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

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Segmental Results of Operations

The following tables present the results of the business segments, including the reconciliation to the consolidated results under (Glossary)IFRS, for the years ended December 31, 2007 and 2006.

2007

Corporate and Investment Bank

Private Clients and Asset Management

Corpo-
rate Invest-
ments5

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

N/M – Not meaningful

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 group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting.

4

For management reporting purposes (Glossary)goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. The Group’s (Glossary)average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise (Glossary)economic capital, goodwill and other unamortized intangible assets.

5

Net revenues in CI include gains from the sale of industrial holdings (Fiat S.p.A., Linde AG and Allianz SE) of € 626 million, income from (Glossary)equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 178 million, and gains from the sale of premises (sale/leaseback transaction of 60 Wall Street) of € 313 million (after group-internal fees paid).

Net revenues1

16,507

2,585

19,092

4,374

5,755

10,129

1,517

30,738

Provision for credit losses

102

7

109

1

501

501

3

613

Total noninterest expenses

12,169

1,633

13,802

3,453

4,108

7,561

220

21,583

therein:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

50

8

58

20

82

102

17

177

Severance payments

100

7

107

28

27

55

–

162

Policyholder benefits
and claims

116

–

116

73

–

73

–

188

Impairment of
intangible assets

–

–

–

74

–

74

54

128

Restructuring activities

(4)

(1)

(4)

(8)

(1)

(9)

–

(13)

Minority interest

34

–

34

7

–

8

(5)

37

Income before
income taxes

4,201

945

5,147

913

1,146

2,059

1,299

8,505

(Glossary)Cost/income ratio in %

74

63

72

79

71

75

15

70

Assets2,3

1,881,638

32,083

1,895,756

39,081

117,533

156,391

13,002

2,011,654

Expenditures for additions to long-lived assets

351

87

438

2

62

65

–

503

Risk-weighted positions ((Glossary)BIS risk positions)

218,663

18,363

237,026

15,864

69,722

85,586

4,891

327,503

Average active equity4

19,619

1,095

20,714

5,109

3,430

8,539

473

29,725

(Glossary)Pre-tax return on average active equity in %

21

86

25

18

33

24

N/M

29

1 Includes:

 

 

 

 

 

 

 

 

Net interest income

4,362

1,106

5,467

165

3,083

3,248

(5)

8,710

Net revenues from external customers

16,691

2,498

19,189

4,615

5,408

10,023

1,492

30,703

Net intersegment revenues

(184)

87

(97)

(241)

347

106

25

34

Net income (loss) from equity method investments

51

2

52

114

2

116

184

352

2 Includes:

 

 

 

 

 

 

 

 

Equity method investments

2,430

39

2,469

560

45

605

221

3,295

2006

Corporate and Investment Bank

Private Clients and Asset Management

Corpo-
rate Invest-
ments5

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

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 group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting.

4

For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. The Group’s (Glossary)average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise economic capital, (Glossary)goodwill and other unamortized intangible assets.

5

Net revenues in CI include a gain from the sale of the bank’s remaining holding in EUROHYPO AG of € 131 million and gains from the sale of industrial holdings (Linde AG) of € 92 million.

Net revenues1

16,574

2,228

18,802

4,166

5,149

9,315

574

28,691

Provision for credit losses

(65)

(29)

(94)

(1)

391

391

2

298

Total noninterest expenses

11,236

1,552

12,789

3,284

3,717

7,000

214

20,003

therein:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

57

25

82

33

84

117

17

216

Severance payments

97

3

99

12

10

22

–

121

Policyholder benefits
and claims

–

–

–

63

–

63

–

63

Impairment of
intangible assets

–

–

–

–

–

–

31

31

Restructuring activities

77

22

99

43

49

91

1

192

Minority interest

23

–

23

(11)

–

(11)

(3)

10

Income before
income taxes

5,379

705

6,084

894

1,041

1,935

361

8,380

Cost/income ratio in %

68

70

68

79

72

75

37

70

Assets2,3

1,459,190

25,646

1,468,321

35,922

94,760

130,642

17,783

1,576,714

Expenditures for additions to long-lived assets

573

2

575

5

383

388

–

963

Risk-weighted positions (BIS risk positions)

177,651

14,240

191,891

12,335

63,900

76,234

5,395

273,520

Average active equity4

16,041

1,064

17,105

4,917

2,289

7,206

1,057

25,368

Pre-tax return on average active equity in %

34

66

36

18

45

27

34

33

1 Includes:

 

 

 

 

 

 

 

 

Net interest income

3,097

890

3,987

162

2,767

2,928

1

6,916

Net revenues from external customers

16,894

2,060

18,954

4,435

4,724

9,159

543

28,656

Net intersegment revenues

(320)

168

(152)

(269)

425

156

31

35

Net income (loss) from (Glossary)equity method investments

72

1

74

142

3

145

197

416

2 Includes:

 

 

 

 

 

 

 

 

Equity method investments

1,624

38

1,662

588

8

596

207

2,465