Breuer: We look forward into 2002 with confidence

Deutsche Bank today publishes its Annual Report for 2001 with detailed figures according to U.S. GAAP (available on the Internet at www.deutsche-Bank.com/01). The Bank already informed the public on January 31, 2002, of the results for 2001 based on provisional figures.

"We have used the difficult year 2001 to make our Bank even stronger", Rolf-E. Breuer, spokesman of the Board of Managing Directors of Deutsche Bank, writes in the Annual Report. "We feel well equipped for the current 2002 financial year, which promises to be another difficult one. We are facing the risks in our business with healthy caution, but at the same time we are preparing for the new upswing and the ongoing consolidation of our industry", says Breuer. "We look forward into the year 2002 with confidence."

Despite the overall difficult economic situation, which deteriorated further after the terrorist acts of September 11 in the United States, signs of an upturn in the United States are now becoming more visible, says the Annual Report. Deutsche Bank believes this development will also take hold in Europe and Germany. For the second half of 2002, the Bank expects growth in the economy, which it anticipates should accelerate further in the upcoming year. The financial markets, the Bank believes, will positively react to this development, allowing the Bank to increase its revenues. However, the forecasts for Eastern Europe and the emerging markets in Asia and South America are somewhat more cautious. Japan, too, will probably recover only slowly from its recession.

Deutsche Bank expects the recovery of the markets in the second half of 2002 to have positive effects on the revenues of its three Group Divisions: Corporate and Investment Bank (CIB), Private Clients and Asset Management (PCAM) and Corporate Investments (CI).

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