June 7, 2006

Deutsche Bank further expands Company Research

Deutsche Bank Securities, Inc. today announced that Bill Lerner and Greg Miller have joined the firm as Managing Directors within the Global Markets Division's Company Research team. Lerner will be responsible for equity research coverage of the Telecom Services sector, and Miller will be responsible for equity research coverage of the Gaming and Lodging sector. Lerner is based in New York and Miller is based in Greenwich, Conn. Both report to Steve Pollard, Managing Director and Director of Equity Product.

Lerner joins Deutsche Bank from Prudential Equity Group where he was a Senior Vice President and Senior Equity Analyst covering the Gaming and Lodging industries. Prior to joining Prudential, Lerner spent two years at Deutsche Morgan Grenfell as an equity analyst. Lerner holds a BA in Political Science from Syracuse University and an MBA from the Boston University Graduate School of Management.

Miller joins the Bank with more than 10 years of research experience. Most recently he was a Senior Vice President of Equity and Debt Research in the Communications Services group at CRT Capital, an institutional securities research and brokerage firm. Prior to joining CRT, Miller was a Managing Director at Fulcrum Global Partners. He holds a BS in Finance from SUNY Oswego, an MA in Economics from SUNY Albany and an MBA from New York University's Stern School of Business.

"These hires mark our commitment to maintaining an industry-leading team of equity research analysts to provide insightful analysis to institutional and hedge fund clients," said Pollard. "I am confident that the deep experience that Greg and Bill bring to our team will further enhance our offering."

Deutsche Bank previously announced four senior hires within Equity Company Research this year, including Shannon Nome (Oil & Gas Exploration and Production), John Kiani (Electric Utilities), Scott Fidel (Managed Care), and Scott Appleby (Exchanges and Liquidity Providers).

For further information, please call:

Renee Calabro
Media Relations

About 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.