Real Assets Alternatives - Dws

LEASE DURATION—SECTOR DIFFERENTIATION¹Lease structures and remaining lease terms vary significantly by asset and tenant typeActive management opportunity: adjust sector and company weights to align duration risk with anticipated macroeconomic variablesSectorTypicalLease DurationMSCI US REITIndex WeightHotels1 day5.9%Apartments1 year17.6%Storage1 year6.9%3‒10 years7.7%5‒7 years9.1%5‒10 years12.8%Regional Malls5‒10 years8.5%Retail5‒10 years6.0%Healthcare10‒15 years12.5%Specialty10–20 years13.1%6.2 years100.0%Data CentersIndustrialOfficeAvg. Lease DurationAVERAGE SECTOR PERFORMANCE BY LEASE DURATION²15%10%5%Shorter leaseduration sectorsoutperformingLonger leaseduration sectorsoutperforming0%-5%-10%-15%Q1 18Shorter: 1 Year or LessQ2 18Q3 18Medium: 3–10 YearQ4 18Longer: 10–20 YearSectors represented by the MSCI US REIT Index. Average Lease Duration is a weighted average calculation based on median lease duration by sector.Represents the average performance of shorter, medium, and longer duration sectors over the last four quarters for the MSCI US REIT Index as defined in the legend.Source: Factset, MSCI. As at 12/31/18. For illustrative purposes only. No assurance can be made investment objectives will be achieved.12For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

GLOBAL REAL ESTATE—MARKET OUTLOOKSector backdropCURRENT VIEWPOINTSOFFICERETAILRESIDENTIALOTHERSupply broadly in checkglobally with pockets ofoversupply. Innovation citiescontinue to display marketrental growthSignificant disruption frome-commerce resulting inincreasing tenantbankruptcies and footprintoptimizationsStrong fundamentals in mostmarkets as household growthoutstrips elevated supplyIndustrial enjoying seculartailwinds of e-commerceFlexible office space(WeWork) could potentiallylead to shorter lease termsExperience and lifestylebased tenants are highlysought after and still growingMarkets with high financialservice exposure weakestAsset values are broadlyfalling with destination andnecessity based assetsmeaningfully outperformingsecondary assetsSecular changes in homeownership and millenniallifestyles are providing atailwind to long term thesisHealthcare assets in highdemand as aging populationsprovide opportunities inmedical office andassisted livingBoth Australia and UK arestruggling with housingaffordability resulting inincreased focus onrental housingSelf storage, data centers,and studentaccommodations aregaining increasing appealamong institutional investorsSource: DWS as of 3/31/19. For illustrative purposes only. The comments, opinions and estimates contained herein are based on or derived from publicly available information fromsources that we believe to be reliable. This material is for informational purposes only and sets forth our views as of this date. We do not guarantee their accuracy.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

GLOBAL INFRASTRUCTUREFor institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

THE QUADRANTS—EXAMPLEInfrastructure subsectors (top three, bottom three)QUAD #112.0%10.4%9.4%G9.4%I8.0%5.2%3.7%4.0%6.0%Americas TransportsAmericas Communications Americas RailsAmericas UtilitiesCanada Energy0.0%UK7.7%G7.1%I1.5%Asia ex JapanAmericas RailsUS EnergyAmericas Utilities0.9%0.3%Americas TransportsUKQUAD 0.0%–0.6%-3.0%-6.0%8.1%3.0%QUAD #49.0%9.0%6.0%5.2%0.0%QUAD #2–2.6%AmericasCommunicationsUKEurope UtilitiesAmericas TransportsAmericas mericasCommunicationsEurope UtilitiesEuropeCommunicationsUS Energy–2.1%Japan–2.8%Asia ex JapanAccelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. Decelerating is calculated using sequentialyear-over-year percentage changes in inflation based on CPI and/or growth based on GDP. G Growth. I Inflation; accelerating decelerating.Sources: Bloomberg and DWS for the period 9/30/08 to 3/31/19. Past performance is not a guarantee of future results. For illustrative purposes only. Representative of the DowJones Brookfield Global Infrastructure Index. Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to investdirectly in an index.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

GLOBAL INFRASTRUCTURE UNIVERSEINFRASTRUCTURE SECURITIES uctureSectorCharacteristicsNumber ofCompaniesMarket Cap(US billion)BroadBroad companies tend to owninfrastructure-related businesses, such as constructioncompanies and diversified communications providers, ratherthan direct infrastructure assets.164 844Engineering & ConstructionTimberDiversified operationsPower generationShippingCoreCore companies exhibit some characteristics of pure-playcompanies by virtue of regulation or contractual agreement,and many have loosely related infrastructure sidebusinesses, but they typically have lower margins, are notcapital intensive and/or do not derive cash flows from longduration contracts.131 1,471Infrastructure servicesIntegrated utilitiesRailDiversified utilitiesDiversified infrastructurePure-playPure-play companies typically own or operate assets thatnaturally exhibit fundamental infrastructure characteristics,such as high barriers to entry and relatively inelastic demand.180 1,852Transmission & DistributionOil/Gas, Storage & TransportationToll RoadsSeaportsAirportsCommunications (Towers/Satellites)Water475 4,167TotalIndustriesThe infrastructure securities investible universe is defined here as the constituents of the MSCI World Infrastructure Index and it should be noted that the strategy itself may invest inoff-benchmark securities.Sources: DWS, Bloomberg as of 12/31/18. For illustrative purposes only.1For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

