DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES

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DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
DWS ON TOUR
RENTA VARIABLE ………! NO HAY ALTERNATIVA !
TINA – THERE IS NO ALTERNATIVE TO EQUITIES
Irene López | 11 de Febrero 2020 Barcelona

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
“La Vida Comienza Donde Termina Tu Zona De Confort”
Neale Donald Walsh

“El Cambio Tiene 3 Etapas:

        En La Primera, Es Imposible
        En La Segunda, Es Improbable
        En La Tercera, Es Inevitable”
Barak Obama
DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
CIO VIEW 2020

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
GLOBAL ECONOMY
Not too fast – not too slow – growth is stabilizing through EM

       UNITED STATES                                            EUROZONE                                                  CHINA                               EMERGING MARKETS

                                                                                                                                                                                                               60%
                                                                                                                                                                                                           Share of
                                                                                                                                                                                                            global
                                                                                                                   6.2%                                                                                     GDP1
                                                                                                                                         5.8%
                                                                                                                                                                       4.2%                 4.4%
          2.2%
                                1.6%
                                                              1.1%                  0.9%

        2019 F                2020 F                         2019 F                2020 F                         2019 F               2020 F                        2019 F                2020 F

 2020: SLOWDOWN                                      2020: STABILIZATION                                 2020: SLOWDOWN                                      2020: RECOVERY

 ↓   Impact of tax cuts fading                       ↓   Expected trough in exports                      ↓    Various trade-conflict effects                 ↓    Idiosyncratic risks2
                                                         / manufacturing
 ↓   Economy-wide corporate                                                                              ↓    High debt prevents more                        ↑    Fiscal / monetary support &
     profits (NIPA) decreasing                       ↑   Fiscal stimulus in Germany                           monetary stimulus                                   less dependency on the U.S.

                                               3.1%                  3.1%
                                                                                            2020: NO GLOBAL RECESSION EXPECTED
  WORLD
                                                                                            ↓    Economic policy uncertainty weighs on global economic decisions,
                                              2019 F                2020 F                       emerging-markets recovery stabilizes

F = DWS forecast 1) IMF World Economic Outlook as of December 2019 2) In Brazil, Argentina, Chile / Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates,
opinions and hypothetical models or analysis which may prove to be incorrect. Sources: International Monetary Fund, DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                                     /4
DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
GLOBAL ECONOMY
Manufacturing dismal – service sector still keeping up its mood

PURCHASING MANAGERS‘ INDICES (PMI)
                                        Composite                                         Manufacturing                                                        Service
                 Jun-19   Jul-19 Aug-19 Sep-19 Oct-19   Nov-19   Dec-19   Jun-19   Jul-19 Aug-19 Sep-19     Oct-19   Nov-19 Dec-19          Jun-19   Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

World            51.2     51.6   51.3    51.1   50.8    51.4     51.7      49.4    49.3    49.5    49.7     49.8     50.3     50.1          51.9     52.5    51.8     51.4    51.0    51.6   52.1

United States    51.5     52.6   50.7    51.0   50.9    52.0     52.7      50.6    50.4    50.3    51.1     51.3     52.6     52.4          51.5     53.0    50.7     50.9    50.6    51.6   52.8

Eurozone         52.2     51.5   51.9    50.1   50.6    50.6     50.9      47.6    46.5    47.0    45.7     45.9     46.9     46.3          53.6     53.2    53.5     51.6    52.2    51.9   52.8

France           52.7     51.9   52.9    50.8   52.6    52.1     52.0      51.9    49.7    51.1    50.1     50.7     51.7     50.4          52.9     52.6    53.4     51.1    52.9    52.2   52.4

Germany          52.6     50.9   51.7    48.5   48.9    49.4     50.2      45.0    43.2    43.5    41.7     42.1     44.1     43.7          55.8     54.5    54.8     51.4    51.6    51.7   52.9

United Kingdom 49.7       50.7   50.2    49.3   50.0    49.3     49.3      48.0    48.0    47.4    48.3     49.6     48.9     47.5          50.2     51.4    50.6     49.5    50.0    49.3   50.0

Japan            50.8     50.6   51.9    51.5   49.1    49.8     48.6      49.3    49.4    49.3    48.9     48.4     48.9     48.4          51.9     51.8    53.3     52.8    49.7    50.3   49.4

Spain            52.1     51.7   52.6    51.7   51.2    51.9     52.7      47.9    48.2    48.8    47.7     46.8     47.5     47.4          53.6     52.9    54.3     53.3    52.7    53.2   54.9

Italy            50.1     51.0   50.3    50.6   50.8    49.6     49.3      48.4    48.5    48.7    47.8     47.7     47.6     46.2          50.5     51.7    50.6     51.4    52.2    50.4   51.1

Brazil           49.0     51.6   51.9    52.5   51.8    51.8     50.9      51.0    49.9    52.5    53.4     52.2     52.9     50.2          48.2     52.2    51.4     51.8    51.2    50.9   51.0

Russia           49.2     50.2   51.5    51.4   53.3    52.9     51.8      48.6    49.3    49.1    46.3     47.2     45.6     47.5          49.7     50.4    52.1     53.6    55.8    55.6   53.1

China            50.6     50.9   51.6    51.9   52.0    53.2     52.6      49.4    49.9    50.4    51.4     51.7     51.8     51.5          52.0     51.6    52.1     51.3    51.1    53.5   52.5

India            50.8     53.9   52.6    49.8   49.6    52.7     53.7      52.1    52.5    51.4    51.4     50.6     51.2     52.7          49.6     53.8    52.4     48.7    49.2    52.7   53.3

South Korea                                                                47.5    47.3    49.0    48.0     48.4     49.4     50.1

Taiwan                                                                     45.5    48.1    47.9    50.0     49.8     49.8     50.8

Turkey                                                                     47.9    46.7    48.0    50.0     49.0     49.5     49.5

                                                                          >50 and increasing                                              50 and falling or unchanged
DWS ON TOUR RENTA VARIABLE ! NO HAY ALTERNATIVA ! TINA - THERE IS NO ALTERNATIVE TO EQUITIES
CENTRAL BANKS
Reacted to slowing economies and will stay accommodative

CENTRAL BANKS AGAIN IN CUTTING MODE                                                               2020F: EASING BIAS BUT CB POLICY REACHING ITS LIMITS
Net number of interest rate moves, rolling 3-months average1

   20
                                                                                                     ECB                 MONETARY STIMULUS
   15                                                                                                                    _ QE extension (€20bn. volume/month)
                                                                                                                         _ Policy rates on hold, no cut in 2020 expected
   10

     5                                                                                                                   TIERING SYSTEM
                                                                                                                         _ Two-tired system, exempting part of banks´
     0                                                                                                                     excess liquidity from negative deposit rate
    -5

  -10
                                                                                                      FED                MONETARY STIMULUS
  -15
                                                                                                                         _ Pause after successful "insurance cuts" cycle
  -20
                                                                                                                         _ On hold, no cut in 2020 expected

  -25
                                                                                                                         BALANCE-SHEET EXPANSION
  -30
                                                                                                                         _ Treasury-bill purchases with $60bn. at least into
     2009            2011           2013           2015           2017           2019                                      Q2 2020 (not QE, liquidity injection)
            G10 central banks              Emerging-Markets central banks

1) Moving average of 3-months change in interest rates / Past performance is not a reliable indicator of future returns. Forecasts are not a reliable indicator of future returns. Forecasts are based on
assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. Sources: Bloomberg Finance L.P., DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                                  /6
FISCAL STIMULUS IN EUROPE
Not much to be expected

DEBT-TO-GDP RATIOS ACROSS EU COUNTRIES
In % of GDP, 2019                                                                                           GERMANY 2020 & BEYOND
                                                                                        133%                _ Fiscal policy already supportive due to income tax relief,
                                                99%                 96%                                       social security spending, and increased child benefits
                           86%
       59%                                                                                                  _ Plans to abolish the solidarity surcharge

   Germany                  UK                France                Spain                Italy                SELF-IMPOSED RESTRICTIONS IN GERMANY
GERMANY ALREADY GENEROUS BY ITS STANDARDS                                                                     _ Debt brake (constitution)
Fiscal impulse (EU Commission estimate), % of potential GDP                                                   _ Commitment not to run a public-sector deficit ("black
 1.0                                                                                                            zero") is part of the coalition treaty
                                                                                    Forecast1
 0.5

