June 27, 2005

Deutsche Bank anlayst Stephen Laws initiates coverage of five companies

Deutsche Bank Securities Inc. today announced that analyst Stephen Laws has initiated coverage of the following five mortgage REITs: Annaly Mortgage (NYSE: NLY), MFA Mortgage (NYSE: MFA), Anworth Mortgage (NYSE: ANH), Luminent Mortgage (NYSE: LUM), and Bimini Mortgage (NYSE: BMM).

Laws thinks near-term capital appreciation is unlikely. "Given the REIT requirements, dividends are a significant portion of returns to shareholders," Laws said. "In the near term, we believe capital appreciation will be minimal." Longer term, he expects stocks to perform better when interest rate spreads stabilize and the yield curve steepens.

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.


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Renee Calabro 001-212-250-5525
Media Relations

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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.