June 2, 2008

Derek Davies joins Deutsche Bank as Head of Canadian Commodities

Deutsche Bank Securities Inc. today announced that Derek Davies has joined as a Managing Director and Head of Canadian Commodities within the firm’s Global Markets division. In his new role, Davies will lead the firm’s Canadian commodities operations, which provides Canadian clients with access to the bank’s global commodities business. He will be based in Calgary, Alberta, and report to Tim Sullivan, Managing Director and Head of Commodities Sales and Origination in North America.

Davies joins Deutsche Bank from UBS where he was a managing director and, most recently, the head of European power, gas, and emissions marketing. Prior to his role in Europe, Davies was a managing director in the Canadian gas and power marketing group at UBS. Before he joined UBS, he spent seven years at Enron Canada as a Vice President in charge of Enron’s Alberta power marketing activities.

“We are pleased to welcome Derek and confident that his experience will be instrumental as we continue to enhance our North American commodities business,” said Sullivan. “Canada is an important market and we believe that Derek’s proven abilities will enhance our continuing efforts in Calgary.”  

Davies has a B.A. in Economics from University of Calgary, an M.A. in Economics from University of Guelph and an M.B.A from Queen’s University.

For further information, please call:

Renee Calabro       
Media Relations

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,275 employees in 76 countries, 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 Securities Inc., member NYSE, NASD and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.