Deutsche Asset Management

Gerd Kirsten

The Germany FundsAnnual shareholder meeting

June 30, 2016

Agenda

01 Introduction

02 Market comments

03 Performance

04 Funds structure

05 Discount trends

06 Appendix

Agenda

01 Introduction

02 Market comments

03 Performance

04 Funds structure

05 Discount trends

06 Appendix

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

(1) Market sentiment:- Recent “Brexit” uncertainty caused flight to safety: flows from Europe to US

(2) Politics:

- UK referendum on EU membership

- Underlying reforms (e.g. in Italy, France and Germany) drowned out by immigration issue

- European states’ indebtedness unresolved, but much alleviated in low interest rate environment

- Easing of tensions with Russia and ongoing negotiations with Turkey

Germany Funds Economic and investment summary

3

The opinions and forecasts expressed herein by the fund managers do not necessarily reflect those of Deutsche Asset Management, are as of May 2016 and may not come to pass.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

(3) Growth:

- Global growth continues on shallow path with resilience in the US

- China between stronger slowdown and policy action

- European household income accelerating bodes well for consumption

(4) Monetary environment:

- FED: rate hikes marginal in historic context

- ECB: quantitative easing expanded to corporate bonds

- Inflation remains low and liquidity ample in Europe

- Bank lending growing again

Germany Funds Economic and investment summary

4

The opinions and forecasts expressed herein by the fund managers do not necessarily reflect those of Deutsche Asset Management, are as of May 2016 and may not come to pass.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Diverging earnings trends

Germany FundsProfit gap: Europe vs. USA

5

Source: Deutsche Asset Management Investment GmbH, FactSet as of 5/31/16.Past performance is not indicative of future returns.

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15-50

0

50

100

150

200

250

EPS - MSCI Europe EPS - S&P 500

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

(5) Company earnings:

- Lower oil prices and real wage growth supports increase in consumer spending

- Weak Euro makes exports very competitive

- Credit cycle restarting

- In sum, drivers support acceleration of earnings growth

(6) Valuations:

- US markets expensive, but Europe still offers value

- Higher multiples sustainable in low interest rate environment

(7) Market Sentiment:

- Bearish mood most often a contrarian signal

- Analysts’ earnings revisions bottoming out

- Coming companies’ earnings seasons important for trend change(s)

Germany Funds Economic and investment summary

6

The opinions and forecasts expressed herein by the fund managers do not necessarily reflect those of Deutsche Asset Management, are as of May 2016 and may not come to pass.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Cyclically adjusted price-to-earnings ratio

Germany FundsValuations in Europe not expensive, especially relative to USA

7

Source: Deutsche Asset Management Investment GmbH, UBS as of 5/31/16.Past performance is not indicative of future returns.

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1983 1985 1988 1991 1994 1996 1999 2002 2005 2007 2010 2013 2016

Europe CAPE relative to US CAPE Average

Agenda

01 Introduction

02 Market comments

03 Performance

04 Fund structure

05 Discount trends

06 Appendix

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The European Equity FundPerformance (in % USD) as of 3/31/16

9

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

Average annual total returns as of 3/31/16 Market value Net asset value Benchmark* +/- Benchmark

1-year -8.41 -3.81 -8.44 +4.633-year 4.58 5.82 2.71 +3.115-year 0.92 1.66 2.07 -0.4110-year 0.46 0.54 2.05 -1.51Life of fund 5.72 6.17 n/a n/a

Cumulative returns as of 3/31/16 Market value Net asset value Benchmark* +/– Benchmark

YTD -2.48 0.00 -2.51 +2.511-month 5.93 5.40 6.28 -0.883-month -2.48 0.00 -2.51 +2.51Inception date 7/23/86 7/23/86 n/aGross expense ratio 1.60% n/a

The annualized expense ratio of the fund for the year ended December 31, 2015 was 1.60%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*As of 7/1/14, the benchmark is the MSCI Europe Index. Prior to 7/1/14, the benchmark was the MSCI EMU Index. See slide 28 for index definitions. Indexreturns assume reinvestment of distributions and do not reflect fees or expenses. It is not possible to invest directly in an index.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The European Equity FundPerformance (in % USD) as of 4/30/16

10

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

Average annual total returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

1-year -7.73 -6.47 -10.11 +3.643-year 4.28 4.50 2.09 +2.415-year -0.12 0.19 0.99 -0.8010-year -0.40 0.14 1.79 -1.65Life of fund 5.81 6.19 n/a n/a

Cumulative returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

YTD 0.37 1.11 -0.12 +1.231-month 2.93 1.11 2.44 -1.333-month 6.59 6.20 6.92 -0.72Inception date 7/23/86 7/23/86 n/aGross expense ratio 1.60% n/a

