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    Careers for MBAs

    Lifting you even higher.

    A Passion to Perform.

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    Deutsche Banks businesses are composed of tw

    distinct groups: the Corporate and Investment

    Bank (CIB) and Private Clients and Asset

    Management (PCAM).

    CIB incorporates the Global Markets and Global

    Banking divisions. It is one of the worlds leading

    investment banking firms, combining a world-cla

    investment banking platform with an unrivalled

    network of global corporate banking relationships

    PCAM comprises all of Deutsche Banks asset

    management and private wealth management

    businesses, including Deutsche Asset

    Management, Private Wealth Management, and

    Private and Business Clients. The division, with

    invested assets of 875 billion, is one of the

    worlds leading managers on investments on

    behalf of private and institutional customers.

    At Deutsche Bank, we believe that A Passion to

    Perform is more than just a claim it is the way

    we do business, attracting the brightest talent to

    deliver an unmatched franchise.

    We are committed to being the best financial

    services provider in the world. Our breadth of

    experience, leading-edge capabilities, and financi

    strength create value for our stakeholders: clients

    investors, employees, and society as a whole.

    Yet even as we continue to evolve and change,

    the keys to Deutsche Banks success remain

    constant: a focus on client needs, a spirit of

    innovation, a broad range of expertise combined

    with technological power, and financial strength

    delivered by diverse, highly skilled professionals

    across the globe.

    *March 31, 2007

    INTRODUCTION

    With 1,747 billion in assets* and over 73,000

    employees, Deutsche Bank is one of the largest

    financial institutions in the world. Deutsche Bank

    has a strong commitment to the international

    marketplace and is a truly global institution. Servingmore than 13 million customers in 73 countries,

    the bank is a leading provider of financial services

    to corporations, government agencies, and private

    individuals and institutions worldwide.

    I N T R O D U C T I O N

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    A S S E T M A N A G E M E N T

    OVERVIEW

    Deutsche Banks Asset Management division is

    a leading global investment management

    organization. We provide investment services to

    clients worldwide, who have entrusted us with

    approximately 550 billion* ($730 billion) inassets under management. Our international

    presence and broad investment expertise enables

    us to achieve truly global coverage of markets

    and sectors.

    Our diverse client base includes individual

    investors, pension funds, insurance companies,

    corporations, local government authorities and

    charities. We are committed to producing

    consistent, risk-controlled performance for our

    clients and adding value through all stages of the

    investment process.

    *March 31, 2007

    STRUCTURE

    The Asset Management division comprises four

    main business areas (described below).

    RETAIL ASSET MANAGEMENT

    (Mutual funds and structured products)Through its global DWS brand, the Asset

    Management division provides innovative retail

    investment products. DWS Investments is one of

    the leading mutual fund firms in Europe. In the US,

    the retail business operates as DWS Scudder.

    DWS products are sold in an increasing number of

    Asset Management

    Retail asset management Institutional asset management

    Insurance

    Asset Management

    Mutual Funds Cash

    Structured Products Equity

    Alternative Investments

    Real Estate

    Infrastructure

    Fixed Income

    Quantitative Strategies

    Hedge Funds

    Hedge Funds of Funds

    Private Equity Funds of Funds

    AWARDS /

    HIGHLIGHTS

    DWS is the No.1 mutual fund

    company in Germany with

    21.4% market share

    (BVI; March 2007) and thethird-largest in Europe

    (FERI, March 2007)

    Among many accolades, DWS

    has won the S&P Fund Award

    in the Larger Groups

    category in Germany for 13

    consecutive years

    DeAM is the global leader in

    third-party Insurance AssetManagement (Insurance Asset

    Manager, September 2006),

    providing specialist advice and

    investment management

    services to the insurance

    industry

    DeAM is No.2 in Germany for

    Institutional Asset

    Management (Source: BVI,

    December 2006)

    RREEF, the global alternative

    investments business, is one

    of the largest managers of

    property assets worldwide

    (INREV/Europroperty,

    May 2007)

    markets in the Asia-Pacific region.

