Deutsche Bank Interim Report as of March 31, 2005

Deutsche Bank – The Group at a Glance
	Three months ended
	Mar 31, 2005	Mar 31, 2004
Share price at period end	€ 66.55	€ 67.65
Share price high	€ 69.90	€ 77.77
Share price low	€ 63.35	€ 62.20
Basic earnings per share	€ 2.36	€ 1.81
Diluted earnings per share¹	€ 2.09	€ 1.67
Average shares outstanding, in m., basic	468	521
Average shares outstanding, in m., diluted	509	563
Return on average total shareholders' equity (after tax)	16.7%	13.2%
Adjusted return on average active equity (after tax)	19.2%	15.1%
Pre-tax return on average total shareholders' equity	27.0%	22.0%
Pre-tax return on average active equity	30.2%	24.4%
Cost/income ratio	71.5%	72.6%
	in € m.	in € m.
Total revenues	6,583	6,154
Provision for loan losses	94	123
Total noninterest expenses	4,706	4,470
Income before income tax expense and cumulative effect of accounting changes	1,783	1,561
Net income	1,103	941
Underlying revenues	6,456	5,921
Provision for credit losses	81	141
Operating cost base	4,526	4,400
Underlying pre-tax profit	1,837	1,377
Underlying pre-tax return on average active equity	31.1%	21.5%
Underlying cost/income ratio	70.1%	74.3%
	Mar 31, 2005	Dec 31, 2004
	in € bn.	in € bn.
Total assets	901	840
Loans, net	143	136
Shareholders' equity	26.8	25.9
BIS core capital ratio (Tier I)	9.2%	8.6%
	Number	Number
Branches	1,561	1,559
thereof in Germany	831	831
Employees (full-time equivalent)	64,527	65,417
thereof in Germany	27,026	27,093
Long-term rating
Moody's Investors Service, New York	Aa3	Aa3
Standard & Poor's, New York	AA–	AA–
Fitch Ratings, New York	AA–	AA–

	The reconciliation of average active equity, underlying measures and ratios from reported figures is provided under "reconciliation".
¹	Including numerator effect of assumed conversions. The effect for the three months ended March 31, 2005 was € (0.08).

Fact Sheet