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

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[14] Equity Method Investments

Investments in associates and jointly controlled entities are accounted for using the (Glossary)equity method of accounting unless they are held for sale. As of December 31, 2007, there were two significant associates which were accounted for as held for sale. For information on assets held for sale please refer to Note [22].

As of December 31, 2007, the following investees were significant, representing 75% of the carrying value of equity method investments.

Investment1

Ownership percentage

1

All significant equity method investments are investments in associates.

2

The Group has significant influence over the investee through board seats or other measures.

3

The Group does not have a controlling financial interest in the investee.

AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung, Frankfurt

26.89 %

Beijing Guohua Real Estate Co., Ltd., Beijing

30.00 %

Compañía Logística de Hidrocarburos CLH, S.A., Madrid2

5.00 %

DB Global Masters (Fundamental Value Trading II) Fund Ltd, George Town

27.88 %

DB Phoebus Lux S.à.r.l., Luxembourg3

74.90 %

Deutsche Interhotel Holding GmbH & Co. KG, Berlin

45.51 %

Discovery Russian Realty Paveletskaya Project Ltd., George Town

33.33 %

DMG & Partners Securities Pte. Ltd., Singapore

49.00 %

Fincasa Hipotecaria, S.A. de C.V. Sociedad Financiera de Objeto Limitado, Mexico City

49.00 %

Fondo Immobiliare Chiuso Piramide Globale, Milan

42.45 %

Force 2005–1 Limited Partnership, St. Helier

40.00 %

Gemeng International Energy Group Company Limited, Taiyuan2

19.00 %

Hanoi Building Commercial Joint Stock Bank, Hanoi2

10.00 %

K&N Kenanga Holdings Bhd, Kuala Lumpur2

16.55 %

Ligusterfonds, Amsterdam

25.85 %

Makkolli Trading Ltd, Hamilton

45.00 %

MFG Flughafen-Grundstücksverwaltungsgesellschaft mbH & Co. BETA KG, Gruenwald

25.03 %

Mountaineer Natural Gas Trust, Wilmington

50.00 %

Paternoster Limited, Douglas

30.99 %

PX Holdings Limited, Stockton on Tees

43.00 %

Redwood Russia PLP1 Limited, St. Helier

40.10 %

Rongde Asset Management Company Limited, Beijing

40.70 %

RREEF America REIT III, Inc., Chicago2

9.67 %

RREEF Global Opportunities Fund II LLC, Wilmington2

9.90 %

STC Capital YK, Tokyo

50.00 %

SWIP Multi Manager Global Real Estate Fund, London

24.70 %

SWIP Property Trust, London

37.38 %

SWIP UK Income Fund, London

35.99 %

SWIP UK Smaller Cos, London

34.24 %

VCG Venture Capital Gesellschaft mbH & Co. Fonds III KG, Munich

36.98 %

Summarized aggregated financial information of these significant (Glossary)equity method investees were as follows:

in € m.

Dec 31, 2007

Dec 31, 2006

Total assets

22,107

20,062

Total liabilities

13,272

12,113

Revenues

2,368

2,344

Net income/loss

528

1,195

The following are the components of the net income (loss) from all equity method investments:

in € m.

2007

2006

1

Net gains (losses) on disposal of equity method investments in 2006 included a gain of € 131 million from the sale of the Group’s remaining holding in EUROHYPO AG

Net income (loss) from equity method investments:

 

 

Pro-rata share of investees’ net income (loss)

358

207

Net gains (losses) on disposal of equity method investments1

9

217

Impairments

(14)

(5)

Total net income (loss) from equity method investments

353

419

There was no unrecognized share of losses of an investee, neither for the period, or cumulatively.

Equity method investments for which there are published price quotations had a carrying value of € 160 million and a (Glossary)fair value of € 168 million as of December 31, 2007 and a carrying value of € 219 million and a fair value of € 228 million as of December 31, 2006.

The investees have no significant contingent liabilities to which the Group is exposed.

In 2007 and 2006, none of the Group’s investees experienced any significant restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances.