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

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Corporate Investments Group Division

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

in € m. (except percentages)

2007

2006

N/M – Not meaningful

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:

1,517

574

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

157

3

Provision for credit losses

3

2

Total noninterest expenses

220

214

therein:

 

 

Policyholder benefits and claims

–

–

Impairment of intangible assets

54

31

Restructuring activities

(0)

1

Minority interest

(5)

(3)

Income (loss) before income tax expense

1,299

361

(Glossary)Cost/income ratio

15 %

37 %

Assets

13,002

17,783

Average active equity1

473

1,057

(Glossary)Pre-tax return on average active equity

N/M

34

CI reported income before income tax expense of € 1.3 billion in 2007 compared to € 361 million in 2006.

Net revenues were € 1.5 billion in 2007, an increase of € 943 million compared to the previous year. Net revenues in 2007 included net gains of € 626 million from selling some of our industrial holdings (mainly related to Allianz SE, Linde AG and Fiat S.p.A.), a gain of € 178 million from our (Glossary)equity method investment in Deutsche Interhotel Holding GmbH & Co. KG (which also triggered an impairment review of CI’s (Glossary)goodwill resulting in an impairment charge of € 54 million), dividend income in the amount of € 141 million and (Glossary)mark-to-market gains from our (Glossary)option to increase our share in Hua Xia Bank Co. Ltd. In addition, the net revenues included a gain of € 313 million related to the sale and leaseback transaction of our premises at 60 Wall Street.

Net revenues in 2006 included a gain of € 131 million from the sale of our remaining holding in EUROHYPO AG, € 92 million related to the partial sale of our stake in Linde AG and dividend income of € 122 million.

Total noninterest expenses increased in 2007 to € 220 million from € 214 million in 2006. The increase was the result of higher goodwill impairment charges in 2007, offset by reductions in other expense categories.

At year end 2007, the (Glossary)alternative assets (Glossary)portfolio of CI had a carrying value of € 631 million, of which 51% was real estate investments, 43% was (Glossary)private equity direct investments and 6% was private equity indirect and other investments. This compares to a value at year end 2006 of € 895 million.

Consolidation & Adjustments

For a discussion of Consolidation & Adjustments to our business segment results see Note [2] to the consolidated financial statements.