Deutsche Bank Announces the Establishment of a Global Depositary Receipt Program for OAO Severstal-Auto

LONDON--Sept. 16, 2005--Deutsche Bank today announces the establishment of a Regulation S Global Depositary Receipt (GDR) program for OAO Severstal-auto (Severstal-auto).

Founded in 2002, Severstal-auto is a Russian automotive holding company that owns controlling shareholdings in UAZ (producer of SUVs and LCVs) and ZMZ (producer of vehicle engines). These companies are well known Russian automotive brands and are among the leaders in their respective market segments. The company recently acquired ZMA and will use ZMA facilities to establish production of vehicles in partnership with foreign manufacturers.*

Akbar Poonawala, Head of Global Equity Services at Deutsche Bank said, "We are delighted to welcome yet another Severstal Group company as a client of Deutsche Bank's depositary receipts business. Severstal-auto is a valued addition to our portfolio of Russian issuers and we look forward to supporting them with our wide range of customized client services."

Vadim Shvetsov, General Director of Severstal-auto, said, "We are very optimistic about broadening the range of our potential investors and increasing liquidity of our shares through the depositary receipts."

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE RUSSIAN FEDERATION

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With Euro 964 billion in assets and 63,652 employees, Deutsche Bank offers unparalleled financial services in 74 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 and business banking franchise in Germany and other selected countries in Continental Europe.

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Deutsche Bank's Trust & Securities Services business, part of Global Transaction Banking, is one of the leading depositary banks for American Depositary Receipts (ADRs) and GDRs and a pioneer in the processing of Global Registered Shares. It currently administers over 150 programs for issuers in more than 35 countries. Trust & Securities Services at Deutsche Bank is also a leader in supporting complex debt structures. Through a fully integrated network of specialist offices worldwide, the group provides domestic custody in 25 securities markets as well as trustee, agency, depositary, SPV management and related services for all types of financing including bonds, medium term note and commercial paper programs, asset backed and mortgage backed securities, CDOs, SIVs, project financings, escrows and syndicated loans.

This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG London.

*Source: OAO Severstal-auto (September, 2005)

The Depositary Receipts have not been and are not intended to be registered pursuant to the US Securities Act of 1933 (the "Act") and are being issued pursuant to an exemption from the registration requirements of the Act. Such Depositary Receipts may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the Act. The investment or investment service which is the subject of this announcement is not available to private customers as defined by the UK Financial Services Authority. This announcement has been approved and/or communicated by Deutsche Bank AG London. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. 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