July 6, 2005

Deutsche Bank appoints Kunze as DWS Head of Distribution for Europe & Asia-Pacific and Global Head of Retail Structured Products

Deutsche Bank today announced the appointment of Stephan Kunze as Head of Distribution for Europe and Asia-Pacific at DWS, the retail fund business of Deutsche Asset Management (DeAM).

Kunze joins from ABN Amro, where most recently he was Head of Private Investor Products. Before assuming this role in 2004, he was Head of the European Private Client Group in Equity Derivatives, responsible for network sales, private banking sales and third party sales. From 1998 to 2001, Kunze headed the German and Austrian Equity Derivatives business, focusing on private clients.

Kunze will start at the beginning of October, and following Supervisory Authority approval he will also join the DWS Board of Managing Directors. Kunze will report to Axel Benkner, Global Head of DWS.

Kunze will have the additional responsibility of Global Head of Retail Structured Products, reporting to Kevin Parker, Global Head of DeAM and a member of Deutsche Bank's Group Executive Committee.

"I am delighted that Stephan has joined DWS," said Parker. "His appointment will further strengthen DWS as it seeks to build on its leading position in Europe and further develops the business in Asia."

Deutsche Bank has also appointed Karl Strobl and Henrik Takkenberg from ABN Amro. Both will become Deputy Co-Heads of Retail Structured Products, reporting to Kunze.

At ABN Amro, Strobl was most recently Global Head of Retail Products Trading and Equity Exotic Products Trading.

Takkenberg was previously European Head of Private Investor Products at ABN Amro.

"Structured Products are a key strategic growth area for DeAM and the expertise of Karl and Henrik, as well as Stephan, will be a significant asset in further developing this business," said Parker.

Strobl and Takkenberg will also start at DeAM at the beginning of October. Kunze will be based in Frankfurt, while Strobl and Takkenberg will be based in London.

For further information, please call:

Deutsche Bank
Thomas Richter
Phone: +49 69 71909-4195

Dr. Klaus Winker
Deutsche Bank
Phone: +49 69 910-32249


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 Asset Management (DeAM) is the global asset management business of Deutsche Bank AG, with AUM of US$744 billion. DeAM is one of the world's leading investment management organizations in terms of the quality and breadth of investment products, asset management expertise and client service. DeAM provides asset management capabilities to a variety of clients worldwide including foundations, non-profit organizations, public and private superannuation funds, high-net-worth individuals and retail investors.