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London, 20. Oktober 2006

Deutsche Bank to acquire Tilney Group

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today the signing of a definitive agreement to acquire Tilney Group Limited (“Tilney”), a leading UK wealth manager, from Bridgepoint and Tilney management, as part of a strategic move to strengthen its presence in the UK private wealth management market. The transaction is expected to close in the fourth quarter of 2006 subject to obtaining necessary regulatory approvals and competition clearances. Financial terms were not disclosed.
The acquisition is a key element in Deutsche Bank’s private wealth management strategy to expand its onshore presence in its dedicated core markets and expand into various client segments, including the Independent Financial Advisors sector.
Tilney is the fourth largest independent provider of wealth management services in the UK with assets under management of about GBP 6.7 billion (Euro 10 billion); it has 330 employees servicing a client base of over 15,000 and has a strong regional focus through a network of offices in Liverpool, London, Edinburgh, Glasgow, Birmingham and Shrewsbury.
Founded in Liverpool in 1836, Tilney has transformed itself in the past four years, making a number of strategic acquisitions as part of a product diversification strategy: the Pensions Partnership, a pension consultant (2003), the private client divisions of Edinburgh Fund Managers and SG Hambros (2003), Cardales, a specialist commercial property fund manager and service provider (2004) and the private client division of Clydesdale Bank / Yorkshire Bank (2006).
Pierre de Weck, Global Head of Private Wealth Management at Deutsche Bank and a member of the Bank's Group Executive Committee, said: “The acquisition of Tilney marks a significant move into the second largest wealth management market in Europe. Tilney provides a strong platform which will enable us to drive value from further consolidation in the UK market. Tilney is a significant player in UK wealth management with a strong management team and a proven track record. We see an excellent strategic fit with Deutsche Bank as we jointly strive for a market leading position in the UK”.
David Campbell, Chief Executive of Tilney, said: “Our Company has an outstanding record of client service and strong growth in the UK and we are delighted to be part of Deutsche Bank. We look forward to leveraging Deutsche Bank’s world class innovative products across traditional and alternative assets to extend the range of wealth management solutions we offer our clients.”

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 Press 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 implementation of our Business Realignment Program; 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 23 March 2006 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from


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