Deutsche Asset Management. Deutsche AM Fund Reporting

Transcription

1 Deutsche Asset Management Deutsche AM Fund Reporting Edition

2 Legal Disclaimer Please note that the information from Morningstar, FERI and Lipper Leaders relates to the previous month. Morningstar Overall Rating [2018] Morningstar Inc. All rights reserved. The information contained herein (1) is copyright protected for Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers are responsible for any damages or losses that may arise from use of this information. Past performance does not guarantee future performance. Lipper Leaders 2018 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Neither Lipper, other members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content or for any actions taken in reliance thereon. Lipper performance rankings are calculated using data available at the time of calculation and may not represent all the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment recommendation for a specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and the Lipper logo are registered trademarks of Thomson Reuters. Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest) First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense Important Notice When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement of the Fund's performance relative to the benchmark at the end of the month (this is referred to as the "pricing effect"). The information in this document does not constitute investment advice and is only a brief summary of key aspects of the Fund. Full details of the Fund can be found in the Key Investor Information Document and the Prospectus, as supplemented by the latest audited annual report and the latest semi-annual report, if this report is more recent than the last annual report. These documents constitute the sole binding basis for the purchase. They are available free of charge in electronic or printed format from Deutsche Asset Management Investment GmbH, Mainzer Landstraße 11-17, D Frankfurt/Main and, for Luxembourg funds, from Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg. Any views expressed reflect the current assessment of Deutsche Asset Management Investment GmbH, which may change without notice. Where information contained in this document derives from third parties, Deutsche Asset Management accepts no liability for the accuracy, completeness or adequacy of such data, although Deutsche Asset Management only uses data that it deems to be reliable. The gross performance (BVI method) includes all costs incurred at the fund level (e.g. management fee), the net performance also includes the sales charge; additional costs may be incurred at the investor level (e.g. custody costs), which are not included in the presentation. Past performance is not a reliable indicator of future performance. Further information on taxation can be found in the Prospectus. The units issued under this Fund may only be offered for sale or sold in jurisdictions in which such offer or sales is permitted. The units of this Fund may not be offered for sale or sold in the US nor for account of US citizens nor to US citizens resident in the US. This document and the information contained therein may not be distributed in the US. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions. Page 2

3 Table of Contents Equity Funds Germany DWS Deutschland 6 Europe Deutsche Invest I Top Euroland 11 Global Deutsche Invest I Top Dividend DWS Akkumula DWS Global Growth DWS Top Dividende DWS Vermögensbildungsfonds I Asia Deutsche Invest I Top Asia DWS Top Asien Emerging Markets Deutsche Invest I Africa Deutsche Invest I Chinese Equities Deutsche Invest I Emerging Markets Top Dividend DWS Osteuropa Sectors/Categories Bond Funds Deutsche Invest I Global Agribusiness Deutsche Invest I New Resources EUR Deutsche Invest I ESG Euro Bonds (Short) Deutsche Invest I Global Bonds DWS Covered Bond Fund DWS Zinseinkommen International Currencies DWS Inter-Renta 89 Emerging Markets/ High Yield Corporate Bonds Deutsche Invest I China Bonds Deutsche Invest I Emerging Markets Corporates DWS Emerging Markets Bonds (Short) Corporate Bonds Deutsche Invest I Euro Corporate Bonds 107 Short-term EUR Deutsche Floating Rate Notes Deutsche Institutional Money plus Balanced Funds Flexible DWS Sachwerte 119 Convertible Bonds Page 3

4 Table of Contents Deutsche Invest I Convertibles DWS Convertibles Multi-Asset-funds DWS Vermögensmandat-Balance DWS Vermögensmandat-Defensiv DWS Vermögensmandat-Dynamik Guarantee Funds DWS Garant 80 FPI Total Return Strategies Deutsche Concept Kaldemorgen Page 4

5 Equity Funds Germany

6 Factsheet: DWS Deutschland Equity Funds - Germany Fund Data Investment Policy The Fund invests in solid German blue chips from the DAX index, while making flexible investments in selected small caps and mid caps. Performance Performance - Share Class LC (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark (since 30/08/2001): CDAX (RI) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC Volatility 17.88% Maximum Drawdown % VAR (99%/10 days) 9.63% Sharpe Ratio 0.20 Information Ratio 0.20 Correlation Coefficient 0.97 Alpha 0.59% Beta 1.15 Tracking Error 4.68% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Industrials 19.9 Financials 18.0 Consumer Discretionary 16.2 Materials 15.7 Information Technology 15.2 Health Care 7.7 Telecommunication Serv. 3.8 Utilities 0.8 Real Estate 0.6 Consumer Staples 0.4 Not classified to MSCI 0.5 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Allianz SE (Financials) 8.7 BASF SE (Materials) 7.2 SAP SE (Information Technology) 6.9 Siemens AG (Industrials) 6.4 Daimler AG (Consumer Discretionary) 5.2 Deutsche Post AG (Industrials) 4.9 Continental AG (Consumer Discretionary) 3.9 Bayer AG (Health Care) 3.6 Deutsche Telekom AG (Telecommunication Serv.) 3.3 Muenchener Rueckversicherungs-Gesellschaft A 3.1 Total 53.2 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Currency Investment Ratio Value Growth Blend Investment Style Euro Equities Cash and other assets Future Long Morningstar Category Germany Large-Cap Equity Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««««FERI Fund Rating: (B) Lipper Leaders: Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Note: The key terms are explained in the glossary. Page 1 / 4 6

7 Factsheet: DWS Deutschland Equity Funds - Germany Portfolio Analysis Market Capitalization > 10 Bn > 5 Bn. < 10 Bn. 6.7 > 1 Bn. < 5 Bn < 1 Bn. 1.8 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 64 Dividend Yield (in %) 2.7 Ø Market Cap 45,599.9 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC GLC*** GTFC*** IC LC LD*** TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 7

8 Factsheet: DWS Deutschland Equity Funds - Germany Fund Data Portfolio Manager Tim Albrecht Assets 6,782.9 Mio. EUR Portfolio Manager since 01/07/2002 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 20/10/1993 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FC EUR DE000DWS2F23 DWS 2F2 Accumulation 0.00% % 0.80% (1) 2,000,000 GLC EUR DE000DWS2S28 DWS 2S2 Accumulation 5.00% % 1.40% (2) GTFC EUR DE000DWS2S36 DWS 2S3 Accumulation 0.00% % 0.80% (2) IC EUR DE000DWS2GT0 DWS 2GT Accumulation 0.00% % 0.60% (1) 25,000,000 LC EUR DE Accumulation 5.00% % 1.40% (1) LD EUR DE000DWS2F15 DWS 2F1 Distribution 5.00% % 1.40% (2) TFC EUR DE000DWS2R94 DWS 2R9 Accumulation 0.00% % 0.80% (2) TFD EUR DE000DWS2SA5 DWS 2SA Distribution 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (GLC:02/01/2018, GTFC:02/01/2018, LD:30/06/2017, TFC:02/01/2018, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 8

9 Factsheet: DWS Deutschland Equity Funds - Europe Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 9

10 Equity Funds Europe

11 Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe Fund Data Investment Policy At least 75% of Subfund assets are invested in equities whose issuers registered office is in a member state of the European Economic and Monetary Union (EMU). In its search for the current and future market leaders, Fund management may make investments in large caps, mid caps and small caps, although the focus is on large caps. Around 40 to 60 stocks are included in the portfolio that Fund management considers to have aboveaverage earnings potential. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark: EURO STOXX 50 (RI) ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 13.64% Maximum Drawdown % VAR (99%/10 days) 6.90% Sharpe Ratio 0.01 Information Ratio 0.07 Correlation Coefficient 0.95 Alpha 0.25% Beta 0.87 Tracking Error 4.70% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 28.1 Industrials 15.6 Consumer Discretionary 12.9 Materials 11.7 Information Technology 11.2 Energy 8.6 Health Care 5.0 Consumer Staples 3.8 Utilities 1.6 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Total SA (Energy) 5.2 BANCO SANTANDER SA (Financials) 5.2 Allianz SE (Financials) 4.7 LVMH Moet Hennessy Vuitton SE (Consumer Disc 4.2 Air Liquide SA (Materials) 4.0 Intesa Sanpaolo SpA (Financials) 3.7 ASML Holding NV (Information Technology) 3.4 ING Group NV (Financials) 3.3 BNP Paribas (Financials) 3.3 Capgemini SE (Information Technology) 3.1 Total 40.1 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: Growth Morningstar Category Eurozone Large-Cap Equity (D) France 28.4 Germany 27.9 Spain 12.2 Italy 12.0 Netherlands 11.3 Ireland 2.3 Portugal 1.9 Austria 1.5 Belgium 0.9 Equities Cash and other assets Future Long Lipper Leaders: Gross weighting, not adjusted for any positions in derivatives. Note: The key terms are explained in the glossary. Page 1 / 4 11

12 Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe Portfolio Analysis Breakdown by Currency Market Capitalization Euro > 10 Bn > 5 Bn. < 10 Bn > 1 Bn. < 5 Bn. 8.1 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 45 Dividend Yield (in %) 2.6 Ø Market Cap 45,921.9 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) FD(EUR) GBP D RD(GBP) GBP DH RD(GBP) IC(EUR) LC(EUR) LD(EUR) NC(EUR) SGD LCH (P)(SGD) TFC(EUR)*** TFD(EUR)*** USD FCH(USD) USD LCH(USD) ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 12

13 Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe Fund Data Portfolio Manager Britta Weidenbach Assets Mio. EUR Portfolio Manager since 01/10/2006 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 03/06/2002 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU Accumulation 0.00% % 0.86% (1) 2,000,000 FD EUR LU DWS 1CY Distribution 0.00% % 0.86% (1) 2,000,000 GBP D RD GBP LU DWS 1W7 Distribution 0.00% % 0.86% (1) GBP DH RD GBP LU DWS 12W Distribution 0.00% % 0.88% (1) IC EUR LU DWS 07P Accumulation 0.00% % 0.57% (1) 25,000,000 LC EUR LU Accumulation 5.00% % 1.61% (1) LD EUR LU Distribution 5.00% % 1.61% (1) NC EUR LU Accumulation 3.00% % 2.31% (1) SGD LCH (P) SGD LU DWS 12S Accumulation 5.00% % 1.63% (1) TFC EUR LU DWS 2RS Accumulation 0.00% % 0.91% (2) TFD EUR LU DWS 2RT Distribution 0.00% % 0.91% (2) USD FCH USD LU DWS 1W6 Accumulation 0.00% % 0.89% (1) 2,000,000 USD LCH USD LU DWS 112 Accumulation 5.00% % 1.63% (1) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, TFD:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 13

14 Factsheet: Deutsche Invest I Top Euroland Equity Funds - Global Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 14

15 Equity Funds Global

16 Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global Fund Data Investment Policy Deutsche Invest I Top Dividend offers an equity investment with the opportunity for current income. Management invests globally in equities, that it expects to offer dividend yields higher than the market average. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 8.91% Maximum Drawdown -9.83% VAR (99%/10 days) 5.13% Sharpe Ratio 0.04 Information Ratio Correlation Coefficient Alpha Beta Tracking Error Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Consumer Staples 18.9 Financials 14.1 Health Care 11.2 Telecommunication Serv Information Technology 10.1 Utilities 8.4 Industrials 6.9 Energy 6.4 Materials 3.5 Real Estate 2.0 Other Sectors 1.4 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Taiwan Semiconductor Manufacturing Co Ltd (Info 3.9 Allianz SE (Financials) 3.7 Cisco Systems Inc (Information Technology) 3.5 NextEra Energy Inc (Utilities) 3.5 Unilever NV (Consumer Staples) 3.3 Nippon Telegraph & Telephone Corp (Telecommun 3.2 Pfizer Inc (Health Care) 3.1 PepsiCo Inc/NC (Consumer Staples) 3.0 Novartis AG (Health Care) 2.7 Verizon Communications Inc (Telecommunication 2.1 Total 32.0 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Equity Income (D) USA 35.3 Germany 10.1 Japan 6.2 Great Britain 6.2 Switzerland 5.9 Netherlands 5.7 Canada 5.4 France 4.8 Taiwan 4.5 Norway 3.8 Finland 1.8 Other Countries 3.0 Gross weighting, not adjusted for any positions in derivatives. Equities Bonds Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 16

17 Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 45.1 Euro 22.5 Japanese yen 6.5 Pound sterling 6.3 Swiss franc 5.9 Canadian dollar 5.6 Norwegian krone 3.9 South Korean won 1.5 Taiwan dollar - new Swedish krona 1.1 > 10 Bn > 5 Bn. < 10 Bn. 2.4 > 1 Bn. < 5 Bn. 1.4 < 1 Bn. 0.2 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 67 Dividend Yield (in %) 3.8 Ø Market Cap 83,352.2 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø CHF FCH (P)(CHF) CHF LCH (P)(CHF) FC(EUR) FD(EUR) GBP C RD(GBP) GBP D RD(GBP) GBP DH (P) RD(GBP) GBP LD DS(GBP) IC(EUR) ID(EUR) LC(EUR) LD(EUR) LDQH (P)(EUR) NC(EUR) ND(EUR) SEK LCH (P)(SEK) SGD LC(SGD) SGD LCH (P)(SGD) SGD LDQ(SGD) SGD LDQH (P)(SGD) TFC(EUR)*** USD FC(USD) USD FCH (P)(USD) USD LC(USD) USD LCH (P)(USD) USD LDH (P)(USD) USD LDM(USD) USD LDQ(USD) USD LDQH (P)(USD) ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 17

18 Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global Fund Data Portfolio Manager Dr. Thomas-P Schuessler Assets 4,003.0 Mio. EUR Portfolio Manager since 01/07/2010 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 01/07/2010 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee CHF FCH (P) CHF LU DWS 07L Accumulation 0.00% % 0.87% (1) 2,000,000 CHF LCH (P) CHF LU DWS 07K Accumulation 5.00% % 1.62% (1) FC EUR LU DWS 0ZG Accumulation 0.00% % 0.84% (1) 2,000,000 FD EUR LU DWS 1CK Distribution 0.00% % 0.84% (1) 2,000,000 GBP C RD GBP LU DWS 2BN Accumulation 0.00% % 0.91% (1) GBP D RD GBP LU DWS 1W0 Distribution 0.00% % 0.86% (1) GBP DH (P) R GBP LU DWS 2G3 Distribution 0.00% % 0.88% (1) GBP LD DS GBP LU DWS 00H Distribution 5.00% % 1.61% (1) IC EUR LU DWS 2G5 Accumulation 0.00% % 0.55% (1) 25,000,000 ID EUR LU DWS 07J Distribution 0.00% % 0.54% (1) 25,000,000 LC EUR LU DWS 0ZD Accumulation 5.00% % 1.59% (1) LD EUR LU DWS 0ZE Distribution 5.00% % 1.59% (1) LDQH (P) EUR LU DWS 1W3 Distribution 5.00% % 1.78% (2) NC EUR LU DWS 0ZF Accumulation 3.00% % 2.29% (1) ND EUR LU DWS 015 Distribution 3.00% % 2.29% (1) SEK LCH (P) SEK LU DWS 2C6 Accumulation 5.00% 1, , % 1.63% (1) SGD LC SGD LU DWS 1CL Accumulation 5.00% % 1.60% (1) SGD LCH (P) SGD LU DWS 1CM Accumulation 5.00% % 1.62% (1) SGD LDQ SGD LU DWS 07M Distribution 5.00% % 1.61% (1) SGD LDQH (P) SGD LU DWS 1WZ Distribution 5.00% % 1.62% (1) TFC EUR LU DWS 2RR Accumulation 0.00% % 0.91% (2) USD FC USD LU DWS 0ZJ Accumulation 0.00% % 0.87% (1) 2,000,000 USD FCH (P) USD LU DWS 1JX Accumulation 0.00% % 0.88% (1) 2,000,000 USD LC USD LU DWS 0ZH Accumulation 5.00% % 1.60% (1) USD LCH (P) USD LU DWS 014 Accumulation 5.00% % 1.62% (1) USD LDH (P) USD LU DWS 1CH Distribution 5.00% % 1.62% (1) USD LDM USD LU DWS 1WX Distribution 5.00% % 1.75% (1) USD LDQ USD LU DWS 1WY Distribution 5.00% % 1.62% (1) USD LDQH (P) USD LU DWS 2C5 Distribution 5.00% % 1.78% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (LDQH (P):04/06/2014, TFC:05/12/2017, USD LDQH (P):30/09/2015). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 18

19 Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend at all, this can have a negative impact on the value of equities or derivatives. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 19

20 Factsheet: DWS Akkumula Equity Funds - Global Fund Data Investment Policy The classic among DWS equity funds has a flexible investment policy that is not locked into index weightings stocks are picked using a purely fundamental approach. Fund management focuses on global blue chips and ensures a mix of value- and growthoriented companies that is appropriate to the market situation. Performance Performance - Share Class LC (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark* *Benchmark: MSCI World TR Net EUR (vorher MSCI World TR Gross) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR , BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC Volatility 13.12% Maximum Drawdown % VAR (99%/10 days) 7.17% Sharpe Ratio 0.17 Information Ratio Correlation Coefficient 0.96 Alpha -1.69% Beta 1.11 Tracking Error 3.82% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 21.1 Financials 21.0 Health Care 15.1 Consumer Discretionary 12.7 Consumer Staples 11.4 Industrials 11.0 Materials 2.4 Telecommunication Serv. 1.6 Energy 1.0 Real Estate 0.6 Other Sectors 0.2 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Alphabet Inc (Information Technology) 3.9 Samsung Electronics Co Ltd (Information Technol 2.5 Apple Inc (Information Technology) 2.3 Nestle SA (Consumer Staples) 2.1 Booking Holdings Inc (Consumer Discretionary) 1.8 Roche Holding AG (Health Care) 1.8 Visa Inc (Information Technology) 1.7 Aetna Inc (Health Care) 1.6 Allianz SE (Financials) 1.5 Moody's Corp (Financials) 1.5 Total 20.7 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Large-Cap Blend Equity (A) USA 54.9 Japan 8.1 Germany 6.0 Switzerland 4.7 Netherlands 3.9 Canada 3.5 Great Britain 3.4 Korea 2.5 Ireland 1.4 Sweden 1.2 Taiwan 1.1 Other Countries 7.5 Gross weighting, not adjusted for any positions in derivatives. Equities REITs Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 20

