June 19, 2007

Deutsche Securities Joint Lead manages Corporate Bond Issues No.2 & No.3 for Towa Real Estate Development Co., Ltd.

Deutsche Securities Inc. (DSI), today announced the successful launch of a public offering for Towa Real Estate Development Co., Ltd. (Towa Real Estate Development), a residential real estate developer, consisting of its No.2 and No.3 domestic unsecured straight bonds. DSI served as joint lead manager for the issue together with Mitsubishi UFJ Securities Co., Ltd.

The No.2 issue is sized at ¥10 billion, matures on June 25, 2010 and carries a coupon of 2.29%. The No.3 issue is similarly sized at ¥10 billion but matures on June 26, 2012 and carries a coupon of 2.77%. Both offerings are priced at 100%, offer semi-annual coupons payable on June 26 and December 26 each year, and carry an inter-bond pari passu clause. Payment date for both bonds is June 26, 2007.

The issues carry a BBB- rating provided by the Japan Credit Rating Agency, Ltd. (JCR).

Henry Ritchotte, Managing Director and Head of Global Markets at DSI, said, “This is Towa Real Estate Development’s second domestic bond issue and follows their 3-year bond issued in February 2006, and I am very pleased DSI was joint lead manager on today’s issue. The two issues expand the maturities and have tightened the spread considerably from last year’s 3-year note. The issues have been well received by a wide range of institutional investors, including investment advisors, trust banks, life insurers and regional financial institutions. Through its client focus, DSI is committed to leveraging its experience and know-how in the domestic and global capital markets to support its corporate clients in pursuit of their financial and management growth strategies.”

For further information, please call:

Deutsche Securities Inc.
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 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.