The Germany Funds .


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The Germany Reserves. Yearly Shareholder Meeting. June 28. 2010. Critical Notes:.
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The Germany Funds Annual Shareholder Meeting June 28. 2010

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Important Notes: Closed end stores. not at all like open end reserves. are not persistently advertised. There is a one time open offering and once issued. shares of shut end assets are sold in the open market through a stock trade. Shares of shut end finances as often as possible exchange at a markdown to net resource esteem. The cost of the reserve\'s shares is controlled by various components. a few of which are outside the ability to control of the store. Along these lines. the store can\'t anticipate whether its shares will exchange at. underneath or above net resource esteem. Past aftereffects of the business sectors as examined in this introduction are not really demonstrative of future execution of those business sectors. The European Equity Fund, Inc. (EEA) and the New Germany Fund, Inc. (GF) are liable to speculation dangers. Putting resources into outside securities, especially those of developing markets, introduces certain dangers, for example, cash variances, political and financial changes, and market dangers. Any store that amasses in a specific section of the market will by and large be more unpredictable than a reserve that contributes all the more comprehensively. References to securities. exchanges and property ought not be viewed as a suggestion to buy or offer a specific security and there is no affirmation. as of the date of distribution. that the securities stay in the portfolio. Also. it is noticed that the securities or exchanges referenced don\'t speak to the majority of the securities bought. sold or prescribed amid the period referenced and there is no certification with regards to the future gainfulness of any of the securities distinguished and examined in this. We or our offshoots or people related with us. or, on the other hand such subsidiaries (related people) may keep up a long or short position in securities alluded to thus. or, then again in related fates or choices; buy or offer. make a market in. or, then again take part in whatever other exchange including such securities. what\'s more, win financier or other remuneration in regard of the prior.

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Important definitions S&P 500 is a list that speaks to the US value advertise when all is said in done. NASDAQ 100 is a record that tracks the incorporates 100 of the biggest residential and worldwide non-budgetary securities recorded on The Nasdaq Stock Market in light of market capitalization. FTSE 100 is a file speaking to the 100 most exceptionally promoted UK organizations recorded on the London Stock Exchange. DAX is an aggregate rate of return list of 30 chose German blue chip stocks exchanged on the Frankfurt Stock Exchange. CAC is a market-capitalization-weighted record of the 40 most effectively exchanged stocks on the Paris Bourse. TOPIX (Tokyo Price Index) is a list that measures stock costs on the Tokyo Stock Exchange. HANG SENG is a market capitalization-weighted securities exchange list in Hong Kong and is the primary pointer of the general market execution in Hong Kong. China A-Share alludes to a record that measures the execution of organizations recorded on the Shanghai Stock Exchange. A-shares are cited in yuan, and are just accessible to outside venture through a qualified program. MSCI EMU (European Economic and Monetary Union) Index is a free buoy balanced market capitalization weighted list that is intended to quantify the value showcase execution of nations inside EMU. Euro Stoxx 50 Index is a market capitalization-weighted stock record of 50 expansive, blue-chip European organizations working inside eurozone countries. Stoxx 50 Index is a stock list speaking to 50 of the biggest organizations in Europe in light of market capitalization. Nearly takes after the EURO STOXX 50 in technique and development, with the special case that it doesn\'t restrain organization determination to organizations that have completely transitioned to the euro money. Midcap Market Performance Index is an aggregate return record that is made out of different MDAX and TecDax issues, mirroring the execution of the mid-tops over all areas of the Prime Segment. File execution incorporates reinvestment of all appropriations and does not reflect charges or costs. It is impractical to put straightforwardly in a list . Page 3

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Important definitions EURIBOR (Euro Interbank Offered Rate) is the rate at which euro interbank term stores inside the euro zone are offered by one prime bank to another prime bank. OECD alludes to the Organization for Economic Co-Operation and Development. ISM alludes to the Institute for Supply Management. CPI (Consumer Price Index) is a standard measure of expansion. Gross domestic product (Gross Domestic Product) is a measure of a nation\'s general monetary yield. Repo rate is the settled upon rate for currency advertise repurchase understandings. EPS (Earnings Per Share) is t he segment of an organization\'s benefit distributed to each remarkable share of normal stock. PMI (Purchasing Managers Index) is a pointer of assembling area monetary wellbeing. Beta is a quantitative measure of the instability of a given common store, or portfolio, with respect to the general market. MUICP (Monetary Union Index of Consumer Prices) is a n normal measure of swelling for all nations situated in the Eurozone. Bund is the German government\'s elected bond.. EBIT (Earnings Before Interest and Taxes), or working salary, is a measure of productivity that prohibits premium and assessments EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization), or Enterprise Multiple, is a proportion used to decide the estimation of an organization. Page 4

