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Frankfurt am Main, 25. März 2004

Deutsche Bank publishes Annual Report 2003


Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today published its report for the 2003 financial year. For the first time, the report consists of an Annual Review and a Financial Report.

The illustrated Annual Review gives detailed information on Deutsche Bank, its strategy, organizational structure and individual divisions. The bank reports on its activities related to shareholders, customers, staff and society. The Annual Review also contains a summary of the financial results for 2003.

"Last year, Deutsche Bank attained a new level of operating strength. We considerably improved our risk profile and bolstered our strategic and competitive positions in our core businesses," writes Dr. Josef Ackermann, Spokesman of the Board of Managing Directors, in his letter to shareholders. "We improved the most important target figure, the underlying pre-tax return on equity, from 4% in 2002 to 13% last year. The goal we want to achieve in the next two years is 25%."

The Board of Managing Directors and the Supervisory Board will together propose to the Annual General Meeting on 2 June 2004 that the dividend be increased by 15 per cent to Euro 1.50 per share for the 2003 financial year. "This dividend proposal confirms our trust in the efficiency of our staff and the solidity of our franchise. It also underlines our confidence that we shall be able to further increase the bank's revenue strength. The positive start to 2004 is encouraging," said Dr. Ackermann.

The Financial Report contains the audited consolidated financial statements of Deutsche Bank for the 2003 financial year, which were prepared - as in previous years -
according to U.S. GAAP.

The Financial Report also provides the following information:

  • A management report with detailed notes on the financial results of the Group and the Group Divisions as well as comments on new developments in financial report-ing, and an outlook
  • A statement of income with a statement of comprehensive income
  • The balance sheet with the statement of changes in shareholders' equity and cash flow statement
  • Notes with detailed descriptions of share-based compensation plans
  • Segment reporting
  • A risk report with in-depth information on risk management and the development of credit, market and operational risks.

Integrated into the Financial Report is the Corporate Governance Report containing information required by the German Corporate Governance Code. Among other things, Deutsche Bank again publishes the individual compensation paid to the members of the Board of Managing Directors. In 2003, the total compensation paid to the Board of Man-aging Directors was Euro 28.0 million.

The Annual Review, Financial Report, U.S. Form 20-F (English only) and additional publications, such as the list of shareholdings and the list of mandates, can be retrieved from Deutsche Bank's website at www.deutsche-bank.com/03.

For the first time Deutsche Bank is providing a complete online report facility giving investors and analysts rapid access to information. The processing of reports is made simple via comprehensive file collection and download options, various search functions and a sitemap. Almost all tables from the consolidated financial statements, e.g. segment re-porting, balance sheet or statement of income, can be downloaded in Excel. Multimedia applications round off the range of information available.


Note:

  • Reported income before income taxes was Euro 2.8 bn in 2003. Reported pre-tax return on average total shareholders’ equity was 10% in 2003 (2002: 10%).
  • The financial results for the fourth quarter and the full year 2003 published on 5 February 2004 were prepared based on unaudited and preliminary data. Subsequent to the publication of those unaudited results, the bank determined that Euro 161 million had to be reclassified for the fourth quarter 2003 from “other revenues” to “trading revenues”, both of which are included in “total non-interest revenues”. This reclassification did not change total non-interest revenues, total revenues and income before income taxes. The 4Q2003 Financial Data Supplement published on 5 February 2004 has been adjusted to reflect this change. 


This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Investor Rela-tions Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 25 March 2004 in the section "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.




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