Deutsche Bank Names Joseph LaVorgna New Chief Fixed Income Economist.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 24, 2004

Deutsche Bank Securities Inc. today announced the appointment of Joseph LaVorgna as Chief US Fixed Income Economist, responsible for macroeconomic analysis of the US Fixed Income markets. Based in New York, LaVorgna will

"Joe's vast knowledge of both macroeconomics and the US bond market will strengthen the framework of our analysis and prediction of trends in the US Treasury market as well as other fixed income products," said Peter Hooper. "In his new role, Joe will continue to build upon our industry leading research and further our reach to existing and future clients."

LaVorgna joined Deutsche Bank's Global Markets Research team as a Senior Economist in 1997 from Lehman Brothers, where he was a Vice President in their Fixed Income Division. Prior to that, he was an economist at UBS Securities. LaVorgna started his professional career at the Federal Reserve Bank of New York.

About Deutsche Bank

With roughly EUR 803 billion in assets and approximately 67,700 employees, Deutsche Bank (NYSE: DB) offers its 13 million clients unparalleled financial services in 76 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 & 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.