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Segmental Results of Operations 2Q2009

 (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 June 30, 2009 and June 30, 2008.

[Enlarge table]

Three months ended Jun 30, 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 a gain from the sale of industrial holdings (Daimler AG) of € 126 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 16 %.

Net revenues

4,646

653

5,299

618

1,414

2,032

660

(50)

7,9401

Provision for credit losses

771

8

779

4

217

221

(0)

(0)

1,000

Total noninterest expenses

3,060

464

3,525

700

1,141

1,841

284

(25)

5,624

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

126

–

126

(0)

–

(0)

–

0

126

Impairment of intangible assets

5

–

5

–

–

–

151

–

157

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

(14)

–

(14)

(1)

0

(1)

(1)

17

–

Income (loss) before income taxes

828

181

1,009

(85)

55

(30)

377

(41)

1,316

Cost/income ratio

66 %

71 %

67 %

113 %

81 %

91 %

43 %

N/M

71 %

Assets2

1,549,223

47,140

1,577,445

43,872

138,457

182,288

29,312

10,379

1,732,873

Average active equity3

19,238

1,169

20,407

4,754

3,717

8,471

4,593

1,410

34,882

Pre-tax return on average active equity4

17 %

62 %

20 %

(7) %

6 %

(1) %

33 %

N/M

15 %

[Enlarge table]

Three months ended Jun 30, 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 and Allianz SE) of € 145 million and a gain from the sale of the investment in Arcor AG & Co. KG of € 97 million, which are 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 8 %.

Net revenues

2,216

671

2,886

962

1,478

2,440

296

(198)

5,4251

Provision for credit losses

(14)

4

(9)

1

144

145

(1)

(0)

135

Total noninterest expenses

2,544

383

2,927

720

1,006

1,725

22

(27)

4,648

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

113

–

113

4

–

4

–

2

119

Impairment of intangible assets

5

–

5

–

–

–

–

–

5

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

(4)

–

(4)

(1)

0

(1)

(0)

5

–

Income (loss) before income taxes

(311)

283

(27)

242

328

570

275

(176)

642

Cost/income ratio

115 %

57 %

101 %

75 %

68 %

71 %

7 %

N/M

86 %

Assets (as of Dec 31, 2008)2

2,012,427

49,487

2,047,181

50,473

138,350

188,785

18,297

13,110

2,202,423

Average active equity3

19,033

1,043

20,076

4,506

3,243

7,749

225

3,155

31,205

Pre-tax return on average active equity4

(7) %

109 %

(1) %

22 %

40 %

29 %

N/M

N/M

8 %

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