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July 1, 2009

Deutsche Securities Inc. and Musha Research Co., Ltd. Announce Service Agreement

Deutsche Securities Inc. (DSI) today announced that it has entered into a service agreement, with immediate effect, with Musha Research Co., Ltd. (Musha Research) to be established by DSI’s former Vice Chairman, Ryoji Musha who will also become an Advisor to DSI. Mr. Musha has also entered into similar service agreements with Deutsche Bank AG, Tokyo Branch and with Deutsche Asset Management (Japan) Limited. Musha Research will provide high value-added research and analysis on Japan’s capital markets.

During his twelve years with DSI, Mr. Musha served senior positions, first as Head of Global Markets Research and Chief Equity Strategist and, later, as Vice Chairman. In his role as Advisor, DSI will retain access to his insight and analysis on Japan’s economy and markets.





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