21 Factsheet: DWS Akkumula Equity Funds - Global Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 59.1 Euro 11.1 Japanese yen 8.2 Swiss franc 4.7 Pound sterling 4.4 Canadian dollar 3.5 South Korean won 2.5 Swedish krona 1.2 Taiwan dollar - new Hong Kong dollar 1.0 Other Currencies 3.3 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn. 6.0 > 1 Bn. < 5 Bn. 1.7 Others 0.4 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 181 Dividend Yield (in %) 2.1 Ø Market Cap 101,061.8 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø ID LC , LD TFC Page 2 / 4 21

22 Factsheet: DWS Akkumula Equity Funds - Global Fund Data Portfolio Manager Andre Koettner Assets 4,047.9 Mio. EUR Portfolio Manager since 01/03/2013 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 03/07/1961 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee ID EUR DE000DWS2D74 DWS 2D7 Distribution 0.00% % 0.60% (1) 10,000,000 LC EUR DE Accumulation 5.00% 1, % 1.45% (1) LD EUR DE000DWS2D66 DWS 2D6 Distribution 5.00% 1, % 1.45% (1) TFC EUR DE000DWS2L90 DWS 2L9 Accumulation 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:02/01/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 22

23 Factsheet: DWS Akkumula Equity Funds - Global Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund may also invest in assets that are not denominated in euro. This can result in your investment falling in value if the euro exchange rate against these currencies increases. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 23

24 Factsheet: DWS Global Growth Equity Funds - Global Fund Data Investment Policy DWS Global Growth is the Fund for growth stocks shares issued by companies that demonstrate above-average structural growth and, more importantly, that Fund management considers to have aboveaverage growth prospects. The selection of companies is based on rigorous fundamental analysis. Fund management may also act flexibly, depending on its assessment of the market, and add emerging market stocks to the portfolio. Performance Performance - Share Class LD (in %) Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report. Fund Benchmark* *Benchmark: MSCI World Growth (NR) (vorher MSCI AC World) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LD Volatility 11.35% Maximum Drawdown % VAR (99%/10 days) 7.78% Sharpe Ratio 0.21 Information Ratio Correlation Coefficient 0.94 Alpha -1.48% Beta 0.94 Tracking Error 3.89% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 22.4 Consumer Discretionary 15.9 Industrials 15.1 Health Care 13.1 Financials 11.0 Materials 6.9 Energy 2.6 Consumer Staples 2.3 Real Estate 0.8 Telecommunication Serv. 0.6 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Apple Inc (Information Technology) 3.2 Microsoft Corp (Information Technology) 2.7 Amazon.com Inc (Consumer Discretionary) 2.3 LVMH Moet Hennessy Vuitton SE (Consumer Disc 2.1 Alphabet Inc (Information Technology) 2.1 Ping An Insurance Group Co (Financials) 1.9 FedEx Corp (Industrials) 1.8 Ecolab Inc (Materials) 1.7 Home Depot Inc/The (Consumer Discretionary) 1.7 Abbott Laboratories (Health Care) 1.7 Total 21.2 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Large-Cap Growth Equity (C) USA 56.2 Great Britain 6.1 China 5.9 Germany 4.7 France 4.7 Sweden 2.8 Denmark 1.1 Australia 1.0 Finland 1.0 Ireland 1.0 Japan 1.0 Other Countries 5.4 Gross weighting, not adjusted for any positions in derivatives. Equities Warrants Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 24

25 Factsheet: DWS Global Growth Equity Funds - Global Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 61.6 Euro 15.5 Pound sterling 5.9 Hong Kong dollar 4.9 Indian rupee 3.4 Swedish krona 2.8 Brasilian real 1.2 Danish krone 1.1 Japanese yen 1.0 Swiss franc 1.0 Other Currencies 1.6 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn. 9.1 > 1 Bn. < 5 Bn. 6.1 < 1 Bn. 0.5 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 94 Dividend Yield (in %) 1.4 Ø Market Cap 113,404.6 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø LD TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 25

26 Factsheet: DWS Global Growth Equity Funds - Global Fund Data Portfolio Manager Thomas Bucher Assets Mio. EUR Portfolio Manager since 01/10/2016 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 14/11/2005 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee LD EUR DE Distribution 5.00% % 1.45% (1) TFC EUR DE000DWS2UD5 DWS 2UD Accumulation 0.00% % 0.80% (2) TFD EUR DE000DWS2UE3 DWS 2UE Distribution 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:03/04/2018, TFD:03/04/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 26

27 Factsheet: DWS Global Growth Equity Funds - Global Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 27

28 Factsheet: DWS Top Dividende Equity Funds - Global Fund Data Investment Policy DWS Top Dividende offers an equity investment with the opportunity for current income. Management invests globally in equities, primarily highly-capitalized companies, that it expects to offer dividend yields higher than the market average. Performance Performance - Share Class LD (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LD Volatility 9.59% Maximum Drawdown -9.73% VAR (99%/10 days) 5.12% Sharpe Ratio 0.07 Information Ratio Correlation Coefficient Alpha Beta Tracking Error Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Consumer Staples 18.8 Financials 14.0 Health Care 11.1 Information Technology 10.0 Telecommunication Serv Utilities 8.4 Industrials 6.8 Energy 6.4 Materials 3.4 Real Estate 2.0 Other Sectors 1.3 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Taiwan Semiconductor Manufacturing Co Ltd (Info 3.9 Allianz SE (Financials) 3.7 Cisco Systems Inc (Information Technology) 3.5 NextEra Energy Inc (Utilities) 3.5 Unilever NV (Consumer Staples) 3.2 Nippon Telegraph & Telephone Corp (Telecommun 3.2 Pfizer Inc (Health Care) 3.2 PepsiCo Inc/NC (Consumer Staples) 3.0 Novartis AG (Health Care) 2.7 Verizon Communications Inc (Telecommunication 2.0 Total 31.9 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Equity Income (C) USA 35.2 Germany 10.0 Japan 6.2 Great Britain 6.2 Switzerland 5.8 Netherlands 5.7 Canada 5.4 France 4.8 Taiwan 4.5 Norway 3.8 Finland 1.8 Other Countries 3.0 Gross weighting, not adjusted for any positions in derivatives. Equities Bonds Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 28

29 Factsheet: DWS Top Dividende Equity Funds - Global Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 42.8 Euro 22.8 Japanese yen 6.3 Pound sterling 6.3 Swiss franc 5.9 Canadian dollar 5.6 Taiwan dollar - new Norwegian krone 3.8 South Korean won 1.5 Swedish krona 1.1 > 10 Bn > 5 Bn. < 10 Bn. 2.4 > 1 Bn. < 5 Bn. 1.3 < 1 Bn. 0.6 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 67 Dividend Yield (in %) 3.9 Ø Market Cap 87,888.6 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FD LC*** LD LDQ RD*** TFC TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 29

30 Factsheet: DWS Top Dividende Equity Funds - Global Fund Data Portfolio Manager Dr. Thomas-P Schuessler Assets 17,275.2 Mio. EUR Portfolio Manager since 05/10/2005 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 28/04/2003 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FD EUR DE000DWS1VB9 DWS 1VB Distribution 0.00% % 0.90% (1) 2,000,000 LC EUR DE000DWS1U90 DWS 1U9 Accumulation 5.00% % 1.45% (2) LD EUR DE Distribution 5.00% % 1.45% (1) LDQ EUR DE000DWS18N0 DWS 18N Distribution 5.00% % 1.45% (1) RD EUR DE000DWS2PA1 DWS 2PA Distribution 5.00% % 1.40% (2) 500,000,000 TFC EUR DE000DWS18Q3 DWS 18Q Accumulation 0.00% % 0.80% (2) TFD EUR DE000DWS2SL2 DWS 2SL Distribution 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (LC:01/09/2017, RD:01/09/2017, TFC:02/01/2017, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 30

31 Factsheet: DWS Top Dividende Equity Funds - Global Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend at all, this can have a negative impact on the value of equities or derivatives. The fund may also invest in assets that are not denominated in euro. This can result in your investment falling in value if the euro exchange rate against these currencies increases. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 31

32 Factsheet: DWS Vermögensbildungsfonds I Equity Funds - Global Fund Data Investment Policy With DWS Vermögensbildungsfonds I, you invest in industries and companies with solid prospects from around the globe. The Fund is actively managed in the form of high-quality stock-picking without being locked into index weightings. This gives Fund management the necessary freedom to implement highperformance investment ideas. Performance Performance - Share Class LD (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark* *Benchmark: MSCI World TR Net EUR (vorher MSCI World TR Gross) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR , BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LD Volatility 13.52% Maximum Drawdown % VAR (99%/10 days) 7.39% Sharpe Ratio 0.17 Information Ratio Correlation Coefficient 0.96 Alpha -1.68% Beta 1.14 Tracking Error 4.12% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 22.1 Financials 19.7 Health Care 15.9 Consumer Discretionary 11.0 Industrials 10.9 Consumer Staples 10.4 Materials 2.5 Telecommunication Serv. 1.9 Energy 1.8 Real Estate 0.8 Other Sectors 0.7 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Alphabet Inc (Information Technology) 4.4 Samsung Electronics Co Ltd (Information Technol 2.4 Apple Inc (Information Technology) 2.4 Booking Holdings Inc (Consumer Discretionary) 1.9 Nestle SA (Consumer Staples) 1.8 Visa Inc (Information Technology) 1.7 Roche Holding AG (Health Care) 1.7 Moody's Corp (Financials) 1.6 Aetna Inc (Health Care) 1.5 Taiwan Semiconductor Manufacturing Co Ltd (Info 1.5 Total 20.9 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Large-Cap Blend Equity (B) USA 58.9 Japan 7.8 Germany 4.6 Switzerland 4.1 Netherlands 3.9 Great Britain 3.4 Canada 3.2 Korea 2.4 Taiwan 1.5 Ireland 1.2 Sweden 1.0 Other Countries 5.7 Gross weighting, not adjusted for any positions in derivatives. Equities REITs Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 32

33 Factsheet: DWS Vermögensbildungsfonds I Equity Funds - Global Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 63.8 Euro 8.9 Japanese yen 7.8 Pound sterling 4.2 Swiss franc 4.0 Canadian dollar 3.2 South Korean won 2.4 Taiwan dollar - new Swedish krona 1.0 Indonesian rupiah 0.7 Other Currencies 2.4 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn. 3.9 > 1 Bn. < 5 Bn. 1.4 Others 0.5 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 175 Dividend Yield (in %) 2.0 Ø Market Cap 104,089.7 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø ID LD , TFC*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 33

34 Factsheet: DWS Vermögensbildungsfonds I Equity Funds - Global Fund Data Portfolio Manager Andre Koettner Assets 7,037.6 Mio. EUR Portfolio Manager since 01/03/2013 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 01/12/1970 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee ID EUR DE000DWS16D5 DWS 16D Distribution 0.00% % 0.60% (1) 10,000,000 LD EUR DE Distribution 5.00% % 1.45% (1) TFC EUR DE000DWS2NM1 DWS 2NM Accumulation 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:30/06/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 34

35 Factsheet: DWS Vermögensbildungsfonds I Equity Funds - Asia Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 35

36 Equity Funds Asia

37 Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia Fund Data Investment Policy Equities of companies in the Asian-Pacific region (including Japan) that we believe have a solid financial foundation, long-term earnings power, a strong market position and good growth prospects. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark* *Benchmark: 50% MSCI AC Far East (RI), 50% MSCI AC Far East ex Japan (RI) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 14.24% Maximum Drawdown % VAR (99%/10 days) 8.08% Sharpe Ratio 0.32 Information Ratio Correlation Coefficient 0.98 Alpha -0.88% Beta 1.01 Tracking Error 3.06% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 34.8 Financials 29.6 Materials 9.9 Consumer Discretionary 9.2 Real Estate 5.2 Industrials 2.3 Energy 2.0 Telecommunication Serv. 0.9 Consumer Staples 0.6 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Tencent Holdings Ltd (Information Technology) 8.6 Taiwan Semiconductor Manufacturing Co Ltd (Info 7.0 Alibaba Group Holding Ltd (Information Technolog 6.9 Samsung Electronics Co Ltd (Information Technol 6.7 China Construction Bank Corp (Financials) 3.8 AIA Group Ltd (Financials) 3.4 Industrial & Commercial Bank of China Ltd (Financ 3.0 Ping An Insurance Group Co (Financials) 2.9 Formosa Plastics Corp (Materials) 2.2 China Overseas Land & Investment Ltd (Real Esta 2.0 Total 46.5 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Asia-Pacific inc. Japan Equity (B) China 35.9 Korea 16.0 Taiwan 12.8 India 7.6 Hong Kong 7.4 Cayman Islands 4.0 Singapore 3.5 Thailand 2.5 Indonesia 1.7 Australia 1.2 Malaysia 0.9 Other Countries 1.0 Gross weighting, not adjusted for any positions in derivatives. Equities Investment funds Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 37

38 Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia Portfolio Analysis Breakdown by Currency Market Capitalization Hong Kong dollar 37.7 United States dollar 19.2 South Korean won 16.2 Indian rupee 6.4 Taiwan dollar - new Euro 4.1 Singapore dollar 3.6 Thai baht 2.6 Indonesian rupiah 1.7 Australian dollar 1.2 Other Currencies 1.4 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn. 7.9 > 1 Bn. < 5 Bn. 6.2 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 59 Dividend Yield (in %) 1.8 Ø Market Cap 97,000.4 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) GBP D RD(GBP) LC(EUR) LD(EUR) NC(EUR) TFC(EUR)*** TFD(EUR)*** USD FC(USD) USD LC(USD) USD TFC(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 38

39 Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia Fund Data Portfolio Manager Sean Taylor Elke Schoeppl-Jost Assets Mio. EUR Portfolio Manager since 26/05/2014 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH & Deuts Launch Date 03/06/2002 Portfolio Management Location Hong Kong Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU Accumulation 0.00% % 0.88% (1) 2,000,000 GBP D RD GBP LU DWS 0V3 Distribution 0.00% % 0.90% (1) LC EUR LU Accumulation 5.00% % 1.63% (1) LD EUR LU Distribution 5.00% % 1.63% (1) NC EUR LU Accumulation 3.00% % 2.33% (1) TFC EUR LU DWS 2RN Accumulation 0.00% % 0.91% (2) TFD EUR LU DWS 2RP Distribution 0.00% % 0.91% (2) USD FC USD LU DWS 0AR Accumulation 0.00% % 0.88% (1) 2,000,000 USD LC USD LU DWS 0AQ Accumulation 5.00% % 1.64% (1) USD TFC USD LU DWS 2RQ Accumulation 0.00% % 0.91% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, TFD:05/12/2017, USD TFC:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 39

40 Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 40

41 Factsheet: DWS Top Asien Equity Funds - Asia Fund Data Investment Policy Equities of companies in the Asian-Pacific region (including Japan) that we believe have a solid financial foundation, long-term earnings power, a strong marked position and good growth prospects. Performance Performance - Share Class LC (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark* *Benchmark: 50% MSCI AC Far East (NDR), 50% MSCI AC Far East ex Jap. (NDR) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC Volatility 14.28% Maximum Drawdown % VAR (99%/10 days) 8.43% Sharpe Ratio 0.31 Information Ratio Correlation Coefficient 0.99 Alpha -1.02% Beta 1.03 Tracking Error 2.02% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 36.0 Financials 26.6 Materials 7.7 Consumer Discretionary 7.3 Industrials 6.6 Real Estate 4.1 Consumer Staples 2.1 Telecommunication Serv. 2.1 Health Care 1.8 Energy 1.1 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Tencent Holdings Ltd (Information Technology) 8.4 Samsung Electronics Co Ltd (Information Technol 7.1 Taiwan Semiconductor Manufacturing Co Ltd (Info 6.5 Alibaba Group Holding Ltd (Information Technolog 6.0 Keyence Corp (Information Technology) 4.1 AIA Group Ltd (Financials) 3.7 China Construction Bank Corp (Financials) 3.5 FANUC CORP (Industrials) 3.3 Industrial & Commercial Bank of China Ltd (Financ 2.8 Ping An Insurance Group Co (Financials) 2.7 Total 48.1 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: Growth Morningstar Category Asia-Pacific inc. Japan Equity (B) China 31.6 Japan 22.4 Korea 13.6 Taiwan 10.2 Hong Kong 7.9 Singapore 2.8 Indonesia 1.9 Cayman Islands 1.6 Thailand 1.5 Australia 1.3 Philippines 0.4 Equities Cash and other assets Lipper Leaders: Gross weighting, not adjusted for any positions in derivatives. Note: The key terms are explained in the glossary. Page 1 / 4 41

42 Factsheet: DWS Top Asien Equity Funds - Asia Portfolio Analysis Breakdown by Currency Market Capitalization Hong Kong dollar 31.6 Japanese yen 23.3 South Korean won 14.3 Taiwan dollar - new United States dollar 10.3 Singapore dollar 2.8 Indonesian rupiah 2.2 Thai baht 1.7 Australian dollar 1.4 Euro 0.7 Philippines pesos 0.4 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn. 5.3 > 1 Bn. < 5 Bn. 2.5 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 52 Dividend Yield (in %) 1.9 Ø Market Cap 107,706.9 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø LC TFC*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 42

43 Factsheet: DWS Top Asien Equity Funds - Asia Fund Data Portfolio Manager Sean Taylor Elke Schoeppl-Jost Assets 1,686.9 Mio. EUR Portfolio Manager since 01/04/2013 Fund Currency EUR Portfolio Management Company Deutsche Asset Management (Hong Kong) Limited Launch Date 29/04/1996 Portfolio Management Location Hong Kong Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee LC EUR DE Accumulation 4.00% % 1.45% (1) TFC EUR DE000DWS2UF0 DWS 2UF Accumulation 0.00% % 0.90% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:03/04/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 43

44 Factsheet: DWS Top Asien Equity Funds - Emerging Markets Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government interventions and restrictions. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 44

