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The following information is part of the consolidated financial statements as of 31 December 2004, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.
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The following discussion shows the result of our business segments, the Corporate and Investment Bank Group Division, the Private Clients and Asset Management Group Division and the Corporate Investments Group Division. See Note [28] to the consolidated financial statements for information regarding

  • our organizational structure; 
  • effects of significant acquisitions and divestitures on segmental results; 
  • changes in the format of our segment disclosure; 
  • a discussion of the framework of our management reporting systems; 
  • consolidating and other adjustments to the total results of operations of our business segments; 
  • definitions of non-GAAP financial measures that are used with respect to each segment, and 
  • the rationale for excluding items in deriving the measures.

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