December 15, 2006

Deutsche Bank completes acquisition of Tilney Group

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced that it has completed its acquisition of 100% of Tilney Group Limited (“Tilney”). Closing of the sale was subject to various regulatory approvals and competition clearances which have now been received.

The acquisition significantly strengthens Deutsche Bank’s Private Wealth Management’s positioning in the UK, the second largest wealth management market in Europe. Tilney brings more than GBP 6.7 billion (Euro 10 billion) assets under management onto Deutsche Bank’s platform; it has 330 employees servicing over 15,000 clients through six offices across the UK.

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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 Euro 1,097 billion in assets and 67,474 employees in 73 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.

Private Wealth Management is the division of Deutsche Bank for high net worth clients around the world.  Private Wealth Management seeks to understand the personal goals of our clients, and translates these into practical financial plans for life.  Private Wealth Management’s mission is to be the lead, trusted advisor for wealthy individuals, their families and select institutions worldwide. 

The Private Wealth Management division has client assets of Euro 178 billion and with over 3,400 employees in 80 offices in 30 different countries handling client accounts.

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 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 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 described in detail in our SEC Form 20-F of 23 March 2006 on pages 7 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from