March 9, 2006

Deutsche Bank reports adjustments to its 2005 preliminary results

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced that the Management Board in finalizing the Bank's 2005 accounts reviewed a number of recent developments and as a result increased legal provisions.

Significant new information related to certain legal exposures has emerged since the disclosure of the Bank's preliminary, unaudited 2005 earnings on 2 February 2006. As a result of the new information, Deutsche Bank is obliged to change its estimate of contingent liabilities in order to comply with US GAAP, which requires that contingent liabilities be reflected in the financial statements when those liabilities are probable and estimable (Financial Accounting Standard Number 5). Any developments affecting such estimates must be reflected if they become known before the financial statements are finalized.

This adjustment mainly relates to certain tax-oriented transactions with US counterparties executed from approximately 1997 through 2001, which include transactions executed by a subsidiary of the former Bankers Trust, acquired by Deutsche Bank in 1999. The new information includes, among other things, the entry by another financial institution into a deferred prosecution agreement with the US Department of Justice in respect of that financial institution's involvement in similar transactions.

The net increase in legal provisions will reduce the previously announced net income by EUR 250 million. Most of this adjustment is treated as not deductible for income tax purposes.

In addition, for unrelated reasons, revenues in the Private & Business Clients Corporate Division will be reduced by EUR 9 million, which will reduce the Group's net income by EUR 5 million from the preliminary amounts previously published.

As a result of these changes, net income for 2005 will be EUR 3,529 million and the adjusted diluted earnings per share will be EUR 6.95. Pre-tax return on average active equity (according to the target definition) will be 25%.

Adjusted results at a glance in € billion, unless specified



               4th quarter


                Full year









Net revenues









Income before income taxes









Net income









Diluted EPS









Pre-tax return on average active equity*















* For 2004 based on underlying definition; for 2005 based on target definition (4Q2005 underlying is 16%; full year 2005 underlying is 24%)

The adjusted amounts will be reflected in Deutsche Bank's 2005 Form 20-F, its 2005 Annual Report, and the complete Financial Data Supplement. All documents are scheduled to be filed and published, respectively, on 23 March 2006.

For further details please refer to the Financial Data Supplement (Excerpt) which is available under .

For further information, please contact:

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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 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