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Dresdner Kleinwort Benson Appoints David Garrity Global Research Coordinator

3 February 2000

Dresdner Kleinwort Benson Appoints David Garrity Global Research Coordinator - Automotive

    NEW YORK and LONDON--Feb. 3, 2000--Dresdner Kleinwort Benson, the investment banking division of Dresdner Bank Group, today announced the appointment of David M. Garrity, CFA, as global automotive sector research coordinator. Mr. Garrity will lead seven industry analysts worldwide in producing an integrated Dresdner Kleinwort Benson global research product.
    Mr. Garrity joined Dresdner Kleinwort Benson North America in 1999 as vice president, global automotive, in the New York-based U.S. equities research group, where he has pioneered analysis of the impact of emerging business-to-business (B2B) Internet applications in the automotive sector. In his new capacity, he will work with Dresdner Kleinwort Benson's automotive analysts in London, Frankfurt, Milan and Tokyo, as well as New York.
    Mr. Garrity will continue to report in New York to Michael Hanley, senior vice president and director of research for the Americas, and to Ulrik Trampe, executive vice president, Global Equities North America. In London, he reports to Michael Battle, Dresdner Kleinwort Benson's global research business director.
    "With this appointment we're taking an important step to support Dresdner Kleinwort Benson's strategic advisory, capital-raising, financing, and portfolio investment services to clients worldwide," Mr. Battle said. "In particular, it underscores our priority research commitment to the global automotive sector."
    Mr. Trampe added, "We are delighted to see David's prominent and growing role in North American automotive research become global. We're confident that clients will gain great value from his expanding horizon."
    Before joining Dresdner Kleinwort Benson, Mr. Garrity was most recently a principal member of GVA Research, LLC. Earlier, he served as an executive director and senior auto analyst at CIBC Oppenheimer, where he headed the North American sector research effort. He was also vice president and senior auto analyst at Salomon Smith Barney, where he ranked third in sector stock selection in the 1996 Wall Street Journal All-Star Analyst Survey.
    Mr. Garrity, a Chartered Financial Analyst, received an MBA from the Kellogg Graduate School of Management of Northwestern University, Evanston, IL, and a Bachelor of Arts in classics and philosophy from the College of Holy Cross, Worcester, MA.

About Dresdner Kleinwort Benson

    Dresdner Kleinwort Benson is the Investment Banking Division of the Dresdner Bank Group and the brand name under which the Group's investment banking products are marketed worldwide. U.S. offices include Dresdner Kleinwort Benson North America LLC, Dresdner's U.S. broker-dealer subsidiary, as well as Dresdner Bank AG's New York and Chicago Branches and its Los Angeles Agency. Dresdner Bank is the third largest banking group in Germany and one of the world's largest banks, with worldwide assets of approximately Euro 410 billion ($431 billion) as of September 30, 1999. For more information on Dresdner Kleinwort Benson, visit www.dresdnerkb.com .