July 27, 2006

Deutsche Bank begins build out of Fixed-Income Prime Brokerage with the addition of two officers

Hester Serafini and Jacqueline Liau Join Deutsche Bank Fixed-Income Prime Brokerage from Goldman SachsDeutsche Bank Securities Inc. today announced that Hester Serafini and Jacqueline Liau have joined as Directors in the Bank's newly-launched Fixed-Income Prime Brokerage within the Global Markets division. Serafini will serve as the Chief Risk Officer and Liau will serve as the Chief Operating Officer, both will be based in New York and report to Mel Gunewardena, Managing Director and Global Head of Fixed-Income Prime Brokerage.

Serafini and Liau join from Goldman Sachs, where Serafini was most recently a Vice President responsible for risk management for the Derivatives Prime Brokerage and Liau was a Vice President responsible for developing the operating infrastructure of the Derivatives Prime Brokerage business.

"We are extremely pleased that Hester and Jacqueline have joined us," said Alan Cloete, Managing Director and Head of Global Finance. "We are very confident that they will bring the same insight and innovation to Deutsche Bank that has driven their success thus far in the prime brokerage industry."

Serafini holds a PhD in Mathematics from the Courant Institute at New York University and a MS in Mathematics from Delft University of Technology in the Netherlands. Liau holds an MBA from the University of Notre Dame and a BA from the National University of Singapore.


For further information, please call:

Renee Calabro        +1 212-250-5525
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 1,035 billion in assets and 64,103 employees, Deutsche Bank offers unparalleled financial services in 73 countries 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.

Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.