April 19, 2005

Andrew Shore joins Deutsche Bank's Global Consumer Investment Banking Team

Industry Veteran to Further Strengthen Consumer Products, Household and Personal Care Investment Banking CoverageDeutsche Bank Securities Inc. today announced that Andrew Shore has joined the Global Consumer Investment Banking Group as a Managing Director based in New York. He reports to David A. Jacobs, Global Head of the Consumer Group, and is responsible for investment banking coverage of the global household and personal care industry.

Shore rejoins Deutsche Bank after working as an independent consultant for Procter & Gamble on its $57 billion acquisition of Gillette, working closely with the company's top management to provide valuation analysis and strategic advice. Prior to that, Shore was a Managing Director and Head of Global Consumer Products research at Deutsche Bank from 2000 to early 2005. In that role, he was the lead research analyst following large- and mid-capitalization household and personal care stocks.

"The consumer products sector continues to undergo transformational events and the addition of an industry veteran like Andrew enables us to provide insightful and value-added content to our clients worldwide," said Jacobs. "He brings strong relationships as well as the invaluable contribution of many years analyzing all aspects of the companies within this sector."

Over the course of his 19-year career, Shore has been a 16-time member of Institutional Investor's All-American Research team as well as a being named to The Wall Street Journal's best stock picking and earning estimates team. Shore was also a member of Institutional Investor's All-American Research team for his role as Global Strategist in Consumer Products. 

Before joining Deutsche Bank, Shore was at Paine Webber Inc. for eight years as a Managing Director and lead analyst for the household and personal care stocks team. Prior to that, he held similar positions at Prudential Securities and Shearson Lehman Brothers.

Shore graduated from George Washington University with a B.B.A. in Finance.

For further information, please call:

Ted Meyer   212-250-7253
Press and Media Relations, Deutsche Bank

About Deutsche Bank

With Euro 840 billion in assets and 65,400 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 & business banking franchise in Germany and other selected countries in Continental Europe.

Deutsche Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.