The annualized expense ratio of the fund for the year ended December 31, 2015 was 1.60%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*As of 7/1/14, the benchmark is the MSCI Europe Index. Prior to 7/1/14, the benchmark was the MSCI EMU Index. See slide 28 for index definitions. Indexreturns assume reinvestment of distributions and do not reflect fees or expenses. It is not possible to invest directly in an index.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The New Germany Fund Performance (in % USD) as of 3/31/16

11

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

The annualized expense ratio of the fund for the year ended December 31, 2015 was 1.16%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*Represents the Midcap Market Performance Index. See slide 28 for index definitions. Index returns assume reinvestment of distributions and do not reflectfees or expenses. It is not possible to invest directly in an index.

Average annual total returns as of 3/31/16 Market value Net asset value Benchmark* +/– Benchmark

1-year -0.75 4.79 4.88 -0.093-year 13.71 14.28 11.69 +2.595-year 9.06 9.63 9.17 +0.4610-year 8.50 8.86 7.83 +1.03Life of fund 5.81 7.20 n/a n/a

Cumulative returns as of 3/31/16 Market value Net asset value Benchmark* +/– Benchmark

YTD -4.15 -1.05 0.39 -1.441-month 8.30 8.17 8.83 -0.663-month -4.15 -1.05 0.39 -1.44Inception date 1/30/90 1/30/90 n/aGross expense ratio 1.16% n/a

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The New Germany Fund Performance (in % USD) as of 4/30/16

12

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

The annualized expense ratio of the fund for the year ended December 31, 2015 was 1.16%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*Represents the Midcap Market Performance Index. See slide 28 for index definitions. Index returns assume reinvestment of distributions and do not reflectfees or expenses. It is not possible to invest directly in an index.

Average annual total returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

1-year -2.91 0.17 1.11 -0.943-year 12.40 12.50 10.23 +2.275-year 7.34 7.65 7.33 +0.3210-year 7.58 8.20 7.24 +0.96Life of fund 5.78 7.12 n/a n/a

Cumulative returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

YTD -4.35 -2.41 -0.38 -2.031-month -0.21 -1.37 -0.77 -0.603-month 6.27 5.76 7.16 -1.40Inception date 1/30/90 1/30/90 n/aGross expense ratio 1.16% n/a

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The Central Europe, Russia and Turkey FundPerformance (in % USD) as of 3/31/16

13

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

The annualized expense ratio of the fund for the year ended October 31, 2015 was 1.37%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*Represents the MSCI Emerging Markets Europe ex Greece Index. See slide 28 for index definitions. Index returns assume reinvestment of distributions anddo not reflect fees or expenses. It is not possible to invest directly in an index.

Average annual total returns as of 3/31/16 Market value Net asset value Benchmark* +/– Benchmark

1-year -5.90 -3.81 -1.28 -2.533-year -12.34 -11.67 -10.58 -1.095-year -11.58 -11.14 -9.98 -1.1610-year -3.88 -3.19 -3.66 +0.47Life of fund 5.15 5.82 n/a n/a

Cumulative returns as of 3/31/16 Market value Net asset value Benchmark* +/– Benchmark

YTD 12.57 12.31 16.35 -4.041-month 13.73 13.38 15.67 -2.293-month 12.57 12.31 16.35 -4.04Inception date 3/6/90 3/6/90 n/aGross expense ratio 1.37% n/a

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The Central Europe, Russia and Turkey FundPerformance (in % USD) as of 4/30/16

14

All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.eeafund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance.

The annualized expense ratio of the fund for the year ended October 31, 2015 was 1.37%. Expenses of the fund include investment advisory andadministration fees and other fund expenses. Total returns shown take into account these fees and expenses.

Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes inmarket value. Each figure assumes that dividends and capital gains; if any; were reinvested. These figures will differ depending on the level of any discountfrom or premium to NAV at which the fund’s shares traded during the period.

Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver returns would have been lower and any rankings/ratingsmight have been less favorable. There is a voluntary reimbursement that may be discontinued at any time. Fees and expenses have been deducted from theperformance data.

*Represents the MSCI Emerging Markets Europe ex Greece Index. See slide 28 for index definitions. Index returns assume reinvestment of distributions anddo not reflect fees or expenses. It is not possible to invest directly in an index.

