EXECUTIVE CHANGES

Carl-L. von Boehm-Bezing resigns from the board of managing directors at Deutsche Bank AG; JPMorgan Investor Services appoints Ramy Bourgi business executive for Europe, Middle East and Africa; Bank of America Corp. names Alan Rappaport president of its private bank.

Carl-L. von Boehm-Bezing, acting on medical advice, will resign from Deutsche Bank's Board of Managing Directors, where he served for eleven years as group board member for the Corporates and Real Estate Division. Mr. von Boehm-Bezing was instrumental in building the bank's private banking business and in extending the use of investment banking products to mid-corporate customers. He also was a key figure in implementing the financial reorganization of Metallgesellschaft AG. Mr. von Boehm-Bezing joined Deutsche Bank in 1969.

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J¼rgen Fitschen was appointed member of the Board of Managing Directors of Deutsche Bank. After joining Deutsche Bank's Asia subsidiary in 1987, Mr. Fitschen held posts in Bangkok, Tokyo and Singapore before being named a divisional board member for Corporates and Real Estate in 1997. Most recently, he was divisional board member for Global Corporates and Institutions located in London. Prior to joining Deutsche Bank, Mr. Fitschen worked for Citibank in Germany.

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Ramy Bourgi was named business executive for Europe, Middle East & Africa (EMEA) for J.P. Morgan Investor Services. He succeeds Jeremy Jewitt, a 27-year veteran at the bank. Mr. Bourgi will hold responsibility for several business segments in the region and for sales in the EMEA region, and will also act as the regional business executive for the Middle East. Mr. Bourgi joined the bank in 1992.

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Alan Rappaport joined Bank of America as president of its private bank. Mr. Rappaport formerly worked for J.P. Morgan Chase & Co. as a managing director of Chase Investment Advisors. Prior to joining Chase, he had been a managing director at CIBC Oppenheimer for 17 years, followed by a stint with the Beacon Group, an investment management firm. Mr. Rappaport will report to Richard M. DeMartini, formerly of Morgan Stanley Dean Witter, now head of Bank of America's asset management group.