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Segmental Results of Operations 3Q2007

The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the three months ended September 30, 2007 and 2006.

[Enlarge table]

Three months ended
Sep 30, 2007

Corporate and Investment Bank

Private Clients and Asset Management

Corporate
Invest-
ments

Consoli-
dation &
Adjust-
ments

Total
Consoli-
dated

in € m.
(unless stated otherwise)

Corporate
Banking &
Securities

Global
Trans-
action
Banking

Total

Asset and
Wealth
Manage-
ment

Private &
Business
Clients

Total

Net revenues

1,265

661

1,926

1,126

1,441

2,567

6541

(52)

5,095

Provision for credit losses

(17)

(2)

(19)

1

124

124

(1)

0

105

Total noninterest expenses

1,454

399

1,853

859

1,013

1,872

26

(210)

3,541

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

(1)

(0)

(1)

(0)

(0)

(1)

(0)

–

(2)

Minority interest

8

–

8

1

0

1

1

(9)

–

Income before income tax expense

(179)

263

85

265

304

569

629

168

1,449

Cost/income ratio

115 %

60 %

96 %

76 %

70 %

73 %

4 %

N/M

69 %

Assets2

1,738,020

30,878

1,751,441

37,875

107,128

144,962

13,949

9,384

1,879,012

Average active equity3

20,206

1,128

21,335

5,192

3,382

8,574

371

149

30,428

Pre-tax return on average active equity4

(4)%

93 %

2 %

20 %

36 %

27 %

N/M

N/M

19 %

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Linde AG and Allianz SE) of € 305 million and from the sale of premises (sale/leaseback transaction of 60 Wall Street) of € 187 million.

2

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 Consolidated’.

3

For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated to divisions according to goodwill and intangible assets, remaining average active equity is allocated to the divisions in proportion to the economic capital calculated for them.

4

For the calculation of pre-tax return on average active equity please refer to this page. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 16 %.

[Enlarge table]

Three months ended
Sep 30, 2006

Corporate and Investment Bank

Private Clients and Asset Management

Corporate
Invest-
ments

Consoli-
dation &
Adjust-
ments

Total
Consoli-
dated

in € m.
(unless stated otherwise)

Corporate
Banking &
Securities

Global
Trans-
action
Banking

Total

Asset and
Wealth
Manage-
ment

Private &
Business
Clients

Total

Net revenues

3,488

542

4,030

904

1,252

2,156

811

1012

6,369

Provision for credit losses

(19)

(9)

(27)

(1)

105

104

(0)

(0)

76

Total noninterest expenses

2,471

381

2,851

725

883

1,608

36

14

4,511

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

9

1

10

3

4

7

1

–

18

Minority interest

9

–

9

(2)

0

(2)

(0)

(7)

–

Income before income tax expense

1,027

170

1,198

182

264

446

45

93

1,782

Cost/income ratio

71 %

70 %

71 %

80 %

71 %

75 %

45 %

N/M

71 %

Assets (as of Dec 31, 2006)3

1,446,484

25,646

1,455,615

35,922

94,709

130,591

17,783

7,811

1,571,768

Average active equity4

16,086

1,035

17,120

4,837

2,308

7,144

1,104

7

25,376

Pre-tax return on average active equity5

26 %

66 %

28 %

15 %

46 %

25 %

N/M

N/M

28 %

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Linde AG) of € 92 million.

2

Includes a settlement of insurance claims in respect of business interruption losses and costs related to the terrorist attacks of September 11, 2001 of € 125 million.

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 Consolidated’.

4

For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated to divisions according to goodwill and intangible assets, remaining average active equity is allocated to the divisions in proportion to the economic capital calculated for them.

5

For the calculation of pre-tax return on average active equity please refer to this page. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 25 %.