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

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Private Clients and Asset Management Group Division

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

in € m. (except where indicated)

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.

2

We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage invested assets on a discretionary or advisory basis, or these assets are deposited with us.

Net revenues:

 

 

(Glossary)Portfolio/fund management

3,062

3,089

(Glossary)Brokerage

2,172

1,910

Loan/deposit

3,173

2,774

Payments, account & remaining financial services

979

899

Other products

742

643

Total net revenues

10,129

9,315

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

3,529

3,071

Provision for credit losses

501

391

Total noninterest expenses

7,561

7,000

therein:

 

 

Policyholder benefits and claims

73

63

Impairment of intangible assets

74

–

Restructuring activities

(9)

91

Minority interest

8

(11)

Income (loss) before income tax expense

2,059

1,935

(Glossary)Cost/income ratio

75 %

75 %

Assets

156,391

130,642

Average active equity1

8,539

7,206

(Glossary)Pre-tax return on average active equity

24 %

27 %

Invested assets (in € bn.)2

952

908

The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of Private Clients and Asset Management Group Division.