November 1, 2005

Deutsche Bank appoints Yassine Bouhara as Global Head of Cash Equities in addition to the Equity Derivatives Business

Ralph Reynolds to head up equity proprietary trading globallyDeutsche Bank today announced that Yassine Bouhara will take responsibility for cash equities trading globally in addition to his role as Head of Global Equity Derivatives, effective immediately. Bouhara joined Deutsche Bank in early 1996 to set up the European equity derivatives business. Bouhara will continue to be based in London.

Ralph Reynolds will become Global Head of Equity Proprietary Trading and will relocate to New York. Reynolds joined Deutsche Bank in 1998 and was appointed Global Head of Cash Equities Trading in 2002.

Both Reynolds and Bouhara will remain as members of the Global Markets Executive Committee, reporting to Anshu Jain, Head of Global Markets and a Member of the Deutsche Bank Group Executive Committee.

Alan Cloete, Head of Global Finance, will join the Global Markets Executive Committee, reporting to Anshu Jain. Cloete joined Deutsche Bank in 1997 and prior to his present role Cloete was Co-Head of Structured Credit Trading.

Jon Hitchon, Head of Global Prime Services, will report jointly to Cloete and to Bouhara. GPS will remain an independent business, tightly aligned to the rest of our finance complex.

Anshu Jain, Head of Global Markets and a Member of the Deutsche Bank Group Executive Committee, commented, "The combination of cash and derivatives trading establishes a common management template across our core businesses. Combining cash and derivatives businesses has paid rich dividends in our credit, rates and foreign exchange franchises. I am confident that it will do so again in the equities business."

For further information, please call:

Deutsche Bank
Anna Watson   
(44 20) 7547 2603
Press and Media Relations

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With Euro 972 billion in assets and 63,751 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.