January 31, 2007

Supervisory Board announces change on Management Board

Dividend proposal: increase by 60 per cent to EUR 4.00 per share

The Supervisory Board of Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) announces after its meeting today that Dr. Tessen von Heydebreck (62) will be leaving Deutsche Bank's Management Board. His activity on the Management Board will end at the close of the bank's Annual General Meeting on 24 May 2007.

Dr. von Heydebreck's responsibilities will be re-allocated to other members of the bank's Management Board. Mr. Hermann-Josef Lamberti will take charge of Human Resources including the duties of Deutsche Bank’s Labour Director. Dr. Josef Ackermann will additionally take over Corporate Social Responsibility, encompassing the bank’s cultural and social activities worldwide. Dr. Hugo Bänziger will take charge of Legal and Compliance. Mr. Anthony di Iorio will be responsible for Audit.

The Supervisory Board thanks Dr. von Heydebreck for his many years of successful commitment to Deutsche Bank. In his 32 years with the company, since 1994 as Member of the Management Board, he has played an important role in shaping the bank’s development into an internationally successful financial services provider.

Dr. von Heydebreck will continue to serve Deutsche Bank in a consultative function.

At the Management Board's proposal, the Supervisory Board today resolved - subject to the establishment of the Annual Financial Statements – to propose to the Annual General Meeting on 24 May 2007 that a dividend of EUR 4.00 per share be paid for the 2006 financial year. This is an increase of 60 per cent compared with the previous year, when a dividend of EUR 2.50 per share was paid.

For further information, please contact: 
Press and Media Relations  

Alfredo Flores  
+49 69 910 47300 (Frankfurt) 

Investor Relations
+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)

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 1,097 billion in assets and 67,474 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.


This 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 Release 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 management agenda; 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 23 March 2006 on pages 7 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.