DWS ESG DYNAMIC OPPORTUNITIES

DWS ESG DYNAMIC OPPORTUNITIESOctober 2021

For Professional Clients (MiFID Directive 2014/65/EU 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)). For institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale Investors only.

CONTENT

Introduction – A Flexible Approach to Multi Asset Investing

Investment Process – A Focus on Risk-Adjusted Returns

Investment Team

Performance & Positioning

Appendix

01

02

03

04

05

INTRODUCTION – A FLEXIBLE APPROACH TO

MULTI ASSET INVESTING

01

For Professional Clients (MiFID Directive 2014/65/EU 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)). For

institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale

Investors only.

_

DWS ESG DYNAMIC OPPORTUNITIES

/ 4

* Fund was launched in June 2006 as an equity fund. In January 2013, Portfolio Manager and investment philosophy changed, the strategy being converted into a multi-asset one. No assurance can be given

that investment objectives will be achieved. © 2021 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.

© 2021 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Neither Lipper, other

members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content or for any actions taken in reliance thereon. Lipper performance rankings are calculated using

data available at the time of calculation and may not represent all the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment

recommendation for a specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and the Lipper logo are

registered trademarks of Thomson Reuters.

Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest)

First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense

As of: 30 September 2021; source: DWS International GmbH / Bloomberg Finance L.P.

Executive Summary

Portfolio

Manager

Lead: Christoph Schmidt

Deputies: Henning Potstada,

Thomas Graby

Investment

objective

Maximizing long-term risk-adjusted returns

within a 50-100% range of MSCI World volatility

Investment

philosophy

Highly flexible total return framework with

dynamic risk control and inclusion of ESG

criteria within aggressive Multi Asset allocation

segment

Investment

universe

Global equities, bonds, money market,

alternatives and currencies

compliant with DWS ESG standards

Instruments

Mainly direct securities, Derivatives

Funds/ETFs up to 10%

All instruments currently used are listed

Market cap / Holdings No restriction / 50 - 100

Single positionsTypically 0.5-2.5% of total

portfolio (historically)

Currency exposureActive & opportunistic FX

exposure management

Derivative exposureStrategic & tactical cost-effective

implementation

Turnover ratioTypically < 100% p.a.

(physical exposure only)

Total strategy AuM EUR 3,172mn

Strategy inception* January 2013

2018 – DWS ESG Dynamic Opportunities, Euro Fund Award 2018, Multi Asset predominantly equities, 5 years, 1. place






Investors only.

_

DWS MULTI ASSET TOTAL RETURN

/ 5

No assurance can be given that investment objectives will be achieved.

Source: DWS International GmbH

Product range

MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS

Defensive investment profile

with active drawdown-limitBalanced investment profile Dynamic investment profile

Volatility: max. 10% p.a.

Max Drawdown: max. 10%

per calendar year

Volatility (ex-ante)

typically around 6-12% p.a.

50-100% risk of

MSCI World (ex-ante)

DWS Concept

Kaldemorgen

DWS Multi

Opportunities

DWS ESG Dynamic

Opportunities

„Risk controlled access to

capital markets“

One Team | One Philosophy | One Investment- and Risk Management Process

DWS Invest

Conservative

Opportunities

„Saving. Differently“

Conservative

investment profile

Volatility: max. 5%

SRRI 3 SRRI 4 SRRI 4 SRRI 5

„Full flexibility across

the cycle“

„Equity-like returns with less

risk“




Investors only.

_


/ 6

Competitive Edge

* Prior 100% equity fund was converted into multi asset.

Source: DWS International GmbH, as of: End of May 2019

DWS ESG

Dynamic

Opportunities

FLEXIBILITY

Benchmark-free, flexible

and globally investing

multi asset strategy

TRACK RECORD

Robust risk-adjusted

returns since 2013*

across market cycles

EXPERIENCE

A seasoned team of

investment professionals

under strong leadership

FOCUS ON DOWNSIDE

RISK MANAGEMENT

State-of-the art

proprietary shortfall model

an integral part of the

investment process

INVESTMENT PROCESS – A FOCUS ON

RISK-ADJUSTED RETURNS

02




Investors only.

_


/ 8

Investment philosophy


DYNAMIC INVESTMENT STRATEGY WITH DRAWDOWN DISCIPLINE

RETURN SOURCES RISK-MITIGATING FACTORS

Diversification across

asset classes / geographies

Ex-ante Volatility Management

Downside Risk Management

Global universe across different asset

classes (Equities, Fixed Income,

Currencies, Gold)

Flexible steering of investment degree

and asset classes

Asset Selection

Return RiskRisk-Adjusted Returns

at the Core of our DNA

MAXIMIZE

SHARPE

RATIO




Investors only.

_


/ 9

No assurance can be given that investment objectives will be achieved. For illustrative purposes only. For illustrative purposes only.


How do we generate attractive risk-adjusted returns?

Macro analysis

Micro analysis (incl. ESG assessment)

Bottom-Up

Top-Down

0

10

20

40

DRAWDOWN MANAGEMENTACTIVE EX-ANTE

VOLATILITY MANAGEMENT

Strategic CIO View

Technical aspects / sentiment

Alternatives

FX

Equity

Fixed

Income

Reference: MSCI World Volatility (in EUR)

Target range: Volatility (ex ante)

between 50-100% of

MSCI World volatility

Currencies

Gold

Equity

Fixed

Income

5%

7%

9%

11%

13%

15%

Technical aspects / sentiment

Drawdown Monitoring

In extreme cases, the ex ante risk is

capped at 75% of the MSCI World level

Global research platform




Investors only.

_

5 KEY INVESTMENT STAGES

/ 10

No assurance can be given that investment objectives will be achieved. For illustrative purposes only


Portfolio Managers & Risk Managers are in constant and timely interaction

Portfolio drawdown

monitoringon a daily basis via

proprietary VaR-based

“shortfall” model

Tactical positions & hedges (currency, duration, equity beta,

unintended risks)

Mainly via derivatives

PO

RT

FO

LIO

MA

NA

GE

ME

NT

RIS

K M

AN

AG

EM

EN

T

Building asset

class exposuresMainly direct securities

and/or funds

Risk contribution analysis Strategic allocation

vs. Target risk profile

via Barra One (ongoing basis)

Strategic allocation based on top-down views

target volatilityvolatility between 50-100% of

MSCI World (ex-ante)

1 2

3

4 5




Investors only.

_

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


/ 11

For illustrative purposes only.


Determining target volatility and strategic asset allocation

TOP-DOWN ASSESSMENT

INSTRUMENTS FOR PORTFOLIO CONSTRUCTIONDETERMINATION OF EX-ANTE TARGET VOLATILITY

100% MSCI

WORLD

50% MSCI

WORLD

Macro analysis Strategic CIO-View Cross-Asset analysis

EquityFixed

Income

Cash

Gold

1




Investors only.

_


/ 12

As of: end of June 2021; Source: DWS International GmbH

Flexible utilization of chances through active management of target volatility

EX ANTE VOLATILITY VS MSCI WORLD (IN EUR) SINCE STRATEGY INCEPTION

1

Management of tactical opportunities primarily via derivatives

Investment philosophy tends to result in anti-cyclical behavior

Drawdown discipline

0%

5%

10%

15%

20%

25%

01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21

DWS Dynamic Opportunities MSCI World 50% MSCI World




Investors only.

