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Segmental Results of Operations 2Q2006

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Three months ended
Jun 30, 2006		 Corporate and Investment Bank   Private Clients and Asset Management Corporate
Invest-
ments		 Total
Manage-
ment
Reporting
in € m.
(except percentages)		 Corporate
Banking &
Securities		 Global
Trans-
action
Banking		 Total   Asset and
Wealth
Manage-
ment		 Private &
Business
Clients		 Total
Net revenues 3,965 564 4,529   1,080 1,229 2,309 145 6,983
Underlying revenues 3,965 564 4,529   1,034 1,229 2,263 92 6,885
Provision for loan losses (17) 1 (16)   0 88 89 22 95
Provision for off-balance sheet positions1 6 (6) (0)   (0) (0) (0) (16) (16)
Provision for credit losses (11) (6) (17)   0 88 88 7 78
Operating cost base 2,754 365 3,120   830 860 1,690 31 4,840
Minority interest 11 – 11   (4) 0 (4) (1) 6
Restructuring activities 17 8 25   10 22 32 0 57
Goodwill impairment/impairment of intangibles – – –   – – – – –
Policyholder benefits and claims – – –   11 – 11 – 11
Provision for off-balance sheet positions1 6 (6) (0)   (0) (0) (0) (16) (16)
Total noninterest expenses 2,789 367 3,155   846 881 1,727 14 4,897
Income before income taxes 1,193 197 1,390   233 260 493 109 1,991
Add (deduct):                  
Net losses on securities available for sale/industrial holdings including hedging – – –   – – – 1 1
Significant equity pick-ups/net gains from investments2 – – –   – – – (54) (54)
Net gains from businesses sold/ held for sale – – –   (35) – (35) – (35)
Net gains related to premises – – –   – – – – –
Restructuring activities 17 8 25   10 22 32 0 57
Goodwill impairment/ impairment of intangibles – – –   – – – – –
Underlying pre-tax profit 1,211 204 1,415   209 281 490 56 1,961
Cost/income ratio in % 70 66 70   78 72 75 21 70
Underlying cost/income ratio in % 69 65 69   80 70 75 33 70
Assets3 939,728 22,125 948,949   34,480 86,563 121,008 14,560 1,051,324
Risk-weighted positions (BIS risk positions) 168,505 13,304 181,809   12,042 62,168 74,210 4,923 260,942
Average active equity 16,334 1,065 17,399   4,934 2,270 7,204 1,159 25,762
Pre-tax return on average active equity in % 29 74 32   19 46 27 38 31
Underlying pre-tax return on average active equity in % 30 77 33   17 50 27 19 30
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.
[Enlarge table]


Three months ended
Jun 30, 2005		 Corporate and Investment Bank   Private Clients and Asset Management Corporate
Invest-
ments		 Total
Manage-
ment
Reporting
in € m.
(except percentages)		 Corporate
Banking &
Securities		 Global
Trans-
action
Banking		 Total   Asset and
Wealth
Manage-
ment		 Private &
Business
Clients		 Total
Net revenues 3,081 479 3,560   865 1,147 2,011 258 5,829
Underlying revenues 3,081 479 3,560   856 1,147 2,002 200 5,763
Provision for loan losses (18) 16 (2)   (1) 73 73 4 75
Provision for off-balance sheet positions1 12 (7) 5   (0) (0) (0) (0) 5
Provision for credit losses (6) 9 3   (1) 73 73 4 80
Operating cost base 2,334 357 2,691   735 827 1,562 52 4,305
Minority interest 9 – 9   (3) 0 (3) (0) 6
Restructuring activities 39 9 47   54 15 69 (0) 116
Goodwill impairment/impairment of intangibles – – –   – – – – –
Policyholder benefits and claims – – –   9 – 9 – 9
Provision for off-balance sheet positions1 12 (7) 5   (0) (0) (0) (0) 5
Total noninterest expenses 2,393 359 2,752   794 842 1,637 52 4,440
Income before income taxes 705 104 810   71 231 302 202 1,313
Add (deduct):                  
Net losses on securities available for sale/industrial holdings including hedging – – –   – – – (0) (0)
Significant equity pick-ups/net gains from investments2 – – –   – – – (18) (18)
Net gains from businesses sold/ held for sale – – –   – – – – –
Net gains related to premises – – –   – – – (40) (40)
Restructuring activities 39 9 47   54 15 69 (0) 116
Goodwill impairment/ impairment of intangibles – – –   – – – – –
Underlying pre-tax profit 744 113 857   125 246 371 144 1,372
Cost/income ratio in % 77 76 77   92 73 81 20 76
Underlying cost/income ratio in % 76 74 76   86 72 78 26 75
Assets (as of Dec 31, 2005)3 872,951 18,056 881,649   37,150 86,528 123,640 15,025 984,184
Risk-weighted positions (BIS risk positions) 146,237 12,560 158,797   12,729 56,958 69,687 10,020 238,504
Average active equity 12,365 1,323 13,688   4,789 1,512 6,301 3,592 23,581
Pre-tax return on average active equity in % 23 32 24   6 61 19 22 22
Underlying pre-tax return on average active equity in % 24 34 25   10 65 24 16 23
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.