.9% Start of max drawdown period Nov-2007 Apr-2000 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.3% -0.2% -0.1% Best monthly return 11.5% 9.2% 9.8% Worst monthly return -20.3% -16.5% -16.8% % of months with gains 50.4% 52.0% 56.1% 12 Month Correlation versus: S&P 500/Citigroup Growth TR Index 0.97 1.00 0.99 S&P 500 (TR) Index 0.95 0.99 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker DBUSUSG Reuters code .DBEIUSG S&P 500/Citigroup Growth TR Benchmark 1 Index Bloomberg ticker of Benchmark 1 SPTRSGX Index Benchmark 2 S&P 500 (TR) Index Bloomberg ticker of Benchmark 2 SPTR Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank US Growth Total Return Index was launched on July 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. - -------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London slide12 |
Deutsche Bank US Value Total Return Index REUTERS: .DBEIUSV BLOOMBERG: DBUSUSV Index Description The US Value Total Return Index intends to reflect the equal-weighted total return performance of thirty stocks with the lowest 12 month trailing price-earnings ratio selected from the 251 largest market capitalisation stocks in the S&P 500 Index on a quarterly basis. 12 Months Volatility [GRAPHIC OMITTED] - ---------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------- Jan 0.4% -4.9% 6.3% -1.7% -2.7% 1.9% -0.9% 6.6% 0.2% -1.5% -5.3% Feb -1.1% -8.5% -2.5% 0.7% -3.8% 2.9% 7.4% -2.0% -0.8% -7.2% -9.8% Mar 5.2% 16.7% -1.7% 6.3% -1.5% -0.1% -1.5% 2.4% 2.9% -3.2% 11.5% Apr 6.8% 0.2% 3.9% 0.2% 8.1% -1.7% -1.5% 3.5% 4.9% 6.6% May 2.1% 7.8% 4.0% -2.4% 8.9% -1.1% 4.7% -2.9% 4.9% -0.4% Jun 0.3% -10.9 -2.1% -3.5% 1.0% 3.5% 4.3% 3.4% -0.9% -12.9% Jul -4.6% 5.8% -0.4% -7.5% -0.2% 0.0% 4.1% 1.8% -6.8% 0.4% Aug 0.0% 10.7% -4.5% 1.5% 2.8% 0.6% 0.3% -2.2% -1.7% -0.2% Sep -4.0% 5.8% -7.4% -15.0% 0.5% 3.6% 2.3% 0.6% 4.3% -9.0% Oct 10.4% 4.6% 0.4% 0.0% 5.8% 0.8% -2.9% 4.7% 1.5% -19.4% Nov -5.2% -2.1% 3.2% 4.4% 1.7% 5.1% 3.4% 3.5% -7.0% -6.2% Dec 1.6% 9.7% 3.6% -2.5% 5.6% 3.2% -1.0% 0.1% -1.0% 6.2% - ------------------------------------------------------------------------------- Year 11.2% 36.2% 2.0%-19.32 8.3% 20.0% 19.8% 21.0% -0.5% -40.1 -4.8% - ------------------------------------------------------------------------------ Historical Performance Through March 2009 Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years US Value Total Return Index 11.5% -4.8% -23.5% -4.8% -35.5% -13.8% -1.2% 4.2% S&P 500/Citigroup Value TR Index 9.9% -16.1% -36.1% -16.1% -44.0% -16.0% -5.7% -1.9% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500/Citigroup Value TR 1.6% 11.3% 12.6% 11.3% 8.5% 2.2% 4.6% 6.1% Excess Return vs S&P 500 (TR) Index 2.8% 6.2% 7.0% 6.2% 2.5% -0.7% 3.6% 7.2% Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 57.8% -15.3% -22.6% Compounded annual growth 4.5% -1.6% -2.5% Volatility 25.3% 22.3% 21.6% Sharpe ratio (3.42%) 0.04 - 0.23 - 0.27 Maximum drawdown -54.8% -56.8% -50.9% Start of max drawdown period Jun-2007 Jun-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.5% 0.0% -0.1% Best monthly return 16.7% 10.4% 9.8% Worst monthly return -19.4% -17.1% -16.8% % of months with gains 56.9% 56.9% 56.1% 12 Month Correlation versus: S&P 500/Citigroup Value TR Index 0.94 1.00 0.99 S&P 500 (TR) Index 0.96 0.99 1.00 Index Facts Bloomberg ticker DBUSUSV Reuters code .DBEIUSV S&P 500/Citigroup Value TR Benchmark 1 Index Bloomberg ticker of Benchmark 1 SPTRSVX Index Benchmark 2 S&P 500 (TR) Index Bloomberg ticker of Benchmark 2 SPTR Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank US Value Total Return Index was launched on July 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 13 |
Deutsche Bank Euro Growth Total Return Index REUTERS: .DBEIEUGR BLOOMBERG: DBEEEUGR Index Description The Euro Growth Total Return Index intends to reflect the equal-weighted total return performance of twenty growth stocks from the Eurozone based on high trailing 12 month earnings momentum and selected from the Dow Jones EURO STOXX Large Index on a quarterly basis. There is a country constraint so that no more than five shares from the same country will constitute the index. [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan 3.1%-4.8% 8.2%-1.3%-7.1% 3.6% 2.0% 3.9% 2.6%-10.0-7.3% Feb -1.1%10.1%-10.5-2.8%-2.5% 1.5% 2.6% 2.0%-1.3%-2.0%-7.3% Mar 2.0% 3.9%-2.6% 7.2%-5.7%-2.8%-0.1% 5.1% 4.4%-2.7% 5.4% Apr 3.8% 3.4%10.3% 1.1%16.1% 1.4%-4.5% 0.1% 4.5% 3.6% May -5.7% 1.1%-5.0%-1.4% 0.3% 0.3% 4.4% -5.2% 5.5% 0.5% Jun 4.9% 1.8%-6.0%-6.2% 3.3% 3.7% 3.1% 0.5%-1.5%-13.6% Jul -3.1% 1.2%-3.8%-10.0%2.6%-3.2% 4.3% 1.3%-2.6% 2.4% Aug 2.9% 2.9%-9.4% 2.6% 4.4%-0.4%-1.5% 2.2% 1.0%-0.4% Sep -2.4%-5.5%-18.0-12.9-6.5% 2.1% 4.5% 3.2% 3.2%-8.6% Oct 2.2% 2.4% 8.7% 6.5% 9.3% 4.1%-2.8% 4.4% 2.2%-6.8% Nov 10.7%-7.7% 9.2% 2.4% 0.8% 3.0% 4.6% 0.1%-5.2%-10.5% Dec 17.8%-2.4% 3.4%-6.8% 1.0% 3.1% 4.1% 4.6%-3.9% 0.9% - --------------------------------------------------------------- Year 38.4% 5.0%-18.7-21.514.5%17.5%22.1% 24.1% 8.5%-39.4-9.5% - --------------------------------------------------------------- Performance Analysis January 1998 - August 2008 Annualised --------------------------------------- 1 Month3 Months6 Months YTD 1 year 3 years 5 years 10 years Euro Growth Total Return Index 5.4% -9.5% -23.8% -9.5% -36.1% -12.8% 0.7% 0.8% DJES LC Growth Euro TR Index 4.7% -13.0% -28.7%-13.0% -40.5% -15.7% -4.7% -4.4% DJES Large Euro TR Index 4.7% -14.3% -31.7%-14.3% -42.6% -16.9% -3.2% N/A Excess Return vs DJES LC Growth Euro TR Index 0.7% 3.5% 4.9% 3.5% 4.5% 2.9% 5.5% 5.2% Excess Return vs DJES Large Euro TR Index 0.7% 4.9% 8.0% 4.9% 6.6% 4.2% 3.9% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 12.7% -33.7% -34.5% Compounded annual growth 1.2% -3.9% -4.4% Volatility 21.9% 24.1% 24.0% Sharpe ratio (3.16%) - 0.09 - 0.29 - 0.31 Maximum drawdown -52.5% -64.5% -57.4% Start of max drawdown period Nov-2007 Mar-2000 Apr-1999 End of max drawdown period Mar-2009 Mar-2009 Apr-2007 Average monthly growth 0.3% -0.2% -0.2% Best monthly return 17.8% 17.3% 14.6% Worst monthly return -18.0% -16.7% -18.4% % of months with gains 60.2% 50.4% 52.2% 12 Month Correlation versus: DJES LC Growth Euro TR Index 0.96 1.00 0.94 DJES Large Euro TR Index 0.87 0.94 1.00 Index Facts Bloomberg ticker DBEEEUGR Reuters code .DBEIEUGR Benchmark 1 DJES LC Growth Euro TR Index Bloomberg ticker of Benchmark 1 SLGT Index Benchmark 2 DJES Large Euro TR Index Bloomberg ticker of Benchmark 2 LCXT Index Index sponsor Deutsche Bank Number of stocks 20 Stocks eighting Equal Rebalancing frequency Quarterly Index Currency EUR The Deutsche Bank Euro Growth Total Return Index was launched on July 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 14 |
Deutsche Bank Euro Value Total Return Index REUTERS: .DBEIEUVA BLOOMBERG: DBEEEUVA Index Description The Euro Value Total Return Index intends to reflect the equal-weighted total return performance of twenty shares from the Eurozone based on high trailing 12 month dividend yield and selected from the Dow Jones EURO STOXX Large Index on a quarterly basis. There is a country constraint so that no more than five shares from the same country will constitute the Index. [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan 3.7%-12.0%5.1% 0.7%-5.7% 1.8% 2.3% 2.7% 2.1%-9.2%-11.4% Feb 2.4% 4.5%-4.5% 0.0%-10.8%2.3% 2.6% 4.4%-1.8%-3.9%-13.7% Mar 0.1% 7.1%-3.3% 6.9%-6.2%-2.5%-0.5% 3.7% 2.5%-3.0% 5.1% Apr 7.2% 1.6% 5.3%-1.1%21.1% 3.6%-3.9% -0.6% 5.9% 7.6% May -2.4% 1.1%-2.3%-2.9% 5.3%-0.6% 3.6% -4.5% 2.9%-2.5% Jun 3.2% 3.4%-3.4%-6.7% 7.5% 3.0% 3.9% 0.5%-2.3%-15.6% Jul -3.6% 3.5%-2.7%-15.0%5.8%-1.7% 3.9% 1.4%-3.2%-0.6% Aug 4.2% 2.7%-4.6% 3.5% 3.0%-0.5%-0.1% 4.1% 0.1% 3.7% Sep -4.2%-1.2%-11.9-21.2-4.5% 1.9% 4.6% 1.7% 1.0%-10.6% Oct 4.1% 6.7% 5.3%11.4% 4.2% 3.0%-2.6% 4.7% 2.2%-20.8% Nov 4.6%-2.8% 6.0%12.1% 2.0% 3.6% 3.8% -0.1%-2.4%-6.4% Dec 13.2%-0.3% 2.5%-10.0%4.7% 3.7% 3.1% 4.0%-1.4% 2.5% - --------------------------------------------------------------- Year 36.4%13.5%-9.6%-24.925.2%18.9%22.3% 23.8% 5.4%-47.6-19.7% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised --------------------------------------- 1 Month3 Months 6 Months YTD 1 year 3 years 5 years 10 years Euro Value Total Return Index 5.1% -19.7% -39.0% -19.7% -50.3% -21.0% -4.7% -0.1% DJES LC Value Euro TR Index 5.7% -13.4% -33.5% -13.4% -47.9% -19.5% -3.8% -5.0% DJES Large Euro TR Index 4.7% -14.3% -31.7% -14.3% -42.6% -16.9% -3.2% N/A Excess Return vs DJES LC Value Euro TR Index -0.6% -6.3% -5.5% -6.3% -2.4% -1.5% -0.9% 4.9% Excess Return vs DJES Large Euro TR Index 0.4% -5.4% -7.3% -5.4% -7.6% -4.0% -1.5% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 5.1% -37.8% -34.5% Compounded annual growth 0.5% -4.5% -4.4% Volatility 23.7% 24.1% 24.0% Sharpe ratio (3.16%) - 0.11 - 0.32 - 0.31 Maximum drawdown -62.3% -60.3% -57.4% Start of max drawdown period Jun-2007 Jun-2007 Apr-1999 End of max drawdown period Mar-2009 Mar-2009 Apr-2007 Average monthly growth 0.2% -0.2% -0.2% Best monthly return 21.1% 13.6% 14.6% Worst monthly return -21.2% -20.7% -18.4% % of months with gains 57.7% 54.5% 52.2% 12 Month Correlation versus: DJES LC Value Euro TR Index 0.95 1.00 0.98 DJES Large Euro TR Index 0.94 0.98 1.00 Index Facts Bloomberg ticker DBEEEUVA Reuters code .DBEIEUVA Benchmark 1 DJES LC Value Euro TR Index Bloomberg ticker of Benchmark 1 SLVE Index Benchmark 2 DJES Large Euro TR Index Bloomberg ticker of Benchmark 2 LCXT Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency EUR The Deutsche Bank Euro Value Total Return Index was launched on July 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 15 |
Deutsche Bank UK Growth Total Return Index REUTERS: .DBUKGT BLOOMBERG: DBEEUKGT Index Description The UK Growth Total Return Index intends to reflect the equal-weighted total return performance of twenty UK growth stocks based on trailing 12 month earnings momentum and selected from the FTSE 100 Index on a quarterly basis. [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan 5.5%-4.5% 3.7%-0.9%-9.7% 1.0% 1.7% 5.1%-3.1%-4.6% 3.2% Feb 4.2% 3.8%-1.9% 4.0% 2.3% 4.8% 4.4% 3.5% 0.4%-4.9% 1.2% Mar 1.7% 5.6%-6.5% 5.0%-2.4% 0.5%-2.7% 5.1% 6.2%-3.5% 5.8% Apr 4.6%-3.5% 7.7%-3.1%10.8% 0.0%-5.0% -0.3% 0.5% 3.1% May -4.8% 3.4%-0.7%-0.8% 6.2%-0.1% 5.5% -3.5% 4.1% 0.5% Jun 2.3% 3.1%-1.2%-6.9%-1.7% 3.3% 4.3% 1.8%-2.8%-6.1% Jul -1.9% 2.2%-2.6%-7.6% 3.7%-2.8% 5.3% 1.9%-4.4%-4.2% Aug -0.2% 5.3%-0.6% 0.0% 0.9% 0.2% 3.2% 1.6% 0.0% 7.3% Sep -3.3%-6.5%-10.3-8.1%-1.9% 5.6% 4.3% 1.1% 0.1%-16.2% Oct 0.5% 2.8% 5.3% 6.0% 8.0% 0.7%-4.4% 2.8% 3.2%-15.3% Nov 10.5%-3.6% 6.1%-2.3%-1.9% 5.5% 6.6% 0.4%-10.7%3.6% Dec 8.9% 3.3% 0.8%-4.1% 2.2% 3.4% 4.8% 6.6%-1.1% 8.0% - --------------------------------------------------------------- Year 30.3%10.9%-1.8%-18.115.8%24.0%30.6% 29.1%-8.4%-30.510.5% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised ------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years UK Growth Total Return Index 5.8% 10.5% 4.7% 10.5% -12.2% -7.4% 6.7% 5.9% FTSE 100 TR Index 3.0% -10.3% -18.1% -10.3% -28.2% -9.7% 1.4% -1.5% MSCI UK Value Index (TR) 3.0% -5.5% -16.2% -5.5% -26.8% -7.2% 2.1% -2.1% Excess Return vs FTSE 100 TR Index 2.9% 20.8% 22.8% 20.8% 15.9% 2.3% 5.3% 7.4% Excess Return vs MSCI UK Value Index (TR) 2.9% 16.0% 20.9% 16.0% 14.6% -0.1% 4.6% 8.0% Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 98.0% -7.4% -14.0% Compounded annual growth 6.9% -0.7% -1.5% Volatility 21.5% 20.9% 21.3% Sharpe ratio (4.82%) 0.10 - 0.27 - 0.29 Maximum drawdown -47.3% -44.4% -44.2% Start of max drawdown period Jun-2007 Jan-2000 Sep-2000 End of max drawdown period Mar-2009 Feb-2006 Mar-2007 Average monthly growth 0.7% 0.0% 0.0% Best monthly return 10.8% 9.0% 9.8% Worst monthly return -16.2% -12.9% -14.4% % of months with gains 61.0% 57.7% 57.7% 12 Month Correlation versus: FTSE 100 TR Index 0.93 1.00 0.97 MSCI UK Value Index (TR) 0.95 0.97 1.00 Index Facts Bloomberg ticker DBEEUKGT Reuters code .DBUKGT Benchmark 1 FTSE 100 TR Index Bloomberg ticker of Benchmark 1 TUKXG Index Benchmark 2 MSCI UK Value Index (TR) Bloomberg ticker of Benchmark 2 NLDGUK Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency GBP The Deutsche Bank UK Growth was launched on November 01, 2002 and has no prior operating history. All pro-forma performance Total Return Index data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 16 |
