December 14, 2009

Deutsche Bank announces Phase 4 of its management agenda

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announces the launch of ‘Phase 4’ of its management agenda. Dr. Josef Ackermann, Chairman of the Management Board and of the Group Executive Committee, will lead the presentation of this new phase at a Group Investor Day in Frankfurt.

Phase 4 of Deutsche Bank’s management agenda runs through 2011, and identifies four strategic priorities:

1. Increasing profitability in the Corporate and Investment Bank (CIB) with renewed risk and balance sheet discipline;

2. A focus on core Private Clients and Asset Management (PCAM) businesses and home market leadership;

3. A focus on Asia as a key driver of revenue growth;

4. A renewed emphasis on Deutsche Bank’s performance culture.

By delivering this strategy, Deutsche Bank sees a pre-tax profit potential in 2011 of approximately EUR 10 billion from its operating businesses, before adjustments for Corporate Investments, Consolidations &  Adjustments, and assuming no further market dislocations, normalizing interest rates, stabilizing asset valuations, an improved margin environment compared to pre-crisis and moderate global GDP growth over the period. Deutsche Bank also reaffirms its previously-stated objectives for return on equity, Tier 1 capital ratio and balance sheet leverage, and to sustained capital and risk discipline.

Ackermann commented: “Deutsche Bank has demonstrated resilience through an exceptionally difficult period for our industry and the global economy. This leaves us very well positioned to outperform and to deliver significant, profitable growth for our shareholders. In this new phase of our management agenda, our objectives are clear. Our recent strategic moves, in Germany and in other key markets, underline our determination to succeed.”

The meeting will commence at 18:00 CET this evening and continue at 08:00 CET tomorrow morning. Michael Cohrs and Anshu Jain will discuss the implementation of Phase 4 for CIB; Kevin Parker, Carsten Schildknecht and Rainer Neske will discuss implementation in PCAM, and Hugo Banziger, Group Chief Risk Officer, will discuss the bank’s risk and capital management strategy. The event will be broadcast live on Deutsche Bank’s website from 18:00 CET, recommencing at 08:00 CET tomorrow morning. The respective slides will be available
at 18:00 CET today and at 08:00 CET tomorrow.

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 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 strategic initiatives, 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 24 March 2009 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from .