May 15, 2006

Deutsche Bank hires Scott Appleby to cover exchanges and liquidity providers

Deutsche Bank Securities Inc. today announced that Scott Appleby has joined as a Director within the Global Markets Division's Company Research team. Appleby will provide equity research coverage of the exchanges and liquidity providers sector to clients, and will be based in New York, reporting to Steve Pollard, Managing Director and Director of Equity Product.

Appleby joins the Bank from WR Hambrecht & Co., where he played a leading role in its investment banking division through its joint venture with Appleby Capital, an investment banking advisory firm he founded.  Prior to founding Appleby Capital, he was a Senior Research Analyst covering the global financial technology sector at Robertson Stephens. He began his equity research career covering electric utilities at Paine Webber, and in the interim covered technology and major media companies at ABN Amro, Rothchilds. Appleby earned a BA from the University of Vermont and an MBA from Cornell University.

"The substantial growth of the financial markets has spurred activity within the exchanges and liquidity provider sector, making it an area of focus for our institutional and hedge fund clients," said Pollard. "I am confident that Scott's entrepreneurial and equity research experience will underscore our commitment to provide topical and insightful research to clients, and I am pleased to add him to the group."


For further information, please call:

Renee Calabro 001-212-250-5525
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.