Following the appointment of Mark Fulton to the new role of climate change strategist last month, DWS Scudder has launched a climate change-related fund. The DWS Climate Change Fund will invest in U.S. and foreign companies whose growth is supported by increased environmental regulation, or are involved in both the mitigation of, and the adaptation to, climate change.

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DWS Scudder, the U.S. retail unit of Deutsche Bank’s Asset Management division (DeAM), today announced the launch of the DWS Climate Change Fund. The Fund is one of the first open-ended mutual funds which seek to invest in U.S. and foreign companies whose growth is supported by increased environmental regulation, or are involved in both the mitigation of, and the adaptation to, climate change.

“The realization that climate change is not merely a socio-political or moral issue but an economic issue as well is translating into a wave of interest in this type of investment strategy,” said Axel Schwarzer, Head of DeAM Americas and DWS Scudder. “DeAM has been a leader and innovator in the rapidly developing market for climate change investing and already has over €6bn in assets under management in climate change products.”

“We believe that the shift away from a carbon-based economy is a mega-trend which will impact the global economy,” said Nicolas Huber, a Director and Portfolio Manager of the DWS Scudder Climate Change Fund. Consumers, investors and companies in all sectors are responding to the challenge of climate change, creating new markets, products and services that represent significant business opportunities. We expect return opportunities to be sufficiently large to justify a dedicated investment strategy and we believe this trend will continue to exist for the foreseeable future.”

DWS Climate Change Fund invests in three major themes:

(1) Clean technologies, energy efficiency and environmental management – includes alternative energy stocks, investments in bio-fuels, solar, wind and other emerging technologies that will be essential in responding to the challenges of climate change.

(2) Energy efficiency – includes companies that seek to mitigate the effects of rising energy prices through energy efficient products or technology, such as efficient insulation and lighting.

(3) Environmental management or adaptation – includes companies whose products and services are targeted at dealing with damage to the environment that may already be done or irreversible. E.g. waste management, reconstruction and environmental consulting.

The Fund’s portfolio managers have access to Deutsche Bank Asset Management’s Climate Change Strategist, Mark Fulton and the Climate Change Investment Committee, which provides top-down views on global macro-economic and regulatory trends that are shaping climate change business opportunities around the world.

DWS Climate Change Fund is issued by DWS Scudder Distributors, Inc. Class A, C, S, and Institutional shares will be offered through financial advisors and institutions. The Fund's investment manager is Deutsche Asset Management Americas.

DWS Scudder today launched a microsite dedicated to the subject of investing in climate change. For more information, please visit www.dwsclimatechange.com



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.

VIEW A PROSPECTUS To obtain a prospectus, download one from 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. ************************************************************************************************************ NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Scudder

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 Investment Management Americas Inc. and DWS Trust Company.

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.

About Deutsche Bank Deutsche Bank 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 77,920 employees in 75 countries, Deutsche Bank offers unparalleled financial services 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.

www.dws-scudder.com www.db.com

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. 

Edited by: Erin Kello


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