July 7, 2005

Deutsche Bank signs agreement with Aberdeen Asset Management to sell parts of its UK and Philadelphia-based Asset Management businesses for up to £265 million

Deutsche Bank today signed an agreement with Aberdeen Asset Management to sell parts of the UK and Philadelphia-based asset management businesses of Deutsche Asset Management (DeAM). The decision to sell follows a comprehensive and strategic review of Deutsche Bank's asset management business globally.

"Aberdeen Asset Management is one of the UK's leading providers of institutional asset management services and pooled funds," said Kevin Parker, Member of Deutsche Bank's Group Executive Committee and Global Head of Deutsche Asset Management. "This transaction represents an outstanding opportunity for the highly respected businesses that are part of the deal to further develop and thrive."

The transaction, which is subject to regulatory, Deutsche Bank's Supervisory Board and Aberdeen Asset Management shareholder approval, is valued at up to £265 million. This assumes a net asset value at closing of £55 million and will be dependent to some extent upon future fee revenue.

Businesses included in the sale are the UK-based institutional Equity, Fixed Income, Global Equity, Multi-Asset, and DWS retail businesses, as well as the Philadelphia-based Active Fixed Income business. DeAM's UK-based Hedge Fund and Real Estate businesses and its Philadelphia-based High Yield business do not form part of the sale and remain key and integral parts of DeAM's global platform.

"The objective is to create a stronger, more focused DeAM business that can provide greater value to our clients and shareholders," said Parker.

Throughout the closing of the transaction, DeAM will remain committed to the stability of its investment teams and their processes. "Maintaining our full fiduciary obligations to our clients is of paramount concern," Parker said.


For further information, please call:

Deutsche Bank

Jezz Farr                               +44 20 7545 7506 (London)
Alfredo Flores                      +49 69 9104 7300 (Frankfurt)
Thomas Richter                   +49 69 71909 4195 (Frankfurt)


About Deutsche Bank

With 901 billion in assets and 64,500 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading 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.

Deutsche Asset Management (DeAM) is the global asset management business of Deutsche Bank AG, with AUM of 573 billion. DeAM is one of the world's leading investment management organizations in terms of the quality and breadth of investment products, asset management expertise and client service. DeAM provides asset management capabilities to a variety of clients worldwide including foundations, non-profit organizations, public and private superannuation funds, high-net-worth individuals and retail investors.