1. In 2005 the Center for Financial Studies (CFS) in cooperation with Frankfurt University established an international academic prize, which is to be known as "The Deutsche Bank Prize in Financial Economics".

2. The Deutsche Bank Prize in Financial Economics will be awarded every two years by the Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG. The prize, sponsored by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft, carries a cash award of € 50,000 and may not be shared. The prize holder will be appointed "Distinguished Fellow" of the CFS.

3.1. The prize will honor an internationally renowned researcher who has excelled through influential contributions to research in the fields of finance and money and macroeconomics, and whose work has led to practice and policy-relevant results.

3.2.  There will be no age, gender or race restricted procedure.

4.1. The prize will be made public in an appropriate manner.

4.2. Those eligible to nominate candidates for the prize include university teachers in the fields of finance and economics broadly defined, and researchers in comparable positions at economic research institutes as well as the jury members of the Deutsche Bank Prize in Financial Economics.

4.3. Nominations should be written in English and accompanied by an explanatory statement.

4.4. Self-nominations are not permitted.

5.1. Nominations will be assessed by an independent international prize Jury. The prize Jury will comprise:

a. Five renowned experts in economics and finance;
b. The Director of the Department of Finance at Frankfurt University or an expert, nominated by him/her;
c. The Director of the Department of Money and Macroeconomics at Frankfurt University or an expert, nominated by him/her;
d. A representative of Deutsche Bank AG;
e. The Directors of the CFS.

5.2. The chairman of the prize Jury will be elected by the members of the prize Jury for the duration of one award process.

5.3. The prize Jury will receive a list of all nominees.

5.4. The prize winner must have received more than 50% of the votes of present jury members. In the event of a tie the Chairman will have the casting vote. Absentee members of the prize jury will be permitted to submit their assessment, but these assessments will not be viewed as constituting a vote.

5.5. It is the task of the chairman to announce the prize winner to the press following the meeting at which the winner has been chosen.

5.6. The agenda and voting records of all meetings by the prize Jury will be kept at CFS. They will not be made publicly available.

6.1. The award ceremony will usually take place in October.

6.2. The award ceremony will be preceded by an academic CFSsymposium, aimed at promoting the dialogue between academia and the financial community.

6.3. The prize winner will be required to attend the award ceremony and to give a short speech as part of the ceremony proceedings.

7. The prize jury’s decision is final.

September 13, 2006