45 Equity Funds Emerging Markets

46 Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets Fund Data Investment Policy Deutsche Invest I Africa is the Fund for the whole of Africa. The focus is currently on countries like South Africa, Egypt, Nigeria and Ghana. Selecting securities is based on a mix of the bottom-up approach, in which the fundamental data of companies is reviewed, and the top-down method, in which the focus is on the selection of countries and industries. In each case, Fund management follows the DWS maxim by which solid companies with strong growth are only bought at a price that Fund management views as sensible and reasonable. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment Egypt kept outperforming its continental peers, given the strong disinflationary trends which were mirrored by falling interest rates. This drove equity valuations, with focus on real estate and infrastructure companies like Elswedy Electric. To a lesser extent, but still outperforming, were financials like the investment boutique EFG Hermes or banks like Commercial International Bank. Despite selling a stake in its core holding Tencent, South Africa s Naspers kept underperforming in 2018, despite rapidly growing operations and profitability so far. Global sell-offs in tech stocks have worsened the underperformance but find little reflection in Naspers underlying businesses. Nigeria, after a good start into the year, experienced a month of underperformance on the back of slightly disappointing results from the banks, but lacking any larger negative surprises. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 13.54% Maximum Drawdown % VAR (99%/10 days) 5.99% Sharpe Ratio Information Ratio Correlation Coefficient Alpha Beta Tracking Error Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 30.6 Consumer Discretionary 14.5 Consumer Staples 11.4 Industrials 8.7 Real Estate 8.6 Telecommunication Serv. 6.7 Energy 6.5 Utilities 2.1 Materials 1.6 Health Care 0.8 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Naspers Ltd (Consumer Discretionary) 8.8 Old Mutual PLC (Financials) 4.6 MTN Group Ltd (Telecommunication Serv.) 3.7 SEPLAT Petroleum Development Co Plc (Energy) 3.7 Guaranty Trust Bank Plc (Financials) 3.5 Massmart Holdings Ltd (Consumer Staples) 3.3 Medinet Nasr Housing (Real Estate) 3.0 Zenith Bank PLC (Financials) 2.8 Talaat Moustafa Group (Real Estate) 2.8 Barclays Africa Group Ltd (Financials) 2.7 Total 38.9 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««Lipper Leaders: Growth Morningstar Category Africa Equity South Africa 33.5 Egypt 24.7 Nigeria 14.8 Kenya 4.0 United Arab Emirates 2.6 Morocco 2.1 Turkey 1.9 Great Britain 1.5 Cayman Islands 1.3 Senegal 1.3 Canada 1.0 Other Countries 2.6 Gross weighting, not adjusted for any positions in derivatives. Equities Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 46

47 Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets Portfolio Analysis Breakdown by Currency Market Capitalization South African rand 27.6 Egyptian pound 26.5 Pound sterling 11.0 Nigerian naira 9.8 Euro 7.6 United States dollar 6.6 Kenyan schilling 5.1 Turkish lira - new Moroccan dirham 1.6 Canadian dollar 1.0 > 10 Bn > 5 Bn. < 10 Bn. 4.8 > 1 Bn. < 5 Bn < 1 Bn Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 61 Dividend Yield (in %) 2.5 Ø Market Cap 11,584.6 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) GBP D RD(GBP) LC(EUR) LD(EUR) NC(EUR) USD LC(USD) Page 2 / 4 47

48 Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets Fund Data Portfolio Manager Sebastian Kahlfeld Assets 83.1 Mio. EUR Portfolio Manager since 01/01/2011 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 10/07/2008 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 0QP Accumulation 0.00% % 1.03% (1) 2,000,000 GBP D RD GBP LU DWS 0VU Distribution 0.00% % 1.14% (1) LC EUR LU DWS 0QM Accumulation 5.00% % 2.05% (1) LD EUR LU DWS 0SH Distribution 5.00% % 2.05% (1) NC EUR LU DWS 0QN Accumulation 3.00% % 2.70% (1) USD LC USD LU DWS 0QQ Accumulation 5.00% % 2.11% (1) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 48

49 Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets Opportunities In accordance with the investment policy. Risks There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 49

50 Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets Fund Data Investment Policy The Fund invests at least 70% of its assets in stocks of Chinese companies (including Hong Kong) that we feel have strong market positions and solid prospects. The manager of the Subfund is Deutsche Asset Management Investment GmbH & Deutsche Asset Management (Hong Kong) Ltd. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Benchmark (since 22/04/2010): MSCI China 10/40 (Euro) (RI) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 20.76% Maximum Drawdown % VAR (99%/10 days) 8.74% Sharpe Ratio 0.21 Information Ratio Correlation Coefficient 0.98 Alpha -0.67% Beta 1.04 Tracking Error 3.99% Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Information Technology 30.6 Financials 29.2 Consumer Discretionary 11.8 Real Estate 7.4 Energy 5.8 Telecommunication Serv. 3.3 Health Care 3.1 Materials 2.1 Industrials 1.7 Utilities 1.6 Other Sectors 1.3 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Tencent Holdings Ltd (Information Technology) 9.5 Alibaba Group Holding Ltd (Information Technolog 9.4 China Construction Bank Corp (Financials) 7.4 Industrial & Commercial Bank of China Ltd (Financ 7.2 Ping An Insurance Group Co (Financials) 4.5 Baidu Inc/China (Information Technology) 4.4 China Mobile Ltd (Telecommunication Serv.) 3.3 China Petroleum & Chemical Corp (Energy) 2.6 Bank of China Ltd (Financials) 2.2 CNOOC Ltd (Energy) 2.2 Total 52.7 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Currency Investment Ratio Value Blend Growth Hong Kong dollar 76.1 United States dollar 21.9 Equities Cash and other assets Investment Style Morningstar Category China Equity Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: (D) Lipper Leaders: Currency structure of investments, excl. forward exchange transactions Note: The key terms are explained in the glossary. Page 1 / 4 50

51 Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets Portfolio Analysis Market Capitalization > 10 Bn > 5 Bn. < 10 Bn. 6.7 > 1 Bn. < 5 Bn < 1 Bn. 2.7 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 52 Dividend Yield (in %) 0.9 Ø Market Cap 92,329.4 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) GBP D RD(GBP) LC(EUR) NC(EUR) TFC(EUR)*** USD FC(USD) USD LC(USD) USD TFC(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 51

52 Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets Fund Data Portfolio Manager Elke Schoeppl-Jost Assets Mio. EUR Portfolio Manager since 07/08/2017 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH & Deuts Launch Date 15/12/2006 Portfolio Management Location Hong Kong Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 0BM Accumulation 0.00% % * 0.91% (1) 0.00% 2,000,000 GBP D RD GBP LU DWS 0RD Distribution 0.00% % 1.05% (1) LC EUR LU DWS 0BJ Accumulation 5.00% % * 1.68% (1) 0.00% NC EUR LU DWS 0BK Accumulation 3.00% % * 2.38% (1) 0.00% TFC EUR LU DWS 2PM Accumulation 0.00% % * 0.91% (2) 0.03% USD FC USD LU DWS 0BP Accumulation 0.00% % 1.05% (1) 2,000,000 USD LC USD LU DWS 0BN Accumulation 5.00% % 1.93% (1) USD TFC USD LU DWS 2PN Accumulation 0.00% % 1.03% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, USD TFC:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 52

53 Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets Opportunities In accordance with the investment policy. Risks The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government interventions and restrictions. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 53

54 Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets Fund Data Investment Policy More and more dynamic and growing companies can be found in the emerging markets, especially in sectors that are often more favorably priced and less cyclical than other sectors. The Fund management aims to achieve comparatively high dividend yields and high dividend growth in the emerging countries, with risk management being integrated into the investment strategy. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment You can find the Fund management's detailed commentary in Deutsche AM Flagship Fund Reporting and on the individual pages of the factsheets. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 11.24% Maximum Drawdown % VAR (99%/10 days) 5.77% Sharpe Ratio Information Ratio Correlation Coefficient Alpha Beta Tracking Error Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 28.7 Consumer Staples 13.0 Information Technology 12.7 Consumer Discretionary 10.3 Telecommunication Serv. 7.4 Utilities 6.6 Energy 5.9 Materials 4.7 Real Estate 2.2 Industrials 2.0 Other Sectors 0.5 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Samsung Electronics Co Ltd (Information Technol 3.9 Taiwan Semiconductor Manufacturing Co Ltd (Info 3.3 Chunghwa Telecom Co Ltd (Telecommunication S 2.2 Uni-President Enterprises Corp (Consumer Staple 2.2 Guangdong Investment Ltd (Utilities) 2.2 AIA Group Ltd (Financials) 2.1 KT&G Corp (Consumer Staples) 1.9 ITC Ltd (Consumer Staples) 1.8 Philip Morris CR AS (Consumer Staples) 1.7 China Construction Bank Corp (Financials) 1.7 Total 23.0 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Global Emerging Markets Equity (D) China 17.2 Taiwan 14.9 Russia 11.1 Korea 9.9 Hong Kong 7.1 South Africa 5.7 Thailand 4.8 Brazil 4.8 Czech Republic 4.0 India 3.2 Hungary 2.0 Other Countries 9.2 Gross weighting, not adjusted for any positions in derivatives. Equities Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 54

55 Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets Portfolio Analysis Breakdown by Currency Market Capitalization Hong Kong dollar 25.9 United States dollar 16.8 Taiwan dollar - new South Korean won 10.7 South African rand 5.6 Brasilian real 4.9 Czech koruna 4.0 Thai baht 3.7 Hungarian forint 2.1 Euro 2.1 Other Currencies 11.8 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn > 1 Bn. < 5 Bn < 1 Bn. 5.7 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 105 Dividend Yield (in %) 3.4 Ø Market Cap 37,445.2 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) LC(EUR) LD(EUR) NC(EUR) ND(EUR)*** TFC(EUR)*** TFD(EUR)*** USD FC(USD) USD LC(USD) USD LDQ(USD) USD TFC(USD)*** USD TFD(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 55

56 Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets Fund Data Portfolio Manager Andreas Wendelken Assets Mio. EUR Portfolio Manager since 14/01/2008 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 14/01/2008 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 0QV Accumulation 0.00% % 0.91% (1) 2,000,000 LC EUR LU DWS 0QT Accumulation 5.00% % 1.70% (1) LD EUR LU DWS 0S9 Distribution 5.00% % 1.70% (1) NC EUR LU DWS 0QU Accumulation 3.00% % 2.40% (1) ND EUR LU DWS 1P1 Distribution 3.00% % 2.55% (2) TFC EUR LU DWS 2P0 Accumulation 0.00% % 0.91% (2) TFD EUR LU DWS 2P1 Distribution 0.00% % 0.91% (2) USD FC USD LU DWS 0QX Accumulation 0.00% % 0.92% (1) 2,000,000 USD LC USD LU DWS 0QW Accumulation 5.00% % 1.91% (1) USD LDQ USD LU DWS 1VY Distribution 5.00% % 1.71% (1) USD TFC USD LU DWS 2P2 Accumulation 0.00% % 0.91% (2) USD TFD USD LU DWS 2P3 Distribution 0.00% % 0.91% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (ND:28/04/2017, TFC:05/12/2017, TFD:05/12/2017, USD TFC:05/12/2017, USD TFD:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 56

57 Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend at all, this can have a negative impact on the value of equities or derivatives. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 57

58 Factsheet: DWS Osteuropa Equity Funds - Emerging Markets Fund Data Investment Policy Equities of selected companies from central and eastern Europe as well as Russia and Turkey; see the sales prospectus for details of the risks of focusing on a certain geographical area. Performance Performance (in EUR) (in %) Fund Management's Comment MSCI Russia fell -4.2% in March in EUR terms despite brent gaining 7.3% to close at US$ 69.1/bbl. One of the main events of the month was the presidential election mid of March. President Vladimir Putin won gathering 77% of the votes. The Central Bank of Russia expectedly cut the key rate 25bp to 7.25%. In Polish equity market was very weak in March. The biggest underperformers were PKN and KGHM, due to the unexpected senior management reshuffles and rumors about potential involvement in nuclear power plant project. Banking sector suffered from quite dovish statements from the central bank s Governor indicating no interest rate hikes for an extended period of time. The slide in Turkish lira was the focal point as the lira s vulnerability began to be voiced, especially after Moody s rating downgrade and January Current Account Deficit reminded investors of Turkey s dependency on international financing. All in all, Turkish equities lost in absolute terms in March as well as in relative terms to their emerging market peers. Higher than expected 2017 growth of 7.4%, or government s efforts to keep 2018 growth strong by means of new measures did not provide much of a catalyst so far. Morningstar Style-Box Market Capitalization Large Mid Fund Benchmark: MSCI EM Europe ex Greece 10/40 Net TR EUR Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) Volatility 15.55% Maximum Drawdown % VAR (99%/10 days) 5.11% Sharpe Ratio 0.25 Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Energy 30.1 Financials 24.8 Materials 11.1 Telecommunication Serv. 6.7 Consumer Staples 4.0 Utilities 3.5 Consumer Discretionary 2.6 Health Care 1.8 Information Technology 1.3 Real Estate 1.0 Other Sectors 0.9 Gross weighting, not adjusted for any positions in derivatives. Information Ratio Principal Holdings (Equities) Correlation Coefficient Alpha Beta Tracking Error Gazprom PAO (Energy) 8.1 Sberbank of Russia PJSC (Financials) 7.9 Lukoil PJSC (Energy) 6.6 MMC Norilsk Nickel PJSC (Materials) 3.4 Tatneft PJSC (Energy) 3.3 OTP Bank Plc (Financials) 3.3 MOL Hungarian Oil & Gas PLC (Energy) 2.7 Komercni Banka AS (Financials) 2.6 Moneta Money Bank AS (Financials) 2.4 Surgutneftegas OAO (Energy) 2.2 Total 42.5 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: Growth Morningstar Category Emerging Europe Equity (E) Russia 46.2 Poland 12.3 Turkey 8.3 Hungary 8.0 Czech Republic 6.2 Bermuda 1.9 Cyprus 1.3 Ukraine 1.1 Luxembourg 0.9 South Africa 0.8 Sweden 0.5 Other Countries 0.3 Equities Certificates Cash and other assets Lipper Leaders: Gross weighting, not adjusted for any positions in derivatives. Note: The key terms are explained in the glossary. Page 1 / 3 58

59 Factsheet: DWS Osteuropa Equity Funds - Emerging Markets Portfolio Analysis Breakdown by Currency United States dollar 50.5 Polish zloty 15.1 Turkish lira - new Hungarian forint 8.0 Euro 6.8 Czech koruna 6.2 South African rand 1.3 Swedish krona 1.1 Pound sterling 0.4 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Key Figures regarding the Fund's Assets Number of Shares 60 Dividend Yield (in %) 3.9 Ø Market Cap 12,949.2 Mio. EUR Fund Data Portfolio Manager Sylwia Szczepek Front-end Load 5.00% Portfolio Manager since 01/06/2015 All-in-Fee 1.700% Portfolio Management Company Deutsche Asset Management Investment GmbH Running costs / TER (1) 1.790% Portfolio Management Location Germany Fee from securities lending 0.011% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns EUR Custodian State Street Bank, Lux. Redemption Price EUR Assets Mio. EUR Issue Price EUR Fund Currency Launch Date 06/11/1995 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Risk-tolerant LU German Sec. Code (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 59

60 Factsheet: DWS Osteuropa Equity Funds - Sectors/Categories Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 3 / 3 60

61 Equity Funds Sectors/Categories

62 Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories Fund Data Investment Policy Agriculture has developed into a dynamic growth market across the globe, as a growing world population needs to be provided with adequate food while per capita area under cultivation is declining. The Fund management takes advantage of the opportunities of all important sectors of the agricultural industry and invests flexibly along the agricultural value chain from seed to the supermarket. Specifically, the focus is on the following areas: fertilizer, agricultural equipment, seed and crop protection, agricultural logistics, processing and distribution. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 13.90% Maximum Drawdown % VAR (99%/10 days) 5.53% Sharpe Ratio Information Ratio Correlation Coefficient Alpha Beta Tracking Error Morningstar Style-Box Market Capitalization Large Mid Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Fertilizers & Agricultural Chem 23.2 Packaged Foods & Meat 17.0 Agricultural Products 16.5 Internet Software & Serv. 7.2 Speciality Chemicals 6.1 Diversified Chemicals 3.9 Personal Products 3.8 Breweries 3.2 Food Retail 3.1 Railroads 2.9 Other Sectors 10.3 Gross weighting, not adjusted for any positions in derivatives. Principal Holdings (Equities) Nutrien Ltd (Fertilizers & Agricultural Chemicals) 5.5 CF Industries Holdings Inc (Fertilizers & Agricultur 4.9 DowDuPont Inc (Diversified Chemicals) 3.9 Unilever NV (Personal Products) 3.8 Monsanto Co (Fertilizers & Agricultural Chemicals) 3.7 Yara International ASA (Fertilizers & Agricultural C 3.6 Koninklijke DSM NV (Speciality Chemicals) 3.1 Evonik Industries AG (Speciality Chemicals) 3.0 Canadian Pacific Railway Ltd (Railroads) 2.9 GrubHub Inc (Internet Software & Serv.) 2.9 Total 37.3 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««Lipper Leaders: Growth Morningstar Category Sector Equity Agriculture USA 35.6 Netherlands 11.1 Canada 10.3 Germany 7.6 Brazil 6.6 Japan 5.0 Norway 4.8 France 3.9 Great Britain 2.3 Korea 1.9 Cayman Islands 1.7 Other Countries 6.4 Gross weighting, not adjusted for any positions in derivatives. Equities Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 62

63 Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 44.6 Euro 25.4 Brasilian real 6.1 Japanese yen 5.1 Norwegian krone 5.0 Canadian dollar 4.2 Pound sterling 3.8 Hong Kong dollar 2.3 South Korean won 1.9 Australian dollar 0.8 Swiss franc 0.8 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn > 1 Bn. < 5 Bn < 1 Bn. 4.6 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 51 Dividend Yield (in %) 2.1 Ø Market Cap 29,762.8 Mio. USD Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) GBP D RD(GBP) GBP LD DS(GBP) LC(EUR) LD(EUR) NC(EUR) TFC(EUR)*** TFD(EUR)*** USD FC(USD) USD IC(USD) USD LC(USD) USD TFC(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 63

