May 1, 2006

Deutsche Securities appoints Masatoshi Inouye as Head of Global Markets Equity (Trading, Products & Structuring) Japan

Deutsche Securities Inc. (DSI), today announced the appointment, effective May 1, of Masatoshi Inouye as Head of Global Markets Equity Japan, a newly established division responsible for all equity trading, products and structuring (excluding equity sales and equity research) covering five business lines: Cash & Derivatives Trading, Structuring Investment Solutions, Strategic Transactions, Prime Services and Client Trading. Mr. Inouye will report to both Henry Ritchotte, Head of Global Markets Japan, and to Yassine Bouhara, Global Head of Equities.

Mr. Inouye began his extensive career, which spans cash, program and derivatives trading and structuring in Japanese equity markets, after completing his MBA from the J.L Kellogg Graduate School of Management in 1992. Initially with Merrill Lynch Japan Inc. for five years where he rose to be Head of the Equity Structured Product Group, Mr. Inouye was recruited to become head of the Structured Product Group at County NatWest Securities Japan Ltd. in 1997 and, later, Senior Managing Director of the Japan Equity Division at Deutsche Securities Limited, Tokyo Branch (predecessor of DSI) following its acquisition of the Japan-based securities business of National Westminster Bank PLC in February 1998. Before Mr. Inouye left Deutsche Securities to become Managing Partner at hedge fund, Diamond Head Capital Partners LLC, in 2002, he saw the company through its merger with Bankers Trust in 1999 and a period of considerable growth in its products, sales activities and revenues.

Henry Ritchotte, Managing Director and Head of Global Markets at DSI, said, "I am very happy to have Masatoshi back with Deutsche Securities. Throughout his career, he has demonstrated an agility and originality that has made a major contribution to the development of our booming structured products business. In his position as Head of Global Markets Equity Japan, Masatoshi will be in a unique position to add significantly to our greatest asset of all, our pool of intellectual capital."

Yassine Bouhara, Managing Director and Global Head of Equities, commented, "Masatoshi's experience in product development, marketing and trading lines, dovetails with our integrated, and unrelenting client-focused approach. I have no doubt that the combination of his strengths and experience will prove a significant addition to the platform."


For further information, please call:

Deutsche Securities Inc.

Seiko Adachi/Aston Bridgman (81 3) 5156 7709
Communications, Region Japan


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 992 billion in assets and 63,427 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.