Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG announced this on May 3, 2007 in New York City. This award is intended to highlight new alliances of shared responsibilities formed by residents, politicians, business and NGO’s and to encourage people to make their cities fit for the challenges of the 21st century.

As we near the point in the 21st century when more than half of the world’s population will be living in cities, complex problems will become concentrated in urban metropolitan areas. In his speech announcing the Urban Age Award, Josef Ackermann also mentioned this problem: “When speaking about the reality of city existence, it is important to note that all of the world’s current problems become more concentrated in urban areas. Already today, urban centers consume three-quarters of the world’s energy. To an increasing extent, cities are the places that will determine how we will live in the society of the future.”

The Deutsche Bank Urban Age Award will be presented for the first time in November 2007 during the Urban Age Conference in Mumbai, India.