2006 Media Releases

Deutsche Bank today announced the successful close of its first-ever unsecured, senior ranking medium term note offer in New Zealand. The NZ$300 million public issue for Deutsche Bank’s New Zealand operation was increased from $200 million due to the high level of demand from investors.

This is Deutsche Bank’s second issue of medium term securities in the domestic New Zealand market having previously issued NZ$300 million of subordinated notes in 2004. With $600 million in public notes outstanding, the Bank’s debt issuance programme is now one of the largest in this market.

Commenting on the issue, Brett Shepherd, CEO of Deutsche Bank New Zealand said “the popularity of the issue was underpinned by the international diversity it provides for investors and the recognised quality of Deutsche Bank. The pricing recognises the global competitiveness of the New Zealand market. It also offered attractive funding levels for Deutsche Bank.”

The issue has a February 2008 maturity. The notes were available as fixed or floating with the fixed paying a coupon of 6.75% and the floating paying 0.04% over the 3-month bank bill rate each quarter.

For further information contact:

Paul Mowbray 
Head of Debt Capital Markets
Deutsche Bank AG New Zealand
(09) 351 1255 

Brett Shepherd
Chief Executive Officer
Deutsche Bank AG New Zealand   
(09) 351 1515

About Deutsche Bank in New Zealand

Deutsche Bank is a registered bank in New Zealand, in accordance with the Reserve Bank of New Zealand Act of 1989, and is a full branch of Deutsche Bank AG. It is the same legal entity, and not a separate subsidiary company, therefore obligations of the New Zealand operation are obligations of Deutsche Bank AG.

Deutsche Bank AG is rated AA- from Standard and Poors and Aa3 by Moodys investor service.

As at 30 September 2005, the New Zealand branch had total assets of NZ$11.5 billion.