 0.0

-0.5                                                                                                          LIMITED GROWTH IMPACT
-1.0                                                                                                          _ Not a real impulse that boosts private sector activity
-1.5                                                                                                          _ German households tend to save additional income
-2.0
         2011      2012     2013     2014      2015     2016      2017     2018      2019     2020
1) Forecast EU Commission / Past performance is not a reliable indicator of future returns. Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, opinions and
hypothetical models or analysis which may prove to be incorrect. Sources: International Monetary Fund, EU Commission, DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                                      /7
HOW CONTAGIOUS ARE EARNINGS ESTIMATES?
Change in consensus earnings estimates for 2020

Name of speaker / Name of event / Date            /8
OUTLOOK 2020
Risks and opportunities

RISKS                                                     OPPORTUNITIES

             PRESIDENTIAL ELECTION                              LOW INTEREST RATE ENVIRONMENT
             Tax reform at risk: downside potential for         Ongoing allocation shifts due to low or
             equities                                           negative rates

                                                                CAPITAL FLOWS
             VALUATION SPREADS
                                                                Inflows in passive and active investment
             Bullish sentiment, huge valuation spreads
                                                                funds as well as share buy backs

             GEOPOLITICAL RISKS
                                                                LOW VOLATILITY
             Middle East, Iran, Russia, Turkey gaining
                                                                Low volatility in almost every asset class
             influence

             RATES & INFLATION
             Rise in capital market rates due to
             accelerating inflation

As of: December 2019; Source: DWS International GmbH

                                                                                                             /9
OUTLOOK 2020
Peak pessimism behind us – 2020 could surprise positively

             ECONOMY                                              INFLATION                                     CENTRAL BANKS                                                  POLITICS
   Growth slowdown in DM,                              Close, but below CB target                              Globally in easing mode                            Tariff agreement expected
       recovery in EM                                      No inflation overshoot                                  ECB & Fed on hold                                  Less uncertainty from
             No recession                                                                                                                                               European politics

              EQUITIES                                        FIXED INCOME                                           CURRENCIES                                         ALTERNATIVES
     Higher EPS growth                                        Low for longer                                       EUR/USD continue                                      Illiquidity premium
 Europe with upside potential                              Focus on Asian bonds                                     sideways trading
                                                                                                                     JPY as hedge

                                                                                                    ESG
                                                     Smart Integration of ESG criteria into the investment process

Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.
Source: DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                     / 10
ESG – THE REGULATORY PERSPECTIVE
Regulation is affecting investment management

   EU COMMISSION                                                       TCFD                                  EU COMMISSION                                          EU COMMISSION
                                                                        TASK FORCE ON
                                                                        CLIMATE-RELATED
                                                     TCFD               FINANCIAL
                                                                        DISCLOSURES

SRD II1                                              GOVERNANCE &                                         DISCLOSURE REGULATION                                SUSTAINABILITY IN THE
_ Requirement to report &                            MANAGEMENT AROUND                                    _ Processes and policies for                         INVESTMENT ADVICE
  track engagement activities                        CLIMATE-RELATED RISKS                                  reducing sustainability risks                      _ Consistent product
                                                     _ Reporting to become                                                                                       classification based on
             BaFin                                     mandatory for PRI signatories                                                                             MiFID II target market

             Bundesanstalt für                                                                                                                                 EU TAXONOMY
             Finanzleistungsaufsicht
                                                                                                                                                               _ Definition of economic
BULLETIN ON INTEGRATING                                                                                                                                          activities with substantial
SUSTAINABILITY RISK                                                                                                                                              contribution to climate change
_ "Good practices" on
  integrating sustainability risks
  across the value chain

                  Q4 2019                                             Q1 2020                                             Q1 2021                                        Q4 2021 & 2022

1) Shareholder Rights Directive II / Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.
Source: DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                 / 11
SOLUCIONES DWS 2020

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
RENTA VARIABLE
TINA (THERE IS NO ALTERNATIVE) …. NO HAY ALTERNATIVA

                              MULTIACTIVO

 VALUE                                                 GROWTH

               DEFENSIVO                CÍCLICO

                        ESG             DIGITALIZACIÓN
SOLUCIONES 2020
Investment opportunities based on sustainable growth drivers

MULTIACTIVO                                                                       TEMÁTICOS

DWS Concept Kaldemorgen                                                          Industria 4.0
                                                              DWS Invest Smart Tech Industrials

                                                                             Infraestructuras
                                                               DWS Invest Global Infrastructure
INCOME

DWS Invest Top Dividend                                               Nutrición, Demografía &
                                                                        Hábitos de Consumo
DWS Invest ESG Global                                                               DWS Invest
Equity Income
                                                    2020                    Global Agribusiness

                                                                                          ESG
ALEMANIA
DWS Invest German Equities                                     Cambio Climático & Escasez de
                                                                                   Recursos
DWS Deutschland
                                                                     DWS Invest Climate Tech

                                                           Integración ESG & Impacto Positivo
As of: December 2019; source: DWS Investment GmbH
                                                                DWS Invest SDG Global Equities

                                                                                            / 14
DWS CONCEPT KALDEMORGEN
CONVIRTIENDO VOLATILIDAD EN OPORTUNIDAD

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
DWS CONCEPT KALDEMORGEN
Performance since inception

PERFORMANCE IN EUR SINCE INCEPTION (MAY 2, 2011)
(02.05.2011 = 100 points)

 170                                                                                                                + 61.5%
 160                                                                                                              (5.7% p.a.)
                                                                                                                   Vol.: 5.4%
 150
 140                                                                                                                 2019
                                                                                                                   + 12.8%
 130
 120
 110
 100
   90
    May-11          May-12          May-13          May-14          May-15    May-16   May-17   May-18   May-19
                                                           DWS Concept Kaldemorgen FC

Past performance is not a reliable indicator of future returns.
As of: End of December, 2019; Source: DWS International GmbH, daily figures

                                                                                                                                / 16
DWS CONCEPT KALDEMORGEN
Competitive Edge

                      FLEXIBILITY                                                FOCUS ON DOWNSIDE
 Unconstrained allocation                                                        RISK MANAGEMENT
  across asset classes &                                                         State-of-the art
    geographies without                                                          proprietary shortfall model
            regional bias                                                        an integral part of the
                                                                                 investment process

                                                                   DWS Concept
                                                                   Kaldemorgen

             TRACK RECORD                                                        EXPERIENCE
     Robust risk-adjusted                                                        A seasoned team of
returns since 2011 across                                                        investment professionals
            market cycles                                                        under strong leadership

Past performance is not a reliable estimator for future returns.
Source: DWS International GmbH, May 2019

                                                                                                          / 17
DEDICATED INVESTMENT TEAM
Boutique-style approach combined with resources of a global player
                                                                                      MULTI ASSET TOTAL RETURN TEAM
                                                                                                           Portfolio Manager

                                                                                                                                                                37   37
                                                                                Klaus Kaldemorgen
                                                                                Co-Head Multi Asset Total Return Teams
                                                                                Managing Director

                                                                                                                Co-Manager

                                                                                             14   14                                                                                                                                11      11
                    Henning Potstada                                                                                                                   Christoph Schmidt, CFA
                    Co-Head Multi Asset Total Return Team                                                                                              Global Sector Focus:
                    Global Sector focus: Energy, Materials | Global Convertibles                                                                       Industrials, Health Care

                                                               Portfolio Management
                                                                                                                                                                             Risk Management & Data Analytics
                     Equities & Sector Gatekeeper                                        Fixed Income & Currencies Gatekeeper

              Dr. Gunnar     22   22                Stefan        26   15                Bernhard           31   19                 Stefanie      23    3                 Heike            30     17               Thomas            6      6
              Friede,                               Flasdick                             Falk                                       Holtze-Jen                            Fornefett                                Graby
              CEFA CIIA

Global Sector Focus:                   Global Sector Focus:                 Fixed Income                               Currencies                             Risk Management, Performance-            Risk Management, Performance-
IT, Telekom., Utilities,               Consumers                                                                                                              Contribution, Portfolio Analytics        Contribution, Portfolio Analytics
ESG
              Sascha         19   19                                                    Tanja               8     8
              Halicki,                                                                  Siegrist, CFA
              CEFA, CIIA

                                                                                                                                                                      Industry experience (years)                    with DWS (years)

Institutional Mandates                                                      Fixed Income & Institutional
                                                                            Mandates

                                                                                      DWS GLOBAL RESEARCH NETWORK
               Equities                                Core Fixed Income                                      Credit                                    Alternatives                                      Fund Selection
        Sector/ Geo Coverage                               Sovereign                                   IG, HY, EM, Hybrids                       Hedge funds, infrastructure,
                                                                                                                                                  convertibles, commodities
                       125                                        59                                                  70                                     220                                                   14
As of: September 2019; Source: DWS International GmbH

                                                                                                                                                                                                                                           / 18
DWS CONCEPT KALDEMORGEN
Risk/Return profile of DWS Concept Kaldemorgen over time

