Joe Krakoviak
+1 (917) 452 2406

Ralf Miller
+ (06173) 94 66 378

January 29, 2004

Deutsche Bank to Outsource Procurement to Accenture

FRANKFURT AM MAIN and NEW YORK; Jan. 29, 2004 – Deutsche Bank has signed a master services agreement with Accenture to enter into a business process outsourcing (BPO) relationship for Corporate Purchasing and Accounts Payable services worldwide. The terms and conditions of the contract were not disclosed.

Accenture will provide resources such as state-of-the-art systems, tools and processes to manage the entire procure-to-pay process. Deutsche Bank will retain responsibility over supplier selection and supplier relationships, as well as approvals and authorisations for purchasing activities and payment.

The global framework agreement reached with Accenture will be followed by individual country agreements due specific local processes throughout 2004.

This initiative is in line with Deutsche Bank’s strategy to concentrate on its core competencies.

About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 86,000 people in 48 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com.

About Deutsche Bank
With roughly Euro 864 billion in assets and approximately 68,500 employees, Deutsche Bank offers its 13 million clients unparalleled financial services in 76 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe. www.deutsche-bank.com

This Press Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including 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.
Forward-looking statements involve inherent 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 restructuring including the envisaged reduction in headcount; 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 March 27, 2003 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

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