_

Cash & others

FX Forwards

FX

Bonds (local)

EQ (local)

Bond indexfutures (local)

Equity indexfutures (local)

RISK CONTRIBUTION ANALYSIS

For illustrative purposes.

Source: DWS International GmbH. As of end of July 2018

Effectively managing the composition of portfolio risk

RISK CONTRIBUTION ANALYSIS

Ensuring the alignment of allocation with risk objectives

/ 13

Awareness about risk composition to avoid unintended style tilts or biases

2

Standard Deviation (in %)

-5

0

5

10

15

20

01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18

Total Risk




Investors only.

_


/ 14



Portfolio construction

MEETING DWS ESG STANDARDS

_ Avoiding issuers with negative sustainability characteristics

_ Exclusion criteria of individual sectors and norms-based

_ Best-in-class approach based on large number of ESG criteria in DWS ESG Engine

EQUITIES FIXED INCOME

_ Between 60 and 100% (gross)

_ Global equity universe

_ Small- and Mid-Caps as addition

_ Spread over 50-100 single stocks

_ Derivatives for (tactical) management of equity

beta (primarily via index futures)

_ Up to 40%

_ Corporate bonds (HY and IG)

_ Sovereigns (DM and EM)

_ Money-market related investments primarily to

manage volatility

_ Use of derivatives for duration management

_ Are considered separately and actively managed from a euro investor perspective (via FX Forwards)

_ Gold is considered as an alternative currency (max. 10%)

_ Addition of up to 10%

CURRENCIES

FUNDS AND ETFS

3




Investors only.

_


/ 15



Ensuring sufficient

diversification

_ Investment style

_ Regions

_ Volatility contribution

_ ….

TOP-DOWN FACTORS

Sector

characteristics

Themes

& Trends

Regulatory

environment

BOTTOM-UP ANALYSIS

Research platform

(incl. ESG assessment)Management meetings Broker research

SECTOR-ALLOCATION(BENCHMARK-FREE)

3

Strategic

allocation

Tactical

allocation

Top-down

macro view Cross-Checks

Portfolio construction – equity portfolio




Investors only.

_


/ 16

For illustrative purposes only. Allocations are subject to change without notice.

Source: DWS International GmbH, as of: 30 September 2021

FIXED INCOME

Portfolio construction – Fixed income and currencies

_ Fundamental assessment

_ Return vs. creditworthiness

_ Interest rate premium vs. risk

_ Assessment of interest rate development

_ Special events (e.g. rating changes)

_ Risk-adjusted return: bond vs. stock

_ Diversification within portfolio context

For bonds and currencies, the PM team also relies on input from the DWS research platform, brokers and

own research

3

0%

2%

4%

6%

8%

10%

12%

14%

16%

03/17 03/18 03/19 03/20 03/21

Sovereigns HY Corporates Emerging Markets IG Corporates




Investors only.

_


/ 17

For illustrative purposes only. Allocations are subject to change without notice.

Source: DWS International GmbH, as of: 30 September 2021

CURRENCIES AND GOLD

Portfolio construction – Fixed income and currencies

_ Fundamental assessment:

_ Interest rate and growth differentials

_ Monetary policy

_ Technical aspects and sentiment

_ Diversification within portfolio context

_ Perspective of a euro-based investor

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

03/17 03/18 03/19 03/20 03/21

USD Gold

For bonds and currencies, the PM team also relies on input from the DWS research platform, brokers and

own research

3




Investors only.

_


As of: September 2021; source: DWS International GmbH

Portfolio construction – DWS ESG Engine

Proprietary ESG Engine

_ Automated analysis of

multiple ESG facets

(~2,000) fully integrated

into Portfolio

Management via Aladdin

ESG integration

_ Research & portfolio scoring

_ 10,000 issuers with at least one ESG rating

_ 5,000 issuers with full ESG rating coverage

PORTFOLIO MANAGEMENT

_ Focus on companies rated A, B or C

_ Companies rated E or F are not

allowed in the portfolio

/ 18

3

ESG ratings

CO2 and

climateGreen bonds

Sovereign

ESG

Automated analysis of multiple ESG facets

Products UN SDG

ESG data

5 leading

vendors

Example ratings

AESG true

leaders

ESG true

laggards

B

C

D

E

F

Norms

Portfolios

S&P TruCost

MSCI

ISS-ESG

Morningstar

Sustainalytics

Arabesque

S-Ray




Investors only.

_

CONTROVERSIAL

SECTORS

Tobacco

Adult entertainment

Gambling

Nuclear power

Coal

INTERNATIONAL

NORMS

Confirmed violations of

UN Global Compact

(e.g. child labour, human

rights)

CONTROVERSIAL

WEAPONS

Nuclear weapons

Cluster munitions

Anti personnel mines

Depleted uranium

CO2

Climate Transition Risk

ESG BEST-IN-

CLASS RATING

Aggregation of hundreds

of ESG data points –

360°-Analysis

Exclusion of the 25%-

lowest rated companies

and sovereigns

Exclusion of

companies facing risks

in a transition into a

world with low carbon

emissions

Exclusion of

Companies severely

violating UN Global

Compact

Exclusion of

companies exceeding

max. revenue threshold

of 5% in controversial

sectors (coal: max.

revenue threshold≤15%)

Exclusion of

companies owning

controversial weapons

or producing parts of

controversial weapons


As of: September 2021; source: DWS International GmbH

Portfolio construction – Focus on DWS ESG Standards

/ 19

3




Investors only.

_


/ 20

Allocations are subject to change without notice.

As of: 30 September 2021; source: DWS International GmbH

Flexibility through different market phases

BREAKDOWN OF ASSET CLASSES SINCE STRATEGY INCEPTION

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21 07/21

Equities Bonds Cash Gold Net Equity

4




Investors only.

_ / 21

Allocations are subject to change without prior notice. Time: March 2017– September 2021.

As of: 30 September 2021; Source: DWS International GmbH, Refinitiv Datastream

NORTH AMERICA-EXPOSURE IN PERCENT OF THE

EQUITY PORTFOLIO

EXTRACT EQUITY PORTFOLIO–

SECTOR ALLOCATION

Utilization of tactical opportunities

0%

10%

20%

30%

40%

50%

01/13 01/15 01/17 01/19 01/21

Industrials Health Care IT

4

20%

25%

30%

35%

40%

45%

03/17 03/18 03/19 03/20 03/21

North America





Investors only.

_

PORTFOLIO DRAWDOWN MONITORING“Shortfall Model” – A proprietary risk management tool to ensure discipline

For illustration purposes only.

* Probability distribution for future share price, confidence level of 99%, assumption of normal distribution.

** Based on the highest NAV of the calendar year, in this example, the High Watermark is equal to the NAV at the beginning of the year, this High Watermark increases during the year.

Source: DWS International GmbH. As of: End of May 2019

AN ORIGINAL VAR-BASED APPROACH WITH THREE DISTINCT TRIGGER THRESHOLDS

Warning Levels Alerts / Actions

t<= 40 days Soft warning, portfolio risk trend is monitored

t<= 20 days Escalation, portfolio total risk reduction is considered vs. 40-day expected shortfall

t<= 10 days

High Alert, close monitoring of total portfolio risk potentially triggering corrective action (no

stop-loss / hard constraint); below this point, the portfolio manager strives not to exceed

75% of risk utilization vs. MSCI World. At the same time, the lower border of the volatility

corridor (50% risk utilization) remains an important anchor even in case of a larger drawdown.

