simply buy the market

db x-trackers - Deutsche Bank Exchange Traded Funds

The easiest way to invest offshore

2009

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Worldwide ETF growth

Global stats: Worldwide ETF AUM of

USD 789.04 billion as at 30June 2009

1,707 ETFs from 93 providers, with 3,066 listings on 42 exchanges worldwide as at 30June 2009

Over 70% of ETFs AUM are held by institutional investors

Euros (billions) Number of ETFs

0

100

200

300

400

500

600

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

0

200

400

600

800

1000

1200

1400

1600

1800

AUM Number of ETFs

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the story so far ... Launched db x-trackers globally January 2007 (October 2005 in SA) Globally more than 100 ETFs covering all asset classes Fastest growing ETF provider worldwide by market share out of top 10 managers 2nd highest AUM inflows globally in 2008 Global AUM of EUR 20 billion … (3rd in Europe and 5th globally)

Rankings 2006 & 2007 & 2008

Equity Products

Number one Exchange Traded Funds

& 2008 & 2008

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MSCI World Index ETFThe MSCI World Index reflects the performance of the developed world’s equity markets. The Index contains about 1,900 constituent securities (ETF base currency: US$)

Range listed on the JSE:

The ETFs track the performance of the following indices:

DJ Eurostoxx 50 Index ETFThe index is a free float market capitalisation weighted index, containing the 50 most liquid blue chip stocks from countries within the Eurozone.

(ETF base currency: EUR)

Country allocation Sector allocation

53%

13%

10%

5%5%

4% 4% 4% 2%

UNITED STATES

JAPAN

BRITAIN

CANADA

FRANCE

SWITZERLAND

GERMANY

AUSTRALIA

SPAIN

21%

19%

12%10%

10%

9%

7%7% 5%

Consumer, Non-cyclical

Financial

Energy

Industrial

Communications

Consumer, Cyclical

Technology

Basic Materials

Utilities

35%

28%

16%

11%5% 3% 2%

FRANCE

GERMANY

SPAIN

ITALY

NETHERLANDS

FINLAND

OTHER

29%

15%12%

11%

10%

8%

8%4% 3%

Financial

Communications

Utilities

Energy

Consumer, Non-cyclical

Industrial

Basic Materials

Consumer, Cyclical

Others

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FTSE 100 Index ETFThe Index is a free float market capitalisation weighted Index, containing the 100 largest United Kingdomshares in terms of market capitalization that are listedon the London Stock Exchange (ETF base currency: GBP)

Range listed on the JSE:

The ETFs track the performance of the following indices:

MSCI USA Index ETFThe MSCI USA Index reflects the performance of the USA equity markets. The Index contains about 600 constituent securities.

(ETF base currency: USD)

MSCI Japan Index ETFThe MSCI Japan Index reflects the performance of the Japanese equity markets. The Index contains about 400 constituent securities. (ETF base currency: JPY)

Sector allocation

27%

22%20%

11%

9%4% 3% 3% 1%

Consumer, Non-cyclical

Energy

Financial

Basic Materials

Communications

Utilities

Consumer, Cyclical

Industrial

Technology

25%

14%

13%12%

11%

10%

8% 4% 3%

Consumer, Non-cyclical

Energy

Financial

Technology

Communications

Industrial

Consumer, Cyclical

Utilities

Basic Materials

27%

20%18%

11%

7%6%

5% 5% 1%

Consumer, Cyclical

Industrial

Financial

Consumer, Non-cyclical

Basic Materials

Utilities

Communications

Technology

Energy

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why buy db x-trackers etf’s

no red tape … offshore allowance not impacted2

diversify offshore … protect against rand weakness1

convenient … R1,000 lump sum or R300 per month 4

Low fees … management fee of 1.14% p.a.4

diversify … across 1,000+ stocks… small amount of money buys huge exposure5

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protects you against rand weakness

USD/ZAR EUR/ZAR GBP/ZAR JPY/ZAR

Dec 2009 9.50 11.50 12.35 0.091

Dec 2010 10.00 12.00 15.10 0.10

Deutsche Securities House View: :

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Impact of Fees on an investment:

Assuming one invested R100twenty years ago in a

portfolio that tracked the All ShareIndex, and

• invested via a company that charged 2.28% fees p.a. (2% vat ), the investment would be worth R727.31 as at 30 April 09

• If charged no fees, the investment would be worth R1,152.39 as at 30 April 09 which is 58% more than when charged 2.28% fees p.a.

• If charged 1.14% p.a., the difference reduces to 26%

The effect of fees on a R100 investment in the All Share Index

0

200

400

600

800

1000

1200

1400

1600

1800

2000

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009

Source: Inet, Deutsche Securities

All Share Index (without costs)

All Share Index (with

costs*)

Inflation (CPI)

* fees of 2.28% per annum (2% +Vat )

58%

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Questions ??