64 Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories Fund Data Portfolio Manager Stephan Werner Assets Mio. USD Portfolio Manager since 15/09/2016 Fund Currency USD Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 20/11/2006 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 0BW Accumulation 0.00% % 0.96% (1) 2,000,000 GBP D RD GBP LU DWS 0XX Distribution 0.00% % 0.98% (1) GBP LD DS GBP LU DWS 0RC Distribution 5.00% % 1.69% (1) LC EUR LU DWS 0BU Accumulation 5.00% % 1.69% (1) LD EUR LU DWS 0TM Distribution 5.00% % 1.70% (1) NC EUR LU DWS 0BV Accumulation 3.00% % 2.40% (1) TFC EUR LU DWS 2QL Accumulation 0.00% % 0.91% (2) TFD EUR LU DWS 2QM Distribution 0.00% % 0.91% (2) USD FC USD LU DWS 0BY Accumulation 0.00% % 0.91% (1) 2,000,000 USD IC USD LU DWS 19P Accumulation 0.00% % 0.58% (1) 25,000,000 USD LC USD LU DWS 0BX Accumulation 5.00% % 1.68% (1) USD TFC USD LU DWS 2QN Accumulation 0.00% % 0.91% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, TFD:05/12/2017, USD TFC:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 64

65 Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 65

66 Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories Fund Data Investment Policy Equities of selected companies, mainly from the commodity, energy and utility sectors. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment The MSCI World finished down almost 3% in March. Financial markets took fright in March on concerns of a global trade war. Donald Trump began imposing tariffs on foreign imports of Steel and Aluminum as a matter of National Security this month. Donald Trump then directed the US trade representative to level tariffs on ~$50B worth of Chinese imports. China responded by adding $3B of tariffs on US imports. Concerns of a trade war lead to a decline in global equities through the month. The Deutsche Invest New Resources underperformed the composite index (consisting of 1/3 of each, the DAX Global Agribusiness Index, the FTSE Environmental Opportunities Index and the S&P Global Water Index), and the MSCI World in March. The water sector represents still the biggest thematic weight in the fund although we have been increasing our renewable energy exposure since the beginning of the year. The cost of renewable energy is now falling so fast that it should be a consistently cheaper source of electricity generation than traditional fossil fuels within just a few years. Morningstar Style-Box Market Capitalization Large Mid Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 12.41% Maximum Drawdown % VAR (99%/10 days) 6.78% Sharpe Ratio 0.11 Portfolio Analysis Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Industrial Machinery 17.5 Building Products 11.5 Environmental & Facilities Ser 6.9 Semiconductors 5.7 Electronic Equipment & Instru 5.0 Heavy Electrical Equipment 4.2 Electrical Components & Equi 4.1 Industrial Conglomerates 4.0 Semiconductor Equipment 3.8 Fertilizers & Agricultural Chem 3.6 Other Sectors 28.7 Gross weighting, not adjusted for any positions in derivatives. Information Ratio Principal Holdings (Equities) Correlation Coefficient Alpha Beta Tracking Error Masco Corp (Building Products) 5.0 Xylem Inc/NY (Industrial Machinery) 5.0 China Everbright International Ltd (Environmental 3.3 Ecolab Inc (Speciality Chemicals) 2.8 AO Smith Corp (Building Products) 2.6 Geberit AG (Building Products) 2.6 Danaher Corp (Health Care Equipment) 2.6 Roper Technologies Inc (Industrial Conglomerates 2.5 Parker-Hannifin Corp (Industrial Machinery) 2.5 Veolia Environnement SA (Multi Utilities) 2.3 Total 31.2 Gross weighting, not adjusted for any positions in derivatives. Small Breakdown by Country (Equities) Investment Ratio Value Investment Style Ratings Blend (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: Lipper Leaders: Growth Morningstar Category Sector Equity Ecology (D) USA 53.8 Japan 7.5 Germany 5.1 Switzerland 4.7 France 3.8 China 3.3 Taiwan 3.0 Denmark 2.1 Great Britain 2.1 Netherlands 1.7 Italy 1.1 Other Countries 6.8 Gross weighting, not adjusted for any positions in derivatives. Equities Money market funds Cash and other assets Note: The key terms are explained in the glossary. Page 1 / 4 66

67 Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories Portfolio Analysis Breakdown by Currency Market Capitalization United States dollar 57.2 Euro 17.3 Japanese yen 7.5 Hong Kong dollar 5.1 Swiss franc 4.7 Danish krone 2.1 Pound sterling 2.1 Taiwan dollar - new South Korean won 1.1 Swedish krona 0.9 Norwegian krone 0.6 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. > 10 Bn > 5 Bn. < 10 Bn > 1 Bn. < 5 Bn < 1 Bn. 2.7 Gross weighting, not adjusted for any positions in derivatives. The calculation is based on Euro. Key Figures regarding the Fund's Assets Number of Shares 82 Dividend Yield (in %) 1.8 Ø Market Cap 21,943.0 Mio. EUR Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC(EUR) LC(EUR) LD(EUR) NC(EUR) TFC(EUR)*** TFD(EUR)*** USD FC(USD) USD LC(USD) USD TFC(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 67

68 Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories Fund Data Portfolio Manager Paul Buchwitz Assets 50.5 Mio. EUR Portfolio Manager since 03/11/2014 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 27/02/2006 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU A0H NPK Accumulation 0.00% % 0.91% (1) 2,000,000 LC EUR LU A0H NPN Accumulation 5.00% % 1.77% (1) LD EUR LU A0H NPM Distribution 5.00% % 1.77% (1) NC EUR LU A0H NPL Accumulation 3.00% % 2.51% (1) TFC EUR LU DWS 2RH Accumulation 0.00% % 0.91% (2) TFD EUR LU DWS 2RJ Distribution 0.00% % 0.91% (2) USD FC USD LU DWS 0A5 Accumulation 0.00% % 0.91% (1) 2,000,000 USD LC USD LU DWS 0A4 Accumulation 5.00% % 1.77% (1) USD TFC USD LU DWS 2RK Accumulation 0.00% % 0.91% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, TFD:05/12/2017, USD TFC:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 68

69 Factsheet: Deutsche Invest I New Resources Bond Funds - EUR Opportunities In accordance with the investment policy. Risks The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 69

70 Bond Funds EUR

71 Factsheet: Deutsche Invest I ESG Euro Bonds (Short) Bond Funds - EUR Fund Data Investment Policy Euroland fixed income fund focusing on bonds with an average maturity between 0 and 3 years. The fund invests in government bonds, government related bonds and covered bonds. Additional investments in corporate bonds, financials, subordinated bonds and Emerging Markets bonds are possible as well. The fund is only investing in euro-denominated securities. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment In March, the Fund performed well, in line with its benchmark. The overweight in Italy was positive, while corporate bonds performed slightly worse than government bonds. The moderately shorter maturity - in line with our fundamental analysis - also had a slightly negative impact. In Italy, the situation is not expected to deteriorate after the elections, as more and more moderate tones are being heard about Europe and the national budget. The Fund remained well positioned, with a certain overweight in Italian government bonds, with a focus on the shorter segment. We continued to add interesting new issues recommended by our experts. The Fund's overall maturity is currently slightly shorter than its benchmark, as the current price level is relatively high. Fund Benchmark: iboxx Overall 1-3Y (RI) ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 0.68% Maximum Drawdown -0.77% VAR (99%/10 days) 0.28% Sharpe Ratio 1.10 Information Ratio 0.20 Correlation Coefficient 0.65 Alpha 0.10% Beta 1.04 Tracking Error 0.52% Portfolio Analysis Portfolio Breakdown Government bonds 50.9 Financial bonds 17.8 Covered Bonds 15.8 Corporate Bonds 6.9 Emerging markets corporates 4.9 Emerging markets sovereigns 2.3 Cash equivalents 2.0 Morningstar Style-Box Credit Quality High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity Morningstar Category EUR Diversified Bond - Short Term AAA 8.5 AA 7.5 A 18.8 BBB 62.6 BB 1.5 Not Rated 1.1 Bonds Investment funds Cash and other assets Short Put Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: (B) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 71

72 Factsheet: Deutsche Invest I ESG Euro Bonds (Short) Bond Funds - EUR Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Italy B.T.P. 04/ Italy B.T.P. 09/ Banca Monte dei Paschi di Siena 17/ Italy 17/ Italy B.T.P. 93/ Italy B.T.P. 15/ Sinopec Group Overseas Develop. 15/ Reg S 3.3 Italy B.T.P. 11/ Italy 17/ Italy B.T.P. 10/ Total 48.0 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Italy 55.7 Luxembourg 4.5 Great Britain 4.4 China 4.0 Spain 3.7 USA 3.7 Australia 3.6 Germany 3.6 France 3.0 Canada 2.0 Other Countries 12.6 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.1 Current Interest Rate (in %) 2.4 Duration (in years) 2.1 Modified Duration 2.0 Maturity (in years) 2.3 Number of Bonds 81 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø A FC(EUR) LC(EUR) LD(EUR) NDQ(EUR)*** SEK FCH(SEK) SEK LCH(SEK) TFC(EUR)*** TFD(EUR)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 72

73 Factsheet: Deutsche Invest I ESG Euro Bonds (Short) Bond Funds - EUR Fund Data Portfolio Manager Dr. Claus Meyer-Cording Assets 2,610.3 Mio. EUR Portfolio Manager since 01/03/2003 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 03/06/2002 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Income-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee FC EUR LU Accumulation 0.00% % 0.25% (1) 2,000,000 LC EUR LU Accumulation 3.00% % 0.46% (1) LD EUR LU Distribution 3.00% % 0.46% (1) NDQ EUR LU DWS 1QQ Distribution 1.50% % 0.84% (2) SEK FCH SEK LU DWS 2FF Accumulation 0.00% 1, , % 0.27% (1) 20,000,000 SEK LCH SEK LU DWS 2FG Accumulation 3.00% 1, , % 0.50% (1) TFC EUR LU DWS 2P5 Accumulation 0.00% % 0.28% (2) TFD EUR LU DWS 2P6 Distribution 0.00% % 0.28% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (NDQ:28/04/2017, TFC:05/12/2017, TFD:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 73

74 Factsheet: Deutsche Invest I ESG Euro Bonds (Short) Bond Funds - EUR Opportunities In accordance with the investment policy. Risks There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 74

75 Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR Fund Data Market Comment The Italian elections at the beginning of the month, resulted in a relative inconclusive outcome, which led to a wide spectrum of possible coalitions. At the March meeting the ECB kept its monetary policy unchanged but decided unanimously to remove the explicit pledge to step up the asset purchase programme. In addition, the statement confirmed the strong and broad-based economic growth in the Eurozone, with some faster-than-expected growth in the near term. GDP (Gross Domestic Product) growth forecast for 2018 was increased to 2.4%, but the council noted that rising protectionism is a downside risk to growth. Eurozone PMI s (Purchasing Manager Index) moderated in March, services from 56.2 to 55.0 while manufacturing decreased from 58.6 to In the US (United States), the FED raised the target rate by 25 basis points to 1.5%-1.75%. Higher confidence in the economic outlook, a strong labour market performance and the prospect of additional fiscal support were key drivers for this decision. The labour market report for February showed a much stronger than expected increase in non-farm payrolls at 313k while the unemployment rate remained unchanged at 4.1%. On the political side the volatility around US trade tariffs and a potential trade war with China gained traction, leading to increased volatility in the market. This led to equities selling off, while rates rallied. In a swift move the UK and the EU agreed on a transitional phase until end of 2020, however, no final decision was made on the North Irish border. In terms of economic data, the Manufacturing PMI was broadly in line with 55.2 while the Service PMIs increased to 54.5 from Inflation in February decreased to 2.7% Y/Y (year on year) from 3.0% Y/Y. Details of the report show that stabilising energy prices and fading pressure from the GBP devaluation. Performance³ Performance per Year (in EUR) Performance per Month (in EUR) (in %) 2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Deutsche Invest I Global Bonds FC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Deutsche Invest I Global Bonds FC (in %) Deutsche Invest I Global Bonds FC Performance per Year (in EUR) (in %) Deutsche Invest I Global Bonds FC Volatility (in EUR) (in %) Deutsche Invest I Global Bonds FC 1 y 3 y 5 y s. Launch Morningstar Category Global Bond - EUR Hedged Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: (C) ³ Calculations are based on monthly data since inception.calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Note: The key terms are explained in the glossary. Page 1 / 5 75

76 Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR Investment Policy Globally investing fixed-income fund. The Fund invests in government bonds, bonds from near-government issuers and covered bonds. It may also invest in corporate bonds, financials, subordinated bonds and emerging market bonds, among other segments. Active duration and maturity management. Fund Management's Comment Portfolio Analysis Principal holdings (in %) JGB /06/ JGBI /03/ RESI A2 Mtge 3.1 Queensland /07/ Morgan Stanley FLOAT 08/11/ Wells Fargo /06/ Citibank /12/ BAC /21/ DPABS A A2II Mtge 2.0 ARGENT 3 3/8 01/15/ Sector Exposure (in %) Financials 28.1 Cash and Equivalents 17.8 Sovereigns 15.2 ABS 13.2 Corporate bonds 11.7 EM Corporates 6.1 Funds 4.6 EM Sovereigns 3.5 The strategy started the month with a short duration contribution of -0.6y, coming from short duration views in EUR and GBP, while being long USD. From the middle of the month and on, the Portfolio Management (PM) team reduced overall portfolio risk across rates and credit in view of rising real risks in the market, for example: (i) global equity sell off driven by technology stocks in the US (United States), (ii) trade tensions rising between the US and China. The PM team gradually increased the strategies overall duration contribution to +0.4y by month end, thereby reducing rates risk contribution. At the beginning of the month the PM team closed its tactical long risk in itraxx Xover (index of European high yield credit default swaps) position after reaching profit levels. The PM team made some currency switches in the emerging market space, picking up additional spread without increasing overall risk. Breakdown by country (in %) United States 25.1 Japan 12.5 United Kingdom 10.5 Australia 6.8 Sweden 6.4 Germany 5.4 Switzerland 4.0 Netherlands 3.3 Spain 3.1 Mexico 2.9 Derivatives for Investment purpose (in %) Rating allocation (in % of bond holdings) AAA 14.3 AA 9.2 A 31.5 BBB 24.5 BB 13.7 B 6.8 Derivatives for hedging purpose (in %) Long Single Name CDS Risk 9.6 Short Gilt Futures 6.1 Long 5y5y EUR Inflation 5.4 Long BTP Futures 3.3 USD/JPY Cross Currency Swap 3.2 Short Single Name CDS Risk 2.7 Short EUR Swaps Short Schatz Futures Short Itraxx Eur 5y Risk Short Bund Futures Itraxx Europe Flattener Short 10y US Treasury -8.7 Short 5y US Treasury -5.5 Short 10y Japan Futures -4.0 Short Bobl Futures -2.7 US Treasuries Steepener -1.7 Short 10y Aussie Futures -1.6 Modified Duration (in years) Deutsche Invest I Global Bonds FC Key Figures regarding the Fund's Assets Average Rating A Yield (in %) 0.8 Maturity (in years) 3.0 Current Interest Rate (in %) 1.0 Number of Bonds 79 Page 2 / 5 76

77 Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR Performance³ Performance (indexed) FC(EUR) (in %) Deutsche Invest I Global Bonds FC Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø CHF FCH(CHF) CHF FDH(CHF) CHF ICH(CHF) CHF LCH(CHF) CHF LDH(CHF) FC(EUR) FD(EUR) GBP CH RD(GBP) GBP DH RD(GBP) GBP IDH(GBP) IC(EUR) ID(EUR) LC(EUR) LD(EUR) NC(EUR) NDQ(EUR)*** SEK FCH(SEK) SEK LCH(SEK) TFC(EUR)*** TFD(EUR)*** USD FCH(USD) USD LCH(USD) USD TFCH(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. The data source is Bloomberg, Datastream and DeAM Investment GmbH. Page 3 / 5 77

78 Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR Fund Data Portfolio Manager Roger Douglas Assets Mio. EUR Portfolio Manager since 29/11/2013 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH & Deuts Launch Date 22/12/2011 Portfolio Management Location Multi manager Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Income-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Earnings Front-end Load ¹ up to SICAV State Street Bank, Lux. Issue Price Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee Minimum Invest- ment Amount CHF FCH CHF LU DWS 1PG Accumulation 0.00% % 0.62% (1) 2,000,000 CHF FDH CHF LU DWS 1PM Distribution 0.00% % 0.64% (1) 2,000,000 CHF ICH CHF LU DWS 1N6 Accumulation 0.00% % 0.45% (1) 25,000,000 CHF LCH CHF LU DWS 1PS Accumulation 3.00% % 1.02% (1) CHF LDH CHF LU DWS 1PX Distribution 3.00% % 1.03% (1) FC EUR LU DWS 049 Accumulation 0.00% % 0.60% (1) 2,000,000 FD EUR LU DWS 1ME Distribution 0.00% % 0.60% (1) 2,000,000 GBP CH RD GBP LU DWS 2A2 Accumulation 0.00% % 0.62% (1) GBP DH RD GBP LU DWS 1N1 Distribution 0.00% % 0.62% (1) GBP IDH GBP LU DWS 1NR Distribution 0.00% % 0.43% (1) 25,000,000 IC EUR LU DWS 1LU Accumulation 0.00% % 0.40% (1) 25,000,000 ID EUR LU DWS 1LZ Distribution 0.00% % 0.43% (1) 25,000,000 LC EUR LU DWS 044 Accumulation 3.00% % 0.99% (1) LD EUR LU DWS 045 Distribution 3.00% % 0.99% (1) NC EUR LU DWS 046 Accumulation 1.50% % 1.50% (1) NDQ EUR LU DWS 2M3 Distribution 1.50% % 1.65% (2) SEK FCH SEK LU DWS 2C0 Accumulation 0.00% 1, , % 0.63% (1) 20,000,000 SEK LCH SEK LU DWS 2C1 Accumulation 3.00% 1, , % 1.03% (1) TFC EUR LU DWS 2QR Accumulation 0.00% % 0.63% (2) TFD EUR LU DWS 2QS Distribution 0.00% % 0.63% (2) USD FCH USD LU DWS 1M5 Accumulation 0.00% % 0.64% (1) 2,000,000 USD LCH USD LU DWS 1NF Accumulation 3.00% % 1.02% (1) USD TFCH USD LU DWS 2QT Accumulation 0.00% % 0.63% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (NDQ:28/04/2017, TFC:05/12/2017, TFD:05/12/2017, USD TFCH:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. The data source is Bloomberg, Datastream and DeAM Investment GmbH. Page 4 / 5 78