Average annual total returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

1-year -13.95 -10.40 -8.88 -1.523-year -11.33 -10.19 -9.32 -0.875-year -11.79 -10.90 -10.02 -0.8810-year -4.49 -3.88 -4.26 +0.38Life of fund 5.25 5.97 n/a n/a

Cumulative returns as of 4/30/16 Market value Net asset value Benchmark* +/– Benchmark

YTD 15.69 17.10 20.65 -3.551-month 2.78 4.26 3.69 +0.573-month 18.62 21.04 22.43 -1.39Inception date 3/6/90 3/6/90 n/aGross expense ratio 1.37% n/a

Agenda

01 Introduction

02 Performance

03 Market comments

04 Fund structure

05 Discount trends

06 Appendix

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The European Equity FundPortfolio construction – country and sector allocation

16

Country allocation Sector allocation

Source: Deutsche AM Distributors, Inc. As of 3/31/16.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The European Equity FundTop 10 holdings

17

Absolute weightMarch 31, 2016

%

Royal Dutch Shell Plc - B 3.9

KOMERCNI BANKA AS 3.4

SECURITAS AB-B SHS /SEK/ 3.2

Cie Generale D'Optique Essilor International 3.1

SAP 3.0

RED ELECTRICA CORPORACION S A 2.9

UNILEVER NV CERIFICATES 2.9

KERRY GROUP PLC-A 2.9

Hochtief 2.9

GRANDVISION NV 2.8

Source: Deutsche AM Distributors, Inc. As of 3/31/16.For illustrative purposes only. This is not a buy or sell recommendation. The information should not be construed as a recommendation to buy or sell a particular a security and there is no assurance, as of the date of publication, that the securities purchased remain in the portfolio or that securities sold have not been repurchased. Additionally, it is noted that the securities referenced do not represent all of the securities purchased during the period referenced, and there is no guarantee as to the future profitability of any of the securities identified and discussed herein.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The New Germany FundPortfolio construction—country and sector allocation

18

Sector allocationCountry allocation

Source: Deutsche AM Distributors, Inc. As of 3/31/16.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The New Germany FundTop 10 positions

19

Absolute weightMarch 31, 2016

%

Airbus Group (legally EADS) 10.3

Steinhoff International Holdings 4.9

United Internet 4.1

SYMRISE AG 4.1

EVONIK INDUSTRIES AG 3.9

LEG IMMOBILIEN AG 3.8

OSRAM LICHT AG 3.7

ZALANDO SE 3.7

MTU Aero Engines 3.4

BRENNTAG AG 3.4

Source: Deutsche AM Distributors, Inc. As of 3/31/16.For illustrative purposes only. This is not a buy or sell recommendation. The information should not be construed as a recommendation to buy or sell a particular a security and there is no assurance, as of the date of publication, that the securities purchased remain in the portfolio or that securities sold have not been repurchased. Additionally, it is noted that the securities referenced do not represent all of the securities purchased during the period referenced, and there is no guarantee as to the future profitability of any of the securities identified and discussed herein.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The Central Europe, Russia & Turkey FundPortfolio construction—country and sector allocation

20

Sector allocationCountry allocation

Source: Deutsche AM Distributors, Inc. As of 3/31/16.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

The Central Europe, Russia & Turkey FundTop 10 holdings

21

Source: Deutsche AM Distributors, Inc. As of 3/31/16.For illustrative purposes only. This is not a buy or sell recommendation. The information should not be construed as a recommendation to buy or sell a particular a security and there is no assurance, as of the date of publication, that the securities purchased remain in the portfolio or that securities sold have not been repurchased. Additionally, it is noted that the securities referenced do not represent all of the securities purchased during the period referenced, and there is no guarantee as to the future profitability of any of the securities identified and discussed herein.

Absolute weightMarch 31, 2016

%

Gazprom 9.7

Lukoil Oil 8.4

SBERBANK-SPONSORED ADR 4.2

Powszechna Kasa Oszczednosci Bank Polski 3.4

Novatek 3.1

Powszechny Zaklad Ubezpieczen (PZU) 3.0

MAGNIT 2.9

Turkiye Garanti Bankasi 2.7

MMC NORILSK NICKEL PJSC- 2.4% ADR 2.4

POLSKI KONCERN NAFTOWY O 2.2

Agenda

01 Introduction

02 Market comments

03 Performance

04 Fund structure

05 Discount trends

06 Appendix

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Discount trend: European Equity Fund

23

As of 5/31/16.Source: Bloomberg, FactSet. Past performance is historical and does not guarantee future results.

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Apr-11 Nov-11 Jun-12 Dec-12 Jul-13 Jan-14 Aug-14 Feb-15 Sep-15 Apr-16

Fund percent premium/discount (%)

High: –8.0%

Low: –12.9%

5/31/16: –12.5%

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Discount trend: New Germany Fund

24

As of 5/31/16.Source: Bloomberg, FactSet. Past performance is historical and does not guarantee future results.

