Agribusiness Interessante investeringsmogelijkheden langs de voedselwaardeketen

oktober 2012

Bram Pouwels, oktober 2012

Afgelopen lunch, 60 minuten?

2

Source: www.poodwaddle.com

3

DWS Investments

Presence in 72 countries worldwide

Corporate and Investment Bank

Global Banking

GlobalMarkets

Corporate Investments

CorporateInvestments

AssetManagement

Private WealthManagement

Private & Business Clients

Private Clients and Asset Management

Note: 1) Data as of March 31, 2012.Source: Deutsche Bank.

EUR 542 bn1)

Retail

Insurance

Alternatives

Deutsche Asset Management

Institutional

No. 1 in Germanyin € bn

No. 3 in Europein € bn

No. 8 in the worldin € bn

No.1 in Duitsland

4

Excl. funds of funds (except un-affiliated FoFs), incl. real estate. Data for DWS also include DB products. DWS ex-DB reported AuM of €141bn. Source: Lipper FMI, March 31, 2012.

Source: BVI Germany, DWS.As at: March 31, 2012. Including FoFs, DWS figures include DB products.

All data as of March 31, 2012. Excl. FoF’s (except un-affiliated FoFs), incl. property. Excl. JV AuM from foreign firms. European data for DWS also include DB products.Sources: Lipper FMI (Europe), Simfund (US, Asia, Australia).

DWS

AGI

Deka

Union

BlackRock

Franklin

Tem-pleton

138

109

91

85

28

15

Black Rock

Amundi

DWS

JPMorgan

BNP Paribas

UBS

Allianz/PIMCO

Lloyds TSB

Franklin Temple-ton

Credit Suisse

314

226

203

196

192

157

157

116

111

109

Vanguard

Fidelity

BlackRock

Capital Group

Allianz/PIMCO

JPMorgan

Franklin Templeton

DWS

BNY Mellon

T. Rowe Price

1.415

1.096

951

711

554

521

406

278

275

249

DWS Investments in NederlandWaar kent u ons van?

DWS Top Dividende –

Het leidende hoogdividend aandelenfonds in

Nederland

DWS Invest Global Agribusiness –

Investeren in de hele waardeketen van het voeden van de wereld

DWS Aktien Strategie Deutschland –

Investeren in de grootste en sterkste economie van

Europa

DWS Invest Convertibles Profiteer van beide werelden

DWS Covered Bond Fund

Een solide, eeuwenoud instrument

DWS Corporate Bonds 2017

Mandje ww obligaties, vaste afloopdatum

DWS Invest Global Agribusiness Fondsmanager Ralf Oberbannscheidt

6

7

Hoe de wereld te blijven voeden?

Urbanisatie

Onderinvestering

Afnemende hoeveelheid landbouwgrond

PRESSURE ON SUPPLY

EVER-RISING DEMAND

Groeiende wereldbevolking

Veranderd voedselpatroon

Biofuel

“More food will have to be produced over the next decades than has been produced during the past 10,000 years combined.” (FAO)

8

Groeiende wereldbevolking & footprint

9

Voedselprijzen op hoger niveau

UN Food and Agriculture World Food Price Index

9

2006 2008 2011 CAGR

Tarwe $384 $583 $620 10%

Maïs $236 $461 $583 20%

Sojabonen $392 $860 $967 20%

01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/1280

100

120

140

160

180

200

220

240

In 2008 record food prices triggered riots around the world.

CAGR + 7.0%

Source: Bloomberg; Version: October 2011

In 2011 food prices reached another all-time high.

Source Bloomberg; Version: June 2012

De wereld is veranderd - de vraag is stijgende

10

2006 2008 2011

World Population

6,555 6,705 7,000

Global Meat Consumption (per capita, kg)

31.6 32.5 32.9

Household Consumption Expenditure (per capita, USD)*

3,591 3,682 3,863

As of October 2011Source: FAO, Agricultural Outlook* Source: Worldbank October 2011, data for 2011 not available yet and therefore based on DB estimates and own calculations

11

Het concept van niet lineariteit: voedsel vraag

Voedsel behoefte = Bevolking × Calorieën (per capita)Calorieën

Time

S-Curve ontwikkeling

Markt veronderstelling

Source: DWS, simplified illustration

12

Kcal per capita per day

Meer eten: Calorieën tellenDrijvende kracht van exponentiële groei

2,300

2,400

2,500

2,600

2,700

2,800

2,900

3,000

3,100

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012E 2014E 2016E 2018E 2020E

Africa WorldAsia

Source: GTP, April 2012E =Estimate / there is no guarantee that the estimates highlighted will materialize

13

Grotere middenklasse

Source: WDI, UN Population Division, Goldman Sachs Global ECS Research, 2011

Bevolking per inkomens categorie (73 landen)People, Billions

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

1980 1990 2000 2010 2020 2030 2040 2050

Over $6k Under $6k

All food Cereals Oils and fats0.8

0.6

0.4

0.2

0LIC MIC HIC LIC MIC HIC

1996 ICP2006 ICP

ICP = International Comparison Program, a Wold Bank program covering 146 countriesLIC = Lower income countriesMIC = Middle income countriesHIC = High income countries

Source: USDA,, Economic Research Service analysis of international Comparison Program data, World Bank.

Inkomens-elasticiteit

LIC MIC HIC

14

World Infrastucture Spendingsin trillion USD

Population

Snelle urbanisatie – infrastructuur bestedingen

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Source: United Nations, Department of Economic and Social Affairs, Population Division, April 2012 Source: GTP, own calculations, April 2012

1950

1960

1970

1980

1990

2000

2010

2015

2025

2035

2045

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

10000000

Total population Rural population Urban population

Een van de belangrijkste sociaal-economische factoren die de toenemende vraag naar voedsel drijft en de hoeveelheid beschikbare landbouwgrond vermindert is de toenemende verstedelijking.

Urbanisatie - van Mega to Meta

Kuala Lumpur - 1974

Kuala Lumpur - 2005

Source: Wikipedia, March 2007

16

Groeiende wereldbevolking

Meer calorieënper inwoner

Toenemende urbanisatie

Eiwitrijke voeding

Agribusiness² Het concept van niet lineariteit

17

Apple = een hele wereld met voedsel?Onderinvestering Agribusiness

Source: DWS, GTP, April 2012

18

DWS Invest Global Agribusiness Samenvatting

Process: Actief stock picking, gebaseerd op fundamentele research, ESG bewust

Benchmark: Geen officiële benchmark, thema fonds

Instruments: Aandelen, geen derivaten, geen valuta- afdekking

Universe: Over de hele „Agribusiness voedselketen“

Allocation: 80-100 bedrijven

Style: Actief, flexibele allocatie

19

Verdeling over de waardeketen

Resource Owners

Machinery

Fertilizer

Seeds

Facilitators

Agri. products

Machinery

Logistic

Value Adders

Packaged Food

Meat & Bev.

Aquaculture

Distributors

Retailer

Restaurants

Services

28%43%

16%13%

Source: DWSData as per end of May 2012

UPSTREAM DOWNSTREAM

20

Investeringsmogelijkheid: Zaden & Gewasbescherming UPSTREAM

Source: Philipps Mc Dougal, February 2012

2006 2007 2008 2009 2010 2011 Prelim

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

Crop Protection GM Seed Conventional Seed

CAGR8.10%

CAGR21.78%

CAGR5.36%

Million $ Lange termijn groei in zaden & gewasbescherming

GM gemodificeerde zaden met boven-gemiddelde groei

Agro-chemische prijzen verbeteren in 2012

21

Investeringsmogelijkheid: Supply Chain Managers

Wereldhandel: Sojabonen & sojaproducten, voedergranen en tarweTrade (MM MT)

UPSTREAM

Supply Chain Manager – stijging van de wereldhandel

Price/Book – aantrekkelijk waardering

Strategisch belang voor overhedenGTP calculationAs of January 2012

01960

45

90

135

180

225

1970 1980 1990 2000 2010 20201965 1975 1985 1995 2005 2015

Soybeans and soy products Coarse grains Wheat

22

Zandloper theorie: de „consument“ bestaat niet

Percentage van het inkomen naar voeding..

Private Label

Premium Food

Note: Average annual incomes for the quintiles in 2009 were $9,846 for the lowest, $46,012 for the middle, and $157.631 for the highest.Source: USDA, Economic Research Service calculations using data from the Bureau of Labor Statistics’ Consumer Expenditure Survey. 2004-09.

