February 23, 2011

Deutsche Bank statement regarding recommendations of the Korean Financial Services Commission on KOSPI trading on November 11, 2010

Deutsche Bank is disappointed by the recommendations of the Financial Services Commission (FSC) in relation to allegations of market manipulation by the Bank’s employees on November 11, 2010 and any incidental involvement of its local brokerage unit, Deutsche Securities Korea (DSK).

Deutsche Bank will continue to cooperate with the Korean authorities in relation to the investigation of this matter. Ultimately, we have full confidence in the Korean financial, regulatory and judicial systems.

DSK regrets the sanctions imposed by the FSC and the referrals of DSK and employees are very regrettable. The subject matter of the referral is confined to very specific areas of trading activity and the majority of Deutsche Bank’s activities in Korea will continue to operate normally.

In line with Deutsche Bank’s longstanding commitment to regulatory compliance, the Bank will commission an independent review of Deutsche Bank’s Asian Equities Absolute Strategies Group systems and controls.

With over 30 years investment and responsible conduct in Korea, Deutsche Bank remains deeply committed to Korea, its clients and staff.

Deutsche Bank Press Department

Michael West Hong Kong
+ 852 22038403

Soo Park, News Comms Seoul
+ 82 10 3752041

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 74 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.


Forward-looking statements contain risks

This press 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 report 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 strategic initiatives, 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 March 16, 2010 on pages 7 through 17 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

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