Deutsche Bank UK Value Total Return Index REUTERS: .DBUKVT BLOOMBERG: DBEEUKVT Index Description The UK Value Total Return Index intends to reflect the equal-weighted total return performance of twenty stocks with a low 12 month trailing price earnings ratio selected from the FTSE 100 Index on a quarterly basis. 12 Months Volatility [GRAPHIC OMITTED] Absolute Return [GRAPHIC OMITTED] Cumulative Excess Index vs FTSE 100 [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan -2.1%-6.2%-0.3% 3.5%-7.0%-1.2% 2.5% 5.0%-3.8%-1.4%-4.8% Feb 5.2% 0.6%-0.4% 1.4% 4.9% 2.9% 0.9% 3.3% 0.0%-9.3% 1.1% Mar 0.3% 9.1%-3.6% 7.5%-3.0%-0.2%-0.4% 4.0% 5.0%-0.3%20.2% Apr 9.8% 0.7% 4.0% 3.0%12.4% 2.1%-5.1% -0.7% 0.3%-1.3% May -3.1% 7.8% 2.8% 3.6% 5.4% 1.2% 5.5% -3.3% 2.8%-3.8% Jun 1.6% 2.1% 0.4%-7.5% 0.3% 2.9% 4.1% 2.9%-1.0%-13.2% Jul -4.4% 1.1%-4.2%-6.1% 3.4%-2.3% 4.2% 1.4%-3.3%-1.0% Aug 0.5% 6.7% 0.0% 1.3% 3.7% 1.9% 1.6% 1.0%-0.6% 5.5% Sep -1.8%-2.5%-9.8%-8.8%-1.6% 0.4% 2.6% 1.2%-5.6%-21.8% Oct -2.6% 1.5% 2.7% 6.2% 4.0% 2.2%-2.4% 3.1% 1.6%-18.0% Nov 2.0% 6.1% 5.3%-0.1% 1.0% 1.0% 4.5% 0.5%-5.1%10.6% Dec 1.9% 3.0% 2.4%-4.6% 3.1% 6.2% 6.4% 4.8%-4.4%-1.9% - --------------------------------------------------------------- Year 6.8%33.1%-1.6%-2.2%28.4%18.1%26.5% 25.6%-13.8-46.615.7% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised --------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years UK Value Total Return Index 20.2% 15.7% 2.9% 15.7% -30.7% -16.0% -0.3% 5.4% FTSE 100 TR Index 3.0% -10.3% -18.1% -10.3% -28.2% -9.7% 1.4% -1.5% MSCI UK Growth Index (TR) 3.3% -16.8% -22.4% -16.8% -32.2% -13.5% -0.6% -1.3% Excess Return vs FTSE 100 TR Index 17.2% 26.0% 21.0% 26.0% -2.6% -6.3% -1.7% 6.9% Excess Return vs MSCI UK Growth Index (TR) 16.8% 32.5% 25.3% 32.5% 1.4% -2.5% 0.3% 6.7% Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 75.4% -7.4% -4.3% Compounded annual growth 5.6% -0.7% -0.4% Volatility 24.5% 20.9% 21.9% Sharpe ratio (4.82%) 0.03 - 0.27 - 0.24 Maximum drawdown -59.2% -44.4% -45.8% Start of max drawdown period Jun-2007 Jan-2000 Nov-2007 End of max drawdown period Mar-2009 Feb-2006 Mar-2009 Average monthly growth 0.6% 0.0% 0.1% Best monthly return 20.2% 9.0% 9.9% Worst monthly return -21.8% -12.9% -15.6% % of months with gains 61.8% 57.7% 58.5% 12 Month Correlation versus: FTSE 100 TR Index 0.89 1.00 0.97 MSCI UK Growth Index (TR) 0.90 0.97 1.00 Index Facts Bloomberg ticker DBEEUKVT Reuters code .DBUKVT Benchmark 1 FTSE 100 TR Index Bloomberg ticker of Benchmark1 TUKXG Index Benchmark 2 MSCI UK Growth Index (TR) Bloomberg ticker of Benchmark2 NDLVUK Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency GBP The Deutsche Bank UK Value was launched on November 01, 2002 and has no prior operating history. All pro-forma Total Return Index performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 17 |
Deutsche Bank Japan Growth Total Return Index REUTERS: .DBJGT BLOOMBERG: DBAPJGT Index Description The Japan Growth Total Return Index intends to reflect the equal-weighted total return performance of twenty JPY growth stocks based on trailing 12 month earnings momentum and selected from the Topix 100 Index on a quarterly basis. [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Cumulative Excess Index vs TOPIX W/Dividend TOPIX 100 (TR) [GRAPHIC OMITTED] Monthly Performance 1999 2000 2001 2002 2003 2004 2005 20062007 2008 2009 Jan -1.7% 1.3% 2.4%-9.1%-3.5% 3.6% -1.6% 5.3%2.8%-10.1%-4.6% Feb 0.5% 4.6%-8.4% 2.5%-0.6% 4.3% 4.6% 0.8%0.0% 2.1%-4.1% Mar 13.7% 4.0% 1.2% 2.5%-4.5% 5.0% -1.5% 4.5%-0.2-10.3%-0.2% Apr 5.2% 2.5% 8.8% 2.3%-0.9% 1.5% -4.8%-1.8%-0.3%14.9% May 0.6%-2.1%-4.3% 2.1% 4.3%-2.2% 2.0%-7.1%4.1% 3.8% Jun 10.4% 2.7%-5.1%-7.7% 5.1% 1.5% 1.7%-0.7%2.7% -6.2% Jul 2.2%-6.9%-8.1%-6.2% 4.9%-4.0% 3.1% 0.4%-3.5%-2.5% Aug -1.9% 0.8%-8.6% 0.9% 5.0%-0.4% 5.1% 3.9%-5.3%-4.7% Sep 4.3%-1.0%-8.7% 0.0% 2.6%-1.3% 14.9%-2.9%2.4%-18.8% Oct 3.8%-1.8% 4.2%-3.5% 3.4%-1.4% 2.5% 1.6%-0.6-23.7% Nov 0.3%-0.6% 1.1% 4.9%-5.1% 4.3% 4.8%-1.5%-8.5%-3.0% Dec -0.1%-3.8%-1.6%-2.8% 2.8% 3.6% 7.3% 5.1%-3.0% 2.2% Year 42.8%-1.0%-25.4-14.313.5%15.1% 43.7% 7.0%-9.8-47.5%-8.7% Historical Performance Through March 2009 Annualised ------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years Japan Growth Total Return Index -0.2% -8.7% -30.9% -8.7% -41.7% -25.3% -7.6% -3.5% TOPIX W/Dividend TOPIX 100 (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Growth (TR) 3.0% -12.9% -35.0% -12.9% -42.6% -26.6% -9.9% -8.0% Excess Return vs TOPIX W/Dividend TOPIX 100 (TR) -2.5% 0.8% 1.0% 0.8% -3.9% -2.6% 0.2% 1.9% Excess Return vs MSCI Japan Growth (TR) -3.2% 4.2% 4.0% 4.2% 0.9% 1.3% 2.4% 4.4% Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period -21.5% -31.9% -49.1% Compounded annual growth -2.3% -3.7% -6.4% Volatility 24.1% 24.7% 25.1% Sharpe ratio (0.19%) - 0.11 - 0.16 - 0.26 Maximum drawdown -60.4% -62.7% -69.8% Start of max drawdown period Jul-2007 Jan-2000 Mar-2000 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.0% -0.2% -0.4% Best monthly return 14.9% 14.9% 13.4% Worst monthly return -23.7% -21.4% -23.4% % of months with gains 53.7% 52.0% 50.4% 12 Month Correlation versus: TOPIX W/Dividend TOPIX 100(TR) 0.98 1.00 0.99 MSCI Japan Growth (TR) 0.97 0.99 1.00 Index Facts Bloomberg ticker DBAPJGT Reuters code .DBJGT TOPIX W/Dividend TOPIX 100 Benchmark 1 (TR) Bloomberg ticker of Benchmark 1 TPXD100 Index Benchmark 2 MSCI Japan Growth (TR) Bloomberg ticker of Benchmark 2 NAGLJN Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency JPY The Deutsche Bank Japan Growth Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 18 |
Deutsche Bank Japan Value Total Return Index REUTERS: .DBJVT BLOOMBERG: DBAPJVT Index Description The Japan Value Total Return Index intends to reflect the equal-weighted total return performance of twenty stocks with the lowest 12 month trailing price-earnings ratio selected from the TOPIX 100 Index on a quarterly basis. [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan 2.3% 7.2% 0.1%-6.1%-2.4% 5.4%-2.1% -0.3% 5.3%-9.3%-6.3% Feb -0.4% 1.3%-3.3% 0.5%-0.6% 5.4% 4.0% -0.2% 5.2% 1.1%-3.1% Mar 14.2% 7.0% 4.7% 4.3%-4.4% 4.6% 0.2% 2.7% 0.9%-11.1%6.4% Apr 2.9% 4.4% 4.9% 3.7% 4.6% 1.2%-4.5% 0.5%-2.6%16.8% May 2.2%-2.1%-1.6% 2.1% 6.0%-1.1% 2.2% -5.0% 9.6% 7.0% Jun 11.8% 1.1% 3.1%-7.4% 6.9% 4.1% 2.5% -0.6% 4.3%-9.0% Jul 3.7%-3.4%-4.1%-2.8% 6.2% 0.3% 2.0% -0.2% 1.2% 0.4% Aug 0.1% 0.6%-5.6% 2.3% 6.6% 0.3% 7.5% 5.0%-10.7-6.9% Sep 1.5% 0.3%-9.1%-3.4% 3.2%-2.4%15.8% -3.7% 3.6%-19.5% Oct -5.3%-0.3% 5.7%-4.3%-0.8%-1.6%-0.3% -0.1%-1.7%-24.7% Nov -0.9%-0.7% 3.1% 4.5% 0.0% 2.7% 4.0% 1.4%-6.7%-5.8% Dec -2.1%-1.0%-2.2%-2.6% 2.9% 4.2% 5.4% 6.8%-4.4% 2.5% - --------------------------------------------------------------- Year 32.6%14.7%-5.4%-9.7%31.3%25.3%41.6% 5.7% 2.1%-49.2-3.4% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised ------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years5 years10 years Japan Value Total Return Index 6.4% -3.4% -29.8% -3.4% -39.9% -19.7% -4.2% 3.2% TOPIX W/Dividend TOPIX 100 (TR) 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% MSCI Japan Value (TR) 3.1% -5.3% -23.7% -5.3% -30.0% -17.8% -2.9% -0.8% Excess Return vs TOPIX W/Dividend TOPIX 100(TR) 4.1% 6.0% 2.1% 6.0% -2.1% 3.0% 3.6% 8.7% Excess Return vs MSCI Japan Value (TR) 3.2% 1.9% -6.0% 1.9% -9.9% -1.9% -1.3% 4.0% Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 60.2% -31.9% 10.1% Compounded annual growth 4.7% -3.7% 0.9% Volatility 26.1% 24.7% 22.5% Sharpe ratio (0.19%) 0.17 - 0.16 0.03 Maximum drawdown -62.6% -62.7% -53.0% Start of max drawdown period Aug-2007 Jan-2000Jul-2007 End of max drawdown period Mar-2009 Mar-2009Mar-2009 Average monthly growth 0.6% -0.2% 0.2% Best monthly return 16.8% 14.9% 15.4% Worst monthly return -24.7% -21.4% -18.8% % of months with gains 56.9% 52.0% 50.4% 12 Month Correlation versus: TOPIX W/Dividend TOPIX 100(TR) 0.96 1.00 0.99 MSCI Japan Value (TR) 0.95 0.99 1.00 Index Facts Bloomberg ticker DBAPJVT Reuters code .DBJVT TOPIX W/Dividend TOPIX 100 Benchmark 1 (TR) Bloomberg ticker of Benchmark 1 TPXD100 Index Benchmark 2 MSCI Japan Value (TR) Bloomberg ticker of Benchmark 2 NAVLJN Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency JPY The Deutsche Bank Japan Value Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 19 |
S&P X-Alpha USD Total Return Index REUTERS: .SPXADT BLOOMBERG: SPXADT Index Description S&P X-Alpha USD Total Return Index is a weighted combination of 8 Deutsche Bank Index Pairs, two each from the US, Eurozone, UK and Japan which represent the differential return between a DB Regional Style index (growth or value) and the relevant regional equity benchmark index. Each Index Pair is volatillity targeted at 8% and the S&P X-Alpha Index also has a target volatility of 8%. The volatility is controlled by means of adjusting the exposure to the strategy on a quarterly basis, with minimum exposure being 50% and maximum exposure being 150%. The index is denominated in USD, rebalanced quarterly and includes a 60 basis points per annum rebalancing cost. The Index has an additional return component derived from the Fed Funds Rate less 6.25 basis points annual funding cost. 12 Months Volatility [GRAPHIC OMITTED] Absolute Return [GRAPHIC OMITTED] [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan -0.7%-1.2% 3.4% 1.3% 0.2%-0.1% 1.7% 5.6% 0.0% 2.4% 2.0% Feb 1.4% 0.8% 3.0% 0.6%-0.8% 1.6% 4.9% -1.4% 1.8%-1.4% 1.8% Mar 0.0% 3.7% 1.7% 2.7%-1.8% 1.9% 0.3% 3.0% 3.2%-1.3% 1.2% Apr 2.0% 2.4% 0.4% 5.8% 1.5% 0.2%-1.6% 0.9% 0.6% 1.2% May 1.5% 3.7% 0.2% 0.5% 4.0% 0.3% 0.1% 0.6% 1.3% 0.5% Jun -1.7%-1.5% 0.1% 3.1%-0.9% 2.4% 3.7% 2.0%-0.3%-1.5% Jul -0.5% 1.4% 0.5% 0.5% 0.6% 0.5% 1.2% 0.6% 0.1%-2.1% Aug -0.9% 2.3% 2.1% 0.9% 2.0% 0.2% 3.2% -1.9%-1.2%-0.9% Sep 0.1% 1.8%-1.5% 0.3% 0.8% 3.0% 2.2% -1.1%-0.3%-2.0% Oct -0.8% 2.1% 1.0%-5.0% 1.4% 0.2%-0.6% 1.8% 0.2%-1.1% Nov -2.6% 1.8%-0.4%-0.8% 0.7% 2.9% 0.1% 1.3%-2.7% 0.0% Dec 0.7% 3.6% 1.1% 2.2%-0.8% 1.0% 0.7% 0.2%-2.1% 0.7% - --------------------------------------------------------------- Year -1.6%22.7%12.1%12.4% 7.0%15.0%16.8% 11.9% 0.3%-5.4% 5.2% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised ----------------------------------- 1 Month3 Months6 Months YTD 1 year 3 years5 years10 years S&P X-Alpha USD Total Return Index 1.2% 5.2% 4.9% 5.2% -0.2% 1.4% 7.7% 9.3% MSCI World Index 7.5% -11.9% -31.1%-11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index -6.3% 17.1% 36.0% 17.1% 42.4% 15.1% 11.2% 11.5% Excess Return vs HFRX USD Equity Market Neutral Index 2.8% 7.7% 8.6% 7.7% 3.5% 0.3% 7.0% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 144.1% -17.4% 1.7% Compounded annual growth 9.1% -1.8% 0.3% Volatility 6.3% 17.2% 4.5% Sharpe ratio (3.42%) 0.90 - 0.31 - 0.70 Maximum drawdown -12.0% -54.0% -6.8% Start of max drawdown period Jun-2007 Nov-2007 Jul-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.7% 0.0% 0.0% Best monthly return 5.8% 8.9% 2.5% Worst monthly return -5.0% -19.0% -2.8% % of months with gains 71.5% 54.5% 59.7% 12 Month Correlation versus: MSCI World Index 0.48 1.00 -0.29 HFRX USD Equity Market Neutral Index -0.11 -0.29 1.00 Index Facts Bloomberg ticker SPXADT Reuters code .SPXADT Benchmark 1 MSCI World Index Bloomberg ticker of Benchmark 1 NDDUWI Index Benchmark 2 HFRX USD Equity Market Neutral Index Bloomberg ticker of Benchmark 2 HFRXEMN Index Index sponsor Deutsche Bank Rebalancing frequency Quarterly Index Currency USD The S&P X-Alpha USD Total Return Index was launched on November 12, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 20 |
