November 20, 2006

Deutsche Bank appoints Head of European High Yield Research

Deutsche Bank today announced the appointment of Richard Phelan as Head of European High Yield Research. Phelan will report to Richard Smith, Head of European Company Research and will be based in London, with immediate effect.

In his new role Phelan will be responsible for building Deutsche's leveraged finance research franchise. Phelan has a strong track record in research and was ranked the number one Industrial Analyst by Euromoney in 2006.  In the same year Phelan also received the First Team Industrial analyst ranking by Institutional Investor.

Phelan joins Deutsche Bank from Credit Suisse where he spent the last three years as Co-Head of their European High Yield Research franchise, focusing on the general industrial and manufacturing sectors. Prior to this position he held the position of Head of European High Yield Research at UBS.

Richard Smith, Head of European Company Research said; “We are pleased to announce that Phelan will be joining the research team. The Deutsche Bank High Yield franchise is the leading underwriter in European High Yield and has been ranked number one in non-dollar denominated High Yield bonds for the past six years by Thomson Financial. Phelan’s extensive experience in this field will enhance the scope and depth of the Deutsche Bank High Yield research franchise.”

For further information, please call:

Deutsche Bank

Sarah Yates (44 20) 7547 2603
Press and Media Relations

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 Euro 1,097 billion in assets and 67,474 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.