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Frankfurt, 31. Oktober 2007

Deutsche Bank reports third quarter 2007 net income of EUR 1.6 billion, up 31%


Diese Information ist nur in englischer Sprache verfügbar.



  • Income before income taxes of EUR 1.4 billion, down 19%
  • Revenues of EUR 5.1 billion, down 20%
  • Pre-tax return on average active equity of 19% for the third quarter, 33% for the first nine months
  • Diluted earnings per share of EUR 3.31 for the third quarter, up 36%, and EUR 11.13 for the first nine months, up 38%
  • PCAM net new money of EUR 17 billion for the third quarter, EUR 46 billion for the first nine months
  • BIS Tier I capital ratio of 8.8%, up from 8.4% at the end of the previous quarter

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) reported income before income taxes for the third quarter 2007 of EUR 1.4 billion, down 19% versus the third quarter of 2006. Net income for the quarter rose 31% to EUR 1.6 billion, reflecting a net positive tax impact on earnings arising from specific items. Pre-tax return on average active equity was 19% in the quarter versus 28% in the third quarter 2006. Per the bank’s target definition, which excludes certain significant gains and charges, pre-tax return on average active equity for the quarter was 12%. Diluted earnings per share were EUR 3.31 for the quarter, up 36% versus EUR 2.43 in the third quarter 2006.

Deutsche Bank further reported, in line with previously-communicated expectations, charges of EUR 603 million on leveraged loans and loan commitments (net of related fees), and EUR 1,560 million on relative value trading in both debt and equity, structured credit products, and residential mortgage-backed securities. Reflecting these charges, Corporate Banking & Securities (CB&S) reported a third-quarter pre-tax loss of EUR 179 million.

Dr Josef Ackermann, Chairman of the Management Board, said: “The third quarter of 2007 was a period of exceptional turbulence in financial markets. In investment banking, our performance was significantly impacted by this extremely challenging environment; however, our ‘stable’ businesses performed well and we reaped the benefits of some recent investments. As a result, I am pleased to report that, overall, our businesses turned in a satisfactory result in the quarter.”
 

He added: “Looking forward, challenges undoubtedly remain; however, this is also a time of opportunity for Deutsche Bank. As a market leader in investment banking, and a major global asset gatherer, we stand to benefit from the flight to quality. We have forged deep client relationships, and while clients’ priorities may change, our ability to act as trusted advisor and partner will remain. Our capital strength and well-diversified funding base are valuable competitive advantages. Strategically, our path is clear: we stay the course! We have made a positive start to the fourth quarter, and assuming markets function at normal levels, we re-affirm our commitment to delivering on our 2008 financial targets.”

For the first nine months of 2007, income before income taxes was EUR 7.3 billion, up 14% versus the first nine months of 2006. Net revenues rose 10% to EUR 23.5 billion, while net income rose 30% to EUR 5.5 billion. Pre-tax return on average equity was 33%, versus 34% in the first nine months of 2006, while diluted earnings per share rose 38% to EUR 11.13. Per target definition, pre-tax return on average active equity was 29% versus 33% in the first nine months of 2006, while diluted earnings per share rose 21% to EUR 9.06.


Group Highlights

Net revenues for the third quarter 2007 were EUR 5.1 billion, down 20% versus the third quarter 2006.

In the Corporate and Investment Bank (CIB), revenues were EUR 1.9 billion, down by EUR 2.1 billion, or 52%, reflecting charges totalling EUR 2.2 billion in CB&S. Of these charges, EUR 1.6 billion were taken on trading activities in relative value trading in both debt and equity, CDO correlation trading and residential mortgage-backed securities. Reflecting these charges, revenues in Sales & Trading (Debt and other products) declined 71% versus the prior year quarter to EUR 576 million. Revenues in Sales & Trading (Debt and other products) included a gain of EUR 22 million related to the impact of the widening of structured debt spreads on Deutsche Bank issued notes, which the bank has elected to account for under the fair value option. Revenues in Sales & Trading (Equity) declined 38% to EUR 428 million. In addition, charges of EUR 603 million (net of fees) were taken against leveraged loans and loan commitments, over and above charges already taken in the second quarter 2007. Reflecting these charges, Origination revenues were negative EUR 120 million. By contrast, Advisory revenues were EUR 269 million, their best-ever level for a quarter. Revenues in Global Transaction Banking (GTB) rose 22% to EUR 661 million, driven by strong volumes in all key product areas.