    INSTITUTIONAL ASSET MANAGEMENT

    (Investment solutions for many types of

    institutional investor)The Institutional business covers a broad range

    asset classes and client types, and comprises th

    Cash, Equity, Fixed Income, and Quantitative

    Strategies teams. Operating as Deutsche Asset

    Management, its global client base includes

    corporations, pension funds, and non-profit

    organizations.

    GLOBAL INSURANCE ASSET MANAGEMENT

    (Investment solutions for the insurance industry

    The Insurance platform provides clients with

    customized investment programs designed to

    address an insurers specific needs. It offers

    investment solutions across multiple disciplines

    including traditional fixed income, equities, asse

    allocation services, and alternative asset classes

    such as hedge funds and real estate.

    ALTERNATIVE INVESTMENTS

    (Alternative investments for institutions

    and individuals)

    Alternative Investments include real estate,

    infrastructure, hedge funds, hedge funds of

    funds, and private equity funds of funds. RREEF

    is one of the worlds largest real estate and

    infrastructure investment organizations. It has

    expertise across a wide range of investment

    vehicles and markets.

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    GLOBAL REACH

    Global Bankings global reach differentiates it from

    most of its competitors investment banking

    offices are located in over 37 countries. This local

    market knowledge enables Deutsche Bank to be

    one of the most sophisticated cross-borderinstitutions in the world.

    BREADTH

    As part of one of the worlds largest banks, Globa

    Banking plays a crucial role in meeting clients

    unique business requirements. The strength of th

    firms balance sheet enables Global Banking to ac

    as a catalyst in creating new business

    opportunities for investment banking clients.

    Global Banking also features:

    one of the largest investment banking

    institutional sales forces

    the ability to initiate, finance and execute

    complex transactions in the large cap sector

    EXPERTISE

    Deutsche Banks Global Banking business is a

    leading provider of innovative financing solutions

    to a wide range of clients. Global Bankings

    revenues contribute to making Deutsche Bank

    one of the world's leading investment banks.

    Experience has shown that the best way to serve

    the corporate client is to provide an integrated

    platform. Deutsche Bank provides the complete

    spectrum of corporate finance products and services

    to meet the business objectives of its clients.

    Global Banking provides a full range of world-class

    investment banking products and services,

    including mergers and acquisitions advisory, debt

    and equity financing solutions, commercial real

    estate, asset finance and leasing and transaction

    banking services. The business is organized to

    bring clients the industry and banking expertise

    required to compete and win. Global Bankings

    superior execution capabilities and unparalleled

    access to the capital markets enables it to offer the

    best all-around package in the marketplace. As a

    result, Global Banking is involved in numerous

    landmark, headline-making transactions that are

    transformational for its clients.

    MARKET RECOGNITION

    Global Banking is continually recognized by major

    industry publications as an award-winning provider

    of investment banking services as exemplified in

    the selected awards shown here. Deutsche Bank

    comprises award-winning, market-leading

    franchises in M&A, high yield, leveraged finance,

    equity capital markets and commercial real estate.

    COMMITMENT

    Global Bankings client coverage teams comprise

    product specialists coordinated by a single

    coverage officer. This approach allows the division

    to deepen its strategic advisory relationships.

    Global Banking continues to strengthen its product

    franchises, adding key senior hires in the past year.

    AWARDS /

    HIGHLIGHTS

    INSTITUTIONAL INVESTOR

    Epic Awards for

    Real Estate Finance &

    Investment 2007

    Bank of the Year

    CMBS Innovator of the Year

    EUROWEEK

    Syndicated Loan &

    Leveraged Finance Awards

    2007

    Best Loan Trading House

    Best Arranger of

    German Loans

    GLOBAL FINANCE

    Worlds Best Investment

    Bank Awards 2007

    Best Investment Bank:

    Western Europe

    Best M&A Bank: Middle East

    (second successive year)

    Best Bank: Germany

    THE BANKER MAGAZINE

    Deals of the Year

    Awards 2007

    Global Winner: ICBC

    Regional Winner:

    Arcelor/Mittal

    Investment Banking

    Awards 2006

    Best Investment Bank:

    Western Europe

    Best Leveraged Finance House

    Best High Yield Bond House

    EUROMONEY

    Awards for Excellence 2007

    Best M&A House:

    Central & Eastern Europe;

    Russia; Croatia

    Deals of the Year Awards

    Six Deals That Changed

    the Market 2007

    ICBC

    Arcelor/Mittal

    Global Banking

    Corporate Finance Global Transaction Bank

    Advisory Equity Capital Markets Cash Management

    Asset Finance & Leasing Trade Finance

    Commercial Real Estate

    Leveraged DebtCapital Markets

    Trust & Securities Servic

    Coverage Capital Market Sales

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    G L O B A L B A N K I N G

    FAST FACTS

    Top 3 high yield

    underwriter globally

    and No 1 in Non-$

    Higher Yield Bonds for

    the last six years

    Major role in the

    worlds three largest

    LBOs: Canada Bell,

    Hertz, Univision

    The leader in European

    ECM, market leading

    Real Estate ECM

    franchise, No 1

    in German ECM;

    innovative provider

    of equity-linked

    techniques and

    Bookrunner on the

    worlds largest IPO

    Leading US and

    European Commercial

    Real Estate franchise

    Going from strengthto strength in

    European M&A

    league tables

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    business is the trading of credit intensive paper,

    stressed and distressed credit products that

    include high yield and high grade corporate bond

    that are under financial pressure, stressed LBO

    bank debt, restructurings and back-end equities.

    Emerging Markets trading (EM) is the only

    nonproduct specific group within Global Markets

    Instead, EM trades all instruments and asset

    classes in its targeted markets in the EEMEA

    (Eastern Europe, Middle East and Africa) and

    LatAm (Latin America) regions. Our fixed income

    desks trade Brady Bonds, Eurobonds, local

    government T-bills and also distressed and

    Non-performing loans.

    Encompassing Global Credit Derivatives,

    Investment Grade Credit Trading, Structured

    Finance, Structured Capital Markets and

    Winchester Capital businesses, Global Credit

    Trading provides an unparalleled breadth of pricin

    capability and liquidity. The group offers unique

    exit strategies across Deutsche Bank by providing

    structuring and transformation for all credit

    hedging requirements. Offering outstanding

    execution in a diverse range of products, Deutsch

    Banks ICT team sets the market standard.

    Global Finance is mandated to market interest rat

    risk products with a two year or less tenor, provid

    unsecured and secured financing for the Deutsch

    Bank group as well as provide recourse and non

    recourse financing for our clients. Our product

    suite encompasses Short End Interest Rate

    Derivatives, Money Markets, Government and

    Credit Repo, Asset Backed and Commercial Pape

    Structured Credit Finance and Exchange Traded

    Futures and Options.

    Global Markets Equity (GME) is a market leading

    provider of equity and equity-linked products to

    institutional, corporate and retail clients globally.

    OUR PRESENCE

    The Global Markets Division is responsible for the

    origination, sale, structuring and trading of fixed

    income, equity, commodity, foreign exchange,

    derivative and money market products.

    Global Markets has established itself as a global

    leader in these products by combining its unique

    distribution franchise with its pricing, structuring

    and execution expertise.

    Global Markets is dedicated to delivering exceptional

    capital raising, risk management and investment

    solutions that meet the precise needs of its clients.

    The Global Markets Division employs more than

    5,400 professionals in 39 trading rooms around

    the world.

    Deutsche Bank is one of the only institutions in the

    world able to address the diverse asset gathering

    and liability management needs of corporations,

    governments, institutional investors, hedge funds

    and financial institutions on a truly global basis.

