March 6, 2007

DEUTSCHE BANK AG FINANCES THE MOSCOW HOTEL RECONSTRUCTION PROJECT

Moscow, 6 March 2007 - Deutsche Bank AG has entered into contractual arrangements to finance the Moscow hotel reconstruction project. The total amount of financing is expected to reach $600 million and the project will be carried out in accordance with the construction schedule approved by the Moscow City Government.

A part of the Hotel owner's block of shares is expected to be placed on an international stock exchange. Deutsche Bank is planned to act as an exclusive agent for the placement upon completion of this project.

The Moscow Hotel project is unique in terms of location, construction and quality and will be the first project in Russia operated by the famous international hotel company - Four Seasons. ZAO STRABAG has been chosen the general contactor for the project.

In addition to the five-star hotel and apartments, the development scheme will include offices, a shopping area, a congress centre and car parking system. The total size of the scheme is expected to exceed 183 000 square metres.

Consultants recommended by Four Seasons have helped to develop the project, with Wimberly Allison Tong & Goo responsible for architectural design. The modern interior design has been developed by Richmond International Hotel and Leisure Design Consultants, while mechanical, electrical and technical consultancy services are being provided by Canadian company Rybka Smith and Ginsler Limited.

Yuri Soloviev, Member of the Board and Head of Global Markets (Russia and CIS) at Deutsche Bank Russia commented: “Deutsche Bank's strategy in Russia includes special attention to one of the most promising sectors - real estate market. We at Deutsche Bank are deeply satisfied with our financing of the Moscow Hotel reconstruction project. Furthermore, we are very pleased to be able to collaborate with OAO DecMos and ZAO STRABAG, companies which are well known in the market and have won investors’ confidence. We have no doubts that this landmark project will be a success.”

According to Victor Makshantsev, Director, Head of Real Estate, Deutsche Bank Russia, “This project, being a landmark one for the Russian capital, is a key element in realisation of the Deutsche Bank’s expansion plans in the Russian real estate sector. Our plans are to further significantly strengthen Deutsche Bank’s presence in this market. We are sure that realisation this project will become a major milestone in our beneficial strategic partnership with such leading players as OAO DecMos and ZAO STRABAG. We also consider real estate business a key element in rolling out Deutsche Bank’s strategy in the Russian market and will be further strengthening our relations with the largest Russian developers”.

Dmitry Garkusha, DecMos CEO, added “Given the social and economic importance of the Moscow Hotel project, the best western companies are involved in the scheme. Cooperation with Deutsche Bank will allow us to successfully develop the whole project, through to completion, as well as will provide excellent access to global capital markets including the planned IPO.”

Alexander Ortenberg, General Director of ZAO STRABAG, said “STRABAG has already completed a number of development projects in Europe in cooperation with Deutsche Bank, and our successful experience of working together before assures us that the Moscow Hotel project will be completed on time.”

“Salans” is acting as legal counsel to Deutsche Bank on the transaction and “White & Case” is acting as legal counsel to OAO DecMos.

For more information please call:

Deutsche Bank

Olga Podoinitsyna
+7 (495) 797 5303

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.

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 Ltd. (Deutsche Bank Moscow) was established in April 1998. The Bank is a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank Moscow has become one of the largest foreign banks in Russia. Deutsche Bank Moscow provides local and international, corporate and private clients with a broad range of financial services, comprising corporate finance and advisory, sales, trading, transaction banking as well as private wealth management and asset management services. The bank includes the largest Russian and multinational companies among its client base.

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