July 19, 2005

Deutsche Bank analyst David Martin initiates coverage on the metals & mining sector

Deutsche Bank Securities Inc. today announced that analyst David Martin has initiated coverage on seven stocks in the metals and mining
sector: Alcoa (NYSE: AA), Alcan (NYSE: AL), Phelps Dodge (NYSE: PD), Inco (NYSE: N), Nucor (NYSE: NUE), United States Steel (NYSE: X) and Allegheny Technologies (NYSE: ATI).

Martin sees resurgence in the industry, citing demand growth, a period of underinvestment, a weaker dollar and developing economies as contributors. "We expect economic growth and demographic changes in countries like China and India - both of which are important producers and consumers-to aid the long-term health of the industry," he said.

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.

For further information, please call:

Renee Calabro
Media Relations

About Deutsche Bank

With Euro 901 billion in assets and 64,500 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 and 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.