Deutsche Asset Management has appointed Peter Cashmore as Senior Portfolio Manager for the Deutsche Paladin Property Securities team. The Deutsche Paladin Property Securities team manages more than $1.1 billion in property securities¹⁾, comprising institutional mandates as well as over $630 million in the award winning Deutsche Paladin Property Securities Fund. The Deutsche Paladin Property Securities Fund achieved a Morningstar Star Rating of five stars as at 31 May 2003.

"This appointment comes at a time when we have just ended the financial year in a very strong position, finishing in the top quartile of performance for LPT managers over the last twelve months²⁾,” said Andrew Stubing, Head of the Deutsche Paladin Property Securities team.

“Peter brings over 15 years of direct property experience, as well more recent experience as an analyst in the listed property market. This combination was critical to his appointment, with his direct property experience blending well with the existing team. The combined investment experience of the team now exceeds 40 years, making us one of the most experienced teams in the LPT market today,” he added.

Peter Cashmore joins Deutsche Asset Management from Citigroup Smith Barney where he was a senior LPT analyst. Prior to this he held a range of property related positions, including direct property advisory to major corporate clients.

About the Deutsche Paladin Property Securities Fund

The Fund is managed by Deutsche Asset Management, one of the world’s largest fund managers, responsible for managing over $1.1 trillion for clients in over 60 countries. The Fund’s objective is to provide income returns and achieve long-term capital growth through investment in property related securities listed on the ASX. The Fund uses the S&P/ASX 300 Property Accumulation Index as its benchmark and is typically invested in 15-25 stocks. Minimum initial investment in the Fund is A$5,000.

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For further information contact:

Andrew Stubing	Kristin Silva/Ainsley Gee
Head, Deutsche Paladin Property Securities team	Corporate Communications

¹⁾ As of 31 March 2003
²⁾ The Fund is ranked 5th for one year performance to end May 2003 by both Intech and Mercer Specialist Property Securities Performance Surveys.