The 2013 Germany Funds Shareholder ... - DWS Investments

2Mistrzostwa Polski Pojazdów Zabytkowych w 2009 r.SamochodyW 2009 roku, w trzech kategoriach: pre 1945, post 1945, i post 1965 łącznie sklasyfikowano 165zawodników z 16 klubów zrzeszonych w PZM.1. Klasyfikacja indywidualna w kategorii samochodów pre 1945r.Miejsce Zawodnik Automobilklub Samochód Rok prod.Mistrz Brenneke Piotr A. Częstochowski Aero 30 Sport 1934I Wicemistrz Popowicz Stanisław A. Stalowa Wola Fiat 508 1937II Wicemistrz Kramarczyk Maria A. Krakowski Polski Fiat 508 19354 Ratyński Michał A. Lubelski Wanderer W24 19385 Kamieński Maciej A. Polski Fiat 500 Topolino 19376 Bartnicki Apolinary A. Polski BMW 3/15 Dixi 19297 Milczek Jan A. Lubelski BMW 315/1 19348 Gierat Stanisław A. Krakowski Java Minor I 19379 Gargul Ryszard Europejska Asocjacja Automob.Packard 733 193010 Kamiński Piotr A. Śląski Willis Knight 192911 Dziewa Ryszard A. Lubelski Oldsmobile F32 193212 Kuczma Wiesław Legnickie Tow. Automobilowe Hansa Lloyd Expres 193513 Roszkiewicz Andrzej A. Wielkopolski Overland 91 192314 Dzienio Romuald A. Polski Aero 30 193715 Stoch Marian Tatrzański Klub Motorowy Mercedes 170V Roadster 193816 Szczepanow Stanisław A. Krakowski Mercedes 170V 193817 Gomuła Paweł A. Wielkopolski Peugeot 402 193718 Tabisz Stanisław A. Opolski Essex 192419 Peszak Janusz A. Śląski Mercedes 170V Cabrio A 193820 Piotr Roszkiewicz A. Wielkopolski Overland 91 19232. Klasyfikacja indywidualna w kategorii samochodów post 1945r.Miejsce Zawodnik AutomobilklubSamochódRok prod.Mistrz Elsner Krzysztof A. Łódzki Porsche 356 1963I Wicemistrz Skrzyczewski Mirosław A. Śląski Triumph Spitfire Mk I 1964II Wicemistrz Chromik Grzegorz A. Beskidzki Fiat Millecento 19584 Morgas Wiesław A. Kielecki Triumph TR 3A 19595 Kamieński Paweł A. Polski Citroen BL 11 19546 Słyk Mariusz A. Beskidzki MG B 19637 Krzysztofik Ryszard A. Świętokrzyski MG TD M12 19528 Oklesiński Mirosław A. Lubelski Mercedes 19589 Ziółkowski Grzegorz A. Wielkopolski DKW Auto Union 1000 Roadster 196210 Żuk Marcin A. Śląski Ford Taunus 17M P3 196111 Jaraczewski Piotr A. Wielkopolski VW Wariant 1500S 196412 Szumski Michał A. Polski Ford Consul 315 196213 Kutnik Zygmunt A. Częstochowski BMW 501 195514 Dziewa Ryszard A. Lubelski Chevrolet Impala 196015 Zawadzki Jakub A. Rzeszowski Fiat 600 Multipla 1956

Definitions• DAX The German Stock Index is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange• HDAX The HDAX Index is a total rate of return index of the 110 most highly capitalized stocks traded on the Frankfurt Stock Exchange• Midcap Market Performance Index is a total return index that is composed of various MDAX and TecDax issues, reflecting the performance ofthe mid-caps across all sectors of the Prime Segment• MDAX The German DAX Mid-Cap Index is a total rate of return index of 50 mid-cap issues that rank below the DAX.• TecDAX The TecDax Performance Index is a total return index that tracks the 30 largest and most liquid issues from the various technologysectors of the Prime Segment beneath the DAX.• MSCI EMU (European Economic and Monetary Union) Index is a free float-adjusted market capitalization weighted index that is designed tomeasure the equity market performance of countries within the EMU.• MSCI Emerging Markets Europe Index measures the equity market performance of the Czech Republic, Hungary, Poland and Russia.• PMI Purchasing Managers Index is an indication of the economic health of the manufacturing sector as is based on five major indicators: neworders, inventory levels, production, supplier deliveries and the employment environment• GDP refers to Gross Domestic Product, which is the total market value of all final goods and services produced in a country in a given year.• The GfK Consumer Index is a measure of consumer confidence in Germany• IP Industrial Production is a measure of the output for the industrial sector of the economy• GEM is an acronym that refers to Global Emerging Markets• BRIC is an acronym that refers to the developing economies of Brazil, Russia, India and China• CE3 refers to the Central or Eastern European Three countries of Poland, the Czech Republic and HungaryDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 20133

Agenda01 Introduction and Background02 Performance03 Market Comments04 Funds Structure05 Discount Trends06 Appendix

Central Europe, Russia & Turkey FundPerformance (in % USD) as per 5/31Performance informationAll performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does notguarantee future results. Investment return and principal value fluctuate with changing market conditions. so that. whensold. shares may be worth more or less than the original cost. Current performance may be lower or higher than theperformance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtainthe fund’s most recent performance.Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based o n market valuereflects changes in market value. Each figure assumes that dividends and capital gains. if any. were reinvested. These figure s will differdepending on the level of any discount from or premium to NAV at which the fund’s shares traded during the period .Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver. returns would have beenlower and any rankings/ratings might have been less favorable. If a voluntary fee waiver is applicable. it may be terminated oradjusted at any time without notice.*The benchmark is the MSCI Emerging Markets Europe Index. See slide #3 for index definitions. Index returns assume reinvestment ofdistributions and do not reflect fees or expenses. It is not possible to invest directly in an index.Deutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201310

Agenda01 Introduction and Background02 Performance03 Market Comments04 Fund Structure05 Discount Trends06 Appendix

The European Equity FundMain Themes• Broader economic recovery taking hold in Europe• European economies moving at two speeds• Company earnings bouncing back• Sector strength in financials and consumer discretionary• Equity market valuation remains moderateDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201312

New Germany FundMain ThemesGerman PMI and income from operations improvements supporting ourview of GDP growth in Q2German private consumption growing. GfK consumer index at 6 yearhigh.Perception: macro data have disappointed of late and recent equity rallylargely liquidity driven. Our view: easy monetary policy has surelyboosted asset prices but underlying macroeconomic fundamentals havestrengthened as well.German lending standards have eased, car sales and car productionincreased, factory orders and IP surprised positively, and Chineseimports from Germany picked up.See slide #3 for definitionsDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201313

Agenda01 Introduction and Background02 Performance03 Market Comments04 Fund Structure05 Discount Trends06 Appendix

The European Equity FundCountry and sector allocation (as of 5/31)Country allocationDeviation in % points from benchmarkSector allocationDeviation in % points from benchmarkUnited KingdomGermanyNorwaySwedenSwitzerlandFinlandGreeceLuxembourgPortugalSpainIrelandAustriaNetherlandsItalyBelgiumFrance-12.23-0.12-0.39-0.60-0.61-0.94-0.96-1.17-3.53-4.046.845.764.412.221.010.05InformationTechnologyIndustrialsTelecommunicationServicesHealth CareConsumerDiscretionaryMaterialsFinancialsEnergyUtilitiesConsumer Staples-6.03-4.81-1.16-1.97-1.982.602.111.870.644.43As of May 31, 2013Data source: Report BuilderCurrent and future weightings are subject to changeDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201316

The European Equity FundTop 5 selection shiftsAbs. weightMay 31, 2012%Abs. weightMay 31, 2013%Change% pointsBayer 0.00 3.26 3.26LVMH 2.99 0.00 -2.99Daimler 0.00 2.80 2.80Südzucker 2.64 0.00 -2.64Hannover Rückversicherung 2.63 0.00 -2.63Abs. is an abbreviation for AbsoluteData source: Report Builder.Deutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201318

The European Equity FundTop 10 positions (as of 5/31)Abs. weightMay 31, 2013%Bayer 3.26Sanofi 2.98SES 2.87Allianz SE 2.82Daimler 2.80SAMPO BEAR. 2.77AXA 2.46United Internet 2.42adidas 2.38EADS 2.38Data source: Report BuilderDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201319

New Germany FundCountry and sector allocation (as of 5/31)Country allocationDeviation in % points from benchmarkSector allocationDeviation in % points from benchmarkConsumerDiscretionary4.17Consumer Staples0.74Other0.67InformationTechnology0.46Financials-0.52Industrials-0.79Germany-4.17TelecommunicationServicesHealth Care-1.68-1.95Materials-3.92As of May 31, 2013Data source: Report BuilderCurrent and future weightings are subject to changeDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201320

New Germany FundTop and bottom 3 holdings relative to indexCompany Sector Deviationfrom benchmark% pointsRTL Group Consumer Discretionary 2,51Aareal Bank Financials 1,51Talanx Financials 1,49Software AG Information Technology -1,00Südzucker Consumer Staples -1,28Hannover Rück Financials -2,29As of May 31, 2013Current and future holdings are subject to risk and change. Securities referenced do not represent all of the securities purchased or sold by the fund, may or maynot be profitable, and should not be construed as a recommendation of any specific security. Current and future portfolio holdings are subject to risk.Deutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201321

New Germany FundTop 5 selection shiftsAbs. weightMay 31, 2012%Abs. weightMay 31, 2013%Change% pointsLANXESS 6.49 0.00 -6.49Continental 5.93 0.00 -5.93METRO 0.00 4.12 4.12Hannover Rück 4.65 0.59 -4.07Kabel Deutschland Holding 2.24 5.11 2.87Data source: Report BuilderDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201322

New Germany FundTop 10 positionsAbs. weightMay 31, 2013%EADS 10.17Kabel Deutschland Holding 5.11Brenntag 4.24METRO 4.12GEA Group 3.84United Internet 3.22MTU Aero Engines 3.18Bilfinger 2.93RTL Group 2.51TAG Immobilien AG 2.38Data source: Report BuilderDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201323

Central Europe, Russia & Turkey FundCountry and sector allocation (as of 5/31)Country allocationDeviation in % points from benchmarkSector allocationDeviation in % points from benchmarkRussia5.74TelecommunicationServices4.49Materials3.98Other1.56Industrials1.88Czech Republic-0.46InformationTechnology-0.25Turkey-0.50Consumer Staples-1.09Utilities-2.31Hungary-0.84Energy-4.46Poland-9.05Financials-5.80As of May 31, 2013Data source: Report BuilderCurrent and future weightings are subject to changeDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201324

Central Europe, Russia & Turkey FundTop and bottom 3 holdings relative to indexCompany Sector Deviationfrom benchmark% pointsMOBIL'NIYE TELESISTEMY Telecommunication Services 2,23%NOVATEK GDR REG S Energy 2,18%TURKCELL ILETISIM HIZMETLERI Telecommunication Services 1,58%POLSKI KONCERN NAFTOWY ORLEN Energy -1,41%SBERBANK ROSSII Financials -1,46%GAZPROM Energy -1,93%As of May 31, 2013Data source: Report BuilderCurrent and future holdings are subject to risk and change. Securities referenced do not represent all of the securities purchased or sold by the fund, may or maynot be profitable, and should not be construed as a recommendation of any specific security. Current and future portfolio holdings are subject to risk.Deutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201325

Central Europe, Russia & Turkey FundTop 5 selection shiftsAbs. weightMay 31, 2012%Abs. weightMay 31, 2013%Change% pointsGAZPROM 13,01 9,31 -3,70TURKCELL ILETISIM HIZMETLERI 0,05 2,87 2,82TPSA - TELEKOMUNIKACJA POLSKA 1,93 0,00 -1,93SURGUTNEFTEGAZ 1,22 3,13 1,91SBERBANK ROSSII 10,03 8,30 -1,73As of May 31, 2013Data source: Report BuilderCurrent and future positions are subject to changeDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201326

Central Europe, Russia & Turkey FundTop 10 positionsAbs. weightMay 31, 2013%GAZPROM 9,31SBERBANK ROSSII 8,30LUKOIL OIL 7,81NOVATEK 4,97MAGNIT GDR 3,19SURGUTNEFTEGAZ 3,13JSC MMC NORILSK NICKEL 3,05POWSZECHNA KASA OSZCZEDNOSCI(PKO) BANK POLSKI2,95URALKALIY 2,95TURKCELL ILETISIM HIZMETLERI 2,87As of May 31, 2013Data source: Report BuilderCurrent and future positions are subject to changeDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201327

Agenda01 Introduction and Background02 Performance03 Market Comments04 Fund Structure05 Discount Trends06 Lorem Ipsum dolore sit amet

Discount Trend – European Equity Fund0%-2%-4%High: -6.1%-6%-8%-10%-12%-14%Low: -14.4%5/31: -10.6%-16%05/10 08/10 11/10 02/11 05/11 08/11 11/11 02/12 05/12 08/12 11/12 02/13 05/13Fund Percent Premium/Discount (%)As of May 31, 2013Past performance is historical and does not guarantee future resultsDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201329

Discount Trend – New Germany Fund0%-2%-4%-6%High: -7.7%-8%-10%-12%-14%5/31: -11.2%Low: -14.4%-16%05/10 08/10 11/10 02/11 05/11 08/11 11/11 02/12 05/12 08/12 11/12 02/13 05/13Fund Percent Premium/Discount (%)As of May 31, 2013Past performance is historical and does not guarantee future resultsDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201330

Important InformationClosed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, sharesof closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discountto the net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control ofthe fund. Therefore, a fund cannot predict whether its shares will trade at, below or above net asset value.The Central Europe and Russia Fund, Inc. (CEE) is non-diversified and can take larger positions in fewer issues, increasing itspotential risk. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes,and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund thatinvests more broadly.The Central Europe and Russia Fund, Inc. (CEE), The European Equity Fund, Inc. (EEA) and The New Germany Fund, Inc. (GF)are subject to investment risks. Investing in foreign securities presents certain risks, such as currency fluctuations, political andeconomic changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatilethan a fund that invests more broadly.This presentation shall not constitute an offer to sell or a solicitation to buy. nor shall there be any sale of these securities in any stateor jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of suchstate or jurisdiction.The sources, opinions and forecasts expressed are as of May 31, 2013. There is no guarantee that the views, opinions and forecastsexpressed herein will come to pass. This information is subject to change at any time based upon market and other conditions andshould not be construed as a recommendation for any specific security. Past performance does not guarantee future results.For further information please call Investor Services at 800-GERMANYorvisit us on the web at www.germanyfund.comDeutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201333

Important InformationDWS Investments Distributors, Inc.222 South Riverside Plaza, Chicago, IL, 60606-5808www.dws-investments.com inquiry.info@dws.comTel (800) 621-1148NOT FDIC/NCUA INSURED MAY LOSE VALUENO BANK GUARANTEE NOT A DEPOSITNOT INSURED BY ANY FEDERAL GOVERNMENT AGENCYInvestment products offered through DWS InvestmentsDistributors, Inc. Advisory services offered throughDeutsche Investment Management Americas, Inc.Deutsche Asset & Wealth Management represents theasset management and wealth management activitiesconducted by Deutsche Bank AG or any of itssubsidiaries. Clients will be provided Deutsche Asset &Wealth Management products or services by one ormore legal entities that will be identified to clientspursuant to the contracts, agreements, offeringmaterials or other documentation relevant to suchproducts or services©2013 Deutsche Asset & Wealth Management. All rights reserved. (6/13) R-031810-1Deutsche Asset& Wealth ManagementRainer VermehrenGermany Funds Annual Shareholder Meeting / June 26, 201334