79 Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 5 / 5 79

80 Factsheet: DWS Covered Bond Fund Bond Funds - EUR Fund Data Investment Policy Fixed income fund with focus on European covered bonds such as German Pfandbriefe, Spanish Cedulas and French Obligations Foncières. The fund is only investing in euro-denominated securities with an active duration management. Active management of maturities and duration. Performance Performance - Share Class LD (in %) Fund Management's Comment In March, spreads for covered bonds increased slightly in almost all countries, while the yields on German government bonds, for example, declined significantly. The reason for this was an overall risk-averse market environment triggered by fears of a possible trade war and somewhat worse than expected macroeconomic data. The ECB's purchase of covered bonds stood at around EUR 2.5 billion, around the level of the previous month. Overall, the ECB held EUR 250 billion in covered bonds as of March 23, compared to EUR 247 billion at the end of February At around EUR 12 billion, the primary market was more active than in February and has thus risen to a total volume of almost EUR 50 billion since the beginning of the year. Fund Benchmark: iboxx Covered (RI) ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LD Volatility 1.99% Maximum Drawdown -2.96% VAR (99%/10 days) 0.74% Sharpe Ratio 0.04 Information Ratio Correlation Coefficient 0.93 Alpha -0.91% Beta 1.08 Tracking Error 0.72% Portfolio Analysis Portfolio Breakdown Covered Bonds 89.6 Cash equivalents 2.9 Government bonds 1.0 Other Securities 5.7 Morningstar Style-Box Credit Quality High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low High Medium Interest Rate Sensitivity AAA 59.1 AA 29.4 A 10.9 BBB 0.6 Bonds Investment funds Cash and other assets Future Short Morningstar Category EUR Corporate Bond Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: (C) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 80

81 Factsheet: DWS Covered Bond Fund Bond Funds - EUR Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Santander Consumer Finance 16/ PF 3.3 Belfius Bank 14/ MTN PF 2.5 Bank of Ireland Mortgage Bank 15/ MTN PF 2.5 HSH Nordbank 16/ S.2563 S.2563 MTN ÖPF 2.2 Caisse Francaise Fin. Local 17/ MTN PF 2.0 Eika Boligkreditt 14/ MTN PF 1.9 Cedulas TDA 5 04/ PF 1.8 Deut. Pfandbr.bk. 16/ R MTN PF 1.7 Cajamar Caja Rural, S.C.C. 15/ PF 1.7 Credito Emiliano 14/ PF 1.7 Total 21.3 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Spain 18.7 France 18.7 Germany 15.4 Italy 7.5 Norway 5.0 Ireland 4.9 Canada 3.7 Sweden 3.3 Great Britain 3.0 Luxembourg 2.9 Other Countries 16.0 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.5 Current Interest Rate (in %) 0.8 Duration (in years) 4.3 Modified Duration 4.3 Maturity (in years) 4.7 Number of Bonds 96 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø AA FD IC ID LC LD TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 81

82 Factsheet: DWS Covered Bond Fund Bond Funds - EUR Fund Data Portfolio Manager Moritz Rieper Assets Mio. EUR Portfolio Manager since 01/07/2017 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 26/05/1988 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Income-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FD EUR DE000DWS1UN6 DWS 1UN Distribution 0.00% % 0.40% (1) 2,000,000 IC EUR DE000DWS1UP1 DWS 1UP Accumulation 0.00% % 0.35% (1) 25,000,000 ID EUR DE000DWS1UQ9 DWS 1UQ Distribution 0.00% % 0.35% (1) 25,000,000 LC EUR DE000DWS1UL0 DWS 1UL Accumulation 2.50% % 0.70% (1) LD EUR DE Distribution 2.50% % 0.70% (1) TFC EUR DE000DWS2SN8 DWS 2SN Accumulation 0.00% % 0.40% (2) TFD EUR DE000DWS2SP3 DWS 2SP Distribution 0.00% % 0.40% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:02/01/2018, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 82

83 Factsheet: DWS Covered Bond Fund Bond Funds - EUR Opportunities In accordance with the investment policy. Risks The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 83

84 Factsheet: DWS Zinseinkommen Bond Funds - EUR Fund Data Investment Policy Distribution oriented Euroland fixed income fund. The fund invests in government bonds, government related bonds and covered bonds. Additional investments in corporate bonds, financials, subordinated bonds and ABS are possible as well. The fund is investing in euro-denominated or euro hedged securities. Active management of maturities and duration. Performance Performance (in EUR) (in %) Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 1.72% Maximum Drawdown -2.12% VAR (99%/10 days) 0.36% Sharpe Ratio 0.28 Information Ratio Correlation Coefficient Alpha Beta Tracking Error Portfolio Analysis Portfolio Breakdown Morningstar Style-Box Credit Quality Government bonds 40.7 Financial bonds 17.5 Corporate Bonds 15.2 Covered Bonds 9.4 Agencies 7.7 Emerging markets corporates 6.0 Emerging markets sovereigns 1.0 Other Securities 2.1 High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity AAA 6.4 AA 14.2 A 18.9 BBB 59.2 BB 1.2 Bonds Cash and other assets Future Short Morningstar Category Other Bond Ratings (As at: 28/02/2018) FERI Fund Rating: (C) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 84

85 Factsheet: DWS Zinseinkommen Bond Funds - EUR Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Italy B.T.P. 93/ Italy B.T.P. 12/ Italy B.T.P. 13/ Italy B.T.P. 11/ Spain 13/ Spain 14/ Italy B.T.P. 14/ Italy B.T.P. 15/ Italy B.T.P. 12/ Deutsche Bank 16/ MTN 1.9 Total 32.1 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Italy 27.3 Spain 16.8 Germany 15.2 USA 4.2 France 3.9 Canada 3.5 Great Britain 3.4 Mexico 2.8 Switzerland 2.3 Portugal 2.2 Other Countries 18.5 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.9 Current Interest Rate (in %) 2.9 Duration (in years) 2.4 Modified Duration 2.4 Maturity (in years) 5.6 Number of Bonds 107 Average Rating A Page 2 / 4 85

86 Factsheet: DWS Zinseinkommen Bond Funds - EUR Fund Data Portfolio Manager Oliver Eichmann Front-end Load 3.00% Portfolio Manager since 16/08/2011 All-in-Fee 0.500% Portfolio Management Company Deutsche Asset Management Investment GmbH Running costs / TER (1) 0.550% Portfolio Management Location Germany Fee from securities lending 0.010% Management Company Deutsche Asset Management S.A. Earnings Distribution Legal Structure SICAV Accumulated returns Custodian State Street Bank, Lux. Redemption Price EUR Assets Mio. EUR Issue Price EUR Fund Currency Launch Date 26/09/2011 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Income-oriented LU German Sec. Code DWS 037 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 86

87 Factsheet: DWS Zinseinkommen Bond Funds - International Currencies Opportunities In accordance with the investment policy. Risks The fund contains illiquid securities for which a price cannot be established at all times. The risk thus exists that securities can only be sold at a high discount to their price or not at all. The sale price of illiquid securities may be substantially lower than their acquisition price. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 87

88 Bond Funds International Currencies

89 Factsheet: DWS Inter-Renta Bond Funds - International Currencies Fund Data Investment Policy Global fixed income fund focusing on global government bonds. Additional investments in corporate bonds, financials, covered bonds and Emerging Markets bonds are possible as well. Flexible currency management and utilization of the global currency exchange markets. Active management of maturities and duration. Performance Performance - Share Class LD (in %) Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR , Further Characteristics (3 years) / VAR (1 year) - Share Class LD Volatility 2.73% Maximum Drawdown -3.73% VAR (99%/10 days) 0.73% Sharpe Ratio 0.35 Information Ratio Correlation Coefficient Alpha Beta Tracking Error Portfolio Analysis Portfolio Breakdown Morningstar Style-Box Credit Quality High Emerging markets corporates 20.6 Government bonds 20.4 Emerging markets sovereigns 14.2 Corporate Bonds 13.9 Financial bonds 12.7 Agencies 4.1 Covered Bonds 0.8 Other Securities 8.9 Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity Morningstar Category Global Bond AAA 9.2 AA 18.4 A 7.6 BBB 42.0 BB 21.6 B 1.2 Bonds Investment funds Cash and other assets Future Long Future Short Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: (C) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 89

90 Factsheet: DWS Inter-Renta Bond Funds - International Currencies Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 83.7 Norwegian krone 8.5 United States dollar 6.2 Swiss franc 0.9 Canadian dollar 0.3 Pound sterling 0.2 Japanese yen 0.2 Russian ruble 0.1 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. France O.A.T. 17/ KazAgro Nat. Management Hldg. 14/ MTN 7.5 Hutchison Whampoa Europe Finance (13) 13/und. 3.4 Korea National Oil 13/ MTN 3.1 Germany 18/ Banco Nac. Dese. Eco. e Social 14/ Reg S 2.5 France O.A.T. 16/ INFL 2.2 Deutsche Bank 10/ MTN 2.2 Gaz Capital/Gazprom 13/ LPN Reg S 2.1 Gaz Capital/Gazprom 13/ LPN 2.1 Total 37.5 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 17.6 France 15.9 Russia 9.3 Kazakhstan 8.9 Luxembourg 5.8 Italy 5.0 Hong Kong 4.7 Mexico 4.1 Korea 3.1 Brazil 2.5 Other Countries 18.7 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 1.6 Current Interest Rate (in %) 2.3 Duration (in years) 2.5 Modified Duration 2.5 Maturity (in years) 5.6 Number of Bonds 61 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø BBB LD , TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 90

91 Factsheet: DWS Inter-Renta Bond Funds - International Currencies Fund Data Portfolio Manager Bernhard Falk Assets Mio. EUR Portfolio Manager since 15/03/2011 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 01/07/1969 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee LD EUR DE Distribution 3.00% % 0.83% (1) TFD EUR DE000DWS2R86 DWS 2R8 Distribution 0.00% % 0.60% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 91

92 Factsheet: DWS Inter-Renta Bond Funds - Emerging Markets/ High Yield Corporate Bonds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 92

93 Bond Funds Emerging Markets/ High Yield Corporate Bonds

94 Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Investment Policy Deutsche Invest I China Bonds offers investors the opportunity to participate in the performance of the Chinese Renminbi. In keeping with this orientation, the Fund s currency positions are nearly all in Renminbi. Bond investments are made in Chinese issuers in Renminbi (or hedged in RMB) and in global issuers in RMB. The focus is on bonds with good to very good credit ratings. Performance Performance - Share Class USD LC(USD) (in %) Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class USD LC(USD) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø USD EUR The information regarding this product is based on USD. For this reason, the performance in Euros of this product may rise or fall on the basis of currency fluctuations. Further Characteristics (3 years) / VAR (1 year) - Share Class USD LC(USD) Volatility 6.60% Maximum Drawdown -6.68% VAR (99%/10 days) 1.68% Sharpe Ratio 0.56 Information Ratio Correlation Coefficient Alpha Beta Tracking Error Portfolio Analysis Portfolio Breakdown Emerging markets corporates 81.8 Corporate Bonds 10.5 Cash equivalents 7.5 Emerging markets sovereigns 0.3 Morningstar Style-Box Credit Quality High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity Morningstar Category RMB Bond AAA 1.4 AA 3.0 A 22.5 BBB 55.1 BB 4.3 B 12.1 CCC 1.5 Bonds Cash and other assets Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««««Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 94

95 Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds Portfolio Analysis Breakdown by Country (Bonds) Largest Individual Holdings China 71.6 Hong Kong 7.3 Indonesia 5.6 India 3.5 Macau 1.2 Singapore 0.5 Australia 0.2 Malaysia 0.1 Japan 0.1 Deutsche Invest II China High Income Bonds USD FC 3.7 Fuqing Investment 15/ Medco Straits Services 17/ Reg S 2.8 China Orient Asset Management Int. 17/ Eastern Dragon Int./EXIM Bank China14/ Far East Horizon 17/und. MTN 2.7 Start Plus Investments 15/ China Citic Bank 17/ Huaneng Hong Kong Capital 17/und 2.2 Vedanta Resources 11/ Reg S 2.1 Total 26.8 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Currency Offshore Renminbi 96.6 United States dollar 3.4 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Key Figures regarding the Fund's Assets Yield (in %) 6.1 Current Interest Rate (in %) 4.4 Duration (in years) 2.0 Modified Duration 1.8 Maturity (in years) 7.0 Number of Bonds 92 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø BBB CHF FCH(CHF) CHF LCH(CHF) FCH(EUR) FDH(EUR) ICH(EUR) IDH(EUR) LCH(EUR) LDH(EUR) NC(EUR) NCH(EUR) NDH(EUR) NDQH(EUR)*** RMB FC(CNY) RMB LC(CNY) SEK FCH(SEK) SEK LCH(SEK) TFCH(EUR)*** TFDH(EUR)*** USD FC(USD) USD FCH (P)(USD) USD LC(USD) USD LCH (P)(USD) USD LDH (P)(USD) USD LDMH (P)(USD) USD TFC(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 95

96 Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Portfolio Manager Henry Wong Assets Mio. USD Portfolio Manager since 01/01/2018 Fund Currency USD Portfolio Management Company Deutsche Asset Management Investment GmbH & Deuts Launch Date 16/08/2011 Portfolio Management Location Hong Kong Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee CHF FCH CHF LU DWS 1G4 Accumulation 0.00% % 0.74% (1) 2,000,000 CHF LCH CHF LU DWS 1G2 Accumulation 3.00% % 1.31% (1) FCH EUR LU DWS 08F Accumulation 0.00% % 0.74% (1) 2,000,000 FDH EUR LU DWS 1BG Distribution 0.00% % 0.76% (1) 2,000,000 ICH EUR LU DWS 10U Accumulation 0.00% % 0.48% (1) 25,000,000 IDH EUR LU DWS 10V Distribution 0.00% % 0.49% (1) 25,000,000 LCH EUR LU DWS 08E Accumulation 3.00% % 1.31% (1) LDH EUR LU DWS 1BF Distribution 3.00% % 1.31% (1) NC EUR LU DWS 06J Accumulation 1.50% % 1.71% (1) NCH EUR LU DWS 1BH Accumulation 1.50% % 1.72% (1) NDH EUR LU DWS 1BJ Distribution 1.50% % 1.72% (1) NDQH EUR LU DWS 1N4 Distribution 1.50% % 1.76% (2) RMB FC CNY LU DWS 1G7 Accumulation 0.00% % 0.71% (1) 2,000,000 RMB LC CNY LU DWS 1G6 Accumulation 3.00% % 1.29% (1) SEK FCH SEK LU DWS 2EW Accumulation 0.00% 1, , % 0.75% (1) 20,000,000 SEK LCH SEK LU DWS 2EX Accumulation 3.00% 1, , % 1.31% (1) TFCH EUR LU DWS 2PJ Accumulation 0.00% % 0.74% (2) TFDH EUR LU DWS 2PK Distribution 0.00% % 0.74% (2) USD FC USD LU DWS 06N Accumulation 0.00% % 0.71% (1) 2,000,000 USD FCH (P) USD LU DWS 2EY Accumulation 0.00% % 0.71% (1) 2,000,000 USD LC USD LU DWS 06M Accumulation 3.00% % 1.29% (1) USD LCH (P) USD LU DWS 2F5 Accumulation 3.00% % 1.32% (1) USD LDH (P) USD LU DWS 2EZ Distribution 3.00% % 1.28% (1) USD LDMH (P) USD LU DWS 2E0 Distribution 3.00% % 1.29% (1) USD TFC USD LU DWS 2PL Accumulation 0.00% % 0.74% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (NDQH:28/04/2017, TFCH:05/12/2017, TFDH:05/12/2017, USD TFC:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 96

97 Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds Opportunities In accordance with the investment policy. Risks The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government interventions and restrictions. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 97

98 Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Investment Policy Global Emerging Markets Corporate Bond Fund. The fund invests in Emerging Markets corporate bonds. Investments will be made in investment grade bonds as well as in high yield bonds. The fund mainly invests in USD denominated bonds. Performance Performance - Share Class LCH(EUR) (in %) Fund Management's Comment JPM CEMBI Broad Diversified returned % with investment grade (IG) and high yield (HY) returns of -0.02% and -0.40%. Credit spreads for the index and its IG and HY components widened by 19, 17 and 19 bps, respectively. March was another weak month for risk assets amidst trade protectionism related fears. Global equity indices continue to be under pressure. Rate volatility remains somewhat elevated, although a seemingly gradual rate hike path tone from Federal Open Market Committee (FOMC) led to a decline in US rates- Against this backdrop, Emerging Markets (EM) credit spreads have been resilient compared to developed market credits, as the improving fundamental growth and positive earnings trend remain intact and act as a cushion. By region, higher-beta corporates from Latin America and Emerging Europe underperformed their peers from lowerspread regions such as Asia. Fund flows trend into the asset class turned somewhat negative, while new issue activity moderated in terms of volume compared to the previous month. The monthly fund return was -0.41%. Fund Benchmark (since 24/11/2016)* *Benchmark: JPM CEMBI Broad Diversified (hedged in EUR) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LCH(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LCH(EUR) Volatility 5.70% Maximum Drawdown -7.28% VAR (99%/10 days) 1.39% Sharpe Ratio 0.73 Portfolio Analysis Portfolio Breakdown Information Ratio 0.06 Correlation Coefficient 0.97 Alpha -0.75% Beta 1.24 Tracking Error 1.69% Emerging markets corporates 93.8 Emerging markets sovereigns 5.3 Morningstar Style-Box Credit Quality High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity Morningstar Category Global Emerging Markets Corporate Bond - EUR Biased AA 1.8 A 10.1 BBB 27.1 BB 28.4 B 23.2 CCC 3.0 Not Rated 6.3 Bonds Investment funds Cash and other assets Future Long Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: (B) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 98

99 Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) United States dollar 97.8 Chinese yuan renminbi 1.0 Russian ruble 0.7 South African rand 0.5 Argentinian peso 0.3 Offshore Renminbi 0.3 Brasilian real 0.3 Indonesian rupiah 0.1 Euro -0.1 Swiss franc -0.3 Pound sterling -0.6 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Ooredoo International Fin. 12/ MTN Reg S 1.2 YPF 15/ Reg S 1.0 MTN (Mauritius) Investments 14/ Reg S 0.9 Myriad International Holdings 17/ Reg S 0.9 Saudi Electricity Global Sukuk 13/ Reg S 0.9 Stillwater Mining 17/ Reg S 0.8 Ecopetrol 14/ Bharti Airtel Int. (Netherlands) 13/ Reg S 0.7 Ecopetrol 14/ Abu Dhabi National Energy 12/ S.B Reg S 0.6 Total 8.4 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Brazil 9.5 China 8.4 Russia 7.1 Mexico 5.9 South Africa 5.4 Argentina 4.5 Turkey 4.0 United Arab Emirates 4.0 Hong Kong 3.9 Chile 3.9 Other Countries 44.1 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 6.2 Current Interest Rate (in %) 4.8 Duration (in years) 5.1 Modified Duration 5.0 Maturity (in years) 9.4 Number of Bonds 321 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø BB CHF FCH(CHF) FCH(EUR) LCH(EUR) LDH(EUR) NCH(EUR) ND(EUR) NDH(EUR) NDQH(EUR)*** SEK FCH(SEK) SEK LCH(SEK) SGD LDMH(SGD) TFCH(EUR)*** TFDH(EUR)*** USD FC(USD) USD ID(USD) USD LC(USD) USD LD(USD) USD LDM(USD) USD RC(USD)*** USD TFC(USD)*** USD TFD(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 99

