July 22, 2007

Deutsche Bank and STT Group announce co-operation plans with regard to financing of real estate and development projects

Deutsche Bank AG and STT Group have reached strategic agreement under which Deutsche Bank will be financing STT Group projects for the total amount of RUR12 billion (USD 472 million).

The first tranche already provided under the financing agreement in the amount of RUR 3 billion (USD 118 million) represents refinancing of Passage Shopping Center located on Nevsky Prospect, the main street in the heart of the historic district of St. Petersburg. The total size of the redeveloped shopping center will be around 37,380 square meters. Deutsche Bank Ltd. Russia, on behalf of Deutsche Bank AG, and STT Group are planning to continue their strategic cooperation that will include among other things co-investing in major development projects.

STT Group is also considering an IPO and we expect that strategic partnership with Deutsche Bank will be continued on this front as well.

This partnership is part of the Deutsche Bank Global Markets development strategy aimed at achieving leadership in the Russian real estate and development market. Deutsche Bank Ltd. has recently closed a number of landmark transactions in the Russian market, including financing of the Moscow Hotel reconstruction project for the amount of USD 600 million as well as creation of the development joint venture in partnership with STRABAG AG.

Yuri Soloviev, First Deputy Chairman, Deutsche Bank Ltd. Russia, said: “Moscow based Deutsche Bank Global Markets Emerging Markets Real Estate Group (GM EM Real Estate Group) is covering the Russia and CIS region. Just within less than one year, GM EM Real Estate team achieved an impressive success and is rapidly gainning leading market position. We are excited about strategic co-operation with STT Group which is a key player in the Russian development market”.

Victor Makshantsev, Director, Head of Real Estate, Deutsche Bank Ltd. Russia commented: “We trust that co-operation with the leading Russian Developer - STT Group will be mutually beneficial and very successful for the both parties. Deutsche Bank has already accomplished a number of landmark transactions on the market with a total volume in excess of USD 1 billion, most notably, the Moscow Hotel reconstruction financing, refinancing of the shopping centre located in the most affluent Moscow area on Rublevskoe highway, acquisition financing to a top Russian developer. Further transactions with the total value in excess of USD 2 billion are in advanced stages. In addition to these deals, we have created a unique joint venture in partnership with STRABAG AG - DB Development - to focus on major Russian and CIS development opportunities. The joint venture strategic objective is to rapidly develop into the leading industry player capitalizing on the Deutsche Bank financial strength and STRABAG construction industry experience".

For further information, please call:

Deutsche Bank

Olga Podoinitsyna +7 (495) 797 5303

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 73,114 employees in 75 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.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.

Deutsche Bank Ltd. (Deutsche Bank Moscow) was established in April 1998. The Bank is a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank Moscow has become one of the largest foreign banks in Russia. Deutsche Bank Moscow provides local and international, corporate and private clients with a broad range of financial services, comprising corporate finance and advisory, sales, trading, transaction banking as well as private wealth management and asset management services. The bank includes the largest Russian and multinational companies among its client base.