Deutsche Bank Annual Report 2003 - Declaration of Backing

Deutsche Bank AG ensures, except in the case of political risk, that the following companies are able to meet their contractual liabilities:

DB Investments (GB) Limited, London

Deutsche Asset Management
International GmbH,
Frankfurt am Main
(formerly: Deutsche Asset Management GmbH)

Deutsche Asset Management
Investmentgesellschaft mbH
vormals DEGEF Deutsche Gesellschaft für Fondsverwaltung mbH,
Frankfurt am Main

Deutsche Australia Limited, Sydney

Deutsche Bank Americas Holding Corp.,
New York/USA
(formerly: Deutsche Bank North America Holding Corp.)

Deutsche Bank Luxembourg S.A.,
Luxembourg

Deutsche Bank (Malaysia) Berhad,
Kuala Lumpur

Deutsche Bank Polska S.A., Warsaw

Deutsche Bank (Portugal), S.A., Lisbon
(formerly: Deutsche Bank de Investimento, S.A.)

Deutsche Bank Rt., Budapest

Deutsche Bank S.A., Buenos Aires

Deutsche Bank S.A. – Banco Alemão,
São Paulo

Deutsche Bank S.A./N.V., Brussels

Deutsche Bank, Sociedad Anónima Española, Barcelona

Deutsche Bank Società per Azioni, Milan

Deutsche Bank (Suisse) S.A., Geneva

Deutsche Futures Singapore Pte Ltd., Singapore
(formerly: Deutsche Morgan Grenfell Futures Pte Ltd.)

Deutsche Morgan Grenfell Group plc, London

Deutsche Securities Limited, Hong Kong
(formerly: Deutsche Morgan Grenfell Capital Markets Limited)

Deutsche Securities Asia Limited,
Hong Kong

DWS Holding & Service GmbH,
Frankfurt am Main
(formerly: Deutsche Asset Management Europe GmbH)

DWS Investment GmbH, Frankfurt am Main
(formerly: DWS Deutsche Gesellschaft für
Wertpapiersparen mbH)

DWS Investment S.A., Luxembourg
(formerly: DB Investment Management S.A.)

OOO Deutsche Bank, Moscow

Schiffshypothekenbank zu Lübeck
Aktiengesellschaft, Hamburg

1 Companies with which a profit and loss transfer agreement exists are marked in the List of Shareholdings.

Declaration of Backing1