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Deutsche Bank Sets DWS' IPO Price In EUR 30.00 - EUR 36.00/shr Range

Deutsche Bank AG (DB) said that it has set the price range for shares offered in
the planned Initial Public Offering ("IPO") of DWS Group GmbH & Co. KGaA
or "DWS" between 30.00 euros to 36.00 euros per share.

The base offering consists of 40 million existing ordinary bearer shares held by DWS's sole shareholder, DB Beteiligungs-Holding GmbH, a 100% subsidiary of Deutsche Bank and corresponds to 20 percent of DWS's existing share capital.

In addition, Deutsche Bank reserves the right to offer up to 4.78 million shares (2.4 percent of the share capital) from its indirect holdings in the event of particularly strong demand (upsize option).

Moreover, up to 5.22 million shares (2.6 percent of the share capital) from
Deutsche Bank's indirect holdings can be placed to cover potential over-allotments (in connection with a greenshoe option).

Nippon Life Insurance Company has agreed to acquire a 5.0 percent stake in DWS in the IPO at the IPO issue price.

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