Deutsche Asset & Wealth Management db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) Your gateway to China A-shares Strategy overview Important information The db X-trackers funds ("Funds") are distributed by ALPS Distributors, Inc. ("ALPS"). The Fund is managed by DBX Advisors LLC ("DBX") and is sub-advised by Harvest Global Investments Limited. The fund is not FDIC insured and there is no bank guarantee and it may lose value. DBX is a subsidiary of Deutsche Bank AG, neither of which is affiliated with ALPS. Carefully consider the fund’s investment objectives, risk factors and charges and expenses before investing. This and other important information can be found in the fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1855-329-3837) or by viewing or downloading a prospectus. Read the prospectus carefully before investing. Risks International investing involves greater and different risks than investing in U.S. companies and funds investing in a single country or in a limited geographic region tend to be more volatile than more diversified funds. Emerging markets, such as China, tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets; and the potential unavailability of A shares. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the greater risks associated with investments in China. Indexes are unmanaged and you cannot invest directly in an index. Shares of the funds may be sold throughout the day on the exchange through any brokerage account. However, shares may only be purchased and redeemed directly from the funds by authorized participants in very large creation/redemption units. There is no assurance that an active trading market for shares of a fund will develop or be maintained. Deutsche Asset & Wealth Management 1 Your gateway to China A-shares  A large market: China’s equity market is one of the largest in the world by total market capitalization.1 A  Limited investment options: Foreign investors have limited direct access to Chinese stocks, as foreign investment in China A-shares is restricted.  Expanding opportunities: Recognizing the need for reform, China began working to allow more direct foreign investment in China A-shares.  Your gateway to China A-shares: db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) is the first U.S.-listed exchange-traded fund (ETF) to offer direct access to China-A-shares. (1) Source: Deutsche Bank as of June 2013.. .. Deutsche Asset & Wealth Management 2 Agenda 01 Why China? 02 Chinese equities: an untapped market 03 db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR): your gateway to China A-shares 04 About Deutsche Asset & Wealth Management Why China? db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) One of the world’s fastest-growing economies Average annual growth of the Chinese economy, 1982–2012 16% 14% 12% 10% 8% 6% 4% 2% 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 0% Source: National Bureau of Statistics of China as of 2012. Deutsche Asset & Wealth Management 5 China is catching up to other advanced economies China's growth potential exceeds that of the developed world, based on nominal per-capita cross domestic product (GDP) $36,994 $10,050 $5,450 China World Organization for Economic Cooperation and Development Source: Deutsche Bank as of 2011. Deutsche Asset & Wealth Management 6 Structural factors support the Chinese economy Consumption as a percentage of GDP 63% 68% 69% 69% Russia India Korea 81% 82% 84% 87% 88% Germany Japan France Brazil United States United Kingdom 80% 82% 83% 85% 86% United Kingdom United States Korea Brazil France 77% 49% China Indonesia Urbanization rate 51% 53% Indonesia China 74% 74% Russia Germany 91% 31% India Japan Source: Deutsche Bank and World Development Institute as of December 2011. Deutsche Asset & Wealth Management 7 We believe Chinese equities have significant upside potential 12-month forward Price-to-earnings (P/E) ratio vs. real GDP growth during next five years Average GDP growth (next five years) 9% China 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 5 10 15 20 25 Forward P/E ratio Source: Deutsche Bank, International Monetary Fund and Bloomberg Financial LP as of 2012. 45 countries and regions in this universe include all current members of the MSCI Emerging Market Index and MSCI Developed Market Index: Brazil, Chile, China, Colombia, Czech republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey, Austria, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. One cannot invest directly in an index. Deutsche Asset & Wealth Management 8 Chinese equities: an untapped market db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) Due to foreign investment restrictions, share class accessibility depends on the investor A-shares  Trade on Shanghai (RMB) and Shenzhen (RMB) stock exchanges  Available to local and qualified foreign institutional investors through the qualified foreign institutional investor (QFII) and the Renminbi Qualified Foreign Institutional Investor (RQFII) systems. B-shares  Trade on Shanghai (USD) and Shenzhen (HKD) stock exchanges  Available to local and foreign investors H-shares  Trade on Hong Kong (HKD), London (GBP), New York (USD) stock exchanges  Available to local and foreign investors Red-chips  Trade on Hong Kong (HKD) Stock Exchange  Available to local and foreign investors Deutsche Asset & Wealth Management 10 Growth of the China A-share market China A-shares, total market capitalization (in millions) and number of listed companies $7,000,000 3,000 $6,000,000 2,500 $5,000,000 2,000 $4,000,000 1,500 $3,000,000 1,000 $2,000,000 