March 9, 2006

Alexandre Aoude named Country Manager of Deutsche Bank Brazil

Deutsche Bank announced today the appointment of Alexandre Aoude as Managing Director and Country Manager for Deutsche Bank Brazil(Deutsche Bank S.A. - Banco Alemão). Aoude is based in São Paulo and reports to Seth Waugh, CEO for Deutsche Bank in the Americas, and Pablo Calderini, Global Head of Emerging Markets. He succeeds Roger Karam, who has accepted our invitation to become a member of the Deutsche
Bank Advisory Board in Brazil.

Karam joined the firm in 1998 as President and CEO of Deutsche Bank Brazil. Previously he was a General Manager and partner of Banco Interamerican Express and, prior to that, the Regional Director for Latin America and Head of Global Markets and Treasury at Chase Manhattan. Aoude joined Deutsche Bank in 2004 as Managing Director and Head of Global Markets Sales for Brazil and is a member of the steering committee of Deutsche Bank S.A. - Banco Alemão. Prior to joining the firm, he was an Executive Director of Sales for Latin America at Morgan Stanley in New York. Aoude began his career at Banco BBM, where he held various positions in New York and Rio de Janeiro, Brazil.

"Roger has done an exceptional job guiding our business through changing market environments and especially in leading our expansion during the current market upturn," said Waugh. "We are grateful for all he has done for us in Brazil and look forward to his participation on our Advisory Board there."

"Alexandre and his team have contributed greatly to Deutsche Bank's emergence as a leading player in the Brazilian capital markets" said Calderini. "His breadth of experience makes him a natural choice to lead our business initiatives in Brazil."

Deutsche Bank continues to be a market leader in Brazil. In 2005 the firm successfully executed several equity transactions, including four initial pubic offerings. The firm co-led six corporate debt transactions and several debt financings for the Federal Republic of Brazil, including back-to-back US dollar and Euro bond deals. In addition, Deutsche Bank is a local leader in structured products and derivatives trading.

For further information, please call:

Michele Allison
Media Relations

Maria Eugênia Bias Fortes Silva
+5511 5189-5810
Marketing & Corporate Communications

About Deutsche Bank

With Euro 993 billion in assets and 63,427 employees, Deutsche Bank <NYSE: DB> 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.