The Germany Funds

1. The Germany Funds Annual Shareholder Meeting June 28. 2010

2. Important Notes: • Closed end funds, unlike open end funds, are not continuously offered. There is a one time public offering and once issued. shares of closed end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's shares is determined by a number of factors. several of which are beyond the control of the fund. Therefore. the fund cannot predict whether its shares will trade at. below or above net asset value. • Past results of the markets as discussed in this presentation are not necessarily indicative of future performance of those markets. • The Central Europe and Russia Fund, Inc. (CEE) is subject to investment risks. The fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. • References to securities. transactions and holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance. as of the date of publication. that the securities remain in the portfolio. Additionally. it is noted that the securities or transactions referenced do not represent all of the securities purchased. sold or recommended during the period referenced and there is no guarantee as to the future profitability of any of the securities identified and discussed herein. We or our affiliates or persons associated with us. or such affiliates (associated persons) may maintain a long or short position in securities referred to herein. or in related futures or options; purchase or sell. make a market in. or engage in any other transaction involving such securities. and earn brokerage or other compensation in respect of the foregoing.

3. Important definitions S&P 500 is an index that represents the US equity market in general. NASDAQ 100 is an index that tracks the includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization. FTSE 100 is an index representing the 100 most highly capitalised UK companies listed on the London Stock Exchange. DAXis a total rate of return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. CAC is a market-capitalization-weighted index of the 40 most actively traded stocks on the Paris Bourse. TOPIX (Tokyo Price Index) is an index that measures stock prices on the Tokyo Stock Exchange. HANG SENG is a market capitalization-weighted stock market index in Hong Kong and is the main indicator of the overall market performance in Hong Kong. China A-Share refers to an index that measures the performance of companies listed on the Shanghai Stock Exchange. A-shares are quoted in yuan, and are only available to foreign investment through a qualified program. MSCI Emerging Markets Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the emerging market countries of Europe. Index performance includes reinvestment of all distributions and does not reflect fees or expenses. It is not possible to invest directly in an index. Page 3

4. Important definitions ISM refers to the Institute for Supply Management. CPI (Consumer Price Index) is a standard measure of inflation. GDP (Gross Domestic Product) is a measure of a country's overall economic output. EPS (Earnings Per Share) is the portion of a company's profit allocated to each outstanding share of common stock. Beta is a quantitative measure of the volatility of a given mutual fund, or portfolio, relative to the overall market. Spot market price of a commodity, a security or a currency is the price that is quoted for immediate (spot) settlement (payment and delivery). Page 4

5. The Germany Funds Overview of Management Setup Rainer Vermehren. Portfolio Manager • Portfolio manager for Emerging Markets Equity: Frankfurt • Joined DWS in 1997 after 3 years of experience as assistant to fund manager in Latin American equities at Morgan Stanley. New York • BA from University of Maryland; MBA from Fordham University Updated: May 2010

6. Development of global markets Source: Bloomberg As of June 2010

7. Growth and inflation forecasts As of April 26, 2010 Source: DB Global Markets Research

8. Economic environment – macro themes • Europe: • Fiscal Crisis – north vs. south – core vs. periphery • Austerity measures gaining pace – slowed growth • EUR weakness – vs. US Dollar and Japanese Yen • Industrial Production suggests recovery (exports) • USA • Recession ended in July 2009 • Steady recovery underway • Emerging Markets • GDP growth powering on • Driving global demand • China’s oil imports rose 29% YoY in 2010 YTD

9. Investment Strategy • End of Q1 data confirm a sustainable global expansion • Rising profits and asset prices are prompting firms to turn towards growth strategies (including new hires) • The sovereign debt crisis particularly in the Eurozone will stay with us for many years to come • The differentiating factor between the Eurozone debt problem and the US/UK debt problem is the ability/willingness to print money • Central banks delaying the necessary hikes due to negative sovereign debt dynamics (Q4 2010?)  prolongation of the liquidity rally, New asset bubbles building. • Due to expected earnings growth of 15% - 20% (2011) the valuation of Equities is still very cheap (S&P 500, DAX 30 and Hang Seng indices all have PE’s around 12)

10. Investment Themes at DWS – in broad 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 dividend payers • Large Cap stocks • Sectors: Industrials, Pharma, Staples, Telecoms and Utilities • Regions: Emerging Markets, Core Developed

11. The Central Europe and Russia Fund • Robert Kalin. CFA. Managing Director • Portfolio managerfor Emerging Markets Equity: Frankfurt • Joinedthecompany in June 2001 after 12 years of industry experience. Prior experience included advisor to Zurich Investment 1998 -2001; fund manager at Corus Funds 1996-1997; analyst at Value Line 1993-1995; Trading representative at Calvert Securities Corporation 1989-1993. • BSc in Economics and Computer Science from State University of New York at Plattsburgh

