Deutsche Bank Expands Commercial Real Estate Business In Asia-Pacific; Frank Forelle Joins as Head of Commercial Real Estate, Asia-Pacific

Business Wire, Dec 20, 2005

NEW YORK -- Deutsche Bank today announced the expansion of its Global Commercial Real Estate business in the Asia-Pacific region. As part of the growth initiative, Frank Forelle joined the bank as a Managing Director and Head of Commercial Real Estate, Asia-Pacific, reporting to Jon Vaccaro, Global Head of Commercial Real Estate (CRE). The bank also announced management appointments for its CRE operations in the region, who will report to Forelle. In the Asia Pacific region, Frank reports to Lee Zhang and Jonathan Paul, co-heads of Global Banking, Asia Pacific (ex-Japan).

In his new role, Forelle will lead the expansion of the bank's successful CRE operations in Japan to other markets in the Asia-Pacific region, including China and Australia. Previously, he was a Managing Director and Head of Commercial Mortgage-Backed Securities in North America for ABN AMRO, where he worked for seven years. Prior to that, Forelle worked at Citicorp Securities, Inc. for six years, where he was Head of Commercial Mortgage Sales and Trading.

In Shanghai, Deutsche Bank hired Greg Wells as a Director and Head of CRE, China. Wells joined the bank from Paul, Hastings, Janofsky & Walker LLP, where he established and developed the law firm's real estate practice in mainland China, focusing on the acquisition, structuring and financing of real estate assets. Prior to that, Wells was an Executive Director at Morgan Stanley Japan Limited where he was Chief Financial Officer for the firm's Asian real estate funds.

In addition, Tony Moussa will become Head of CRE, Australia, based in Sydney. Moussa previously worked for Deutsche Bank's Structured Products group in the region. Sunil Madan will continue as Head of CRE, Japan, based in Tokyo.

"The Asia-Pacific region is generating some of the world's most interesting opportunities in commercial real estate, and we expect it to be a growth engine for years to come," said Vaccaro. "We see tremendous potential to leverage our strengths in real estate and our platform in the region to support our clients' growth in these markets."

Announcing the appointment, Lee Zhang said, "Frank will be able to contribute significantly towards capturing the strong growth opportunities in the region originating from clients seeking to realize regional and global ambitions in this sector."

Jonathan Paul added, "Frank will add additional depth to our already strong investment banking presence. His appointment underscores our commitment to participating in the real estate sector throughout Asia."

Forelle earned a BS degree in finance and a JD degree with a concentration in real estate and business from Syracuse University. Wells earned a BA degree from Wichita State University and a JD degree from Southern Methodist University.

Deutsche Bank was voted number one in Global Commercial Real Estate (CRE) Banking in the inaugural Euromoney Awards for Excellence in Real Estate 2005. Deutsche Bank was also voted number one in CRE Banking in the United States and fourth in Western Europe. In addition to its CRE accolades, Deutsche Bank was awarded third place for Global Investment Banking and fifth for Global Investment Banking for Equity related issues, Global Investment Management and Investment Management in Asia.

About Deutsche Bank

With Euro 972 billion in assets and 63,751 employees, Deutsche Bank (NYSE: DB) offers unparalleled financial services in 74 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 and business banking franchise in Germany and other selected countries in Continental Europe.

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