100 Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Portfolio Manager Maruf Siddiquee Assets Mio. USD Portfolio Manager since 30/06/2010 Fund Currency USD Portfolio Management Company Deutsche Asset Management Investment GmbH & Deuts Launch Date 20/11/2006 Portfolio Management Location Multi manager Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-tolerant Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee CHF FCH CHF LU DWS 069 Accumulation 0.00% % 0.77% (1) 2,000,000 FCH EUR LU DWS 00C Accumulation 0.00% % 0.77% (1) 2,000,000 LCH EUR LU DWS 0XU Accumulation 3.00% % 1.28% (1) LDH EUR LU DWS 00B Distribution 3.00% % 1.27% (1) NCH EUR LU DWS 0XV Accumulation 1.50% % 1.68% (1) ND EUR LU DWS 1PA Distribution 1.50% % 1.69% (1) NDH EUR LU DWS 01Z Distribution 1.50% % 1.68% (1) NDQH EUR LU DWS 1PK Distribution 1.50% % 1.76% (2) SEK FCH SEK LU DWS 2DL Accumulation 0.00% 1, , % 0.77% (1) 20,000,000 SEK LCH SEK LU DWS 2DM Accumulation 3.00% 1, , % 1.27% (1) SGD LDMH SGD LU DWS 1VX Distribution 3.00% % 1.28% (1) TFCH EUR LU DWS 2PV Accumulation 0.00% % 0.74% (2) TFDH EUR LU DWS 2PW Distribution 0.00% % 0.74% (2) USD FC USD LU DWS 0CW Accumulation 0.00% % 0.74% (1) 2,000,000 USD ID USD LU DWS 1PH Distribution 0.00% % 0.47% (1) 25,000,000 USD LC USD LU DWS 0CV Accumulation 3.00% % 1.25% (1) USD LD USD LU DWS 0CU Distribution 3.00% % 1.25% (1) USD LDM USD LU DWS 010 Distribution 3.00% % 1.25% (1) USD RC USD LU DWS 2NU Accumulation 0.00% % 0.18% (2) 50,000,000 USD TFC USD LU DWS 2PX Accumulation 0.00% % 0.74% (2) USD TFD USD LU DWS 2PY Distribution 0.00% % 0.74% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (NDQH:28/04/2017, TFCH:05/12/2017, TFDH:05/12/2017, USD RC:31/05/2017, USD TFC:05/12/2017, USD TFD:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may fluctuate significantly in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 100

101 Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-tolerant The sub-fund is designed for risk-tolerant investors who seek high-return forms of investment and therefore accept large fluctuations in value as well as very high risks. The strong price fluctuations and high creditworthiness risks result in temporary or permanent declines in the value of units. The investor's high income expectations and risk appetite are offset by the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 101

102 Factsheet: DWS Emerging Markets Bonds (Short) Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Investment Policy The aim of the investment policy of DWS Emerging Markets Bonds (Short) is to achieve sustainable capital appreciation. At least 70% of the Fund s assets are invested globally in interest-bearing securities from the emerging markets that have a maturity of 5 years or less. Up to 30% of the Fund s assets may be invested in interest-bearing securities, money market instruments and cash. The duration of Fund assets shall not exceed an average of 3 years. At least 90% of the Fund s assets are denominated in Euro or hedged against the Euro. Performance Performance - Share Class LC (in %) Fund Management's Comment Emerging market bonds performed slightly positively in March, with increased volatility over the month. The positive development of core market yields was an important earnings driver, which led to a recovery in the markets for emerging market bonds. Bonds from issuers with comparatively low residual maturities and higher ratings recovered. Despite the recovery in oil prices, many commodity exporting countries recorded a mixed performance, which could be explained by political uncertainties (Russia, Ecuador) or credit rating developments (Oman). The increased volatility had a negative impact, especially for issuers with a very low credit rating. In March, investment-grade bonds performed significantly better than lower-rated bonds. The performance in March was slightly negative (-0.12%). The positive impact of core market yields (+13bp) could not fully offset the expansion of risk premiums (-26bp). Currency hedging costs (-15bp) rose slightly. Current interest income rose from +10bp in February to +12bp. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC Volatility 1.16% Maximum Drawdown -0.80% VAR (99%/10 days) 0.43% Sharpe Ratio 1.43 Portfolio Analysis Portfolio Breakdown Information Ratio Correlation Coefficient Alpha Beta Tracking Error Emerging markets corporates 55.0 Emerging markets sovereigns 21.3 Agencies 3.4 Government bonds 2.8 Financial bonds 2.0 Corporate Bonds 1.5 Covered Bonds 1.2 Other Securities 8.9 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio Morningstar Category Global Emerging Markets Bond - Local Cur rency AA 7.9 A 16.0 BBB 51.2 BB 22.5 B 2.4 Bonds Cash and other assets Ratings (As at: 28/02/2018) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 102

103 Factsheet: DWS Emerging Markets Bonds (Short) Bond Funds - Emerging Markets/ High Yield Corporate Bonds Portfolio Analysis Breakdown by Country (Bonds) Principal Holdings (Bonds) Russia 11.4 China 11.0 Turkey 9.1 Qatar 8.6 India 8.5 Mexico 6.7 Supranational 6.4 Kazakhstan 5.6 Brazil 4.3 Indonesia 3.7 Other Countries 20.2 Gross weighting, not adjusted for any positions in derivatives. Gaz Capital/Gazprom 14/ LPN 2.5 Qatari Diar Finance 10/ Reg S 2.5 Banque ouest Africane Developm. 16/ Reg S 2.4 Bulgarian Energy Holding EAD 16/ Reg S 2.1 Oman 16/ Reg S 2.1 ONGC Videsh 14/ Reg S 2.0 Eurasian Development Bank 13/ MTN Reg S 1.8 Petroleos Méxicanos (PEMEX) 16/ MTN Reg S 1.8 Export-Import Bank of India 17/ MTN 1.8 QNB Finance 16/ MTN 1.6 Total 20.6 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 2.7 Current Interest Rate (in %) 3.9 Duration (in years) 2.3 Modified Duration 2.1 Maturity (in years) 2.6 Number of Bonds 107 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø BBB FC LC RC*** RD*** TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 103

104 Factsheet: DWS Emerging Markets Bonds (Short) Bond Funds - Emerging Markets/ High Yield Corporate Bonds Fund Data Portfolio Manager Roland Gabert Assets Mio. EUR Portfolio Manager since 26/04/2011 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 26/04/2011 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code FCP State Street Bank, Lux. Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 2M7 Accumulation 0.00% % 0.50% (2) 2,000,000 LC EUR LU DWS 04D Accumulation 3.00% % 0.65% (1) RC EUR LU DWS 2NQ Accumulation 0.00% % 0.21% (2) 50,000,000 RD EUR LU DWS 2NR Distribution 0.00% % 0.21% (2) 50,000,000 TFC EUR LU DWS 2SZ Accumulation 0.00% % 0.50% (2) TFD EUR LU DWS 2S0 Distribution 0.00% % 0.50% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (FC:10/03/2017, RC:03/07/2017, RD:03/07/2017, TFC:02/01/2018, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 104

105 Factsheet: DWS Emerging Markets Bonds (Short) Bond Funds - Corporate Bonds Opportunities In accordance with the investment policy. Risks The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal, economic and political risks) than investing in assets from the markets of established countries. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 105

106 Bond Funds Corporate Bonds

107 Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds Fund Data Investment Policy Deutsche Invest I Euro Corporate Bonds is mainly invested in corporate bonds that possess a high or even top credit rating (moderate risk/return profile). The major part of the portfolio is invested in "investment grade" bonds. Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment Weakness in credit markets continued in March. While the start of the month let us hope that February volatility might calm down and the buying power of the European Central Bank (ECB) would prove to sufficient to outweigh political and monetary uncertainties, it turned out that markets are less stress resistant than before. The news of global trade led by tariff announcements of the United States on steel and aluminium started a negative market period. Around the ides of March, new issue supply with large deals of French pharma company Sanofi and Swiss watchmaker Richemont among others caused pressure on secondary markets as investors sold bonds to refinance their new issue participation. The pattern continued with cheaply priced primary deals pushing secondaries wider. On an index level, the EUR iboxx Corporate All had a performance of -0.12% in March. Financials had a return of -0.22% and Non-Financials lost on average %. All segments performed worse than safe haven assets like German Bunds, which returned +1.12% on an index level. Dt. Invest I Euro Corporate Bonds got through the difficult market environment losing 0.1% against the benchmark with a total return of - 0.2%. Fund Benchmark (since 01/09/2009): iboxx Corporate ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 3.48% Maximum Drawdown -4.94% VAR (99%/10 days) 0.99% Sharpe Ratio 0.50 Portfolio Analysis Portfolio Breakdown Information Ratio Correlation Coefficient 0.97 Alpha -0.49% Beta 1.19 Tracking Error 0.98% Corporate Bonds 56.6 Financial bonds 33.2 Emerging markets corporates 4.1 Agencies 0.3 Other Securities 3.2 Morningstar Style-Box Credit Quality High Medium Gross weighting, not adjusted for any positions in derivatives. Low Breakdown by Rating (in % of bond holdings) Investment Ratio Low Medium High Interest Rate Sensitivity Morningstar Category EUR Corporate Bond AAA 0.2 AA 3.7 A 28.6 BBB 60.1 BB 5.5 B 0.4 Not Rated 1.4 Bonds Investment funds Cash and other assets Future Long Future Short Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««««FERI Fund Rating: (B) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 107

108 Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds Portfolio Analysis Breakdown by Currency Largest Issuer Euro Pound sterling -0.1 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Volkswagen Leasing GmbH 1.5 Deutsche Bank AG, Frankfurt am Main 1.3 Goldman Sachs Group Inc., The 1.3 Sanofi S.A. 1.2 Vodafone Group PLC 1.2 Credit Agricole S.A. 1.0 Morgan Stanley 1.0 Citigroup Inc. 0.9 ING Groep N.V. 0.9 ENI S.p.A. 0.9 Total 11.2 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) USA 18.2 France 15.0 Great Britain 12.3 Germany 8.7 Netherlands 7.2 Spain 5.3 Italy 4.2 Luxembourg 2.8 Australia 2.6 Sweden 2.4 Other Countries 18.5 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 1.1 Current Interest Rate (in %) 2.0 Duration (in years) 5.3 Modified Duration 5.1 Maturity (in years) 6.2 Number of Bonds 386 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø BBB CHF FCH(CHF) FC(EUR) GBP CH RD(GBP) IC(EUR) LD(EUR) NC(EUR) NDQ(EUR)*** RD(EUR)*** SEK FCH(SEK) SEK LCH(SEK) TFC(EUR)*** TFD(EUR)*** USD FCH(USD) ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 108

109 Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds Fund Data Portfolio Manager Karsten Rosenkilde Assets 1,950.1 Mio. EUR Portfolio Manager since 15/06/2009 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 21/05/2007 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee CHF FCH CHF LU DWS 1H0 Accumulation 0.00% % 0.72% (1) 2,000,000 FC EUR LU DWS 0M6 Accumulation 0.00% % 0.68% (1) 2,000,000 GBP CH RD GBP LU DWS 2EF Accumulation 0.00% % 0.70% (1) IC EUR LU DWS 103 Accumulation 0.00% % 0.44% (1) 25,000,000 LD EUR LU DWS 0X4 Distribution 3.00% % 0.98% (1) NC EUR LU DWS 0M4 Accumulation 1.50% % 1.38% (1) NDQ EUR LU DWS 1QW Distribution 1.50% % 1.53% (2) RD EUR LU DWS 2N5 Distribution 0.00% % 0.70% (2) 50,000,000 SEK FCH SEK LU DWS 2EG Accumulation 0.00% 1, , % 0.71% (1) 20,000,000 SEK LCH SEK LU DWS 2EH Accumulation 3.00% 1, , % 0.99% (1) TFC EUR LU DWS 2P7 Accumulation 0.00% % 0.74% (2) TFD EUR LU DWS 2P8 Distribution 0.00% % 0.74% (2) USD FCH USD LU DWS 1WB Accumulation 0.00% % 0.71% (1) 2,000,000 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (NDQ:28/04/2017, RD:14/07/2017, TFC:05/12/2017, TFD:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 109

110 Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Short-term EUR Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 110

111 Bond Funds Short-term EUR

112 Factsheet: Deutsche Floating Rate Notes Bond Funds - Short-term EUR Fund Data Investment Policy The investment objective is to achieve conservative fixed income performance in Euros regardless of interest-rate and currency fluctuations. To this end, the Fund invests primarily in floating-rate bonds, short-term bonds, and time deposits. Maturities are actively managed in the shorter segment. Performance Performance - Share Class LC (in %) Fund Management's Comment The expectations of the Governing Council meeting in March were largely fulfilled: the key interest rates were not changed, the wording of the purchasing program was maintained and the reference to an expansion of the purchasing program in the event of a deterioration in market conditions (easing bias) was dropped. The new staff projections on economic growth (2018: 2.4%; 2019: 1.9%; 2020: 1.7%) and on the inflation outlook (2018: 1.4%; 2019: 1.4%; 2020: 1.7%) were virtually unchanged from December s data. Only the growth forecast for 2018 rose by 0.1% and the inflation forecast for 2019 fell by 0.1%. The ECB sees increasing risks to medium-term economic development and thus also for inflation development in the current development of the currency market and in rising protectionist tendencies in world trade. These risks were also partly responsible for the generally increasing risk aversion in the credit markets. Bonds in the longer maturity segment of the Fund in particular were hurt more than exposures with short residual maturities. The general widening of bid-ask spreads also contributed to the negative performance. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC Volatility 0.25% Maximum Drawdown -0.33% VAR (99%/10 days) 0.23% Sharpe Ratio 2.50 Portfolio Analysis Breakdown by Currency Euro Information Ratio Investment Ratio Bonds Investment funds Cash and other assets Correlation Coefficient Alpha Beta Tracking Error Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Rating (in % of bond holdings) Morningstar Category EUR Ultra Short-Term Bond AAA 1.2 AA 14.5 A 45.4 BBB 37.1 BB 1.7 B 0.1 Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 3 112

113 Factsheet: Deutsche Floating Rate Notes Bond Funds - Short-term EUR Portfolio Analysis Key Figures regarding the Fund's Assets Yield (in %) 0.2 Current Interest Rate (in %) 0.7 Duration (in months) 1.8 Modified Duration 0.1 Maturity (in months) 27.6 Number of Bonds 396 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø A FC FD*** IC LC LD TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Fund Data Portfolio Manager Christian Reiter Assets 9,803.8 Mio. EUR Portfolio Manager since 15/03/2005 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 15/07/1991 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-averse Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code FCP State Street Bank, Lux. Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FC EUR LU DWS 2MG Accumulation 0.00% % 0.13% (1) 2,000,000 FD EUR LU DWS 2N8 Distribution 0.00% % 0.13% (2) 2,000,000 IC EUR LU DWS 2MH Accumulation 0.00% % 0.11% (1) 10,000,000 LC EUR LU Accumulation 1.00% % 0.21% (1) LD EUR LU DWS 185 Distribution 1.00% % 0.21% (1) TFC EUR LU DWS 2SR Accumulation 0.00% % 0.13% (2) TFD EUR LU DWS 2SS Distribution 0.00% % 0.13% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (FD:10/08/2017, TFC:02/01/2018, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 113

114 Factsheet: Deutsche Floating Rate Notes Bond Funds - Short-term EUR Opportunities In accordance with the investment policy. Risks There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-averse The sub-fund is designed for the conservative investor with a low risk appetite, whose investment objective is steady performance but a low return on investment. Short- and long-term fluctuations in the unit value as well as the loss of the invested capital, up to the total amount invested, are possible. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 3 / 3 114

115 Factsheet: Deutsche Institutional Money plus Bond Funds - Short-term EUR Fund Data Investment Policy Deutsche Institutional Money plus, which is designed for corporate customers and institutional investors, invests primarily in fixed-income securities and floating-rate notes with shorter maturities denominated in Euro or in other currencies used in the Eurozone or the EEA. Performance Performance - Share Class IC (in %) Fund Management's Comment At its meeting on March 8, the European Central Bank (ECB) left monetary policy parameters unchanged. However, the ECB began to keep its promise of a policy of small steps towards the normalization of monetary policy. The passage on an extension of the program "for the purchase of assets in terms of volume and/or duration" was deleted from the communiqué. The new staff projections on economic growth (2018: 2.4%; 2019: 1.9%; and 2020: 1.7%) and on the inflation outlook (2018: 1.4%; 2019: 1.4%; and 2020: 1.7%) were virtually unchanged from December s data. Only the expectations for growth in 2018 were raised by 0.1% and for inflation by 0.1% in The figures continue to reflect the ECB s dilemma. Despite economic growth, there is no corresponding self-supporting inflation trend in the range of just under 2%, which the ECB has set itself as a target. The current development of the currency market and rising protectionist tendencies in world trade were seen as risks for medium-term economic development and thus also for the development of inflation. Fund Benchmark: 1M EUR LIBID + 5bp Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class IC 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Further Characteristics (3 years) / VAR (1 year) - Share Class IC Volatility 0.04% Maximum Drawdown -0.51% VAR (99%/10 days) 0.07% Sharpe Ratio 6.81 Portfolio Analysis Portfolio Breakdown Information Ratio 9.69 Correlation Coefficient 0.83 Alpha 0.14% Beta 0.81 Tracking Error 0.02% Bonds with a variable interest rate 42.9 Commercial paper 21.3 Bonds with a fixed interest rate 8.8 Cash and other Assets 27.0 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 1.0 AA 22.8 A 60.7 BBB 15.5 Bonds Investment funds Cash and other assets Morningstar Category EUR Ultra Short-Term Bond Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 3 115

