FOR IMMEDIATE RELEASE


Sydney, June 6, 2002 – Deutsche Bank today announced that Kenneth C Borda, currently Chief Executive Officer, Australia/New Zealand, has been appointed Chief Executive Officer, Asia Pacific (ex Japan) effective from June 30th. His appointment to the role, which encompasses all Deutsche Bank’s businesses in the region, follows Martin Loat’s decision to return to Europe. Mr Borda will be based in Asia and will represent Asia Pacific on Deutsche Bank’s Corporate and Investment Bank and Private Client & Asset Management Operating Committees.

Mr Chum Darvall, currently Deutsche Bank’s Head of Global Markets, Australia/New Zealand, has been appointed Chief Executive Officer of Deutsche Bank, Australia/New Zealand.

In announcing the appointments, Mr Juergen Fitschen, Member of Deutsche Bank’s Group Executive Committee responsible for Asia Pacific said, “ Under Ken’s stewardship, Deutsche Bank has developed into one of the leading Investment Banks in the Australia/New Zealand market and the number one rated franchise across several core business areas. An outstanding performer has been the Global Markets division headed by Chum Darvall, who will now take on overall responsibility for the further development of the Bank in the region.”

Mr Clive Smith, Chairman of Deutsche Bank Australia/New Zealand said, “Ken has made a
tremendous contribution to the growth and success of our business here and will continue to have involvement in the business in his new regional capacity. He will work closely with Chum and the local management team to ensure continuity of our successful strategy and a smooth transition of the role. Chum brings a close understanding of our strategy and a track record of success in the marketplace to his new position.”

Mr Ken Borda, CEO designate, Deutsche Bank Asia Pacific said, “ I have worked together with Chum for over 8 years and I am pleased to be handing over the reins to such a trusted and highly regarded colleague. Deutsche Bank Australia/ New Zealand is an important, consistent and substantial contributor to the Bank’s performance in the Asia Pacific, which in turn is a growth market for Deutsche Bank Group. The business is in excellent shape and well placed for future growth. “

Mr Chum Darvall said, “The opportunity to lead Deutsche Bank to the next phase of growth in Australia/New Zealand is clearly an exciting one. We have a diversified franchise in the region and a long-standing commitment to the Australasian markets. This combined with the critical mass, quality of staff and the business strategy in place gives us confidence in our continued expansion and ability to deliver superior solutions to our clients. Ken’s new regional role can only serve to strengthen Australia’s already high standing in the Deutsche Bank network.”



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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 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