500 $1,000,000 $0 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total market capitalization Number of listed companies Source: CEIC Data and World Bank as of December 2012. Deutsche Asset & Wealth Management 11 China is underrepresented in global portfolios Foreign ownership as a percentage of domestic market 51.2% 40.1% 28.0% 22.8% 30.5% 30.6% Brazil Korea 24.1% 17.1% 11.4% 13.6% 14.0% United States Russia 1.5% China China (excluding (including securities securities listed listed overseas) overseas) India Japan Taiwan Mexico United Kingdom Germany Source: Deutsche Bank, International Monetary Fund, World Bank, Bank for International Settlements, CEIC Data, WIND and Haver Analytics as of 2012. Deutsche Asset & Wealth Management 12 The potential upward trajectory of China A-shares Stock-market capitalization (in billions) China is underrepresented in the MSCI Emerging Markets Index $6,500 $6,000 $5,500 China $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 Brazil Russia $1,000 Thailand $500 $0 0 Mexico Malaysia 5 India South Africa Korea Taiwan 10 15 20 25 30 35 Percentage of index Source: Deutsche Bank, World Development Indicators and MSCI as of December 2012. The countries in this universe include all current MSCI Emerging Markets Index constituents: Brazil, China, Chile, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. One cannot invest directly in an index. Deutsche Asset & Wealth Management 13 Your gateway to China A-shares db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) Introducing db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) db X-trackers Harvest CSI 300 China Equity Fund (ASHR) is the first U.S. listed exchange-traded fund (ETF) to offer direct access to China-A-shares.  Only one other U.S.-listed ETF accesses the A-shares market—but it gains its exposure via derivative securities, so investors are exposed to the inherent risks of any equity investment plus counterparty risks associated with use of counter derivatives. About Harvest Group  ASHR’s sub-advisor, Harvest Global Investments Limited, holds a Renminbi QFII license (RQFII).  Deutsche Bank Group and Harvest Group have benefited from a successful Chinese foreign asset-management joint venture. The continued strategic partnership provides U.S. investors with the first ETF to access to the expansive Chinese economy and stock market by directly holding China A-shares.  Harvest Global Investments Limited is a wholly owned subsidiary of Harvest Fund Management, China’s second largest asset manager by assets.  Harvest Group, which has managed China A-share passive strategies since 2005, managed 18 index funds, including seven exchange-traded funds (ETFs) with total asset under management in excess of $10 billion as of June 2013. Deutsche Asset & Wealth Management 15 About db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) db X-trackers Harvest CSI 300 China A-Shares Fund is an exchangetraded fund (ETF) that seeks investment results that correspond generally to the performance, before fees or expenses, of the CSI 300 Index. ETFs CSI 300 Index ETFs are investment funds that trade on a stock exchange, much like a stock. They are often called “passive” products because they typically seek to match the performance of an index and are not actively managed by an investment team. The CSI 300 Index is composed of the 300 largest and most-liquid stocks in the China A-share market, which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. One cannot invest directly in an index. Deutsche Asset & Wealth Management 16 Why db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR)?  A broader opportunity set. Many sectors and companies are only available via China A-shares, meaning the ability to invest in China A-shares opens up a broader opportunity set. A  A low historical correlation. This market historically has had a relatively low correlation with other major markets, especially those in the United States and Europe.1 This is an attractive attribute for investors who seek to more effectively diversify their portfolios.2  A return potential that is enhanced. As discussed, the China A-shares market also offers the potential for enhanced return, given its low P/E ratio and potential for growth. (1) Source: “Empirical Evidence of Co-Movements Between China and Global Stock Markets” as of October 2012. (2) Diversification cannot protect against a loss. Deutsche Asset & Wealth Management 17 About Deutsche Asset & Wealth Management db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) About Deutsche Asset & Wealth Management Deutsche Asset & Wealth Management is proud to offer a complete suite of active, passive and alternative investments catering to retail, institutional and wealth management clients. By the numbers About us — With more than $1.2 trillion of invested assets globally, Deutsche Asset & Wealth Management is one of the world’s largest and best-known investment organizations.1 — Is the #5 provider of exchange-traded products globally and #2 in Europe.2 — Is the #1 retail asset manager in Germany and #3 in Europe.3 — Is the #1 insurance asset manager globally.4 — Is the #5 alternative investments manager globally.5 — Deutsche Asset & Wealth Management’s investment platform is structured to deliver world-class investment strategies across the entire asset-class spectrum. — The extensive capabilities of our integrated organization creates new opportunities to bolster our traditional active management product line. (1) (2) (3) (4) (5) Source: Deutsche Asset & Wealth Management as of 7/31/13. Source: BlackRock