S&P X-Alpha USD Excess Return Index REUTERS: .SPXADE BLOOMBERG: SPXADE Index Description S&P X-Alpha USD Excess Return Index is a weighted combination of 8 Deutsche Bank Index Pairs, two each from the US, Eurozone, UK and Japan which represent the differential return between a DB Regional Style index (growth or value) and the relevant regional equity benchmark index. Each Index Pair is volatillity targeted at 8% and the S&P X-Alpha Index also has a target volatility of 8%. The volatility is controlled by means of adjusting the exposure to the strategy on a quarterly basis, with minimum exposure being 50% and maximum exposure being 150%. The index is denominated in USD, rebalanced quarterly and includes a 60 basis points per annum rebalancing cost. 12 Months Volatility [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------- Jan -1.1%-1.7% 2.9% 1.1% 0.1%-0.2% 1.6% 5.3%-0.5% 2.1% 2.0% Feb 1.0% 0.3% 2.6% 0.4%-0.9% 1.6% 4.7% -1.8% 1.4%-1.6% 1.8% Mar -0.5% 3.2% 1.2% 2.5%-1.9% 1.8% 0.1% 2.6% 2.8%-1.6% 1.2% Apr 1.7% 2.0% 0.0% 5.7% 1.4% 0.1%-1.9% 0.6% 0.2% 1.0% May 1.1% 3.2%-0.1% 0.4% 3.9% 0.2%-0.1% 0.1% 0.9% 0.3% Jun -2.1%-2.0%-0.2% 3.0%-1.0% 2.3% 3.4% 1.5%-0.7%-1.7% Jul -0.9% 0.8% 0.2% 0.4% 0.5% 0.4% 0.9% 0.2%-0.4%-2.3% Aug -1.3% 1.8% 1.8% 0.8% 1.9% 0.1% 2.9% -2.4%-1.7%-1.1% Sep -0.3% 1.3%-1.7% 0.2% 0.7% 2.9% 1.9% -1.5%-0.7%-2.2% Oct -1.2% 1.5% 0.7%-5.1% 1.3% 0.1%-1.0% 1.3%-0.2%-1.1% Nov -3.1% 1.2%-0.5%-0.9% 0.6% 2.7%-0.3% 0.8%-3.1% 0.0% Dec 0.2% 3.1% 0.9% 2.1%-0.9% 0.8% 0.4% -0.3%-2.5% 0.7% - --------------------------------------------------------------- Year -6.4%15.5% 8.0%10.6% 5.8%13.5%13.2% 6.5%-4.7%-7.2% 5.1% - --------------------------------------------------------------- Historical Performance Through March 2009 Annualised --------------------------------- 1 Month3 Months6 Months YTD 1 year 3 years5 years10 years S&P X-Alpha USD Excess Return 1.2% 5.1% 4.7% 5.1% -1.3% -2.2% 4.3% 5.7% MSCI World Index 7.5% -11.9% -31.1%-11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index -6.3% 17.1% 35.8% 17.1% 41.2% 11.5% 7.8% 8.0% Excess Return vs HFRX USD Equity Market Neutral Index 2.8% 7.6% 8.4% 7.6% 2.3% -3.3% 3.6% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 73.9% -17.4% 1.7% Compounded annual growth 5.5% -1.8% 0.3% Volatility 6.4% 17.2% 4.5% Sharpe ratio (3.42%) 0.87 - 0.31 - 0.70 Maximum drawdown -16.2% -54.0% -6.8% Start of max drawdown period Jun-2007 Nov-2007 Jul-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.5% 0.0% 0.0% Best monthly return 5.7% 8.9% 2.5% Worst monthly return -5.1% -19.0% -2.8% % of months with gains 63.4% 54.5% 59.7% 12 Month Correlation versus: MSCI World Index 0.48 1.00 -0.29 HFRX USD Equity Market Neutral Index -0.11 -0.29 1.00 Index Facts Bloomberg ticker SPXADE Reuters code .SPXADE Benchmark 1 MSCI World Index Bloomberg ticker of Benchmark 1 NDDUWI Index Benchmark 2 HFRX USD Equity Market Neutral Index Bloomberg ticker of Benchmark 2 HFRXEMN Index Index sponsor Deutsche Bank Rebalancing frequency Quarterly Index Currency USD The S&P X-Alpha USD Excess Return Index was launched on November 12, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 21 |
Deutsche Bank X-Alpha USD Total Return BLOOMBERG: DBGLXAT Index Description Deutsche Bank X-Alpha USD Total Return Index is a weighted combination of 8 Deutsche Bank Index Pairs, two each from the US, Eurozone, UK and Japan which represent the differential return between a DB Regional Style index (growth or value) and the relevant regional equity benchmark index. Each Index Pair is volatillity targeted at 8% and the S&P X-Alpha Index also has a target volatility of 8%. The volatility is controlled by means of adjusting the exposure to the strategy on a quarterly basis, with minimum exposure being 50% and maximum exposure being 150%. The index is denominated in USD, rebalanced quarterly and includes a 60 basis points per annum rebalancing cost. The Index has an additional return component derived from the Fed Funds Rate less 6.25 basis points annual funding cost. Absolute Return [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Cumulative Excess Index vs HFRX USD Equity Market Neutral Index [GRAPHIC OMITTED][ Monthly Performance - ------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------- Jan 0.7% 1.5% 3.5% 1.1% 0.3% -0.7% 1.9% 5.2% -0.3% 2.7% 2.0% Feb 0.9% 1.7% 3.1% 0.5% -0.9% 1.9% 4.7% -1.3% 1.7% -1.5% 1.2% Mar 0.0% 3.4% 1.6% 2.4% -1.6% 2.0% 0.3% 3.1% 3.1% -1.6% 1.4% Apr 2.0% 0.7% 0.6% 8.2% 1.0% 1.0% -1.7% 0.5% 1.7% 1.7% May 1.4% 3.4% 0.2% 0.4% 4.4% 0.1% 0.1% 0.3% 1.3% 0.3% Jun -1.9% -1.4% 0.1% 2.9% -0.7% 2.5% 3.8% 2.3% -0.3% -1.6% Jul -0.7% 1.5% 0.5% -1.3% 1.1% 0.7% 1.1% 0.1% -0.3% -1.9% Aug -0.8% 2.3% 1.7% 0.7% 2.1% 0.2% 3.3% -2.0% -1.5% -0.9% Sep 0.1% 1.7% -1.5% 0.4% 0.9% 3.0% 2.2% -1.1% -0.4% -2.2% Oct 0.2% 2.8% 1.5% -4.5% 1.0% 0.2% -1.1% 2.2% 0.2% -1.2% Nov -3.3% 1.7% -0.3% -0.8% 0.8% 3.1% 0.1% 1.3% -2.2% -0.3% Dec 0.5% 3.6% 1.1% 2.2% -0.7% 1.0% 0.8% 0.2% -2.2% 0.7% - ------------------------------------------------------------------------------------- Year -1.2% 25.3% 12.8% 12.4% 7.8% 16.1% 16.5% 11.1% 0.6% -5.8% 4.6% - ------------------------------------------------------------------------------------- Annual Returns [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Deutsche Bank X-Alpha USD Total Return Index 1.4% 4.6% 3.8% 4.6% -1.0% 1.0% 7.6% 9.5% MSCI World Index 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index -6.2% 16.6% 34.9% 16.6% 41.6% 14.7% 11.1% 11.7% Excess Return vs HFRX USD Equity Market Neutral Index 2.9% 7.1% 7.5% 7.1% 2.7% -0.1% 6.9% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 152.0% -17.4% 1.7% Compounded annual growth 9.4% -1.8% 0.3% Volatility 6.5% 17.2% 4.5% Sharpe ratio (3.42%) 0.92 -0.31 -0.70 Maximum drawdown -12.6% -54.0% -6.8% Start of max drawdown period Jun-2007 Nov-2007 Jul-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.8% 0.0% 0.0% Best monthly return 8.2% 8.9% 2.5% Worst monthly return -4.5% -19.0% -2.8% % of months with gains 71.5% 54.5% 59.7% 12 Month Correlation versus: MSCI World Index 0.50 1.00 -0.29 HFRX USD Equity Market Neutral Index -0.06 -0.29 1.00 Index Facts Bloomberg ticker DBGLXAT Reuters code .DBGLXAT Benchmark 1 MSCI World Index Bloomberg ticker of Benchmark 1 NDDUWI Index Benchmark 2 HFRX USD Equity Market Neutral Index Bloomberg ticker of Benchmark 2 HFRXEMN Index Index sponsor Deutsche Bank Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank X-Alpha USD Total Return Index was launched on October 31, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 22 |
Deutsche Bank X-Alpha USD Excess Return Index BLOOMBERG: DBGLXAE Index Description Deutsche Bank X-Alpha USD Excess Return Index is a weighted combination of 8 Deutsche Bank Index Pairs, two each from the US, Eurozone, UK and Japan which represent the differential return between a DB Regional Style index (growth or value) and the relevant regional equity benchmark index. Each Index Pair is volatillity targeted at 8% and the S&P X-Alpha Index also has a target volatility of 8%. The volatility is controlled by means of adjusting the exposure to the strategy on a quarterly basis, with minimum exposure being 50% and maximum exposure being 150%. The index is denominated in USD, rebalanced quarterly and includes a 60 basis points per annum rebalancing cost. 12 Months Volatility [GRAPHIC OMITTED] Absolute Return [GRAPHIC OMITTED] Cumulative Excess Index vs HFRX USD Equity Market Neutral Index [GRAPHIC OMITTED] Monthly Performance - -------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - -------------------------------------------------------------------------------------- Jan 0.3% 1.1% 3.0% 1.0% 0.2% -0.8% 1.8% 4.8% -0.8% 2.4% 2.0% Feb 0.6% 1.2% 2.7% 0.4% -1.0% 1.8% 4.5% -1.7% 1.3% -1.7% 1.2% Mar -0.4% 2.9% 1.2% 2.3% -1.7% 1.9% 0.1% 2.7% 2.7% -1.8% 1.3% Apr 1.6% 0.3% 0.2% 8.1% 0.9% 0.9% -1.9% 0.1% 1.3% 1.5% May 1.0% 2.8% -0.1% 0.2% 4.3% 0.0% -0.1% -0.1% 0.9% 0.1% Jun -2.3% -1.9% -0.3% 2.8% -0.8% 2.4% 3.6% 1.8% -0.7% -1.8% Jul -1.2% 0.9% 0.2% -1.4% 1.0% 0.6% 0.9% -0.4% -0.8% -2.0% Aug -1.3% 1.7% 1.4% 0.6% 2.0% 0.0% 3.0% -2.4% -1.9% -1.1% Sep -0.4% 1.2% -1.7% 0.3% 0.8% 2.8% 1.9% -1.5% -0.8% -2.4% Oct -0.3% 2.2% 1.3% -4.7% 0.9% 0.1% -1.4% 1.7% -0.3% -1.3% Nov -3.8% 1.2% -0.5% -0.9% 0.8% 2.9% -0.3% 0.9% -2.6% -0.3% Dec 0.0% 3.1% 0.9% 2.1% -0.8% 0.9% 0.5% -0.2% -2.6% 0.7% - -------------------------------------------------------------------------------------- Year -6.1% 17.9% 8.6% 10.7% 6.6% 14.6% 13.0% 5.7% -4.4% -7.6% 4.6% - -------------------------------------------------------------------------------------- Annual Returns [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised -------------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Deutsche Bank X-Alpha USD Excess Return Index 1.3% 4.6% 3.6% 4.6% -2.1% -2.6% 4.2% 6.0% MSCI World Index 7.5% -11.9% -31.1% -11.9% -42.6% -13.8% -3.5% -2.2% HFRX USD Equity Market Neutral Index -1.6% -2.5% -3.7% -2.5% -3.6% 1.1% 0.7% N/A Excess Return vs MSCI World Index -6.2% 16.5% 34.7% 16.5% 40.5% 11.1% 7.7% 8.2% Excess Return vs HFRX USD Equity Market Neutral Index 2.9% 7.1% 7.3% 7.1% 1.5% -3.7% 3.5% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 79.5% -17.4% 1.7% Compounded annual growth 5.9% -1.8% 0.3% Volatility 6.5% 17.2% 4.5% Sharpe ratio (3.42%) 0.90 - 0.31- 0.70 Maximum drawdown -16.8% -54.0% -6.8% Start of max drawdown period Jun-2007 Nov-2007 Jul-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.5% 0.0% 0.0% Best monthly return 8.1% 8.9% 2.5% Worst monthly return -4.7% -19.0% -2.8% % of months with gains 61.8% 54.5% 59.7% 12 Month Correlation versus: MSCI World Index 0.50 1.00 -0.29 HFRX USD Equity Market Neutral Index -0.06 -0.29 1.00 Index Facts Bloomberg ticker DBGLXAE Reuters code .DBGLXAE Benchmark 1 MSCI World Index Bloomberg ticker of Benchmark 1 NDDUWI Index Benchmark 2 HFRX USD Equity Market Neutral Index Bloomberg ticker of Benchmark 2 HFRXEMN Index Index sponsor Deutsche Bank Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank X-Alpha USD Excess Return Index was launched on October 31, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 23 |
DBIQ ImpAct Dollar Equity Volatility (Bid) Index REUTERS: .DBVEUSDB BLOOMBERG: DBVEUSDB Index Description The DBIQ ImpAct Dollar Equity Volatility Index aims to measure the return streams associated with volatility in US equity market. The index seeks to take advantage of the differential between implied and realised volatility in this market. The ImpAct Dollar Equity Volatility Index Historical Levels since inception date have been restated as of Aug-22, 2007 due to a slight calculation methodology change. Both index guide and index quick reference have been updated to reflect the change. The DBIQ ImpAct Dollar Equity Volatility Index is calculated with the closing MID option prices. Absolute Return [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Cumulative Excess Index vs iBoxx USD Treasury TR Index [GRAPHIC OMITTED] Monthly Performance - -------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - -------------------------------------------------------------------------------------- Jan -2.7% 0.7% 1.8% -0.7% 1.7% 1.7% 0.4% 1.5% -1.6% 0.1% Feb 2.1% -1.2% 0.7% 2.3% 2.5% -0.8% 0.9% -8.7% 1.1% 0.9% Mar -2.3% -0.5% 1.2% 0.3% -0.4% 1.1% 2.1% 2.3% -0.6% -0.4% Apr -3.1% -0.7% -0.8% 2.0% 0.6% 0.2% 0.8% 0.3% 1.5% May 0.3% 1.2% -1.7% 0.4% 2.5% 1.7% -0.5% 2.5% 1.3% Jun 1.6% 2.6% -0.8% 1.0% 1.9% 1.6% 0.8% -1.8% -1.5% Jul -0.2% 0.5% -2.8% 1.0% 1.6% 0.6% 0.7% -2.6% 0.3% Aug 3.1% 1.4% -0.9% 2.3% 0.9% 1.5% 2.3% -2.0% 0.0% Sep 1.0% -0.9% 0.5% -0.9% 1.8% 1.1% 1.5% 1.6%-16.1% Oct -2.2% 1.7% 0.7% 3.5% 0.0% -1.5% 1.5% 2.3%-13.6% Nov 0.1% 2.5% 0.4% 1.8% 2.1% 1.6% 0.4% -1.6% 0.0% Dec 0.2% 0.1% 1.3% 1.9% 1.4% 1.1% 2.1% 1.8% 0.1% 1.3% - -------------------------------------------------------------------------------------- Year 0.2% -2.5% 8.9% 0.1% 15.4% 17.5% 11.3% 13.4% -6.3%-26.2% 0.5% - -------------------------------------------------------------------------------------- Annual Returns [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised ---------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years DBIQ ImpAct Dollar Equity Volatility (Bid) Index -0.4% 0.5% -12.1% 0.5% -24.9% -8.7% -0.2% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% iBoxx USD Treasury TR Index 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% Excess Return vs S&P 500 (TR) Index -9.2% 11.5% 18.5% 11.5% 13.1% 4.4% 4.6% Excess Return vs iBoxx USD Treasury TR Index -2.6% 2.7% -19.4% 2.7% -32.5% -17.2% -5.6% Performance Analysis December 1999 - March 2009 Index Bench1 Bench2 Growth over period 26.6% -33.8% 84.9% Compounded annual growth 2.6% -4.3% 6.8% Volatility 8.6% 21.9% 4.9% Sharpe ratio (3.25%) 0.30 - 0.35 0.74 Maximum drawdown -32.8% -50.9% -4.8% Start of max drawdown period Feb-2007 Nov-2007 Jun-2003 End of max drawdown period Mar-2009 Mar-2009 Feb-2004 Average monthly growth 0.2% -0.3% 0.6% Best monthly return 3.5% 9.8% 5.5% Worst monthly return -16.1% -16.8% -4.2% % of months with gains 71.4% 56.3% 69.6% 12 Month Correlation versus: S&P 500 (TR) Index 0.41 1.00 -0.41 iBoxx USD Treasury TR Index -0.21 -0.41 1.00 Index Facts Bloomberg ticker DBVEUSDB Reuters code .DBVEUSDB Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPTR Index Benchmark 2 iBoxx USD Treasury TR Index Bloomberg ticker of Benchmark 2 ITRROV Index Index sponsor Deutsche Bank Index Currency USD The DBIQ ImpAct Dollar Equity Volatility (Bid) Index was launched on September 26, 2007 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 24 |