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The Germany Funds Overview of Management Setup Rainer Vermehren . Portfolio Manager Portfolio director for Emerging Markets Equity: Frankfurt Joined DWS in 1997 following 3 years of experience as right hand to store chief in Latin American values at Morgan Stanley. New York BA from University of Maryland; MBA from Fordham University Updated: May 2010

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Development of worldwide markets Source: Bloomberg As of June 2010

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2009 has been the 6th subsidence year in succession with solid DAX execution As of April 30, 2010 Source: Thomson Reuters Datastream, Commerzbank (information untill 1991), Organization for Economic Co-Operation and Development (OECD) Economic Outlook Marked: Recession years in Germany * OECD GDP gauges

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Growth and swelling conjectures As of April 26, 2010 Source: DB Global Markets Research

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Economic condition – large scale topics Europe: Fiscal Crisis – north versus south – center versus outskirts Austerity measures picking up pace – moderated development EUR shortcoming – versus US Dollar and Japanese Yen Industrial Production proposes recuperation (sends out) USA Recession finished in July 2009 Steady recuperation in progress Emerging Markets GDP development controlling on Driving worldwide request China\'s oil imports rose 29% YoY in 2010 YTD

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Investment Strategy End of Q1 information affirm a practical worldwide extension Rising benefits and resource costs are inciting firms to turn towards development procedures (counting new contracts) The sovereign obligation emergency especially in the Eurozone will remain with us for a long time to come The separating variable between the Eurozone obligation issue and the US/UK obligation issue is the capacity/ability to print cash Central banks postponing the vital climbs because of negative sovereign obligation flow (Q4 2010?)  prolongation of the liquidity rally, New resource bubbles building. Because of expected profit development of 15% - 20% (2011) the valuation of Equities is still exceptionally modest (S&P 500, DAX 30 and Hang Seng files all have PE\'s around 12)

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Investment Themes at DWS – in wide terms Last Year\'s Investment Themes: Cyclicals Small and Mid-Cap stocks Sectors: Cyclicals , Energy, Industrials, Materials, Oil Service Regions: Emerging Markets. Current Investment Themes: Defensives/High profit payers Large Cap stocks Sectors: Industrials, Pharma , Staples, Telecoms and Utilities Regions: Emerging Markets, Core Developed

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The European Equity Fund Gerd Kirsten, CFA, Managing Director   Head of Institutional Equities, Europe: Frankfurt J oined the Company in 2009. Beforehand, 1990 - 1999 worked in New York for HVB Capital, the US venture bank of Hypovereinsbank and 1999 - 2004 with Deka Investment as senior portfolio administrator, where he manufactured the Small Cap Team, 2004 - 2009 Partner and Managing Director of F&V Vermoegensverwaltung AG and reserve chief of the creative Dynamic Europe Fund. MBA in Finance from Columbia University, New York and Diplom-Kaufmann in Banking from Technical University, Berlin.

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The European Equity Fund (EEA) Performance (in % USD) Performance data All execution indicated is recorded. expect reinvestment of all profit and capital pick up appropriations. furthermore, does not ensure future outcomes. Speculation return and central esteem vacillate with changing economic situations. so that. whenever sold. shares might be worth pretty much than the first cost. Current execution might be lower or higher than the execution information cited. If it\'s not too much trouble visit www.eeafund.com or call (800)GERMANY and address a delegate to get the reserve\'s latest execution. Normal Annual Total Returns starting at 5/31/10 Market Value Net Asset Value Benchmark* 1-Year 4.34 0.65 -2.31 3-year -20.53 -18.63 -17.23 5-year -1.55 -1.53 0.30 10-year -4.42 -3.85 -1.69 Life of fund 5.29 5.87 6.66 Cumulative Returns starting at 5/31/10 Market Value Net Asset Value Benchmark* YTD -20.15 -19.91 -20.76 1-month -11.91 -13.29 -13.14 3-month -8.16 -8.60 -10.97 Inception date 7/23/86 7/23/86 n/a Total profit based for net resource esteem reflects changes in the store\'s net resource esteem amid every period. Add up to return in view of market esteem reflects changes in market esteem. Each figure expect that profits and capital additions. assuming any. were reinvested. These figures will vary contingent upon the level of any rebate from or premium to NAV at wh

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