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Segmental Results of Operations

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, 2009 and March 31, 2008.

[Enlarge table]

Three months ended Mar 31, 2009

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 an impairment charge of € 278 million on industrial holdings, which is excluded from the Group’s target definition.

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 the section Target Definitions. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 23 %.

Net revenues

4,222

666

4,888

515

1,381

1,896

153

267

7,2051

Provision for credit losses

356

1

357

5

165

169

(0)

(0)

526

Total noninterest expenses

2,542

444

2,986

687

1,010

1,697

89

91

4,864

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

(64)

–

(64)

0

–

0

–

2

(62)

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

1

–

1

(4)

(0)

(4)

0

3

–

Income (loss) before income taxes

1,323

221

1,544

(173)

206

34

65

173

1,815

Cost/income ratio

60 %

67 %

61 %

133 %

73 %

90 %

58 %

N/M

67 %

Assets2

1,914,461

45,270

1,941,534

46,854

140,609

187,434

27,853

12,709

2,103,425

Average active equity3

20,327

1,164

21,491

5,241

3,681

8,921

2,386

347

33,146

Pre-tax return on average active equity4

26 %

76 %

29 %

(13) %

22 %

2 %

11 %

N/M

22 %

[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, which is excluded from the Group’s target definition.

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 the section Target Definitions. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is (3) %.

Net revenues

880

661

1,541

1,001

1,454

2,454

705

(84)

4,6161

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 %

Assets (as of Dec 31, 2008)2

2,012,427

49,487

2,047,181

50,473

138,350

188,785

18,297

11,629

2,202,423

Average active equity3

20,376

1,069

21,446

4,772

3,390

8,162

278

1,403

31,288

Pre-tax return on average active equity4

(31) %

94 %

(25) %

16 %

36 %

24 %

N/M

N/M

(3) %

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