June 6, 2005

Deutsche Bank further expands U.S. Equity Capital Markets Business

Four Will Join to Launch New Monetization Services DeskDeutsche Bank Securities Inc. today announced the creation of a new Monetization Service s Desk within its U.S. Equity Capital Markets group. Four senior professionals will join the Bank to form a team that will execute secondary market transactions for corporations, financial sponsors, venture capital firms and retail clients. Services to be provided by the desk will include corporate share repurchases, tenders, equity lines, and restricted stock sales.

The team will include Neil Kearns, who will join the firm as a Managing Director and Head of the Monetization Services Desk, reporting to Mike Friezo and Doug Baird, Co -Heads of Equity Capital Markets in the U.S. Kearns will join from Credit Suisse First Boston, where he has been Head of the Monetization Services Desk since helping to create it when he joined CSFB in 1997. Before joining CSFB, Kearns worked for seven years at Smith Barney, where he was a block trader and later managed the Corporate Trading Desk. Peter Cahill, Matt Chellgren and John Sullivan also will join the new group as Vice Presidents from CSFB, reporting to Kearns.

"This new dedicated team of professionals will expand the suite of equity products we can offer to our corporate, institutional and retail clients," said Friezo. "Neil, Peter, Matt and John bring considerable experience to our team and accelerate the momentum we have achieved in the U.S. equity markets."

The new team continues the ongoing expansion of Deutsche Bank's Equity Capital Markets business in the U.S. In March, the firm announced the creation of a dedicated Private Placement and PIPE (Private Investment in Public Entities) practice within the Equity Capital Markets group. Deutsche Bank hired Steven Tuch as a Managing Director and Head of the Private Placement and PIPE effort, and he was joined by John Winkler and Susanne Mulligan. The three previously wo rked at Thomas Weisel Partners.

Deutsche Bank also has recently expanded its Cash Equities business in the U.S. Robert Karofsky joined the firm in April as a Managing Director, Global Head of Program Trading & Direct Markets Access and Americas Co -Head of Cash Equities. Karofsky worked for 14 years at Morgan Stanley, where he was most recently Managing Director and U.S. Head of Cash Equity Trading. Joseph Ferrarese also joined as Managing Director and Americas Head of Cash Trading. Other additions to that team include Donald Healy, Brian Rigney and Eric Shenker as Managing Directors and Brian Dugan, William Mathews and John Pastorelli as Directors. All joined from Morgan Stanley.

For further information, please call:

Deutsche Bank
Ted Meyer
Media Relations


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With Euro 901 billion in assets and 64,500 employees, Deutsche Bank <NYSE: DB> 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 Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.