March 26, 2007

Deutsche Asset Management announces major expansion of its Global Institutional Fixed Income Investment team

Stephen Johnson, Kenneth Bowling, James Guenther and Randy Paas to join

Deutsche Bank’s Asset Management division (DeAM) today announced a major expansion of its Institutional Fixed Income Investment team. A team of four senior investment managers and 12 additional senior staff will join DeAM from INVESCO, including the Chief Investment Officer for INVESCO Worldwide Fixed Income group, Stephen M. Johnson, who oversees $93.7bn in assets under management*. Also joining will be Kenneth R. Bowling, James Guenther, and Randy G. Paas. The group will report to Bart Grenier, Managing Director and Global Head of Specialty Fixed Income for DeAM.

“This is a significant expansion to our Global and U.S. Institutional Fixed Income Investment team and demonstrates our strong commitment to bringing market-leading strategies to our clients worldwide,” said Kevin Parker, Global Head of Deutsche Asset Management and Member of the Deutsche Bank Group Executive Committee.

Johnson, Chief Investment Officer for INVESCO Worldwide Fixed Income group, and a portfolio manager for INVESCO’s Total Return Fund, will join DeAM as a Managing Director. Prior to INVESCO, Johnson had Fixed Income portfolio management responsibilities with the capital management division of PNC Bank. He earned a BS from the University of Kansas, an MBA from Rice University and holds a CFA designation.

Bowling, Director of U.S. Fixed Income and Portfolio Manager for INVESCO Institutional Worldwide Fixed Income, also will join DeAM as a Managing Director. As Director of U.S. Fixed Income, Bowling has investment and oversight responsibility for the sector specialist teams and domestic portfolio management teams, including Enhanced Cash, Stable Value, Intermediate and Core Fixed Income. He earned a BS and MS in Engineering from the University of Louisville.

Guenther will join DeAM as a Managing Director from INVESCO where he is Director of Global Credit Research with INVESCO’s Institutional Worldwide Fixed Income group, and he also is co-portfolio manager of the AIM Enhanced Short Bond Fund, responsible for portfolio management of Investment-Grade Synthetic Collateralized Debt Obligations.  Prior to INVESCO, Guenther was group Vice President at Duff and Phelps Investment Research, where he directed the firm’s Financial Institution Equity research.  Guenther earned a BS degree in Business Administration from Western Michigan University and attended the DePaul University of Law. He is a CFA charter holder.

Paas will be a Managing Director at DeAM. At INVESCO, he is Director of Marketing and is responsible for the $44 billion of Stable Value Business, and is a member of the Fixed Income Management Committee. He also is a Relationship Manager for key Stable Value relationships. Paas began his career with INVESCO’s Fixed Income Division as Director of Marketing for PRIMCO Capital Management. He holds a BS from the University of Arkansas.

*, as of December 31, 2006

For further information, please call:

Ted Meyer
+1 (212) 250-7253

Mayura Hooper                        
+1 (212) 250-5536
Media Relations, Deutsche Bank

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private client franchise.  A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets.  With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world.  The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

About Deutsche Asset Management

With approximately Euro 543 billion in assets under management globally (as of 12/31/06), Deutsche Bank’s Asset Management division is one of the world's leading investment management organizations, not just in size, but in quality and breadth of investment products, performance and client service.  The Asset Management division provides a broad range of investment management products across the risk/return spectrum.