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 first quarter 2007 financial data, including references to comparable first quarter 2006 data, have been prepared under IFRS.

Frankfurt am Main, May 8, 2007
- Income before income taxes of EUR 3.2 billion, up 22%
- Revenues of EUR 9.6 billion, up 20%
- Diluted earnings per share of EUR 4.28, up 38%
- Pre-tax return on average active equity of 45%
- Net new money of EUR 14 billion

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) reported income before income taxes for the first quarter 2007 of EUR 3.2 billion, up 22% versus EUR 2.6 billion for the first quarter 2006. Net income was EUR 2.1 billion, up 29% from EUR 1.6 billion in the prior year quarter. Pre-tax return on average active equity was 45%, versus 42% in the prior year quarter, while diluted earnings per share were EUR 4.28, versus EUR 3.11 in the prior year quarter. Per the Bank's target definition, which excludes significant gains and charges, pre-tax return on average active equity was 41% for the quarter, while diluted earnings per share were EUR 3.88.

Dr. Josef Ackermann, Chairman of the Management Board, said: "Deutsche Bank's outstanding first-quarter results are testimony to our powerful and well-diversified franchises in key areas, our ability to seize profitable opportunities in different business conditions, and our commitment to high-quality solutions for clients."

He added: "Despite the ongoing correction in the housing market the United States economy remains fundamentally resilient. Growth momentum and business confidence in Europe appear solid, as sustained strength and optimism in the German economy continues to contribute positively to the performance of the Eurozone. Key emerging markets, notably China, India and energy-producing nations, are well placed to sustain their dynamic expansion. We are well positioned for further, profitable growth in our business. Our global platform gives us exceptional opportunities to serve our clients in an increasingly globalized marketplace.

Income before income taxes in PBC was EUR 293 million, a decrease of 3%, or EUR 8 million, versus the first quarter 2006.

Invested assets grew by EUR 14 billion to EUR 190 billion in the current quarter. Net new invested assets were EUR 7 billion and the acquisition of Berliner Bank accounted for another EUR 5 billion of the increase. Loan volumes increased to EUR 82 billion, up EUR 4 billion since the beginning of 2007, of which EUR 2 billion was attributable to the acquisition of Berliner Bank. During the first quarter 2007, PBC's customer base rose by 558,000 clients including 320,000 clients from Berliner Bank.

Corporate Investments Group Division (CI)
CI's income before income taxes was EUR 305 million in the first quarter 2007 compared to EUR 127 million in the prior year quarter. The current quarter included gains of EUR 159 million from the sale of industrial holdings, of which the most significant gain related to the disposal of Fiat S.p.A. shares. The first quarter 2006 included a gain of EUR 131 million from the sale of our remaining holding in EUROHYPO AG. The first quarter 2007 also included a gain of EUR 178 million from our equity method investment in Deutsche Interhotel Holding GmbH & Co. KG. This triggered an impairment review of CI's goodwill which resulted in an impairment charge of EUR 54 million. In the current quarter, net revenues also benefited from mark-to-market gains from our option to increase our share in Hua Xia Bank Co. Ltd.

Consolidation & Adjustments
Loss before income taxes in Consolidation & Adjustments was EUR 17 million in the first quarter 2007 compared to EUR 220 million in the prior year quarter. Last year's first quarter was impacted by negative adjustments for differences in the accounting methods used for management reporting and IFRS (principally on debt issuance but also on own shares). The net impact of such accounting differences was not material in the first quarter 2007.