March 24, 2005

Deutsche Bank publishes 2004 Annual Report

Deutsche Bank today published its Annual Report for the 2004 financial year. The Annual Report consists of an Annual Review and a Financial Report.

The illustrated Annual Review gives detailed information on Deutsche Bank, its strategy, its divisions, its activities related to shareholders, customers, staff and society. It also contains a summary of the financial results for 2004.

Dr. Josef Ackermann, Spokesman of the Board of Managing Directors, writes in his letter to shareholders, "2004 was a success for Deutsche Bank in many ways. We strengthened the strategic positioning of our core businesses. We laid vital foundations for the future, by investing in growth areas and by realigning our business structure for maximum effectiveness. All these steps are critical to our aim of creating value for our clients, our staff, and our shareholders. Furthermore, at our forthcoming AGM, the Board and Supervisory Board will propose a dividend increase for 2004 of 13 % to € 1.70 per share."

The Financial Report contains the audited consolidated financial statements of Deutsche Bank for the 2004 financial year according to U.S. GAAP.  The audited figures reflect the charges associated with the settlement agreement in the Worldcom class action litigation, which was achieved in March 2005.  As a result, net income as disclosed in the release of preliminary earnings on 3 February 2005 decreased by € 74 mn to € 2,472 mn.

Integrated into the Financial Report is a comprehensive Risk Report and the Corporate Governance Report. Among other things, Deutsche Bank publishes for the third time the individual compensation paid to the members of the Board of Managing Directors. In 2004, the total compensation paid to the Board was € 25.1 mn, a decrease of 10 % compared with 2003.  Dr. Ackermann earned a total of € 10.1 mn, comprising a fixed salary of € 1.2 mn and a variable cash and equity-based component of € 8.9 mn.
The Annual Review, Financial Report, U.S. Form 20-F (English only), and additional publications, such as a list of shareholdings and a list of mandates, can be retrieved from Deutsche Bank's website at The Form 20-F will be available from about 3 p.m. CET today. Also available on this website is the final version of the 4Q2004 Financial Data Supplement.

For the second time Deutsche Bank is providing a complete online version of the Annual Review and the Financial Report giving investors and analysts rapid access to information. The processing of these reports is made simple via comprehensive file collection and download options, various search functions and a sitemap. All tables of the Annual Review and the Financial Report, e.g. segment reporting, balance sheet or statement of income, can be downloaded in Excel. Multimedia applications round off the range of information available.



For further information, please contact:

Press and Media Relations 

Kirsten Siersleben + 49 69 910 38079 
Ronald Weichert    +49 69 910 38664  

Investor Relations

+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)


About Deutsche Bank

With € 840 billion in assets and 65,400 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating 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.



This Press 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 Press 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 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 24 March 2005 in the section "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from