June 20, 2007

Deutsche Securities appoints Orlando Faulks as Head of Company Research

Deutsche Securities Inc. (DSI), today announced the appointment of Orlando Faulks as Head of Company Research, Japan, effective from July 1. Mr. Faulks will report to Henry Ritchotte, Head of Global Markets Japan at DSI and will have a functional reporting line to Timothy Andrew, Head of Company Research for Asia Pacific.

Mr. Faulks, a fluent Japanese speaker with more than 10 years of experience in Japan’s financial markets, takes-up his position from Fumiaki Sato who has resigned but remains with the company until September 2007. Mr. Faulks joined DSI in July 2004 and has both buy- and sell-side experience that positions him well to understand investor clients’ research needs. On the sell-side, Mr. Faulks has a strong track record in Japanese equities and was voted Asiamoney magazine’s Number One Japan Equity Salesman in 2003 by his institutional investor clients. Prior to moving to the sell-side in 2000, Mr. Faulks spent over three years as a Fund Manager at Nikko Asset Management where he was involved in country/sector allocation, stock-picking and risk analysis.

Ensuring continuity in research coverage, Masaki Taketsume assumes responsibility from Mr. Sato for the industrial electronics & semiconductor sectors. Mr. Taketsume has been with the Technology Sector research team at DSI since October 2005, after spending four years with Deutsche Asset Management in London and New York covering US high-technology stocks. He is a chartered member of the Security Analysts Association of Japan and a Chartered Financial Analyst.

Henry Ritchotte, Managing Director and Head of Global Markets at DSI, commented, “Japan’s increasingly sophisticated and dynamic markets emphasize the value our clients can achieve through the analyses and perspectives offered by Global Markets Research. Company Research is a core capability that underpins the success of our business strategies across the Japan platform, and I have every confidence in both Orlando and Masaki.”

Commenting on their appointments, Timothy Andrew said, “Orlando’s appointment represents a strong, renewed commitment to ensuring our Japan research platform enhances its vigourous, intellectual leadership. The independence and vitality of the research platform is key in providing advice to offer clients the opportunity to achieve broader and sustained alpha in their investments.”

For further information, please call:

Deutsche Securities Inc.
Seiko Adachi / Aston Bridgman (81 3) 5156 7705/7709
Communications, Region Japan

About 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 73,114 employees in 75 countries, Deutsche Bank offers unparalleled financial services 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 1,201 people.