July 20, 2006

DWS Scudder launches two new funds that build on Deutsche Asset Management's global investment expertise

DWS Scudder, a division of Deutsche Asset Management, today announced the launch of two new open-end mutual funds - the DWS International Value Opportunities Fund and the DWS RREEF Global Real Estate Securities Fund.  Both funds are designed to benefit from the combined investment expertise of the global DWS and DWS Scudder network.

DWS International Value Opportunities Fund invests in large-cap international equities, focusing on value stocks with a stable record of profitability. The management team is led by Klaus Kaldemorgen, who serves as Global Head of Equities for Deutsche Asset Management. Kaldemorgen is a 24-year veteran of DWS in Germany and one of Europe's most respected mutual fund managers. He is responsible for all equity fund management at DWS Investments and is a member of the Executive Board of DWS.  Until now, Kaldemorgen's fund management expertise was only accessible through funds available in Europe.  DWS International Value Opportunities Fund combines extensive international management expertise with strict valuation measures to create a portfolio of 50 to 70 international value stocks for US investors.

DWS RREEF Global Real Estate Securities Fund invests in domestic and international equity securities of real estate investment trusts (REITs) and companies engaged in the real estate industry, with an emphasis on stocks with appreciation potential and a record of paying dividends.  The fund combines a top-down regional allocation process with an active bottom-up approach to selecting securities. The portfolio is managed by RREEF (RREEF America L.L.C.), one of the world's leading managers for both public and private real estate. Under the direction of Global Portfolio Manager John Robertson, DWS RREEF Global Real Estate Securities Fund is managed by four established regional investment teams with local expertise in the Americas, Europe, Australia and Asia.

"The addition of DWS International Value Opportunities Fund and DWS RREEF Global Real Estate Securities Fund to the DWS product line-up offers US investors the experience and global perspective of two of Deutsche Asset Management's most successful businesses - DWS and RREEF," said Axel Schwarzer, chief executive officer of DWS Scudder. "With Klaus Kaldemorgen and John Robertson at the helm of these two funds, we are delighted to provide US investors with the opportunity to tap into our global investment expertise and skills of these particular managers."

DWS Investments is the mutual fund arm of Deutsche Asset Management in Europe. In the US, the mutual fund business is branded DWS Scudder.  DWS is the largest mutual fund company in its home country, Germany, with EUR 116.9 billion assets under management (as of 5/31/06). 

The funds are subject to stock market risk. REIT investments can be affected by interest-rate moves, economic cycles, and tax and regulatory requirements. Additionally, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes and market risks. This may result in greater share price volatility. Please read the prospectus for specific details regarding the fund's risk profile.   


For further information, please call:

Rohini Pragasam        212-250-4516
Media Relations

Mayura Hooper                212-250-5536
Media Relations


DWS Scudder Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808


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 Euro 992 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 73 countries throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Asset Management

With approximately US$658 billion in assets under management globally (as of 3/31/06), Deutsche Asset Management 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.  Deutsche Asset Management is geographically divided into three regions - the Americas, Europe and Asia Pacific, providing a broad range of investment management products across the risk/return spectrum.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Investment Management Americas Inc. and DWS Trust Company.  Securities products and services distributed by DWS Scudder Distributors, Inc.