EFTA00607178.pdf

Deutsche Asset & Wealth Management Key Client Partners - U.S. Investment Themes and Solutions November 2014 Pc,n-itrz,-fuPeefrawt, I J1 FMS. Key Client Partners (KCP) Clients Only Not for Further Distribution EFTA00607178 A global partner for our clients Deutsche Bank A leading global financial services institution with a strong vate client franchise Deutsche Asi& Wealth Management (DeAWM) Offers individuals and institutions traditional and alternative investments across all major asset classes Wealth Management Has been providing open architecture, investment management and capital markets solutions as well as wealth management. banking and lending services to high-net-worth individuals, families and select institutions for more than a century Key Client Partners (KCP) Key Client Partners aims to provide select sophisticated investors seamless access to cross asset class. cross border investment opportunities and financing solutions from Deutsche Asset & Wealth Management (DeAWM), Corporate Banking & Securities (CB&S), Global Transaction Banking (GTB) and 3rd party providers on a non-advised and non-fiduciary basis Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only EFTA00607179 Positioned to guide clients through the current market Deutsche Bank financial standing d highlights2 Total assets USD 2,280 billion Common equity tier 1 capital ratio 11.5% DeAWM financial standing — total assets BARKONS Global USD 1,307 billion Americas Wealth Management-Americas Deutsche Bank Ratings (as of July 29 2014) Moody's Investors Service Standard & Poor's USD 359 billion' USD 118.4 billion' A3 A • Fitch Ratings A+ Presence and span IFR AWARDS Global employees (FTE) 96,733 2013 Institutional Countries with DB presence (as of 12.31.2013) Over 70 Investor Total clients (as of 12.31.2013) Over 30 million (1) Included in total global assets (2) For a full list of awards visit: http://www.db.comren/contentrcompany/current_awards.htm Source: Company data, as of June 30. 2014 (unless noted otherwise) Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 2 EFTA00607180 Wealth Management One of Deutsche Bank's five core businesses Deutsche Bank Private & Corporate Banking & Asset & Wealth Global Non-Core Business Securities Management Transaction Operations Clients Global Corporate Wealth Asset Banking l Markets Finance Management Management Key Client Partners Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 3 EFTA00607181 What is Key Client Partners (KCP)? A global team with the capabilities and broad coverage to better serve key clients KCP has been established to provide high-level coverage and unique investment opportunities to a subset of the top tier UHNWI & Family Offices through a differentiated product offering and investment platform KCP global coverage KCP capabilities & differentiated offering KCP clients will be serviced from one of these regional hubs Key Client Partners point of access: Deutsche Asset & Wealth Management (DeAWM) Corporate Banking & Securities (CB&S) Global Transaction Banking (GTB) 3rd Party KCP capabilities ""\Pr • Direct investments KCP clients Private Markets • Co•investments. tactical structured vehicles • Specialty and boutique offering for our UHNW base with dedicated coverage expertise Structured Finance • Structured finance and lending solutions • KCP clients are institutional in size, need. sophistication, and are transactional in nature • Structured credit and loan syndication • Select UHNW individuals with net worth of at least USD 100 million & Lending • Provide a comprehensive coverage of capital markets opportunities. private investments. and asset and liability management • Flow trading, listed & OTC derivatives Capital Markets • Tactical trading opportunities • Work with all DB divisions and institutional focus areas to deliver the best investment opportunities with a solution oriented approach • Non•advisory platform • Private equity. hedge funds Alternatives • Real estate. infrastructure Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 4 EFTA00607182 Access to exclusive offerings for qualified clients Key Client Partners (KCP) aims to provide selected investors seamless access to the full resources of Deutsche Bank on a non-advised and non-fiduciary basis2 Connectivity Cross Asset Class DeAWM — Alternatives — Commodities — Corporate Banking & Securities — Credit — Global Transaction Banking — Currencies — Research Equities — Third Party Providers Fixed Income — Open Architecture — Multi Asset — Real Estate Clients3 — UHNW Individual Investors Cross Border — Family Offices — USA — Foundations, Endowments — Latin America — Private Companies — Europe — Small-Medium Sized Institutions — Asia Pacific — Middle East (1) Institutional investors only as defined by FINRA 2111 (2) KCP services are offered to a select group of OeAWM clients who are able to meet certain criteria