116 Factsheet: Deutsche Institutional Money plus Bond Funds - Short-term EUR Portfolio Analysis Key Figures regarding the Fund's Assets Yield (in %) -0.2 Current Interest Rate (in %) 0.0 Duration (in months) 1.9 Modified Duration 0.2 Maturity (in months) 8.0 Number of Bonds 142 Average Rating Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø A IC ID BA Fund Data Portfolio Manager Holger Kindsgrab Assets 3,944.1 Mio. EUR Portfolio Manager since 01/01/2013 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 25/06/1999 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Risk-averse Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee IC EUR LU Accumulation 1.00% 14, , % 0.11% (1) 500,000 ID BA EUR LU DWS 1EX Distribution 1.00% 13, , % 0.11% (1) 500,000 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 116

117 Factsheet: Deutsche Institutional Money plus Balanced Funds - Flexible Opportunities In accordance with the investment policy. Risks There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Risk-averse The sub-fund is designed for the conservative investor with a low risk appetite, whose investment objective is steady performance but a low return on investment. Short- and long-term fluctuations in the unit value as well as the loss of the invested capital, up to the total amount invested, are possible. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 3 / 3 117

118 Balanced Funds Flexible

119 Factsheet: DWS Sachwerte Balanced Funds - Flexible Fund Data Investment Policy DWS Sachwerte is able to react flexibly to inflationary trends and the varying intensity of the inflation rate depending on the basic underlying scenario. On the basis of our analysis of the conditions, investments may be made in the following instruments: equities, real estate, commodities, precious metals and inflation-indexed bonds. All these are investment classes that can be considered material assets. Fund management weights the individual material assets in the portfolio on the basis of its evaluation of the inflation scenarios. Performance Performance (in EUR) (in %) Fund Management's Comment The sharp decline in leading indicators in the Eurozone, the uncertain political situation in Italy after the elections and concerns about a global trade war weighed on equity markets worldwide during the month. Robust economic data from the US and China and persistently low inflation in the Eurozone were only able to provide short-term support. In Germany, the DAX was down 2.7%, while the Europe-wide EuroStoxx 50 fell 2.3%. The US index S&P 500 declined by 2.7% in March, while Japan's Nikkei dropped by 2.8%. The performance of the global equity index MSCI World has declined by 1.7% in 2018 in USD terms. In March, government bonds benefited from fears of a trade war and continued moderate inflationary trends. The yield on 10- year German government bonds fell from 0.65% to 0.49%, and the corresponding yield in the US declined from 2.86% to 2.74%. The Euro appreciated slightly against the US Dollar, moving from 1.22 to The Brent oil price rose from USD 66 to USD 69 per barrel due to growing concerns about the nuclear agreement with Iran. The gold price moved sideways at USD 1,323 per troy ounce. The Fund turned in a negative performance, falling by 2.6%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 6.17% Beta VAR (99%/10 days) 3.53% Portfolio Analysis Asset class (gross) Prev. month Current Cash (incl. funds) (1.2) 1.0 Bonds (incl. funds) (30.4) 31.2 Balanced fund (0.5) 0.5 Equities (incl. funds) (56.9) 56.1 Alternative investments (11.0) 11.3 Asset class (net) Prev. month Current Cash (incl. funds) (0.8) 1.2 Bonds (incl. funds) (29.0) 29.6 Balanced fund (1.5) 2.0 Equities (incl. funds) (52.8) 51.8 Alternative investments (12.2) 12.5 Gross weighting, not adjusted for any positions in derivatives. Net weighting, adjusted for any positions in derivatives. Breakdown by Currency Largest Individual Holdings Morningstar Category EUR Flexible Allocation - Global Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: (C) Note: The key terms are explained in the glossary. Euro 63.8 United States dollar 32.7 Canadian dollar 2.1 Australian dollar 1.0 Swedish krona 0.6 Norwegian krone 0.3 Danish krone 0.2 Hong Kong dollar 0.2 Japanese yen -0.1 Swiss franc -0.1 Pound sterling -0.7 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. ishares - USD Corporate Bond UCITS ETF USD ( 5.2 DB ETC/Gold ETC 4.6 Xtrackers MSCI AC Asia ex Japan Swap UCITS E 3.9 ishares Corp.Bd.Large Cap UCITS ETF 3.9 Gold Bullion Securities 04/und. ETC 3.8 France O.A.T. 04/ INFL 3.5 Xtrackers S&P Global Infr. Swap UCITS ETF 1C 3.1 US Treasury 12/ INFL 2.9 ishs II-J.P.Morgan USD EM Bond UCITS ETF (Dis 2.9 Xtrackers MSCI Emerging Markets UCITS ETF 1C 2.1 Total 35.9 Gross weighting, not adjusted for any positions in derivatives. Page 1 / 4 119

120 Factsheet: DWS Sachwerte Balanced Funds - Flexible Portfolio Analysis Breakdown by Country (Equities) USA 23.0 Japan 5.2 Great Britain 2.4 Germany 2.4 France 2.3 Canada 2.0 Netherlands 1.5 Switzerland 1.2 Australia 1.0 Sweden 0.6 Norway 0.3 Other Countries 0.5 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 8.5 Information Technology 6.9 Consumer Discretionary 5.0 Health Care 4.9 Industrials 4.7 Energy 3.1 Materials 2.4 Consumer Staples 2.0 Utilities 1.9 Telecommunication Serv. 1.8 Other Sectors 1.4 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) AAA 21.9 AA 59.0 A 14.0 BBB 5.1 The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %) -1.0 Duration (in years) 0.3 Modified Duration 0.3 Number of Bonds 8 Average Rating AA Page 2 / 4 120

121 Factsheet: DWS Sachwerte Balanced Funds - Flexible Fund Data Portfolio Manager Michael Ficht Front-end Load 5.00% Portfolio Manager since 01/10/2009 All-in-Fee 1.250%* Portfolio Management Company Deutsche Asset Management Investment GmbH *plus performance-related fee 0.000% Portfolio Management Location Germany Running costs / TER (1) 1.540% Management Company Deutsche Asset Management Investment GmbH Fee from securities lending 0.008% Legal Structure Fund Earnings Distribution Custodian State Street Bank International GmbH Accumulated returns Assets Mio. EUR Redemption Price EUR Fund Currency EUR Issue Price EUR Launch Date 19/10/2009 Fiscal Year End 30/09/2018 Investor profile ISIN Code Growth-oriented DE000DWS0W32 German Sec. Code DWS 0W3 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 121

122 Factsheet: DWS Sachwerte Balanced Funds - Convertible Bonds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 122

123 Balanced Funds Convertible Bonds

124 Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds Fund Data Investment Policy The fund provides access to a diversified global convertibles investment universe. By investing in classic vanilla convertibles the fund has a stringent pure approach. The targeted investment horizon is between 3-5 years. In order to provide a convex and therefore preferable risk-return profile, the fund invests primarily in convertibles with a medium delta. Currency risk is systematically hedged (except for the share class FC (CE)). Christian Hille (Lead-manager) Hans-Joachim Weber (Co-manager) Performance Performance - Share Class LC(EUR) (in %) Fund Management's Comment Equity markets were in for a rollercoaster ride after Trump s initial comments to impose tariffs on imports. The exact wording of the restrictions is still not clear but this topic will keep the markets on high alert. The S&P gave away 2.5% (MTD), and the EURO Stoxx 50 retracted 2.8%. The new issue market remained buoyant, especially in the US and Asia. The majority of the deals in Asia, however, were issued by real estate companies and considering the relatively weak credit profile we decided not to participate. Primary activity in the US was more diversified but due to the lack of liquidity we decided not to participate in most of the deals. Europe was once again dominated by unattractive non-dilutive structures. The performance of the fund in March was %. The sectors Industrials and Materials in Japan and Europe were in particular weak. We decided to take some profit in the Tech sector in the US (which was a positive contributor) but we will stay overweight. The delta of the fund remains at a high level (57) to keep us well positioned when markets recover. The average credit rating is still BBB and the investment degree is currently 96%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LC(EUR) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility 5.69% Maximum Drawdown -7.33% VAR (99%/10 days) 2.76% Sharpe Ratio 0.02 Portfolio Analysis Sectors delta weighted Information Technology 18.8 Consumer Discretionary 8.8 Industrials 7.0 Health Care 5.9 Materials 4.3 Energy 4.0 Consumer Staples 2.5 Real estate 2.1 Financials 1.9 Utilities 1.5 Telecommunication Serv. 0.4 Total 57.2 Information Ratio Principal holdings Correlation Coefficient Alpha Beta Tracking Error América Móvil/Koninklijke KPN 15/ Siemens Financierings. 15/ Cv cum W. 2.1 BAYNGR /15/ Sony 15/ Cv S CITRIX SYSTEMS INC CTXS 0 1/2 04/15/ Altaba 0 12/01/18 Corp 1.7 TERUMO CORP TERUMO 0 12/06/ TOTAL 0 1/2 12/02/ WDC 1 1/2 02/01/ MITCHM 0 03/30/ Total 18.4 Regions delta weighted Fund figures Morningstar Category Convertible Bond - Global, EUR Hedged Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: (B) US 25.0 EMEA 16.8 Japan 11.7 Asia ex Japan 3.7 Total 57.2 Holdings Average maturity (in years) 4.30 Current Yield (in %) 0.80 Fund average rating (*) BBB Cash and equivalents (in %) 3.40 Non-rated and other securities (in %) 0.00 Interest sensitivity 1.80 Equity sensitivity Ø Market Cap ( bn) Note: The key terms are explained in the glossary. Page 1 / 4 124

125 Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds Portfolio Analysis Breakdown by issuer rating Convertible bond profiles A BBB BB B 5.20 Balanced Equity Like Bond Like Market capitalization (in %) Large-cap Mid-cap Small-cap 8.10 Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø CHF FCH(CHF) CHF LCH(CHF) FC (CE)(EUR) FC(EUR) FD(EUR) GBP DH RD(GBP) LC (CE)(EUR) LC(EUR) LD(EUR) NC(EUR) RC (CE)(EUR) SEK FCH(SEK) SEK LCH(SEK) TFC(EUR)*** TFD(EUR)*** USD FCH(USD) USD LCH(USD) USD TFCH(USD)*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 125

126 Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds Fund Data Portfolio Manager Christian Hille Assets 1,593.5 Mio. EUR Portfolio Manager since 01/06/2011 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 12/01/2004 Portfolio Management Location Germany Fiscal Year End 31/12/2018 Management Company Deutsche Asset Management S.A. Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code SICAV State Street Bank, Lux. Earnings Front-end Load ¹ Issue Price up to Redemption Price Interim Gains Management Fee Running costs / TER plus performancerelated fee CHF FCH CHF LU DWS 071 Accumulation 0.00% % 0.76% (1) 2,000,000 CHF LCH CHF LU DWS 070 Accumulation 3.00% % 1.33% (1) FC EUR LU Accumulation 0.00% % 0.73% (1) 2,000,000 FC (CE) EUR LU DWS 1BT Accumulation 0.00% % 0.76% (1) 2,000,000 FD EUR LU DWS 073 Distribution 0.00% % 0.73% (1) 2,000,000 GBP DH RD GBP LU DWS 0V0 Distribution 0.00% % 0.74% (1) LC EUR LU Accumulation 3.00% % 1.28% (1) LC (CE) EUR LU DWS 1BS Accumulation 3.00% % 1.31% (1) LD EUR LU Distribution 3.00% % 1.29% (1) NC EUR LU Accumulation 1.50% % 1.69% (1) RC (CE) EUR LU DWS 13E Accumulation 0.00% % 0.72% (1) 25,000,000 SEK FCH SEK LU DWS 2C3 Accumulation 0.00% 1, , % 0.76% (1) 20,000,000 SEK LCH SEK LU DWS 2C4 Accumulation 3.00% 1, , % 1.31% (1) TFC EUR LU DWS 2PP Accumulation 0.00% % 0.80% (2) TFD EUR LU DWS 2PQ Distribution 0.00% % 0.80% (2) USD FCH USD LU DWS 0CR Accumulation 0.00% % 0.76% (1) 2,000,000 USD LCH USD LU DWS 0CQ Accumulation 5.00% % 1.31% (1) USD TFCH USD LU DWS 2PR Accumulation 0.00% % 0.80% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:05/12/2017, TFD:05/12/2017, USD TFCH:05/12/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note ¹ Based on the gross investment. Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 126

127 Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in convertible and warrant-linked bonds. Convertible and warrant-linked bonds embody the right to convert the bond into equities or to acquire equities. The performance of the value of the convertible and warrant-linked bonds is therefore dependent on the price performance of the equity as the underlying. The risks of the performance of the underlying equities can therefore impact on the performance of the convertible and warrant-linked bonds. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 127

128 Factsheet: DWS Convertibles Balanced Funds - Convertible Bonds Fund Data Investment Policy The fund DWS Convertibles invests globally in convertible bonds of predominantly reputable issuers. Hans-Joachim Weber (Lead-manager) Christian Hille (Co-manager) Performance Performance - Share Class LD (in %) Fund Management's Comment Global equity markets remained rather volatile in March after Trump s initial comments to impose tariffs on imports. The increased geopolitical uncertainty was supportive for the oil price, but global currency markets were relatively unaffected. The MSCI World index gave away 2.5% month to date and the EURO Stoxx50 retracted 2.8% in the same period. DWS Convertibles lost 1.42% whereas the relevant benchmark lost 0.82%. Main negative attribution came from Japan; in particular the sectors Consumer Discretionary and Industrials were weak in this region. In Europe, the main negative contribution came from the sector Industrials. Information Technology in the US was once again one of the best performing sectors this month. The primary market was very strong in the US and Asia but considering the current market volatility we decided not to participate in any of the new deals. Our market sensitivity in the fund is currently 47% (versus a benchmark delta of 41%) and our credit rating remains BBB+. Fund Benchmark* *Benchmark: Thomson Reuters Glb. Focus Investment Grade Hedged EUR ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) - Share Class LD 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR BM IN EUR Portfolio Analysis Sectors delta weighted Information Technology 10.6 Industrials 9.2 Consumer Discretionary 7.2 Health Care 5.0 Materials 3.1 Energy 3.1 Real estate 2.9 Financials 2.7 Consumer Staples 1.2 Utilities 1.1 Telecommunication Services 1.1 Total 47.2 Principal holdings delta weighted América Móvil/Koninklijke KPN 15/ STM 0 07/03/ BAYNGR /15/ CITRIX SYSTEMS INC CTXS 0 1/2 04/15/ Sony 15/ Cv S Airbus/Dassault 0 06/14/ DPWGR /30/25 Corp 3.0 WDC 1 1/2 02/01/ ILLUMINA INC 0 1/2 06/15/ IAGLN 0 1/4 11/17/ Total 33.1 Regions delta weighted Fund figures Morningstar Category Convertible Bond - Global, EUR Hedged Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: Lipper Leaders: (D) EMEA 26.7 US 11.0 Japan 6.3 Asia ex Japan 3.2 Total 47.2 Holdings Average maturity (in years) 3.30 Current Yield (in %) Fund average rating (*) BBB+ Cash and equivalents (in %) 5.20 Non-rated and other securities (in %) 0.00 Equity sensitivity Interest sensitivity 1.90 Ø Market Cap ( bn) Note: The key terms are explained in the glossary. Page 1 / 4 128

129 Factsheet: DWS Convertibles Balanced Funds - Convertible Bonds Portfolio Analysis Breakdown by issuer rating Convertible bond profiles (in %) A BBB BB 2.10 Balanced Bond Like Equity Like Market capitalization (in %) Large-cap Mid-cap Small-cap 6.30 Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø FC LD TFC*** TFD*** ***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class. Page 2 / 4 129

130 Factsheet: DWS Convertibles Balanced Funds - Convertible Bonds Fund Data Portfolio Manager Hans-Joachim Weber Assets Mio. EUR Portfolio Manager since 01/11/2016 Fund Currency EUR Portfolio Management Company Deutsche Asset Management Investment GmbH Launch Date 23/04/1991 Portfolio Management Location Germany Fiscal Year End 30/09/2018 Management Company Deutsche Asset Management Investment GmbH Investor profile Growth-oriented Legal Structure Custodian Share Classes Share Class Cur. ISIN Code German Sec. Code Fund State Street Bank International GmbH Earnings Front-end Load Issue Price Redemption Price Interim Gains All-in-Fee Running costs / TER plus performancerelated fee FC EUR DE000DWS1U74 DWS 1U7 Accumulation 0.00% % 0.60% (1) 2,000,000 LD EUR DE Distribution 3.00% % 0.85% (1) TFC EUR DE000DWS2SB3 DWS 2SB Accumulation 0.00% % 0.60% (2) TFD EUR DE000DWS2SC1 DWS 2SC Distribution 0.00% % 0.60% (2) (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 30/09/2017. They are subject to change from year to year. (2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an estimate since the Fund was launched on (TFC:02/01/2018, TFD:02/01/2018). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year will contain the expense details with their precise calculation. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Minimum Investment Amount Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 130

131 Factsheet: DWS Convertibles Balanced Funds - Multi-Asset-funds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in convertible and warrant-linked bonds. Convertible and warrant-linked bonds embody the right to convert the bond into equities or to acquire equities. The performance of the value of the convertible and warrant-linked bonds is therefore dependent on the price performance of the equity as the underlying. The risks of the performance of the underlying equities can therefore impact on the performance of the convertible and warrant-linked bonds. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 131