ANNUAL PERFORMANCE, VOLATILITY AND DRAWDOWNS* SINCE INCEPTION (MAY, 2011)

   15%
                                                                                                                                                            12.84%
                              11.87%

   10%
                                                                   8.16%                               7.65%
                                                6.42%

     5%                                                                              3.55%
                                                                                                                         1.56%
            0.46%
     0%

                                                                                                                                           -2.23%
    -5%

  -10%
                2011               2012              2013              2014               2015              2016              2017              2018              2019
               (partial,
            inception May
                                                          Performance                 Max Drawdown                   Volatility
                2011)

Inception date: May, 2011
DWS Concept Kaldemorgen FC share class; Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs for funds such as
management / performance fee, commissions and other charges have been included in this presentation. Past performance is not a reliable indicator of future returns.
* On a calendar year basis
As of: December 2019; Source: DWS International GmbH, daily figures

                                                                                                                                                                          / 19
ASSET CLASS STEERING DURING THE YEAR
With success through different market phases thanks to flexibility

              ASSET ALLOCATION

100%                                                                                                                                                                 100%

  90%                                                                                                                                                                90%

  80%                                                                                                                                                                80%

  70%                                                                                                                                                                70%

  60%                                                                                                                                                                60%

  50%                                                                                                                                                                50%

  40%                                                                                                                                                                40%

  30%                                                                                                                                                                30%

  20%                                                                                                                                                                20%

  10%                                                                                                                                                                10%

    0%                                                                                                                                                               0%
             12/18        01/19        02/19        03/19        04/19        05/19        06/19        07/19        08/19   09/19      10/19      11/19    12/19

             Cash              Gold Certificates               Government Bonds                   Corporate Bonds            Equities           Net Exposure Equities (RS)

Past performance is not a reliable indicator of future returns. Allocations are subject to change without prior notice.
As of: end of December 2019; Source: DWS International GmbH, Thomson Reuters Datastream.

                                                                                                                                                                          / 20
DWS CONCEPT KALDEMORGEN
Contribution overview (before costs)

PERFORMANCE CONTRIBUTION – YTD
                                                                          All asset classes in positive territory in 2019:
              Equities (local)                                    10.9%
                                                                          _ Equity as the major performance contributor in
                                                                            H1
Equity index futures (local) -1.3%
                                                                          _ Increase in corporate bond allocation paying off
    Corporate bonds (local)                             2.2%
                                                                          _ Profits from government bonds in the US, Russia
 Government bonds (local)                           0.9%                    and Turkey
                                                                          _ Gold with a positive contribution especially in Q2
 Bond index futures (local)                      0.0%
                                                                          _ FX also contributing positively, mainly due to
                  Gold (local)                       1.4%                   strengthening of the USD, GBP and RUB

            Cash/MM (local)           -0.1%

                             FX                      1.3%
                                                                          TOP 3 CONTRIBUTORS YTD
                 FX Forwards          -0.4%                               AT&T INC                                83 BP
                                                                          TAIWAN SEMICONDUCTOR MAN.               62 BP
                                                                          ALPHABET INC                            57 BP
Past performance is not a reliable indicator of future returns.
As of end of December 2019, Source: DWS International GmbH

                                                                                                                               / 21
DWS CONCEPT KALDEMORGEN
Navigating markets effectively

NET EQUITY                                                                     NET DURATION                                                                 NET EUR-POSITION
 50%                                                                           5                                                                            120%

                                                                               4
 40%
                                                                                                                                                            100%
                                                                               3
 30%                                                                           2
                                                                                                                                                            80%
                                                                               1
 20%
                                                                               0                                                                            60%
 10%
                                                                               -1
                                                                                                                                                            40%
  0%                                                                           -2

                                                                               -3
-10%                                                                                                                                                        20%
                                                                               -4

-20%                                                                           -5                                                                            0%
       05/11
               05/12
                       05/13
                               05/14
                                       05/15
                                               05/16
                                                       05/17
                                                               05/18
                                                                       05/19

                                                                                    05/11

                                                                                            05/12

                                                                                                    05/13

                                                                                                            05/14

                                                                                                                    05/15

                                                                                                                            05/16

                                                                                                                                    05/17

                                                                                                                                            05/18

                                                                                                                                                    05/19

                                                                                                                                                                   05/11
                                                                                                                                                                           05/12
                                                                                                                                                                                   05/13
                                                                                                                                                                                           05/14
                                                                                                                                                                                                   05/15
                                                                                                                                                                                                           05/16
                                                                                                                                                                                                                   05/17
                                                                                                                                                                                                                           05/18
                                                                                                                                                                                                                                   05/19
Allocations are subject to change without notice.
As of: Dezember 2019; Source: DWS International GmbH

                                                                                                                                                                                                                                      / 22
OUTLOOK 2020
Peak pessimism behind us – 2020 could surprise positively

             ECONOMY                                              INFLATION                                     CENTRAL BANKS                                                  POLITICS
   Growth slowdown in DM,                              Close, but below CB target                              Globally in easing mode                            Tariff agreement expected
       recovery in EM                                      No inflation overshoot                                  ECB & Fed on hold                                  Less uncertainty from
             No recession                                                                                                                                               European politics

              EQUITIES                                        FIXED INCOME                                           CURRENCIES                                         ALTERNATIVES
     Higher EPS growth                                        Low for longer                                       EUR/USD continue                                      Illiquidity premium
 Europe with upside potential                              Focus on Asian bonds                                     sideways trading
                                                                                                                     JPY as hedge

                                                                                                    ESG
                                                     Smart Integration of ESG criteria into the investment process

Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.
Source: DWS Investment GmbH as of December 2019

CIO View / Stefan Kreuzkamp / January 2020                                                                                                                                                     / 23
OUTLOOK 2020
Structural trends and changes

                    DIGITALIZATION                       CLIMATE CHANGE

                Almost every sector affected!             Big driver for ESG / sustainable
                Disruptive in particular for financial    investments
                and automobile sector

As of: December 2019; Source: DWS International GmbH

                                                                                             / 24
OUTLOOK 2020
Increase of asset classes with low or negative correlation to equities

ASSET CLASS EXPOSURE IN 2020                                                        DIVERSIFIERS

                                                                              50%
                Equity                                                                 Listed Residential Property, stable dividend stocks
                                                                        31%

                                                            18%
Government Bonds                                                                       US Treasuries, Norway Government, EM Government
                                                      12%

                                                      13%                              Reduction of Corporate Bonds  high correlation with
   Corporate Bonds
                                                                   26%                 equities

                                                   9%                                  Diversification benefits, profit from geopolitical risks &
                  Gold
                                                 7%                                    low/negative interest rates

                                                    10%
                  Cash                                                                 Avoid negative interests
                                                                  24%

                                                                    28%                Increase of „Safe Haven“ currencies (USD, CHF, JPY),
Foreign Currencies
                                                              24%                      NOK, strategic short position in GBP

                              2020        Beginning 2019
Allocations are subject to change without prior warning
Source: DWS International GmbH, as of: January 2020

                                                                                                                                                / 25
DWS CONCEPT KALDEMORGEN
Current portfolio positioning – Equity

BREAKDOWN BY REGION                                                                        BREAKDOWN BY SECTOR

        Eurozone                                                           19.5%                       Health Care                               12.3%
                                                                                                   Comm. Services                        7.5%
  North America                                                  15.8%                                     InfoTech                   5.8%
                                                                                                         Financials            4.1%
United Kingdom                  3.2%
                                                                                            Consumer Discretionary             3.9%
  Asia ex. Japan                3.1%                                                                        Energy        2.8%
                                                                                                        Real Estate       2.6%
      Switzerland              2.6%
                                                                                                 Consumer Staples       1.8%
            Japan          1.0%                                                                          Industrials    1.7%
                                                                                                            Utilities   1.7%
       EM/Others         0.6%                                                                             Materials     1.6%

 KEY RATIOS*
 Dividend Yield (12M Forward)                                                 3.25%        Net Debt to Equity                                   66.81%

 EV/EBITDA (12M Forward)                                                            9.28   EPS Growth (12M Forward)                             4.97%

Data shown in % of fund volume. Allocations are subject to change without notice.
* Data based on the equity part of the fund.
As of: December 2019; source: DWS International GmbH

                                                                                                                                                    / 26
DWS CONCEPT KALDEMORGEN
Current portfolio positioning – Fixed Income

BREAKDOWN BY MARKET SEGMENTS                                  BREAKDOWN BY REGIONS                                    BREAKDOWN BY SECTORS