including, without limitation, financial and sophistication qualifications. All KCP opportunities may not be available in all DeAWM locations (3) The KCP on-boarding process applies Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 5 EFTA00607183 Key Client Partners capabilities Our goal is to provide innovative. personalized investment solutions and opportunities across a full range of unique asset classes that meet the needs of sophisticated. qualified clients Futures & options Commodities Co-investment opportunities Private direct investments • Equities Capital Client-to-Client interaction Credit Special opportunities Markets Rates Debt participation Private FX Deal sourcing Markets Real estate Alternative Hedge funds Investments Infrastructure Structured Securitization Portable alpha Finance Municipal finance Alternative beta Supply chain finance and Lending Custom indices Commercial real estate Private equity funds Loans vs. illiquid collateral Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 6 EFTA00607184 Agenda emphasis 01 Areas of expertise Key investable themes Implementation of themes For U.S. Key Client Partners (KCP) Clients Only 7 EFTA00607185 KCP areas of expertise Private Markets Struct red Finance Capital Markets an, Lending Co-investment opportunities Loans vs. illiquid collateral Futures & Options Real estate Private direct investments Commercial real estate Commodities Private equity funds Client-to-Client interaction Supply chain finance Equities Alternative beta Special opportunities Municipal finance Credit Custom indices Debt participation Securitization Rates Portable alpha Deal sourcing FX Infrastructure Hedge funds Facilitate the sourcing, Provide industry leading Provide superior expertise A leader in the alternative trading, structuring, solutions that vary in terms and execution capabilities investment space which can arranging and executing of of complexity, for all traded investment and provide a clients portfolio opportunistic, asset backed customization, and liability management with exposure to debt and equity related underlying asset type products opportunistic special investments situations and targeted sources of return Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 8 EFTA00607186 KCP investment themes and solutions Areas of expertise 02 Key investable themes Implementation of themes For U.S. Key Client Partners (KCP) Clients Only 9 EFTA00607187 Themes for UHNW investors I. Sources of current income II. Hard assets III. Transitional capital IV. Uncorrelated/risk management V. Current tactical ideas Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only io EFTA00607188 KCP investment themes and solutions 01 Areas of expertise 02 Key investable themes 03 Implementation of themes For U.S. Key Client Partners (KCP) Clients Only it EFTA00607189 November agenda for implementation of themes Alternative investments — Rated Infrastructure Notes Ltd (RIN) 'rivate markets — Marinas: Suntex NewCo — Lift One: Aspen resort property — Home Partners of America — Proton therapy bonds BiWMiMlIIIMiMhliihl . • • Ika a — Structured finance: an overview — Structured finance: corporate credit transactions — Equity bridge financing for financial sponsors Capital markets — Harvesting volatility risk premia in commodities: DB Brent Short Volatility II index — CLO mezzanine debt — Short duration CLO mezzanine debt — Hedging and monetization — Hedging and monetization: case study Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 12 EFTA00607190 Rated Infrastructure Notes Ltd. (RIN) Area of expertise: Private markets Theme: Sources of current income/transitional capital Overview — There is a long-term need for infrastructure investment; the total shortfall in U.S. infrastructure funding over the next 10 years is estimated to be $2tn1 $200bn per annum) — Estimates project approximately $50bn2 of U.S. private infrastructure loans maturing by 2017 — As U.S. infrastructure needs increase, more private capital, both equity and debt, will be required to replace and augment inadequate public funding Investment opportunity — RIN Ltd. (the "Issuer") is a newly formed private debt investment, utilizing CLO structuring, that will seek to originate a diversified portfolio of private infrastructure loans — The Issuer is seeking $75mm of commitments from institutional investors to fund junior interests in the form of preferred shares ("Equity") — The first round closed in November, with a second close planned for December — The risk profile is attractive, as data demonstrates that infrastructure loans have lower default and loss characteristics than non- infrastructure debt — Stable nature of infrastructure operating cash flows and tangible asset coverage — Lender protections provide ability to monitor borrowers and allow lenders to actively address underperformance — Risks: Possibility of loan default, lack of liquidity, increase in raw material prices, loss of principal, loss of share value, and deflation Management team — Provided approximately $14.0bn (€10.7bn) of financing to 18 infrastructure businesses — Pioneers of infrastructure finance involved in marquis transactions in Europe and North America — Over 40 years of collective infrastructure experience — Extensive experience across geographies and infrastructure sub-sectors (1) Source: The American Society of Civil Engineers report. March 2013 (2) Source: DeAWM's proprietary database of infrastructure financing details for approximately 500 transactions between January I. 2005 and August 31. 2013 in Western Europe and North America Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 13 EFTA00607191 Marinas: Suntex NewCo Area of expertise: Private markets Theme: Hard assets/sources of current income Overview — Suntex Ventures, LLC is forming a new company, Suntex NewCo, for the purpose of acquiring and managing institutional quality marinas — Suntex intends to create an investment vehicle that will aggregate these marinas with the goal of listing in the public markets as an internally managed pure play REIT in a three year timeframe — An investment in Suntex is intended to provide investors with a highly predictable and durable current income with the potential for significant capital growth Investment overview of marinas Marinas may provide a compelling investment opportunity for several reasons: — REIT status: The industry has significant scale, growth potential, strong free cash flow, and generates an attractive yield; in addition, the asset class now qualifies for REIT status. Marinas provide yields at the top of the range for all REIT asset classes (-8.5% nominal cap rate) — Stability: Quality marinas are historically stable throughout economic cycles and resistant to down turns while closely mirroring inflationary trends — Barriers to entry: The number of marinas hardly fluctuates due to limited appropriate land, regulations and environmental protection laws, and high initial capital investments — Consolidation opportunity: In the U.S. there are 2,500-3,000 institutional quality marinas. -90% of owners are "mom and pop" businesses poised for acquisition and operational improvement — Risks: Economic downturn that results in fall in marina values, unforeseen weather events, changing environmental regulation The Suntex advantage Suntex is uniquely positioned to capitalize on today's market opportunity and be the standard bearer for the institutionalization of the marine real estate sector: — Leading marina industry sponsor: the Suntex team has been operating marinas since 1995. Today Suntex is one of the largest and most reputable marina companies in the U.S, owning and/or operating 22 institutional quality marinas across the U.S. — Proven track record: Suntex principals and management have over 100 years of aggregate experience in managing marinas — Actionable pipeline: Suntex will take advantage of fragmentation in the marina industry to acquire high quality assets at attractive initial yields. The pipeline exceeds $1.5bn of current opportunities with $200mm in the acquisition and closing process' (1) As of 10114 Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 14 EFTA00607192 Lift One: Aspen resort property Area of expertise: Private markets Theme: Hard assets Overview — KCP is partnering with an established Sponsor to find co-investors for the acquisition, development and sellout of a world-class luxury residence and private ski club in Aspen, Colorado; it is the last remaining ski-in/ski-out development parcel directly on Aspen Mountain known as "Lift One" — The Sponsor is an independent investment group engaged in acquisitions and repositioning of prime properties, with a proven track record in the development of ultra-luxury real estate assets — The opportunity allows equity investors to generate returns resulting from the sale proceeds of luxury residences and memberships in an exclusive private ski club; revenues constitute sale proceeds from condo-hotel fractional units, whole ownership luxury units, exclusive club memberships and commercial retail space on the mountain — Risks: challenges in the development and sale of the property, potential full loss of investment Investment highlights — Strong sponsorship: the Sponsor has significant experience within luxury development and real estate — Rare generational opportunity: the remaining supply of Aspen's mountain-side development parcels is essentially non-existent, and this real estate rests within a long-favored destination that is a pinnacle of luxury mountain resorts — Alignment of interest: Sponsor agrees to commit 5% of capital and equity investors are given priority to net profit via a high hurdle rate — Branding: expected affiliation with world class brands including Bulgari, Cheval Blanc and Baccarat — Already entitled: current ownership spent over 8 years entitling the site and the Sponsor believes amendments will be swift — Pro-development political climate: the current City Commission is expected to be very receptive to the development, especially in light of the 2017 FIS World Cup Ski Competition coming to Aspen, finishing at Lift One — Compelling fundamentals: rapidly escalating pricing, strong sales velocity and pent up demand for luxury product all coexist in the Aspen market Deal terms Offer size Up to $30mm Minimum $3mm Term 3-5 years. expected Leverage Transaction financed with 75% debt, procured at a later date Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 15 EFTA00607193 Home Partners of America Area of expertise: Private markets Theme: Hard assets as inflation protection/sources of current income Overview — Home Partners of America ("HPA," formerly Hyperion homes) is a single-family housing investment platform launched in November 2012 with the goal of providing responsible households that cannot access mortgage credit a new path to ownership — The program is built on a resident led model: approved clients are allowed to find a home from all available housing stock in agreed communities; HPA purchases the home, leases it and provides a purchase right to the client — DB and other institutional investors like BlackRock and KKR have committed to invest an aggregate of more than $480mm in HPA — Target unlevered cash on cash returns above 6%, leveraged gross IRRs between 14-23%, and five year total returns in excess of 2x capital Market opportunity — HPA believes that the current lending environment has created an attractive opportunity to invest in single-family homes — Compared to the market pre-housing crisis, significant numbers of middle class American households cannot obtain mortgage credit — Access to middle market mortgage credit is almost exclusively driven by government programs which may not be sustainable. Government sponsored enterprises are currently responsible for 93% of all mortgage credit — Strict lending standard across all credit sources now require FICO scores that are well above the national average, creating a need for alternative methods of financing — Risks: potential loss of full investment, lack of operating history, limited liquidity GSA and FHA Credit Scores at Underwriting) F no Indicative terms Fannie Mae Freddie Mac Crinni•• SOO Permanent, with investors holding a specific percentage of Term shares having ability to seek certain liquidity events - SO beginning after two years Investment period 18 months 700 Management fee None — the company is internally managed and will bear its G&A load 650 Minimum commitment $5mm. though the Company reserves the right to accept subscriptions of lesser amounts aoo Required to distribute to its stockholders each year at S?) Se Se SP Se SP Se s> Ss> 7?) .st‘ Distributions least 90% of taxable income 4 $1. 1 4 .4 -to' ' 4-4‘ # 444' (1) Chigroup Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 16 EFTA00607194 Proton therapy bonds Area of expertise: Private markets Theme: Sources of current income Overview — The Provision Center for Proton Therapy (PCPT) is an ancillary healthcare facility providing cutting edge proton therapy treatment to cancer patients in Knoxville, Tennessee — The bonds were issued through the Health, Education & Housing Facilities Board of the County of Knox, Tennessee with a 20 year fully amortizing term maturing in 2034. They are secured by a first mortgage on all property, plant and equipment comprising the project as well as a pledge of gross revenues — The amortization profile of the bonds provides a WAL of 6 years for the 2025 bonds and 16 years for the 2034 bonds — Debt service coverage ratio is expected to climb to 1.75x by the end of 2015 — Risks: Interest rate risk, credit risk of issuer, medical reimbursement risk Implementation Credit strengths Bond structure: Project completed on time and budget. Ramp-up accelerating Timeline with all three initial treatment rooms operational, partially Maturity Par/mm Coupon Average life Turbo A/L mitigating stabilization risk 5/1/2034 75.60 6.00% 9/19/2030 8/1/2020 5/1/2025 53.97 15.25% 1 11/4/2020 I Requires 8.8% market share (515 annual patients) of primary Business — Unlevered, the bonds provide a tax exempt return of model service area proton-eligible patients to reach breakeven, and just approximately 5-6% with upside potential once the project is 2.3% when extended to secondary service area stabilized Provided through restrictive state certificate of need process. — The tax exempt municipal bonds backed by the fully Protected Strong location on a mature cancer-care medical campus shared stabilized proton therapy center in Jacksonville, FL, recently market share with clinical partners. Nearest competitor over 500 miles away traded at 3.60% yield to worst, illustrating the value the market assigns to a stabilized project Considerable experience managing new medical technologies — Applying TRS leverage, an investor can receive mid to high Management from both a facilities management and reimbursement teens in taxable interest team development standpoint — For investors that value the tax exempt income, DB can utilize a Senior/Sub trust structure to achieve low double Impressive YTD operating results with the May through July Operating digit tax exempt yield results period producing above budget patient volume, net patient revenues and cash collections, offsetting initial ramp off softness Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 17 EFTA00607195 Structured finance: an overview Area of expertise: Structured finance and lending Theme: Transitional capital Overview - DB Structured Credit team works on a fully integrated basis with the entire Structured Credit group to provide financing, structuring and risk management solutions for clients with capital needs that are not well served by traditional banking products — Through a continued partnership with KCP, Client Coverage and Structuring, the DB Structured Credit team is able to provide innovative financing solutions to an expanding universe of investors and clients - As of 9/29/14 the group has closed over 25 deals and deployed over $4.5bn of capital' — Risks: loss of capital, adverse movement of underlying asset value Corporate credit transaction types Natural resources transaction types — High growth debt & equity upside — Oil and gas producers — Turnarounds — Mature field acquisitions: stretch first lien + second lien — Complex contract monetization — New developers: PUD margin loans — Trophy asset financing with complex collateral pool — Securitization: rated ABS distributed to Capital Markets — Transformational financings (novocure cancer therapy, — Logistics and infrastructure: structured PF debt renovation) — Metals & mining: refinancing of combined equipment finance, — Financing acquisition of assets out of bankruptcy contract monetization, cash flow lending — Bridge to event DB Structured Credit Financial assets transaction types Hard assets transaction types - Esoteric securitization (franchises, royalties, — Aircraft & components broadcast/wireless towers, ground leases, license fees, long- — Rail cars and rail lines term service contracts, vendor loans, rental contracts) — Marine assets (container, cargo ships, drill ships) — Purchases of portfolios of hard asset leases (containers, — Auto/truck fleets aircraft, rail cars, ships) — Energy: solar, wind, biomass - Single asset financings (loans against concentrated distressed debt positions and concentrated private equity) (1) DB Structured Credit release Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 18 EFTA00607196 Structured finance: corporate credit transactions Area of expertise: Structured finance and lending Theme: Transitional capital Mir Recapitalization on gas station properties Resort lease monetization Overview: Overview: — Senior secured credit solution consisting of first, second and third lien non-revolving term — Senior financing to borrower secured by loans, secured by the assets of the borrower and subsidiaries contracted lease payments from a credit- — This transaction appealed to the owner because it would allow (i) the refinancing of all worthy counterparty to conduct the existing term and subordinated debt and (ii) the payment of a dividend to equity holders by operations at the resort owned by the using the residual proceeds from the new facility borrower Terms: — Allows the owner to consolidate multiple facilities and remove an expensive piece of mezzanine debt Financing — -300 underlying gas stations provide a unique, diversified, recession-proof asset with high -$300mm amount barriers to entry 4 years + 1 year Tenor option to extend Terms: Economics Mid single digits Financing amount -$260mm Medical device company — pre-IPO financing Tenor 5 years Overview: — Senior secured debt to venture capital- backed company seeking to expand clinical 2% per annum on any undrawn proceeds under trials and provide liquidity prior to a potential Undrawn fee the facility IPO Terms: First, second and third lien secured by priority Financing Security interests on all the assets of the borrower and -$50mm amount the applicable subsidiaries Tenor 3 years First lien: L + 4.75% Indicative interest rate Second lien: L + 8.00% Third lien: L +14.00% Economics Mid teens Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 19 EFTA00607197 Equity bridge financing for financial sponsors Area of expertise: Structured finance and lending Theme: Transitional capital Overview — Before realizing synergies, financial sponsors are often required to inject a large amount of capital to finance the acquisitions of target companies or the construction of hard assets (ships, aircrafts, mines, power