    UNPARALLELED PRODUCT OFFERINGS

    Deutsche Banks Distressed Products business is

    the No.1 franchise in the distressed marketplace

    with a continuous 13-year track record of

    profitable growth. The business is global, with

    operations centered around teams in London,

    New York, Hong Kong, Beijing and Tokyo. Our core

    Global Markets Business Units

    Client Coverage Products

    The Institutional Client Group (ICG)Global Capital Markets

    Global ResearchCommercial Real Estate*

    *Indicates joint GM/GB business

    Global Markets Equity

    Global Finance & Foreign Exchange

    Global Commodities

    Global Rates

    Global Credit Trading

    Distressed Products

    Emerging Markets

    Global Syndicate

    AWARDS /

    HIGHLIGHTS

    NO. 1 OVERALL

    NO. 1 IN WESTERN EUROPE,

    NORTH AMERICA, ASIA, THEMIDDLE EAST AND

    AUSTRALASIA

    NO. 1 FOR TRADING

    STRATEGY AND NEW IDEAS

    NO. 1 FOR MOST

    INNOVATIVE HEDGING

    STRATEGIES

    NO. 1 FOR BEST FX

    LINKED PRODUCTS

    Euromoney, FX Poll, May 2007

    DERIVATIVES HOUSE OF

    THE YEAR

    Energy Risk Awards, May 2007

    NO.1 CORPORATE DEALER

    (2ND CONSECUTIVE YEAR)

    Risk, Corporate End User

    Survey, May 2007

    DEUTSCHE BANK WON 75

    OUT OF A POSSIBLE 90

    BEST IN CLASS AWARDS

    Global Custodian, Prime

    Brokerage Survey, March 2007

    WORLDS BEST FOREIGN

    EXCHANGE HOUSE

    Global Finance, Worlds Best

    Foreign Exchange Banks,

    Jan 2007

    DERIVATIVES HOUSE OF

    THE YEAR

    INVESTMENT GRADE

    CORPORATE BOND HOUSE

    COVERED BOND HOUSE

    IFR, Dec 2006

    DERIVATIVES HOUSE OF

    THE YEAR

    Derivatives Week, Derivatives

    Week Awards, Nov 2006

    TOP RATED PRIME

    BROKER GLOBAL

    Global Custodian, PrimeBrokerage Survey, Nov 2006

    PRIME BROKERAGE HOUSE

    OF THE YEAR

    HIGH YIELD BOND HOUSE

    OF THE YEAR

    The Banker, Investment

    Banking Awards, Oct 2006

    NO.1 BEST OVERALL BANK

    Risk, Inter-Dealer Derivatives

    Rankings, Sept 2006

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    G L O B A L M A R K E T S

    FAST FACTS

    No.1 underwriter ofEuro-denominated

    bonds every year sincethe currencys inception,

    No.1 underwriter of allcorporate bonds in

    Euros, No.1 underwriterof all sovereigns in

    Euros, No.1 underwriterof Asian G3 currency

    bonds includingAustralasia, No.2underwriter of all

    investment-grade bondsin euros, No.2

    underwriter of allinternational emergingmarket bonds and No.2for Euromarket issues

    (source: ThomsonFinancial, FY 2006)

    Ranked No.1 BestOverall Bank by Risk in

    its Inter-DealerDerivatives Rankings,

    September 2006

    Named Prime BrokerageHouse of the Year and

    High Yield Bonds Houseof the Year by The

    Bankers InvestmentBanking Awards,

    October 2006

    Named Best EmergingMarket Debt House,

    Best Investment-GradeDebt House, Best RiskManagement House by

    Euromoney in itsAwards for Excellence,

    July 2006

    In November 2006, DBwas named Top Rated

    Prime Broker Global byGlobal Custodian, Prime

    Brokerage Survey,

    Derivatives House of TheYear by DerivativesWeek and Corporate

    Bond House of the Yearin Financial News

    Awards for Excellence

    The GME franchise delivers a wide variety of

    solutions from traditional equity products to the

    most complex, equity-linked investment

    strategies. The award-winning platform offers

    scalability and flexibility in its design, providingaccess to a global network of execution services

    and financial engineering expertise.

    Deutsche Banks Foreign Exchange team

    provides liquidity across all markets even on big

    trades in tough market conditions. Capabilities

    include top tier FX Prime brokerage, world-class

    quantitative and qualitative research, and insight

    into institutional FX flows through a large

    CTA program.

