Deutsche Bank in Universal Shelf Registration Statement and Tier 1 Offering

October 18, 2006

Cleary Gottlieb advised Deutsche Bank on its shelf registration statement filed with the U.S. Securities and Exchange Commission and a concurrent retail offering by a Deutsche Bank finance subsidiary of $600 million aggregate principal amount of trust preferred securities. The offering, which was placed to a substantial extent with retail investors in the United States, closed on October 18.

The securities, registered with the SEC, are perpetual instruments that qualify as Tier 1 regulatory capital of Deutsche Bank.