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Corporates & Markets divisional split<br />
Corporates - Operating Revenues incl. LLP<br />
332<br />
Equity Markets and Commodities - Operating Revenues* incl. LLP<br />
144<br />
281<br />
134<br />
245<br />
73<br />
475<br />
Fixed Income and Currencies - Operating Revenues incl. LLP<br />
89<br />
Eric Strutz CFO <br />
Frankfurt <br />
November 4th, <strong>2011</strong><br />
272<br />
179<br />
381<br />
Q1 10 Q2 10 <strong>Q3</strong> 10 Q4 10 Q1 11 Q2 11 <strong>Q3</strong> 11<br />
185<br />
Q1 10 Q2 10 <strong>Q3</strong> 10 Q4 10 Q1 11 Q2 11 <strong>Q3</strong> 11<br />
* including a small impact from Own Credit Spread Valuation adjustments<br />
284<br />
277<br />
82<br />
53<br />
233<br />
249<br />
41<br />
35<br />
234<br />
85<br />
45<br />
102 81<br />
Q1 10 Q2 10 <strong>Q3</strong> 10 Q4 10 Q1 11 Q2 11 <strong>Q3</strong> 11<br />
Own Credit Spread valuation adjustments<br />
242<br />
130<br />
259<br />
› Lower primary market activities of customers in <strong>Q3</strong><br />
› DCM and ECM reduced, but healthy pipeline remains intact<br />
once market re-opens<br />
› YTD 9M <strong>2011</strong> benefiting from exceptional large<br />
transactions in Q2<br />
› Market turbulence in equity and commodity markets<br />
restrained client activity in traditionally slow third quarter<br />
› Successful launch of CFD Retail platform in Germany<br />
› Revenues impacted by Own Credit Spread valuation<br />
› Underlying revenues at a stable level despite generally<br />
difficult market conditions for fixed income<br />
› Continued strength of the underlying client franchise as<br />
well as strong risk management capabilities<br />
› Active resource management (e.g. balance sheet and<br />
capital usage) in place given new regulatory environment<br />
15
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