Deutsche Bank Analysts Nigel Coe and Gregg Schoenleber Initiate Multi-Industry Coverage

Business Wire, June 28, 2005

NEW YORK -- Deutsche Bank Securities Inc. today announced that analysts Nigel Coe and Gregg Schoenleber have initiated coverage of twelve stocks in the multi-industry sector: Danaher Corp (NYSE: DHR), Dover Corp (NYSE: DOV), Hexcel Corp (NYSE: HXL), ITT Industries (NYSE: ITT), Rockwell Automation (NYSE: ROK), Thermo Electron (NYSE: TMO), American Standard Companies (NYSE: ASD), Ingersoll-Rand (NYSE: IR), Kaydon Corp (NYSE: KDN), Manitowoc Company (NYSE: MTW), Regal-Beloit (NYSE: RBC) and SPX Corp (NYSE: SPW).

Coe and Schoenleber are initiating coverage with an overweight rating and expected 12-month total return of 9-10% for the group. "The economy continues to grow and capacity utilization levels are approaching critical levels of 80%, meaning that underlying demand should remain robust," they said. Coe and Schoenleber see a fundamental out-performance during 2005/06 due to the cyclical nature of the industry. "We expect another couple of years of above-trend performance with revenue growth of 9-10% in 2005, falling to 6-7% by 2006."

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.

About Deutsche Bank

With Euro 901 billion in assets and 64,500 employees, Deutsche Bank 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.

Deutsche Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.

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