Press Release

Deutsche Bank today reported results for the first quarter 2010. Net income for the quarter was EUR 1.8 billion, compared to EUR 1.2 billion in the first quarter 2009. Diluted earnings per share for the quarter were EUR 2.66, versus EUR 1.92 in the first quarter 2009. Income before income taxes was EUR 2.8 billion in the quarter, versus EUR 1.8 billion in the first quarter 2009. Pre-tax return on average active equity for the quarter was 30%.

Dr. Josef Ackermann, Chairman of the Management Board, said: "The economic environment clearly stabilized in the first quarter 2010, but is not without some remaining vulnerability. In this environment, Deutsche Bank has once again demonstrated its earnings power, and has achieved the second best quarterly pre-tax result ever."

He added: "The key component for achieving the very good result in the first quarter 2010 was our global investment banking franchise. The Corporate and Investment Bank (CIB) generated a pre-tax profit of EUR 2.7 billion, a new record quarterly result. This is all the more remarkable as it was achieved despite the fact that the Bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level."

Business Highlights:

• Net revenues of EUR 9.0 billion, up 24%.
  
• Second best quarterly income before income taxes of EUR 2.8 billion.
  
• Corporate and Investment Bank: Record income before income taxes, with strong revenues in Sales & Trading debt and equities.
  
• Pre-tax return on average active equity of 30%.
  
• Tier 1 capital ratio of 11.2%.
  
• First-time consolidation of Sal. Oppenheim Group.
  
• EUR 1.0 trillion in PCAM invested assets, an increase of EUR 125 billion.
  
• Leverage ratio, per target definition, held steady at 23.