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Segmental Results of Operations

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in € m. (except percentages)	Corporate Banking & Securities	Global Trans- action Banking	Total		Asset and Wealth Manage- ment	Private & Business Clients	Total	Corporate Invest- ments	Total Manage- ment Reporting
Three months ended Mar 31, 2006	Corporate and Investment Bank				Private Clients and Asset Management			Corporate Invest- ments	Total Manage- ment Reporting
Net revenues	5,146	535	5,681		1,052	1,275	2,327	160	8,168
Underlying revenues	5,146	535	5,681		1,037	1,275	2,313	28	8,021
Provision for loan losses	(57)	(6)	(63)		(1)	78	78	(4)	10
Provision for off-balance sheet positions¹	1	(9)	(9)		(0)	2	2	0	(7)
Provision for credit losses	(56)	(16)	(72)		(1)	80	79	(3)	4
Operating cost base	3,249	364	3,613		794	875	1,669	29	5,311
Minority interest	12	–	12		6	0	6	(1)	18
Restructuring activities	14	7	22		12	8	20	0	42
Goodwill impairment/impairment of intangibles	–	–	–		–	–	–	–	–
Policyholder benefits and claims	–	–	–		15	–	15	–	15
Provision for off-balance sheet positions¹	1	(9)	(9)		(0)	2	2	0	(7)
Total noninterest expenses	3,276	362	3,637		827	885	1,712	29	5,379
Income before income taxes	1,927	179	2,107		225	312	538	135	2,779
Add (deduct):
Net gains on securities available for sale/industrial holdings including hedging	–	–	–		–	–	–	(9)	(9)
Significant equity pick-ups/ net gains from investments²	–	–	–		–	–	–	(126)	(126)
Net gains from businesses sold/ held for sale	–	–	–		–	–	–	–	–
Net gains related to premises	–	–	–		–	–	–	2	2
Restructuring activities	14	7	22		12	8	20	0	42
Goodwill impairment/impairment of intangibles	–	–	–		–	–	–	–	–
Underlying pre-tax profit	1,942	187	2,128		238	321	558	2	2,689
Cost/income ratio in %	64	69	64		79	69	73	18	66
Underlying cost/income ratio in %	63	68	64		77	69	72	107	66
Assets³	918,141	21,067	924,987		36,237	85,822	122,017	14,938	1,026,899
Risk-weighted positions (BIS risk positions)	164,356	12,747	177,103		12,132	60,341	72,473	5,456	255,032
Average active equity	16,423	1,125	17,548		5,089	2,076	7,165	1,067	25,779
Pre-tax return on average active equity in %	47	64	48		18	60	30	51	43
Underlying pre-tax return on average active equity in %	47	66	49		19	62	31	1	42

¹	Provision for off-balance sheet positions is reclassified from “Noninterest expenses” to “Provision for credit losses”.
²	Includes net gains/losses from significant equity method investments and other significant investments.
³	The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be eliminated on the group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting, which include consolidation items between group divisions.

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in € m. (except percentages)	Corporate Banking & Securities	Global Trans- action Banking	Total		Asset and Wealth Manage- ment	Private & Business Clients	Total	Corporate Invest- ments	Total Manage- ment Reporting
Three months ended Mar 31, 2005	Corporate and Investment Bank				Private Clients and Asset Management			Corporate Invest- ments	Total Manage- ment Reporting
Net revenues	4,052	486	4,538		891	1,153	2,044	112	6,694
Underlying revenues	4,052	486	4,538		880	1,153	2,033	(2)	6,570
Provision for loan losses	9	6	16		1	78	78	(0)	94
Provision for off-balance sheet positions¹	(1)	(11)	(11)		(0)	(1)	(1)	(0)	(12)
Provision for credit losses	8	(4)	4		0	77	77	(0)	81
Operating cost base	2,582	342	2,924		719	831	1,550	42	4,516
Minority interest	10	–	10		(1)	0	(1)	1	10
Restructuring activities	107	15	122		34	11	45	0	168
Goodwill impairment/impairment of intangibles	–	–	–		–	–	–	–	–
Policyholder benefits and claims	–	–	–		11	–	11	–	11
Provision for off-balance sheet positions¹	(1)	(11)	(11)		(0)	(1)	(1)	(0)	(12)
Total noninterest expenses	2,698	346	3,045		762	842	1,603	43	4,691
Income before income taxes	1,345	134	1,478		129	233	362	69	1,909
Add (deduct):
Net gains on securities available for sale/industrial holdings including hedging	–	–	–		–	–	–	(87)	(87)
Significant equity pick-ups/ net gains from investments²	–	–	–		–	–	–	(27)	(27)
Net gains from businesses sold/ held for sale	–	–	–		–	–	–	–	–
Net (gains) on the sale of premises	–	–	–		–	–	–	–	–
Restructuring activities	107	15	122		34	11	45	0	168
Goodwill impairment/impairment of intangibles	–	–	–		–	–	–	–	–
Underlying pre-tax profit (loss)	1,451	149	1,600		162	244	407	(44)	1,962
Cost/income ratio in %	67	73	67		86	73	79	39	70
Underlying cost/income ratio in %	64	70	64		82	72	76	N/M	69
Assets (as of Dec 31, 2005)³	872,924	18,056	881,635		37,150	86,554	123,666	15,025	984,184
Risk-weighted positions (BIS risk positions)	135,737	11,665	147,402		12,415	55,450	67,865	10,099	225,366
Average active equity	11,455	1,329	12,784		4,837	1,713	6,551	3,328	22,663
Pre-tax return on average active equity in %	47	40	46		11	54	22	8	34
Underlying pre-tax return on average active equity in %	51	45	50		13	57	25	(5)	35

	N/M – Not meaningful
¹	Provision for off-balance sheet positions is reclassified from “Noninterest expenses” to “Provision for credit losses”.
²	Includes net gains/losses from significant equity method investments and other significant investments.
³	The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be eliminated on the group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting, which include consolidation items between group divisions.

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