December 5, 2005

Charles Ryan appointed Chief Country Officer and CEO of Deutsche Bank in Russia

Charles Ryan, Chairman and CEO of UFG, will become Chief Country Officer and CEO of Deutsche Bank in Russia. Alexis Rodzianko, Deutsche Bank’s current Chief Country Officer, will stay with Deutsche Bank until mid 2006 to provide a smooth transition.

Charles Ryan, Chairman and CEO of UFG said: “My team and I are delighted to begin this new chapter in the history of our organization and the Russian securities industry. Our careful approach to building this relationship slowly and prudently has ideally positioned our people and products for the smoothest possible transaction. I am looking forward to my new role and am confident that the acquisition of UFG will further reinforce DB's position as a market leader in the provision of financial advisory services in Russia. As ever, we are grateful to our clients, to whom we ultimately owe our success. The past two years have shown that the combination of UFG and Deutsche Bank has been a potent recipe for success in helping them build their businesses and meeting their investment goals. We see a bright future ahead.”

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About UFG

UFG is recognized by investors as a foremost source of accurate, independent and relevant research and innovative investment solutions. UFG’s top-ranked Equity Research team covers all major economic sectors and has been consistently ranked in the top two equity houses in Russia and EMEA. The firm has led the market in corporate finance and the burgeoning capital markets and is acknowledged by Western and Russian investors as creators of value.

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 inten-tions, 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 24 March 2005 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from Deutsche Bank Investor Relations.


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