June 4, 2007

Deutsche Bank further strengthens its U.S. Reserach Platform with five key hires in MBS Research

Arthur Frank and Ying Shen Join the Bank as Heads of MBS Research

Deutsche Bank Securities Inc. today announced five additions to its Mortgage Backed Securities (MBS) Research Group. Arthur Frank joins the bank as a Director and Head of Agency MBS Research and Ying Shen joins as a Director and Head of Non- Agency MBS Research Group. Both are based in New York and report to Karen Weaver, Global Head of Securitization Research and Head of Research for the Americas. In addition, Yan Dong, William Natcher and Jichun Wu have joined the bank as Vice Presidents in MBS Research reporting to Shen.

Frank joins the Bank from Barclays Capital where he was a Director in the Mortgage Strategy Group. Prior to that, he was Head of MBS Research at both Nomura Securities International and HSBC Securities and a full-time faculty member at The Wharton School of the University of Pennsylvania. Shen joins from JP Morgan where he was Head of Credit Trading Modeling. Prior to working for JP Morgan, he was Chief Credit Modeler and Co-Head of the Mortgage Modeling Group at Goldman Sachs. Dong joins the bank from UBS, Natcher joins from National City Corporation and Wu join s from Freddie Mac.

“As Deutsche Bank continues to grow its US mortgage franchise and with widespread interest in the housing market, it is crucial we have a strong analytical team in place. Art and Ying’s career experience, knowledge of the industry and strong skill set across all mortgage products will be great assets to our global securitization team,” said Weaver.

Frank earned a BA from the University of Cincinnati, an MA from the University of Michigan and an MS from Purdue University. Shen earned a BS from the University of Science & Technology in China and a PhD in Mathematics from Stanford University. Dong earned a BS from Southwest Jiaotong University in China, an MS from the Massachusetts Institute of Technology (MIT) and a PhD in Transportation Engineering from MIT. Natcher earned a BA from Grove City College, an MS from the University of Alaska Fairbanks and a PhD in Applied Economics from Pennsylvania State University. Wu earned a BS from Tsinghua University in China, an M.S. from the Shanghai Institute of Mechanical Engineering and a PhD in Systems & Industrial Engineering from the University of Arizona.

For further information, please call:

Michele Allison +1-212-250-4864
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 73,114 employees in 73 countries, 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 Securities Inc., member NYSE, NASD and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.