<PAGE>
Morgan Grenfell Investment Trust
Amended Plan in Accordance with Rule 18f-3
This plan is applicable to each series of Morgan Grenfell Investment
Trust (the "Trust"). Unless otherwise determined by the Trust's Board of
Trustees, each future series of the Trust will issue multiple classes of shares
in accordance with this plan. Each series of the Trust, including any series
established in the future, is referred to herein as a "Fund."
Except as set forth below, each class of shares of each Fund will have
the same relative rights and privileges, including the right to have
distributions calculated in the same manner and at the same time as all other
classes, and be subject to the same fees and expenses. Expenses relating to
different arrangements for shareholder services or the distribution of shares,
or both, shall be allocated to and paid by that class. A class may pay a
different share of the other expenses, not including advisory or custodial fees
or other expenses related to the management of a Fund's assets, if such expenses
are actually incurred in a different amount by that class, or if the class
receives services of a different kind or to a different degree than other
classes. For example, printing, postage and other expenses incurred in
connection with any meeting of shareholders of a particular class, and
litigation expenses incurred with respect to matters affecting only a particular
class shall be allocated to that class. Further, expenses attributable to two or
more classes shall be allocated to such classes at the same time. All other
expenses of a Fund shall be allocated to each class on the basis of the net
asset value of that class in relation to the net asset value of the Fund.
Notwithstanding the forgoing, the distributor or adviser of a Fund may waive or
reimburse the expenses of a specific class or classes to the extent permited
under Rule 18f-3 of the Investment Company Act of 1940, as amended.
The Trust's Board of Trustees may determine in the future that other
allocations of expenses or other services to be provided to a class of shares
are appropriate and amend this Plan accordingly without the approval of
shareholders of any class. Unless a class of shares is otherwise designated, it
shall have the terms set forth below for Institutional Shares. Except as set
forth in a prospectus of the Trust, shares may be exchanged only for shares of
the same class of another Fund.
Institutional Shares
Institutional Shares are sold at net asset value without a sales charge
and are sold subject to the minimum purchase requirements set forth in the
relevant prospectuses of the Trust. A wire transfer fee may be imposed in
connection with the payment of redemption proceeds from Institutional Shares
that is not imposed in connection with other classes of shares. Institutional
Shares shall be entitled to the shareholder services set forth from time to time
in the Trust's prospectuses with respect to Institutional Shares.
Premier Shares
<PAGE>
Premier Shares are sold at net asset value without a sales charge and
are sold subject to the minimum purchase requirements set forth in the relevant
prospectuses of the Trust. The minimum purchase requirements for the Premier
shares of a fund are typically higher than those for the Institutional shares,
if any, of the same fund. A wire transfer fee may be imposed in connection with
the payment of redemption proceeds from Premier Shares that is not imposed in
connection with other classes of shares. Premier Shares shall be entitled to the
shareholder services set forth from time to time in the Trust's prospectuses
with respect to Premier Shares.
Investment Shares
Investment Shares are sold at net asset value without a sales charge
and are sold subject to the minimum purchase requirements set forth in the
relevant Trust prospectuses. Investment Shares are sold only to or through
certain service organizations that have entered into agreements with the Funds.
Pursuant to such agreements, Investment Shares are subject to a fee for
shareholder services provided by such organizations. Investment Shares
beneficially owned by customers of a service organization will convert
automatically to Institutional Shares in the event that such service
organization's agreement with the Trust expires or is terminated. The terms of
any such conversion shall be as set forth from time to time in the Trust's
prospectuses with respect to Investment Shares. Investment Shares shall be
entitled to the shareholder services set forth from time to time in the Trust's
prospectuses with respect to Investment Shares.
Class A Shares
Class A Shares are sold at net asset value with a front-end sales
charge and are sold subject to the minimum purchase requirements set forth in
the relevant Trust prospectuses. Investors that purchase Class A Shares having
at least a specified aggregate value as set forth in the relevant Trust
prospectuses may be permitted to purchase Class A shares at net asset value with
no initial sales charge; but if these shares are redeemed within a specified
period after their purchase as set forth in the relevant Trust prospectuses, a
contingent deferred sales charge may be imposed. Class A Shares will be subject
to distribution and/or service fees imposed under a Rule 12b-1 plan as set forth
in the relevant Trust prospectuses. Class A Shares shall be entitled to the
shareholder services set forth from time to time in the Trust's prospectuses
with respect to Class A Shares.
Class B Shares
Class B Shares are sold at net asset value and are sold subject to the
minimum purchase requirements set forth in the relevant Trust prospectuses.
Class B Shares redeemed within a specified period after their purchase as set
forth in the relevant Trust prospectuses will be subject to a contingent
deferred sales charge. Class B Shares will be subject to distribution and/or
service fees imposed under a Rule 12b-1 plan as set forth in
<PAGE>
the relevant Trust prospectuses. Class B Shares held by an investor will convert
automatically to Class A Shares after the investor has held such Class B Shares
for a period of time, which period shall be specified in the Trust's
prospectuses with respect to Class B Shares. Class B Shares shall be entitled to
the shareholder services set forth from time to time in the Trust's prospectuses
with respect to Class B Shares.
Class C Shares
Class C Shares are sold at net asset value and are sold subject to the
minimum purchase requirements set forth in the relevant Trust prospectuses.
Class C Shares redeemed within a specified period after their purchase as set
forth in the relevant Trust prospectuses will be subject to a contingent
deferred sales charge. Class C Shares will be subject to distribution and/or
service fees imposed under a Rule 12b-1 plan as set forth in the relevant Trust
prospectuses. Class C Shares shall be entitled to the shareholder services set
forth from time to time in the Trust's prospectuses with respect to Class C
Shares.
Date Most Recently Amended: August 17, 2000
