March 27, 2007

Deutsche Bank publishes 2006 Annual Report

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today published its Annual Report for the 2006 financial year in a new modern layout. This year’s motto of the Annual Report is “New Markets, New Opportunities”. The Annual Report consists of an Annual Review and a Financial Report.

The Financial Report contains the consolidated financial statements and a comprehensive management report with a detailed discussion of the targets of the bank. The illustrated Annual Review informs about the corporate profile, the divisions and the bank‘s relations with its stakeholders.

Josef Ackermann, Chairman of the Management Board, writes in his letter to shareholders, "2006 was a year of great success and achievement for Deutsche Bank. Pre-tax profits rose 33% to EUR 8.1 billion. We look forward with confidence that if the business environment remains stable, we can maintain our profitable growth momentum.”

The Financial Report contains the audited consolidated financial statements for the 2006 financial year which for the last time has been prepared according to U.S. GAAP. From 2007 onwards the bank will report according to IFRS. On 19 April Deutsche Bank will publish a Transition Report. Integrated into the Financial Report is a comprehensive Risk Report and the Corporate Governance Report, the latter containing the Compensation Report. In 2006 the total compensation paid to the Management Board was EUR 32.9 million. Total compensation paid to Josef Ackermann, Chairman of the Management Board, was EUR 13.2 million after EUR 11.9 million in the previous year. It consists of a base salary of EUR 1.2 million and a performance-related component of 12.0 million.

The Annual Review, the Financial Report and additional publications, such as a list of shareholdings and a list of mandates, can be retrieved from Deutsche Bank's website at Also available on this website is the final version of the 4Q2006 Financial Data Supplement and the Form 20-F submitted to the U.S. Securities and Exchange Commission (SEC).

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)

This 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 27 March 2007 in the section “Risk Factors”. Copies of this document are available upon request or can be downloaded from