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 in spring 2006 it was the second time in succession that the Global Finance magazine named Deutsche Bank the Best Eurobond Arranger in Russia.

The undoubted success achieved in the first half of 2006 is especially significant now, as Deutsche Bank celebrates the 125th anniversary of its activities in the Russian financial market. These achievements come from the Bank's lengthy experience in the Russian market, and are based on unrivaled leader ship in corporate finance, trade transactions, asset and private wealth management.











Igor Lojevsky,
Chief Country Officer, Russia


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,

2007 was a very successful year for both the Russian economy in general and Deutsche Bank in particular: Russia's economic growth is showing remarkable resilience to high base effects and the global economic turbulence. Rosstat’s estimate for 2007 turned out to be a whopping 8.1% which implies a major acceleration in output growth in the final quarter of the year. The year 2007 was successful for our Bank as well. According to independent sources, Deutsche Bank ranked number one in M&A, ECM, DCM, and Research.

All business areas, including Global Markets, Global Banking, Global Transaction Banking and Private Wealth Management, showed respectable growth — the result of DB’s subsequent investments, a talented team and superior products. It is a special pleasure for me to mention that in 2008 we marked 10 years of Deutsche Bank Ltd., a wholly-owned subsidiary of Deutsche Bank AG. Throughout this time the Bank has been dedicated to its clients, professionalism and innovation.