March 23, 2006

Tim Shaw and Graeme Ross named Co-Heads of Real Estate Investment Banking Team

Deutsche Bank announced today the appointments of Tim Shaw and Graeme Ross as Co-Heads of the Australian and New Zealand Real Estate Investment Banking Team within the firm's Global Banking division. Shaw and Ross are now responsible for corporate advisory in the real estate sector and will report to Scott Perkins and Hamish Douglass, Co-Heads of Global Banking.

Shaw and Ross each have over 12 years of real estate sector experience gained in both banking and corporate roles. They have been integral to the execution and origination of all of the Bank's important real estate transactions with both local and international clients in recent years. In particular they played leading roles in the recent Rubicon Europe IPO, Maguire Properties joint venture with Macquarie Office Trust, Tishman Speyer IPO, DB RReef Trust merger, Prime REIT IPO (Singapore) and numerous transactions for Westfield.

Chum Darvall, CEO said "We welcome the generational change the promotion of both Graeme and Tim heralds. They have enormous experience from both banking and corporate perspectives and complement the depth of talent the full real estate team holds."

The Deutsche Bank real estate platform is integrated across the corporate finance and equities divisions and is one of the largest in the market. The current global Dealogic 2006 ytd Real Estate League Table places Deutsche Bank first with the largest global market share of all investment banks at 11.7%.

"Our local and global real estate platform is the market leader as it plays to all of Deutsche Bank's strengths - global industry reach, capital markets distribution and a long tradition of client service" said Perkins.

For further information, please call:

Kate Abrahams
02 8258 2416

Deutsche Bank

With Euro 993 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.