This notice updates information in the Product Disclosure Statements (PDSs) identified in the Annexure to this notice. It is also issued for the information of other clients and persons with dealings with Deutsche Asset Management (Australia) Limited (DeAM).

On 29 February 2012, we issued an Investor Update to which we attached a press release advising that Deutsche Bank AG was in exclusive negotiations with Guggenheim Partners for the sale of a significant part of its global asset management business. This update is to inform you that a further press release has been issued by Deutsche Bank AG, which states that it has agreed to focus its exclusive negotiations with Guggenheim Partners on a potential sale of RREEF, its global alternative asset management business.

A copy of the press release dated Friday 11 May 2012 is attached to this update.

The continuing negotiations will have no immediate effect on the operation of the funds operated by DeAM which are offered under the PDSs (Funds).

As it is still the case that no agreement has been reached in relation to the potential sale to Guggenheim, it is not yet known how any sale would ultimately affect the Funds.

DeAM will provide updates to investors when appropriate as further information becomes available. Updates will be posted at www.ironbarkam.com.

Click on the PDF under "Links" on the right hand side to view the entire Investor Update.

Issued by Deutsche Asset Management (Australia) Limited. ABN 63 116 232 154. AFS Licence no. 298626. Deutsche Asset Management (Australia) Limited is not an Authorised Deposit-taking Institution authorised under the Banking Act 1959 nor regulated by APRA.