    The Global Commodities Group at Deutsche Bank

    is a leading provider of risk management

    strategies across a range of products including oil,

    petroleum, gas, electricity, weather, green house

    gas emissions, base metals and precious metals.

    Global Rates is responsible for the structuring and

    trading of all interest rate and hybrid products

    in the cash and derivatives arenas. We interact

    with the complete spectrum of financial market

    participants and are the only firm that can boast

    leadership in both cash and derivatives rates

    markets. In addition to being one of the major

    providers of liquidity in flow products, Global

    Rates is dedicated to product innovation. We

    create cutting-edge, tailor-made risk management

    solutions to meet the needs of our investor and

    borrower clients.

    Global Rates is also a market leader in cross-

    product integration allowing us to offer products

    that couple interest rate risk with access to

    equity, FX, commodity, credit and alternative

    asset classes.

    WORLD CLASS CLIENT COVERAGE

    The Institutional Client Group (ICG) is the client

    interface with the investor community. ICG is a

    to access the global capabilities of Deutsche Ba

    in the service of client interests across all produ

    categories including Credit, Rates, Equities,Money Markets, FX and Commodities; in both

    underlying and derivative form. ICG is fully

    supported by integrated quantitative fixed incom

    and equities research groups and by a number

    specialist teams that focus on developing

    structured solutions.

    Global Capital Markets encompasses underwrit

    and syndication of all equities, investment grad

    and high yield bonds, and syndicated loans

    within CIB. We are the industrys leading

    international securities underwriter, with an

    unassailable competitive position in Europe, an

    the fastest growing underwriter of securities in

    North America.

    Our unrivalled ability to offer innovative financin

    solutions at all points along our clients capita

    structure and in virtually all markets around the

    world enables us to win business across a wi

    range of risk management and advisory produc

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    TRAINING

    Global Graduate Training and Development

    designs and delivers comprehensive induction

    training and continuous development modules for

    all Associate Graduate Programs at Deutsche

    Bank. The Induction Programs are held annually in

    New York and London and are designed to prepare

    successful Associates for their career at Deutsche

    Bank by providing trainees with exposure to the

    financial markets, products and investment

    services. A continuous career development

    program is also provided to graduate trainees upon

    completion of the Induction Program.

    One aspect of this is a mentoring program which

    is designed to provide senior management

    exposure and a confidential sounding board upon

    entering the hired division.

    As one of the worlds leading financial institutions,

    we provide the platform to take your career

    forward. You will participate in first-rate training

    programs, create eye-level partnerships and be

    part of diverse and aspirational workplace. We give

    you the chance to make a difference.

    Expect the better career.

    www.db.com/careers

    RECRUITMENT DETAILS

    Deutsche Bank is looking for powerful minds, with

    creative spirits and an appetite for innovation. You

    will possess the natural drive that is a prerequisite

    for success in our business. You will take

    ownership of your own projects with minimum

    supervision and you will reap the rewards of your

    success. With carefully planned training and

    guidance you will safely and reliably deliver

    solutions and add value to our clients. If you are

    the kind of person who grows and flourishes in an

    exciting world where risk and reward are the

    common denominators, we think you will find

    plenty of opportunities and career paths within

    Deutsche Bank to meet your aspirations and

    ambitions.

    APPLICATION PROCESS

    Deutsche Bank recruits on campus for

    opportunities in the United States, Europe, Asia

    and Japan. All applications are received via our

    global online application system available at

    www.db.com/careers. Candidates are selected

    based on academic record, level of interest in

    Deutsche Bank and work experience. Prior

    experience in the financial service industry ispreferred but not required.

    INTERVIEW PROCESS

    The interview process for full-time positions

    commences each year in September and is

    traditionally concluded by that years end.

    For summer opportunities, we interview in

    January through February.

    Typically, the process includes at least two rounds

    of interviews. Our interviews are competency

    based. If there are any questions concerning this

    process, candidates are advised to contact their

    regional graduate recruitment team.