The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the nine months ended September 30, 2007 and 2006.

Nine months ended
Sep 30, 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

Net revenues

12,691

1,928

14,620

3,273

4,309

7,581

1,3511

(99)

23,454

Provision for credit losses

(80)

(1)

(82)

1

364

365

(0)

(1)

283

Total noninterest expenses

9,000

1,206

10,206

2,521

3,050

5,571

191

(109)

15,859

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

54

54

Restructuring activities

(3)

(1)

(4)

(6)

(0)

(6)

(0)

(10)

Minority interest

18

18

6

0

7

(5)

(20)

Income before income tax expense

3,754

724

4,477

744

894

1,638

1,166

31

7,312

Cost/income ratio

71 %

63 %

70 %

77 %

71 %

73 %

14 %

N/M

68 %

Assets2

1,738,020

30,878

1,751,441

37,875

107,128

144,962

13,949

9,384

1,879,012

Average active equity3

19,181

1,091

20,272

5,125

3,413

8,538

508

73

29,391

Pre-tax return on average active equity4

26 %

88 %

29 %

19 %

35 %

26 %

N/M

N/M

33 %

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Fiat S.p.A., Linde AG and Allianz SE) of € 432 million, income from equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 178 million, net of goodwill impairment charge of € 54 million, and gains from the sale of premises (sale/leaseback transaction of 60 Wall Street) of € 317 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 this page. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 27 %.

Nine months ended
Sep 30, 2006

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

Net revenues

12,727

1,644

14,371

3,029

3,815

6,843

4071

(304)2

21,318

Provision for credit losses

(88)

(30)

(118)

(1)

285

284

3

(0)

168

Total noninterest expenses

8,436

1,123

9,559

2,380

2,712

5,091

123

(48)

14,726

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

Restructuring activities

41

16

57

26

33

59

1

118

Minority interest

30

30

(7)

0

(7)

0

(24)

Income before income tax expense

4,349

552

4,901

657

818

1,475

281

(232)

6,424

Cost/income ratio

66 %

68 %

67 %

79 %

71 %

74 %

30 %

N/M

69 %

Assets (as of Dec 31, 2006)3

1,446,484

25,646

1,455,615

35,922

94,709

130,591

17,783

7,811

1,571,768

Average active equity4

15,622

1,055

16,677

4,906

2,154

7,060

1,073

13

24,822

Pre-tax return on average active equity5

37 %

70 %

39 %

18 %

51 %

28 %

N/M

N/M

34 %

N/M – Not meaningful

1

Includes gain from the sale of the bank’s remaining holding in EUROHYPO of € 131 million, gains from the sale of industrial holdings (Linde AG) of € 92 million.

2

Includes a settlement of insurance claims in respect of business interruption losses and costs related to the terrorist attacks of September 11, 2001 of € 125 million.

3

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’.

4

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.

5

For the calculation of pre-tax return on average active equity please refer to this page. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 30 %.