Discussion of Results 

Deutsche Bank reported income before income taxes of € 1.4 billion after restructuring expenses of € 116 million, up by 22% versus the second quarter 2004. For the first half year, income before income taxes rose 17% to € 3.2 billion after restructuring expenses of € 284 million. Net income rose by 44% to € 947 million versus the second quarter 2004, and by 28% to € 2.1 billion for the first half year. Pre-tax return on average active equity before restructuring expenses was 25% for the quarter, and 29% for the first half year. Diluted earnings per share for the quarter rose by 64% to € 1.90, and by 43% to € 4.06 for the half year.