Ad hoc: Deutsche Bank and Deutsche Post adjust structure of Postbank contract

Bonn/Frankfurt am Main, 14 January 2009 – Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) and Deutsche Post AG have agreed on an improved transaction structure for Deutsche Bank’s acquisition of Deutsche Postbank AG shares based on the previous purchase price. The contract now comprises three tranches, enabling Deutsche Bank to complete the acquisition in a more capital-efficient manner. In return, Deutsche Post will receive the proceeds of the whole transaction on the day of the closing and thus three years earlier than expected. Both parties expect the transaction to close by 27 February 2009 at the latest, subject to the approval of the antitrust authorities. The cash value of the transaction is EUR 4.9 billion.

As a first step, Deutsche Bank plans to acquire 50 million Postbank shares – corresponding to a stake of 22.9% – in a non-cash capital increase of EUR 1.1 billion excluding subscription rights. As a result, Deutsche Post will acquire a shareholding of approximately 8% in Deutsche Bank. Deutsche Post can dispose over half of this holding from the end of April 2009, the other half may be disposed of from mid-June. It has been agreed that mechanisms designed to avoid market disturbances will be applied to any such sales. During the interim a certain amount of hedging is permissible, and some measures are planned.

At the same time, Deutsche Bank will underwrite mandatory exchangeable bonds issued by Deutsche Post. After three years, these bonds – including interest payments accrued - will be exchanged for 60 million Postbank shares, or a 27.4% stake. The bonds are zero-coupon bonds with a 4 percent accrued interest per year. The cash value of the bonds at the time of the closing is anticipated to be approximately EUR 2.7 billion.

Put and call options remain in place for the remaining 26.4 million shares (or 12.1%). Deutsche Bank will pay a cash collateral for the options amounting to the cash value of EUR 1.1 billion at the time of the closing. The exercise periods are now set between the 36^th and 48^th month after closing.

Through the collateralization of the put option and the subscription to the mandatory exchangeable bonds, Deutsche Post will receive approximately EUR 3.8 billion in direct liquid funds, of which EUR 3.1 billion were received by Deutsche Post on 2 January 2009.

Upon closing of the new structure Deutsche Bank´s Tier 1 capital consumption will be reduced to EUR 1.0 billion versus EUR 2.2 billion under the previous structure.

The value for each tranche of the transaction may be adjusted before closing.

Conference Calls for Analysts and Media 14 January 2009

A Deutsche Post call mainly for journalists will be held today at 2 pm CET:

Speakers: Frank Appel, Chief Executive Officer
Bernd Boecken, Head of Corporate Finance
Manfred Harnischfeger, Head of Corporate Communications

The conference call will be transmitted through the following channels:

Phone: Germany: + 49 69 5007 1310
U.K.: + 44 20 7806 1955
U.S.: + 1 718 354 1389
passcode 423 9500#

Internet: www.dp-dhl.com

A Deutsche Bank Joint Analyst and Media Call will be held today at 2.30 pm CET:

Speakers: Dr. Josef Ackermann, Chairman of the Management Board
Stefan Krause, Chief Financial Officer
Stefan Baron, Global Head of Communications
Dr. Wolfram Schmitt, Global Head of Investor Relations

The conference call will be transmitted through the following channels:

Phone: Germany: + 49 69 7104 914 13
U.K.: + 44 203 147 4695
USA: +1 866 796 1569

Webcast: http://www.deutsche-bank.com/ir/video-audio (listen only) - live and replay -

Slides: http://www.deutsche-bank.com/ir/presentations

A Deutsche Post call mainly for analyst and investors will be held today at 3.00 pm CET:

Speakers: Frank Appel, Chief Executive Officer
John Allan, Chief Financial Officer
Bernd Boecken, Head of Corporate Finance
Martin Ziegenbalg, Head of Investor Relations

The conference call will be transmitted through the following channels:

Phone: Deutschland: + 49 69 5007 1305
U.K.: + 44 20 7806 1955
U.S.: + 1 718 354 1388
Japan: + 81 3 3570 8228
passcode 504 0474#

Internet: http://investors.dp-dhl.com