March 23, 2007

Deutsche Bank to accelerate Australian Asset Management growth through alternative and global product focus

Majority of domestic asset management manufacturing operations sold to Aberdeen Asset Management

Deutsche Bank today announced an aggressive growth plan for its Australian Asset Management business focused on the existing global strengths of alternative investments, global products and global insurance asset management.

Under the leadership of Andrew Fay, the Australian Asset Management business will migrate from primarily a domestic manufacturing platform, to a distribution platform with some specialist investment management capabilities. The business will focus on delivering its market leading alternative investments, global products and global insurance solutions to its retail and institutional clients.

As part of this repositioning, Deutsche Bank has agreed to sell its Australian asset management manufacturing operations (Australian Fixed Income, Australian Equities) --- representing around 26% of assets under management - to Aberdeen Asset Management for up to A$148 million1. Included in the sale are the Australian equities, Australian fixed income and domestic money market operations. The large majority of Deutsche Bank’s Asset Management business will be retained - 74% of its current assets under management, or almost A$27 billion in funds.

Importantly, some specialist investment management capabilities will be retained by the Asset Management business in Australia, namely domestic property securities, gold and precious metals equities, and Australian infrastructure equities.

Chum Darvall, CEO of Deutsche Bank Group in Australia & New Zealand reaffirmed Deutsche Bank’s commitment to the Australian asset management market. ‘‘This repositioning is entirely consistent with our stated goals of concentrating on high growth, high value and specialised products. It is all about developing and leveraging the competitive advantages that come from our global strengths in asset management and financial markets.’’

Through RREEF, the world-leading alternative investments business2 of Deutsche Bank’s Asset Management division, Australian investors will have access to a growing range of real estate, infrastructure, private equity and hedge fund investments --- some of which are currently not available in this country.

‘‘Real estate, particularly domestic and international property securities, and infrastructure remain a major component of the Australian business,’’ said Andrew Fay, Head of Asset Management in Australia. ‘‘Last month we were awarded the Morningstar Fund Manager of the Year Award for Australian Listed Property. RREEF is currently ranked the third largest property manager in Australia3, with A$13.8 billion in assets under management4.’’

Through DWS Investments, the largest mutual fund company in Germany5, a top 3 player in Europe6 and among the top 10 retail players globally in terms of assets under management7, the Australian Asset Management business will offer some of the world’s most innovative and top performing mutual funds and structured products to both retail and institutional investors.

‘‘Earlier this month, the business launched the DWS Global Equity Agribusiness Fund - a first of its kind in Australia. This is the first in a series of innovative global funds managed by DWS Investments which will be released in Australia this year. We’re also planning to launch our first structured products in the second quarter of this year.’’

‘‘Global Insurance asset management remains a core business in the Australian market, where Deutsche Bank is a dominant manager of third-party insurance assets. In fact, the Australian market is considered one of the strongest growth opportunities for our Global Insurance business. We will continue to leverage our global insurance platform to deliver comprehensive solutions to insurance clients,’’ said Fay.

Australian institutional and insurance clients will also have access to innovative global solutions such as global insurance fixed income and equities management, and quantitative strategies - including iGAP, GrOWE and currency overlay. 

Please note: Past performance is not an indicator of future performance. Issued by Deutsche Asset Management (Australia) Limited ABN 11 076 098 596. Anyone wishing to invest in any funds will need to complete an application form contained in the Product Disclosure Statement (PDS). The PDS contains important information about investing in the Fund and it is important that you read the PDS before you make a decision as to whether to acquire or hold a product referred to. As this document has been prepared without taking account of your objectives, financial situation and needs, you should consider its appropriateness having regard to your objectives, financial situation and needs.

For further information, please contact:

Kristin Silva
612 9249 9568
Kate Abrahams
612 8258 2416 3

1 Final price subject to assets under management at time of deal closure.
2 Watson Wyatt Alternative Survey, September 2006, in terms of assets under management 
3 InvestorSupermarket, December 2006
4 Includes funds under management of around A$11 billion and A$2 billion managed under joint venture arrangements with DB RREEF Trust and CKI, respectively
5 BVI, as of December 2006
6 Source: FERI Fund Market Information, December 2006
7 Strategic Insight, FERI Fund Market Information, ITA as of December 2006, and AAM as of June 2006

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.