Reconciliation of Segmental Results of Operations to Consolidated Results of Operations

 (unaudited)

Income before income taxes in Consolidation & Adjustments (C&A) was € 53 million in the second quarter 2010 compared to a loss of € 41 million in the second quarter of the prior year. The improvement included a significant reduction of negative effects from different accounting methods used for management reporting and IFRS for economically hedged positions, mainly due to less volatile short-term interest rates in 2010 compared to 2009 in the euro and U.S. dollar markets. In addition, fair value gains on own debt due to changes in Deutsche Bank’s credit spreads were recorded in the second quarter 2010, compared to losses in the prior year quarter. Partly offsetting was the non-recurrence of gains from derivative contracts used to hedge effects of share-based compensation plans on shareholders’ equity recorded in the second quarter 2009.

In the first half of 2010, loss before income taxes in C&A was € 112 million compared to an income of € 132 million in the first six months of 2009. This development was mainly due to the non-recurrence of the aforementioned gains from derivative contracts.

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