Part of the Consolidated Financial Statements as of 31 December 2008; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

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Corporate Investments Group Division

The following table sets forth the results of our Corporate Investments Group Division for the years ended December 31, 2008 and 2007, in accordance with our management reporting systems.

in € m.
(unless stated otherwise)

2008

2007

N/M – Not meaningful

1

See Note [2] to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

Net revenues

1,290

1,517

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

(172)

157

Provision for credit losses

(1)

3

Total noninterest expenses

95

220

therein:

 

 

Impairment of intangible assets

–

54

Restructuring activities

–

(0)

Minority interest

2

(5)

Income (loss) before income taxes

1,194

1,299

Cost/income ratio

7 %

15 %

Assets

18,297

13,005

Average active equity1

403

473

Pre-tax return on average active equity

N/M

N/M

In 2008 CI’s income before income taxes was € 1.2 billion compared to € 1.3 billion in 2007.

Net revenues were € 1.3 billion, a decrease of € 227 million compared to 2007. Net revenues in 2008 included net gains of € 1.3 billion from the sale of industrial holdings (mainly related to Daimler AG, Allianz SE and Linde AG), a gain of € 96 million from the disposal of our investment in Arcor AG & Co. KG, dividend income of € 114 million, as well as mark-downs, including the impact from our option to increase our share in Hua Xia Bank Co. Ltd.

Net revenues in 2007 included net gains of € 626 million from selling some of our industrial holdings (mainly Allianz SE, Linde AG and Fiat S.p.A.), a gain of € 178 million from our equity method investment in Deutsche Interhotel Holding GmbH & Co. KG (which also triggered an impairment charge of € 54 million of CI’s goodwill), dividend income of € 141 million and mark-ups from our option to increase our share in Hua Xia Bank Co. Ltd. In addition, net revenues included a gain of € 313 million from the sale and leaseback transaction of our premises at 60 Wall Street.

Total noninterest expenses were € 95 million, a decrease of € 126 million compared to the previous year. This decrease was mainly the result of lower costs from consolidated investments in 2008 and the aforementioned goodwill impairment charge in 2007.

At year end 2008, the alternative assets portfolio of CI had a carrying value of € 434 million (down 31 % compared to 2007), of which 72 % was real estate investments, 23 % was private equity direct investments and 5 % was private equity indirect and other investments. This compares to a carrying value of € 631 million at year end 2007.

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