                                                                       North America                     14.3%           Comm. Services                            2.7%
Emerging Markets                                9.1%
                                                                                                                                  Industrials                     2.5%
                                                                Europe ex Eurozone                6.3%                               Energy                       2.5%
        Sovereigns                           8.6%                                                                                Health Care                     2.3%
                                                                            Eurozone             4.7%                   Consumer Staples                  1.4%
                                                                                                                                   InfoTech             0.9%
    HY Corporates                           8.0%                        Latin America      2.2%
                                                                                                                                 Financials*            0.9%

                                                                                Others                                             Materials       0.5%
                                                                                           1.2%
    IG Corporates            2.1%                                                                                         Consumer Disc.         0.2%
                                                                       Asia ex Japan      0.1%                                   Real Estate     0.1%
                                                                                                                                     Utilities   0.1%
      Convertibles        0.9%
                                                                                Japan     0.0%                                         None      0.0%

 KEY RATIOS*
 Average Bond Rating                                                                BBB     Duration excl. Derivatives (years)                                      3.84

 Ø Coupon excl. Derivatives                                                   4.29%         Duration incl. Derivatives (years)                                      3.81

 Ø Yield-to-maturity excl. Derivatives                                        3.42%

Data shown in % of fund volume. Allocations are subject to change without notice.
* Data based on the fixed income part of the fund.
As of: December 2019; source: DWS International GmbH

                                                                                                                                                                         / 27
ALLOCATION TO EMERGING MARKETS
    Select opportunities paying off

                  FIXED INCOME

                                                                                                       RUSSIAN GOVERNMENT BOND (01.01.2019 = 100)
    _ Profits from the appreciation of the Russian
      Ruble as well as from positions in the equity and                                                112

      fixed income buckets in Russia                                                                   110
                                                                                                       108                                            +11.2%
    _ Increase of Mexican corporate bonds exposure                                                     106
      (carry)                                                                                          104

    _ Turkish government bonds in hard currency (EUR                                                   102

      and USD)                                                                                         100
                                                                                                        98

    RUSSIAN RUBLE APPRECIATION (EUR/RUB)                                                               EXPOSURE IN THE FIXED INCOME PORTFOLIO
             80                                                                                        4,0%

             78
                                                                                                       3,0%
             76
RUB loses
             74
                                                                                    +13.7%             2,0%
RUB gains 72
             70
                                                                                                       1,0%
             68

                                                                                                       0,0%
                                                                                                                      Brazil   Mexico   Russia   Turkey
    Past performance is not a reliable indicator of future returns. Allocations are subject to change without prior notice.
    As of: end of December 2019; Source: DWS International GmbH, Bloomberg

                                                                                                                                                          / 28
DWS CONCEPT KALDEMORGEN
Current portfolio positioning – Currency

BREAKDOWN BY CURRENCY*

    EUR                                                                                                                      66.7%
                                                                                                         42.7%
    USD                                                             17.7%
                                                                                                34.7%
    GBP              -1.8%
                                           5.2%
     CHF                               2.6%
                                       2.6%
     JPY                             1.5%
                                     1.5%
    TWD                              1.5%
                                     1.5%
    Gold                                      6.9%
                                              6.9%
    RUB                               2.2%
                                      2.2%
    HKD                              1.4%
                                     1.4%
 Others                              1.3%
                                     1.3%

           -10%                0%               10%                20%                   30%       40%           50%   60%   70%     80%
                                                                                         Net   Gross

Allocations are subject to change without notice.
* refers to foreign currency accounts and securities held in the respective currency .
As of: December 2019; source: DWS International GmbH, BarraOne

                                                                                                                                       / 29
ESTRATEGIAS INCOME
DWS INVEST TOP DIVIDEND
DWS INVEST ESG EQUITY INCOME

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
CONSERVATIVE EQUITY INVESTMENT
The stock market year 2018 as an example

         INVESTOR: EQUITIES GLOBAL1                           INVESTOR: DWS TOP DIVIDENDE

                                           Recession?
                                                                          Distribution
                                           „Interest                          „Interest
                                            fears“?                             fears“?

1 measured  by the MSCI World Index
As of: End of December 2019. Source: DWS International GmbH

                                                                                            / 31
WHAT SHOULD BE THE VALUE OF A
DIVIDEND STRATEGY IN THE LONG-TERM?

  1                   Real asset (“inflation hedge”)

  2                   High dividend yield and regular income

  3                   Asymmetric risk return profile

  4                   Less volatile than “traditional” equity investments

  5                   Superior risk-adjusted returns

Source: DWS International GmbH

                                                                            / 32
DIVIDENDS – WHERE ELSE IS THERE YIELD?

                                                                                       Dividend yield
               Bond yield (5Y.)                                            Company
                                                                                          (current)

                     2.2 %                                                  PFIZER        3.7 %
                     2.6 %                                                 VERIZON        4.1 %
                     0.0 %                                                UNILEVER        3.3 %
                     0.0 %                                                 ALLIANZ        4.1 %
                    -0.1 %                                                  TOTAL         5.2 %

For illustrative purposes only.
As of: End of December 2019; source: DWS International GmbH, Bloomberg, www.euwax.de

                                                                                                        / 33
DWS TOP DIVIDENDE LD
Attractive and regular income

AVERAGE DISTRIBUTION YIELDS CLEARLY HIGHER THAN INFLATION RATES

                                                Distribution per share DWS Top Dividende LD in EUR:
           1.101 2.50 2.90 2.90 2.90 2.65 2.65 2.65 2.75 2.75 2.80 2.90 3.00 3.10 3.20 3.40 3.60
  6%

  5%       4,8%
                                                                   4,3%
                      4,1% 4,0%
  4%                                   3,6%                                 3,6% 3,5%
                                                3,2% 3,1%                             3,3% 3,1%
                                                                                                3,0%                                   2,9% 2,9%
  3%                                                                                                                    2,7% 2,7% 2,6%

  2%

  1%

  0%
                  1
          2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                 Distribution yield per share DWS Top Dividende2                              Inflation rate Eurozone

Past performance is not a reliable indicator of future returns.
1 Short fiscal year (04/28/2003 – 09/30/2003)
2 Based on the average NAV of the fiscal year (10/01 – 09/30)
3 Based on the average NAV of DWS Top Dividende since inception (04/28/2003 – 09/30/2019), Inception date: 04/28/2003
As of: End of December 2019; source: DWS International GmbH, Refinitiv Datastream

                                                                                                                                                   / 34
HIGH DIVIDEND YIELD IS NOT ALWAYS BETTER
DIVIDEND YIELD

ESTIMATED VERSUS REALIZED YIELD BY DIVIDEND YIELD (IBES CONSENSUS FTSE WORLD SINCE 1995)
(in %)

                        25
                                                                                                              Realized yield (clearly) below
                                           Our preferred investment universe
                                                                                                                     expected yield
                        20
   Dividend yield (%)

                        15

                        10

                         5

                         0
DWS TOP DIVIDENDE
Clearly lower downside risk and volatility

DWS TOP DIVIDENDE LD – SINCE INCEPTION*

                                                                  100%
                                       81%

                                                                                                                             Down

                                                      Up

                                                                                                                -65%

                                                                                                                                           -100%

                                         DWS Top Dividende LD                                                   MSCI World (RI)-Index**

Past performance is not a reliable indicator of future returns. Upside Capture Ratio measures a manager's performance in up markets relative to the market (benchmark) itself. It is
calculated by taking the security’s upside capture return and dividing it by the benchmark’s upside capture return. Downside Capture Ratio measures manager's performance in down
markets. A down-market is defined as those periods (months or quarters) in which market return is less than 0. In essence, it tells you what percentage of the down market was
captured by the manager. For example, if the ratio is 110 %, the manager has captured 110 % of the down-market and therefore underperformed the market on the Downside.
As of: End of December 2019; * April 28th, 2003 ** No official benchmark
Source: DWS International GmbH

                                                                                                                                                                                 / 36
THE GOLDEN RULES OF DIVIDEND INVESTING –
TIPS AND HINTS

                                              1.         Stick to your STYLE
                                                         especially in growth/momentum driven
                                                         markets

                                                  2. PATIENCE    and DISCIPLINE are key
                                                     Dividend investing is not a sprint, it´s a marathon

                                                   3. DON´T GET TOO GREEDY
                                                      Avoid dividend cutter
                                                    4. FOCUS ON CAPITAL PRESERVATION
                                                        Winning more by losing less
                                                     5. SUSTAINABLE BUSINESS MODEL
                                                                     Stability of revenues/earnings, strong balance
                                                                     sheet

Forecasts are based on assumptions, estimates, views and hypothetical models or analyses, which might prove inaccurate or incorrect.
As of end of December 2019; source: DWS International GmbH

                                                                                                                                       / 37
INCOME STRATEGIES
Characteristics, Investment rationale and Investment strategy

                                                                                                                                    “Consistent dividend growers”:
                                                                                                                                            Strong track record of
                                                                                   Dividend                                                     growing dividends
            “Defensive yield”: Defensive                                         champions /                                                combined with decent
            stocks with higher yield but                                          Aristocrats                                                        dividend yield
            lower growth (mature
            business models)

                                                                                                                                            (Dividend) growth at a
                                                             Dividend                                     Dividend
                                                                                                                                                  reasonable yield
            Strong balance sheet and free                    yielders                                     growers
            cash flow, low
            net debt / good credit rating

                                                                                   Quality
              Our Global equity income strategy focusing on companies with above average dividend yield, reasonable dividend growth
              and sustainable dividend coverage.