as of 10/31/12. Source: Asset manager in Germany, BVI as of 9/12. Asset manager in Europe, Lipper as of 9/12. Source: Insurance Asset Manager as of 12/11. Source: Towers Watson 2012 Alternatives Study. Deutsche Asset & Wealth Management 19 Exchange-traded products by Deutsche Asset & Wealth Management A global ETP powerhouse Our U.S. business — We manage more than 300 exchange-traded products worldwide, with more than $66 billion in assets in the United States, Europe, Africa and Asia making us one of the world’s leading providers of exchange-traded products.1 — In the United States, we manage 59 products (27 ETFs and 32 exchange-traded notes, ETNs) with approximately $11.5 billion in assets under management.2 — Our full lineup provides innovative solutions in cost-effective, exchange-listed wrappers. — We launched the first exchange-traded fund (ETF) for U.S. investors that provides broad exposure to commodities. Product breakdown ETFs ETNs 9% 22% 38% 48% 22% 56% 6% Int'l currency hedged Target date Fixed income Commodity & Currency Income Commodity Currency — We are proud to market a full suite of db X-trackers MSCI international currency-hedged equity funds. (1) Source: Deutsche Asset & Wealth Management as of 9/30/12 (2) Source: Deutsche Asset & Wealth Management as of 11/6/13. Deutsche Asset & Wealth Management 20 Deutsche Asset & Wealth Management U.S. exchange-traded funds and notes1 db X-trackers PowerShares DB International currency-hedged equity Commodities db X-trackers MSCI Brazil Hedged Equity Fund (DBBR) PowerShares DB Commodity Index Tracking Fund (DBC) db X-trackers MSCI EAFE Hedged Equity Fund (DBEF) PowerShares DB Agriculture Fund (DBA) db X-trackers MSCI Emerging Markets Hedged Equity Fund (DBEM) PowerShares DB Base Metals Fund (DBB) db X-trackers MSCI Germany Hedged Equity Fund (DBGR) PowerShares DB Energy Fund (DBE) db X-trackers MSCI Japan Hedged Equity Fund (DBJP) PowerShares DB Oil Fund (DBO) db X-trackers MSCI Asia Pacific Ex Japan Hedged Equity Fund (DBAP) PowerShares DB Silver Fund (DBS) db X-trackers MSCI Europe Hedged Equity Fund (DBEU) PowerShares DB Precious Metals Fund (DBP) db X-trackers MSCI United Kingdom Hedged Equity Fund (DBUK) PowerShares DB Gold Fund (DGL) Target date Currencies db X-trackers 2010 Target Date Fund (TDD) PowerShares DB G10 Currency Harvest Fund (DBV) db X-trackers 2020 Target Date Fund (TDH) PowerShares DB U.S. Dollar Index Bullish Fund (UUP) db X-trackers 2030 Target Date Fund (TDN) PowerShares DB U.S. Dollar Index Bearish Fund (UDN) db X-trackers 2040 Target Date Fund (TDV) db X-trackers In Target Date Fund (TDX) Income db X-trackers Municipal Infrastructure Revenue Bond Fund (RVNU) db X-trackers Regulated Utilities Fund (UTLT) International db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) You may lose principal and these products will be successful only if significant losses are avoided. Carefully consider the funds’ investment objectives, risk factors, charges and expenses before investing. This and other information can be found in each fund prospectus, available at 1-855-DBX-ETFS (1-855329-3837). Read the prospectus carefully before investing Deutsche Asset & Wealth Management (1) Our platform also includes 32 exchange-traded notes. Funds focusing on a single sector generally experience greater volatility. PowerShares DB funds invest directly in commodity or currency futures. You may lose principal and these products will be successful only if significant losses are avoided. PowerShares DB branded funds and the exchange-traded funds are not mutual funds or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Certain PowerShares DB ETFs are registered with the SEC under the Securities Act of 1933, as amended, and distributed by ALPS Distributors, Inc. Commodities and futures are volatile and are not suitable for all investors. The PowerShares DB branded funds must be preceded or accompanied by a prospectus. To view a prospectus, please click on the fund name above. 21 Definitions Correlation is a measure of how closely two variables move together over time. A 1.0 equals perfect correlation. A –1.0 equals total negative correlation. Counterparty risk is the risk to each party of a contract that the counterparty will not live up to its contractual obligations A derivative is a financial instrument that derives its value from another security or index. An exchange-traded product, such as an exchange-traded fund, is a security that tracks an index or asset like an index fund, but trades like a stock on an exchange. Gross domestic product (GDP) is the value of all goods and services produced by a country’s economy. The MSCI All Country (AC) World Index tracks the performance of 23 developed and 23 emerging markets. The MSCI Developed Markets Index tracks the performance of stocks in select developed markets. The MSCI Emerging Markets Index tracks the performance of stocks in select emerging markets. Price-to-earnings ratio (P/E) ratio compares a company’s current share price to its per-share earnings. Red chips are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. Urbanization rate describes the projected average rate of change of the size of the urban population over the given period of time. Renminbi Qualified Foreign Institutional Investor (RQFII) license is a program that was launched in People's Republic of China to allow licensed foreign investors to buy and sell yuan-denominated "A" shares in China's mainland stock exchanges. Deutsche Asset & Wealth Management 22 R-32591-1 (10/13) Deutsche Asset & Wealth Management DBX523 (11/14) 23