December 15, 2005

Deutsche Bank supports investors in grundbesitz-invest property fund

The decision of DB Real Estate Investment GmbH to temporarily suspend the issuance and redemption purchase of share units in the open-ended property fund grundbesitz-invest was taken with the support of Deutsche Bank. The German Federal Financial Supervisory Authority (BaFin) has been informed of all developments. This measure was taken in the interest of all unit holders of the fund in order to ensure equal treatment. It was a necessary decision by DB Real Estate's management, which is committed to unit holders' interests, in order primarily to protect private investors.

The upcoming revaluation of the assets of grundbesitz-invest through sworn and publicly appointed independent surveyors does not undermine the high quality of the underlying property portfolio: the fund offers a letting rate of 90% and up to 35% of its assets are invested outside of Germany. Deutsche Bank remains convinced of the recoverability of the property portfolio. The rate of return in previous years is a sign of this quality. The property fund achieved a return of 46% over a ten-year period; in the past five years the fund earned 19% for its unit holders, and 7.5% in the last three years. Furthermore, the planned distribution with a distribution yield of 3.3% will be disbursed to unit holders on January 11, 2006.

In view of the good performance, Deutsche Bank will provide unbureaucratic support to those private investors who purchased share units of grundbesitz-invest in the last two years. Josef Ackermann, Spokesman of the Board of Managing Directors of Deutsche Bank: "We want to offer quick and unbureaucratic support to private investors who invested in the fund recently, and now face a possible risk of loss in value due to the upcoming revaluation, and provide fair compensation."

Concrete measures can only be announced once the results of the revaluation by the independent surveyors are available.


For further information, please call:

Deutsche Bank Press and Media Relations

Alfredo Flores +49 69 910-47300
Andreas Bartels +49 69 910-42648


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