Deutsche Bank has combined all of its investment management businesses to create Deutsche Asset Management, one of the world's largest asset managers. Deutsche Asset Management combines the strengths, assets and skills of three previously independent world-renowned companies, all of which have long and rich traditions.

> Deutsche Bank was founded in 1870 and developed a strong asset management presence in Germany and Europe, primarily through its retail mutual funds operation, DWS, as well as its institutional asset management business.

> Morgan Grenfell was founded as an investment bank in 1838 and later evolved into a major player in merchant banking and asset management. Acquired in 1989 by Deutsche Bank, the two institutional asset management operations began working more closely together in 1995.

> Founded in 1903, Bankers Trust was acquired in 1999 by Deutsche Bank. This acquisition greatly increased Deutsche Bank’s size and added significant asset management operations in the US and Japan. The addition of Bankers Trust led to a full integration of the previously separate asset management entities into a combined management structure, and the adoption of a single global name, Deutsche Asset Management (DeAM).

Deutsche Asset Management’s primary competitive advantage is the ability to partner with clients and offer them creative solutions to their investment needs. This partnership can take many forms, but the most important aspect is to deliver solutions that are customized and based on the newest research available in the market. To this end, we have three groups within DeAM that assist clients on evaluating issues ranging from plan design and plan policy issues, to deriving the most optimal structure managers in a portfolio. These three groups are as follows:

1. Pension Strategies Group – works with clients to evaluate plan policy, review long range strategic asset allocation, formulate plan structure, evaluate regulatory impact in plans and design innovative investment structures. The Pension Strategies Group also acts as the conduit between DeAM and other groups within Deutsche Bank to ensure clients are receiving exposure to other capabilities of the broader Deutsche Bank group.

2. Global Research Center – this is a group of researchers and academics brought together to assist clients in evaluating critical investment issues and developing cutting edge solutions to solve those issues. The partnership between DeAM and leading academics at MIT, Princeton, Columbia and other universities, brings the latest advances in theoretical and empirical finance, computer science, econometrics, and operations research to bear on the asset allocation and investment process. The result: entirely new investment approaches and quantitative tools, such as innovative passive investing strategies, forward-looking measures of risk, new portfolio re-balancing tools, and probabilistic asset allocation and efficient frontier models.

3. Advanced Applications Group – A unique aspect of the Research Center is its focus on creating close ties with both internal and external clients. This function is carried out by the Advanced Applications Group which has a dedicated staff of professionals who interact with clients and portfolio managers around the world on a daily basis. The group performs analyses using applications developed by the Research Center as well as bringing investor needs back to the Research Center for further study.

Deutsche Asset Management (DeAM) has over CAD$900 billion under management as of September 30, 2001. With more than 5,000 employees in 20 offices, DeAM's global team of world-class investment professionals is dedicated to serving clients around the clock and across the globe. More than 500 investment professionals strive to deliver outperformance and to develop new products to meet clients' investment needs throughout the risk-return spectrum. DeAM has major asset management businesses in North America, Europe and Asia.