© 2019 Morningstar, Inc. All rights reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor
its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
* (vs. peers in global equity income category by Morningstar and broad market combined with top rankings and ratings )
Note: Not all Deutsche AM products and services are offered in all jurisdictions and availability is subject to local regulatory restrictions and requirements. Past performance is not
necessarily indicative of future returns.
Source: DWS International GmbH

                                                                                                                                                                                        / 38
SIMILARITIES & DIFFERENCES
DWS Invest Top Dividend & DWS Invest ESG Equity Income
                                                                         DWS Invest Top Dividend                                                             DWS Invest ESG Equity Income
   Morningstar Peer group                                          Global Equity Income                                                                   Global Equity Income
   Benchmark                                                       None                                                                                   None
 Use of derivatives / FX
                                                                   Generally not                                                                          Generally not
hedging
                                                                                                                                                          Focus on large caps,
                                                                   Focus on mega / large caps
   Market capitalization                                                                                                                                  partially mid caps
                                                                   (Ø market cap: 103 bn EUR)
                                                                                                                                                          (Ø market cap: 97 bn EUR)
   Number of holdings                                              60 – 100                                                                               60 – 100
   Single stock weight                                             1–3%                                                                                   1–4%
 Sector restrictions /                                             None – focus on defensive                                                              None – focus on ESG conform
sector bias                                                        dividend payer                                                                         defensive dividend payer
   Regional restrictions                                           None                                                                                   None
   Liquidity                                                       ~ 7%                                                                                   ~ 5%
   Ø Current dividend yield                                        Ø 3.9%                                                                                 Ø 3.2%
 Ø Median dividend
                                                                   7.0%                                                                                   8.7%
growth 1 year
  Turnover Ratio                                                   ~ 20 % p.a.                                                                            < 50 % p.a.
Past performance is no guarantee of future results..
    AuM                                                            EUR 24 bn
As of: End of December 2019; source: DWS International GmbH, Aladdin Research
                                                                                                                                                          EUR 293 mn

  No assurance can be given that investment objective or any target will be achieved. © 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not
  be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
                                                                                                                                                                                                                                                    / 39
DWS ESG CONSENSUS RATING
scanning for cross-vendor concordance in ESG assessments

                                                                                                                            DISCRETIONARY BEST-IN-CLASS
                                                                                                                                     APPROACH

                                                                                      100 points
                                                                                                                                  A ESG true leaders

                                                            concordant rank order ►
                                                                                                                                  B ESG leaders
                                                                                                                                  C ESG upper midfield
                                                                                                                                  D ESG lower midfield
    DWS is licensed user of the data from
    those ESG-data-vendors.
                                                                                      0 points                                    E ESG laggards
                                                                                                                                  F ESG true laggards
                                                                                                                                   HARD EXCLUSIONS

DWS’ ESG Consensus Ratings seek to identify the true ESG leaders and ESG laggards by peer group, consistently assessed as such by the top ESG agencies in a 360 degree
review.
As of: December 2019; source: DWS International GmbH

                                                                                                                                                                         / 40
DETAILING OUR MINIMUM ESG STANDARDS (MESGS)
Exclusion and best-in-class criteria that apply to all ESG labeled DWS mutual funds

  Sector screens                                                                             Norm screen and Best-in-Class ranking

   Controversial weapons                                                                     UNGC Norm Compliance

   _   Nuclear weapons                                                                       _   Human rights
   _   Cluster munitions                                                                     _   Child / forced labor
   _   Anti personnel mines                                                                  _   Work conditions
   _   Depleted uranium                                                                      _   Environmental impact
                                                                                             _   Business ethics

         Ownership and production of

                                                                                                                                                 
                                                                                                    Rating: A – E2
         weapons and components

  Controversial sectors
  _ Tobacco
                                                                         X
                                                                        Exclusion
                                                                                             Climate Transition Risk
                                                                                                                                                Investment
  _ Military defense
                                                                                                    Rating: A –       E3                          universe
  _ Adult entertainment
  _ Gambling                                                                                                                                   Security selection
  _ Nuclear power                                                                                                                             from those issuers
  _ Coal*                                                                                        ESG overall SynRating                            that meet all
                                                                                                                                                 requirements
         Max. revenue threshold
                                                                                                     Rating: A – D4
         ≤ 5%

1 Max. revenue threshold: ≤ 25%, 2 max. 5% E in portfolio, 3 E max 5%, F excluded 4 ESG SynRating: max. 15% D in portfolio; max. 5% unrated

As of: December 2019; source: DWS Investment GmbH

                                                                                                                                                            / 41
DWS INVEST ESG EQUITY INCOME
Sector and country allocation – absolute to DWS Top Dividende

                                                                                   Portfolio
                                                                                   overlap
SECTOR ALLOCATION                                                                  approx.           COUNTRY ALLOCATION

                                                                16,9%
                                                                                   1/2 - 2/3                USA                                            33,3%
            Financials                                       15,2%                                                                                            36,1%

                                                             15,3%                                     Germany                9,5%
          Health Care                                       14,5%                                                           7,4%

                                                                                                    Great Britain         6,6%
                     IT                               12,8%                                                               5,6%
                                          7,1%                                                                             6,2%
                                              9,2%             Exclusion of
                                                                                                    Netherlands           5,9%
   Consumer Staples                                  12,4%     tobacco e.g.                                              5,2%
                                                                                                        Canada             6,3%
               Utilities                   7,6%                Greener European Utilities vs.
                                             8,6%              coal intensive US utilities
                                                                                                          Japan           5,0%
                                           7,6%                                                                            5,7%
      Communication                           9,0%                                                                       4,5%
                                                                                                         Norway         4,0%
           Industrials                   7,0%
                                      5,5%                                                                               4,4%
                                                                                                       Denmark      0,0%
             Materials                  6,5%                   Chemical sector vs. Mining                               3,6%    In general overweight in Europe due to better
                                     4,7%                                                            Switzerland
                                                               Companies                                                  5,4% ESG data availability, better transparency and
                                                                                                                                pioneering role of Europe in the field of ESG
     Consumer Disc.              4,0%                                                                                  3,3%
                             1,6%                                                                        France           5,4%
               Energy              3,3%                        Primarily indirect oil exposure                         2,7%
                                                    11,3%                                                Finland     1,4%
                                                               vs. European Oil Majors

          Real Estate      0,0%                                                                                           5,8%
                            0,5%                                                                 Other Countries            7,3%

             ESG Equity Income            DWS Top Dividende                                                    ESG Equity Income           DWS Top Dividende

In % of fund volume. Allocations are subject to change without notice.
As of: End of December 2019; source: DWS International GmbH, Report Finder

                                                                                                                                                                                / 42
DWS INVEST ESG EQUITY INCOME
ESG quality versus DWS Top Dividende and MSCI World

                                         ESG Best in Class                                                                       Exclusion

 50%                                                                42%
                                                                       39%
 40%                                                             34%
 30%          25%                      27%
                                          23%                                                         20%
                                                    19%
 20%                14%11%
                                                                                                8%                             8%                                     10%10%
 10%
                                                                                           0%                     0% 0%                      0% 1% 2%
   0%
                      A                        B                        C                         D                        E                        F                     Kasse

          Ø SynRating: B                    Ø SynRating: C                       Ø SynRating: C
          ESG-Score: 77                     ESG-Score: 68                        ESG-Score: 61

          DWS Invest ESG                         DWS
                                                                                     MSCI Welt
           Equity Income                     Top Dividende

               Especially ESG Equity Income scores best within the Morningstar Peer Group “Global Equity Income”. It is
               leading on the first rank and has 5 out of 5 sustainability globes.
ESG SynScore and ESG SynRating are based on proprietary ESG Engine.
No assurance can be given that investment objective or any target will be achieved. © 2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers
are responsible for any damages or losses arising from any use of this information.
As of: End of December 2019; source: DWS International GmbH, Aladdin Research, Update Quarterly

