The following information is part of the consolidated financial statements as of 31 December 2003, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.

Consolidated Balance Sheet

The accompanying notes are an integral part of the Consolidated Financial Statements.

Assets      
in € m. [Notes] Dec 31, 2003 Dec 31, 2002
Cash and due from banks   6,636 8,979
Interest-earning deposits with banks [33] 14,649 25,691
Central bank funds sold and securities purchased under resale agreements [33] 112,419 117,689
Securities borrowed [33] 72,796 37,569
Trading assets [4], [10], [33] 345,371 294,679
of which 107 billion and 70 billion were pledged to creditors and can be sold or repledged at
December 31, 2003 and 2002, respectively
Securities available for sale [5], [10], [33] 24,631 21,619
of which 404 million and 736 million were pledged to creditors and can be sold or repledged at December 31, 2003 and 2002, respectively
Other investments [6], [33] 8,570 10,768
Loans, net [7], [8], [9], [10], [32], [33] 144,946 167,303
Premises and equipment, net [10], [11] 5,786 8,883
Goodwill [2], [12] 6,735 8,372
Other intangible assets, net [2], [12] 1,122 1,411
Other assets related to insurance business [24] 8,249 7,797
Due from customers on acceptances   60 99
Accrued interest receivable   3,612 4,208
Pending securities transactions past settlement date   11,082 5,524
Other assets [26] 36,950 37,764
Total assets   803,614 758,355
 
Liabilities and Shareholders’ Equity      
in € m. [Notes] Dec 31, 2003 Dec 31, 2002
Deposits [14], [33] 306,154 327,625
Trading liabilities [4], [33] 153,234 131,212
Central bank funds purchased and securities sold under repurchase agreements [10], [33] 102,433 90,709
Securities loaned [10], [33] 14,817 8,790
Other short-term borrowings [15], [19], [33] 22,290 11,573
Acceptances outstanding   60 99
Insurance policy claims and reserves [24] 9,071 8,557
Accrued interest payable   3,793 4,668
Pending securities transactions past settlement date   10,390 4,611
Other liabilities [19], [25], [26], [29] 53,380 33,084
Long-term debt [19], [16], [33] 97,480 104,055
Trust preferred securities [17] – 3,103
Obligation to purchase common shares [18] 2,310 278
Total liabilities   775,412 728,364
Common shares, no par value, nominal value of € 2.561 [20] 1,490 1,592
Additional paid-in capital   11,147 11,199
Retained earnings   20,486 22,087
Common shares in treasury, at cost2   (971) (1,960)
Equity classified as obligation to purchase common shares [18] (2,310) (278)
Share awards   954 955
Accumulated other comprehensive income (loss)      
Deferred tax on unrealized net gains on securities available for sale relating to 1999 and 2000 tax rate changes in Germany   (2,828) (3,043)
Unrealized net gains on securities available for sale, net of applicable tax and other   1,937 156
Unrealized net gains (losses) on derivatives hedging variability of cash flows, net of tax   (3) 1
Minimum pension liability, net of tax   – (8)
Foreign currency translation, net of tax   (1,700) (710)
Total accumulated other comprehensive loss   (2,594) (3,604)
Total shareholders' equity [20], [22] 28,202 29,991
Total liabilities and shareholders' equity   803,614 758,355
 
  Commitments and contingent liabilities: see Notes [11],[31] and [34].
1 Issued: 2003: 581.9 million shares; 2002: 621.9 million shares.
2 2003: 16.8 million shares; 2002: 36.4 million shares.