Sofia, 25 July 2006, Duma Newspaper

RREEF, the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, has formed a joint venture company with Winslow Developments Ltd to develop real estate projects in Bulgaria. The joint venture company has already underwritten its first two investments both of which are residential developments in Sofia with a projected 700 apartment units and investments for EUR 10 mln. It is expected that the joint venture company will initially focus on the residential sector in Sofia, although it may expand to commercial sectors as well as to other parts of Bulgaria. On July 4, 2006, Deutsche Bank has opened its representative office in Bulgaria following their policy for presence in the emerging markets countrie