Discussion of Results

Deutsche Bank reported net income of € 680 million in the third quarter of 2004, up 18% from € 576 million in the third quarter of 2003. For the first nine months of 2004, net income was € 2.3 billion, up 145% from € 929 million in the first nine months of 2003. Diluted earnings per share were € 1.28, up 28% from € 1.00 in the third quarter 2003. For the first nine months of 2004, diluted earnings per share were € 4.13, up 166% from € 1.55 in the same period last year.