November 26, 2007

Deutsche Securities Inc. Joint Lead manages Issue of JPY58.4 Billion RMBS for Japan Housing Finance Agency

Deutsche Securities Inc. (DSI), today announced it has priced a JPY58.4 billion residential mortgage backed securities issue (RMBS) for the Japan Housing Finance Agency (JHFA), formally the Government Housing Loan Corporation (GHLC), an independent administrative institution. DSI is serving as the Book-runner and Joint Lead Manager for JHFA RMBS issue no.8, together with Joint Lead Managers and Mitsubishi UFJ Securities Co., Ltd and JPMorgan Securities Japan Co., Ltd. This is DSI’s third appointment as a Book-runner and Lead Manager to an RMBS issue by the JHFA.

The JPY58.4 billion RMBS issue carries a coupon of 1.99%, was priced at JPY100 and matures on December 10, 2042 with settlement due by December 6, 2007. Coupons on the certificates will be paid on the tenth day of each month with the first payment to be made on January 10, 2008.

The issue is rated AAA by both Standard and Poor’s (S&P) and Rating and Investment Information, Inc. (R&I).

Henry Ritchotte, Head of Global Markets at DSI, said, “We are very pleased to have served the JHFA for the third time as a Lead Manager on an RMBS issue. With the market pessimistic about the general outlook, the JHFA’s reputation and close coordination between the lead managers generated strong demand among investors and the successful placement of the issue. It makes us very proud at DSI to have again supported a highly successful issue for the JHFA, by far the largest issuer in Japan’s RMBS market.”

Mr. Ritchotte added, “We remain focused on offering ABS-based solutions to our corporate and financial institutional clients to provide the liquidity to support their balance sheet innovations. Levering the strengths of Deutsche Bank Group’s global platform, including its research, structuring and execution capabilities, DSI offers securitization solutions for residential loans and all forms of receivables, including whole business securitisations, commercial mortgage backed securitisations and asset-backed loans, to meet the diverse and complex needs of our Japanese clients.”

Deutsche Securities Inc.

Financial instruments dealer, Kanto Financial Bureau (Kin-sho) No. 117
Member of Japan Securities Dealers Association and The Financial Futures Association of

For further information, please call:

Deutsche Securities Inc.

Aston Bridgman (81 3) 5156 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 77,920 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 1,328 people.

Concerning Risks

Performance of ‘Japan Housing Finance Agency (JHFA) residential mortgage backed securities (RMBS) issue No.8’ may be affected by changes in interests rates, credit on assets in trust, the credit status of the issuer and the effects of other risks that can potentially affect the investment principal.

Other notices:

This release is intended only to communicate the issue by Deutsche Securities Inc. of the ‘residential mortgage backed securities issue (RMBS) for the Japan Housing Finance Agency (JHFA)’. Should you purchase the bond through a transaction with Deutsche Securities Inc., you would pay only the purchase price. However, there also situations in which you recurring interest charges, in addition to the purchase price, might be incurred. As stated in ‘Concerning Risks’ above, market and foreign exchange movements, economic trends, price movements and other risks including financial, legal, tax and accounting may cause a loss in investment principal. Potential investors in the RMBS issue are strongly urged to read the ‘Offering Prospectus’ and the ‘Contract Summary’, to understand and accept their contents and, based on these actions, to make their own investment decision.