Charles Ryan
Chairman of Deutsche Bank in Russia


Dear Ladies and Gentlemen,

Investor interest in Russia is based on the impressive growth of the Russian economy, and this growth derives from substantial capital flows into the country. Deutsche Bank is playing an important role in this process, advising clients on where and how to invest in Russia's dynamic economy. The Russian market is one of the most interesting and important in the world, and Deutsche Bank is working intensively to further develop its business in Russia. At the beginning of 2006 Deutsche Bank closed its acquisition of UFG, following several years of effective cooperation between the two firms. The combined resources of Deutsche Bank and UFG have positioned Deutsche Bank as a leader on the Russian financial market.

Dr. Tessen von Heydebreck, Member of the Management Board, Deutsche Bank AG, has noted, that the merger of Deutsche Bank with UFG has strengthened the Bank's local management team and reinforced the Bank's position in the Russian financial markets. "My colleagues and I are very proud of the fact that the Bank positions itself as part of the history of the great country and strong economic and cultural relations connecting Germany and Russia. Our Bank is proud of the role it plays in the Russian financial markets development".

Professionalism and experience characterize the consistent work of our team. This culture of excellence insures the effective delivery of products and services from across the Bank's platform, including corporate finance, global markets, private client services and asset management.

Deutsche Bank's efforts in building an outstanding Russian business have been independently acknowledged, with the Bank winning a number of prestigious professional awards.

The undoubted success of Deutsche Bank in the Russian financial market comes from the Bank's lengthy experience in the Russian market, and is based on unrivaled leadership in corporate finance, trade transactions, asset and private wealth management.



Igor Lojevsky,
Chief Country Officer, Russia and CIS


Dear Ladies and Gentlemen,

I am delighted and honoured to have come to Deutsche Bank Russia as Chief Country Officer. The Bank has built a superb reputation and market position in Russia over the past few years. Equally we cannot deny that this year has not been particularly easy either for us or for the market as a whole.

As a Bank, as you know, we have made some internal changes and I believe that we are now well set to continue to build on our leadership positions across our different business areas. On the wider market issues, it is no secret that both globally and in Russia the challenges faced by all financial institutions are not going to be easily or quickly overcome.

I am, however, convinced that we have the people, the talent, the ideas, the professionalism and the products to do that and I believe that it is my mission to help us all achieve this. I look forward to working with each and everyone of you to keep Deutsche Bank as the leading international investment bank in Russia.



Joerg Bongartz
Chairman of the Board
Deutsche Bank Ltd.


Dear Ladies and Gentlemen,

In 2008, a year aggravated by the global financial crisis, Russia embarked on a new phase of economic development.

The Russian economy suffered from the negative impact of the global financial crisis, especially in the 2H08 when the world markets saw a dramatic decline of prices for oil and other primary commodities. Thus, the external market conditions deteriorated for the Russian exporters.

Overall in 2008 the share of direct foreign investment share in the capital inflow structure increased to a certain degree, while that of the liabilities such as portfolio and other investments declined; loans and credits attracted volume declined nearly two-fold.

Despite the complicated economic climate of 2008, our Bank has been developing steadily and confidently while retaining its position of leadership on the Russian investment banking services market.

Our latest initiatives such as establishment of a representative office in Saint Petersburg, and the successful development of relations with UFG Invest inspire our great hopes for the future.

2008 was one of the best years for Global Transaction Banking and Private Wealth Management over the entire history of Deutsche Bank in Russia.

The Transaction Banking department has launched a new business division for dealing in market instruments to provide worldwide service connected with currency exchange, depositary transactions, and interest rate derivatives to both medium and large international and Russian companies.

In 2008, our IT department continued the rapid development of the Bank’s software products.

Despite of the very complicated market situation in 2008 when many companies cut a significant number of jobs and froze new recruitment programs, Deutsche Bank kept hiring new employees as planned.

Deutsche Bank is recognized as the best provider of depositary services in emerging markets in 2008/2009 (according to «Global Custodian» and «Global Investor» magazines).

According to independent sources, Deutsche Bank ranks among the highest M&A consultants, equity capital and debt transaction leaders as well as in analysts’ ratings.

The result was made possible by the business investments of 2007, work of the Bank’s talented team, as well as by high-class products and services offered by the Bank to its clients.

I am especially pleased to note that in 2008 we marked the 10th anniversary of Deutsche Bank LLC, a 100% subsidiary of Deutsche Bank AG. Deutsche Bank LLC became one of the major banks with foreign participation in Russia. Over this period the Bank worked for its clients setting a benchmark of high professionalism and commitment to the innovative approach to business. Deutsche Bank views the Russian market as both a key market and one that is strategically important for its operations. We believe that Russia is of considerable importance to our business and we are certain of the high potential of the Russian economy and its bright future.