February 1, 2008

Deutsche Bank acquires HedgeWorks, LLC

Deutsche Bank (XETRA:DBKGn.DE / NYSE:DB) today announced that on January 31, 2008 it acquired HedgeWorks, LLC, a hedge fund administrator with more than USD 10 billion in assets under administration.
HedgeWorks, based in Carlsbad, CA, provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value (NAV) calculation and customized web reporting to managers and investors. It currently services over 100 hedge funds, including both single-manager funds and fund of hedge funds. In addition to its Carlsbad office, it has staff located in Boston and the Cayman Islands. 

“HedgeWorks is a strong fit with our business. It complements our core strengths of providing high-quality third-party administrative services to the financial community, and the acquisition enables us to further strengthen our service offering to the hedge fund industry, where Deutsche Bank already has strong relationships,” said F. Jim Della Sala, Head of Structured Finance Services in Global Transaction Banking’s Trust & Securities Services business. “We welcome HedgeWorks’ employees and clients, and we are confident that we will continue to provide the high-quality service that its clients have enjoyed to date.” 

Christopher P. Nero, founder and CEO of HedgeWorks, said, “We believe Deutsche Bank’s brand and international reach, together with HedgeWorks’ industry-leading service proposition, will further enhance our client service and propel the business globally.”

This acquisition will help to further develop Deutsche Bank’s existing alternative asset administration capabilities. Deutsche Bank currently offers high-quality administrative services to alternative asset managers globally from its offices in the Cayman Islands, Delaware, the Channel Islands, Ireland, Luxembourg and Mauritius.

For further information, please contact:

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Ted Meyer +1 212-250-7253 (New York) 
John Gallagher +1 212-250-4516 (New York)  
Ronald Weichert +49 69 910 38664 (Frankfurt)  

Investor Relations

+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 77,920 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.


Trust & Securities Services

Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of debt financings including bonds, medium term note and commercial paper programs, asset backed and mortgage backed securities, collateralized debt obligations, project financings, escrows and syndicated loans. It is also one of the leading depositaries for American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in 28 securities markets.



This release also contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 management agenda, 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 27 March 2007 on pages 9 through 15 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir .