Alexandre Aoude Named Country Manager of Deutsche Bank Brazil

Karam joined the firm in 1998 as President and CEO of DeutscheBank Brazil. Previously he was a General Manager and partner of BancoInteramerican Express and, prior to that, the Regional Director forLatin America and Head of Global Markets and Treasury at ChaseManhattan.

Aoude joined Deutsche Bank in 2004 as Managing Director and Headof Global Markets Sales for Brazil and is a member of the steeringcommittee of Deutsche Bank S.A. - Banco Alemao. Prior to joining thefirm, he was an Executive Director of Sales for Latin America atMorgan Stanley in New York. Aoude began his career at Banco BBM, wherehe held various positions in New York and Rio de Janeiro, Brazil.

"Roger has done an exceptional job guiding our business throughchanging market environments and especially in leading our expansionduring the current market upturn," said Waugh. "We are grateful forall he has done for us in Brazil and look forward to his participationon our Advisory Board there."

"Alexandre and his team have contributed greatly to DeutscheBank's emergence as a leading player in the Brazilian capital markets"said Calderini. "His breadth of experience makes him a natural choiceto lead our business initiatives in Brazil."

Deutsche Bank continues to be a market leader in Brazil. In 2005the firm successfully executed several equity transactions, includingfour initial pubic offerings. The firm co-led six corporate debttransactions and several debt financings for the Federal Republic ofBrazil, including back-to-back US Dollar and Euro bond deals. Inaddition, Deutsche Bank is a local leader in structured products andderivatives trading.

About Deutsche Bank

With Euro 993 billion in assets and 63,427 employees, DeutscheBank (NYSE: DB) offers unparalleled financial services in 74 countriesthroughout the world. Deutsche Bank competes to be the leading globalprovider of financial solutions for demanding clients creatingexceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate bankingand securities, transaction banking, asset management, and privatewealth management, and has a significant private and business bankingfranchise in Germany and other selected countries in ContinentalEurope.

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