NET REVENUES for the quarter were € 4.4 billion, after mark-downs of € 1.2 billion in Corporate Banking & Securities (CB&S), down 14 % versus € 5.1 billion after € 2.2 billion of mark-downs in the third quarter 2007. In October 2008 the European Union endorsed amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”, which permit the reclassification of trading assets and assets available for sale in cases involving a clear change of management intent. In accordance with these amendments, we reclassified certain assets, for which no active market existed in the third quarter and which management intends to hold for the foreseeable future, out of trading assets and assets available for sale, and into loans. If these reclassifications had not been made, the income statement for the quarter would have included negative fair value movements relating to the reclassified assets of € 845 million. Additionally, incremental net interest margin relating to reclassified assets was € 53 million for the quarter. This is described in more detail in the Business Segment review.

The Corporate and Investment Bank (CIB) reported net revenues of € 1.7 billion, down 11 % versus the third quarter 2007.

In CB&S, net revenues were € 1.0 billion, down 20 % versus the prior year quarter. In Sales and Trading (Debt and other products), net revenues were € 924 million, up 60 % versus the prior year quarter, reflecting year-on-year growth in foreign exchange, interest rate trading and commodities trading, which was counterbalanced by significant negative revenues in credit trading due to deteriorating market conditions. Revenues were also affected by mark-downs of € 705 million, compared with mark-downs of € 1.6 billion in the prior year quarter. Revenues in Sales and Trading (Equity) were negative € 142 million, compared to positive € 428 million in the prior year quarter, reflecting very significant dislocations in global equity markets in the month of September which adversely affected equity values in cash equities, equity derivatives and proprietary trading. Advisory revenues were € 185 million, down by 31 %, primarily reflecting lower levels of market activity. Revenues in Origination (Equity) were € 85 million, versus € 204 million in the third quarter 2007, primarily reflecting significantly lower levels of issuance activity against a backdrop of exceptionally difficult conditions in the equity markets. Revenues in Origination (Debt) were negative € 368 million, compared to negative € 324 million in the prior year quarter. Mark-downs in leveraged loans and loan commitments were below the levels of the third quarter 2007. CB&S net revenues included a gain of € 146 million from changes in the credit spreads on certain of our own debt on which we elected to use the fair value option. We elect the fair value option only for a very small portion of our debt issuance.

In Global Transaction Banking (GTB), net revenues were € 692 million, up 5 % versus the third quarter 2007, reflecting year-on-year growth in Trade Finance and Cash Management for financial institutions.

In Private Clients and Asset Management (PCAM), net revenues for the third quarter were € 2.1 billion, down 16 % versus the third quarter 2007.

In Asset and Wealth Management (AWM), net revenues were € 713 million, down 37 % versus the prior year quarter. This development reflects a year-on-year decline in Asset Management revenues driven by lower fee and commission income, including lower performance fees in line with deteriorating conditions in equity markets in the quarter, together with lower levels of activity in real estate asset management, and discretionary cash injections of € 55 million into certain money market funds.

In Private & Business Clients (PBC), revenues were € 1.4 billion, essentially unchanged versus the prior year quarter. A year-on-year decline in revenues from brokerage was counterbalanced by growth in almost all other revenue categories, including the impact of the successful launch of a portfolio management product during the quarter.

In Corporate Investments (CI), revenues were € 261 million, down 60 % versus the third quarter 2007. Revenues in the current quarter reflected primarily a gain of € 229 million related to the disposal of our stake in Allianz SE. In the prior year quarter, revenues primarily reflected the partial disposal of industrial holdings, the sale and leaseback of our premises at 60 Wall Street, and appreciation of our option to increase our investment in Hua Xia Bank Co. Ltd (China).

PROVISION FOR CREDIT LOSSES for the quarter was € 236 million, versus € 105 million in the third quarter 2007. Provisions in CIB were € 66 million, versus a credit of € 19 million in the prior year quarter, reflecting € 72 million of provisions in respect of loans reclassified in accordance with the aforementioned amendments to IAS 39. Provisions in PCAM were € 169 million, versus € 124 million in the prior year quarter, primarily reflecting deteriorating credit conditions in Spain and the expansion of PBC’s consumer finance business in Poland in line with strategy.

NONINTEREST EXPENSES for the quarter were € 4.0 billion, up 14 % versus the third quarter 2007. Compensation expenses were € 1.9 billion, versus € 1.7 billion in the prior year quarter. This development primarily reflects accruals for performance-related compensation, which were a net release in the third quarter of 2007 as a result of a partial reversal of accruals made during the first half of 2007. General and administrative expenses were € 2.1 billion, versus € 1.8 billion in the prior year quarter. This development reflects the non-recurrence of a value added tax reimbursement and insurance reimbursements in the prior year quarter. Excluding these items, and expenses in the current quarter related to a provision for a pending tender offer to repurchase Auction Rate Securities from retail clients and the impact of a charge related to a RREEF infrastructure investment which ceased to meet the criteria for the held for sale category, general and administrative expenses would have been essentially in line with the prior year quarter.

INCOME BEFORE INCOME TAXES for the quarter was € 93 million, compared to € 1.4 billion in the third quarter 2007. Pre-tax return on average active equity for the quarter was 1 %, compared to 19 % in the prior year quarter. Per our target definition, which excludes gains of € 229 million in the current quarter, loss before income taxes was € 116 million, and pre-tax return on average active equity was negative 1 %, compared to positive 12 % in the prior year quarter.

NET INCOME for the quarter was € 414 million, versus € 1.6 billion in the third quarter 2007. A tax benefit of € 321 million was recorded in the quarter, versus a tax benefit of € 182 million in the third quarter of 2007. The net benefit in the current quarter was mainly driven by a favorable geographic mix of income and a credit of € 34 million policyholder tax in respect to the Abbey Life business. Unused tax losses in certain U.S. entities did not contribute to the tax line as recognized deferred tax assets. Diluted earnings per share for the quarter were € 0.83, versus € 3.31 for the third quarter 2007.

The TIER 1 CAPITAL RATIO, reported under Basel II, improved to 10.3 % at the end of the quarter, up from 9.3 % at the end of the second quarter and in excess of our target, which was recently raised to 10 %. During the quarter we raised € 2.2 billion of new equity in relation to the agreement to purchase a stake in Deutsche Postbank, which contributed about 70 basis points to this development. This transaction is expected to close in the first quarter of 2009. Risk-weighted assets were € 319 billion, up from € 305 billion at the end of the previous quarter. This development primarily reflects the appreciation of dollar-based risk-weighted assets due to currency movements during the quarter. Total assets at the end of the quarter were € 2,061 billion, up from € 1,991 billion at the end of the second quarter. This development reflects the appreciation of dollar-based assets due to currency movements, growth in positive market values from derivatives due to market volatility, and new business. These effects more than counterbalanced managed balance sheet reductions in financial assets at fair value of approximately € 103 billion during the quarter.