In the last 12 months our key businesses in India have been recognized as leaders in their field, with Deutsche Bank picking up no fewer than six awards from leading financial publications, making it perhaps the most lauded foreign bank in the country.

Deutsche Bank India has been awarded:

• Best Investment Bank India and Best Debt House India - Euromoney Awards for Excellence 2007
• Best Private Bank India - Asiamoney Private Banking Poll 2007
• Best Cash Management Bank South Asia - The Asset Asian Awards 2007
• Best Trade Bank India - Euromoney Trade Finance Magazine Awards for Excellence 2007
• Best Sub-Custodian Bank India - Global Custodian Emerging Markets Survey 2006

In investment banking, Deutsche Bank has been a leader in helping large and medium size Indian organizations efficiently raise capital in local and international markets. Significant transactions in 2007 include India's largest ever Initial Public Offering, with a INR91.88 billion (US$2.25 billion) deal for property development company, DLF Limited.

Deutsche Bank was also a key manager of India's largest-ever bond deal, helping ICICI raise $US2 billion in January 2007 as well as a subsequent offering for ICICI in May 2007. Meanwhile, Deutsche Bank has also been a leader in Mergers and Acquisitions, with the bank involved in Tata Steel's acquisition of Corus and Havell India's acquisition of Sylvania - catapulting the Indian acquirers into the top five in the world in their respective sectors.

Deutsche Bank has been the number one arranger of G3 debt in India since 2003, according to Dealogic. The Bank's leadership is recognised not just in terms of volumes or size of transactions, but also for its client focus - helping clients break new ground with every transaction and consistently winning repeat mandates from corporations.

In sales and trading, Deutsche Bank is among India's leading foreign exchange dealers. It ranks among the top three in derivatives sales and is one of the top foreign banks in government securities trading. Deutsche Bank is also estimated to be one of the top four foreign institutional equity brokers in India.

In the area of distressed products, Deutsche Bank is a pioneer in India. In February 2006, Deutsche Bank announced the purchase of 100 percent security receipts in respect of a portfolio of non-performing loans (NPLs) with a face value of INR750 million. This transaction, carried out with ARCIL - Asset Reconstruction Company (India) Limited - was the first of its kind in India and is widely viewed as a template for the broader industry.

Deutsche Bank maintains a leading transaction banking presence in India - covering services such as cash management solutions, trade finance and custody - and counting some of India's most prestigious firms as clients. Deutsche Bank is the No. 1 depositary bank for overseas ADR/ FCCB issues and the top rated custodian for Foreign Institutional Investors (FIIs) investing in India.

Deutsche Bank also has fast growing asset management and private wealth management businesses in India. Deutsche Bank launched retail banking in India in October 2005 and now operates out of ten branches in nine cities in the country. In July 2006, Deutsche Bank launched credit cards in India.

Finally, Deutsche Bank India is a centre of excellence for technology and business-line innovation for much of the Bank globally, through entities such as DB Operations International (DBOI) and the Global Markets Centre (GMC). DBOI International operates in Mumbai and Bangalore and provides world-class operating infrastructure to Deutsche Bank's global businesses. GMC, based in Mumbai, is a service provider and innovator for the sales and trading business of Deutsche Bank.

Importantly, Deutsche Bank is an active contributor in the communities in which it operates and the Deutsche Bank Asia Foundation has extensive commitments in India. The Bank was one of the largest corporate donors to Asian Tsunami rehabilitation projects, and recently provided emergency funding to Indian communities affected by severe flooding in July/August 2007. The Bank is also active with local charities focused on the education of children in poor urban areas, having recently provided funding to the Bal Vilhar school in Southern Delhi.

Key investment banking transaction highlights in 2007

• June 07 - Deutsche prices India's largest IPO to date, with a INR91.88 billion (US$2.25 billion) deal for property development company, DLF Limited
• March 07 - Deutsche priced a two-year EUR500 million floating rate bond for India's second largest bank, ICICI
• February 07 - Deutsche jointly priced a US$700 million dual-tranche bond for State Bank of India (SBI); this follows a US$2 billion multi-tranche bond issue for SBI