& 2008

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DisclaimerThe information provided in this document does not constitute investment advice; its sole purpose is to provide a brief description of the product. You should be aware that certain transactions give rise to substantial risk. Product values may be affected by market values, interest rates, exchange rates, volatility, dividend yields and issuer credit ratings. These factors are interrelated in complex ways, and as a result, the effect of any one factor may be offset or magnified by the effect of another factor. Accordingly, certain transactions are not suitable or appropriate for all investors. You should take steps to ensure that you fully understand any transaction which you intend entering into and have made an independent assessment of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your advisers in making this assessment. This Document should not be considered as a recommendation by Deutsche Bank or any of its affiliates that the db x-trackers ETS are a suitable investment. db x-trackers may or may not be suitable for all investors. Deutsche Bank AG or any of its affiliates does not guarantee the performance of the db x-trackers. Past performance is no guarantee of future returns.The complete terms and conditions should be taken from the respective offering circular; this, and any supplements, may be obtained free of charge from Deutsche Bank AG or any of its affiliates. Any investment in a db x-trackers ETF should be made solely on the basis of the Listing Particulars. All statements of opinion reflect the current assessment of Deutsche Bank AG or any of its affiliates, which may change without prior notice. Although the information herein has been obtained from sources believed to be reliable, Deutsche Bank AG or any of its affiliates does not guarantee its accuracy, completeness or fairness.Deutsche Bank or any of its affiliates may make markets or hold units in the db x-trackers ETFs mentioned in this document or hold positions in the investments in which the db x-trackers invest.As set out in the offering circular, the sale of securities is subject to restrictions in some jurisdictions. In particular, any direct or indirect distribution of this document into the United States, Canada or Japan, or to U.S. persons or U.S. residents, is prohibitedTrading on an exchange may incur additional costs, including trading fees (STRATE), brokerage, administration fees and Uncertified Securities Tax (UST). The price at which a participatory interest trades on an exchange may differ from the price at which a manager repurchases participatory interests and the price published daily in the press in the listing of “unit trust prices”.

Index DisclaimersThe funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, FTSE, STOXX Limited and/or Dow Jones & Company, Inc (“Index Providers”) and they bear no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Offering Circular and the relevant Supplement contain a more detailed description of the limited relationship the Index Providers has with Deutsche Bank AG or any of its affiliates, db x-trackers and any related ETFs.All database rights, copyright and any other intellectual property rights in the Index and constituent list vests in the Index Providers and/or its licensors. Deutsche Bank AG or any of its affiliates has obtained full license from the Index Providers to use such database rights, copyright and other intellectual property rights in the creation of this product.The Index Providers and Deutsche Bank AG or any of its affiliates make no warranty or representation whatsoever either as to the results obtained from use of the indices and/or the figures at which the said indices stand at any particular day or otherwise. These index sponsors shall not be liable to any person for any error in their indices and shall not be under any obligation to advise any person of any error therein.

© 2008 Deutsche Bank.

X-Markets Investment Holdings (Pty) Ltd, a member of the Deutsche Bank Group, is an authorised Financial Services Provider

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This material is for investment professionals and has been prepared solely for information purposes and does not constitute an offer, an invitation or a recommendation to enter into any transaction nor create any binding obligations on the part of Deutsche Bank AG and or its affiliates (“Deutsche Bank”).

Deutsche Bank is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed product. The products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with Deutsche Bank, you do so in reliance on your own judgment. The information contained in this material is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this material constitute our judgment as of the date of the material and are subject to change without notice.

ETFs involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. The value of an investment in a Deutsche Bank ETF may go down as well as up and past performance is not a guide to the future. Please refer to the db x-trackers full prospectus and the db x-trackers MSCI Emerging Markets TRN Index ETF simplified prospectus for more information on Deutsche Bank ETFs and to the following link for general information regarding the nature and risk of financial instruments: www.globalmarkets.db.com/riskdisclosures. These documents are available free of charge from Deutsche Bank, London Branch.

This material was prepared by a Sales or Trading or Structuring function within Deutsche Bank, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank departments including the Research Department. Sales, Trading and Structuring functions are subject to additional potential conflicts of interest which the Research Department does not face.

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervising Authority) and is regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. The registered address of Deutsche Bank AG, London Branch, is Winchester House, 1 Great Winchester Street, London EC2N 2DB.

Any direct or indirect distribution of this document into the United States, Canada or Japan, or to U.S. persons or U.S. residents, is prohibited.

The index sponsors of the indices referred to herein (including Deutsche Bank AG) make no warranty or representation whatsoever either as to the results obtained from use of the indices and/or the figures at which the said indices stand at any particular day or otherwise. These index sponsors shall not be liable to any person for any error in their indices and shall not be under any obligation to advise any person of any error therein.

You may not distribute this material, in whole or in part, without our express written permission. DEUTSCHE BANK SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.”

Copyright 2007 Deutsche Bank AG.