Part of the Consolidated Financial Statements as of 31 December 2007, which were audited by KPMG Deutsche Treuhand AG.

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Corporate and Investment Bank Group Division

The following table sets forth the results of our Corporate and Investment Bank Group Division for the years ended December 31, 2007 and 2006, in accordance with our management reporting systems.

in € m. (except percentages)

2007

2006

1

See Note [2] to the consolidated financial statements for a description of how (Glossary)average active equity is allocated to the divisions.

Net revenues:

 

 

Sales & Trading (equity)

4,613

4,039

Sales & Trading (debt and other products)

8,407

9,016

Origination (equity)

861

760

Origination (debt)

714

1,331

Advisory

1,089

800

Loan products

974

946

Transaction services

2,585

2,228

Other products

(151)

(318)

Total net revenues

19,092

18,802

therein: Net interest income and net gains (losses) on financial
assets/liabilities at (Glossary)fair value through profit or loss

12,278

12,743

Provision for credit losses

109

(94)

Total noninterest expenses

13,802

12,789

therein:

 

 

Policyholder benefits and claims

116

–

Impairment of intangible assets

–

–

Restructuring activities

(4)

99

Minority interest

34

23

Income (loss) before income tax expense

5,147

6,084

(Glossary)Cost/income ratio

72 %

68 %

Assets

1,895,756

1,468,321

Average active equity1

20,714

17,105

(Glossary)Pre-tax return on average active equity

25 %

36 %

The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of the Corporate and Investment Bank Group Division.