In Private Clients and Asset Management (PCAM), revenues rose 19% to EUR 2.6 billion. In Asset and Wealth Management (AWM), revenues rose 24% to EUR 1.1 billion, partly reflecting strong performance fees in retail and alternative asset management, and the increased invested asset base. In Private & Business Clients (PBC), revenues rose 15% to EUR 1.4 billion, reflecting growth in both brokerage and loan/deposit revenues and contributions from Berliner Bank and norisbank. 

In Corporate Investments (CI), revenues were EUR 654 million, compared to EUR 81 million in the prior year quarter, reflecting gains on the sale of industrial holdings (principally Allianz SE and Linde AG), the sale and leaseback of the bank’s premises at 60 Wall Street, and appreciation of the bank’s option to increase its investment in Hua Xia Bank Co. Ltd. in China.

For the first nine months, net revenues were EUR 23.5 billion, up 10% versus the first nine months of 2006. Revenues in CB&S were EUR 12.7 billion, essentially unchanged from the prior year period, while revenues in GTB rose 17% to EUR 1.9 billion, revenues in AWM rose 8% to 3.3 billion, and revenues in PBC rose 13% to EUR 4.3 billion.

Provision for credit losses was EUR 105 million, up from EUR 76 million in the third quarter 2006. This development reflects the acquisitions of Berliner Bank and norisbank in PBC, and an increase in provision for credit losses in CIB of EUR 8 million due to lower net releases. For the first nine months, provision for credit losses were EUR 283 million, compared to EUR 168 million in the first nine months of 2006.

Noninterest expenses were EUR 3.5 billion, down by 22% versus the third quarter 2006. Compensation expenses were EUR 1.7 billion, compared to EUR 2.7 billion in the prior year quarter, primarily reflecting lower performance-related compensation expenses driven by lower revenues during the quarter. Non-compensation expenses for the quarter were EUR 1.8 billion, unchanged versus the prior year quarter. Non-compensation expenses in the current quarter benefited from an agreement with the tax authorities to allow application of a refined methodology for recovery of value added tax paid in prior years and insurance reimbursements relating to litigation cases settled in previous periods. For the first nine months, total noninterest expenses were EUR 15.9 billion, up 8% from EUR 14.7 billion in 2006. Compensation expenses were EUR 9.9 billion, up from EUR 9.4 billion in the first nine months of 2006, while non-compensation expenses were EUR 6.0 billion, up from EUR 5.3 billion in the prior year period.

Income before income taxes for the quarter was EUR 1.4 billion, down 19% versus the third quarter of 2006. Pre-tax return on average active equity for the quarter was 19%. Per the bank’s target definition, which excludes EUR 491 million of significant gains (net of related expenses) in the current quarter, pre-tax return on average active equity was 12%. For the first nine months, pre-tax return on average active equity was 33%, versus 34% in the first nine months of 2006. Per target definition, pre-tax return on average active equity was 29%, compared to 33% in the prior year period.

Net income for the quarter was EUR 1.6 billion, up 31% versus the third quarter 2006. The net impact of income taxes in the quarter was positive, principally reflecting several factors: the effects of German tax reform, utilisation of capital losses, successful resolution of outstanding tax matters, and claims relating to current and prior years, which totalled approximately EUR 600 million. For the first nine months, net income was EUR 5.5 billion, up by 30% versus the first nine months of 2006. Diluted earnings per share for the quarter were EUR 3.31, up 36% versus EUR 2.43 in the third quarter 2006. The increase of current quarter diluted earnings per share reflects a reduction in the number of dilutive shares resulting from the modification of certain derivative contracts, related to trading in Deutsche Bank shares, in late 2006. Excluding this effect, the increase in diluted earnings per share over the prior year quarter would have been EUR 0.78, or 31%. For the first nine months, diluted earnings per share were EUR 11.13, up 38% versus EUR 8.05 in the first nine months of 2006. Excluding the aforementioned effect, the increase in diluted earnings per share over the first nine months of the prior year would have been EUR 2.65, or 31%.

