IR Releases - Archive

September 18, 2002

Deutsche Bank in exclusive negotiations with State Street about sale of its Global Securities Services business

Deutsche Bank (XETRA: DBKGn. DE / NYSE: DB) today announced that it has entered into exclusive discussions with State Street Corporation (NYSE: STT) aimed at signing definitive agreements in relation to the sale of substantial parts of its Global Securities Services business.

The business units included in the proposed sale are Deutsche Bank's Global Custody, Global Fund Services, Global Securities Lending, Global Performance Measurement (including The WM Company and InterSec) and Benefit Payments businesses. In addition, domestic custody and securities clearing in the United States and the United Kingdom are included. Domestic custody in Continental Europe, Asia and Latin America are excluded from the transaction.

The discussions are expected to be finalised in the fourth quarter 2002. A further announcement regarding the Global Securities Services business will be made once definitive agreements have been signed.

Deutsche Bank is conducting a separate review of its Passive Asset Management business and is making good progress in this respect. These divestment projects are further steps in the implementation of Deutsche Bank’s strategy to focus on core businesses.

This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this Investor Relations 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.

Forward-looking statements involve inherent 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 restructuring including the envisaged reduction in headcount; the reliability of our risk management policies, pro-cedures 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 March 27, 2002 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded stated below.

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