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BondVision Strengthens its Position as Deutsche Bank Joins as Dealer

Milan, March 17, 2003 – Deutsche Bank, a leading global financial services group, has joined BondVision as liquidity provider, further strengthening the Exchange’s position as the largest consortium of Dealers (23) available to buy-side clients.

Ralf Roth, Managing Director and CTO, Global Fixed Income at Deutsche Bank said: “We are very pleased to be joining BondVision. As a leading and active Primary Dealer on the MTS Markets, Deutsche Bank’s entry into the system is a natural progression, and underlines our commitment to the institutional investor community.”

With a 53% increase in daily volumes and 40% increase in clients since the last quarter of 2002, BondVision has increased its distribution network to over 120 buy-side clients with 450 workstations across Europe. The addition of Deutsche Bank, coupled with the newly enriched and redesigned trading application introduced on 3 March 2003, which sees enhancements in performance as well as in trading and reporting functionalities, is expected to further accelerate BondVision’s progress.

BondVision provides over 700 euro-denominated fixed income securities, the widest pool of instruments available in the investor-based electronic marketplace, ranging from sovereign to corporate bonds. It is the only regulated Exchange in the B2C marketplace and enjoys a unique position provided by the MTS inter-dealer markets that guarantees continuous quotation of prices. Unlike other B2C multi-dealer trading platforms, BondVision targets only the buy-side and remains free of charge for clients.

A brief note to editors:

BondVision
The Internet-based multi-Dealer to Client Market powered by MTS, the leading fixed-income wholesale market in Europe and Japan. BondVision is the only regulated Internet-based multi Dealer to Client Market with an ISD European passport. Institutional Clients connect via the Internet and request for quotes from a number of Dealers prior to trading the best incoming price. BondVision Dealers are amongst those currently participating on the wholesale trading platform of the MTS Markets. Listed securities include euro Government bonds, Agencies, Asset backed securities and corporate bonds. Cash and Switch trading are supported.

For more information, please go to www.bondvision.com

About Deutsche Bank
With roughly € 758 billion in assets and approximately 77,000 employees, Deutsche Bank offers its 12 million clients unparalleled financial services in 75 countries throughout the world. The Bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating 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 & business banking franchise in Germany and other selected countries in Continental Europe.

www.deutsche-bank.com

List of BondVision Dealers

ABN Amro
Banca IMI
Banc of America Securities
Barclays Capital
Banco Bilbao Viscaya Argentaria
BNP Paribas
Caboto Securities
Capitalia
CDC Ixis CM
Commerzbank
Crédit Agricole Indosuez
Credit Suisse First Boston
Deutsche Bank
Dresdner Bank
Fortis Bank
Goldman Sachs
ING Bank NV
JP Morgan Securities
Lehman Brothers
Merrill Lynch
Morgan Stanley
UBM (Unicredit)
UBS

Contacts
Allan Malvar
Corporate Communications
Tel. +44 20 7786 6049
Email. malvar_allan@mtsgroup.org