                                                                                                                                                                                       / 43
ESG GLOBAL EQUITY INCOME MANDATE
Performance since inception (May 27, 2013)

PERFORMANCE SINCE INCEPTION1 OF “ESG GLOBAL EQUITY INCOME” MANDATE VS. MARKET
    100                                                                                                                                                            + 94.9%
                                                                                                                                                                  Vola 12.5%
      80                                                                                                                                                           SR: 0.88
                                                                                                                                                                    + 82.3%
      60                                                                                                                                                           Vola 8.8%
                                                                                                                                                                   SR: 1.11
      40                                                                                                                                                            + 80.1%
                                                                                                                                                                   Vola 8.8%
      20                                                                                                                                                           SR: 1.08
                                                                                                                                                                   + 73.9%
       0
                                                                                                                                                                  Vola 11.1%
                                                                                                                                                                   SR: 0.81
     -20
        05/13       11/13       05/14      11/14      05/15       11/15      05/16      11/16       05/17      11/17      05/18       11/18      05/19

                         MSCI World TR Net (EUR)                                                              ESG Global Equity Income Mandat

                         MSCI World High Dividend Yield TR Net (EUR)                                          DWS Top Dividende (brutto)

1) May 27th, 2013
Past performance is no guarantee of future results. 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. Sharpe Ratio (SR) = measure to
calculate risk-adjusted return
As of: End of September 2019; source: DWS International GmbH, monthly data, update quartely

                                                                                                                                                                                  / 44
RENTA VARIABLE ALEMANA
DWS INVEST GERMAN EQUITIES / DWS DEUTSCHLAND

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
GERMAN GDP IS HEALTHIER THAN SOME MAY THINK

   125

   120

   115

   110

   105

   100
                2000              2002              2004               2006              2008              2010              2012              2014               2016              2018

                                                                        Germany                                     United States
                                                                                                                                                            GDP per capita, index: 2000 = 100

The information herein reflects our current views only, are subject to change, and are not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as we have
opined herein. Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.
*+: high expected market impact; O: neutral expected market impact; -: low expected market impact // Source: Bloomberg Finance L.P., DWS Investment GmbH as of January 2020

CIO Office / Market Outlook Slides / January 2020                                                                                                                                                               / 46
GERMANY BOTTOMING
Key Economic Indicators
Consensus expects strong rebound in growth in 2020

 Source: Bloomberg

CIO Office / Market Outlook Slides / January 2020    / 47
DWS INVEST GERMAN EQUITIES / DWS DEUTSCHLAND
Characteristics, Investment rationale and Investment strategy

CHARACTERISTICS & INVESTMENT RATIONALE
_ Investment style: Blend                                                     INVESTMENT STRATEGY
_ Investment approach: Bottom-up/stock picking                                _ German equity strategy focusing on firms sustainable business models and
_ Benchmark: CDAX Index                                                         strong balance sheets.

_ Tracking error: No formal tracking error target
                                                                                                            CDAX UNIVERSE (minimum 500mn € market cap)
_ Holdings: 40 – 60 stocks
                                                                                     Investment focus                    Quality                    Fundamentals                   Sustainability
_ Market capitalization: Large-Caps and flexible addition
  of high quality Small/Mid Caps (30% on average)
                                                                               _ Combination of value and      _ Earnings quality           _ Growth at a reasonable        _ ESG aspects
                                                                                 growth stocks                 _ Management track record      price
_ Use of derivatives: 1) DAX futures for active steering of                    _ Flexible addition of                                       _ Attractive dividend yield
                                                                                                               _ Strong balance sheets
  investment ratio to tactically benefit from short term                         small/mid caps
  market movements and to manage risk as well as
                                                                                                                            Opportunistic “blend” approach
  2) options to generate premium intakes (max. 3% of
  portfolio delta adjusted)
                                                                                                               DWS Deutschland / DWS Invest German Equities
_                                                                                                                               ~60 stocks

_ One of the largest and most experienced German
                                                                                                               Monitoring                                 Risk Management
  equity teams with direct access and close long-term
  relationships to the most important German companies.
_ Excellent stock picking expertise with a focus on                                                         High Conviction German equity portfolios
  structural growth and positive earnings momentum

Note: Not all Deutsche AM products and services are offered in all jurisdictions and availability is subject to local regulatory restrictions and requirements.
Source: DWS International GmbH

                                                                                                                                                                                                    / 48
DWS INVEST GERMAN EQUITIES / DWS DEUTSCHLAND
Portfolio allocation

BY SECTORS / ASSET CLASSES*                                                             BY MARKET CAPITALIZATION*
                  IT                                                                          Mega caps
       Financials                                                                             (> 10 bn .)
       Industr ials
   Consumer Disc.                                                                          Larg e cap s
                                                                                        (> 5 bn. < 10 bn.)
        Materials
                                                                      Por tfolio
      Health Ca re                                                                                                                                 Por tfolio
                                                                                             Mid cap s
   Commu nicatio n                                                    Ben chmar k
                                                                                         (> 1 bn. < 5 b n.)
      Real Estate
          Utili ties                                                                          Small caps
 Consumer Sta ples                                                                             (< 1 bn.)

                       0%   5%   10%      15%      20%     25%      30%
                                                                                                              0%   20%   40%   60%   80%   100 %

BY TOP TEN*
      Allia nz SE
        SAP S E
    Wirecard AG
    Siemen s AG
      Adid as AG
    Muenchen er…                                                           Por tfolio
         Infin eon…
 KION G roup AG
       BAS F SE
   Fresenius SE…
                  0%        2%   4%       6%       8%      10%       12%

This allocation data comprises a mutual fund benchmarked against CDAX (RI).
* In % of fund volume; Reference index: 100% CDAX
Allocations are subject to change without notice.
As of: December 30, 2019; source: DWS International GmbH, Report Finder FIS XP

                                                                                                                                                         / 49
DWS INVEST GERMAN EQUITIES / DWS DEUTSCHLAND
Performance & risk figures

CALENDAR YEAR PERFORMANCE                                                                                                   7-YEAR CUMULATIVE PERFORMANCE
 40%                                                                                                                         250                                                                                     108.09%
 30%
                                                                                                                             220                                                                                      84.05%
 20%
 10%                                                                                                                         190

  0%                                                                                                                         160
-10%
                                                                                                                             130
-20%
-30%                                                                                                                         100
          Yea r to     201 9           201 8          201 7      201 6      201 5       201 4       201 3     201 2
           Date                                   Strategy       Ben chmar k                                                                                       Strategy         Ben chmar k

                  YTD           2019           2018       2017       2016        2015        2014      2013     2012                         12/14 - 12/15     12/15 - 12/16   12/16 - 12/17      12/17 - 12/18   12/18 - 12/19
Strategy       25.78%      25.78%        -23.03%        20.03%      9.52%      17.54%     5.25%     32.19%    37.97%        Strategy               17.54%             9.52%         20.03%            -23.03%          25.78%
Benchmark      25.08%      25.08%        -18.11%        15.98%      6.50%      11.33%     3.09%     26.75%    29.26%
Spread
                                                                                                                            Benchmark              11.33%             6.50%         15.98%            -18.11%          25.08%
                0.70%       0.70%         -4.92%         4.05%      3.01%       6.21%     2.15%      5.44%     8.71%

ANNUALISED PERFORMANCE STATISTICS
                                 Return p.a.                                   Annualised volatility (p.a.)
                     Strategy      Benchmark                  Spread              Strategy      Benchmark              Tracking error   Information ratio    Sharpe ratio      Max Drawdown          Beta   Var (99%/10day/1y)
1 Year               25.78%               25.08%                  0.70%             15.65%          12.83%                      3.28                0.21            1.67                6.91         1.21               10.53%
3 Years               5.13%                5.90%                 -0.78%             15.52%          12.41%                      3.45               -0.23            0.35               25.24         1.24                     -
5 Years               8.38%                7.09%                  1.29%             17.69%          15.14%                      3.31                0.39            0.49               25.24         1.16                     -
7 Years              11.03%                9.10%                  1.93%             16.20%          14.02%                      3.01                0.64            0.69               25.24         1.14                     -

This data comprises a mutual fund benchmarked against CDAX (RI). Calculation of performance is based on the time-weighted return. Possible previous benchmark changes have
already been reflected in benchmark performance. 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.
Reference index: 100% CDAX
As of: December 30, 2019; source: DWS International GmbH

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TEMÁTICOS

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
Translating global challenges into investable themes
Investment opportunities based on sustainable growth drivers

Technolical breakthrough                                         Climate Change and resource scarcity
DWS Invest Artificial                                                DWS Invest Climate Tech
Intelligence

Interconnectivity of tech                                                  Nutrition, demography and
themes and globalisation                              Global                            eating habbits
DWS (Invest) Smart                                  Megatrends               DWS Invest Global
Industrial Technologies                                                          Agribusiness

                                                                    ESG and positive impact investing
Urbanisation, demography and
modernisation
                                                                       DWS Invest SDG Global
                                                                                    Equities
DWS Invest Global
Infrastructure
As of: December 2019; source: DWS Investment GmbH

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For Professional Clients (MiFID Directive 2014/65/EC Annex II) only. No distribution to private/retail customers.
                                                        For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)).

