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Deutsche Bank is a global financial services leader - an undisputed presence in the major markets of the world and a leading provider of financial services to agencies, corporations, governments, private individuals, and institutions.

Deutsche Bank is the leading European financial services provider, and a significant player in the Americas, having acquired Bankers Trust (1999) and Scudder (2001). The firm also has a deep commitment to Asia Pacific lasting over 100 years.

With more than 13 million clients, and over 63,000 employees in 74 countries Deutsche Bank is the 5th largest global banking(*) business and delivers market leading products to the most demanding clients across the world.

*Indicates joint GM/GB business

DivisionGlobal Markets

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. We are dedicated to delivering exceptional capital raising, risk management and investment solutions that meet the precise needs of our clients.

We employ more than 4,750 professionals in 39 trading rooms around the world. Deutsche Bank is one of the only institutions 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. Global Markets help these institutions to protect themselves against risks such as a rise in interest rates, a fall in the Euro or the stock market, or one of their customers going bankrupt.

Global Markets prides itself on pushing forward the boundaries of investment banking.

Job RequirementsCandidates should be in their first year Masters in Business Administration degree during the current

school year (Class of 2006). Requirements include superior analytical aptitude, problem solving abilities and excellent communication skills. Leadership potential is highly valued. A commitment to integrity, professionalism and teamwork is required. Foreign language proficiency is a plus, particularly for international positions. Deutsche Bank is an Equal Opportunity Employer.

Summer Associate Program OutlineThe key to our success is the exceptional quality of our employees. We aim to attract and retain

the highest calibre professionals, it is for this reason that we invest so heavily in our Summer

Associate Programs.

We are looking to hire approximately 200 Summer Associates into our New York, London, Hong Kong, Singapore and Tokyo offices. Program specifics:

– 10 week program

– Two 4-5 weeks placements where you have the choice between debt and equity areas of the newly combined Global Markets division

– Breakfast/lunch series hosted by senior management

– Customized rotations (in addition to placements mentioned above)

– Classroom training

– Mentor program

– Formal review and feedback sessions

– Social activities

– Full-Time offers extended in September

To Apply

For more information and to apply please visit our website at www.db.com/careers. Details of events and the recruitment calendar are also available online. Please check with your Careers Service offices for interview dates and resume submission deadlines.

(*) By revenues YTD Q3 2004, (**)By market share of fee pool

www.db.com/careers

Global Markets Business UnitsGlobal Markets Business Units

Client Coverage Products

Debt Capital Markets/Corporate Coverage (DCM)*

Equity Capital Markets (ECM)*

High Yield Capital Markets*

Commercial Real Estate*

The Institutional Client Group (ICG)

Global Equity Sales

Global Research

Global Cash Equities & Program Trading

Global Finance & Prime Services

Global Rates

Global Syndicate

Distressed Products

Global Integrated Credit

FX & Commodities

Global Equity Derivatives

Emerging Markets

WORLD'S BEST FOREIGN EXCHANGE

HOUSEWORLD'S BEST RISK

MANAGEMENT HOUSEEuromoney Awards for Excellence, July 2004

CREDIT DERIVATIVES

HOUSEThe Banker Awards,

September 2004

BOND HOUSE OF THE YEAR

CDO HOUSE OF THE YEAR

IFR Review of the Year December 2003

ASSET-BACKED RESEARCH

HOUSE OF THE YEARStructured Finance

International, January 2004

NO.1 FOR EQUITY DERIVATIVESNO.1 FOR US

PORTFOLIO TRADINGNO.1 FOR EUROPEAN PORTFOLIO TRADING

Institutional Investor Derivatives Survey,

January 2004

INTERNATIONAL BEST IN CLASS FOR

FINANCING AND RISK LEVERAGE

BEST IN CLASS FOR FINANCING AND

CAPITAL INTRODUCTION IN THE

LARGE FUNDS CATEGORY, AND

CAPITAL INTRODUCTION FOR

MID-SIZE FUNDSGlobal Custodian 2004

Survey, April 2004