July 26, 2006

Deutsche Bank to add five veterans to further build its municipal products business

Deutsche Bank Securities Inc. today announced that Doug Goldberg, Sam Gruer, Robert Lind, Jere McGuffee and Ron Vandenhandel will join as Directors in its Global Markets division.

Lind joins as Head of High Yield Municipal Trading, reporting to Carlos Rodriguez, Director and Head of Municipal Trading. Vandenhandel will be responsible for High Yield Municipal Structuring and report to Tim Dowling, Managing Director and Head of North American Structuring. Lind and Vandenhandel will be based in Chicago.

Goldberg, Gruer and McGuffee will join the North American Structuring group, with responsibility for origination and structuring of derivatives and other structured products for municipal issuers. They will report to Patrick Marsh, Managing Director and Head of Municipal Structuring. Goldberg will be based in Los Angeles, Gruer in New York and McGuffee in Memphis.

Lind and Vandenhandel will join Deutsche Bank from Raymond James in Chicago, where Lind was Head of High Yield Municipal Trading and Vandenhandel was a Senior High Yield Municipal Bond Sales Trader. Goldberg will join from CDR Financial Products, where he was a Senior Vice President overseeing the Derivative and Swaps group in the Los Angeles and Philadelphia offices. Gruer will join from J.P. Morgan Chase, where he was a Vice President in the Derivatives Marketing group. McGuffee will join Deutsche Bank from Bear Stearns, where he was most recently a Managing Director in the Municipal Derivative Structuring group.

"These hires are part of a major investment we've made to build out our origination, structuring, distribution and trading capabilities in the municipal market," said Jon Kinol, Managing Director and Head of Rates for North America. "Since launching our business in 2004, we've created a highly effective platform for delivering product innovations and client solutions to this important segment of the fixed income market. With these new additions we can further leverage the capabilities of our Rates and Credit Trading businesses to service a broader client base and product offering in the municipal market."

For further information, please call:

Deutsche Bank
Michele Allison
(212) 250 -4864
Press & 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.