Thematic Equities – Smart Technologies
DWS Invest Smart Industrial Technologies

Automation & Digitalization are only two megatrends that shape our current world. The fund invests in
industrial companies that drive these changes. “Smart Tech” operates in various fields: Automation,
Digitalization, Energy Efficiency, Global Trade, MedTech and Infrastructure. The fund management team
has a strong focus on growth stocks while ensuring risk diversification on a portfolio level.

 Automation & Robotics                                                                            Infrastructure
    More use of software & robotics to                                                                High demand for infrastructure due to
     improve efficiency, quality and to allow                                                           demographic trends and
     a higher degree of customization                                                                   modernization requirements

 E-Commerce & Global trade                                                                         Digitalisation & Cyber Security
    Increasing air travel and freight                                                                 Demand for software applications to
     volumes because of globalization                                                                   improve efficiency and to distinguish
     and demographic trends                                                                             products and services

 Smart Energy                                                                                     Medical Technology
    Reduction of energy costs and emissions                                                           Rapidly rising health care costs,
     to fulfill global emission standards leads                                                         healthier lifestyle and appearance of
     to “Smart Cities” and “Smart homes”                                                                Millennials are influencing changes in
                                                                                                        consumer behavior.
As of:        December 2019
Source:       DWS International GmbH

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For Professional Clients (MiFID Directive 2014/65/EC Annex II) only. No distribution to private/retail customers.
                                                       For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)).

Thematic Equities – Impact Investing & ESG Integration
DWS (Invest) SDG Global Equities

We seek exposure to companies which operate in SDG-related business sectors and have a meaningful
positive impact on the United Nations Sustainable Development Goals (SDGs). Comprehensive analysis
and evaluation of the SDG impact is based on our proprietary ESG-Engine. The average proportion of
SDG-related revenue of the companies in the fund must be more than 50%.

Measuring what matters                                                                          Making a positive impact
 Integrating the UN SDGs into
  investment portfolios through our
  proprietary SDG-Rating.
 Stocks are only eligible for the fund´s
  investment universe if they are
  relative and absolute SDG-
  Champions.

The SDGs at an investor level                                                                    Application of ESG standards
 Achieving the SDGs may require up to                                                            Consideration of ESG aspects (Best-in-Class-
  $7tn in investment each year from 2015 to                                                        Approach, Exclusion, Norm Compliance,
  2030 – of which up to $6tn is reliant on the                                                     Carbon Rating, Engagement) based on the
                                                                                                   unique ESG Engine.
  private sector.
                                                                                                  Excellent proprietary ESG engine, which
                                                                                                   received the Insurance ERM Award 2017

As of:       December 2018
Source:      DWS International GmbH

                                                                                                                                                              / 54
DWS INVEST SDG GLOBAL EQUITIES
High positive link to UN SDGs versus MSCI World

    DWS Invest SDG Global Equities                                                                                            MSCI World

                           50%                                                                                                            9%

                   SDG related revenues                                                                              SDG related revenues

                      More than every                                                                                 Only about every
                    second euro invested                                                                           twentieth euro invested
                       is aligned with                                                                                 is aligned with
                       the UN SDGs                                                                                      the UN SDGs

Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, views and hypothetical models or analyses, which might prove inaccurate or
incorrect. Number is average of SDG related revenue contribution since inception of the fund.
As of: December 2019; source: DWS International GmbH, quarterly updated

                                                                                                                                                                                  / 55
DWS INVEST SDG GLOBAL EQUITIES
Allocation

 Portfolio allocation by SDG related revenues and by SDG theme (in %)

                                       13                                                   23,2%

                                         3                                          10,5%

                                         6                                   6,6%

                                       12                             4,7%

                                         4                    3,0%

                                         2               2,0%

                                       11       0,3%

                                         8     0,1%

                     More than every second euro invested is aligned with the UN SDGs

Pictures illustrative purposes only.
As of: December 2019; source: DWS International GmbH; quarterly updated

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Thematic Equities – Agribusiness
DWS Invest Global Agribusiness

We need to improve the efficiency in Agribusiness and invest in solutions to feed the planet. A two-
pronged investment approach via equity both upstream and downstream holds the key to generate a
superb risk-return profile for investors in our strategy.

Upstream                                                   Downstream
_ Fertilizer companies                                           _ Protein producers (beef, chicken, pork)
_ Agricultural chemicals,                                        _ Fishery & Aquaculture
_ Seed producers                                                 _ Packaged foods
_ Farm equipment                                                 _ Retail foods
_ machinery
                                                                 _ Breweries and soft drink producers,
                                                                 _ Restaurants
                                                                 _ Supermarkets

                                                                 Agribusiness Tech
Midstream
                                                                 _ Data management (field monitoring)
_ Processors
                                                                 _ Monitoring and communication
_ Distributors                                                     technology
_ Railways                                                       _ GPS Tracking
_ Port operators                                                 _ Precision AG (Irrigation, Planting,
                                                                   Spraying)

As of:       December 2019
Source:      DWS International GmbH

                                                                                                         / 57
For Professional Clients (MiFID Directive 2014/65/EC Annex II) only. No distribution to private/retail customers.
                                                For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)).

Thematic Equities – Climate Technology
DWS Invest Climate Tech

We need to address the global climate change and invest in solutions that mitigate and adapt its
implications on the planet. A versatile investment approach via listed equity focusing on proprietary
climate change sector universe holds the key to generate a superb risk-return profile for investors.

Climate Change Impact Management                                                          Consumption of Energy
 Health: Diseases/pest control, air                                                       Industry: Combined heat and power,
  quality, environmental sensing                                                            advanced boilers, pumps, compressors
 Agribusiness: Precision Ag, drip                                                         Buildings: Thermal insulation, building
  irrigation, drought resistance plants                                                     automation, lighting systems
 Water: Re-use/desalination, leak                                                         Vehicles: Hybrid & electric vehicles,
  detection, Smart Water infrastructure                                                     battery technology, improved
 Disaster Prevention/Recovery                                                              combustion engine technology

                                                                                          Transportation of Energy
Generation of Energy
                                                                                           Electricity transmission and distribution
 Solar poly, wafer, module, inverter
                                                                                           Smart grid / Energy storage
 Solar and wind farm developers/owners
                                                                                           Data management
 Wind turbine manufacturers
                                                                                           Monitoring/communication technology
 Hydro value chain / Waste-to-Energy
                                                                                           New Materials
As of:       December 2018
Source:      DWS International GmbH

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Thematic Equities – Infrastructure
DWS Invest Global Infrastructure

Historical underinvestment and future investment gaps in infrastructure spending coupled with significant
structural drivers create investment opportunities. Infrastructure securities are backed by tangible
assets with sustainable inflation-linked underlying cash flows that can effectively diversify a multi-assets
portfolio. We invest in listed infrastructure companies that generates at least 70% of the operational cash
flow is from owning or leasing hard infrastructure assets.

The Opportunity                                                       “Pure-Play” Focus
_ Strong tailwinds from investor and “real world”                      _ Regulated Utilities: e.g. Water, electricity
  demand                                                                 networks
                                                                       _ Communications: e.g. Mobile Towers, Satellites
_ Invest with the pioneer of the asset class –                         _ Energy: e.g. Oil and gas pipelines
  “Pure Play” infrastructure
                                                                       _ Ports: e.g. Sea ports, airports
                                                                       _ Transportation: e.g. Rail roads, toll roads

                                                                       Characteristics of Pure-Play
The Benefits                                                           Assets
_ “Pure play” infrastructure allows “smart access” to                _ Focus on hard assets that provide efficient
  the asset class                                                      movement of people and products
_ Stable & inflation linked cash flows and attractive                _ Low pricing risk owing to fixed, contracted, or
  income                                                               regulated revenue models
_ Perfect fit in a Multi-Asset-Portfolio                             _ Provision of essentials services such as water or
_ Complement to direct investments, allowing for                       power result in highly inelastic demand profiles
  instant diversification & capital deployment                       _ Long-dated assets with perpetual lives, low
_ Long duration assets & cash flows                                    operating costs which leads to high operating
                                                                       margins
_ Sustainable performance and alpha
                                                                     _ Inflation protection from inflation-adjusted
As of:           December 2019                                         revenues
Source:          DWS International GmbH

