October 5, 2006

Deutsche Bank announces Phase 3 of its management agenda

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announces the launch of ‘Phase 3’ of its management agenda. Dr. Josef Ackermann, Chairman of the Management Board, presents this new phase at an Investor Conference in London.

This follows successful completion of Phases 1 and 2 of Deutsche Bank’s management agenda, which was launched in 2002. Phase 1, which involved refocusing the business, was completed in 2003. Phase 2, which focused on growth and achieving 25% pre-tax return on average active equity, was completed in 2005.

Phase 3 contemplates pre-tax profit of EUR 8.4 billion in 2008, while reaffirming the Group’s stated financial targets of 25% pre-tax return on equity and double-digit earnings per share growth over-the-cycle.

“We will aim to accelerate profitable growth by expanding our ‘stable’ businesses in Private Clients and Asset Management and Global Transaction Banking, whilst at the same time building on our competitive edge in Corporate and Investment Banking,” Ackermann said. “Our recent acquisitions – Berliner Bank, Norisbank, MortgageIT, UFG and Bender Securities – prove our determination to expand our franchise. We will invest further, both in incremental acquisitions and in organic growth, while maintaining our cost, risk, capital and regulatory discipline.” Ackermann also underlined Deutsche Bank’s commitment to an attractive dividend policy.

At the Investor Conference the Group’s business heads, together with the Chief Financial Officer and Chief Risk Officer, will give further details of the financial and strategic objectives of Phase 3. The event will be broadcast live on Deutsche Bank’s Website http://www.deutsche-bank.com/ir under “Newsboard / Video & Audio” from 4.30pm GMT onwards.

For further information, please contact:

Press and Media Relations 

+49 69 910 43800 (Frankfurt) 

Investor Relations

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

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.