5

/ 22

t=0 T

NA

V

NAV standard deviation +/-1 threshold

Probability = 1%

for NAV > Risk budget

within next T days*

The lower the portfolio volatility

and the higher the risk budget, the lower the

probability to fall below the threshold within just a

few days

Risk budget**




Investors only.

_

DWS ESG DYNAMIC OPPORTUNITIES FC

/ 23

Upside / Downside Capture vs. MSCI World

Past performance is not a reliable indicator of future returns.

Time period: 30 December 2012 – 30 September 2021

Source: DWS International GmbH, calculation based on monthly data

DWS ESG DYNAMIC OPPORTUNITIES VS. MSCI WORLD

74%

100%

-63%

-100%

MSCI World in EURDWS ESG Dynamic Opportunities FC

Up

Down




Investors only.

_

DWS ESG Dynamic Opportunities FC

German equities

US equities

Global equities

Asian equities

6%

8%

10%

12%

14%

16%

18%

8% 10% 12% 14% 16% 18% 20%


/ 24

German Equities (DAX), US Equities (S&P 500 in USD), Asian Equities (MSCI AC Asia in local currency), Global Equities (MSCI World in EUR). Past performance is not indicative of

future performance.

Time period: since strategy inception begin of January 2013 – 30 September 2021

Source: DWS International GmbH, Refinitiv Datastream, Volatility calculation based on a daily basis

Focus on long-term risk-adjusted returns

RISK/RETURN PROFILE OF VARIOUS ASSET CLASSES AND DWS ESG DYNAMIC OPPORTUNITIES [%]

Retu

rn p

.a.

Volatility p.a.




Investors only.

_


/ 25

Strategy inception: begin of January 2013

DWS ESG Dynamic Opportunities FC share class; 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. Past performance is not a reliable

indicator of future returns.

* On a calendar year basis

Source: DWS International GmbH, daily figures

Risk/Return profile since strategy inception over time

ANNUAL PERFORMANCE, VOLATILITY AND DRAWDOWNS* SINCE STRATEGY INCEPTION

30.62%

17.37%

13.18%

6.35%8.46%

-5.23%

19.99%

5.36%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2013 2014 2015 2016 2017 2018 2019 2020

Performance Max Drawdown Volatility

INVESTMENT TEAM

03




Investors only.

_

DEDICATED INVESTMENT TEAM

/ 27

As of: February 2021; Source: DWS International GmbH

Boutique-style approach combined with resources of a global player

Equities

Sector/ Geo Coverage

125

Core Fixed Income

Sovereign

59

Credit

IG, HY, EM, Hybrids

70

Alternatives

Hedge funds, infrastructure,

convertibles, commodities

220

Fund Selection

14

MULTI ASSET TOTAL RETURN TEAM

Portfolio Management

Flagship Portfolio Managers

Industry experience (years) with DWS (years)

DWS GLOBAL RESEARCH NETWORK

Christoph Schmidt, CFA

Head Multi Asset Total Return

Lead PM DWS ESG Dynamic Opportunities

13 13

Henning Potstada

Co-Head Multi Asset Highly Active

Co-Manager DWS ESG Dynamic Opportunities

Lead PM DWS Multi Opportunities

15 15

Risk Management & Data Analytics

8 8

Thomas Graby

Risk Management,

Performance Contribution,

Portfolio Analytics

Heike Fornefett

Risk Management,

Performance Contribution,

Portfolio Analytics

32 19

Equities Gatekeepers Fixed Income Gatekeepers

10 10

Tanja Siegrist,

CFA

Fixed Income & Institutional

Mandates

Klaus Kaldemorgen

Co-Head Multi Asset Highly Active

Lead PM DWS Concept Kaldemorgen

38 38

Thomas Graby

Co-Manager DWS ESG Dynamic Opportunities

Lead PM DWS Invest Conservative Opportunities

8 8

27 16

Stefan Flasdick

Equities & Institutional

Mandates

Christoph Schmidt,

CFA

13 13

Equities

Sascha Halicki,

CEFA, CIIA

23 23

Equities & Institutional

Mandates

15 15

Henning Potstada

Fixed Income

15 15

Multi Asset Investment Platform




Investors only.

_

EXPERIENCE: FUND MANAGEMENT

/ 28

As of: February 2021; Source: DWS International GmbH

The Engineers of DWS ESG Dynamic Opportunities

Lead Portfoliomanager

Co-Managers

Christoph Schmidt

joined the company in 2008. Since January 2013 he is the Lead Portfolio Manager of

DWS ESG Dynamic Opportunities. Christoph is also Co-Manager of DWS Concept

Kaldemorgen, DWS (Invest) Multi Opportunities, DWS Invest Conservative

Opportunities. He holds a Master´s degree in Business Administration from the

University of Bayreuth and is a CFA Charterholder.

Henning Potstada

joined the company in 2005. He is co-Head of the investment team. Henning is the

Lead Portfolio Manager of DWS (Invest) Multi Opportunities since Jan. 2009. He also

serves as Co-Manager of DWS ESG Dynamic Opportunities and DWS Concept

Kaldemorgen since 2013. Henning holds a Master´s degree in Business

Administration from the University of Bayreuth, Germany.

Thomas Graby

joined the company in 2013 and is the Lead Portfolio Manager of DWS Invest

Conservative Opportunities. Thomas is also Co-Manager of DWS Concept

Kaldemorgen and DWS (Invest) Multi Opportunities. Thomas holds a Bachelor’s

degree in financial mathematics and a Master’s degree in Finance from the University

of Chemnitz, Germany.

Risk Management

Heike Fornefett

joined the Company in 2002 with 13 years of industry experience. Prior to her current

role, Heike served as a Portfolio Manager for European Equities. Before joining, she

was a Portfolio Manager at Zuerich Investmentgesellschaft mbH. Previously, Heike

worked in Research and Sales at Merrill Lynch, BZW and at Julius Baer. She holds a

Master's Degree in Economics from University of Goettingen.

Equity Gatekeeper

Stefan Flasdick

joined the company in 2004 with 11 years of industry experience. Prior to his current

role, Stefan was a Portfolio Manager in the Private Wealth Management division.

Stefan started his career as a Trainee in Treasury and F&O Sales at BfG Bank /

Credit Lyonnais.

Sascha Halicki

joined the Company in 2000. Prior to his current role, Sascha served as an Analyst on

the European Pharmaceuticals and Biotech Team for Deutsche Bank Equity

Research. He holds a Master’s degree in Banking and Finance from Frankfurt School

of Finance & Management and CEFA and CIIA Charterholder.

Fixed Income Gatekeeper

Klaus Kaldemorgen

Co-Head of the investment team and Lead Portfolio Manager of DWS Concept

Kaldemorgen. He joined the company in 1982 and held positions as Head of Global

Equities, Global CIO and CEO of DWS, the Global mutual fund arm of DWS. He

currently serves on the Board of DWS Holding & Service GmbH.

Tanja Siegrist

Prior to her current role, Tanja was a portfolio manager for liability driven investments

in the multi asset group and before that, she served as a money market trader in the

Global Markets division at Deutsche Bank. Master's Degree ("Diplom-

Wirtschaftsmathematiker") in Business Mathematics from Karlsruhe Institute of

Technology; CFA Charterholder

PERFORMANCE & POSITIONING

04




Investors only.

_ / 30

(28/12/2012 = 100 points)

50

100

150

200

250

300

350

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

DWS ESG Dynamic Opportunities FC MSCI World (RI) in €

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. Past performance is not a reliable indicator of future returns.

As of: 30 September 2021; source: DWS International GmbH, currency: EUR, daily

DWS ESG DYNAMIC OPPORTUNITIES VS. MSCI WORLD

Performance since 2013


+219.2%

+14.2% p.a.

Vol.: 15.5%

+168.9%

+12.0% p.a.

Vol.: 10.2%




Investors only.

_


/ 31


As of: 30 September 2021; source: DWS International GmbH, Calculations on a daily basis

Maximum Drawdown per calendar year since 2013

MAXIMUM DRAWDOWN VS. MSCI WORLD

-4.9%-6.7%

-9.2%-10.4%

-3.7%

-9.8%

-4.2%

-25.3%

-2.9%

-9.2%-7.8%

-17.8%

-15.1%

-7.1%

-16.6%

-6.1%

-33.2%

-3.8%

-40%

-30%

-20%

-10%

0%

2013 2014 2015 2016 2017 2018 2019 2020 2021

DWS Dynamic Opportunities FC MSCI World (RI) in €




Investors only.

_

66.9%

19.7%

8.4%

3.4%

1.7%

0.0%

0.0%

68.8%

17.8%

8.5%

3.3%

1.6%

0.0%

0.0%

Equity

Cash

Commodity

FI - Govs

FI - Corps

Derivatives FI

Derivatives EQ

September August

DWS INVEST ESG DYNAMIC OPPORTUNITIES

/ 32

Data shown in % of fund volume. * Based on look-through

Allocations are subject to change without notice. This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or

solicitation.

As of: 30 Sepember 2021; source: DWS International GmbH

Current portfolio positioning

ASSET ALLOCATION

5 LARGEST EQUITY POSITIONS* 5 LARGEST CORPORATE BONDS BY ISSUER*

Net Equity 66.91%

Portfolio Duration (years) 0.15

Average Bond Rating AA

Portfolio Yield (gross) 1.50%

ALPHABET INC 3.43%

MICROSOFT CORP 3.31%

DEUTSCHE TELEKOM AG 2.53%

VISA INC 2.35%

THERMO FISHER 2.12%

GRIFOLS SA 0.42%

AXA SA 0.29%

AEGON NV 0.29%

ABBVIE INC 0.19%

FRESENIUS SE & CO. KGAA 0.16%




Investors only.

_


/ 33

Data shown in % of fund volume. Allocations are subject to change without notice.

* Data based on the equity part of the fund.


BREAKDOWN BY COMPANY SIZE

Current portfolio positioning – Equity

BREAKDOWN BY REGION BREAKDOWN BY SECTOR

KEY RATIOS*

Dividend Yield (12M Forward) 2.17% Net Debt to Equity 120.46%

EV/EBITDA (12M Forward) 13.68 EPS Growth (12M Forward) 21.98%

15.7%

8.9%

8.9%

6.7%

6.4%

5.4%

5.0%

4.1%

3.6%

2.2%

0.0%

InfoTech

Health Care

Comm. Services

Industrials

Financials

Utilities

Materials

Consumer Staples

Consumer Disc.

Real Estate

Energy

29.9%

28.3%

3.2%

2.4%

2.0%

0.8%

0.3%

0.6%

Eurozone

North America

Asia ex. Japan

Switzerland

Japan

United Kingdom

Europe exEurozone

EM/Others

64.7%

2.3%

0.0%

Large Caps

Mid Caps

Small Caps




Investors only.

_


/ 34

Data shown in % of fund volume. Allocations are subject to change without notice.

* Data based on the equity part of the fund.


BREAKDOWN BY MATURITY

Current portfolio positioning – Fixed Income

BREAKDOWN BY MARKET SEGMENTS BREAKDOWN BY RATING

KEY RATIOS*

Average Bond Rating AA Duration excl. Derivatives (years) 2.95

Ø Coupon excl. Derivatives 1.07% Duration incl. Derivatives (years) 2.95

Ø Yield-to-maturity excl. Derivatives 0.85%

3.4%

0.9%

0.7%

0.0%

0.0%

Sovereigns

IG Corporates

HY Corporates

Emerging Markets

Convertibles

0.7%

3.4%

0.2%

0.0%

0.7%

<1.5Y

1.5Y-4Y

4Y-7Y

7Y-15Y

15Y+

3.4%

0.0%

0.0%

0.9%

0.3%

0.4%

0.0%

0.0%

0.0%

0.0%

AAA

AA

A

BBB

BB

B

CCC

CC

C

Other




Investors only.

_


/ 35

Allocations are subject to change without notice.

* refers to foreign currency accounts and securities held in the respective currency .

As of: 30 September 2021; source: DWS International GmbH, BarraOne

Current portfolio positioning – Currency

BREAKDOWN BY CURRENCY*

46.4%

30.4%

1.5%

2.4%

3.7%

0.3%

2.5%

8.4%

4.4%

44.6%

34.2%

1.5%

2.4%

2.5%

0.3%

1.7%

8.4%

4.4%

EUR

USD

GBP

CHF

JPY

SEK

NOK

Gold

Others

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Net Gross




Investors only.

_

48.4%

31.5%

18.8%

1.3% 0.0% 0.0%0%

10%

20%

30%

40%

50%

60%

A B C D E F


36

Portfolio ESG Quality

Max. revenue threshold within specific sector: * ≤0%; ** <5%; *** ≤15%

Copyright © 2021 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. Allocations are subject to change without notice. As of: September 2021, Source: DWS International GmbH

The fund has 0% exposure to

companies with significant

revenues related to:

_ Controversial weapons*

_ Military defense*

_ Nuclear energy**

_ Coal***

_ Tabaco**

_ Adult entertainment**

_ Gambling**

ESG RATING (PORTFOLIO EX CASH)SECTORS

Exclusion




Investors only.

_


/ 37

* This document contains details of the share classes LC, FC and SC. Please refer to the latest full or simplified sales prospectus for information on possible other share classes

** Minimum investment for initial subscriptions is 2,000,000 Euros.

*** Minimum investment for initial subscriptions is 25,000,000 Euros.


Facts and figures

Share classes* LC FC** SC***

Share class currency EUR EUR EUR

ISIN DE000DWS17J0 DE0009848077 DE000DWS2ND0

German Sec. Code DWS17J 984807 DWS2ND

Front-end load up to 5.0% 0.0% 0.0%

Management fee p.a. 1.500% p.a. 0.850% p.a. 0.400% p.a.

Running costs (As of: 31/12/2020) 1.490% 0.840% 0.390%

plus performance-related fee for

earnings from securities lending 0.002% 0.002% 0.002%

Allocation of Income Accumulation Accumulation Accumulation

Date of inception December 1, 2016 June 30, 2000 April 28, 2017

Funds AuM EUR 3,172.5mn

Fiscal Year 01/01 – 31/12




Investors only.

_


/ 38

DWS Invest ESG Dynamic Opportunities is a feeder fund for master fund DWS ESG Dynamic Opportunities. Therefore, the feeder fund permanently invests at least 85% of its assets

in units of the master fund.

* This document contains details of the share classes LC and FC. Please refer to the latest full or simplified sales prospectus for information on possible other share classes



Facts and figures

Share classes* LC FC**

Share class currency EUR EUR

ISIN LU1868537090 LU1868536878

German Sec. Code DWS2XT DWS2XS

Front-end load 4.0% up to 0.0%

Management fee p.a. 1.300% 0.750% p.a.

Running costs (As of: 31/12/2020) 1.550% 0.890%


earnings from securities lending n/a n/a

Allocation of Income Accumulation Accumulation

Date of inception October 15, 2018 October 15, 2018

Funds AuM EUR 121.1mn





Investors only.

_


/ 39

DWS Invest ESG Dynamic Opportunities is a feeder fund for master fund DWS ESG Dynamic Opportunities. Therefore, the feeder fund permanently invests at least 85% of its assets

in units of the master fund.

* This document contains details of the share classes IC, NC and USD FCH. Please refer to the latest full or simplified sales prospectus for information on possible other share classes


*** Minimum investment for initial subscriptions is 10,000,000 Euros.


Facts and figures

Share classes* IC*** NC USD FCH**

Share class currency EUR EUR USD

ISIN LU1899149113 LU1868537256 LU1868537504

German Sec. Code DWS2ZD DWS2XU DWS2XW

Front-end load 0.0% up to 2.0% 0.0%

Management fee p.a. 0.400% 1.800% p.a. 0.750% p.a.

Running costs (As of: 31/12/2020) 0.050% 2.050% 0.900%


earnings from securities lending n/a n/a n/a

Allocation of Income Accumulation Accumulation Distribution

Date of inception October 15, 2018 October 15, 2018 October 15, 2018

Funds AuM EUR 121.1mn


APPENDIX

05




Investors only.

_


/ 41

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.


Performance past 12-month periods

12,1%

5,0% 5,0%3,8%

18,8%

12,1%

5,0% 5,0%3,8%

18,8%

0%

5%

10%

15%

20%

25%

09/16 - 09/17 09/17 - 09/18 09/18 - 09/19 09/19 - 09/20 09/20 - 09/21

DWS ESG Dynamic Opportunities FC (net) DWS ESG Dynamic Opportunities FC (gross)




Investors only.

_


/ 42

Performance of the indices within the past 12-month-periods


As of: end of September 2021; source: DWS Investment GmbH, Refinitiv Datastream

Index 09/16 - 09/17 09/17 - 09/18 09/18 - 09/19 09/19 - 09/20 09/20 - 09/21

iBoxx € Sov. 1-3 -0.2% -0.8% 1.2% -0.4% -0.4%

iBoxx € Sov. 7-10 -2.5% 0.3% 11.8% 0.5% -1.0%

iBoxx € Corp. 0.5% 0.0% 6.2% 0.2% 1.6%

iBoxx € Liq. HY 6.3% 0.4% 4.1% -1.6% 8.5%

JPM EMBI Global Div. Comp. (USD) 4.6% -3.4% 13.8% 2.7% 4.6%

JPM US Gov. Bond (USD) -1.8% -0.7% 10.9% 7.2% -2.4%

Euro Stoxx 50 22.8% -2.9% 7.9% -8.6% 29.1%

DAX 22.1% -4.5% 1.5% 2.7% 19.6%

S&P 500 (USD) 18.6% 17.9% 4.3% 15.1% 30.0%

MSCI EM (LW) 22.2% 3.0% 0.2% 12.8% 17.2%

Topix (Yen) 29.3% 10.8% -10.4% 4.9% 27.5%

Nikkei (Yen) 26.0% 20.8% -7.8% 8.7% 29.1%

MSCI World (EUR) 13.0% 13.8% 9.1% 3.2% 30.9%

MSCI AC World (EUR) 13.4% 12.3% 8.6% 3.2% 29.5%

EUR/USD -4.9% 1.8% 6.5% -7.0% 1.2%

Bloomberg Commodity (USD) -0.3% 2.6% -6.6% -8.2% 42.3%

Gold (USD) -2.9% -7.2% 23.7% 28.9% -7.3%

TR CV Gl. Focus Hdg (EUR) 5.7% -0.3% -0.3% 14.9% 10.8%




Investors only.

_

+ -OPPORTUNITIES

_ Market. industry and company-specific price increases

on the equity markets.

_ Drops in yields or increases in prices in the bond markets and/or

reductions in yield spreads for high-yield securities.

_ Opportunities for additional income through the use of derivative

investment instruments.

RISKS

_ 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).

_ Market, industry and company-specific price fluctuations on the equity

markets.

_ Interest rate, price and currency fluctuations in the bond markets. A

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 fulfill 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.

_ 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.






Investors only.

_

DISCLAIMER GERMANY

/ 44

This marketing communication is intended for professional clients only.

DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products

or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to

such products or services.

The information contained in this document does not constitute investment advice.

Complete information on the Funds/Sub-Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key

investor information documents constitute the only binding sales documents for the Sub-Fund. Investors can obtain these documents along with copies of the

articles of association and the latest published annual and semi-annual reports in German from DWS Investment GmbH, Mainzer Landstrasse 11-17, 60329

Frankfurt am Main and, in case of Luxembourg domiciled Sub-Funds, from DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed

form free of charge, or download them from www.dws.de.

The Investment Company may decide to terminate the arrangements made for the marketing of this fund.

All statements of opinion reflect the current assessment of DWS Investment GmbH and are subject to change without notice.

Additional information on target market and costs resulting from the implementation of MiFID II Regulation, which capital management company make available to

the sales partners, can be downloaded under www.dws.de.

Past performance, actual or simulated, is not a reliable indication of future performance.

The calculation of performance uses the BVI (Bundesverband Investment and Asset Management) method and therefore does not take the Upfront Sales Charge

into account. Individual costs such as fees and other charges, which would have a negative impact on the performance, have not been taken into account.

Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis,

therefore actual results may vary, perhaps materially, from the results contained here.

For relevant tax information consult the respective prospectus.

The information contained in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is

neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.

According to the information in the sales prospectus distribution of the products mentioned in this document is subject to restrictions of the relevant jurisdictions.

This document and the information contained herein may only be distributed and published in jurisdictions in which such distr ibution and publication is permissible in

accordance with applicable law in those jurisdictions. Direct or indirect distribution of this document is prohibited in the USA as well as to or for the account of US

persons and persons residing in the USA.

DWS Investment GmbH. As of: 30/09/2021




Investors only.

_

DISCLAIMER LUXEMBOURG

/ 45


Important Information

DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or

more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.

The information contained in this document does not constitute investment advice.

Complete information on the Funds/Sub-Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor information

documents constitute the only binding sales documents for the Sub-Fund. Investors can obtain these documents along with copies of the articles of association and the latest

published annual and semi-annual reports from DWS Investment GmbH, Mainzer Landstraße 11-17, 60329 Frankfurt am Main and, in case of Luxembourg domiciled Sub-Funds, from

DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from www.dws.lu.


All statements of opinion reflect the current assessment of DWS Investment S.A.and are subject to change without notice. Additional information on target market and costs resulting

from the implementation of MiFID II Regulation, which capital management company make available to the sales partners, can be downloaded under www.dws.lu. Forecasts are not a

reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis, therefore actual results may vary, perhaps

materially, from the results contained here. Past performance, actual or simulated, is not a reliable indication of future performance. The calculation of performance uses the BVI

(Bundesverband Investment and Asset Management) method and therefore does not take the Upfront Sales Charge into account. Individual costs such as fees and other charges,

which would have a negative impact on the performance, have not been taken into account. For relevant tax information consult the respective prospectus. The information contained

in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the

impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.

DWS Investment S.A. As of: 30/09/2021

http://www.dws.lu/




Investors only.

_

DISCLAIMER AUSTRIA

/ 46

For professional investors only. Not for distribution to retail clients or the general public.

No part of this material may, without DWS Investment GmbH's ("DWS") prior written con-sent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to retail clients or the general

public.

This document is strictly for information purposes and should not be considered as in-vestment advice or an offer or solicitation to deal in any of the investments mentioned herein, or as a prospectus within the

meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act (Börsegesetz 2018 – BörseG) or the Austrian Investment Fund Act (Investmentfondsgesetz 2011 –

InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions. This document does not constitute investment advice or investment research

as defined under EU Directive 2014/65/EU, the Commission Dele-gated Regulation (EU) 2017/565 or of laws or regulations implementing any of them in the Member States. The information in this document is

marketing information which has been provided exclusively for information and advertising purposes.

Any research or analysis used in the preparation of this document has been procured by DWS for its own use and DWS may have used it for its own purposes. Some of the in-formation in this document may

contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only a prognosis and actual events or

results may differ materially. Any information relating to past performance is not a reliable indicator of the future results of an investment. Any views expressed in this document reflect the current assessment of

DWS, which may change without notice. Any addressee of this document must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and such

independent investigations as they consider necessary or appropriate for the purpose of such assessment. Investment decisions should be made, as applicable, on the basis of the key investor information

document, the investor information document pursuant to Art 23 of Directive 2011/61/EU and/or the published prospectus, as supplemented by the latest audited (semi-)annual report and/or any supplementary

offer documents of any investments mentioned herein. Only these documents are binding. Any opinions or assessments contained in this document are of a general nature and are not to be relied on by any

person as investment advice.

DWS International GmbH, Vienna Branch, with its registered office in Vienna, Republic of Austria, registered with the companies register of the Vienna Commercial Court under FN 490436 f as an Austrian

branch of DWS International GmbH with its registered office in Frankfurt am Main, Federal Republic of Germany, registered with the commercial register of the Frankfurt am Main District Court under HRB

23891. UID: ATU73270417. Deutsche Bank Group.

The information contained in this document is exclusively for fund and asset managers, financial advisors and other professional clients (according to the Austrian Securities Supervision Act

(Wertpapieraufsichtsgesetz 2018)) and may not be passed on electronically, by fax, by mail, by delivery of copies or by any other way to third parties.

The information in this presentation does not constitute investment advice or an investment recommendation and is only a brief summary of key aspects of the funds.

The information contained in this document and other documents connected with this document is not an offer to sell or a solicitation of an offer to purchase or an exchange of fund units, or a prospectus within

the meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act 2018 (Börsegesetz 2018 – BörseG 2018) or the Austrian Investment Fund Act

(Investmentfondsgesetz 2011 – InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions.

Investment decisions should be made exclusively on the basis of the key investor information document and the published prospectus, as supplemented by the latest audited annual report and the latest semi-

annual report, if this report is more recent than the last annual report, as well as any supplementary offer documents. Only these documents are binding.

The documents stated above are available in German free of charge in electronic or printed format from your financial advisor, from Deutsche Asset Management International GmbH Vienna Branch,

Fleischmarkt 1, A 1010 Vienna, on the www.dws.at website, from DWS Investment GmbH, Mainzer Landstraße 11-17, D-60327 Frankfurt am Main, and for Luxembourg funds, from DWS Investment S.A., 2

Boulevard Konrad Adenauer, L-1115 Luxembourg.


The prospectus contains detailed risk information.

Any views expressed in this document reflect the current assessment of DWS Investments, which may change without notice.

Calculation of the performance follows the BVI method (gross performance based).

The gross performance (BVI method) includes all costs incurred at the fund level, the net performance also includes the sales charge; additional costs may be incurred at the investor level (e.g. custody costs,

fees, commissions or other expenses). Since the sales charge is only levied in the first year, the net/gross amount shown is different only in this year. Past performance is not a reliable indicator of the future

performance of a fund.

For further information on taxation, please refer to the full prospectus. It is recommended that persons who purchase, hold, or intend to dispose of investment fund units seek the advice of an accounting

professional regarding the individual tax consequences of the purchase, holding, or disposal of the investment fund units described in this document. It should be noted that the tax advice depends on the

personal situation of the individual investor and that the tax advice regarding financial products may change in future (also retrospectively) as a result of decisions by the tax authorities and court rulings.

The information in this document is marketing information which has been provided exclusively for informational and advertising purposes. The information provided is not a financial analysis and is therefore

subject neither to the statutory requirements to promote the independence of financial analyses nor to the prohibition on trading following the dissemination of financial analyses.

The units issued under the funds described in this document may only be offered for sale or sold in jurisdictions in which such an offer or purchase is permitted. The units of these funds may not be offered for

sale or sold in the US nor for the account of US persons (within the meaning of the definition for the purposes of US federal laws on securities, goods and taxes, including Regulation S of the United States

Securities Act of 1933).

This document and the information contained therein may not be distributed in the US.

The distribution and publication of this document and the offer or sale of the investment fund units described in this document may also be subject to restrictions in other jurisdictions.




Investors only.

_

DISCLAIMER UK

/ 47

FOR PROFESSIONAL CLIENTS ONLY

Issued in the UK by DWS Investments UK Limited. DWS Investments UK Limited is authorised and regulated by the Financial Conduct Authority.

Any reference to “DWS” shall, unless otherwise required by the context, be understood as a reference to DWS Investments UK Limited including any of its parent

companies, any of its or its parent companies, affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those

entities.

This document is a “non-retail communication” within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA’s client categorisation

criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client.

The information contained in this document is provided for information purposes only. Any investment decision in relation to a fund should be based solely on the

latest version of the prospectus, the audited annual and, if more recent, un-audited semi-annual reports and the Key Investor Information Document (KIID), all of

which are available in English upon request or on www.dws.com. In the case of any inconsistency with the prospectus, the latest version of the prospectus shall

prevail.

This document is intended for discussion purposes only and does not create any legally binding obligations on the part of DWS Group GmbH & Co. KGaA and/or its

affiliates (DWS). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When

making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DWS is not

acting as your financial adviser or in any other fiduciary capacity in relation to this transaction. The transaction(s) or products(s) mentioned herein may not be

appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an

independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of

entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to

https://www.db.com/company/en/risk-disclosures.htm. You should also consider seeking advice from your own advisers in making this assessment. If you decide to

enter into a transaction with DWS, you do so in reliance on your own judgment.

Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it

should not be relied upon as such. All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this document and are subject to

change without notice and involve a number of assumptions which may not prove valid.

Any opinions expressed herein may differ from the opinions expressed by Deutsche Bank AG and/or any other of its affiliates (DB). DB may engage in transactions

in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary

positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein.




Investors only.

_

DISCLAIMER UK (CONT’D)

/ 48

DWS SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS

OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY,

ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.

This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an

investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or

provided by DWS, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for

information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving

investment advice.

DWS does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested

by DWS. Investments with DWS are not guaranteed, unless specified.

Investments are subject to various risks, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and

principal invested. The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore,

substantial fluctuations of the value of the investment are possible even over short periods of time.

This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions,

models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward

looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors

could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or

warranty is made by DWS as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. The

terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents.

This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by

law or regulation in certain countries, including the United States. This document is not directed to, or intended for distribution to or use by, any person or entity who

is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or

use would be contrary to law or regulation or which would subject DWS to any registration or licensing requirement within such jurisdiction not currently met within

such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

© DWS Investments UK Limited 2021.




Investors only.

_

DISCLAIMER

/ 49

For investors in Switzerland

The collective investment scheme (“CIS”) mentioned above has been registered as a foreign collective investment schemes for d istribution to non-qualified

investors in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) pursuant to the Swiss Federal Act on Collective Investment Schemes of June

23, 2006 ("CISA") The Swiss Representative for this CIS is DWS CH AG, Hardstrasse 201. CH-8005 Zurich. The Swiss Paying Agent is Deutsche Bank (Suisse)

SA, Place des Bergues 3, 1201 Geneva, Switzerland and its branches in Zurich and Lugano. The current sales prospectus, the articles of association, KIID (Key

Investor Information Document) as well as the annual and semi-annual reports may upon request be obtained free of charge from the Swiss Representative as well

as from www.dws.ch. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss

Representative.

For investors in Belgium

The information contained herein is only intended for and must only be distributed to institutional and/or professional investors (as defined in the Royal Decree

dated 19 December 2017 implementing MiFID directive). In reviewing this presentation you confirm that you are such an institutional or professional investor. When

making an investment decision, potential investors should rely solely on the final documentation (including the prospectus) relating to the investment or service and

not the information contained herein. The investments or services mentioned herein may not be adequate or appropriate for all investors and before entering into

any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the suitability or

appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

You should also consider seeking advice from your own advisers (including tax advisers) in making this assessment. If you decide to enter into a transaction with us

you do so in reliance on your own judgment.





Investors only.

_

DISCLAIMER

/ 50

For investors in Spain

Complete information on the Funds including risks can be found in the relevant key investor information documents and prospectuses in their prevailing version.

These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along

with copies of the articles of association and the latest published annual and semi-annual reports from DWS International GmbH, Sucursal en España, in printed

form free of charge, or download them from www.dws.com

All statements of opinion reflect the current assessment of DWS International GmbH, Sucursal en España, are subject to change without notice.



For investors in France

Complete information on the Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor

information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along with copies of the articles of

association and the latest published annual and semi-annual reports from the DWS Investment GmbH, Mainzer Landstraße 11-17, D 60329 Frankfurt am Main in

Germany or DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from www.dws.de.


http://www.dws.de/




Investors only.

_

DISCLAIMER SWEDEN, DENMARK, NORWAY

AND FINLAND

/ 51

DWS is the brand name under which DWS Group GmbH & Co KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or

more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products and services.

The units in the fund are solely offered to professional investors / qualified investors in the Nordics.

This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision,

investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by DWS, are appropriate, in light of

their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer,

recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.

DWS does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by DWS.

Investments with DWS are not guaranteed, unless specified. Unless notified to the contrary in a particular case, investment instruments are not insured by the Deposit Guarantee

Scheme or any other governmental entity, and are not guaranteed by or obligations of DWS Group GmbH & Co or its subsidiaries.

Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it should not be relied

upon as such. All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this report and are subject to change without notice and involve a

number of assumptions which may not prove valid.

Investments are subject to various risks, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested.

The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the

investment are possible even over short periods of time.

This publication contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical

performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking statements involve significant

elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated.

Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by DWS as to the reasonableness or completeness of

such forward looking statements or to any other financial information contained herein. The terms of any investment will be exclusively subject to the detailed provisions, including risk

considerations, contained in the Offering Documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary

contained herein.

This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in

certain countries, including the United States. This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in

any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would

subject DWS to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are

required to inform themselves of, and to observe, such restrictions.

Past performance is no guarantee of future results; nothing contained herein shall constitute any representation or warranty as to future performance.

Further information is available upon investor’s request. Complete information on the Funds including risks can be found in the relevant key investor information documents and

prospectuses in their prevailing version. These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain

these documents along with copies of the articles of association and the latest published annual and semi-annual reports from DWS Invest Multi Opportunities, in printed form free of

charge, or download them from www.dws.nl


All statements of opinion reflect the current assessment of DWS Investment GmbH are subject to change without notice.

This Document may not be distributed in Canada, Japan, the United States of America, or to any U.S. person.

http://www.dws.nl/




Investors only.

_

DISCLAIMER

/ 52

For investors in Chile

This private offer commences today and it avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances, currently the Financial Markets Commission. This

offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Commission for the Financial Markets Commission, and therefore such shares are not

subject to oversight by the latter. Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities; and These securities may not be

subject to a public offer until they are registered in the corresponding Securities Registry.

Para inversores en Chile

La presente oferta privada toma vigencia en el 2020 y está sujeta al Reglamento General No. 336 de la Superintendencia de Valores y Seguros (SVS), conocida como la Comisión de Mercados

Financieros (CMF). Esta oferta cubre aquellos instrumentos que no están registrados en el Registro de Valores o Registro de Valores Extranjeros de la Comisión de Mercados Financieros (CMF),

por lo tanto, dichas acciones no están sujetas bajo la supervisión de la CMF. Debido a que no están registrados, el emisor no tiene la obligación de proporcionar información sobre dichos

instrumentos en Chile, los mismos no pueden ser ofrecidos bajo una oferta pública hasta que estén registrados en el Registro de Valores que corresponde.

For investors in Peru

The Products have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information

provided to the investor. This [Prospectus] is only for the exclusive use of institutional investors in Peru and is not for public distribution.

For investors in Argentina

Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The

offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.

For Investors in Mexico

The funds have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold

publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the funds in Mexico, to Institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of

the Mexican Securities Market Law. Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute

the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.

For investors in Brazil

The shares in the Fund may not be offered or sold to the public in Brazil. Accordingly, the shares in the Fund have not been nor will be registered with the Brazilian Securities Commission – CVM

nor have they been submitted to the foregoing agency for approval. Documents relating to the shares in the Fund], as well as the information contained therein, may not be supplied to the public in

Brazil, as the offering of shares in the Fund is not a public offering of securities in Brazil, nor used in connection with any offer or subscription or sale of securities to the public in Brazil.




Investors only.

_

DISCLAIMER

/ 53

FOR INVESTORS IN SINGAPORE

In Singapore, this document is issued by DWS Investments Singapore Limited. This document/advertisement has not been reviewed by the Monetary Authority of Singapore.

The offer or invitation of the shares of the fund(s), which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286 of the

Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The fund(s) is not authorised or recognised by the Monetary Authority of

Singapore (the “MAS”) and its shares are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is

not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether

the investment is suitable for you.

This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation

for subscription or purchase, of shares of the fund(s) may not be circulated or distributed, nor may shares of the fund(s) be offered or sold, or be made the subject of an invitation for

subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant

to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in

accordance with the conditions of, any other applicable provision of the SFA.

