October 17, 2007

Deutsche Bank Asset Management launches climate change investment initiative

Mark Fulton appointed Climate Change Strategist; white paper published

Deutsche Bank’s Asset Management division (DeAM) today announced two important initiatives to further position the firm and its clients for the challenges and opportunities presented by climate change. DeAM appointed Mark Fulton to the new role of Climate Change Strategist and has published a white paper on the impact of climate change on investing. Fulton’s new responsibilities include creating a coordinated strategic plan to address investment opportunities presented by climate change, working with each of DeAM’s businesses to develop specific products and coordinating the firm’s Climate Change Investment Committee.  

“These initiatives are designed to strengthen DeAM’s position as a leader in the rapidly developing market for climate change products, where we have already raised nearly €6bn in assets under management,” said Kevin Parker, Global Head of Deutsche Asset Management and a Member of the Deutsche Bank Group Executive Committee. “We believe the shift away from a carbon-based economy is a mega trend that will shape the asset management industry for many years. We expect return opportunities in sectors like renewable energy, water and agribusiness will justify dedicated strategies, and we believe climate change will be an important consideration for investment decisions.”

DeAM today also published a new white paper, “Investing in Climate Change - An Asset Management Perspective”. The paper investigates climate change-related investment opportunities in a focus list of sectors and themes and offers key ideas to investing in climate change. DeAM suggests that any analytical approach should be based on a thorough understanding of four themes - government regulation, carbon prices, competitive and reputational factors and new technologies.

“Governments are creating investable markets, and in doing so are establishing implicit and explicit carbon prices, which in the long run will be key to determining which technologies are viable in addressing climate change,” said Fulton. “Companies and investors are quickly realizing that climate change is not merely a social, political or moral issue, but an economic and business issue as well. This is translating into a wave of investment and innovation.”

The white paper highlights investor choices in climate change investment strategies according to their relative environment focus and risk levels. These strategies include: carbon trading, forestry, infrastructure, clean and renewable technologies, diversified climate change strategies, agribusiness, commodities and ESG (Environmental, Social and Governance) strategies.

“From our analysis we found that for at least the next decade, climate change will affect sectors and stocks as a complex and enduring economic force, which should lead to market inefficiencies and the potential for significant alpha opportunities for institutional and retail investors,” added Fulton.

DeAM has already established a substantial presence in some of these climate-related strategies and continues to look for further opportunities. DeAM’s specific climate change strategies seek to invest in industries and companies that are involved in both the mitigation of, and the adaptation to, climate change.

DWS Scudder, DeAM’s US retail asset management division recently launched the DWS Climate Change Fund which invests globally in companies that its management team believes are most likely to benefit from climate change – cleaner technologies, energy efficiency and environmental management/damage limitation.  

Fulton, a Managing Director joined DeAM in New York in August 2006. He will continue in his role as Global Head of Strategic Planning for DeAM, reporting to Thomas Curtis, Global Head of Business Development, Strategic Planning and Communications. Previously, he held several positions with Citigroup's Corporate & Investment Banking division in New York, including Deputy Director of US Equity Research.  Fulton has nearly thirty years of experience as an economist and a strategist. He began his career as an economist with James Capel in the UK followed by County NatWest in Australia.

Fulton holds a BA from Queens College at Oxford University.  

For further information, please call:

Deutsche Bank

Mayura Hooper        +1 (212) 250-5536
Media Relations

DWS Climate Change Fund is issued by DWS Scudder Distributors, Inc.,  222 South Riverside Plaza, Chicago, IL 60606-5808

This fund is subject to stock market risk. Investing in foreign securities, particularly in emerging markets, presents, presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes, including emerging markets and market risks. Stocks of small-cap companies involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more-erratic and more-abrupt market movements. Additionally, the fund concentrates its investments in climate change-related companies, increasing its vulnerability to industry risks and regulatory developments.  All of these factors may result in greater share price volatility. Please read the prospectus for specific details regarding the fund's risk profile.

To obtain a prospectus, download one from http://www.dws-scudder.com/, talk to your financial representative or call Shareholder Services at (800)- 621-1048.  We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The prospectus contains this and other important information.  Read the prospectus carefully before you invest.


About Deutsche Bank

Deutsche Bank <NYSE: DB> is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.


About Deutsche Asset Management

With approximately $761.1 billion in assets under management globally (as of 30 June 2007), Deutsche Bank’s Asset Management division is one of the world's leading investment management organizations, not just in size, but in quality and breadth of investment products, performance and client service.  The Asset Management division provides a broad range of investment management products across the risk/return spectrum.

This announcement is not an offer to purchase or the solicitation of an offer to sell shares of the Fund or a prospectus, circular or representation intended for use in the purchase or sale of Fund Shares.