Segmental Results of Operations 2Q2010

 (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, 2010 and June 30, 2009.

Three months ended Jun 30, 2010

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 recognition of negative goodwill related to the acquisition of parts of ABN AMRO’s commercial banking activities in the Netherlands of € 208 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 useful lives are explicitly assigned to the respective divisions. The Group’s average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise economic capital, goodwill and unamortized other intangible assets.

4

For an explanation of the return on average active equity please refer to Note [4] of the Financial Report 2009. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 15 %.

Net revenues

3,633

1,0701

4,703

969

1,444

2,414

44

(6)

7,155

Provision for credit losses

46

32

77

4

171

175

(8)

0

243

Total noninterest expenses

2,801

560

3,362

921

1,040

1,961

117

(52)

5,388

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

1

1

0

0

(0)

2

Impairment of intangible assets

Restructuring activities

Noncontrolling interests

7

7

(0)

0

(0)

(1)

(6)

Income (loss) before income taxes

779

478

1,257

45

233

278

(64)

53

1,524

Cost/income ratio

77 %

52 %

71 %

95 %

72 %

81 %

N/M

N/M

75 %

Assets2

1,686,353

69,541

1,735,668

75,106

131,477

206,550

26,959

11,524

1,925,655

Average active equity3

17,035

1,539

18,574

7,458

3,533

10,991

5,519

4,885

39,969

Pre-tax return on average active equity4

18 %

124 %

27 %

2 %

26 %

10 %

(5) %

N/M

15 %

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 useful lives are explicitly assigned to the respective divisions. The Group’s average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise economic capital, goodwill and unamortized other intangible assets.

4

For an explanation of the return on average active equity please refer to Note [4] of the Financial Report 2009. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 16 %.

Net revenues

4,646

654

5,299

617

1,414

2,031

660

(50)

7,9401

Provision for credit losses

771

8

779

4

217

221

(0)

(0)

1,000

Total noninterest expenses

3,066

459

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

Noncontrolling interests

(14)

(14)

(1)

0

(1)

(1)

17

Income (loss) before income taxes

823

187

1,010

(85)

55

(30)

377

(41)

1,316

Cost/income ratio

66 %

70 %

67 %

113 %

81 %

91 %

43 %

N/M

71 %

Assets (as of Dec 31, 2009)2

1,308,222

47,414

1,343,824

43,761

131,014

174,739

28,456

9,556

1,500,664

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 %

64 %

20 %

(7) %

6 %

(1) %

33 %

N/M

15 %