December 14, 2006

Deutsche Bank to recognise Corporate Tax Credits of approx. EUR 350 million in 4Q2006

As a result of the amendment to Section 37 of the German Corporate Income Tax Law, Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) will accelerate recognition of Corporate Tax Credits, or Koerperschaftsteuerguthaben, existing from prior years. This claim is in respect of tax credits receivable in ten equal instalments between 2008 and 2017. The present value of these credits, of approximately € 350 million, will be recognised as a one-time tax benefit in the fourth quarter 2006 results of Deutsche Bank Group. This booking will positively impact net income and lower the effective tax rate in the quarter.

The recognition of these tax credits in the fourth quarter 2006 does not represent any incremental tax benefit over and above tax benefits which already existed prior to the amendment of Section 37. In accordance with accounting rules applicable to Deutsche Bank, the amendment requires these benefits to be recognised currently.

For further information, please contact:

Deutsche Bank

Press and Media Relations   

+49 69 910 38664 (Frankfurt) 

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 Business Realignment Program; 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 23 March 2006 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from