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APÉNDICE

For Professional Clients MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail investors. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act
(CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. APAC Australia: For professional clients only.
TACTICAL VIEW(2) & STRATEGIC FORECAST(3)
                                                    Level        Tactical View          Dec '20 F           -1W             YTD
                         Rates                                                                                  percentage points
                         GER 2yr                        -0.66                                -0.60           -0.05        -0.06
                         GER 10yr                       -0.41                                -0.35           -0.08        -0.23
                         GER 30yr                        0.09                                 0.15           -0.10        -0.26
                         UK 10yr                         0.52                                 0.95           -0.04        -0.34
                         UST 2yr                         1.39                                 1.50           -0.11        -0.18
                         UST 10yr                        1.56                                 1.85           -0.13        -0.32
                         UST 30yr                        2.02                                 2.25           -0.11        -0.31
                         JGB 10yr                       -0.07                                -0.10           -0.05        -0.06
                         Spreads                                                                                      basis points
                         EUR IG Corp                      104                                   90               3            1
                         EUR HY                           350                                  360              26           36
                         US IG Corp                        96                                  110               4            5
                         US HY                            382                                  400              26           52
                         EM Credit                        317                                  320              10            9
                         EM Sovereign                     313                                  320              11           17
                         Italy 10yr                       135                                  150             -22          -25
                         Spain 10yr                        68                                   70               0            2
                         Currencies
                         EUR vs USD                     1.10                                 1.15             0.00           -0.02
                         USD vs JPY                   108.90                               105.00            -0.38            0.02
                         EUR vs GBP                     0.84                                 0.89             0.00           -0.01
                         EUR vs JPY                   120.12                               121.00            -0.37           -1.84
                         GBP vs USD                     1.31                                 1.29             0.00            0.00
                         USD vs CNY                     6.94                                 7.10             0.00           -0.04
                         Equity* & Commodities
                         S&P 500                       3,284                                3,300           -0.4%           1.9%
                         Stoxx 600                       414                                  420           -2.3%          -0.6%
                         Euro Stoxx 50                 3,674                                3,770           -2.8%          -2.0%
                         DAX 30                       13,120                               14,000           -3.4%          -1.0%
                         SMI                          10,734                               10,450           -1.1%           1.1%
                         FTSE 100                      7,321                                7,510           -3.5%          -3.5%
                         MSCI EM                       1,073                                1,120           -4.2%          -4.1%
                         MSCI AC Asia xJ                 662                                  700           -4.5%          -4.1%
                         MSCI Australia                1,407                                1,355           -1.1%           3.3%
                         MSCI Japan                    1,015                                1,060           -3.1%          -2.2%
                         Gold                          1,581                     -             1,550            0.6%           4.3%
                         Crude Oil (WTI)                  52                     -                54           -3.7%         -15.5%
The information herein reflects our current views only, is subject to change, and is not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as we have
opined herein. Past performance is not a reliable indicator of future returns. Forecasts are not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical
models or analysis which may prove to be incorrect. *Relative to MSCI World Index, Sources: Bloomberg Finance L.P., DWS Investment GmbH as of 1/31/20 // (1) Outcome: A - above expectations, B - below
expectations, O - on expectations (2)  = underweight;  = neutral;  = overweight // (3) F = Forecast

                                                                                                                                                                                                                61
DWS CONCEPT KALDEMORGEN

OPPORTUNITIES                                                         RISKS
_ Market, industry and company-specific price increases
  on the equity markets.
                                                                  +   _ At any time, the price of the shares can fall below the price
                                                                        at which the investor acquired them (up to the risk of total loss).
                                                                                                                                              -
_ Drops in yields or increases in prices in the bond markets and/or   _ Market, industry and company-specific price fluctuations on the equity
  reductions in yield spreads for high-yield securities.                markets.
_ Opportunities for additional income through the use of derivative   _ Interest rate, price and currency fluctuations in the bond markets. A
  investment instruments.                                               creditworthiness risk exists with regard to the issuers of bonds. In
                                                                        general terms, this is the risk of over-indebtedness or insolvency, i.e.
                                                                        the potential temporary or permanent inability to fulfil interest and/or
                                                                        repayment obligations on schedule. This can have a negative impact
                                                                        on the fund's performance.
                                                                      _ Asset-backed securities may be less liquid than corporate debt; in
                                                                        addition, there is the risk of early repayment, which can lead to
                                                                        fluctuations in the unit price.
                                                                      _ The use of derivatives involves counterparty risks, i.e. the
                                                                        creditworthiness risk of the counterparties (see the above risk notice
                                                                        on creditworthiness risk). Derivatives are subject neither to statutory
                                                                        nor voluntary deposit insurance.
                                                                      _ Investments in the commodities sector may be associated with illiquid
                                                                        markets and high volatility.
                                                                      _ The fund has the option of achieving leverage through the use of
                                                                        derivatives. The use of leverage can result in the increase in potential
                                                                        losses.
                                                                      _ The fund can invest in assets with different currencies. This gives rise
                                                                        to exchange rate risks, which may be hedged.
Source: DWS International GmbH

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DWS TOP DIVIDENDE / DWS INVEST TOP DIVIDEND

OPPORTUNITIES                                             RISKS
_ Market-, sector- and company-specific price gains   +   _ Market-, sector- and company-specific                 -
                                                            price volatility
_ Possible exchange- rate chances
                                                          _ Possible exchange-rate risk
_ Above-average dividend yields
                                                          _ Possible dividend cuts
                                                          _ Because of its composition or the techniques used by its
                                                            managers, the fund is subject to heightened volatility.
                                                            Consequently, unit prices may fluctuate sharply in either
                                                            direction within short periods of time.
                                                          _ The value of the fund's shares may fall below the price at
                                                            which the client originally bought them

Source: DWS International GmbH

                                                                                                                    / 63
DWS INVEST ESG EQUITY INCOME /
DWS TOP DIVIDENDE

OPPORTUNITIES                               RISKS
_   Market-, sector- and company-specific   _   Market-, sector- and company-specific
    price gains                                 price volatility
_   Possible exchange- rate chances         _   Possible exchange-rate risk
_   Above-average dividend yields           _   Possible dividend cuts
                                            _   Because of its composition or the techniques used by its
                                                managers, the
                                                fund is subject to heightened volatility. Consequently, unit
                                                prices may fluctuate sharply in either direction within short
                                                periods of time.
                                            _   The value of the fund's shares may fall below the price at
                                                which the client originally bought them.

Source: DWS International GmbH

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DWS INVEST GLOBAL INFRASTRUCTURE
Opportunities and risks

OPPORTUNITIES                                                     RISKS
_ Increase in demand for infrastructure due                   +   _ Market, industry and business-related price losses
                                                                                                                                   -
  to rising world population and urbanization
                                                                  _ Exchange rate losses
_ Trends in increased mobile data use in developed countries-
  particularly in the United States                               _ Stronger regulation in the field of infrastructure worldwide

_ Increased demand for the transport of goods, energy and         _ Weakening of underlying trends (urbanization/mobile data
  people; Due to economic growth and new technologies in            use/higher transport needs of people and goods or of energy)
  energy production                                               _ Concentration risk: By concentrating on shares in the
_ Market, industry and business-related price increases             infrastructure sector, there is a limited diversification within the
                                                                    fund.
_ Exchange rate gains
                                                                  _ The fund includes a significant amount of derivative
                                                                    transactions with various Contracting Parties. If a Contracting
                                                                    Party does not make any payments, for example due to
                                                                    insolvency, this may cause the investment to suffer a loss.
                                                                    Financial derivatives are not subject to the statutory or
                                                                    voluntary deposit guarantee
                                                                  _ Due to its composition/the techniques used by the fund
                                                                    management, the Special Fund has a significantly increased
                                                                    volatility, i.e., the share prices may also be subject to
                                                                    significant fluctuations downwards or upward within a short
                                                                    period of time.
                                                                  _ The share value may at any time fall below the purchase price
                                                                    at which the client has acquired the share.
Source: DWS International GmbH, as of: end of December 2019

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DWS INVEST GLOBAL AGRIBUSINESS
Opportunities and risks

OPPORTUNITIES                                           RISKS

_ Market, sector and company-specific                   _ Market, sector and company-specific
  price gains                                             price volatility
                                                        _ Possible exchange-rate risk
                                                        _ Because of its composition or the techniques used by its
                                                          managers, the fund is subject to heightened volatility.
                                                          Consequently, unit prices may fluctuate sharply in either
                                                          direction within short periods of time
                                                        _ The value of the fund's shares may fall below the price at
                                                          which the client originally bought them

As of: September 2019; source: DWS International GmbH

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