July 19, 2006

Deutsche Securities appoints Yuhiko Yano to Global Banking Division as Head of Expanded TMT Corporate Coverage Group

Deutsche Securities Inc. (DSI), today announced that it has made key hires to further strengthen its Telecoms, Media and Technology group (TMT) within its Global Banking Division, considerably enhancing its capabilities to provide cutting-edge solutions to its clients.

In a major step, DSI appointed Yuhiko Yano as Managing Director and Head of the TMT group as of July 1. Prior to joining DSI, Mr. Yano worked for the TMT sector team at the investment banking divisions of Merrill Lynch Japan Securities Ltd. and then Lehman Brothers Japan Inc. where he was head of the group. Throughout his career, Mr. Yano has served the TMT sector and gained considerable experience and expertise in these industries. He has been involved in a number of key transactions, including both domestic and international mergers and acquisitions (M&A), business restructurings, capital raisings and initial public offerings (IPO).

On July 1, Jun Kanma and Masahiro Tsukidate also joined DSI as Directors from Lehman Brothers Japan Inc. and Booz Allen Hamilton (Japan) Inc., respectively. They have a strong track record in the TMT sector, from a broad range of investment banking services through to strategic financial planning. On June 1, DSI transferred its highly ranked Internet and Software/Business analyst, Hideki Goto, as a Director to the TMT group and appointed Kazuki Kawabe as a Vice President from Nikko Citigroup Limited, while in March, Koji Yamada joined the group as a Vice President from Mizuho Securities Ltd., considerably expanding and strengthening the team's capabilities.

Kohei Yuki, Managing Director and Head of Global Banking at DSI, said, "We are very pleased to have Yuhiko Yano and such a strong TMT group in place. This reinforces our position as a trusted business partner by offering a rich seam of experience and ability from which we can offer new business models and solutions to meet the demanding needs of our sector clients and fulfil their growth strategy objectives."

John Macfarlane, President and CEO of DSI, said, "Japan's economic recovery means that the needs of Japanese and global clients are rapidly diversifying and becoming ever more complex. Our role as financial advisor to Softbank Corporation in its acquisition of Vodafone K.K. clearly demonstrated our professional expertise and our global experience in meeting these client needs in the dynamic TMT sector. In addition to our highly ranked research capabilities in this sector, the arrival of these key professionals means that we now offer sector clients the best investment banking team in the industry."

For further information, please call:

Deutsche Securities Inc.
Seiko Adachi/Aston Bridgman
(81 3) 5156 7709
Communications, Region Japan
Deutsche Bank Group, Communications, Region Japan, Telephone: 813-5156-7704

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.