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Segmental Results of Operations 3Q2009

 (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 September 30, 2009 and September 30, 2008.

[Enlarge table]

Three months ended Sep 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 € 110 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 Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 15%.

Net revenues

4,440

658

5,098

772

1,389

2,161

242

(263)

7,2381

Provision for credit losses

318

6

323

5

209

214

7

(0)

544

Total noninterest expenses

3,119

459

3,578

633

1,031

1,663

117

20

5,379

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

364

–

364

0

–

0

–

(0)

364

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

15

–

15

0

0

0

0

(16)

–

Income (loss) before income taxes

988

194

1,182

134

149

283

117

(267)

1,315

Cost/income ratio

70 %

70 %

70 %

82 %

74 %

77 %

48 %

N/M

74 %

Assets2

1,477,883

50,852

1,508,921

42,275

136,719

178,963

29,318

8,324

1,659,557

Average active equity3

16,797

1,130

17,927

4,960

3,589

8,549

4,780

3,785

35,041

Pre-tax return on average active equity4

24 %

69 %

26 %

11 %

17 %

13 %

10 %

N/M

15 %

[Enlarge table]

Three months ended Sep 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 a gain from the sale of industrial holdings (Allianz SE) of € 229 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 Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 1 %.

Net revenues

1,051

692

1,743

713

1,435

2,148

261

252

4,4031

Provision for credit losses

66

0

66

1

168

169

(1)

1

236

Total noninterest expenses

1,794

410

2,203

810

1,004

1,814

21

36

4,074

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

(41)

–

(41)

0

–

0

–

0

(40)

Impairment of intangible assets

(0)

–

(0)

8

–

8

–

–

8

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

(20)

–

(20)

(3)

(0)

(3)

2

21

–

Income (loss) before income taxes

(789)

281

(507)

(95)

262

167

238

195

93

Cost/income ratio

171 %

59 %

126 %

114 %

70 %

84 %

8 %

N/M

93 %

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

18,703

1,083

19,786

4,555

3,669

8,223

409

4,395

32,813

Pre-tax return on average active equity4

(17) %

104 %

(10) %

(8) %

29 %

8 %

N/M

N/M

1 %

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