132 Balanced Funds Multi-Asset-funds

133 Factsheet: DWS Vermögensmandat-Balance Balanced Funds - Multi-Asset-funds Fund Data Investment Policy Depending on market conditions, DWS Vermögensmandat-Balance invests flexibly in individual stocks, funds and certificates/derivatives, primarily in Europe. Depending on market conditions, 30% to 70% of Fund assets are invested in stable forms of investment (e.g., government bonds). Up to 70% of Fund assets are invested in investment forms that offer great opportunities and are subject to higher volatility (e.g., equity investments, emerging markets, alternative investments). Performance Performance (in EUR) (in %) Fund Management's Comment The sharp decline in leading indicators in the Eurozone, the uncertain political situation in Italy after the elections and concerns about a global trade war weighed on equity markets worldwide during the month. Robust economic data from the US and China and persistently low inflation in the Eurozone were only able to provide short-term support. In Germany, the DAX was down 2.7%, while the Europe-wide EuroStoxx 50 fell 2.3%. The US index S&P 500 declined by 2.7% in March, while Japan s Nikkei dropped by 2.8%. The performance of the global equity index MSCI World has declined by 1.7% in 2018 in USD terms. In March, government bonds benefited from fears of a trade war and continued moderate inflationary trends. The yield on 10- year German government bonds fell from 0.65% to 0.49%, and the corresponding yield in the US declined from 2.86% to 2.74%. The Euro appreciated slightly against the US Dollar, moving from 1.22 to The Brent oil price rose from USD 66 to USD 69 per barrel due to growing concerns about the nuclear agreement with Iran. The gold price moved sideways at USD 1,323 per troy ounce. The Fund turned in a negative performance, falling by 2.7%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 6.86% Beta VAR (99%/10 days) 3.69% Portfolio Analysis Asset class (gross) Prev. month Current Cash (incl. funds) (1.7) 2.6 Bonds (incl. funds) (41.9) 43.2 Balanced fund (0.6) 0.8 Equities (incl. funds) (52.3) 49.7 Alternative investments (3.6) 3.6 Asset class (net) Prev. month Current Cash (incl. funds) (2.1) 2.9 Bonds (incl. funds) (39.9) 41.1 Balanced fund (3.3) 3.7 Equities (incl. funds) (53.0) 51.0 Alternative investments (3.2) 3.0 Gross weighting, not adjusted for any positions in derivatives. Net weighting, adjusted for any positions in derivatives. Breakdown by Currency Largest Individual Holdings Morningstar Category EUR Moderate Allocation - Global Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: (C) Note: The key terms are explained in the glossary. Euro 69.1 United States dollar 29.1 Canadian dollar 1.0 Australian dollar 0.7 Hong Kong dollar 0.7 Swedish krona 0.3 Danish krone 0.3 Singapore dollar 0.2 Pound sterling -0.4 Japanese yen -1.0 Other Currencies 0.1 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. ishs II-J.P.Morgan USD EM Bond UCITS ETF (Dis 5.2 Deutsche Floating Rate Notes IC 4.5 ishares Corp.Bd.Large Cap UCITS ETF 4.3 Amundi ETF Japan Topix Ucits ETF 4.2 Xtrackers MSCI AC Asia ex Japan Swap UCITS E 3.3 Xtrackers USD Corporate Bond UCITS ETF 1D 3.1 Pictet - Emerging Local Currency Debt I EUR 3.0 Deutsche Invest I Short Duration Credit RC 3.0 DB ETC/Gold ETC 3.0 Deutsche Invest I Convertibles FC 2.0 Total 35.6 Gross weighting, not adjusted for any positions in derivatives. Page 1 / 4 133

134 Factsheet: DWS Vermögensmandat-Balance Balanced Funds - Multi-Asset-funds Portfolio Analysis Breakdown by Country (Equities) USA 17.2 Japan 2.7 Great Britain 1.6 France 1.0 Canada 1.0 Germany 1.0 Switzerland 0.9 Australia 0.7 Spain 0.5 Hong Kong 0.4 Italy 0.4 Other Countries 1.7 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 5.8 Information Technology 5.6 Consumer Discretionary 3.6 Health Care 3.2 Industrials 2.8 Consumer Staples 2.1 Materials 1.8 Energy 1.4 Real Estate 1.3 Telecommunication Serv. 1.0 Other Sectors 0.8 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) AAA 26.3 AA 23.1 A 9.8 BBB 35.3 BB 5.5 The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %) 1.4 Duration (in years) 0.1 Modified Duration 0.1 Number of Bonds 39 Average Rating A Page 2 / 4 134

135 Factsheet: DWS Vermögensmandat-Balance Balanced Funds - Multi-Asset-funds Fund Data Portfolio Manager Gerrit Rohleder Front-end Load 4.00% Portfolio Manager since 15/08/2011 All-in-Fee 1.700% Portfolio Management Company Deutsche Asset Management Investment GmbH Running costs / TER (1) 1.850% Portfolio Management Location Germany Fee from securities lending 0.009% Management Company Deutsche Asset Management S.A. Earnings Distribution Legal Structure FCP Accumulated returns 1.11 EUR Custodian State Street Bank, Lux. Redemption Price EUR Assets 1,522.0 Mio. EUR Issue Price EUR Fund Currency Launch Date 01/10/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU German Sec. Code DWS 0NL (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 135

136 Factsheet: DWS Vermögensmandat-Balance Balanced Funds - Multi-Asset-funds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 136

137 Factsheet: DWS Vermögensmandat-Defensiv Balanced Funds - Multi-Asset-funds Fund Data Investment Policy Depending on market conditions, DWS Vermögensmandat-Defensiv invests flexibly in individual stocks, funds and certificates/derivatives, primarily in Europe. At least 70% of Fund assets are invested in stable forms of investment (e.g., government bonds). The Fund aims to achieve a return above the money-market rate. Depending on market situation, up to 30% of Fund assets may be invested in higher-opportunity forms of investment. Performance Performance (in EUR) (in %) Fund Management's Comment The sharp decline in leading indicators in the Eurozone, the uncertain political situation in Italy after the elections and concerns about a global trade war weighed on equity markets worldwide during the month. Robust economic data from the US and China and persistently low inflation in the Eurozone were only able to provide short-term support. In Germany, the DAX was down 2.7%, while the Europe-wide EuroStoxx 50 fell 2.3%. The US index S&P 500 declined by 2.7% in March, while Japan s Nikkei dropped by 2.8%. The performance of the global equity index MSCI World has declined by 1.7% in 2018 in USD terms. In March, government bonds benefited from fears of a trade war and continued moderate inflationary trends. The yield on 10- year German government bonds fell from 0.65% to 0.49%, and the corresponding yield in the US declined from 2.86% to 2.74%. The Euro appreciated slightly against the US Dollar, moving from 1.22 to The Brent oil price rose from USD 66 to USD 69 per barrel due to growing concerns about the nuclear agreement with Iran. The gold price moved sideways at USD 1,323 per troy ounce. The Fund turned in a negative performance, falling by 1.6%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 2.79% Beta VAR (99%/10 days) 1.90% Portfolio Analysis Asset class (gross) Prev. month Current Cash (incl. funds) (1.4) 1.5 Bonds (incl. funds) (71.3) 71.8 Balanced fund (0.6) 0.6 Equities (incl. funds) (25.4) 24.8 Alternative investments (1.4) 1.4 Asset class (net) Prev. month Current Cash (incl. funds) (0.9) 1.6 Bonds (incl. funds) (66.2) 66.4 Balanced fund (6.4) 6.4 Equities (incl. funds) (22.4) 22.1 Alternative investments (1.0) 1.1 Gross weighting, not adjusted for any positions in derivatives. Net weighting, adjusted for any positions in derivatives. Breakdown by Currency Largest Individual Holdings Morningstar Category EUR Cautious Allocation Ratings (As at: 28/02/2018) Morningstar Overall Rating : ««FERI Fund Rating: Lipper Leaders: (D) Note: The key terms are explained in the glossary. Euro 84.0 United States dollar 15.5 Canadian dollar 0.5 Australian dollar 0.4 Hong Kong dollar 0.4 Swedish krona 0.2 Danish krone 0.2 Swiss franc -0.1 Pound sterling -0.3 Japanese yen -1.0 Other Currencies 0.2 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Deutsche Floating Rate Notes IC 6.4 Deutsche Invest I Short Duration Credit RC 5.4 Xtrackers II EUR Corporate Bond UCITS ETF 1C 4.8 Xtrackers iboxx EUR Corp.Bd.Yield Pl. UCITS ET 4.6 Xtrackers USD Corporate Bond UCITS ETF 1D 4.6 Deutsche MAG FI SICAV - EUR IG Corp. EUR I (I 4.5 Deutsche Invest I Convertibles FC 3.9 LYXOR EURO CORPORATE BOND UCITS ETF 3.0 ishares Corp.Bd.Large Cap UCITS ETF 2.9 ishs II-J.P.Morgan USD EM Bond UCITS ETF (Dis 2.5 Total 42.6 Gross weighting, not adjusted for any positions in derivatives. Page 1 / 4 137

138 Factsheet: DWS Vermögensmandat-Defensiv Balanced Funds - Multi-Asset-funds Portfolio Analysis Breakdown by Rating (in % of bond holdings) Breakdown by Country (Equities) AAA 35.4 AA 22.8 A 7.2 BBB 32.5 BB 2.2 The presentation of the structure of the bond credit ratings is based on both internal and external ratings. USA 9.1 Japan 1.4 Great Britain 0.9 France 0.6 Germany 0.6 Canada 0.5 Switzerland 0.5 Australia 0.4 Spain 0.3 Hong Kong 0.2 Italy 0.2 Other Countries 0.9 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 3.1 Information Technology 2.9 Consumer Discretionary 1.9 Health Care 1.7 Industrials 1.5 Consumer Staples 1.1 Materials 0.9 Energy 0.7 Real Estate 0.7 Telecommunication Serv. 0.5 Other Sectors 0.4 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 1.2 Duration (in years) -0.9 Modified Duration -0.9 Number of Bonds 37 Average Rating AA Page 2 / 4 138

139 Factsheet: DWS Vermögensmandat-Defensiv Balanced Funds - Multi-Asset-funds Fund Data Portfolio Manager Lorand Soha Front-end Load 3.00% Portfolio Manager since 01/01/2011 All-in-Fee 1.400% Portfolio Management Company Deutsche Asset Management Investment GmbH Running costs / TER (1) 1.590% Portfolio Management Location Germany Fee from securities lending 0.014% Management Company Deutsche Asset Management S.A. Earnings Distribution Legal Structure FCP Accumulated returns 1.88 EUR Custodian State Street Bank, Lux. Redemption Price EUR Assets Mio. EUR Issue Price EUR Fund Currency Launch Date 01/10/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Income-oriented LU German Sec. Code DWS 0NK (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 139

140 Factsheet: DWS Vermögensmandat-Defensiv Balanced Funds - Multi-Asset-funds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 140

141 Factsheet: DWS Vermögensmandat-Dynamik Balanced Funds - Multi-Asset-funds Fund Data Investment Policy Depending on market conditions, DWS Vermögensmandat-Dynamik invests flexibly in individual stocks, funds and certificates/derivatives, primarily in Europe. At least 50% of Fund assets are invested in investment forms that offer great opportunities and are subject to higher volatility (e.g., equity investments, emerging markets, alternative investments). Performance Performance (in EUR) (in %) Fund Management's Comment The sharp decline in leading indicators in the Eurozone, the uncertain political situation in Italy after the elections and concerns about a global trade war weighed on equity markets worldwide during the month. Robust economic data from the US and China and persistently low inflation in the Eurozone were only able to provide short-term support. In Germany, the DAX was down 2.7%, while the Europe-wide EuroStoxx 50 fell 2.3%. The US index S&P 500 declined by 2.7% in March, while Japan s Nikkei dropped by 2.8%. The performance of the global equity index MSCI World has declined by 1.7% in 2018 in USD terms. In March, government bonds benefited from fears of a trade war and continued moderate inflationary trends. The yield on 10- year German government bonds fell from 0.65% to 0.49%, and the corresponding yield in the US declined from 2.86% to 2.74%. The Euro appreciated slightly against the US Dollar, moving from 1.22 to The Brent oil price rose from USD 66 to USD 69 per barrel due to growing concerns about the nuclear agreement with Iran. The gold price moved sideways at USD 1,323 per troy ounce. The Fund turned in a negative performance, falling by 3.5%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 9.43% Beta VAR (99%/10 days) 4.96% Portfolio Analysis Asset class (gross) Prev. month Current Cash (incl. funds) (2.6) 4.6 Bonds (incl. funds) (24.6) 25.6 Balanced fund (0.6) 0.7 Equities (incl. funds) (68.4) 65.1 Alternative investments (3.9) 3.9 Asset class (net) Prev. month Current Cash (incl. funds) (4.1) 5.7 Bonds (incl. funds) (22.7) 23.6 Balanced fund (3.2) 3.6 Equities (incl. funds) (73.1) 70.5 Alternative investments (3.1) 2.8 Gross weighting, not adjusted for any positions in derivatives. Net weighting, adjusted for any positions in derivatives. Breakdown by Currency Largest Individual Holdings Morningstar Category EUR Aggressive Allocation - Global Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««FERI Fund Rating: Lipper Leaders: (B) Note: The key terms are explained in the glossary. Euro 56.9 United States dollar 35.4 Japanese yen 2.8 Canadian dollar 1.6 Australian dollar 1.3 Hong Kong dollar 1.0 Swedish krona 0.5 Danish krone 0.4 Singapore dollar 0.3 Pound sterling -0.6 Other Currencies 0.3 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Xtrackers Euro Stoxx 50 UCITS ETF 1C 3.4 DB ETC/Gold ETC 2.9 Deutsche Floating Rate Notes IC 2.4 Deutsche Invest I Short Duration Credit RC 2.4 ishs II-J.P.Morgan USD EM Bond UCITS ETF (Dis 1.9 Xtrackers MSCI World Energy UCITS ETF 1C 1.8 Deutsche Invest I Convertibles FC 1.7 MUF SICAV-Lyxor EUROSTOXX Bk. (DR) UCITS 1.6 Pictet - Emerging Local Currency Debt I EUR 1.5 Deutsche Invest I Corporate Hybrid Bonds FC 1.4 Total 21.0 Gross weighting, not adjusted for any positions in derivatives. Page 1 / 4 141

142 Factsheet: DWS Vermögensmandat-Dynamik Balanced Funds - Multi-Asset-funds Portfolio Analysis Breakdown by Country (Equities) USA 28.5 Japan 5.9 Great Britain 3.0 Germany 2.4 France 1.8 Switzerland 1.7 Canada 1.5 Australia 1.1 Spain 1.0 Hong Kong 0.7 Italy 0.6 Other Countries 2.8 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Sector (Equities) Portfolio Breakdown according to MSCI Financials 9.5 Information Technology 9.5 Consumer Discretionary 6.4 Industrials 5.4 Health Care 5.3 Consumer Staples 3.5 Materials 3.1 Telecommunication Serv. 2.6 Energy 2.4 Real Estate 2.1 Other Sectors 1.3 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) AAA 24.0 AA 19.0 A 13.4 BBB 35.3 BB 8.3 The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %) 1.7 Duration (in years) 0.2 Modified Duration 0.2 Number of Bonds 37 Average Rating A Page 2 / 4 142

143 Factsheet: DWS Vermögensmandat-Dynamik Balanced Funds - Multi-Asset-funds Fund Data Portfolio Manager Gerrit Rohleder Front-end Load 5.00% Portfolio Manager since 01/05/2013 All-in-Fee 1.900% Portfolio Management Company Deutsche Asset Management Investment GmbH Running costs / TER (1) 2.030% Portfolio Management Location Germany Fee from securities lending 0.006% Management Company Deutsche Asset Management S.A. Earnings Distribution Legal Structure FCP Accumulated returns 0.66 EUR Custodian State Street Bank, Lux. Redemption Price EUR Assets 1,396.6 Mio. EUR Issue Price EUR Fund Currency Launch Date 01/10/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU German Sec. Code DWS 0NM (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, Address Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt am Main Tel.: +49 (0) 69 / Fax: +49 (0) 69 / Internet: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 143

144 Factsheet: DWS Vermögensmandat-Dynamik Guarantee Funds Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at Page 4 / 4 144

145 Guarantee Funds

146 Factsheet: DWS Garant 80 FPI Guarantee Funds Fund Data Investment Policy A dynamic hedging strategy (DWS Flexible Portfolio Insurance or DWS FPI) which is regularly shifted between a growth component (e.g. equity funds, commodity investments) and a capital preservation component (e.g. selected bond and moneymarket funds), depending on market conditions. In periods in which the market declines for an extended period or in very volatile periods, the Fund may invest up to 100% of its assets in bond/money-market funds or via direct investment in bonds or money-market instruments. Please refer to the prospectus for the exact scope of the guarantee. Fund Management's Comment The price corrections on the global equity markets continued in March. The main negative impact on the equity markets resulted from fears of a trade war between the US and China and the losses of technology stocks triggered by the recent data scandal surrounding Facebook. However, the DAX recovered somewhat towards the end of the month after the EU was exempted from the punitive duties on steel and aluminum imposed by the US. The increased risk aversion on the equity markets supported the bond markets and led to price increases. Accordingly, the yield on 10-year German government bonds fell below 0.5%, the lowest level since the beginning of January. Below is an overview of selected indices: MSCI World Index (USD): -2.5%, MSCI World Index (EUR): -3.1%, EuroStoxx 50 Index: -2.2%, S&P 500 Index (USD): -2.7%, Nikkei 225 Index (JPY): -4.1%, Bloomberg Commodity TR Index (EUR): - 1.3%. The current yield on 9-10 year German government bonds fell from 0.6% to 0.4%. The Fund is managed in accordance with a defined model and moves between a risky and a capital preservation portion. The portion of risky investments was around 62% at the end of the month. Performance Performance (in EUR) Fund Guarantee Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y Ø 5 y Ø EUR Further Characteristics (3 years) / VAR (1 year) Volatility 8.08% Maximum Drawdown % VAR (99%/10 days) 3.98% Sharpe Ratio Portfolio Analysis Portfolio Breakdown Equity funds 37.3 DWS US Growth 3.1 DWS Top Europe LD 2.5 Morgan Stanley Inv.- Global Opportunity F 2.5 DWS Global Value LD 2.4 Deutsche Invest I Global Emerging Market 2.2 Others Equity funds 24.6 Bond funds 20.6 Deutsche Institutional Money plus IC 6.2 DB Portfolio Euro Liquidity 5.2 DWS Rendite Optima 5.1 Deutsche Institutional Yield 4.1 Money market funds 5.4 DWS Rendite Optima Four Seasons 5.4 Index funds 24.8 Xtrackers S&P 500 Swap UCITS ETF 1C 6.2 Xtrackers MSCI USA Swap UCITS ETF Xtrackers MSCI Japan UCITS ETF 1C 2.9 Xtrackers MSCI Emerging Markets Swap 2.5 Xtrackers MSCI World Financials UCITS E 1.8 Others Index funds 5.6 Cash and other Assets 12.0 Information Ratio Alpha Beta Tracking Error Investment Ratio Investment funds Money market funds Cash and other assets (in %) Correlation Coefficient Morningstar Category EUR Flexible Allocation - Global Ratings (As at: 28/02/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 146