Net revenues for the third quarter 2007 were € 5.1 billion, down 20 % versus the third quarter 2006. In the Corporate and Investment Bank (CIB), revenues were € 1.9 billion, down by € 2.1 billion, or 52 %, reflecting charges totaling € 2.2 billion in Corporate Banking & Securities (CB&S). Of these charges, € 1.6 billion were taken on trading activities in relative value trading in both debt and equity, CDO correlation trading and residential mortgage-backed securities. Reflecting these charges, revenues in Sales & Trading (Debt and other products) declined 71 % versus the prior year quarter to € 576 million. Revenues in Sales & Trading (Debt and other products) included a gain of € 22 million related to the impact of the widening of structured debt spreads on Deutsche Bank issued notes, which we have elected to account for under the fair value option. Revenues in Sales & Trading (Equity) declined 38 % to € 428 million. In addition, charges of € 603 million (net of fees) were taken against leveraged loans and loan commitments, over and above charges already taken in the second quarter 2007. Reflecting these charges, Origination revenues were negative € 120 million. By contrast, Advisory revenues were € 269 million, their best-ever level for a quarter. Revenues in Global Transaction Banking (GTB) rose 22 % to € 661 million, driven by strong volumes in all key product areas.

In Private Clients and Asset Management (PCAM), revenues rose 19 % to € 2.6 billion. In Asset and Wealth Management (AWM), revenues rose 24 % to € 1.1 billion, partly reflecting strong performance fees in retail and alternative asset management, and the increased invested asset base. In Private & Business Clients (PBC), revenues rose 15 % to € 1.4 billion, reflecting growth in both brokerage and loan/deposit revenues and contributions from Berliner Bank and norisbank.

In Corporate Investments (CI), revenues were € 654 million, compared to € 81 million in the prior year quarter, reflecting gains on the sale of industrial holdings (principally Allianz SE and Linde AG), the sale/leaseback of the premises at 60 Wall Street, and appreciation of our option to increase its investment in Hua Xia Bank Co. Ltd., in China.

Provision for credit losses was € 105 million, up from € 76 million in the third quarter 2006. This development reflects the acquisitions of Berliner Bank and norisbank in PBC, and an increase in provision for credit losses in CIB of € 8 million due to lower net releases.

Noninterest expenses were € 3.5 billion, down by 22 % versus the third quarter 2006. Compensation expenses were € 1.7 billion, compared to € 2.7 billion in the prior year quarter, primarily reflecting lower performance-related compensation expenses driven by lower revenues during the quarter. Non-compensation expenses for the quarter were € 1.8 billion, unchanged versus the prior year quarter. Non-compensation expenses in the current quarter benefited from an agreement with the tax authorities to allow application of a refined methodology for recovery of value added tax paid in prior years and insurance reimbursements relating to litigation cases settled in previous periods.

Income before income taxes for the quarter was € 1.4 billion, down 19 % versus the third quarter of 2006. Pre-tax return on average active equity for the quarter was 19 %. Per the bank’s target definition, which excludes € 491 million of significant gains (net of related expenses) in the current quarter, pre-tax return on average active equity was 12 %.

Net income for the quarter was € 1.6 billion, up 31 % versus the third quarter 2006. The net impact of income taxes in the quarter was positive, principally reflecting several factors: the effects of German tax reform, utilization of capital losses, successful resolution of outstanding tax matters, and claims relating to current and prior years, which totaled approximately € 600 million. Diluted earnings per share for the quarter were € 3.31, up 36 % versus € 2.43 in the third quarter 2006. The increase of current quarter diluted earnings per share reflects a reduction in the number of dilutive shares resulting from the modification of certain derivative contracts, related to trading in Deutsche Bank shares, in late 2006. Excluding this effect, the increase in diluted earnings per share over the prior year quarter would have been € 0.78, or 31 %.

The BIS Tier I ratio was 8.8 % at the end of the quarter, up from 8.4 % at the end of the second quarter 2007, at the upper end of the bank’s published target range of between 8 % and 9 %, reflecting increased retained earnings and tight discipline of capital usage. Risk-weighted assets were € 311 billion at the end of the quarter, up by € 4 billion versus the end of the second quarter. During the quarter, the bank repurchased 1.4 million shares, or 0.3 % of shares issued, at an average purchase price of € 96.75 per share.