Where shares are subscribed or purchased under Section 305 by a relevant person which is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is

owned by one or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six

months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 305 except:

(1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3) (i)

(B) of the SFA;

(2) where no consideration is or will be given for the transfer;

(3) where the transfer is by operation of law;

(4) as specified in Section 305A(5) of the SFA; or

(5) as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.




Investors only.

_

DISCLAIMER

/ 54

FOR INVESTORS IN CHINA

This Document has been prepared by DWS Investment Hong Kong and is intended for the exclusive use by the intended recipients in the People’s Republic of China (“PRC”), which,

for the purpose of this Document shall exclude Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan to whom DWS Investment Hong Kong has

directly distributed this Document. Information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published in any form by any

recipient for any purpose without the prior written consent of DWS Investment Hong Kong.

Although information contained herein is believed to be materially correct, DWS Investment Hong Kong does not make any representation or warranty, express or implied, to the

accuracy, completeness, correctness, usefulness or adequacy of any of the information provided. Neither DWS Investment Hong Kong, its affiliates, nor any of their directors, officers,

employees, representatives, agents, service providers or professional advisers, successors and assigns shall assume any liability or responsibility for any direct or indirect loss or

damage or any other consequence of any person/entity acting or not acting in reliance on the information contained herein.

This Document is for informational purposes only and does not constitute a recommendation, professional advice, solicitation for offer or offer by DWS Investment Hong Kong to

subscribe, purchase or sell any security or interest of any pooled products in PRC, nor shall it be construed as any undertaking of DWS Investment Hong Kong to complete any

transaction in relation to any pooled products and services.

This Document has not been and will not be approved by any PRC governmental or regulatory authority. Generally, this Document shall be distributed to specific entities on a private

basis and may solely be used by such specific entities who satisfy themselves as to the full compliance of the applicable PRC laws and regulations with all necessary government

approvals and licenses (including any investor qualification requirements) in connection with their overseas investment.

FOR INVESTORS IN BRUNEI

This prospectus relates to a private collective investment scheme under the Securities Markets Order, 2013 and the regulations thereunder (“Order”). This prospectus is intended for

distribution only to specific classes of investors as specified in the Order and must not, therefore, be delivered to, or relied on by, a retail client. The Autoriti Monetari Brunei

Darussalam (“Authority”) is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not

approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus and has no responsibility for it. The units to which

this prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the units offered should conduct their own due diligence on the units.

DWS does not have a capital market service licence under the Securities Market Order 2013 to provide investment advice to clients in, or to undertake investment business in, Brunei.

By requesting or accepting financial services or financial product information from DWS, you agree, represent and warrant that you are engaging our services or in receipt of

information wholly outside Brunei and, as applicable, subject to the foreign laws of the contract governing the terms of our engagement. This document does not constitute an offer or

an advertisement within the meaning of the Securities Market Order 2013 and shall not be distributed or circulated to any person in Brunei other than the intended recipient.




Investors only.

_

DISCLAIMER

/ 55

FOR INVESTORS IN HONG KONG

The fund is not authorized by the Securities and Futures Commission of Hong Kong, and is not available for subscriptions by investors in Hong Kong, other than to professional

investors as stipulated in the Securities and Futures Ordinance. This document has not been reviewed by the Securities and Futures Commission of Hong Kong.

Investment involves risk, including possible loss of principal amount invested. Past performance information presented is not indication of future results. The investment returns are

denominated in share class dealing currency, which may be a foreign currency. The US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar / foreign

currency exchange rates. Investors should read the offering documents for further details, including the risk factors before investing.

This document is for information purposes only and is not the basis for any contract to deal in any security or instrument, or for DWS Group GmbH & Co. KGaA or its affiliates ("DWS")

to enter into or arrange any type of transaction as a consequence of any information contained here. This document does not constitute an offer, recommendation or solicitation to

conclude a transaction and should not be treated as giving investment advice. You are advised to consult your financial adviser before making any investment decision.

Although the information provided by third party was compiled from sources believed to be reliable, no liability for any error or omissions is acceptable by DWS, its approved

distributors, or its affiliates or any of its directors or employee. The information and opinions contained herein is for general reference only and may change without notice, and should

not be relied upon for any investment decision. All third party data (such as MSCI, S&P, Dow Jones, FTSE, Bank of America Merrill Lynch, Factset & Bloomberg) are copyrighted by

and proprietary to the provider.

This document may include forward looking statements. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking

statements involves significant elements of subjective judgments and analyses and changes thereto and / or consideration of different or additional factors could have a material

impact on the results indicated. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statement or to any other financial

information contained herein.

This document is issued by DWS Investments Hong Kong Limited (“DWS HK”) and is the property and copyright of DWS HK. This document may not be reproduced or circulated

without DWS HK’s written consent. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States.

All rights reserved.

© 2021 DWS Investments Hong Kong Limited

FOR INVESTORS IN THAILAND

This material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for information purposes

only. It does not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche

Bank AG or its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives

any warranty as to the accuracy, reliability or completeness of information which is contained in this document.




Investors only.

_

DISCLAIMER

/ 56

FOR INVESTORS IN AUSTRALIA

The private placement memorandum for the Fund will not be lodged with the Australian Securities and Investments Commission. Each recipient of the private placement memorandum

and any related marketing materials (“Fund materials”) understands, acknowledges and agrees that (a ) they are either a wholesale client in accordance with section 761 G of the

Corporations Act 2001 (Cth) or a person to whom disclosure is not required under section 708 of the Corporations Act 2001 (Cth), (b) the issuer does not hold an Australian financial

services licence which authorises it to provide advice in relation to the interests in the Fund (c) no cooling-off regime applies to an acquisition of interests in the Fund (d) the information

provided is not to be construed as investment, legal or tax advice, and any recipient should take their own investment, legal and tax advice before investing (e) to the extent to which

the information provided constitutes financial product advice under Australian law (i) not withstanding anything to the contrary (express or implied) ,the issuer and no other entity

identified, or referred to, in the Fund materials is the provider of that advice; and (ii) the issuer is not authorised to provide any advice on behalf of any other entity identified, or referred

to, in the Fund materials. (f) as Fund distributor, DWS Investments Australia Limited (ABN 52 074 599 401), holder of an Australian Financial Services License (499 640), only roles

are to arrange for the distribution of the Fund materials on account of the issuer and to facilitate the acquisition of interests in the Fund however, it has not authorised or caused the

issue of the Fund materials. DWS Investments Australia Limited is not an Authorised Deposit-taking Institution under the Banking Act 1959 nor regulated by APRA.

FOR INVESTORS IN INDONESIA

This document does not constitute an offer to sell nor a solicitation to buy securities in Indonesia.

FOR INVESTORS IN THE PHILIPPINES

THE SECURITIES BEING OFFERED OR SOLD HEREIN HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES

REGULATION CODE OF THE PHILIPPINES. ANY FUTURE OFFER OR SALE THEREOF IS SUBJECT TO REGISTRATION REQUIREMENTS UNDER THE CODE UNLESS

SUCH OFFER OR SALE QUALIFIES AS AN EXEMPT TRANSACTION.

Copyright © 2021 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.

©2021 DWS Investment GmbH. All rights reserved. CRC 080844 (01/2021)