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Segmental Results of Operations

 (unaudited)

The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the three months ended March 31, 2008 and 2007.

[Enlarge table]

Three months ended
Mar 31, 2008

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

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Daimler AG, Allianz SE and Linde AG) of € 854 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 chapter Target Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is (3) %.

Net revenues

880

661

1,541

1,001

1,454

2,454

7051

(84)

4,616

Provision for credit losses

(8)

(3)

(11)

0

125

125

(0)

(0)

114

Total noninterest expenses

2,500

414

2,914

813

1,025

1,838

26

(21)

4,756

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

(141)

–

(141)

14

–

14

–

1

(126)

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

(8)

–

(8)

(0)

0

(0)

(0)

8

–

Income (loss) before income taxes

(1,604)

250

(1,354)

188

304

492

679

(72)

(254)

Cost/income ratio

N/M

63 %

189 %

81 %

70 %

75 %

4 %

N/M

103 %

Assets2

2,158,799

36,790

2,176,969

39,457

122,081

161,288

9,907

11,626

2,305,337

Average active equity3

20,376

1,069

21,446

4,772

3,390

8,162

278

542

30,427

Pre-tax return on average active equity4

(31)%

94 %

(25)%

16 %

36 %

24 %

N/M

N/M

(3)%

[Enlarge table]

Three months ended
Mar 31, 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

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Fiat S.p.A.) of € 128 million and income from equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 178 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 chapter Target Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 37 %.

Net revenues

6,118

612

6,730

1,008

1,425

2,433

4381

(25)

9,576

Provision for credit losses

(21)

1

(20)

1

116

117

1

0

98

Total noninterest expenses

3,949

397

4,347

817

1,016

1,832

134

3

6,315

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

–

–

–

24

–

24

–

3

27

Impairment of intangible assets

–

–

–

–

–

–

54

–

54

Restructuring activities

(3)

(0)

(3)

(4)

(0)

(4)

0

0

(8)

Minority interest

8

–

8

2

0

3

(0)

(11)

–

Income (loss) before income taxes

2,181

214

2,395

188

293

481

305

(17)

3,163

Cost/income ratio

65 %

65 %

65 %

81 %

71 %

75 %

30 %

N/M

66 %

Assets (as of Dec 31, 2007)2

1,881,638

32,083

1,895,756

39,081

117,533

156,391

13,002

8,695

2,020,349

Average active equity3

17,768

1,053

18,822

5,074

3,372

8,445

681

403

28,351

Pre-tax return on average active equity4

49 %

81 %

51 %

15 %

35 %

23 %

179 %

N/M

44 %