February 2, 2006

Deutsche Bank rebrands Scudder Investments as DWS Scudder

Repositioning DWS Scudder for profitable growthDeutsche Bank today announced that Scudder Investments, the US mutual fund business of its global asset management division Deutsche Asset Management (DeAM), is being rebranded as DWS Scudder.

The new name reflects DeAM's global strategy for its mutual fund business and brings together the firm's US and European mutual fund brands: Scudder Investments, a venerable name in the US mutual fund business, and DWS Investments, one of Europe's most successful fund houses. Taking together the assets under management of DWS Scudder and DWS Investments, Deutsche Bank is one of the largest mutual fund organizations worldwide.

"DWS Scudder now joins with DeAM's other mutual fund businesses across the world as part of a unified mutual fund business operating under the DWS name," said Kevin Parker, Global Head of Asset Management and a member of the bank's Group Executive Committee.

With the launch of DWS Scudder, the DWS family now offers clients in the US, Europe and Asia access to the expertise and thought leadership of approximately 700 investment professionals around the world, as well as a truly global investment platform. In Europe, DWS funds are available in 11 countries, including Germany, where this year DWS is celebrating its 50th anniversary. In Asia-Pacific, the first DWS mutual funds in Japan will be launched this month, and initiatives are underway to bring DWS mutual funds to several other Asian countries.

The new strategy of DWS Scudder also includes a renewed focus on the advisor-driven channel in the US, with an emphasis on servicing the needs of financial advisors. As part of this initiative, it will reduce the number of its funds and share classes to concentrate on the core funds most relevant to advisors.

Axel Schwarzer, Head of DWS Scudder, said, "By streamlining our fund offerings and concentrating on the advisor-driven channel, our objective is to enhance the level of service, innovation and performance that we provide to both our advisors and their clients."

In the US, DWS Scudder is supporting the new brand through an extensive awareness campaign that encompasses print and broadcast advertising, direct mail, marketing and public relations campaigns. The central message of the campaign - "One Global Force. One Focus. You." - represents the collective strength of Deutsche Bank's global mutual fund family, and the aspiration to set the standard in the industry for client service and investment performance.

"We will enhance the investment capabilities that we offer our mutual fund clients by leveraging our global strength, with the goal that DWS Scudder becomes the first choice for financial advisors and investors," said Parker.


For further information, please contact:

Thomas Richter  +49 (69) 71909-4195 (Frankfurt)

Jezz Farr   +44 (20) 754-57506 (London)

Rohini Pragasam  +1 (212) 250- 4516 (New York)



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



Scudder Distributors, Inc. 222 South Riverside Plaza, Chicago, IL 60606-5808
MARS 43105 (02/06)


About Deutsche Bank

With Euro 993 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.



About Deutsche Asset Management

Deutsche Asset Management is the global asset management business of Deutsche Bank AG, with AUM of US$630 billion (as of 12/31/05). It is one of the world's leading investment management organizations in terms of the quality and breadth of investment products, asset management expertise and client service. DeAM provides asset management capabilities to a variety of clients worldwide including foundations, non-profit organizations, public and private superannuation funds, high-net-worth individuals and retail investors.

About DWS Scudder

DWS Scudder is the US retail brand name of Deutsche Asset Management (DeAM), which is the marketing name in the US for the asset management activities of Deutsche Bank, AG. DWS Scudder leverages the strength and reputation of DWS -- Deutsche Bank's mutual fund brand in Europe and Asia, which is celebrating its 50th anniversary in Germany in 2006 -- with that of Scudder, a respected US asset manager founded in 1919. With a strong commitment to superior performance, innovative products and intellectual thought leadership, DWS Scudder offers a comprehensive and diverse family of products and services, including mutual funds and retirement plans.



This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our Business Realignment Program; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 24 March 2005 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.