Deutsche Bank Liquid Alpha USD 5 Total Return S1 Index REUTERS: .DBLAUT5J BLOOMBERG: DBLAUT5J Index Description Liquid Alpha is a multi asset investment strategy which gives access to a diversified pool of alpha generating assets thanks to a dynamic allocation tool. The Deutsche Bank Liquid Alpha USD Total Return Index 5% Volatility Target is intended to reflect the combined total return performance of a number of indices referred to as Index Constituents, selected among S&P X-Alpha USD Total Return Index (SPXADT), DB Commodity Harvest TR Index (DBCMHLTU), Deutsche Bank USD Currency Harvest Balanced Funded Index (DBHVBUSF), DB Smart USD Index leveraged 5 times (DBSMARDI) and FED FUND Total Return Index (DBMMFED1). The Index targets an annual volatility of 5% and aims to maximise the expected return for that target. The Index is rebalanced quarterly and upon the occurrence of periods of sharply negative returns. Absolute Return [GRAPHIC OMITTED] Annual Returns [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Monthly Performance - -------------------------------------------------------------------------------------- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------- Jan 1.7% 2.9% 1.2% 1.4% 0.9% 1.2% 1.6% 1.2% 0.2% 1.4% Feb 1.3% -0.2% 0.5% 0.7% 2.3% 2.7% 0.9% 0.9% 0.2% 1.1% Mar 0.5% 2.0% 1.8% -0.3% 0.5% 0.5% 0.7% 1.6% 0.1% 0.7% Apr 1.1% 0.4% 2.6% 5.1% -1.0% 0.7% 0.0% 1.8% 0.1% May 2.3% 0.6% 0.6% 0.5% 0.2% 2.3% -0.1% 1.8% 0.9% Jun -0.6% 0.8% 0.1% 2.8% 2.1% 2.6% 1.6% 0.7% -0.2% Jul 1.9% 0.0% 0.3% 0.3% 0.6% 0.6% 0.8% -0.5% 1.0% Aug 0.8% 0.5% 0.4% 1.3% 1.3% -0.5% 1.8% -2.1% -0.7% Sep 1.1% 1.3% 0.0% 1.1% 0.8% 2.8% 1.1% 2.2% -3.8% Oct 2.2% 1.1% -1.0% 1.2% 0.4% 1.6% 0.5% 1.7% -5.8% Nov 1.2% 1.0% 2.9% 1.4% 2.3% 1.7% -0.2% -0.9% 0.0% Dec 1.9% 1.3% 2.0% 1.1% 1.4% -0.8% 2.5% 0.4% 0.8% Year 16.5% 12.3% 12.1% 17.8% 12.6% 16.4% 11.5% 8.8% -4.2% 3.3% Percentage Allocation [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised --------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years Liquid Alpha USD 5 TR Index 0.7% 3.3% -1.9% 3.3% -4.6% 4.1% 8.0% MSCI World TR Index 7.6% -11.8% -30.9% -11.8% -42.2% -13.3% -3.0% iBoxx USD Treasury TR Index 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% Excess Return vs iBoxx USD Treasury TR Index -1.5% 5.5% -9.3% 5.5% -12.2% -4.4% 2.5% S&P X-Alpha USD TR Index 1.2% 5.2% 4.9% 5.2% -0.2% 1.4% 7.7% DB Commodity Harvest TR Index 4.5% -1.1% -29.3% -1.1% -36.5% -0.2% 11.6% USD Currency Harvest Balanced Index 3.7% 6.2% -13.8% 6.2% -10.7% 2.2% 7.1% dbSMART 5x TR Index -0.1% 0.5% 0.0% 0.5% -0.5% -0.1% 0.2% FED FUND TR Index 0.0% 0.0% 0.2% 0.0% 1.2% 3.7% 3.4% Performance Analysis October 2002 - March 2009 Index Bench1 Bench2 Growth over period 177.5% -13.5% 80.8% Compounded annual growth 10.5% -1.4% 6.0% Volatility 4.3% 17.7% 4.9% Sharpe ratio (3.46%) 2.44 - 0.27 0.51 Maximum drawdown -10.0% -53.7% -4.8% Start of max drawdown period Aug-2008 Nov-2007 Jun-2003 End of max drawdown period Mar-2009 Mar-2009 Feb-2004 Average monthly growth 0.8% 0.1% 0.5% Best monthly return 5.1% 8.9% 5.5% Worst monthly return -5.8% -18.9% -4.2% % of months with gains 84.0% 54.6% 68.1% 12 month Correlation versus: MSCI World TR Index 0.45 1.00 -0.35 iBoxx USD Treasury TR Index -0.20 -0.35 1.00 Index Facts Bloomberg ticker DBLAUT5J Reuters ticker .DBLAUT5J Benchmark 1 MSCI World TR Index Bloomberg ticker of Benchmark 1 GDDUWI Index Benchmark 2 iBoxx USD Treasury TR Index Bloomberg ticker of Benchmark 2 ITRROV Index Index sponsor Deutsche Bank Stocks weighting Discreet Rebalancing frequency Quarterly Index Currency EUR The Deutsche Bank Liquid Alpha USD 5 Total Return S1 Index was launched on April 23, 2008 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 25 |
Deutsche Bank Liquid Alpha USD 5 Excess Return S1 Index REUTERS: .DBLAUE5J BLOOMBERG: DBLAUE5J Index Description Liquid Alpha is a multi asset investment strategy which gives access to a diversified pool of alpha generating assets thanks to a dynamic allocation tool. The Deutsche Bank Liquid Alpha USD Total Return Index 5% Volatility Target is intended to reflect the combined total return performance of a number of indices referred to as Index Constituents, selected among S&P X-Alpha USD Total Return Index (SPXADT), DB Commodity Harvest TR Index (DBCMHLTU), Deutsche Bank USD Currency Harvest Balanced Funded Index (DBHVBUSF), DB Smart USD Index leveraged 5 times (DBSMARDI) and FED FUND Total Return Index (DBMMFED1).The Deutsche Bank Liquid Alpha USD Excess Return Index 5% Volatility Target reflects the performance of the Deutsche Bank Liquid USD Alpha Total Return Index 5% Volatility Target minus the FED FUND performance. The Index targets an annual volatility of 5% and aims to maximise the expected return for that target. The Index is rebalanced quarterly and upon the occurrence of periods of sharply negative returns. Annual Returns [GRAPHIC OMITTED] Absolute Return [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Monthly Performance - --------------------------------------------------------------------------------- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - --------------------------------------------------------------------------------- Jan 1.3% 2.4% 1.0% 1.3% 0.8% 1.0% 1.2% 0.7% -0.1% 1.4% Feb 0.8% -0.7% 0.4% 0.6% 2.2% 2.5% 0.5% 0.5% 0.0% 1.1% Mar 0.0% 1.6% 1.7% -0.4% 0.4% 0.2% 0.3% 1.1% -0.2% 0.7% Apr 0.7% 0.0% 2.4% 5.0% -1.1% 0.5% -0.4% 1.3% -0.1% May 1.7% 0.2% 0.5% 0.4% 0.2% 2.1% -0.5% 1.3% 0.7% Jun -1.2% 0.5% 0.0% 2.8% 2.1% 2.3% 1.2% 0.3% -0.4% Jul 1.4% -0.3% 0.1% 0.2% 0.5% 0.4% 0.3% -1.0% 0.8% Aug 0.2% 0.2% 0.3% 1.2% 1.2% -0.9% 1.4% -2.6% -0.9% Sep 0.6% 1.0% -0.1% 1.1% 0.7% 2.5% 0.6% 1.8% -4.0% Oct 1.6% 0.9% -1.1% 1.1% 0.3% 1.3% 0.0% 1.2% -6.0% Nov 0.7% 0.8% 2.8% 1.3% 2.1% 1.3% -0.6% -1.3% 0.0% Dec 1.4% 1.1% 1.9% 1.0% 1.2% -1.2% 2.0% 0.1% 0.8% - --------------------------------------------------------------------------------- Year 9.5% 8.0% 10.3% 16.5% 11.1% 12.8% 6.2% 3.5% -6.1% 3.2% - --------------------------------------------------------------------------------- Percentage Allocation [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised ------------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years Liquid Alpha USD 5 ER Index 0.7% 3.2% -2.1% 3.2% -5.8% 0.3% 4.5% MSCI World TR Index 7.6% -11.8% -30.9% -11.8% -42.2% -13.3% -3.0% iBoxx USD Treasury TR Index 2.2% -2.2% 7.4% -2.2% 7.6% 8.5% 5.5% S&P X-Alpha USD TR Index 1.2% 5.2% 4.9% 5.2% -0.2% 1.4% 7.7% DB Commodity Harvest TR Index 4.5% -1.1% -29.3% -1.1% -36.5% -0.2% 11.6% USD Currency Harvest Balanced Index 3.7% 6.2% -13.8% 6.2% -10.7% 2.2% 7.1% dbSMART 5x TR Index -0.1% 0.5% 0.0% 0.5% -0.5% -0.1% 0.2% Unallocated 0.0% 0.0% 0.2% 0.0% 1.2% 3.7% 3.4% Performance Analysis October 2002 - March 2009 Index Bench1 Bench2 Growth over period 97.2% -13.5% 80.8% Compounded annual growth 6.9% -1.4% 6.0% Volatility 4.3% 17.7% 4.9% Sharpe ratio (3.46%) 1.59 - 0.27 0.51 Maximum drawdown -11.4% -53.7% -4.8% Start of max drawdown period Jul-2007 Nov-2007 Jun-2003 End of max drawdown period Mar-2009 Mar-2009 Feb-2004 Average monthly growth 0.6% 0.1% 0.5% Best monthly return 5.0% 8.9% 5.5% Worst monthly return -6.0% -18.9% -4.2% % of months with gains 75.6% 54.6% 68.1% 12 month Correlation versus: MSCI World TR Index 0.45 1.00 -0.35 iBoxx USD Treasury TR Index -0.20 -0.35 1.00 Index Facts Bloomberg ticker DBLAUE5J Reuters ticker .DBLAUE5J Benchmark 1 MSCI World TR Index Bloomberg ticker of Benchmark 1 GDDUWI Index Benchmark 2 iBoxx USD Treasury TR Index Bloomberg ticker of Benchmark 2 ITRROV Index Index sponsor Deutsche Bank Stocks weighting Discreet Rebalancing frequency Quarterly Index Currency EUR The Deutsche Bank Liquid Alpha USD 5 Excess Return S1 Index was launched on April 23, 2008 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 26 |
Deutsche Bank US ValueGrowth Select Index REUTERS: .DBUSVG BLOOMBERG: DBUSUSVG Index Description The ValueGrowth Select Index comprises either the Eurozone Value Index or the Eurozone Growth Index as the Index Constituent and is reconstituted on a quarterly basis based on which of the Selection Pool Indices has the higher trailing 12 month Sharpe Ratio on the relevant Index Selection Date. The Eurozone Value Index is intended to reflect the total return performance of fifteen shares with a high Dividend Yield. The shares constituting the Eurozone Value Index will be reconstituted on a quarterly basis. The Eurozone Growth Index is intended to reflect the total return performance of fifteen shares with a high Price Momentum and Long Term Growth Rate. Absolute Return 12 Months Volatility [GRAPHIC OMITTED] Cumulative Excess Index vs S&P 500 (TR) Index [GRAPHIC OMITTED] Monthly Performance 1999 2000 2001 2002 20032004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------ Jan 15.9% -3.7% 0.9% -1.0% -3.5% 1.7% -6.3% 4.0% 1.3% -11.7% -8.8% Feb -9.5% 19.5% -3.6% -10.3% 3.4% -1.5% -0.6% -2.3% -1.8% -5.2% -11.7% Mar 9.4% 3.1% -5.9% 6.9% 0.9% -2.2% -1.9% 2.0% 0.6% 2.1% 7.7% Apr 1.4% -14.2% 8.7% -12.1% 8.6% -2.6% -4.2% -0.2% 5.4% 7.6% May -2.2% -11.9% 1.6% -5.6% 8.3% 0.2% 2.5% -7.1% 3.2% 0.0% Jun 9.9% 13.2% -3.8% -6.9% 0.3% 2.4% -1.8% -0.3% 0.3% -10.2% Jul -1.1% -4.1% 0.2% -5.5% 6.3% -2.8% 3.6% 5.1% -0.1% 0.2% Aug 5.5% 13.0% -5.4% -0.8% 5.0% 0.3% -2.4% 1.7% 2.9% 2.9% Sep 0.5% -12.4% -11.1% -12.4% -2.8% - 0.9% 1.3% 2.6% 5.1% -15.4% Oct 9.5% -8.1% 2.6% 10.6% 8.6% -0.5% -1.4% 3.4% 7.1% -15.8% Nov 12.5% -6.1% 8.6% 5.9% 0.6% 5.2% 5.9% 1.2% -6.7% -5.3% Dec 25.0% 3.6% 1.7% -6.2% 3.1% 3.2% -1.6% 2.0% -0.2% -0.6% - ---------------------------------------------------------------------------------------- Year 102.0% -13.9% -7.1% -33.8% 45.1 % 2.2% -7.2% 12.1% 17.7 %-42.8% -13.3% - --------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 Index Bench1 Growth over period -3.7% -35.1% Compounded annual growth -0.4% -4.1% Volatility 29.4% 21.6% Sharpe ratio (3.42%) - 0.13- 0.35 Maximum drawdown -62.7% -52.6% Start of max drawdown period Apr-2000 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 0.2% -0.2% Best monthly return 25.0% 9.7% Worst monthly return -15.8% -16.9% % of months with gains 53.7% 54.5% 12 Month Correlation versus: S&P 500 (TR) Index 0.97 1.00 Annual Returns [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised --------------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years US ValueGrowth Select Index 7.7% -13.3% -31.2% -13.3% -42.0% -14.2% -8.7% -1.7% S&P 500 (TR) Index 8.5% -11.7% -31.6% -11.7% -39.7% -14.9% -6.7% -4.7% Excess Return vs S&P 500 (TR) Index -0.8% -1.6% 0.4% -1.6% -2.3% 0.7% -2.1% 2.9% Index Facts Bloomberg ticker DBUSUSVG Reuters code .DBUSVG Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPX Index Index sponsor Deutsche Bank Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank US ValueGrowth Select Index was launched on May 31, 2001 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 27 |
[ Deutsche Bank ValueGrowth Select Total Return Index REUTERS: .DBVGS BLOOMBERG: DBEEVGS Index Description The ValueGrowth Select Index comprises either the Eurozone Value Index or the Eurozone Growth Index as the Index Constituent and is reconstituted on a quarterly basis based on which of the Selection Pool Indices has the higher trailing 12 month Sharpe Ratio on the relevant Index Selection Date. The Eurozone Value Index is intended to reflect the total return performance of fifteen shares with a high Dividend Yield. The shares constituting the Eurozone Value Index will be reconstituted on a quarterly basis. The Eurozone Growth Index is intended to reflect the total return performance of fifteen shares with a high Price Momentum and Long Term Growth Rate. 12 Months Volatility [GRAPHIC OMITTED] Absolute Return [GRAPHIC OMITTED] Cumulative Excess Index vs S&P 500 (TR) Index [GRAPHIC OMITTED] Annual Returns [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------ Jan 3.4% -1.3% 6.3% -2.3% -4.9% 2.8% 1.5% 5.0% 4.4% -12.7% -5.3% Feb 0.8% 18.6% -2.9% -0.8% -0.5% 2.3% 2.3% 5.3% -1.0% -1.4% -7.1% Mar -0.3% -6.3% -3.9% 1.9% -5.6% -4.8% -0.5% 3.1% 4.6% -1.8% -0.1% Apr -0.5% -0.8% 5.6% -1.2% 12.7% -2.9% -5.1% -1.3% 4.0% 3.4% May -0.1% -1.8% -1.4% -2.7% 3.9% 0.6% 4.0% -5.3% 5.3% 0.9% Jun 4.4% 4.2% -2.9% -13.0% 1.3% 0.6% 2.6% -1.2% -1.2% -13.6% Jul -1.6% 4.6% -1.3% -10.1% 5.7% -1.4% 3.1% 0.0% -3.9% -1.2% Aug 4.4% 3.5% -2.2% 2.9% 2.2% -0.7% -1.3% 4.2% -1.5% 4.3% Sep -3.2% 1.1% -11.6% -22.1% -9.2% 1.3% 4.8% 1.5% 1.0% -13.9% Oct 6.8% 5.2% 2.2% 15.8% 10.3% 3.0% -2.9% 4.0% 5.1% -15.1% Nov 12.9% -1.6% 5.4% 12.5% 1.5% 3.3% 4.9% -1.3% 0.7% -5.7% Dec 21.2% 2.0% 0.5% -12.2% 1.8% 4.0% 3.5% 3.1% -1.3% -6.2% - ------------------------------------------------------------------------------------ Year 56.7% 28.6% -7.4% -31.9% 18.5% 8.2% 17.6% 18.1% 16.8% -49.2% -12.1% - ------------------------------------------------------------------------------------ Historical Performance Through March 2009 Annualised ------------------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years ValueGrowth Select Total Return Index -0.1% -12.1% -34.0% -12.1% -47.2% -18.6% -4.8% 1.3% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% Excess Return vs S&P 500 (TR) Index -8.8% -1.1% -3.5% -1.1% -9.1% -5.5% -0.1% 4.3% Performance Analysis January 1999 - March 2009 Index Bench1 Growth over period 18.0% -22.6% Compounded annual growth 1.6% -2.5% Volatility 23.6% 21.6% Sharpe ratio (3.16%) -0.07 -0.26 Maximum drawdown -56.0% -50.9% Start of max drawdown period Jun-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 0.3% -0.1% Best monthly return 21.2% 9.8% Worst monthly return -22.1% -16.8% % of months with gains 52.8% 56.1% 12 Month Correlation versus: S&P 500 (TR) Index 0.56 1.00 Index Facts Bloomberg ticker DBEEVGS Reuters code .DBVGS Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPTR Index Index sponsor Deutsche Bank Stocks weighting Equal Rebalancing frequency Quarterly Index Currency EUR The Deutsche Bank ValueGrowth Select Total Return Index was launched on January 03, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 28 |
Deutsche Bank Global Yield US Total Return Index REUTERS: .DBGYUSTR BLOOMBERG: DBUSGYTR Index Description The US Dividend Strategy Index is intended to reflect the total return performance of the fifteen shares in the S&P 500 Index having a high Dividend Yield relative to other shares in the S&P 500 Index. The dividend yield is calculated by dividing the Last Dividend by the Closing Price on the applicable Selection Date. The Last Dividend is defined as the last annual Dividend or the sum of the last four quarterly or two semi- annual Dividends during the last 12 months. Absolute Return [GRAPHIC OMITTED] 12 Months Volatility [GRAPHIC OMITTED] Cumulative Excess Index vs S&P 500 (TR) Index [GRAPHIC OMITTED] Monthly Performance ----------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 ----------------------------------------------------------------------------------- Jan -1.7% -1.3% 4.5% -0.2% -2.6% 1.0% -3.9% 1.8% 1.2% 2.3% -17.7% Feb -1.1% -9.8% 1.0% 0.1% -4.1% 2.2% 1.8% 2.9% -1.6% -8.2% -12.9% Mar 2.1% 15.7% 0.8% 7.0% -3.2% -2.3% -2.5% 1.4% 0.5% -1.3% 10.3% Apr 13.1% -1.2% 4.4% 0.4% 8.6% -0.2% 1.2% 2.7% 1.7% 4.0% May -1.6% 6.0% 2.4% 1.3% 9.7% -0.1% 1.2% -2.5% 3.2% -2.3% Jun 2.8% -12.6% -2.1% -5.3% 2.9% 0.3% -0.1% 2.2% -2.9% -12.6% Jul -4.3% 1.2% -0.1% -11.2% -3.8% 0.7% 1.7% 3.6% -4.8% 6.3% Aug -1.7% 11.1% -1.0% 4.8% -0.4% 3.2% -1.6% 1.0% 2.5% 2.9% Sep -5.8% 2.9% -5.2% -14.1% 0.6% 0.5% -0.1% 2.6% 1.6% -0.6% Oct 7.3% 2.6% -1.6% 3.1% 6.6% 0.2% -0.6% 1.8% -1.2% -12.0% Nov -5.6% -5.4% 3.2% 7.7% 1.4% 3.1% 3.5% -0.1% -5.4% -10.9% Dec -5.3% 10.0% 2.8% -2.3% 8.7% 5.1% 1.2% 4.3% -6.6% 3.8% ----------------------------------------------------------------------------------- Year -3.5% 16.3% 8.9% -10.7% 25.5% 14.4% 1.5% 23.7% -11.6% -27.2% -20.9% ----------------------------------------------------------------------------------- Annual Returns [GRAPHIC OMITTED] Historical Performance Through March 2009 Annualised --------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield US Total Return Index 10.3% -20.9% -35.6% -20.9% -37.9% -16.0% -6.2% 0.1% S&P 500 (TR) Index 8.8% -11.0% -30.5% -11.0% -38.1% -13.0% -4.8% -3.0% DJ High Yield Select 10 (TR) Index 13.6% -21.3% -40.3% -21.3% -48.6% -15.4% -8.0% N/A Excess Return vs S&P 500 (TR) Index 1.6% -9.9% -5.0% -9.9% 0.2% -2.9% -1.5% 3.1% Excess Return vs DJ High Yield Select 10 (TR) Index -3.2% 0.4% 4.7% 0.4% 10.7% -0.6% 1.8% N/A Performance Analysis January 1999 - March 2009 Index Bench1 Bench2 Growth over period 0.2% -22.6% -26.2% Compounded annual growth 0.0% -2.5% -3.6% Volatility 23.0% 21.6% 24.9% Sharpe ratio (3.42%) -0.15 -0.27 -0.28 Maximum drawdown -56.1% -50.9% -61.9% Start of max drawdown period Jun-2007 Nov-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.2% -0.1% -0.1% Best monthly return 15.7% 9.8% 13.6% Worst monthly return -17.7% -16.8% -17.9% % of months with gains 56.1% 56.1% 54.5% 12 Month Correlation versus: S&P 500 (TR) Index 0.93 1.00 0.94 DJ High Yield Select 10 (TR) Index 0.96 0.94 1.00 Index Facts Bloomberg ticker DBUSGYTR Reuters code .DBGYUSTR Benchmark 1 S&P 500 (TR) Index Bloomberg ticker of Benchmark 1 SPTR Index Benchmark 2 DJ High Yield Select 10 (TR) Index Bloomberg ticker of Benchmark 2 MUTR Index Index sponsor Deutsche Bank Number of stocks 15 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD The Deutsche Bank Global Yield US Total was launched on January 31, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception Return Index date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 29 |
Deutsche Bank Global Yield Euro Total Return Index REUTERS: .DBGYEUTR BLOOMBERG: DBEEGYTR Index Description - -------------------------------------------------------------------------------- The Euro Dividend Strategy Index is intended to reflect the total return performance of twenty-five shares in the Dow Jones EURO STOXX Large Index having a high Dividend Yield relative to other shares in the Dow Jones EURO STOXX Large Index. The dividend yield is calculated by dividing the Last Dividend by the Closing Price on the applicable Selection Date. The Last Dividend is defined as the last annual Dividend or the sum of the last four quarterly or two semi-annual Dividends during the last 12 months. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs EuroSTOXX 50 (TR) Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------------ Jan 1.2% -9.3% 2.5% 1.0% -3.8% 1.5% 2.7% 4.8% 2.5% -11.9% -14.6% Feb -0.2% 1.8% -4.5% 0.3% -1.5% 2.1% 3.4% 5.1% -1.7% -4.0% -19.7% Mar 6.8% 6.0% -2.4% 6.5% -5.2% -1.8% 0.4% 2.6% 2.6% -1.6% 13.4% Apr 9.5% 2.2% 5.6% -0.4% 13.3% 2.8% -3.7% -0.3% 5.1% 8.4% May -2.9% 3.0% 1.3% -0.5% 1.7% 0.3% 4.3% -3.8% 3.4% -0.3% Jun 4.0% 1.2% -1.6% -6.6% 3.1% 3.4% 3.9% 0.9% -2.1% -14.1% Jul -2.4% 3.8% -1.7% -14.9% 4.4% -0.3% 3.3% 1.7% -3.4% -1.5% Aug 5.8% 2.9% -1.5% 4.3% 3.0% -0.4% 0.2% 4.4% -0.1% 3.3% Sep -1.7% -2.0% -12.1% -15.0% -5.6% 2.7% 5.7% 2.7% 0.8% -11.4% Oct 2.3% 5.9% 2.9% 7.9% 5.0% 3.3% -2.7% 4.1% 1.8% -23.1% Nov 5.1% -1.4% 3.9% 5.6% 1.8% 1.8% 3.8% -0.8% -2.5% -9.8% Dec 8.2% 0.8% 2.9% -6.6% 3.8% 2.4% 3.3% 3.5% -1.9% 3.5% - ------------------------------------------------------------------------------------------------------ Year 40.6% 14.9% -6.0% -19.9% 20.0% 19.4% 26.9% 27.4% 4.3% -50.1% -22.2% - ------------------------------------------------------------------------------------------------------ Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - ----------------------------------------------------------------------------------------------------------------------- Annualised --------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield Euro Total Return Index 13.4% -22.2% -44.2% -22.2% -53.3% -23.0% -5.2% 0.6% EuroSTOXX 50 (TR) Index 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% - ----------------------------------------------------------------------------------------------------------------------- Excess Return vs EuroSTOXX 50 (TR) Index 8.5% -7.1% -12.9% -7.1% -12.5% -6.7% -2.0% 3.8% - ----------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - --------------------------------------------------------------- Index Bench1 - --------------------------------------------------------------- Growth over period 14.0% -23.1% Compounded annual growth 1.3% -2.5% Volatility 23.3% 24.8% Sharpe ratio (3.16%) - 0.08- 0.23 Maximum drawdown -68.2% -59.9% Start of max drawdown period Jun-2007 May-2000 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 0.3% 0.0% Best monthly return 13.4% 14.7% Worst monthly return -23.1% -18.6% % of months with gains 61.0% 55.3% 12 Month Correlation versus: - --------------------------------------------------------------- EuroSTOXX 50 (TR) Index 0.93 1.00 - --------------------------------------------------------------- Index Facts - -------------------------------------------------------------- Bloomberg ticker DBEEGYTR Reuters code .DBGYEUTR Benchmark 1 EuroSTOXX 50(TR) Index Bloomberg ticker of Benchmark 1 SX5T Index Index sponsor Deutsche Bank Number of stocks 25 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency EUR - -------------------------------------------------------------- The Deutsche Bank Global Yield Euro Total Return Index was launched on January 31, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 30 |
REUTERS: .DBGYAPTR Deutsche Bank Global Yield AP Total Return Index BLOOMBERG: DBAPGYTR Index Description - -------------------------------------------------------------------------------- The Asia Pacific Dividend Strategy Index is intended to reflect the total return performance of the ten shares in the MSCI Japan Index, MSCI Hong Kong Index, MSCI Singapore Index or MSCI Australia Index having a high Dividend Yield relative to other shares in those Indices. The dividend yield is calculated by dividing the Last Dividend by the Closing Price on the applicable Selection Date. The Last Dividend is defined as the last annual Dividend or the sum of the last four quarterly or two semi-annual Dividends during the last 12 months. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs MSCI Asia Pacific (TR) Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ----------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ----------------------------------------------------------------------------------------- Jan -1.9% -8.7% -2.6% -1.2% 0.5% 3.1% -1.5% 3.8% 1.4% -6.6% -9.3% Feb -2.6% -5.2% 0.3% 3.6% 0.8% 1.7% 2.3% 3.4% 2.2% -1.1% -5.7% Mar 9.7% -1.8% -9.6% 1.1% 0.4% 2.1% -0.8% -1.2% 1.5% 0.1% 4.7% Apr 14.2% 5.5% 3.4% 2.8% 2.9% -2.2% 0.3% 5.3% 0.4% 6.9% May -7.5% -1.5% 2.4% 4.7% 2.8% 0.7% 0.6% -3.9% 1.6% 1.6% Jun 4.1% 7.7% 0.1% -1.0% 0.0% 0.5% 1.2% -2.6% -2.1% -5.4% Jul 2.0% -2.4% -1.0% -2.7% -0.3% -0.2% 3.4% 1.5% 0.9% -0.8% Aug -1.0% 0.3% -2.0% 2.7% 2.1% 3.3% -1.2% 6.9% -1.4% -3.3% Sep 0.7% -0.8% -9.5% -1.5% 4.4% 1.4% 3.8% -0.5% 6.6% -6.2% Oct 1.3% 1.6% 4.3% 2.1% 2.1% 4.5% -3.3% 4.2% 5.6% -16.6% Nov 4.9% 2.2% 6.7% 1.2% 1.8% 5.0% 1.5% 4.2% -2.1% -10.6% Dec -0.9% 2.5% 1.6% -2.6% 4.8% 2.3% 1.1% 7.8% -1.2% 10.9% - ----------------------------------------------------------------------------------------- Year 23.3% -1.7% -7.0% 9.2% 24.5% 24.1% 7.4% 32.1% 13.7% -29.2% -10.4% - ----------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - --------------------------------------------------------------------------------------------------------------------------- Annualised --------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Global Yield AP Total Return Index 4.7% -10.4% -25.9% -10.4% -31.4% -3.5% 3.5% 6.4% MSCI Asia Pacific (TR) Index 8.2% -8.9% -23.5% -8.9% -40.4% -13.0% -1.7% N/A - --------------------------------------------------------------------------------------------------------------------------- Excess Return vs MSCI Asia Pacific (TR) Index -3.5% -1.5% -2.3% -1.5% 9.0% 9.5% 5.2% N/A - --------------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------- Index Bench1 - -------------------------------------------------------------- Growth over period 94.7% 4.3% Compounded annual growth 6.7% 0.5% Volatility 17.9% 21.2% Sharpe ratio (3.42%) 0.18 - 0.14 Maximum drawdown -41.5% -54.9% Start of max drawdown period Nov-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 0.6% 0.2% Best monthly return 14.2% 8.6% Worst monthly return -16.6% -19.7% % of months with gains 61.8% 55.6% 12 Month Correlation versus: - -------------------------------------------------------------- MSCI Asia Pacific (TR) Index 0.88 1.00 - -------------------------------------------------------------- Index Facts - ---------------------------------------------------------------------- Bloomberg ticker DBAPGYTR Reuters code .DBGYAPTR Benchmark 1 MSCI Asia Pacific (TR) Index Bloomberg ticker of Benchmark 1 NDUEACAP Index Index sponsor Deutsche Bank Number of stocks 10 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD - ---------------------------------------------------------------------- The Deutsche Bank Global Yield AP Total Return Index was launched on January 31, 2004 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 31 |
REUTERS: .DBEEERET Deutsche Bank E-REV Europe Total Return Index BLOOMBERG: DBEEERET Index Description - -------------------------------------------------------------------------------- The E-REV Europe Index is intended to reflect the total return performance of twenty shares with a high Estimate Revision Ratio selected from the Dow Jones Euro STOXX Large Index. The Estimate Revision Ratio for a share is defined as the number of upward revisions on the selection date minus the number of downward revisions on the selection date, divided by the number of estimates for such share. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs EuroSTOXX 50 (TR) Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------ Jan 3.2% -5.7% -0.5% -5.1% -4.3% 2.6% 1.9% 4.2% 1.9% -13.0% -4.1% Feb 0.0% 5.4% -4.6% -1.6% -3.8% 1.0% 3.2% 4.5% -1.3% -3.3% -9.4% Mar 2.5% 2.4% -2.0% 3.9% -4.3% -2.9% -1.6% 2.9% 3.9% -4.8% 0.5% Apr 2.1% 3.7% 7.9% -3.7% 15.6% 0.3% -3.2% 0.1% 6.3% 4.8% May -0.4% -2.3% 0.3% -2.7% 0.5% -1.3% 2.6% -5.3% 3.7% 2.5% Jun 1.9% 2.0% -1.9% -6.2% 2.5% 2.6% 3.4% 0.6% 0.2% -11.0% Jul 0.2% 4.7% -2.7% -12.1% 4.8% -0.6% 4.7% 0.9% -4.4% -1.1% Aug 4.5% 3.9% -6.3% 2.3% 3.5% -0.7% -1.1% 4.9% -2.1% -0.9% Sep 0.1% -4.9% -7.0% -14.1% -7.4% 2.4% 6.4% 3.4% 1.7% -10.4% Oct 3.7% 4.6% 5.8% 7.1% 8.1% 0.3% -3.2% 1.6% 2.7% -8.8% Nov 11.6% -2.9% 3.5% 3.0% 1.2% 3.0% 4.5% 0.0% -5.9% -9.6% Dec 13.9% 1.5% 3.6% -10.0% 3.0% 1.8% 4.5% 4.6% -0.3% -0.8% - ------------------------------------------------------------------------------------------------ Year 51.4% 12.2% -4.9% -34.6% 18.9% 8.6% 23.6% 24.3% 5.8% -44.9% -12.6% - ------------------------------------------------------------------------------------------------ Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - ----------------------------------------------------------------------------------------------------------------------------- Annualised -------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years E-REV Europe Total Return Index 0.5% -12.6% -28.5% -12.6% -39.9% -17.3% -3.3% 0.1% EuroSTOXX 50 (TR) Index 4.9% -15.1% -31.2% -15.1% -40.8% -16.3% -3.2% -3.2% - ----------------------------------------------------------------------------------------------------------------------------- Excess Return vs EuroSTOXX 50 (TR) Index -4.4% 2.5% 2.7% 2.5% 1.0% -1.0% -0.1% 3.3% - ----------------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - ------------------------------------------------------------------ Index Bench1 - ------------------------------------------------------------------ Growth over period 6.7% -23.1% Compounded annual growth 0.6% -2.5% Volatility 21.5% 24.8% Sharpe ratio (3.16%) - 0.12- 0.23 Maximum drawdown -56.0% -59.9% Start of max drawdown period Jul-2007 May-2000 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 0.2% 0.0% Best monthly return 15.6% 14.7% Worst monthly return -14.1% -18.6% % of months with gains 58.5% 55.3% 12 Month Correlation versus: - ------------------------------------------------------------------ EuroSTOXX 50 (TR) Index 0.85 1.00 - ------------------------------------------------------------------ Index Facts - ------------------------------------------------------------------ Bloomberg ticker DBEEERET Reuters code .DBEEERET Benchmark 1 EuroSTOXX 50 (TR) Index Bloomberg ticker of Benchmark 1 SX5T Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency EUR - ------------------------------------------------------------------ The Deutsche Bank E-REV Europe Total Return Index was launched on April 25, 2003 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 32 |
REUTERS: .DBERJT Deutsche Bank E-REV Japan Total Return Index BLOOMBERG: DBAPERJT Index Description - -------------------------------------------------------------------------------- The E-REV Japan Index is intended to reflect the total return performance of twenty shares with a high Estimate Revision Ratio selected from the TOPIX 100 Index. The Estimate Revision Ratio for a share is defined as the number of upward revisions on the selection date minus the number of downward revisions on the selection date, divided by the number of estimates for such share. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs TOPIX 100 (TR) Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------------- Jan 0.5% -6.3% 4.9% -9.5% -5.8% -0.6% -1.0% 4.6% 1.8% -11.4% -9.6% Feb -0.1% -1.3% -10.0% 0.4% -2.6% 3.1% 4.6% -3.6% 2.1% -1.2% -8.7% Mar 13.2% 7.6% 3.0% 2.3% -3.2% 6.8% -0.1% 6.9% 1.3% -10.8% -2.6% Apr 6.5% -2.3% 5.9% 3.2% -0.6% -1.6% -4.9% -0.1% 0.3% 12.0% May -1.5% -6.4% -2.4% 2.8% 4.2% -1.9% 3.2% -9.1% 4.4% 4.3% Jun 8.7% 6.3% 2.5% -5.9% 5.6% 1.5% 2.0% 1.6% 3.5% -3.1% Jul 1.1% -7.8% -8.4% -7.4% 3.1% -5.5% 1.7% 0.0% -1.9% -2.8% Aug -3.5% -0.2% -10.1% -2.5% 1.7% -1.3% 6.2% 4.4% -6.2% -4.3% Sep 4.8% -5.7% -2.9% -1.5% -3.9% -2.4% 14.8% 1.6% 6.7% -18.9% Oct 2.8% -3.0% 2.9% -5.5% 2.3% 0.1% 1.2% 2.0% -0.9% -22.3% Nov 6.3% -1.3% -1.7% 6.7% -2.1% 1.1% 7.2% -0.6% -10.2% -6.3% Dec 15.9% -6.8% 0.4% -4.4% 4.2% 3.9% 6.4% 7.2% -3.4% 1.1% - ------------------------------------------------------------------------------------------------------- Year 67.7% -25.1% -16.4% -20.5% 2.0% 2.5% 48.1% 14.8% -3.6% -50.9% -19.6% - ------------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - --------------------------------------------------------------------------------------------------------------------- Annualised -------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years E-REV Japan Total Return Index -2.6% -19.6% -40.8% -19.6% -49.5% -26.0% -9.5% -6.8% TOPIX 100 (TR) Index 2.3% -9.5% -31.9% -9.5% -37.8% -22.7% -7.8% -5.5% Excess Return vs TOPIX 100 (TR) Index -4.8% -10.2% -8.9% -10.2% -11.7% -3.3% -1.8% -1.3% - --------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------- Index Bench1 - -------------------------------------------------------------- Growth over period -43.6% -31.9% Compounded annual growth -5.4% -3.7% Volatility 24.4% 24.7% Sharpe ratio (0.19%) - 0.23- 0.16 Maximum drawdown -66.7% -62.7% Start of max drawdown period Jul-2007 Jan-2000 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth -0.3% -0.2% Best monthly return 15.9% 14.9% Worst monthly return -22.3% -21.4% % of months with gains 49.6% 52.0% 12 Month Correlation versus: - -------------------------------------------------------------- TOPIX 100 (TR) Index 0.96 1.00 - -------------------------------------------------------------- Index Facts - -------------------------------------------------------------- Bloomberg ticker DBAPERJT Reuters code .DBERJT Benchmark 1 TOPIX 100 (TR) Index Bloomberg ticker of Benchmark 1 TPXD100 Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency JPY - -------------------------------------------------------------- The Deutsche Bank E-REV Japan Total Return Index was launched on April 25, 2003 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 33 |
REUTERS: .DSLE Deutsche Bank SectorLeader Total Return Index BLOOMBERG: DBEESLE Index Description - -------------------------------------------------------------------------------- The Sectorleader Index is intended to reflect the total return performance of four market sector indices with a high Moving Average Momentum Ratio contained in the Dow Jones Euro STOXX market sector return indices as included in the sector classifications as published by STOXX Limited. The Moving Average Momentum Ratio is the quotient of the arithmetic average of the Closing Levels of such Selection Pool Index for the twenty week days preceding and including such selection date and the arithmetic average of the closing levels of such Selection Pool Index for the two hundred week days preceding and including such selection date. The four Selection Pool Indices with the highest Moving Average Momentum Ratio are selected to become part of the Index. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs DJ STOXX 600 (TR) Index - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------------ Jan 3.6% -2.8% -5.6% -2.2% -4.2% 7.3% 1.8% 4.6% 3.7% -10.2% -6.4% Feb -3.4% 15.8% -2.1% 0.6% -4.9% 0.1% 4.8% 4.0% -0.1% -2.4% -7.1% Mar -2.2% -8.9% -7.6% 1.0% -3.8% -2.4% 0.8% 3.2% 5.3% -4.0% 2.6% Apr 4.0% -2.9% 7.4% -6.0% 10.3% -0.9% -2.0% 0.5% 1.2% 5.4% May 0.6% -6.7% 1.4% -1.8% 4.0% -0.5% 6.7% -5.7% 4.6% 2.4% Jun 7.7% 2.3% -5.5% -9.6% 2.3% 1.9% 1.4% 3.1% 0.5% -6.7% Jul 0.9% 2.0% -0.8% -12.6% 3.5% -0.6% 4.6% 0.7% -3.2% -7.1% Aug 2.9% 2.6% -2.9% -1.3% 1.9% -0.4% 0.4% 3.1% -1.2% -1.0% Sep -2.8% 1.1% -9.1% -14.8% -9.1% 2.6% 6.1% 5.4% 3.2% -17.9% Oct 4.7% 1.0% 1.9% 4.6% 9.8% 1.5% -6.4% 4.6% 1.9% -19.6% Nov 10.4% -1.7% 3.2% 0.2% 0.2% 1.7% 2.4% 0.5% -7.5% -3.2% Dec 18.5% 0.0% -0.5% -9.7% 2.5% 2.6% 4.1% 5.3% -1.2% -2.8% - ------------------------------------------------------------------------------------------------------ Year 52.3% -0.3% -19.5% -42.3% 11.4% 13.3% 26.9% 32.9% 6.7% -51.7% -10.8% - ------------------------------------------------------------------------------------------------------ Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - --------------------------------------------------------------------------------------------------------------------------- Annualised -------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years SectorLeader Total Return Index 2.6% -10.8% -32.6% -10.8% -48.7% -18.3% -3.5% -3.4% DJ STOXX 600 (TR) Index 2.3% -10.4% -30.2% -10.4% -40.3% -16.9% -3.1% -2.8% - --------------------------------------------------------------------------------------------------------------------------- Excess Return vs DJ STOXX 600 (TR) Index 0.3% -0.4% -2.3% -0.4% -8.4% -1.5% -0.3% -0.6% - --------------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - ---------------------------------------------------------------- Index Bench1 - ---------------------------------------------------------------- Growth over period -30.9% -19.8% Compounded annual growth -3.5% -2.1% Volatility 22.3% 21.0% Sharpe ratio (3.16%) - 0.30- 0.25 Maximum drawdown -63.9% -54.3% Start of max drawdown period Mar-2000 Jun-2007 End of max drawdown period May-2007 Mar-2009 Average monthly growth -0.1% -0.1% Best monthly return 18.5% 11.0% Worst monthly return -19.6% -14.1% % of months with gains 56.1% 55.3% 12 Month Correlation versus: DJ STOXX 600 (TR) Index 0.90 1.00 - ---------------------------------------------------------------- Index Facts - ---------------------------------------------------------------- Bloomberg ticker DBEESLE Reuters code .DSLE Benchmark 1 DJ STOXX 600 (TR) Index Bloomberg ticker of Benchmark 1 SXXR Index Index sponsor Deutsche Bank Stocks weighting Market Cap Rebalancing frequency Quarterly Index Currency EUR - ---------------------------------------------------------------- The Deutsche Bank SectorLeader Total Return Index was launched on December 01, 2000 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 34 |
