Retail Investors

General Terms & Conditions

Copyright © 2009

1. No offer

Nothing contained on this Website should be considered as an offer or an invitation to purchase or to subscribe for any of the products as described on this Website. Pricing levels and valuations published on the Website are indicative and they and other information displayed thereon are for information purposes only.

2. Decisiveness of offering circular or prospectus

A complete description of db x-trackers is included in the latest version of the Singapore Prospectus issued by db x-trackers. Copies of the Singapore Prospectus and the semi-annual and annual reports can be obtained from the Singapore Representative (RBC Dexia Investor Services Singapore Pte Limited, having its registered office located at 20 Cecil Street, #28-01 Equity Plaza, Singapore 049705), or from the registered office of db x-trackers (RCS Nr.: Luxembourg B-119899) (located at 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg) or from the offices of Deutsche Bank AG free of charge.

3. No investment advice

Information made available on the Website should not be considered as investment advice or any form of recommendation to purchase products described thereon.

4. Historical performance

Past performance information contained on the Website is not indicative of future results.

5. No warranties for contents

Although best efforts have been used to ensure that the information set out on the Website is reliable, no warranty is made as to its accuracy, completeness and adequacy. Any opinions expressed reflect the current view of Deutsche Bank AG (db x-trackers), in its capacity as distributor, which may change without notice.

6. Use of the Website

6.1. Changes of the Website

Deutsche Bank AG (db x-trackers) reserves the right to partly or completely change the Website at any time and to restrict, interrupt or terminate its service.

6.2. Changes of General Terms and Conditions of Use

Deutsche Bank AG (db x-trackers) reserves the right to modify or amend these terms and conditions at any time.

7. Copyright

Content and design of the Website are protected by copyright. Any copying of the Website or of its content requires the preliminary written consent of Deutsche Bank AG (db x-trackers).

8. Privacy Policy

Deutsche Bank AG (db x-trackers) respects your privacy. Personal data, which are collected when visiting our website, are processed according to requirements under applicable local laws.

9. Safety of Communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although Deutsche Bank AG (db x-trackers) will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

10. Hyperlinks

Certain hypertext links on the Website may lead the user to websites that are not under the control or charge of Deutsche Bank AG (db x-trackers). When the user clicks on such a link, he leaves the Website of Deutsche Bank AG (db x-trackers). Deutsche Bank AG (db x-trackers) is not responsible with respect to any material contained on any other non-Deutsche Bank website.

11. Governing Law; Jurisdiction

11.1. Governing Law

These terms and conditions are exclusively governed by and shall be construed in accordance with Singapore law.

11.2. Jurisdiction

Each user is subject to the exclusive jurisdiction of the courts of Singapore in respect of any dispute arising under these terms and conditions.

12. Other agreements

If at any time any provision (or part of any provision) of these terms and conditions is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these terms.

13. Selling restrictions

The products described on the Website are not eligible for sale in all countries and in any event may only be sold to qualified investors. The offering circulars contain information as to the selling restrictions applicable to any particular product and the user should read them carefully.

In particular, the following restrictions apply:

Residents of the United States of America:

The information set out in the Website is not directed to the United States. US citizens (as defined in Regulation S under the US Securities Act 1933) and persons resident in the US may not enter the Website. Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. The securities have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to US citizens or US residents.

The products described on the Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.

14. Publication

The information in this website is deemed to be published by Deutsche Bank AG, acting through its Singapore Branch.

Important notice

Please be advised that to view information on this Deutsche Bank ETF site, you must accept the conditions of the legal disclaimer.

"The information on this Website relating to securities and financial services has been reviewed exclusively as to compliance with the laws of Singapore. In other jurisdictions, the furnishing of any such information may be restricted by law. The information on this site is not intended for person or entities resident, located or registered in jurisdictions that restrict the distribution of such material. Consequently, the information on this site does not constitute, and may not be used for the purposes of, an offer or invitation to acquire or sell any securities to any person in any jurisdiction:

1. in which any such offer or invitation is not authorised;

2. in which Deutsche Bank AG (db x-trackers) is not qualified to make such offer or invitation; or

3. on which it is unlawful to make any such offer or invitation.

In particular, the information on this Website is not intended to and does not constitute an offer or invitation to acquire or sell securities or collective investment schemes to persons resident in the United Kingdom, Italy, Spain and Switzerland. The information on this website is not directed at persons resident in the United Kingdom, Italy, Spain and Switzerland, and must not be acted upon by such persons. Accordingly, any offer from any such person will not be accepted.

Anyone accessing this site from a jurisdiction in which any such restrictions apply should inform themselves about, and observe, such restrictions.

The securities referred to on this Website have not been and will not be registered under the United States Securities Act of 1933 , as amended, and may not be offered or sold within the United States except pursuant to any exemption from, or within the framework of a transaction not subject to, the registration requirements of the Securities Act.

Therefore, the securities listed in the following information may not be sold to U.S. nationals or otherwise be transferred to the United States unless the relevant transaction is not subject to registration requirements under U.S. law.

Deutsche Bank AG (db x-trackers) shall not be liable for any information contained in or activities conducted through the Websites of any other companies which are hyperlinked to the website of Deutsche Bank AG (db x-trackers)."

IMPORTANT INFORMATION FOR SINGAPORE INVESTORS

Issued in Singapore by Deutsche Bank AG ("DB"). We may record telephone calls made to our office for our mutual protection and to improve customer service.

The content in this website is intended for your general information only and must not be construed as an offer or solicitation of an offer to buy or sell any securities or shares in any of our ETFs or a recommendation to invest in any of our products and neither does it take into account any investor's particular circumstances or have regard to your specific investment objectives, financial situation and any of your particular needs. You may wish to seek advice from a financial adviser before making a commitment to purchase any ETF. In the event that you choose not to seek advice from a financial adviser, you should consider whether the ETF in question is suitable for you.

The information contained in this website is obtained and / or compiled from sources believed to be reliable and current. However, DB cannot and does not warrant, guarantee or represent, either expressly or impliedly, the accuracy, validity or completeness of such information. DB or any directors or employees or representatives of DB shall not be liable for (whether in tort or contract or otherwise) any damages arising from any person's reliance on this information and shall not be liable for any errors or omissions (including but not limited to errors or omissions made by third party sources) in this information. The information contained in this website should not be regarded as a substitute for the exercise of your own judgement. Any information and views provided herein is subject to change without further notice. None of the material, nor its content, nor any copy of it, maybe altered in any way, transmitted to, copied or distributed to any other party, without prior express written permission of DB.

Investment involves risks, including the possible loss of the principal amount invested. The value of the shares and the income from the ETFs may fall as well as rise. Past performance of DB, any ETF and/or any other person referred to in this website and any opinions, forecasts, assumptions, estimates made are not necessarily indicative of the future or likely performance of DB any ETF and/or any other person referred in this website. Investors should note further that information and performance of the respective indices should not be used or construed as the information or a proxy, prediction, forecast or projection of the performance or future performance of any ETF. The listing of the shares in the ETFs does not guarantee a liquid market for the shares. Investors may only redeem shares in the ETFs with the manager directly under certain specified conditions as described in the Singapore prospectus of the relevant ETF. Investors should note that the ETFs may invest, as a part of their investment policy, in financial derivative instruments such as index swap transaction(s) and that the net asset value of the relevant ETF may have a high volatility due to its investment policies or portfolio management techniques. Investors should note that the information provided herein may not have set out all the risks and other significant aspects involved in investing in any ETF mentioned herein and should therefore refer to the relevant Singapore prospectus for details before deciding whether to invest in shares of the ETFs. The Singapore prospectuses of the ETFs are available and may be obtained from the Singapore Representative’s office in Singapore and the participating distributors' offices or branches.