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Frankfurt am Main, 21. September 2004

Deutsche Bank announces new responsibilities on its Group Board Executive Committee

Diese IR-Information ist nur in englischer Sprache verfügbar.

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced changes to the responsibilities of members of the Group Executive Committee (GEC).  Effective immediately, the responsibilities of GEC members are as follows:

The Corporate and Investment Bank (CIB) will be jointly headed by Michael Cohrs and Anshu Jain.

          Michael Cohrs remains Head of Global Corporate Finance. In addition he
          becomes responsible for Global Banking Division and Global Transaction

          Anshu Jain becomes Head of Sales and Trading. In this capacity Jain is
          responsible for Deutsche Bank’s Global Equities and Global Markets

Private Clients and Asset Management (PCAM) will be jointly headed by Kevin Parker, Pierre de Weck and Rainer Neske.

          Kevin Parker becomes Head of Asset Management.

          Pierre de Weck remains Head of Private Wealth Management (PWM).

          Rainer Neske remains Head of Private and Business Clients (PBC).

Juergen Fitschen becomes Head of Regional Management worldwide. In addition, Fitschen becomes Chairman of a newly-created Management Committee Germany.

Tom Hughes has, for personal reasons, requested a sabbatical leave of absence to deal with pressing family matters that require his attention in the near term. He continues to be a member of the GEC.

The roles and responsibilities of the members of the Board of Managing Directors (Vorstand) remain unchanged, as does Deutsche Bank’s segmental reporting.

Josef Ackermann, Spokesman of the Board of Managing Directors and Chairman of the GEC, said: “These new responsibilities on the Group Executive Committee will improve the service to our clients and will strengthen regional representation on the GEC. In Germany, we have created a platform which will coordinate delivery to our clients and further improve our service in our important home market.

“The alignment of complementary business lines and streamlining of the bank’s management structure will unlock revenue and cost synergies, paving the way for the bank to achieve its stated goal of a 25% underlying pre-tax return on equity by the end of 2005.”

For further information, please contact:

Press and Media Relations

Jezz Farr              +44 20 7545 7506

Alfredo Flores     +49 69 9104 7300

Investor Relations

Frankfurt               +49 69 9103 5395

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 25 March 2004 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from


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