December 5, 2007

Deutsche Bank appointed as depositary bank for the American Depositary Receipt program of Merafe Resources Limited

Deutsche Bank today announced its appointment as depositary bank for the Level 1 American Depositary Receipt ADR) program of Merafe Resources Limited (MERAFE).

MERAFE is a company listed on the JSE Limited which is committed to a strategy of growth and diversification in the resources sector using its empowerment credentials to access opportunities created by the change in the South African mining legislation and Mining Charter.

Through its wholly owned subsidiary, Merafe Ferrochrome  Mining (Pty) Limited, it participates in 20.5% of the EBITDA of the Xstrata-Merafe Chrome Venture (established in July 2004), the world’s largest ferrochrome producer measured by global production.

Through Merafe Coal, its 50/50 joint venture with Sentula Mining Limited (formerly Scharrig Mining Limited, established in June 2007), MERAFE is maximizing the value of its existing coal resources while continuing to look for further growth opportunities in the coal mining secotor.*

Akbar Poonawala, Head of Global Equity Services (GES) at Deutsche Bank said, “We are pleased to be appointed by MERAFE as depositary bank on its first ADR offering.  This appointment strengthens our position as a sought after leading global depositary bank.”

For further information, please call:

Deutsche Bank:

Oonagh Baerveldt               
+44 20 7547 1605
Press Office

John Gallagher                        
+1 212 250 4516
Press Office

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 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’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.