2004 2005 2006 2007 2008 2009

40

35

30

25

20

15

10

5

0Lowest income quintile Middle income quintile Highest income quintile

DOWNSTREAM

46 % 43 %

32 % 31 % 28 %17 %

5 % 5 % 1 %

Weighted Global Average: 14.9 %

23

Eigen instrumenten

Farm model Waarderingsmodel voor

winstgevendheid wereldwijd landbouwgrond

Database van publieke en private landbouwgrond

Winstgevendheid van bedrijf

Weather/climate monitoring Toegang tot verschillende

weermodellen

Weer fenomeen: El Nino / La Nina, Monsoon systems, Droughts & floods

Mergers & Acquisitions Waarderings instrument om

consolidatie tussen verschillende agri sectoren te meten

Synergy analyse

Betaalde premie

Acquisitiefinanciering

24

Van de grond tot op het bord

UPSTREAM DOWNSTREAM

Resource Owners Facilitators Value Adders Collectors/Distributors

09/07 01/08 05/08 09/08 01/09 05/09 09/09 01/10 05/10 09/10 01/11 05/11 09/11 01/12 05/120%

10%20%30%40%50%60%70%80%90%

100%

Source: DWSVersion: June 2012

Flexibility is king

DWS Invest Global AgribusinessPerformance sinds lancering (LC-share class in EUR)

25

November 20, 2006 = 100Source: DWS, Thomson Reuters DatastreamAs of: August 31, 2012

*) DWS Invest Global Agribusiness has no Benchmark. The MSCI World (RI) Index and S&P GSCI Agri TR-Index are shown for information purposes 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.

50

60

70

80

90

100

110

120

130

140

20.11.06 08.07 05.08 01.09 10.09 07.10 03.11 12.11 08.12

DWS Invest Global Agribusiness LC MSCI World (RI)* in €

+ 25.5%

+ 6.1%

DWS Invest Global Agribusiness Sector- en landen allocatie

26

48,3%

22,1%

11,0%

2,8%

2,7%

2,6%

2,2%

1,8%

1,8%

1,0%

1,0%

2,7%

Ag Nutrients & Protection

Agri. Products

Pack. Foods/Meat

Constr./Farm

Super Centers

Life Sciences

Food Retail

Div. Banks

Marine Ports

Diversified Chemicals

Food Distributors

Other sectors

41,1%

9,3%

6,5%

5,9%

5,9%

5,5%

5,3%

2,8%

2,0%

1,9%

1,8%

12,1%

USA

Germany

Norway

Switzerland

Brazil

Australia

Canada

France

Singapore

South Africa

Spain

Other Countries

Sector allocatie Country allocatie

in % of fund volumeas of: End of August 2012

DWS Invest Global Agribusiness Top tien posities

27

Mosaic Co/The 8.7%

CF Industries Holdings Inc 8.4%

Bunge Ltd 8.0%

Monsanto Co 7.1%

Yara International ASA 6.1%

Potash Corp of Saskatchewan Inc 4.7%

K+S AG 4.4%

Syngenta AG 3.9%

Incitec Pivot Ltd 3.1%

Metro AG 2.7%

Sum 57.1%

Equities 100.0%

27

Top tien posities Investment ratio

in % of fund volumeas of: End of August 2012

28

Agribusiness² = Goede investeringsmogelijkheden

De exponentiële groei vd vraag wordt nog steeds onderschat

V.b.: Zaden & Gewasbeschermings bedrijven, Supply chain

managers

Speel de “zandloper” theoriePrivate label & Premium

Beleg over de hele waardeketen

DWS Invest Global Agribusiness

29

Agribusiness is a natural growth story

DWS Invest Global AgribusinessFacts and figures

Share Class*: LC

Share Class Currency: EUR

ISIN: LU0273158872

German Sec. Code: DWS0BU

Front-end fee**: up to 5%

Management fee****: 1.500% p.a.

TER as at 31/12/11: 1.610%

Income: Reinvestment

Legal Status: Luxemburg SICAV Umbrella

Fund volume: 2,208 mn EUR

Fiscal Year: 1/1 – 31/12

30

Version: End of July 2012

*) This document contains details of the share classes LC, FC,A2, E2 only. Please refer to the latest full or simplified sales prospectus forinformation on possible other share classes

**) Based on the gross investment, correspond approx. to 5.26%based on the net investment ***) Minimum investment for initial subscriptions is 400,000 Euros/dollars.****) For other costs, see Article 12 in the general section of the Sales Prospectus.

Appendix

DWS Invest Global AgribusinessExamples of companies that taste good to our fund management

Whole Foods Market is the world's leading retailer of natural and organic foods, with 187 stores in the US and UK. Global Organic food sales are growing dynamically with consumer getting increasingly health conscious around the world.

A holding and finance company for the group of retail companies that act under the Pyaterochka name in Russia. The Company operates 235 own-operated supermarket stores and a network of 207 franchise stores across Russia, Ukraine and Kazakhstan.

A world leading manufacturer of farm equipment such as lawn and garden tractors, mowers, irrigation systems for home and commercial use and further it produces off-highway diesel engines, supplying heavy-duty industrial engines among others.

Cermaq ASA is a Scandinavian company operating in the aquaculture industry, with main focus on production of feed to, and farming of salmonid species (salmon and trout).

IFF is a leading creator and manufacturer of flavors and fragrances for different industries e.g. : beverages, dairy, fabric care, fine fragrances, home care, ingredients, oral care & pharma, personal wash, savory, sweet’s and toiletries.

Monsanto is an agricultural company. Farmers around the world use Monsanto’s products to address on-farm challenges and reduce agriculture's overall impact on their environment.Monsanto produce leading seed brands in large-acre crops like corn, cotton, and oilseeds (soybeans and canola), as well as small-acre crops like vegetables. They also produce leading in-the-seed trait technologies for farmers that are aimed at protecting their yield, supporting their on-farm efficiency and reducing their on-farm costs.Monsanto’s business is structured in two segments: Seeds and Genomics, and Agricultural Productivity.a) Seeds and GenomicsThe Seeds and Genomics segment consists of the company's global seeds and traits business, and genetic technology platforms - including biotechnology, breeding and genomics.b) Agricultural ProductivityThe Agricultural Productivity segment consists primarilyof crop protection products, residentiallawn-and-garden herbicide products, and thecompany's animal agricultural businesses.

IOI Corp.The company manufactures oleochemicals, specialty oils and fats, palm oil refinery and palm kernel crushing and thru it’s various subsidiaries such activities as developing of residential and commercial properties; cultivating and processing of oil palm and rubber; and investing in shopping mall, office complex and other properties, and managing and operating hotels and resorts and providing other services e.g. landscape services.

A leader in the European sugar industry. The company covers the entire value-added chain and stretch from planting agricultural products through to development and market launching of products for consumer and industry i.e. starch, portion packs, food ingredients e. g. inulin, oligofructose, Isomalt or rice derivates, fruit juice, bakery additives, deep-frozen products (pizza), fruit preparations, fruit concentrates and bioethanol. Bioethanol offers outstanding perspectives for companies such as Suedzucker. Supported by the “European Union strategy for biological fuels" the company was an early entrant and build a few bioethanol factories, including Europe’s largest in Zeitz, Germany that strenghtened its strong position in the dynamically growing market for biological fuels.

Sources: All information extracted from the individual company website.

Eternal Technologies Group Inc. is engaged in commercialization of newly developed technologies in genetic engineering, and biomedical research, which is based on research, development and application of bioengineering technologies. The Company constructs three platforms, i.e. industrialized embryo transfer, large-scale improvement of herds, and production of new medical products. The Company makes use of its technology and geographical advantages to promote its share in the market at very early stage.

Sources: All information extracted from the individual company website.

Syngenta is a world-leading agribusiness company committed to sustainable agriculture through innovative research and technology. The company is a leader in crop protection, and ranks among the top tier group in the high-value commercial seeds market. Syngenta employs more than 19,000 people in over 90 countries, with its head offices in Switzerland.

Nutreco Holding N.V. is an international company in the animal nutrition and fish feed markets, where it seeks to create added value through its knowledge of the food chains. The company has a selected presence in various stages of the food production chains. Nutreco’s strategy aims to regain solid profit growth, reduce earnings volatility and improve return on invested capital. In order to achieve these goals, Nutreco is rebalancing its portfolio of activities and capital employed. Nutreco’s Business Groups, each comprising several Business Units, have approximately 75 production and processing plants in 20 countries and about 7,000 employees.

