Deutsche Bank AG — Earnings Release 2007

Oct 3, 2007

News Details

Ad-hoc | 3 October 2007 10:13

Deutsche Bank AG: Deutsche Bank expects third-quarter 2007 net profit to exceed EUR 1.4 billion

Deutsche Bank AG / Preliminary Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.

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Josef Ackermann, Chairman of the Management Board of Deutsche Bank (XETRA:
DBKGn.DE / NYSE: DB) will today address an investor conference in London.
In his speech he will comment on current market conditions and on Deutsche
Bank’s financial performance in the third quarter 2007.

As the bank already communicated in a performance update on 4 September
2007, market conditions during the quarter impacted mark-to-market
valuations in the leveraged loan and trading books. Deutsche Bank
anticipates taking charges in the third quarter on leveraged loans and loan
commitments (net of related fees) of up to EUR 700 million, in addition to
charges taken on such loans and commitments during the second quarter, and
of approximately EUR 1.5 billion on structured credit products, residential
mortgage-backed securities and relative value trading in both credit and
equities. Other businesses in Corporate Banking & Securities produced
strong results for the quarter. However, due to the aforementioned charges,
Corporate Banking & Securities as a whole is likely to report a net pre-tax
loss in the quarter, currently estimated in the range of EUR 250 – 350
million.

Deutsche Bank continues to be pleased with the performance of its ‘stable’
businesses: Global Transaction Banking, Asset and Wealth Management, and
Private & Business Clients. Across these businesses, performance continues
to be strong and in line with management’s expectations.

Pre-tax income in Corporate Investments is expected to be approximately EUR
600 million in the third quarter from the conclusion of the sale of the
bank’s 60 Wall Street building in New York and from gains on other assets.

Overall, Deutsche Bank expects third-quarter Group pre-tax income to be in
the range of EUR 1.2 billion. Moreover, Deutsche Bank anticipates tax
credits for the quarter, reflecting benefits from the German tax reform,
beneficial tax positions as a consequence of the resolution of tax matters,
and claims related to current and prior years. As a result of these
factors, net income is currently estimated to exceed EUR 1.4 billion.

Deutsche Bank continues to apply accounting and valuation principles
consistently with prior periods.

Ackermann commented: 'Despite a challenging quarter for our investment
banking franchise, our ‘stable’ businesses continue to perform well. We see
substantial opportunities in investment banking after this period of
correction. Therefore, we stay the course and remain committed to our
publicly-stated financial targets for 2008, including pre-tax profits of
EUR 8.4 billion, assuming normally functioning markets. We also re-affirm
our commitment to a tier 1 capital ratio of between 8% and 9%.'

The above figures remain preliminary and subject to revision. The
third-quarter Earnings Release and Interim Report will be published, as
scheduled, on 31 October 2007.
03.10.2007 Financial News transmitted by DGAP

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Language: English
Issuer: Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt am Main
Deutschland
Phone: +49 (0)69 910-00
Fax: +49 (0)69 910-38 591
E-mail: Deutsche.Bank@db.com
Internet: www.db.com
ISIN: DE0005140008
WKN: 514000
Indices: DAX, EURO STOXX 50
Listed: Amtlicher Markt in Berlin, Frankfurt (Prime Standard),
Hannover, Düsseldorf, Stuttgart, München, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) NYSE

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