FOR IMMEDIATE RELEASE


Sydney, 28 April 2004 – Deutsche Bank today announced the departure of Chief Economist IvanColhoun who leaves the Bank to assume the role of Head of Economic Research with Qantas based inSydney. Colhoun has long been interested in the aviation industry and recently gained his commercialpilot’s license.

David Plank will take up the role of Head of Global Markets Research, Australia and New Zealand withresponsibility for research management. Plank joined Deutsche Bank in 1999 and has since beenHead of Fixed Income Strategy and Relative Value Research. He was formerly the New Zealand ChiefEconomist at Bankers Trust from 1995.

Tony Meer will succeed Colhoun as Chief Economist (Australia). Meer, previously Senior Economist,has been with Deutsche Bank’s Australian Economics Group and Global Markets division since 1994.Prior to that, he worked at the Reserve Bank of Australia in the Economic Group where he focussed ondomestic economic trends and public sector finances.

On announcing the key staff changes Michael Ormaechea, Head of Global Markets Australia and NewZealand said, “Both David and Tony have been working at Deutsche Bank in senior capacities for anumber of years. They are extremely well qualified to maintain the Group’s excellent reputation andbuild on Deutsche Bank’s strong ongoing commitment to research”.

Chief Executive Officer Australia and New Zealand Chum Darvall added, “Ivan has made a significantcontribution to the development of Deutsche Bank’s franchise in Australia. His role in raisingAustralia’s profile in the key offshore markets is also appreciated. Our loss is the gain of our friends at Qantas”.

Colhoun joined Deutsche Bank in 1988 and became Chief Economist in 1998 after taking over from Dr. Don Stammer. He departs Deutsche Bank 2 June 2004, while both Plank and Meer begin their newroles on 3 June 2004.

For further information, please call:

Deutsche Bank

Jill Valentine	(61 2) 9258 2792
Communications & Marketing

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In Australia and New Zealand, Deutsche Bank has three offices with more than 1000 staff.

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