Wilmar International Limited and its subsidiaries commenced its operations in 1991 and has since expanded its business operations from the trading of palm oil, to become one of Asia’s largest integrated agribusiness groups.The company is domiciled in Singapore

Tata Motors Limited is India's largest automobile company. It is the leader by far in commercial vehicles in each segment, and the second largest in the passenger vehicles market with winning products in the compact, midsize car and utility vehicle segments. The company is the world's fifth largest medium and heavy commercial vehicle manufacturer. Agribusiness accounts for approx. 35% of the overall business with high margin contribution.

Australian Agricultural Co. Ltd is the largest beef cattle Company in Australia with 500 staff and running 565,000 beef cattle.

A global integrated industrial fishing specialist with operations across the world's Oceans, China Fishery Group Limited (CFGL) operates fishing vessels with quotas worldwide. Committed to providing quality fresh catch to consumers, CFGL employs sophisticated fishing technology and responsible fishing strategies that tap into the abundant offerings of the oceans. Through fishing, on-board processing, freezing, packing and delivery, CFGL operates an integrated business.

Makhteshim-Agan Industries:Makhteshim-Agan Industries Ltd. is a world leading generic manufacturer and distributor of crop protection products, such as herbicides, insecticides, fungicides, etc

DWS Invest Global Agribusiness Examples of companies that taste good to our fund management

Investment process

34

Key valuationmetrics

Specialsituations

M&A chessboard

Strategic assets

Restructuring

Distressed assets

Screening

Identify the value proposition of each company

Focus List (250 stocks)

Determining upside potential and risk

Target weightings

Diversified across major regions

Diversified across major industrial service sectors

ETF distortion

Tail risk assessment

Risk management

Universe construction (800 stocks)

Aqauculture

Beverages

Capital stock

Casual dining

Crop protection

Dairy

Fertilizer

Flavor

Food Processing

Food Retail

Food Testing

Fruit

Grains

Ingredients

Land

Lending

Logistics

Protein

Organic

Packaging

Restaurants

Seeds

Sugar

Supply Chain

Sweeteners

Water

Harvest shortfalls

Trade embargoes

Irrigation problems

Pest, disease outbreaks

Dual-region synchronous harvest impairment

Substitution effects

New disruptive Ag R&D

Oil/food BTU-equivalency disruption

Access to credit, covenant tests

Stress test

Financial analysis

Asset valuation

Management interviews

Internal debate & conclusion

Validation

35

Agribusiness Universe (800 stocks)

Investable Universe (550 stocks)Researched Focus List

Resource Owner

Oliver KratzRalf Oberbanscheidt

Karl KyrissSteven Pomper

Global Thematic Team

Peer ValuationManagement Quality

Earnings QualityCorporate Governance

Fair Value:CFROIDCFHolt

Asset ValuationUn-monetized Assets

Discussion of:- relative strength- position in value chain- valuation- risk

Purity of InvestmentUniqueness of Asset

ValuationLiquidity

FILTERS

Facilitator ValueAdder

Collector&

Distributor

RISK/REWARD

DWS Global Agribusiness FundBetween 80 - 100 holdings

*approximate current weights

Discussion of agricultural macro- crop prices- weather/climate conditions- trade barriers …..

USD Trade

HFCS

Corn

Water Private label

NPK

Portfolio construction

Tariffs Climate

Disclaimer

© DWS Investments 2012

Important information

The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the fund. Further details, especially concerning the fund's composition and risk profile, can be found in the investment information. Full details of the fund can be found in the key investor information document and the sales prospectus, supplemented in each case by the most recent audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. They are available free of charge in either electronic or printed form from your advisor, from DWS Investment GmbH, Mainzer Landstrasse 178-190, 60327 Frankfurt am Main, Germany, or – where Luxembourg-based funds are involved – from DWS Investment S.A., 2, Boulevard Konrad Adenauer, 1115 Luxembourg.

All opinions given reflect the current assessment of DWS Investments, which may change without notice. In cases where information contained in this document derives from third parties, DWS Investments accepts no liability for the accuracy, completeness or appropriateness of such information, although DWS Investments only uses data that it deems to be reliable.

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.

Further information on taxation can be found in the sales prospectus.

The units issued under this fund may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted. The units in this fund are not allowed to be offered for purchase or sold either in the US or to or for the account of US citizens or US persons domiciled in the US.

This document and the information contained therein must not be distributed in the US. The distribution and publication of this document as well as the offering or sale of the fund's units may be subject to restrictions in other jurisdictions as well.

36