April 23 2002
Italian Equities Management Team is to be Reorganized

It has been proposed that Francois Wat, European Head of Global Equities, Anna-Maria Benassi, Head of Italian Equity research, Ruggero Bottazzi, Head of Italian Equity Product Sales, and Philippe Guez, a Managing Director in Global Equities, join the board of Deutsche Bank SIM SpA, Deutsche Bank's Italian broker.

Riccardo Bruno, Head of Corporate Finance in Italy, will remain as chair of Deutsche Bank SIM.

The changes are partly due to the impending departure of Giorgio Makula, Head of Italian Equities. Makula is leaving to pursue other entrepreneurial opportunities outside the investment banking industry.

"Giorgio has been with the bank for 12 years, he has been an important element in the success of our Italian business and we wish him well," said Bruno.

The Italian Equities operating committee will retain day-to-day management of its domestic Equities and 'into Italy' businesses. This committee will be chaired by Guez, and will comprise Benassi, Bottazzi, Peter Sartogo (Pan European Equity Product into Italian clients), Remigio Luongo (COO, Italian Equities), and representatives of the Trading and Sales functions.

"Deutsche Bank is the leading equities house in Europe. A key element of our success continues to be the delivery of a combination of country and sector expertise on a global and local basis. The strength of our country research product and of our local client relationships in Italy, networked into our global platform, is a perfect example of our strategy in action," said Wat.

The following press release was issued today.

Italian_Equities.pdf