FOR IMMEDIATE RELEASE


Sydney, June 6, 2002 – Deutsche Bank today announced the appointment of Michael Ormaechea as Head of Global Markets, Australia/New Zealand. Michael succeeds Chum Darvall, who has been appointed CEO Deutsche Bank Australia New Zealand. Both appointments are effective from June 30th.

In announcing the appointments, Jonathan Paul said,”Michael has played a key role in making our sales and trading platform the market leader in Australia and New Zealand. He is the natural candidate to lead the ongoing evolution of our business as we seek to continue raising the bar in service of our clients’ needs."

Chum Darvall, CEO designate Deutsche Bank Australia/New Zealand said, “Michael is an outstanding professional with over 15 years’ experience in financial markets. His promotion is richly deserved. He clearly has the capabilities to expand the regional Global Markets franchise much further.”

Deutsche Bank's Global Markets business has grown substantially over the past 5 years to be a leading full service provider in Australia and New Zealand. In 2001, Deutsche Bank's achievements were recognised by the market and it's clients when it was awarded Derivatives/Risk Management House of the Year by both INSTO and AsiaRisk and won for a second year running INSTO's Debt House of the Year. Recognised as the leader in Economic Research, Securitisation, Commercial Paper and Credit Products, the Bank also enjoys the No.1 Foreign Bank position in Foreign Exchange, Money Market and OTC Derivatives.

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With total assets of over 950 billion Euro and more than 92,500 employees, Deutsche Bank offers its clients unparalleled financial services throughout the world in 75 countries. It ranks among the leaders in asset management, capital markets, corporate finance, custody, cash management and private banking. Deutsche Bank is organised in two customer-oriented Groups: "Corporate and Investment Bank" (CIB) and "Private Clients and Asset Management" (PCAM). The keys to the Bank's success remain constant: customer focus, the spirit of innovation, a broad range of product skills combined with technological power and financial strength delivered by highly skilled professionals.

In the Asia Pacific Deutsche Bank has a presence in 15 countries in Asia Pacific (ex Japan) –
Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam and employs 6300 staff in these locations. In Australia Deutsche Bank has one of the markets leading financial services franchises which employs over 1300 and offers a full range of investment, commercial and private banking and asset management products and services throughout the region.



For information, please contact:

Michael West
Press Office
Deutsche Bank AG
(61 2 ) 92582505
michael.west@db.com

or

Kate Abrahams
Press Office
Deutsche Bank AG
(61 2) 92582416
kate.abrahams@db.com