June 15, 2005

Warren Dowd to lead Deutsche Bank`s West Coast Institutional Equities Sales Group

Deutsche Bank Securities Inc. today announced that Warren Dowd has joined the firm as a Managing Director within the Global Markets division. He will be based in San Francisco and will oversee the bank's West Coast Institutional Equities Sales Group, reporting to Derek Capanna, Managing Director and Regional Head of Institutional Equities Sales for U.S. Central and West Coast Regions.

"Warren's success has been marked by his ability to initiate and maintain long-standing relationships with premier institutions by providing consistent, top-level service to clients," said David Manlowe, Managing Director and Americas Co-Head of Cash Equities. "We are confident that these skills will prove invaluable to us as we fortify our institutional equities capabilities."

Dowd joined Deutsche Bank from Morgan Stanley, where he was an Executive Director responsible for technology specialty sales. Prior to joining Morgan Stanley, he was a Vice President in the Institutional Equity Sales group at SG Cowen Securities. Dowd earned his BA from Middlebury College.


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Renee Calabro
Media Relations


About Deutsche Bank

With Euro 901 billion in assets and 64,500 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.

Deutsche Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.