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Frankfurt am Main, December 19, 2006

DWS Investments to reshape its business set-up in Italy and to sell its local mutual fund business in Italy to Anima


Deutsche Bank and Anima to enter into long-term distribution agreements

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has announced that DWS Investments Italy S.G.R.p.A., the retail asset management arm of Deutsche Bank Group in Italy, will sell its local mutual fund range to Anima S.G.R.p.A., an Italian asset manager. DWS’ local fund range, which has assets under management in excess of EUR 7.0 bn, will be merged into Anima’s existing fund range.   After this transaction, EUR 11 bn of assets will remain in Italy in international mutual funds as well as in the four local asset management activities: discretionary portfolio management, institutional mandates, hedge funds, and life insurance.

The agreement also includes long-term distribution arrangements between Anima and Deutsche Bank, in particular Deutsche Bank's financial advisors network Finanza & Futuro Banca and Deutsche Bank’s branch banking network in Italy. The agreement is the result of a careful process of exploring opportunities to strengthen DWS’ position in the Italian market by focussing on DWS’ international mutual fund range and to expand Deutsche Bank’s product offering to its customers.

The assets under management of DWS’ local mutual fund range are valued at a multiple of 1.2% under the agreement. The transaction is subject to the completion of a consultation procedure with trade unions, the approvals of the Bank of Italy and anti-trust authorities and the 90-day term that must elapse between the notice given to investors and the effective date of the funds merger. The transaction will become effective upon completion of the funds merger expected in Q2 2007.

The strategic partnership with regard to distribution ensures continuity in managing Deutsche Bank’s relationship with clients. “With their existing investment in the funds, our clients will gain access to Anima’s fund range and the proven asset management capabilities of one of the major independent Italian asset managers. This distribution agreement reinforces our open architecture proposition aiming to offer to our clients the best investment solution through high quality advisory”, said Vincenzo De Bustis, Head of Deutsche Bank Italy. 

With this strategic reorganisation, DWS confirms its commitment to both the Italian asset management market and a European growth strategy. “Our new Italian business model will focus on the distribution of DWS international mutual funds as well as our four local asset management activities: discretionary portfolio management, institutional mandates, hedge funds and life insurance”, said Enrico Biglino, Head of DWS Italy. Stephan Kunze, Head of DWS Europe, said: “For us, Italy is a core market in Europe. We intend to strengthen our position in this key market with an enhanced offering of our international fund range. DWS' international fund range has an outstanding performance track record. The key to our success lies in DWS' global structure and international expertise."



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 www.deutsche-bank.com/ir.




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