March 22, 2007

Deutsche Bank launches first rated CDO of CIS Corporates

Deutsche Bank, in conjunction with VTB Bank Austria and VTB Bank (Moscow) has successfully launched and priced Sputnik CDO I - the first ever rated CDO of CIS corporates.

This is a 5 year, $400mm synthetic CDO on a diversified portfolio of Russian, Kazakh and Ukrainian bank and corporate credits. Sputnik CDO I is the first ever rated CDO (Moodys’ rating) referencing CIS corporates, and is testament to both the growth in non-governmental debt issuance in the CIS region, and the increased investor appetite for such structured risk. The transaction is managed by VTB Bank Austria, the structured credit competence centre of the VTB Group, a leading financial institution in the CIS region. The Portfolio was determined by VTB Bank Austria and the exposure was jointly sourced by Deutsche Bank and VTB Bank Austria.

The capital structure of the CDO includes unrated equity (0-10%) and senior equity (10-20%) tranches, as well as mezzanine tranches rated Ba2, Baa3, and A2 by Moody's, each issued by a special purpose vehicle domiciled in Ireland. The risk underlying the transaction is 100% synthetic, i.e. credit default swaps of 5 year maturity, referencing external debt of each of the underlying credits. The portfolio contains 43 credits, each of which are rated and are issuers of publicly traded external debt.

For further information, please call:

Deutsche Bank

Michelle Gathercole    (44 20) 7545 4249
Press and media relations

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 1,128 billion in assets and 68,849 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.