Company Press Release

New York, August 11, 2008 – Deutsche Bank’s global institutional asset management business, DB Advisors, today announced an initiative to enhance transparency of its money market fund reporting. Partnering with Clearwater Analytics®, a provider of web-based investment portfolio reporting, DB Advisors has introduced an industry-leading standard for reporting fund holdings and risk analytics for its DWS Money Market fund complex.

“Credit market turbulence has driven a flight to quality and liquidity, and investors want more transparency,” said Joe Sarbinowski, Global Head of Institutional Liquidity Management for DB Advisors. “The industry has weathered the storm, but now investors are looking for ways to make more informed decisions around risk attributes. We are delighted to raise the bar on transparency by offering more detailed portfolio analytics that will help our clients gain a better understanding of their money market investments and enable them to make better-informed investment decisions.”

This new program will meet our clients’ need for more analytical money fund information and create a new standard of reporting to support investor confidence in the money fund industry. Portfolio holdings will initially be disclosed twice monthly and investors will have access to more sophisticated analytics and surveillance tools than has been the standard in the industry. Key features include:

High level of detail on both portfolio holdings and risk analytics.

Availability of risk metrics, not currently provided for money market funds, such as credit and interest rate maturity, asset-backed commercial paper sub-sector attributes, credit and liquidity enhancements and repo collateral.

Web-based system, ensuring timely distribution of information.

"It’s not so much about the frequency of reporting but about the quality of the information provided,” said Kevin Bannerton, Head of Liquidity Management Distribution, Americas, for DB Advisors. “Reporting data has to be in-depth, yet standardized enough that clients can feel comfortable with the investment decisions we make on their behalf - and this new tool will go above and beyond the norm. We also believe that working with a credible third party, like Clearwater, represents the best way to improve uniform industry standards.”

DB Advisors is the first money market mutual fund provider to partner with Clearwater Analytics for money fund transparency. The reporting on all participating funds is available to investors on DB Advisor’s website, www.moneyfunds.deam-us.db.com, and Clearwater’s website, www.clearwateranalytics.com.

“Long gone are the days when a money market funds’ quarterly holdings read like a “Who’s Who” of corporate America. The subprime liquidity crisis has driven investors to demand more detailed information on their money market fund investments, and there is a clear need for analytics and metrics to assist them in interpreting this information. The time is ripe for transparency and simplicity,” says Peter Crane, president of Crane Data and publisher of industry newsletter Money Fund Intelligence.

DB Advisors’ Liquidity Management Group is an industry-leading provider of liquidity products to investors around the globe. With investment professionals operating in over 16 countries, the Group manages over $137 billion in cash and short duration investments. DB Advisors offers a range of liquidity products, including money market mutual funds and customized strategies across asset classes and in multiple currencies.

DB Advisors offers investment management solutions to institutional investors, such as corporate and public pension funds, not-for-profit organizations, and government and municipal authorities. The firm’s full complement of investment strategies include both traditional and alternative asset classes such as global thematic equity, global fixed income, hedge funds, commodities and quantitative strategies.