RESILIENCE OF PURE-PLAY INFRASTRUCTURE CASH FLOWSHistorically shown more consistent profitability and less cyclical thanbroader equitiesMEDIAN EBITDA1 8.2%20%7.6%15.0%Local currency0%–1.4%-5%-10%–6.3%200120022003Global Infrastructure 142015201620172018Global EquitiesInvestment characteristicsEconomic characteristicsFocus on infrastructure asset ownership, long duration real assetsPure-play has historically generated resilient, stable, and predictable long-termcash flowsPure-play has historically provided an attractive risk-return profileMonopolistic environment with inelastic demand resulting in limited pricing riskLow operating costs lead to high operating marginsInflation protection from high pass-through capabilityEBITDA Earnings Before Interest Taxes Depreciation and Amortization.Sources: BofA Merrill Lynch Global Quantitative Research, DWS, Factset, Bloomberg as of December 2018. Past performance in not indicative of future returns.Global Infrastructure Equities Dow Jones Brookfield Infrastructure Index; Global Equities MSCI World Daily Index. No assurance can be made portfolio objectives will be achieved.1For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

GLOBAL INFRASTRUCTURE MARKET OUTLOOKSector backdropCURRENT VIEWPOINTSTRANSPORTENERGYCOMMUNICATIONSREGULATED UTILITYU.S. rail volumes have beendecelerating in first half 2019Midstream fundamentalshave been stable, and couldpositively inflect if commodityprices remain stableStrong fundamentalscontinue in the U.S.tower sectorBest value in UK, but Brexitremains near term focusEuropean airports seem tohave headwinds withdecelerating traffic andreduced regulatory tariffsSelect names attractive inAustralia, India, and EuropeValuations look in-line forU.S. c-corps, while MLPsand Canadian energyinfrastructure aremore attractiveT-Mobile/Sprint mergercreates near-termuncertainty in stockprice behaviorEurope towers attractive;satellites have stabilized butgrowth remains lowU.S. utilities’ fundamentalsare very stable, butvaluations remain elevatedEurope fair value, butregulatory risks abound;must be selectiveSource: DWS as of 12/31/18. For illustrative purposes only. The comments, opinions and estimates contained herein are based on or derived from publicly available information fromsources that we believe to be reliable. This material is for informational purposes only and sets forth our views as of this date. We do not guarantee their accuracy.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

COMMODITIESFor institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

A DIVERSE OPPORTUNITY SETA broad basket of direct commodity investments are widely availableLIVESTOCKINDUSTRIAL METALSFeeder cattleLean hogsLive YCocoaCoffeeCornCottonSoybean mealSoybean oilSoybeansSugarWheatWheat (Kansas)Brent crude oilGas oilGasolineHeating oilNatural gasWTI crude oilPRECIOUS METALSGoldSilverPlatinumPalladiumSource: Bloomberg as of 12/31/18. For illustrative purposes only. Asset class represented by the Bloomberg Commodity Index.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

SUPPLY AND DEMAND DYNAMICS DRIVECOMMODITY PRICESA GROWING WORLD POPULATIONDrives increased demandThe current world population is projected to increase by 1 billionover the next 12 years and reach 9.7 billion by the year 2050GEOPOLITICAL VARIABLESImposes constraints on supplyUnion strikes shut down production at core mining operationsCivil unrest and resulting conflict halt drilling operationsMACROECONOMIC FORCESUpwardpressure oncommoditiespricesInflation impacts nominal valuesMounting global political tensions; increased pressure for central bank actionAfter a long period of ultra-low rates, interest rate increases on the horizonSource: UN DESA report, ‘World Population prospects: The 2015 Revision’; DWS as of June 2018. For illustrative purposes only.Illustration is based on a number of management assumptions or forecasts, many of which cannot accurately be determined. Therefore, there is no guarantee these results will beachieved. For informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

DIRECT COMMODITIES HAVE HISTORICALLY PROVIDEDINVESTORS WITH A STRONG INFLATION HEDGEHISTORICAL INFLATION BETA VS HISTORICAL INFLATION BETA WITH ACCELERATING INFLATIONInflation .00.10.9–0.4 -0.4–1.3Global real estateInflation Beta1.0 1.0Global infrastructure*Natural resourceequitiesCommoditiesTIPSGlobal equitiesGlobal bondsCPIAccelerating Inflation BetaAccelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI.* Global Infrastructure returns shown from 9/30/08 to 3/31/19 due to index inception date. All other returns shown from 12/31/02 to 3/31/19.Sources: Bloomberg and DWS as of 3/31/19 Past performance is not a guarantee of future results. Asset class representation: global infrastructure, Dow Jones BrookfieldGlobal Infrastructure Index; global real estate, FTSE EPRA/NAREIT Developed Index; commodities, Bloomberg Commodity Index; natural resource equities, S&P Global NaturalResources Index, TIPS, Barclays U.S. TIPS Index; global equities, MSCI World Index; global bonds, Bloomberg Barclays Global Aggregate Index; Equity index returns includereinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

GLOBAL COMMODITIES—MARKET OUTLOOKSector backdropCURRENT VIEWPOINTSENERGYPRECIOUS METALSINDUSTRIAL METALSAGRICULTUREOPEC continues to takemeasures to addresssupply/demand imbalancesA dovish U.S. Federal Reserveand lower inflationexpectations should providetailwinds for Gold in 2019Near term, the team remainscautious about macroheadwinds from trade turmoilU.S./China trade negotiationsremain supportive; if supplylevels continue to fall, Chinawould need to import from theU.S., even if tariffs remainin placeSpare U.S. productioncapacity and moderatingglobal growth causes concernon potential decline foroil demandNatural Gas fundamentals toremain challenged in 2019 onoversupply concernsThe team continues to favorPalladium as it shouldcontinue to benefit fromdeclining diesel share in theEU and increasing auto buildsin ChinaFundamentals remainsupportive and a potentialU.S. dollar peak would benefitthe sectorAluminum prices shouldrebound as key overhangs areremoved in 2019Abnormally wet conditions inthe Northern Hemisphere maymeaningfully delay planting ifthey persist. African SwineFever is also a major concernfor hog production andassociated feed grain demand.Source: DWS as of 12/31/18. For illustrative purposes only. The comments, opinions and estimates contained herein are based on or derived from publicly available information fromsources that we believe to be reliable. This material is for informational purposes only and sets forth our views as of this date. We do not guarantee their accuracy.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

APPENDIXFor institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

FUND SOLUTIONSBroad suite of differentiated real assets solutionsAsset classDWS fund optionsInfrastructureDWS RREEF Global Infrastructure Fund (TOLSX)DWS RREEF MLP & Energy Infrastructure Fund (DMPSX)CommoditiesDWS Enhanced Commodity Strategy Fund (SKSRX)Real estateDWS RREEF Global Real Estate Securities Fund (RRGTX)DWS RREEF Real Estate Securities Fund (RRREX)Real assetsDWS RREEF Real Assets Fund (AAASX)Source: DWS as of 3/31/19.For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

IMPORTANT INFORMATIONASSET CLASSIFICATIONGlobal real estate: FTSE EPRA/NAREIT Developed IndexGlobal infrastructure: Dow Jones Brookfield Global Infrastructure IndexCommodities: Bloomberg Commodity IndexGlobal natural resources: S&P Global Natural Resources IndexTIPS: Bloomberg Barclays U.S Treasury Inflation Notes IndexMODEL PERFORMANCE—This model portfolio and percentage allocations are shown for illustrative purposes only. There are no performance results reflected. Please note there aremany inherent limitations in the use of hypothetical performance results, such as they are generally prepared with the benefit of hindsight, they do not involve financial risk, and nohypothetical trading record can completely account for the impact of financial risk in actual trading. There are numerous other factors related to the markets in general or to theimplementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actualtrading results. A client’s return will be reduced by advisory fees and any other expenses that may be incurred in the management of its investment advisory account. Please read“Important Information” for the effect of fees on performance. No representation is being made that any account will or is likely to achieve certain profits or losses.AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/19)1–year3–year5–year10–yearLife of fundFund inceptionExpense ratio (net/gross)DWS RREEF Real Assets Fund, Class d benchmark17.08%6.90%2.82%9.01%–––Performance is historical and does not guarantee future results. Investment return and principal value fluctuate so your shares may be worth more or less when redeemed. Current performancemay differ from data shown. Please visit www.dws.com for the fund’s most recent month-end performance. Performance includes reinvestment of all distributions. Index returns assume reinvestment ofall distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. Not all share classes are available to all investors. Class S shares have a contractual waiver that runs through11/19/20. Without this waiver/reimbursement, returns and ratings/rankings would

Edward O'Donnell III Head of Liquid Real Assets Americas, Global Client Group. . Portfolio Manager Liquid Real Assets. Andy Wilson. Investment Specialist Liquid Real Assets, Alternatives. Moderator: LIQUID REAL ASSETS PLATFORM: EXPERIENCE AND EXPERTISE 1 AUM as of 12/31/18. Not all investment vehicles available in all jurisdictions. The .