May 15, 2006

Deutsche Bank expands Leveraged Capital Markets Presence in the Americas

David Flannery Appointed Head of Leveraged Capital Markets;
Mark Fedorcik Appointed Head of High Yield Capital Markets;
Lex Malas Joining as a Managing Director in High Yield Capital MarketsDeutsche Bank Securities Inc. today announced it has further expanded its presence in the leveraged capital markets in the Americas. David Flannery, a Managing Director, has been appointed Head of Leveraged Capital Markets in the Americas, a new role encompassing the underwriting and distribution of both high yield bonds and syndicated loans in the region. He will also jointly manage a recently launched Mezzanine In vestment business with Elad Shraga, a Managing Director in the Global Credit Trading group. Flannery will report to Richard Byrne, Co-Head of Global Capital Markets, and Michael Paasche, Head of Global Leveraged Finance.

Mark Fedorcik, a Managing Director, will succeed Flannery as Head of High Yield Capital Markets, and Daniel Toscano will continue in his role as Managing Director and Head of Senior Debt Capital Markets in the Americas. Both will report to Flannery.

In addition, Lex Malas will join the firm as a Managing Director in the High Yield Capital Markets group and Brian Goldberg will join the group as a Vice President. Both will be based in New York and will report to Fedorcik.

Malas will join the Bank from UBS Securities, where he was most recently a Managing Director in the High Yield Capital Markets group specializing in the energy and technology, media and telecommunications sectors. Before that he worked for 16 years at Goldman, Sachs & Co. in New York and London where his roles included US and European high yield origination, leveraged loan trading and natural resources capital markets. Goldberg joins from Goldman, Sachs & Co. where he worked in the Financing Group.

"Deutsche Bank has enjoyed a leading position in the high yield and syndicated loan businesses for many years and these leveraged products have become the cornerstones of our relationships with financial sponsors and corporate clients," said Byrne. "With these appointments, we are now positioned better than ever to capitalize on our strengths and serve our issuer and investor clients in the rapidly changing leveraged markets."

"One of the keys to our success in leveraged finance has been a very close working relationship between our loan and bond businesses, which is becoming ever more critical," said Paasche. "The combination of increasingly complex transactions and significant capital flows into both the bond and loan markets continues to blur the lines between these asset classes, and we are positioning ourselves to extend our leadership in these markets."

For further information, please call:

Ted Meyer 212-250-7253
Media Relations, Deutsche Bank

Deutsche Bank

Deutsche Bank <NYSE: DB> 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.