Deutsche Bank Interim Report as of June 30, 2007

	Six months ended
	Jun 30, 2007	Jun 30, 2006
Share price at period end	€ 107.81	€ 88.00
Share price high	€ 118.51	€ 100.20
Share price low	€ 90.60	€ 80.74
Basic earnings per share	€ 8.23	€ 6.37
Diluted earnings per share¹	€ 7.86	€ 5.56
Average shares outstanding, in m., basic	474	469
Average shares outstanding, in m., diluted	496	526
Return on average total shareholders’ equity (post tax)	22.3 %	20.9 %
Pre-tax return on average total shareholders’ equity	33.5 %	32.3 %
Pre-tax return on average active equity	40.4 %	37.9 %
Cost/income ratio²	67.1 %	68.3 %
Compensation ratio³	44.7 %	44.6 %
Non-compensation ratio⁴	22.4 %	23.7 %
	in € m.	in € m.
Total revenues	18,359	14,949
Provision for credit losses	178	91
Total noninterest expenses	12,319	10,215
Income before income tax expense	5,862	4,643
Net income	3,909	3,005
	Jun 30, 2007	Dec 31, 2006
	in € bn.	in € bn.
Total assets	1,938	1,572
Shareholders’ equity	36.3	32.7
BIS core capital ratio (Tier I)	8.4 %	8.5 %
	Number	Number
Branches	1,824	1,717
thereof in Germany	992	934
Employees (full-time equivalent)	75,140	68,849
thereof in Germany	27,483	26,401
Long-term rating
Moody’s Investors Service	Aa1	Aa3
Standard & Poor’s	AA–	AA–
Fitch Ratings	AA–	AA–

The reconciliation of average active equity and related ratios is provided here.
1	Including numerator effect of assumed conversions. The effect for the six months ended June 30, 2007 and 2006 was € 0.00 and € (0.13), respectively.
2	Total noninterest expenses as a percentage of total net interest revenues before provision for credit losses plus noninterest revenues.
3	Compensation and benefits as a percentage of total net interest revenues before provision for credit losses plus noninterest revenues.
4	Non-compensation noninterest expenses, which is defined as total noninterest expenses less compensation and benefits, as a percentage of total net interest revenues before provision for credit losses plus noninterest revenues.

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