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Apr-11 Oct-11 Mar-12 Sep-12 Feb-13 Jul-13 Jan-14 Jun-14 Dec-14 May-15 Oct-15 Apr-16

Fund percent premium/discount (%)

High: –6.2%

Low: –12.2%

5/31/16: –11.0%

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Discount trend: Central Europe, Russia & Turkey Fund

25

As of 5/31/16.Source: Bloomberg, FactSet. Past performance is historical and does not guarantee future results.

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Apr-11 Oct-11 Mar-12 Sep-12 Feb-13 Jul-13 Jan-14 Jun-14 Dec-14 May-15 Oct-15 Apr-16

Fund percent premium/discount (%)

High: –7.2%

Low: –13.6%

5/31/16: –12.8%

Agenda

01 Introduction

02 Market comments

03 Performance

04 Funds structure

05 Discount trends

06 Appendix

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Overview of management setup

27

European Equities Team of Deutsche AM— 34 dedicated investment professionals— average investment experience > 15 years

Sylwia Szczepek

Portfolio ManagerCentral Europe, Russia & Turkey Fund

Gerd Kirsten

Portfolio ManagerEuropean Equity Fund

Philipp Schweneke

Portfolio ManagerNew Germany Fund

Sebastian Kahlfeld

Deputy Portfolio ManagerCentral Europe,Russia & Turkey Fund

Frank Kuemmet

Deputy Portfolio ManagerEuropean Equity Fund

Petra Pflaum

Deputy Portfolio ManagerNew Germany Fund

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Definitions

28

Index definitions:

MSCI Europe Index tracks the performance of 16 developed markets in Europe.

MSCI European Economic and Monetary Union (EMU) Index tracks the performance of stocks in 11 developed market country indices, including Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, and Spain.

MSCI Emerging Markets Europe Index measures the equity market performance of the Czech Republic, Hungary, Poland and Russia.

Midcap Market Performance Index is a total return index that is composed of various MDAX and TecDax issues, reflecting the performance of the mid-caps across all sectors of the Prime Segment

Standard & Poor's 500 (S&P 500): An American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.

Financial terms:

Earnings per share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability.

Price-to-earnings ratio (P/E) compares a company’s current share price to its per-share earnings.

Cyclically adjusted Price-to-Earnings ratio (CAPE): A valuation metric comparing a company’s current chare price to its per-share earnings. The earnings are averaged over a period of last 10 years.

European Union (EU): A politico- economic union of 28 member states that are located in Europe.

Federal Reserve System (FED): The central banking system of the United States.

European Central Bank (ECB): The central bank for the Euro; it administers monetary policy of the Eurozone, which consists of 19 EU member states.

Quantitative easing (QE) is the introduction of new money into the money supply by a central bank.

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Important Information

29

Closed-end funds. unlike open-end funds. are not continuously offered. There is a one-time public offering and once issued. sharesof closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discountto the net asset value. The price of a fund’s shares is determined by a number of factors. several of which are beyond the control ofthe fund. Therefore. a fund cannot predict whether its shares will trade at. below or above net asset value.

The Central Europe and Russia Fund. Inc. (CEE) is non-diversified and can take larger positions in fewer issues. increasing itspotential risk. Investing in foreign securities presents certain risks. such as currency fluctuations. political and economic changes.and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund thatinvests more broadly.

The Central Europe and Russia Fund. Inc. (CEE). The European Equity Fund. Inc. (EEA) and The New Germany Fund. Inc. (GF)are subject to investment risks. Investing in foreign securities presents certain risks. such as currency fluctuations. political andeconomic changes. and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatilethan a fund that invests more broadly.

This presentation shall not constitute an offer to sell or a solicitation to buy. nor shall there be any sale of these securities in any stateor jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of suchstate or jurisdiction.

The sources, opinions and forecasts expressed are as of 5/31/15. There is no guarantee that the views. opinions and forecastsexpressed herein will come to pass. This information is subject to change at any time based upon market and other conditions andshould not be construed as a recommendation for any specific security. Past performance does not guarantee future results.

For further information please call Investor Services at 800-GERMANY

or

visit us on the web at www.eeafund.com

Gerd KirstenGermany Funds Annual Shareholder Meeting June 30, 2016

Deutsche Asset Management

Important Information

30

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSITNOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Deutsche AM Distributors, Inc.222 South Riverside Plaza. Chicago. IL. 60606-5808www.deutschefunds.com inquiry.info@db.comTel (800) 621-1148

© 2016 Deutsche Bank AG. All rights reserved. (6/15) R-38760-3