DEUTSCHE BANK profile

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The largest Public-Private-Partnership project ever in Austria has reached financial close, with Deutsche Bank playing a key role.

Bonaventura, a consortium led by Hochtief PPP Solutions GmbH with its outstanding international PPP expertise and comprising Alpine Mayreder GmbH with its indispensable local construction expertise, EGIS Projects SA, Meridiam Infrastructure SA and RREEF Infrastructure Investments Ltd, has been awarded with the concession to design, build, finance and maintain 51 km of motorway in the north east of Vienna. Bonaventura will operate the concession over 33 years during which the privately raised financing will be amortised.

Deutsche Bank has been advising Bonaventura throughout the entire bidding phase on all financial matters including negotiation of all financial aspects of the concession, structuring of a highly competitive revenue profile and raising of senior and junior funds.

The total funding requirement of EUR 988m comprises EUR 26m equity and subordinated participation rights, EUR 78m mezzanine, EUR 425m privately-placed and “AAA” rated senior bonds and EUR 350m “AAA” rated EIB Loan. The remainder of the funding represents a combination of cash settlement for ancillary works and revenues from early start-up of operation. Whilst the equity and subordinated participation rights are underwritten primarily by the industrial investors, 50% of the mezzanine funding is provided by each of Meridiam and RREEF, the infrastructure investment arm of Deutsche Asset Management.

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 Press 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 Business Realignment Program; 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 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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