Management Report

1

Including numerator effect of assumed conversions.

2

We calculate this adjusted measure of our return on average total shareholders equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “Pre-tax return on average active equity”. However, this is not a measure of performance under IFRS and you should not compare our ratio to other companies’ ratios without considering the difference in calculation of the ratios. The item for which we adjust the average shareholders’ equity of € 35,888 million for 2007 and € 29,751 million for 2006 are the average unrealized net gains on assets available for sale/average fair value adjustment on cash flow hedges, net of applicable tax of € 3,841 million for 2007 and € 2,667 million for 2006 and the average dividend accru-als of € 2,200 million for 2007 and € 1,615 million for 2006. The dividend payment is paid once a year following its approval by the general shareholders’ meeting.

3

Book value per share issued is defined as shareholders’ equity divided by the number of shares issued (both at period end).

4

Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).

5

Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.

6

Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.

7

Non-compensation noninterest expenses, which is defined as total noninterest expenses less compensation and benefits, as a percentage of total net interest income before provision for credit losses plus noninterest income.