February 28, 2006

Deutsche Bank: Acquisition of United Financial Group completed

Deutsche Bank today announced it has concluded the transaction to acquire the remaining 60% of United Financial Group (UFG). This transaction strengthens Deutsche Bank’s position as one of the leading investment banks in Russia.

As a result, the bank has a first-class platform in both M&A advisory services and the equity, bond and derivatives markets. Legally binding contracts for the purchase of the remaining 60% of UFG were signed on 5 December, 2005.

Charles Ryan, formerly Chairman and CEO of UFG, is Chief Country Officer and CEO of Deutsche Bank in Russia with immediate effect. Alexis Rodzianko, who previously held this position, will remain with Deutsche Bank until the middle of 2006 to ensure a successful transition.


For further information, please contact:

Press and Media Relations
Elaine Bartleet Tel: +44 7207 545 4907 (London)
Armin Niedermeier Tel: +49 69 910 33402 (Frankfurt)
Olga Podoinitsyna Tel: (+7 495) 797 5303 (Moscow)

Investor Relations
Tel: +49 69 910 35395 (Frankfurt)
db.ir@db.com

About Deutsche Bank
With Euro 993 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
Deutsche Bank

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 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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