December 5, 2005

Deutsche Bank becomes sole owner of United Financial Group

Charles Ryan appointed Chief Country Officer and CEO of Deutsche Bank in RussiaDeutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced it has entered into legally binding agreements to acquire the remaining 60% of United Financial Group (UFG). The transaction is expected to close in the first quarter of 2006 subject to regulatory and anti-monopoly approvals. The parties have agreed that financial terms will not be disclosed.

Founded in 1994, Moscow-based UFG has established a leading position as a full-service investment company for international and Russian clients.

The acquisition follows Deutsche Bank's purchase of a 40% stake in UFG in 2004. Since then UFG and Deutsche Bank have worked successfully together in a strategic partnership. The acquisition will consolidate Deutsche Bank's position as one of the leading investment banks in Russia, with an unrivalled presence in advisory, equities, fixed income and derivatives markets.

Charles Ryan, Chairman and CEO of UFG, will become Chief Country Officer and CEO of Deutsche Bank in Russia. Alexis Rodzianko, Deutsche Bank's current Chief Country Officer, will stay with Deutsche Bank until mid 2006 to provide a smooth transition.

Tessen von Heydebreck, Member of Deutsche Bank's Board of Managing Directors, said: "Our partnership with UFG has been highly successful in creating one of the leading players in Russian investment banking. The final acquisition allows us to build on this successful partnership and underscores our strategic commitment to Russia, one of the most exciting growth economies in the world. The new entity will combine the skill sets of both organisations to create a leading force in the Russian market and to become an integral part of Deutsche Bank's premier global investment banking franchise."

Charles Ryan, Chairman and CEO of UFG said: "My team and I are delighted to begin this new chapter in the history of our organization and the Russian securities and investment banking industry. Our careful approach to building this relationship slowly and prudently has ideally positioned our people and products for the smoothest possible transaction. I am looking forward to my new role and am confident that the acquisition of UFG will further reinforce DB's position as a market leader in the provision of financial advisory services in Russia.  As ever, we are grateful to our clients, to whom we ultimately owe our success. The past two years have shown that the combination of UFG and Deutsche Bank has been a potent recipe for success in helping them build their businesses and meet their investment goals. We see a bright future ahead."


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Deutsche Bank

With Euro 972 billion in assets and 63,751 employees, Deutsche Bank offers unparalleled fi-nancial services in 74 countries throughout the world. Deutsche Bank competes to be the lead-ing 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.

About UFG

UFG is recognized by investors as a foremost source of accurate, independent and relevant re-search and innovative investment solutions.  UFG's top-ranked Equity Research team covers all major economic sectors and has been consistently ranked in the top two equity houses in Rus-sia and EMEA. The firm has led the market in corporate finance and the burgeoning capital mar-kets and is acknowledged by Western and Russian investors as creators of value.

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 Release that states our inten-tions, 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 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 de-scribed in detail in our SEC Form 20-F of 24 March 2005 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from