New York, April 18, 2005

Deutsche Bank continues Expansion into Munis


Patrick Marsh and Josh Sherman Join Municipal Bond Desk From Bear Stearns
Deutsche Bank Securities Inc. today announced that Patrick Marsh will join as a Managing D irector and Head of Municipal Structuring within the firm's Global Markets Division. In addition, Josh Sherman has joined as a Vice President in Municipal Structuring. Both Marsh and Sherman, who are based in New York, are responsible for origination and structuring of derivatives and structured products for municipal clients.

Marsh, an industry expert with over 15 years of experience in the municipal market, joins the firm from Bear Stearns where he was a Senior Managing Director in Municipal Financial Products. Sherman also joins from Bear Stearns where he was a Vice President responsible for marketing derivatives and structured products to municipalities.

"Patrick is very well-known and respected in the muni industry. His derivatives product knowledge, strong client relationships and market know-how are enormous assets to this growing business," said Tim Dowling, Head of North American Structuring. "He and Josh are both skilled originators and will prove to be an invaluable resource for our clients."

In June, the firm also hired Carlos Rodriguez as a Director and Head of Municipal Trading responsible for trading municipal derivatives as well as taxable and tax-exempt municipal securities.

"We are extremely focused on expanding our municipal capabilities, so we couldn't be more pleased that Patrick and Josh have joined our team," said Jon Kinol, Head of Rates in the Americas. "We will continue to add experienced professionals as we grow our business in the U.S."

Prior to joining Bear Stearns, Marsh was the Co-Head of Municipal Financial Products at Greenwich Capital. He holds a BS in Finance from the University of Pennsylvania. Sherman holds a BA in Political Science from Trinity College.


For further information, please call:

Michele Agostinho
212-250-4864
Media Relations


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