"Deutsche Bank AG" is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest Foreign exchange market/foreign exchange dealer in the world with a market share of 21 percent.

Deutsche Bank has offices in major financial centres including London, New York City, Singapore, Hong Kong, Tokyo, Paris, Moscow, Sydney, Toronto, Jakarta, Istanbul, Madrid, Dublin, Amsterdam, Warsaw, Mumbai, Kuala Lumpur, São Paulo, Dubai, Riyadh, Bangkok, Karachi, Belgrade, Manila and George Town, Cayman Islands/George Town (Cayman Islands).

The bank offers financial products and services for corporate and institutional clients along with private and business clients. Services include sales, trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk management products, such as Derivative (finance)/derivatives, corporate finance, wealth management, retail banking, Investment management/fund management, and transaction banking.

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High oil prices and their impact on the global economy are a major risk.

At $41.29 per proven barrel and $111 per 1,000 barrels a day production, the price more than doubles recent deals. Clearly this is a strategic move.

In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits.

We believe the 21 percent discount to our target price should close through 2006.

By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.

We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices.

Sales show no clear evidence of demand destruction.

We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy.

Five of the directors have spent a total of 1.1 million pounds buying shares in the past month ... so they clearly feel some positive things are happening.