The BIS Tier I ratio was 8.8% at the end of the quarter, up from 8.4% at the end of the second quarter, at the upper end of the bank’s published target range of between 8% and 9%, reflecting increased retained earnings and tight discipline of capital usage. Risk-weighted assets were EUR 311 billion at the end of the quarter, up by EUR 4 billion versus the end of the second quarter. During the quarter, the bank repurchased 1.4 million shares, or 0.3% of shares issued, at an average purchase price of EUR 96.75 per share.

Deutsche Bank continues to apply accounting and valuation principles consistently with prior periods.


Business Segment Review

Corporate and Investment Bank Group Division (CIB)

CIB’s net revenues for the quarter were EUR 1.9 billion, a decrease of 52%, or EUR 2.1 billion, versus the third quarter 2006. Noninterest expenses were EUR 1.9 billion, a decrease of 35%, or EUR 998 million, compared to the prior year quarter. Income before income taxes of EUR 85 million in the third quarter 2007 was 93%, or EUR 1.1 billion, below the same quarter last year.

In the first nine months of 2007, CIB’s net revenues were EUR 14.6 billion, an increase of 2%, or EUR 248 million, versus the first nine months of 2006. Noninterest expenses of EUR 10.2 billion increased by 7%, or EUR 647 million, compared to the same period last year. Income before income taxes was EUR 4.5 billion, down 9%, or EUR 423 million from the first nine months of 2006.

Corporate Banking & Securities (CB&S)

Sales & Trading (Debt and other products) generated revenues of EUR 576 million in the third quarter 2007, a decrease of 71%, or EUR 1.4 billion, versus the third quarter 2006. Performance suffered primarily from the rapid loss of liquidity in credit markets from August onwards. The substantial market turbulence caused breakdowns in relationships between credit securities and hedging instruments such as derivatives based on broad market indices. These together with the loss of liquidity negatively impacted credit trading positions in relative value trading, CDO correlation trading and residential mortgage-backed securities, even after taking into account significant gains on offsetting hedge positions.

However, the third quarter benefited from the strong performance of our money markets, rates and foreign exchange trading businesses due to investors’ increased demand for safer and more liquid instruments. CB&S experienced record volumes in foreign exchange and interest rate swaps and was among the most consistent market makers in both products, providing valuable liquidity in a time of great stress for our clients. In addition to the aforementioned factors the third quarter 2007 included a gain of EUR 22 million related to the impact of the widening of structured debt spreads on Deutsche Bank issued notes, which we have elected to account for under the fair value option.

Sales & Trading (Equity) generated revenues of EUR 428 million in the third quarter 2007, a decrease of 38%, or EUR 262 million, versus the third quarter 2006. Earnings in our customer-driven equities businesses were modestly ahead of third quarter 2006, with gains in cash equities particularly in non-Japan Asia and structured products. Performance in equity derivatives was however negatively affected by the cost of hedging against significant market corrections. Prime Services was strong across almost all regions based on significant new mandates and increased wallet share with existing clients. We reported a loss for the quarter in our designated equity proprietary trading business, where market dislocations and corrections adversely impacted our relative value and other trading strategies.


Origination and Advisory generated revenues of EUR 148 million in the third quarter 2007, a decrease of 77%, or EUR 493 million, versus the third quarter 2006. Third quarter revenues included a mark-to-market loss of EUR 603 million (net of fees) from the write-down of leveraged loans and loan commitments, which drove the loss in Origination (Debt). At the end of the third quarter, total unfunded leveraged lending commitments were EUR 27 billion. Investment Grade bond revenues increased despite volatile market conditions and Deutsche Bank executed a number of significant transactions resulting in market share gains and a number one ranking in Europe for the third consecutive quarter. Origination (Equity) revenues increased 47%, with primary equity markets remaining resilient despite the turmoil in credit markets. Deutsche Bank recorded significant market share gains in Europe and maintained its number one ranking. Advisory revenues increased 29% to a quarterly record of EUR 269 million, reflecting a continuation of the market growth experienced in the first six months of 2007. The pipeline for M&A remains robust despite the reduction in announced volumes. (Sources for all rankings, market volume and fee pool data: Thomson Financial, Dealogic).

Loan Products net revenues were EUR 214 million for the third quarter 2007, a decrease of 9%, or EUR 22 million, from the same period last year, largely reflecting the impact of the application of the fair value option to an increased level of new lending activity.

For the first nine months of 2007 Sales & Trading (Debt and other products) generated revenues of EUR 6.8 billion, a decrease of 6%, or EUR 424 million, compared to the first nine months of 2006. Sales & Trading (Equity) generated revenues of EUR 3.5 billion, an increase of 19%, or EUR 565 million, compared to same period last year. Origination and Advisory revenues  were EUR 1.8 billion, a decrease of 10%, or EUR 206 million, compared to the same period in 2006. Net revenues in Loan Products rose 5%, or EUR 39 million, to EUR 749 million compared to the first nine months of 2006.

In provision for credit losses, CB&S recorded a net release of EUR 17 million in the third quarter 2007 compared to a net release of EUR 19 million in the prior year quarter. During the first nine months of 2007 CB&S recorded a net release of EUR 80 million compared to a net release of EUR 88 million in the same period last year.

Noninterest expenses were EUR 1.5 billion in the third quarter 2007, a decrease of 41%, or EUR 1.0 billion, compared to the third quarter 2006, primarily reflecting lower performance-related compensation in line with business results. For the first nine months of 2007 noninterest expenses were EUR 9 billion, an increase of 7%, or EUR 564 million, compared to the first nine months of 2006.

Income before income taxes in CB&S was a loss of EUR 179 million in the third quarter, a decrease of EUR 1.2 billion, compared to the prior year quarter. For the first nine months of 2007 CB&S income before income tax was EUR 3.8 billion, down 14%, or EUR 595 million, from the first nine months of 2006.


Global Transaction Banking (GTB)

GTB generated net revenues of EUR 661 million in the third quarter 2007, an increase of 22%, or EUR 119 million, versus the third quarter 2006. Revenue growth was strong across all major businesses including Cash Management, Trust & Securities Services (TSS) and Trade Finance. Cash Management revenues were driven by increases in payment volumes mainly from cross border payments in Europe, reflecting the tendency for banks and corporates to consolidate to fewer banking counterparties. Revenue growth in TSS was predominantly attributable to increased asset volumes in our domestic custody business stemming from new customer flows. Trade Finance revenue increases were driven by improved business flows in documentary credit services and in export finance solutions for clients' cross-border trade activity. For the first nine months of 2007 GTB’s net revenues were EUR 1.9 billion, an increase of 17%, or EUR 284 million, compared to the first nine months of 2006.

In provision for credit losses, GTB recorded a net release of EUR 2 million in the third quarter 2007, compared to a net release of EUR 9 million in the prior year quarter. In the first nine months GTB recorded a net release of EUR 1 million, compared to a net release of EUR 30 million in the first nine months 2006.

GTB’s noninterest expenses of EUR 399 million in the third quarter 2007 increased by 5%, or EUR 19 million, compared to the third quarter 2006. The increase was mainly driven by higher staff levels and transaction-related costs in support of increased business volumes, and higher performance-related compensation. For the first nine months GTB recorded noninterest expenses of EUR 1.2 billion, an increase of 7%, or EUR 83 million, compared to the same period last year.

Income before income taxes of EUR 263 million in GTB was the best third quarter ever. Compared to the prior year quarter, this was an increase of 55%, or EUR 93 million. Income before income taxes in the first nine months was EUR 724 million, an increase of 31%, or EUR 172 million, compared to the first nine months of 2006.


Private Clients and Asset Management Group Division (PCAM)

In PCAM, net revenues were EUR 2.6 billion in the third quarter 2007, an increase of 19%, or EUR 411 million, versus the prior year quarter. Provision for credit losses was EUR 124 million, up 19%, or EUR 20 million, compared to the same quarter in 2006. Noninterest expenses were EUR 1.9 billion, an increase of 16%, or EUR 265 million, compared to the third quarter 2006. Income before income taxes of EUR 569 million in the third quarter exceeded last year’s quarter by 27%, or EUR 123 million.

In the first nine months of 2007, PCAM recorded net revenues of EUR 7.6 billion, an increase of 11%, or EUR 738 million, versus the first nine months of 2006. Provision for credit losses of EUR 365 million increased 29%, or EUR 82 million. Noninterest expenses were EUR 5.6 billion, an increase of 9%, or EUR 480 million, compared to the first nine months of 2006. Income before income taxes of EUR 1.6 billion was up 11%, or EUR 163 million, from the same period last year.

Net new money during the third quarter 2007 was EUR 17 billion, of which EUR 13 billion was generated by AWM and EUR 4 billion by PBC. However, invested assets declined slightly by EUR 4 billion to EUR 959 billion due to negative exchange rate effects of EUR 17 billion and also from the sale of a business in Asset Management (AM) Italy. For the first nine months of 2007, net new assets were EUR 46 billion, of which EUR 32 billion were attributable to AWM and EUR 14 billion to PBC.


Asset and Wealth Management (AWM)

In the third quarter, AWM reported net revenues of EUR 1.1 billion, an increase of 24%, or EUR 221 million, compared to the prior year quarter. Portfolio/fund management revenues in AM increased by 22%, or EUR 114 million, driven by strong performance fees in both the European retail business and the RREEF Alternative Investments business. In Private Wealth Management (PWM), portfolio/fund management revenues grew by 30%, or EUR 23 million, compared to the prior year quarter, due to a higher invested asset base as a result of the Tilney acquisition as well as organic growth. Despite uncertainties in the equity markets, brokerage revenues were EUR 243 million, up 32%, or EUR 59 million, driven mostly by higher invested assets and transactional revenues, including Tilney. Furthermore, higher revenues from alternative investments and foreign exchange activities contributed to this development. Loan/deposits revenues improved 13%, or EUR 6 million, based on higher deposit and loan volumes and improved margins. Revenues from other products rose 26%, or EUR 18 million, driven primarily by RREEF Alternative Investments. The first-time consolidation of an infrastructure investment intended for a RREEF fund led to increased revenues, which were partially compensated for by lower net income from equity method investments.

For the first nine months of 2007 AWM’s net revenues increased by 8%, or EUR 244 million, to EUR 3.3 billion, compared to the prior year period. In AM, portfolio/fund management revenues were essentially unchanged. Portfolio/fund management revenues in PWM rose by 26%, or EUR 62 million, compared to the same period of 2006. Brokerage revenues grew 18%, or EUR 109 million, to EUR 719 million. Loan/deposits revenues increased by 16%, or EUR 22 million. Revenues from other products were up 24%, or EUR 62 million, versus the first nine months of 2006.

Noninterest expenses in the third quarter 2007 were EUR 859 million, an increase of 19%, or EUR 134 million, compared to the same quarter in 2006, driven largely by the aforementioned consolidation of an infrastructure investment in the RREEF Alternative Investments business. For the first nine months of 2007 noninterest expenses increased by 6%, or EUR 141 million, to EUR 2.5 billion, compared to the prior year period.

AWM’s income before income taxes was EUR 265 million, an increase of 45%, or EUR 83 million, compared to the same period last year. For the first nine months , AWM’s income before income taxes was EUR 744 million, an increase of 13%, or EUR 87 million, compared to the first nine months of 2006.

Private & Business Clients (PBC)

In the third quarter of 2007, PBC’s business volumes further increased in both the deposit and the lending businesses. Invested assets were EUR 200 billion as of 30 September 2007 with net new assets of EUR 4 billion generated during the quarter. The number of clients rose by some 256,000 net in the third quarter 2007 to 13.4 million, driven mostly by increases in Germany, but also in India, Italy and Poland.

Net revenues of EUR 1.4 billion were 15%, or EUR 189 million, above the level of the third quarter 2006. In particular, loan/deposits revenues were up 15%, or EUR 100 million, compared to the prior year quarter, primarily driven by higher volumes due to acquisitions of Berliner Bank and norisbank. Revenues from portfolio/fund management increased by 13%, or EUR 8 million, compared to the third quarter 2006. Brokerage revenues were EUR 289 million, up 16%, or EUR 40 million, compared to the prior year quarter, despite the uncertainties in equity markets. Payments, account & remaining financial services accounted for EUR 238 million in revenues, up 10%, or EUR 21 million, versus the prior year quarter, again largely driven by the aforementioned acquisitions.

For the first nine months of 2007 net revenues were EUR 4.3 billion, an increase of 13%, or EUR 494 million. Loan/deposits revenues were up 15%, or EUR 287 million, compared to the first nine months of 2006. Revenues from portfolio/fund management  were slightly higher by 4%, or EUR 8 million, at EUR 222 million. Revenues from brokerage rose by 13%, or EUR 105 million, to EUR 943 million. Revenues from payments, account & remaining financial services were EUR 690 million, an increase of 7%, or EUR 48 million. Revenues from other products increased by 22%, or EUR 46 million, compared to the prior year period.

Provision for credit losses in the third quarter was EUR 124 million, an increase of 18%, or EUR 19 million, over the same quarter last year, reflecting the aforementioned acquisitions. In the first nine months of 2007 provision for credit losses was EUR 364 million, an increase of 28%, or EUR 80 million, compared to the first nine months of 2006.

Noninterest expenses in the third quarter 2007 were EUR 1.0 billion, an increase of 15%, or EUR 130 million, compared to the third quarter 2006. The main drivers for this development were the aforementioned acquisitions, including integration-related expenses, and continuing investments in growth regions, especially in India and Poland. During the first nine months of 2007 noninterest expenses were EUR 3.1 billion, an increase of 12%, or EUR 338 million, compared to the first nine months of 2006.

Income before income taxes in PBC was EUR 304 million, an increase of 15%, or EUR 40 million, compared to the third quarter 2006. For the first nine months of 2007 income before income taxes was EUR 894 million, an increase of 9%, or EUR 76 million, versus the first nine months of 2006.

Corporate Investments Group Division (CI)

CI’s Income before income taxes was EUR 629 million in the third quarter 2007, compared to EUR 45 million in the third quarter 2006. The current quarter included gains of EUR 305 million from the partial sale of industrial holdings in Allianz SE and Linde AG, a gain of EUR 187 million related to the sale/leaseback of our 60 Wall Street building in New York, and mark-to-market gains from our option to increase our shareholding in Hua Xia Bank Co. Ltd. in China.

For the first nine months of 2007, Income before income taxes was EUR 1.2 billion compared to EUR 281 million in the same period of the prior year.


Consolidation & Adjustments

For the third quarter 2007, Consolidation & Adjustments recorded an income before income taxes of EUR 168 million, including negative adjustments of EUR 28 million to reverse the impact of different accounting methods used for the business segments in our management reporting and IFRS, as well as income not attributable to the business segments (“Corporate Items”) of net EUR 197 million. The Corporate Items included a recovery of value added tax paid in prior years, based on a refined methodology which has been agreed with the tax authorities, and insurance reimbursements associated with several litigation cases. In the third quarter last year, income before income taxes was EUR 93 million, of which adjustments for different accounting methods in management reporting and IFRS were EUR 15 million, and Corporate Items were EUR 78 million. The latter included a settlement of insurance claims in respect of business interruption losses and costs related to the terrorist attacks of 11 September 2001.

For the first nine months of 2007, income before income taxes in Consolidation & Adjustments was EUR 31 million. In the first nine months of 2006, income before income taxes amounted to a loss of EUR 232 million.


German and European Union reporting regulations require Deutsche Bank to prepare consolidated financial statements under International Financial Reporting Standards (IFRS)
from fiscal year 2007. Accordingly, Deutsche Bank’s third quarter 2007 financial data, including references to comparable third quarter 2006 data, have been prepared under IFRS.



The financial information provided herein has been prepared under the International Financial Reporting Standards (IFRS). It may be subject to adjustments based on the preparation of the full set of financial statements for 2007. The segment information is based on IFRS 8: ‘Operating Segments’. IFRS 8, whilst approved by the International Accounting Standards Board (IASB), has yet to be endorsed by the European Union. The segment information in our Interim Report provides a reconciliation to IAS 14, which is the EU-endorsed standard covering this topic.

This release also contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 implementation of our management agenda, 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 27 March 2007 on pages 9 through 15 under the heading "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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