Deutsche Bank Continues Expansion into Munis; Patrick Marsh and Josh S

    Business Editors

    NEW YORK--(BUSINESS WIRE)--April 18, 2005--Deutsche Bank Securities Inc. today announced that Patrick Marsh will join as a Managing Director and Head of Municipal Structuring within the firm's Global Markets Division. In addition, Josh Sherman has joined as a Vice President in Municipal Structuring. Both Marsh and Sherman, who are based in New York, are responsible for origination and structuring of derivatives and structured products for municipal clients.
    Marsh, an industry expert with over 15 years of experience in the municipal market, joins the firm from Bear Stearns where he was a Senior Managing Director in Municipal Financial Products. Sherman also joins from Bear Stearns where he was a Vice President responsible for marketing derivatives and structured products to municipalities.
    "Patrick is very well-known and respected in the muni industry. His derivatives product knowledge, strong client relationships and market know-how are enormous assets to this growing business," said Tim Dowling, Head of North American Structuring. "He and Josh are both skilled originators and will prove to be an invaluable resource for our clients."
    In June, the firm also hired Carlos Rodriguez as a Director and Head of Municipal Trading responsible for trading municipal derivatives as well as taxable and tax-exempt municipal securities.
    "We are extremely focused on expanding our municipal capabilities, so we couldn't be more pleased that Patrick and Josh have joined our team," said Jon Kinol, Head of Rates in the Americas. "We will continue to add experienced professionals as we grow our business in the U.S."
    Prior to joining Bear Stearns, Marsh was the Co-Head of Municipal Financial Products at Greenwich Capital. He holds a BS in Finance from the University of Pennsylvania. Sherman holds a BA in Political Science from Trinity College.

    About Deutsche Bank

    With Euro 840 billion in assets and 65,400 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank is dedicated to excellence, constantly challenging the status quo to deliver superior solutions to our clients.
    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 & 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.

    www.deutsche-bank.com

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CONTACT: Deutsche Bank Media Relations Michele Agostinho, 212-250-4864

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Deutsche Bank

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