plants, pipelines, large properties, etc.) — Equity bridge financing funds a large percentage of the capital contribution required for these projects while also offering delayed capital investment by the financial sponsor (until permanent financing available at higher LTVs), higher IRRs and multiples of capital, and lower operational intensity with fewer draws — DB Structured Credit can syndicate this bridge loan credit, offering investors the asset side of the transaction with higher yields on a market- comparable underlying credit — Risks: loan default, potential loss of full investment Case study: transportation assets liquidity financing — DB provided delayed draw term financing to a portfolio company of a large US private equity fund — The financing was used to fund almost 100% of the capital contribution required for the construction and acquisition of shipping vessels — The facility benefits from the credit support of various Sponsor funds. Each fund is required to maintain a certain amount of unfunded commitments to meet its credit support obligations — Direct recourse to Sponsor's funds allows meaningfully tighter pricing and the efficient structure allows the Sponsor to effectively bridge the capital contributions required for the acquisition and construction of the vessels until permanent financing is available at a higher LTV (and thus better IRRs) — While providing benefits to the Financial Sponsor, these facilities also become opportunities for investors to participate in an economically compelling, recourse investment with an advantageous risk/reward profile Financing amount $100mm — Prior written notice of borrowing Draw conditions — Accuracy of representations and warranties Tenor 3 years — Absence of default Economics Low-mid single digits — Limitations on distributions and additional Covenants indebtedness Credit supported by various funds of — Minimum liquidity & maximum leverage Security the Sponsor Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 20 EFTA00607198 Harvesting volatility risk premia in commodities: DB Brent Short Volatility II index Area of expertise: Capital Markets Theme: Current tactical ideas Overview — Rationale: Historically, the uncertainty risk (implied volatility) priced in by market participants tends to overestimate the realized risk (realized volatility) — Commodity markets are said to exhibit one of the highest volatility risk premia across markets. partly caused by risk management activities of consumers and producers) — DB's offering of algorithmic Short Volatility Strategies allow investors to monetize this implied/realized spread in different commodities — DB Brent Short Volatility Strategy offers investors a simple and convenient vehicle to monetize the implied volatility premium in Brent Crude. This strategy is available for WTI crude and other commodities such as Gold, Copper, Nickel and Natural Gas Implementation — Description: DB Brent Short Volatility II strategy aims to capture the differential between implied and realized volatility in the Brent crude oil market by systematically selling straddles and subsequently delta hedging these straddles — The index is constructed as an equally weighted average of 3 sub-indices, each rolling on different dates in order to minimize path dependency and keep an (almost) constant volatility duration exposure at all times — On the relevant quarterly roll date, each sub-index sells an equal number of call and put options — Every day the delta position implied by these options is hedged by buying the delta amount of underlying futures at market close — Profit and loss from each sub index is the sum of: — Product of number of options sold on previous rebalance date and the change in option price from the previous day, for both the call and put — Product of number of options sold, the implied delta position on previous day and the change in underlying future price from previous day Commodity markets offer persistent implied/realized premium2 Index returns4 Implied vc Realised Implied vc. Realised 400 Premium (long-term).; Premium (since 2010) Brent crude oil 5.52% 6.67% 300 W11 crude oil 3.30% 4.84% 200 Natural Gas 3.19% 1.23% Aluminium 1.32% 1.65% 100 Copper 0.93% 4.02% Nickel 1.40% 2.72% 0 Gold 1.10% 0.84% Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-I3 Jan-td Silver -0.55% -0.98% DDB Brent Short voiatiity II - SW 500 (1) Academic Background: Pinco Viewpoint (2012). 'The Volatility Risk Premium' (2) Figures in the table represent the 3m implied volatility risk premium. Historical implied volatility based on DB internal data. 'Data since 1999 for energy. 1997 for ildustrial metals. 2003 for precious metals and 2007 for agriculture: data intil June 2014 (3) Data since 1999 for energy. 1997 for industrial metals. 2003 for precious metals and 2007 for agriculture: data until June 2014 (4) Soiree: Bloomberg. DB Brent Shod Volatility II Index ha