IR Releases - Archive

November 3, 2003

Deutsche Bank to acquire 40 per cent stake in United Financial Group

Deutsche Bank  (XETRA: DBKGn.DE / NYSE: DB) and United Financial Group (UFG), Moscow, today announced that they have agreed in principle to form a strategic partnership covering sales and trading in Russian equities, Russian equity research and Russian corporate finance business.

Deutsche Bank and UFG have also agreed that Deutsche Bank will acquire a 40 per cent stake in UFG. The parties expect to sign definitive agreements on 6 November 2003, and close the transaction in January 2004.

UFG was founded in 1994 to provide research and financial advisory services to international and Russian investors. It has assumed a leadership position as a full-service, independent Russian investment bank, owned, managed and staffed by a mix of Western and Russian professionals.  The existing UFG management will continue to run the business, and Deutsche Bank representatives will join the Board.

"This transaction is another step in our successful strategy of leveraging Deutsche Bank's world-class equities platform by partnering with the best local firms," said Kevin Parker, Head of Global Equities at Deutsche Bank. "The Russian market is the largest and most important in eastern Europe. We are convinced that the combination of UFG's excellent execution capability, top research ranking and local market expertise, and Deutsche Bank's strength, product skills and global reach will give us the premier team in Russia and make our joint venture the leading financial services firm in the market."

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 enivsaged reduction in headcount; 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 March 27, 2003 on pages 9 through 13 under the heading "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from

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