2003 Media Releases

Deutsche Diversified Trust (ASX:DDF) has revised its fee structure to better align its financial interests with those of its shareholders. The changes are effective as of October 1, 2003 and will not require unitholder approval.

The amended fee structure is a combination of:

• a new base fee (being remuneration for the costs incurred in managing the Fund)
• a performance fee (being remuneration for achieving superior returns), and
• a remuneration cap set at existing Constitution levels.

In future, to claim its full fee entitlement the RE must achieve returns for investors in excess of the ASX S&P 200 Property Accumulation Index.

Further details of the new fee structure are attached.

Further information:

David McFadyen
General Manager, Deutsche Diversified Trust
Mobile: 0405 134 851

Kristin Silva/Ainsley Gee
Corporate Communications
Phone: (02) 9249 9568 / (02) 9249 9904

About Deutsche Diversified Trust

Deutsche Diversified Trust is listed on the Australian Stock Exchange (ASX: DDF) and has assets valued at approximately A$1.5 billion. This highly diversified trust, by sector as well as geographic allocation, has 26 properties across the retail, office, industrial and carpark property sectors in five major Australian states and the ACT. The Trust has a potential development book of around $350 million, and is currently undertaking or planning major development activities in its retail, office and industrial portfolios.