September 3, 2007

DEUTSCHE BANK HAS SUCCESSFULLY CLOSED FULL CAPITAL STRUCTURE RUB DENOMINATED CDO

Moscow & London, 3 September 2007 – Deutsche Bank today announced the successful closure of Vityaz CDO I - a full capital structure RUB denominated synthetic CDO of Russian Corporates. The deal was executed by Deutsche Bank in conjunction with Troika Dialog.

Vityaz CDO I is a 3 year, RUB 8.95 bn synthetic CDO on a diversified portfolio of local currency Russian bank and corporate credits. The Portfolio is selected and managed byTroika Dialog, a leading portfolio manager for domestic Russian corporates and financials.

The capital structure of the CDO includes equity, mezzanine and senior tranches. The risk underlying the transaction is synthetically tranferred to investors through credit default swaps of varying maturity referencing local currency RUB denominated obligations of the reference entities. Troika Dialog may make substitutions to the Portfolio based on certain criteria set out to maintain diversity and the credit quality of the underlying portfolio.

Yuri Soloviev, First Deputy Chairman of the Board of Deutsche Bank Ltd. commented, "We are delighted to have worked with our partners on this innovative deal. Vityaz CDO I is a testament to both the growth in non-governmental domestic debt issuance in Russia, and the increased investor appetite for such structured risk."



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