REUTERS: .DBCOUS Deutsche Bank ChinaOpportunity Index Total Return Index USD BLOOMBERG: DBAPCOU Index Description - -------------------------------------------------------------------------------- The China Opportunity USD Index is intended to reflect the total return performance of thirty ordinary shares selected from the Hang Seng China Enterprise Index, the Hang Seng China-Affiliated Corporations Index, the Shanghai B-Share Stock Price Index, the Shenzhen B-Share Stock Price Index and the MSCI China Index in accordance with the following criteria: large market capitalisation, high market turnover, low price to book ratio, low price to earnings ratio and high dividend yield. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs HANG SENG China (TR) Index (USD) - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------------- Jan -18.2% 6.8% 1.6% 3.1% 11.0% 4.8% -2.6% 28.6% 4.3% -14.4% 0.5% Feb 1.3% -9.3% 14.3% 2.7% 1.7% 3.7% 10.9% -0.9% 4.2% 4.8% -0.3% Mar 11.5% 5.9% 32.8% 2.2% -1.5% -5.2% -6.3% 1.8% 4.9% -16.1% 19.7% Apr 21.3% 3.0% 11.1% 0.8% -0.3% -12.2% -2.1% 1.1% 16.7% 8.7% May 14.1% 6.6% 21.3% 1.2% 11.4% 0.8% -4.8% 7.0% 14.9% -3.4% Jun 54.3% 15.1% -1.0% 2.6% 2.8% -3.0% 2.1% -1.0% 2.6% -15.3% Jul -13.3% 14.0% -17.3% -2.6% 8.2% -1.1% -1.2% -5.9% 8.2% 0.3% Aug -2.3% 3.9% -11.2% -3.0% 6.2% -2.1% 1.2% 3.2% -1.5% -11.8% Sep -6.1% -11.3% -6.8% -4.9% 1.4% 7.1% 3.6% 5.3% 14.5% -15.9% Oct -8.8% -2.9% 16.9% -5.6% 14.3% -8.5% -14.5% 2.8% 7.8% -31.4% Nov -2.8% 0.1% 2.5% 2.5% 2.9% 6.4% 3.0% 9.2% -13.9% 12.6% Dec 0.3% 8.7% -3.9% 0.1% 11.4% -1.8% 1.4% 12.9% -1.1% 12.4% - ------------------------------------------------------------------------------------------------------- Year 39.3% 44.1% 62.2% -1.5% 93.5% -12.3% -11.0% 80.0% 75.7% -56.8% 19.9% - ------------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - -------------------------------------------------------------------------------------------------------------------------- Annualised ------------------------------------ 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years ChinaOpportunity Index Total Return Index USD 19.7% 19.9% 4.1% 19.9% -31.1% 8.1% 4.4% 24.0% HANG SENG China (TR) Index (USD) 17.0% 2.3% -10.9% 2.3% -32.9% 6.4% 11.2% 18.1% - -------------------------------------------------------------------------------------------------------------------------- Excess Return vs HANG SENG China (TR) Index (USD) 2.7% 17.7% 15.0% 17.7% 1.8% 1.7% -6.8% 5.9% - -------------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - ---------------------------------------------------------------- Index Bench1 - ---------------------------------------------------------------- Growth over period 693.8% 85.8% Compounded annual growth 22.4% 14.9% Volatility 29.3% 38.6% Sharpe ratio (3.42%) 0.65 0.30 Maximum drawdown -70.9% -66.4% Start of max drawdown period Nov-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Average monthly growth 2.2% 1.9% Best monthly return 54.3% 21.0% Worst monthly return -31.4% -27.0% % of months with gains 61.8% 60.4% 12 Month Correlation versus: - ---------------------------------------------------------------- HANG SENG China (TR) Index (USD) 0.76 1.00 - ---------------------------------------------------------------- Index Facts - ------------------------------------------------------------------ Bloomberg ticker DBAPCOU Reuters code .DBCOUS Benchmark 1 HANG SENG China (TR) Index (USD) Bloomberg ticker of Benchmark 1 HSI 21 Index (USD) Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD - ------------------------------------------------------------------ The Deutsche Bank ChinaOpportunity Index Total Return Index USD was launched on July 31, 2001 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 35 |
REUTERS: .DBEIIUEP Deutsche Bank Islamic US EquityBuilder Total Return Index BLOOMBERG: DBUSIU Index Description - -------------------------------------------------------------------------------- The Islamic US EquityBuilder Index Total Return intends to reflect the total return performance of 30 stocks with a high earnings estimate revision ratio selected from the Dow Jones Islamic United States Large Cap Index. The Estimate Revision Ratio is defined as the quotient between (i) the number of Upward Revisions per share on the reference selection date minus the number of Downwards Revisions per share on the reference selection date and (ii) the number of Estimates per share on the reference selection date. There is a country restriction so that no more than five shares from the same country will constitute the Index. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs DJ Islamic Market US Index (TR) - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ----------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ----------------------------------------------------------------------------------------------------- Jan 9.7% 1.2% 3.5% -1.1% -3.2% -1.9% -3.2% 1.6% 2.9% -9.3% -2.9% Feb -7.6% 13.1% -15.6% -1.8% -1.1% 1.3% 0.6% -1.6% -2.0% 4.5% -8.9% Mar 6.6% 11.2% -11.9% 2.3% 0.8% 0.7% -1.5% 0.6% 2.1% -0.6% 8.6% Apr 1.2% -0.3% 12.8% -5.7% 9.0% 0.1% -3.5% 0.4% 5.1% 2.5% May 1.7% -7.0% 0.9% 0.0% 6.7% 1.7% 3.5% -4.2% 2.9% 2.8% Jun 16.7% 12.9% -3.9% -6.6% 1.8% 1.5% 2.4% -0.4% -0.9% -2.0% Jul 0.9% -0.9% 0.6% -9.0% 1.1% -3.2% 4.9% -1.2% -3.4% -6.6% Aug 4.3% 15.3% -4.0% 2.2% 4.7% 1.0% 0.3% 0.7% 2.0% 0.7% Sep 0.6% -6.8% -7.1% -10.7% -2.6% 3.1% 3.4% 0.8% 6.5% -12.8% Oct 11.5% -4.5% 1.5% 8.0% 6.3% -0.6% -1.2% 5.0% 2.1% -16.1% Nov 8.4% -18.2% 1.2% -0.4% 1.7% 4.2% 3.0% 1.7% -4.3% -9.6% Dec 13.0% 5.1% 0.2% -1.5% 2.6% 2.1% 0.3% -1.1% 1.2% 5.3% - ----------------------------------------------------------------------------------------------------- Year 87.5% 16.4% -22.2% -22.9% 30.9% 10.3% 9.0% 2.2% 14.5% -36.4% -4.0% - ----------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - ------------------------------------------------------------------------------------------------------------------------------------ Annualised -------------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic US EquityBuilder Total Return Index 8.6% -4.0% -23.3% -4.0% -35.1% -10.7% -3.0% 3.2% DJ Islamic Market US Index (TR) 7.6% -7.0% -25.1% -7.0% -32.0% -9.2% -2.5% -3.2% DJ Islamic Mkt US Large Cap Index (TR) 7.3% -7.5% -23.6% -7.5% -30.9% -8.2% -2.7% N/A Excess Return vs DJ Islamic Market US Index (TR) 1.0% 3.0% 1.7% 3.0% -3.1% -1.5% -0.4% 6.4% Excess Return vs DJ Islamic Mkt US Large Cap Index (TR) 1.3% 3.5% 0.3% 3.5% -4.2% -2.5% -0.3% N/A - ------------------------------------------------------------------------------------------------------------------------------------ Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 - -------------------------------------------------------------------------------- Growth over period 47.4% -23.6% 5.6% Compounded annual growth 3.9% -2.6% 0.9% Volatility 24.7% 22.5% 20.0% Sharpe ratio (3.42%) 0.02 - 0.27 - 0.13 Maximum drawdown -56.7% -57.2% -42.7% Start of max drawdown period Sep-2000 Apr-2000 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.5% -0.1% 0.1% Best monthly return 16.7% 10.4% 7.3% Worst monthly return -18.2% -15.7% -14.2% % of months with gains 61.0% 50.4% 57.7% 12 Month Correlation versus: - -------------------------------------------------------------------------------- DJ Islamic Market US Index (TR) 0.97 1.00 1.00 DJ Islamic Mkt US Large Cap Index (TR) 0.97 1.00 1.00 - -------------------------------------------------------------------------------- Index Facts - -------------------------------------------------------------------------------- Bloomberg ticker DBUSIU Reuters code .DBEIIUEP Benchmark 1 DJ Islamic Market US Index (TR) Bloomberg ticker of Benchmark 1 IMUS Index Benchmark 2 DJ Islamic Mkt US Large Cap Index (TR) Bloomberg ticker of Benchmark 2 IMUSL Index Index sponsor Deutsche Bank Number of stocks 30 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD - -------------------------------------------------------------------------------- The Deutsche Bank Islamic US EquityBuilder Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 36 |
REUTERS: .DBEIIEEP Deutsche Bank Islamic Europe EquityBuilder Total Return BLOOMBERG: DBEEIE Index Index Description - -------------------------------------------------------------------------------- The Islamic Europe EquityBuilder Total Return Index intends to reflect the equal-weighted total return performance of 20 stocks with a high Estimate Revision Ratio selected from the Dow Jones Islamic Europe Large Cap Index. The Estimate Revision Ratio is defined as the quotient between (i) the number of Upward Revisions per share on the reference selection date minus the number of Downwards Revisions per share on the reference selection date and (ii) the number of Estimates per share on the reference selection date. There is a country restriction so that no more than five shares from the same country will constitute the Index. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs DJ Islamic Europe Index (TR) - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ------------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------------------------------------------------------------------------------------- Jan 14.2% -3.7% -0.3% 1.4% -5.6% 0.5% 1.1% 6.9% 2.3% -9.9% 1.6% Feb 5.9% 10.5% -7.4% 0.3% -2.9% 0.0% 5.0% 0.8% -2.8% 2.0% -9.0% Mar -0.5% 2.9% -0.3% 5.9% -2.6% -1.7% -1.7% 5.7% 3.2% -3.5% -0.5% Apr 3.2% 0.0% 6.6% -5.2% 6.9% 1.9% -1.4% 2.0% 3.3% 8.0% May -0.8% -4.3% 2.4% -4.6% 0.5% 0.2% 5.5% -7.3% 2.3% 1.9% Jun 6.6% 2.8% -0.4% -6.1% 1.5% 1.7% 5.7% -0.1% 1.0% -5.4% Jul 0.4% 4.2% -2.0% -10.7% 3.0% -1.4% 2.1% -0.3% -1.9% -5.7% Aug 5.1% 7.0% -0.6% 0.1% 1.9% -1.9% 1.5% 1.5% -0.4% -2.1% Sep 1.4% -4.3% -6.3% -9.9% -2.7% 2.9% 7.8% 0.1% 5.9% -19.7% Oct 4.4% 2.5% 1.9% 10.2% 5.3% -0.3% -5.0% 2.3% 1.7% -13.4% Nov 19.0% -4.5% 1.4% 2.7% 1.6% 4.0% 2.3% 0.5% -4.4% -5.5% Dec 15.5% -0.6% 3.8% -5.3% 3.7% 0.7% 4.8% 5.3% 0.1% -3.6% - ------------------------------------------------------------------------------------------------------- Year 101.8% 11.9% -2.0% -21.0% 10.3% 6.6% 30.5% 18.1% 10.2% -46.1% -8.1% - ------------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - ------------------------------------------------------------------------------------------------------------------------------------ Annualised ----------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Europe EquityBuilder Total Return Index -0.5% -8.1% -27.5% -8.1% -44.1% -17.2% -1.9% 3.7% DJ Islamic Europe Index (TR) 6.5% -11.7% -28.1% -11.7% -44.9% -12.1% -1.9% N/A DJ Islamic Mkt EUR Large Cap Index (TR) 2.2% -8.4% -23.6% -8.4% -32.4% -14.2% -3.4% N/A - ------------------------------------------------------------------------------------------------------------------------------------ Excess Return vs DJ Islamic Europe Index (TR) -7.0% 3.6% 0.5% 3.6% 0.8% -5.1% 0.0% N/A Excess Return vs DJ Islamic Mkt EUR Large Cap Index (TR) -2.7% 0.3% -4.0% 0.3% -11.7% -3.0% 1.5% N/A - ------------------------------------------------------------------------------------------------------------------------------------ Performance Analysis January 1999 - March 2009 - ----------------------------------------------------------------------------- Index Bench1 Bench2 - ----------------------------------------------------------------------------- Growth over period 73.5% -20.6% -4.5% Compounded annual growth 5.5% -2.4% -0.8% Volatility 20.8% 22.7% 20.4% Sharpe ratio (3.16%) 0.11 - 0.25 - 0.19 Maximum drawdown -52.6% -54.2% -46.0% Start of max drawdown period Nov-2007 Nov-2007 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.6% -0.1% 0.0% Best monthly return 19.0% 9.6% 7.8% Worst monthly return -19.7% -18.9% -13.1% % of months with gains 59.3% 51.3% 59.2% 12 Month Correlation versus: DJ Islamic Europe Index (TR) 0.91 1.00 0.94 DJ Islamic Mkt EUR Large Cap Index (TR) 0.94 0.94 1.00 - ----------------------------------------------------------------------------- Index Facts - ----------------------------------------------------------------------------- Bloomberg ticker DBEEIE Reuters code .DBEIIEEP Benchmark 1 DJ Islamic Europe Index (TR) Bloomberg ticker of Benchmark 1 IMEU Index Benchmark 2 DJ Islamic Mkt EUR Large Cap Index (TR) Bloomberg ticker of Benchmark 2 DJIEUL Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency EUR - ------------------------------------------------------------------------------ The Deutsche Bank Islamic Europe EquityBuilder Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 37 |
Deutsche Bank Islamic Asia Pacific EquityBuilder Total REUTERS: .DBEIIAEP Return Index BLOOMBERG: DBAPIAEP Index Description - -------------------------------------------------------------------------------- The Islamic Asia Pacific EquityBuilder Index intends to reflect the total return performance of 20 stocks with a high Estimate Revision Ratio selected from the Dow Jones Islamic Asia Pacific Large Cap Index. The Estimate Revision Ratio is defined as the quotient between (i) the number of Upward Revisions per share on the reference selection date minus the number of Downwards Revisions per share on the reference selection date and (ii) the number of Estimates per share on the reference selection date. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs DJ Islamic Mkt ASIA/PAC Index (TR) - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - -------------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - -------------------------------------------------------------------------------------------------------- Jan -1.4% -0.3% 4.3% -4.8% -1.1% 0.4% 1.4% 6.5% -1.5% -7.8% -8.2% Feb -0.6% 1.6% -11.1% 2.7% 1.4% 1.0% 4.8% -3.7% 4.6% 9.1% -13.1% Mar 14.1% 5.0% -4.5% 4.3% -4.1% 3.2% -4.0% 2.7% 1.9% -7.2% 2.5% Apr 5.8% -7.1% 9.1% 4.4% 3.1% -2.8% -2.8% 5.8% 3.3% 4.5% May -2.2% -1.4% 2.6% 1.8% 4.9% -1.3% -0.2% -7.2% 0.2% 5.1% Jun 16.8% 9.9% -5.2% -4.3% 5.2% 3.8% 5.7% -1.8% 2.6% -5.0% Jul 10.2% -6.4% -6.6% -6.7% 5.5% -1.7% 2.5% -0.2% 5.2% -4.3% Aug 4.4% 12.4% -2.6% -0.9% 11.0% 0.2% 4.6% 1.5% -1.0% -7.3% Sep 10.9% -8.5% -6.2% -9.8% 4.3% 2.7% 8.0% 0.3% 11.0% -15.8% Oct 15.7% -10.2% 4.0% -4.0% 4.5% 5.1% -3.6% 1.8% 7.5% -28.0% Nov 14.2% 0.8% 2.5% 4.2% 1.7% 7.8% 2.6% 0.9% -4.1% -2.9% Dec 15.6% -8.4% -5.0% -2.7% 5.0% 3.5% 5.7% 3.5% -4.6% 9.3% - -------------------------------------------------------------------------------------------------------- Year 163.5% -14.4% -18.8% -15.8% 49.1% 23.6% 26.6% 9.8% 26.6% -44.3% -18.2% - -------------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - ------------------------------------------------------------------------------------------------------------------------------------ Annualised ----------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Asia Pacific EquityBuilder Total Return Index 2.5% -18.2% -37.5% -18.2% -51.2% -15.6% -1.1% 7.4% DJ Islamic Mkt ASIA/PAC Index (TR) 9.4% -4.5% -21.5% -4.5% -41.6% -13.9% -4.2% 0.5% DJ Islamic Mkt ASIA/PAC Large Cap Index (TR) 9.0% -4.7% -22.0% -4.7% -40.7% -12.9% -3.8% N/A Excess Return vs DJ Islamic Mkt ASIA/PAC Index (TR) -6.9% -13.7% -15.9% -13.7% -9.7% -1.8% 3.1% 6.9% Excess Return vs DJ Islamic Mkt ASIA/PAC Large Cap Index (TR) -6.5% -13.6% -15.5% -13.6% -10.5% -2.7% 2.7% N/A - ------------------------------------------------------------------------------------------------------------------------------------ Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------------- Index Bench1 Bench2 - -------------------------------------------------------------------------------------- Growth over period 127.7% 15.2% 26.0% Compounded annual growth 8.4% 1.4% 3.9% Volatility 23.7% 22.0% 22.1% Sharpe ratio (3.42%) 0.21 - 0.09 0.02 Maximum drawdown -59.4% -61.5% -53.6% Start of max drawdown period Nov-2007 Apr-2000 Nov-2007 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.9% 0.3% 0.4% Best monthly return 16.8% 17.5% 9.0% Worst monthly return -28.0% -19.5% -19.2% % of months with gains 58.5% 54.5% 59.2% 12 Month Correlation versus: - -------------------------------------------------------------------------------------- DJ Islamic Mkt ASIA/PAC Index (TR) 0.82 1.00 1.00 DJ Islamic Mkt ASIA/PAC Large Cap Index (TR) 0.82 1.00 1.00 - -------------------------------------------------------------------------------------- Index Facts - --------------------------------------------------------------------------------- Bloomberg ticker DBAPIAEP Reuters code .DBEIIAEP Benchmark 1 DJ Islamic Mkt ASIA/PAC Index (TR) Bloomberg ticker of Benchmark 1 DJIAP Index Benchmark 2 J Islamic Mkt ASIA/PAC Large Cap Index (TR) Bloomberg ticker of Benchmark 2 DJIAPL Index Index sponsor Deutsche Bank Number of stocks 20 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD - --------------------------------------------------------------------------------- The Deutsche Bank Islamic Asia Pacific EquityBuilder Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 38 |
Deutsche Bank Islamic Global EquityBuilder REUTERS: .DBEIIGEP Total Return Index BLOOMBERG: DBGLIGEP Index Description - -------------------------------------------------------------------------------- The Islamic Global EquityBuilder Total Return Index intends to reflect the total return performance of a weighted combination of the Europe, US and Asia Pacific Islamic EquityBuilder Indices. Absolute Return - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] 12 Months Volatility - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Cumulative Excess Index vs DJ Islamic Mkt World Large Cap Index (TR) - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Monthly Performance - ---------------------------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 - ---------------------------------------------------------------------------------------------------------- Jan 8.2% -1.5% 1.9% -2.0% -3.1% -1.0% -2.3% 5.3% 1.5% -8.9% -5.0% Feb -3.2% 9.6% -12.4% -0.2% -1.0% 0.5% 3.4% -1.8% -0.7% 5.3% -9.9% Mar 4.9% 7.2% -8.0% 4.1% -1.2% 0.0% -2.7% 3.2% 2.7% -1.3% 6.0% Apr 2.0% -2.8% 10.1% -2.7% 8.7% -0.6% -2.9% 3.3% 5.0% 4.0% May -0.2% -4.7% 0.3% 0.0% 6.2% 0.4% 2.1% -5.0% 1.8% 2.8% Jun 13.0% 10.2% -3.0% -4.3% 1.5% 2.8% 3.3% -0.6% 0.4% -3.2% Jul 3.5% -1.3% -0.3% -9.4% 2.5% -2.7% 3.7% -0.8% -1.0% -6.2% Aug 4.1% 10.6% -1.4% 0.2% 3.3% 0.2% 1.9% 1.2% 0.5% -3.4% Sep 2.9% -6.5% -6.6% -9.3% 0.5% 3.7% 5.0% 0.1% 8.6% -16.7% Oct 9.5% -4.5% 1.6% 6.8% 6.2% 1.3% -3.1% 3.8% 2.7% -19.8% Nov 11.2% -10.0% 1.3% 1.5% 2.3% 6.3% 2.2% 2.5% -3.1% -7.2% Dec 14.1% 3.6% 0.3% -1.2% 5.3% 2.7% 2.7% 1.6% -0.3% 6.1% - ---------------------------------------------------------------------------------------------------------- Year 94.4% 7.3% -16.7% -16.3% 34.9% 14.0% 13.4% 13.1% 19.1% -41.6% -9.2% - ---------------------------------------------------------------------------------------------------------- Annual Returns - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] Historical Performance Through March 2009 - --------------------------------------------------------------------------------------------------------------------------------- Annualised ----------------------------------- 1 Month 3 Months 6 Months YTD 1 year 3 years 5 years 10 years Islamic Global EquityBuilder Total Return Index 6.0% -9.2% -28.4% -9.2% -44.0% -12.5% -1.5% 5.1% DJ Islamic Mkt World Large Cap Index (TR) 7.4% -7.9% -24.0% -7.9% -36.8% -9.7% -2.2% N/A DJ Islamic Market Index (TR) 7.7% -7.2% -25.8% -7.2% -38.1% -10.7% -2.4% -2.3% Excess Return vs DJ Islamic Mkt World Large Cap Index (TR) -1.4% -1.4% -4.3% -1.4% -7.3% -2.8% 0.7% N/A Excess Return vs DJ Islamic Market Index (TR) -1.7% -2.0% -2.5% -2.0% -5.9% -1.8% 0.9% 7.5% - --------------------------------------------------------------------------------------------------------------------------------- Performance Analysis January 1999 - March 2009 - -------------------------------------------------------------------------------- Index Bench1 Bench2 - -------------------------------------------------------------------------------- Growth over period 81.0% 13.1% -17.0% Compounded annual growth 6.0% 2.1% -1.8% Volatility 18.2% 17.1% 18.2% Sharpe ratio (3.42%) 0.14 - 0.08 - 0.29 Maximum drawdown -51.7% -47.7% -56.9% Start of max drawdown period Nov-2007 Nov-2007 Apr-2000 End of max drawdown period Mar-2009 Mar-2009 Mar-2009 Average monthly growth 0.6% 0.2% 0.0% Best monthly return 14.1% 7.4% 12.0% Worst monthly return -19.8% -16.0% -18.2% % of months with gains 58.5% 67.6% 55.3% 12 Month Correlation versus: DJ Islamic Mkt World Large Cap Index (TR) 0.96 1.00 0.99 DJ Islamic Market Index (TR) 0.97 0.99 1.00 - -------------------------------------------------------------------------------- Index Facts - ---------------------------------------------------------------------------------- Bloomberg ticker DBGLIGEP Reuters code .DBEIIGEP Benchmark 1 DJ Islamic Mkt World Large Cap Index (TR) Bloomberg ticker of Benchmark 1 DJILRG Index Benchmark 2 DJ Islamic Market Index (TR) Bloomberg ticker of Benchmark 2 DJIM Index Index sponsor Deutsche Bank Number of stocks 70 Stocks weighting Equal Rebalancing frequency Quarterly Index Currency USD - ---------------------------------------------------------------------------------- The Deutsche Bank Islamic Global EquityBuilder Total Return Index was launched on November 01, 2002 and has no prior operating history. All pro-forma performance data shown prior to the inception date is simulated and was calculated by means of retroactive application of the Index model. Past performance is no guarantee of future performance. Source: Bloomberg or Deutsche Bank AG/London 39 |
Appendix A - Bloomberg Codes Index Bloomberg: Reuters: Benchmark 1 - -------------------------------------------------------------------------------- CROCI US+ CROCI .CROCI S&P 500 (TR) CROCI US Plus II DBUSCPII S&P 500 (TR) CROCI Euro+ CRCEU .CRCEU EuroSTOXX 50 (TR) CROCI Euro II DBEECRII EuroSTOXX 50 (TR) CROCI Japan+ CRCJP .CRCJP TOPIX 100 (TR) CROCI Japan II DBAPCRII TOPIX 100 (TR) US Growth DBUSUSG .DBEIUSG S&P 500/Citigroup Growth (TR) US Value DBUSUSV .DBEIUSV S&P 500/Citigroup Value (TR) Euro Growth DBEEEUGR .DBEIEUGR DJES LC Growth Euro (TR) Euro Value DBEEEUVA .DBEIEUVA DJES LC Value Euro (TR) UK Growth DBEEUKGT .DBUKGT FTSE 100 (TR) UK Value DBEEUKVT .DBUKVT FTSE 100 (TR) Japan Growth DBAPJGT .DBJGT TOPIX 100 (TR) Japan Value DBAPJVT .DBJVT TOPIX 100 (TR) S&P X-Alpha TR SPXADT .SPXADT MSCI World (TR) S&P X-Alpha ER SPXADE .SPXADE MSCI World (TR) X-Alpha TR DBGLXAT MSCI World (TR) X-Alpha ER DBGLXAE MSCI World (TR) ImpAct Dollar Equity Volatility Index DBVEUSDB .DBVEUSDB S&P 500 (TR) Liquid Alpha USD 5 TR DBLAUT5J .DBLAUT5J MSCI World (TR) Liquid Alpha USD 5 ER DBLAUE5J .DBLAUE5J MSCI World (TR) US ValueGrowth Select DBUSUSVG .DBUSVG S&P 500 (TR) ValueGrowth Select DBEEVGS .DBVGS S&P 500 (TR) Global Yield US TR DBUSGYTR .DBGYUSTR S&P 500 (TR) Global Yield Euro TR DBEEGYTR .DBGYEUTR EuroSTOXX 50 (TR) Global Yield AP TR DBAPGYTR .DBGYAPTR MSCI Asia Pacific (TR) E-REV Europe TR DBEEERET .DBEEERET EuroSTOXX 50 (TR) E-REV Japan TR DBAPERJT .DBERJT TOPIX 100 (TR) SectorLeader TR DBEESLE .DSLE DJ STOXX 600 (TR) ChinaOpportunity TR USD DBAPCOU .DBCOUS HANG SENG China Ent (TR) (USD) Islamic US EquityBuilder DBUSIU .DBEIIUEP DJ Islamic Mkt US LCAP (TR) Islamic Europe EquityBuilder DBEEIE .DBEIIEEP DJ Islamic Mkt EUR LCAP (TR) Islamic Asia Pacific EquityBuilder DBAPIAEP .DBEIIAEP DJ Islamic Mkt ASIA/PAC (TR) Islamic Global EquityBuilder DBGLIGEP .DBEIIGEP DJ Islamic Mkt World LCAP (TR) - --------------------------------------------------------------------------------- Index Bloomberg: Benchmark 2 Bloomberg: - -------------------------------------------------------------------------------------- CROCI US+ SPTR S&P 500/Citigroup Value (TR) SPTRSVX CROCI US Plus II SPTR S&P 500/Citigroup Value (TR) SPTRSVX CROCI Euro+ SX5T MSCI EMU (TR) NDDUEMU (EUR) CROCI Euro II SX5T MSCI EMU (TR) NDDUEMU (EUR) CROCI Japan+ TPXD100 MSCI Japan (TR) NDDUJN (JPY) CROCI Japan II TPXD100 MSCI Japan (TR) NDDUJN (JPY) US Growth SPTRSGX S&P 500 (TR) SPTR US Value SPTRSVX S&P 500 (TR) SPTR Euro Growth SLGT DJES Large Euro (TR) LCXT Euro Value SLVE DJES Large Euro (TR) LCXT UK Growth TUKXG MSCI UK Growth (TR) NLDGUK UK Value TUKXG MSCI UK Value (TR) NDLVUK Japan Growth TPXD100 MSCI Japan Growth (TR) NAGLJN Japan Value TPXD100 MSCI Japan Value (TR) NAVLJN S&P X-Alpha TR NDDUWI HFRX US Equity Market Neutral (TR) HFRXEMN S&P X-Alpha ER NDDUWI HFRX US Equity Market Neutral (TR) HFRXEMN X-Alpha TR NDDUWI HFRX US Equity Market Neutral (TR) HFRXEMN X-Alpha ER NDDUWI HFRX US Equity Market Neutral (TR) HFRXEMN ImpAct Dollar Equity Volatility Index SPTR iBoxx USD Treasury (TR) ITRROV Liquid Alpha USD 5 TR NDDUWI iBoxx USD Treasury (TR) ITRROV Liquid Alpha USD 5 ER NDDUWI iBoxx USD Treasury (TR) ITRROV US ValueGrowth Select SPTR ValueGrowth Select SPTR Global Yield US TR SPTR DJ High Yield Select 10 (TR) MUTR Global Yield Euro TR SX5T Global Yield AP TR NDUEACAP E-REV Europe TR SX5T E-REV Japan TR TPXD100 SectorLeader TR SXXR ChinaOpportunity TR USD HSI 21 (USD) Islamic US EquityBuilder IMUSL DJ Islamic Market US (TR) IMUS Islamic Europe EquityBuilder DJIEUL DJ Islamic Europe (TR) IMEU Islamic Asia Pacific EquityBuilder DJIAP DJ Islamic Market APAC LCAP (TR) DJIAPL Islamic Global EquityBuilder DJILRG DJ Islamic Market (TR) DJIM - -------------------------------------------------------------------------------------- Source: Bloomberg or Deutsche Bank AG/London 40 |
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