12. The Central Europe and Russia Fund (CEE) Performance (in % USD) Performance information All performance shown is historical. assumes reinvestment of all dividend and capital gain distributions. and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions. so that. when sold. shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.ceefund.com or call (800)GERMANY and speak to a representative to obtain the fund’s most recent performance. Average Annual Total Returns as of 5/31/10 Market Value Net Asset Value Benchmark* 1-Year 25.62 34.22 20.53 3-year -9.16 -8.85 -10.06 5-year 9.46 11.44 7.57 10-year 12.50 11.75 8.46 Life of fund 7.96 8.89 n/a Cumulative Returns as of 5/31/10 Market Value Net Asset Value Benchmark* YTD -5.33 -5.86 -6.97 1- Month -14.09 -12.63 -12.82 3 month -2.56 -0.83 -2.55 Inception date 3/6/90 3/6/90 n/a Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that dividends and capital gains. if any. were reinvested. These figures will differ depending on the level of any discount from or premium to NAV at which the fund’s shares traded during the period. Returns during part or all of the periods shown reflect a fee and/or expense waiver. Without this waiver. returns would have been lower and any rankings/ratings might have been less favorable. If a voluntary fee waiver is applicable. it may be terminated or adjusted at any time without notice. *The benchmark is MSCI Emerging Markets Europe Index. See slide #3 for index definitions. Index returns assume reinvestment of distributions and do not reflect fees or expenses. It is not possible to invest directly in an index.

13. The Central Europe and Russia Fund (CEE) Top 10 Holdings Updated: May 2010

14. The Central Europe and Russia Fund (CEE) Industry Sector Breakdown1 Relative Weights Portfolio Weight % Overweight / Underweight in % 1 MSCI Emerging Markets Europe Index Sector Scheme. See slide #3 for index definition. Updated: May 2010

15. The Central Europe and Russia Fund (CEE) Country Breakdown Relative Weights Portfolio Weight % Overweight / Under in % Updated: May 2010

16. The Central Europe and Russia Fund (CEE) Investment Themes • Last Year's Investment Themes: • Banks in Turkey / Exporters in Russia • Commodity price hikes – Metals • Government sponsored growth initiatives • Current Investment Themes: • Consumption in Russia – domestics driving recovery • Coking Coal – demand continuing to rise; • Energy – Oil supply reduction, inventory draw-downs, higher prices; • Infrastructure Spending in Turkey – driving GDP growth • IPOs

17. The Central Europe and Russia Fund (CEE) Russian consumption – key factor of short-term recovery and long-term growth Wages / Retail / Investment GDP / Exports / Consumption Retail sales resumed growth in 2010 supported by resilient income expansion as investment continued to contract Investment slump was one of the key reasons for the 2009 recession, but private consumption will drive the recovery Source: Bloomberg. Unicredit. April 2010

18. The Central Europe and Russia Fund (CEE) Coking coal – demand continues to riseQuarterly pricing allows for frequent price increases Shift to quarterly pricing system allowed for quicker and more frequent coking coal price increases Russian coking coal output is still below pre-crisis levels Steel prices still underperform coking coal and iron ore prices… Global crude steel production is almost at pre-crisis levels, driven by China Source: Unicredit, April 2010

19. The Central Europe and Russia Fund (CEE) Energy – Novatek vs. Gazprom: stay with growth Production – Novatek vs. Gazprom Prices – Performance is historical and does not guarantee future results. Source: Unicredit. April 2010

20. The Central Europe and Russia Fund (CEE) Infrastructure spending – Turkish GDP to outperform the region Enka Indaat and Tekfen may potentially benefit from higher infrastructure spending Turkish GDP forecasts Source: Unicredit, April 2010

21. The Central Europe and Russia Fund (CEE) IPO's in 2010 – potential headwind mounting Comparison of EMEA IPO deal volume vs. the MSCI EMEA index * IPOs/SPOs in Poland. Russia excluding restricted stocks Source: Unicredit. Bloomberg. IFR. Mergermarket; We limited shown IPO pipelines to the transactions with estimated vale

22. The Germany Funds Annual Shareholder Meeting June 28. 2010

23. E E A Discount trend EEA Fund's share price discount to net asset value and trend line All performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.dws-investments.com for the fund’s most recentperformance.

24. Discount trend GF Fund's share price discount to net asset value and trend line All performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.dws-investments.com for the fund’s most recentperformance.

25. Discount trend CEE Fund's share price discount to net asset value and trend line All performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.dws-investments.com for the fund’s most recentperformance.

26. IMPORTANT – PLEASE NOTE

27. This presentation shall not constitute an offer to sell or a solicitation to buy. nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. The sources. opinions and forecasts expressed are as of June 28, 2010. There is no guarantee that the views opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based upon market and other conditions and should be construed as a recommendation for any specific security. Past performance does not guarantee future results. For Further Information please call Investor Services at 800-GERMANY Or visit us on the web at www.germanyfund.com This presentation is provided for informational purposes only and is not intended for trading purposes. R-18018-1 (6/10) IMPORTANT – PLEASE NOTE (continued) NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY