July 4, 2006

Deutsche Securities appoints Naoki Morita as Head of newly established Global Market Client Strategy Department

Deutsche Securities Inc. (DSI), today announced the establishment of a Client Strategy Department within its Global Markets Division on July 1, 2006 and that it has appointed Naoki Morita to head the new unit.

The new department will be primarily focused on the following three areas: the strengthening of client relationship management, a key global priority for Deutsche Bank Group; the support of investor relations (IR) programs; and thirdly, marketing of analyst services to key clients. These capabilities will enable DSI to provide clients with an array of comprehensive services, ranging from equities, fixed income, derivatives and structured products, to IR support and highly specialized research. In early 2005, DSI integrated its equities and fixed income operations in order to broaden its offering for all asset classes and provide comprehensive solutions. The structure of the Client Strategy Department will further ensure that DSI is well positioned to strategically deliver a wide range of services to its clients.

Before joining DSI, Mr. Morita had worked at both Goldman Sachs (Japan) Ltd. and JPMorgan Securities Japan Co., Ltd. where he handled the sale of fixed income, equities, mutual funds and other products to Japanese corporate clients, and also headed Japanese research sales. Later in his career at JPMorgan Securities Japan Co., Ltd, Mr. Morita worked on several major transactions as Head of the Equity Capital Markets Department. In his new role at DSI, Mr. Morita will report to Mr. Tsunehisa Namba, Head of Global Markets Sales at DSI, and to Mr. Wayne Grigull, Head of Relationship Management in the Global Markets Division at Deutsche Bank.

Commenting on Mr. Morita's appointment, Henry Ritchotte, Managing Director and Head of Global Markets at DSI, said, "We are firmly focused on strengthening client relationships under the Head of Global Market Sales, Tsuneishi Namba, and on delivering clear-cut solutions to our clients. The newly established Client Strategy Department will allow us to leverage the comprehensive business platform of Deutsche Bank Group to broaden the range of services we offer clients. Naoki has a solid background in the marketing of equities, fixed income and many other financial products, as well as in the primary markets. I am confident that he will play a central role in reinforcing ties within the Group to ensure that we are able to meet the increasingly diverse and complex needs of our clients."

For further information, please call:

Deutsche Securities Inc.

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


About Deutsche Bank Group

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.

In Japan, Deutsche Bank Group is engaged primarily in investment banking for corporate and institutional clients, corporate banking and asset management. The Group employs about 1,027 people.