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					                     Reports and Accounts 2008
ANNUAL REPORT 2008




                       Limited Company
                                                                                                                                                                                           // 1




                                                                                                            Reports and Accounts 2008




                                                                                                                   Limited Company


Deutsche Bank SpA - Registered Office and Headquarters: Square Calendar 3 - 20126 Milan - Share Capital Euro 310,659,856.26 - Number of Companies Register
Milan, Cod Tax / VAT 01340740156 - Member of the Interbank Deposit Protection - Member of the National Guarantee Fund pursuant to Art. 59 D. Legislative Decree No. 58/1998 - Registered
of Banks and parent company of Deutsche Bank Register of Banking Groups.
2 //
                                           // 3




Franco Lombardi copyright E20 - Deutsche Bank
TABLE OF CONTENTS




  Ordinary General Meeting of Shareholders of        Part B / / Balance Sheet                         80
  Deutsche Bank SpA on April 30, 2009
  Agenda                                        07   ASSETS
  Company Boards                                08      Section 1 / / Cash and
     Management Board                           08      Cash - Item 10                                80

     Supervisory Board                          08      Section 2 / / Held
                                                        for trading - Item 20                         80
                                                        Section 3 / / Financial assets
  01 //                                                 at fair value - Item 30                       83
  Reports                                               Section 4 / / Financial assets
  Report of the Supervisory Board                       For Sale - Page 40                            83
  Shareholders' Meeting                         11      Section 5 / / Held
  Report of the Management Board                16      to-maturity investments - Item 50             85
                                                        Section 6 / / Due from banks - Item 60        86
  Report of Independent Auditors                46
                                                        Section 7 / / Loans to customers - Item 70    87
                                                        Section 8 / / Hedging derivatives - Item 80   88
  02 //
                                                        Section 9 / / Value adjustment
  Balance sheet as at December 31, 2008
                                                        financial assets in hedged
  Budget structure and patterns                 49      General - Page 90                             89
  Balance Sheet                                 50      Section 10 / / Investments - Item 100         90
  Income statement                              51      Section 11 / / Tangible assets - Item 110     92
  Statement of Changes in Equity                52      Section 12 / / Intangible assets - Item 120   94
  Cash Flow                                     54      Section 13 / / tax assets and liabilities
                                                        Tax - Item 80 and Item 130 of
                                                        liability                                     96
  03 //                                                 Section 14 / / Non-current
  Notes                                                 of assets held for sale
                                                        and related liabilities - Item 140 of
  Part A / / Accounting Policies                57      and 90 of the passive voice                   99
                                                        Section 15 / / Other assets - Item 150        99
                                                                                                                 // 5




LIABILITIES                                               Section 7 / / The net result of the activities
                                                          and financial liabilities at fair
  Section 1 / / Due to banks - Item 10              100   value - Item 110                                 121
  Section 2 / / Item 20 Amounts owed to customers   101   Section 8 / / adjustments / write-backs
  Section 3 / / Securities issued - Item 30         102   Net impairment - Item 130                        122
  Section 4 / / Financial Liabilities                     Section 9 / / Administrative costs
  trading - Item 40                                 103   - Item 150                                       123
  Section 5 / / Financial liabilities                     Section 10 / / Net provisions
  at fair value - Item 50                           104   for risks and charges - Item 160                 125
  Section 6 / / Hedging derivatives - Item 60       105   Section 11 / / Net adjustments
                                                          tangible assets - Item 170                       125
  Section 7 / / Value adjustment
  Financial liabilities hedged                            Section 12 / / Write-backs
  General - Page 70                                 106   intangible assets - Item 180                     125
  Section 8 / / Tax liabilities - Item 80           106   Section 13 / / Other net income
                                                          - Item 190                                       126
  Section 9 / / Liabilities associated with
  of assets held for sale - Item 90                 106   Section 14 / / Gains (Losses)
                                                          investments - Item 210                           126
  Section 10 / / Other liabilities - Item 100       106
                                                          Section 15 / / Net
  Section 11 / / indemnity                                the fair value of assets
  - Item 110                                        107   tangible and intangible assets - Item 220        126
  Section 12 / / Provisions for risks and charges         Section 16 / / Adjustments
  - Item 120                                        107   goodwill - Item 230                              127
  Section 13 / / Redeemable shares - Item 140       109   Section 17 / / Gains (losses) on disposal
  Section 14 / / Shareholders' equity                     of investments - Item 240                        127
  - Items 130, 150, 160, 170, 180, 190 and 200      109   Section 18 / / Income taxes
  OTHER INFORMATION                                 113   continuing operations
                                                          - Item 260                                       127
                                                          Section 19 / / Earnings (Loss)
Part C / / Income Statement                         115   of assets held for sale net
  Section 1 / / Interest - Items 10 and 20          115   Tax - Item 280                                   128

  Section 2 / / Commissions - Items 40 and 50             Section 20 / / Other Information                 128
                                                    117
  Section 3 / / Dividends and similar income              Section 21 / / Earnings per share                129
  - Item 70                                         119
  Section 4 / / Profits
  trading - Item 80                                 120
  Section 5 / / Profits
  Cover - Page 90                                   120
  Section 6 / / Gains (losses)
  sale / repurchase - Item 100                      121
6 //
TABLE OF       CORPORATE
CONTENTS




Part D / / Segment                                  130


Part E / / Information on risks and
hedging policies                                    131
  Section 1 / / Credit Risk                         131
  Section 2 / / Market Risks                        144
  Section 3 / / Liquidity Risk                      164
  Section 4 / / Operational Risks                   167


Part F / / About Heritage                           168
  Section 1 / / Shareholders' equity                168
  Section 2 / / The Heritage and the coefficients
  Surveillance                                      169


Part G / / Business combinations
related companies or business units                 171
  Section 1 / / Transactions designed
  during exercise                                   171
  Section 2 / / operations carried out after
  year end                                          171


Part H / / Related party transactions               172


Part I / /-based payment arrangements
own equity instruments                              175


04 //
Attachments
Schedule of Investments                             177
Statement of revaluations                           178
tangible
Geographical distribution of branches               179


Assembly resolutions of 30 April 2009               180
                                                                              // 7




Ordinary Shareholders' Meeting
Deutsche Bank SpA
April 30, 2009

AGENDA

1. Reports of the Supervisory Board and the Company in charge of the audit.
   Distribution of profits.

2. Appointment of the Supervisory Board, after determining the number.




(Notice published in the Official Gazette No. 42, April 11, 2009)
8 //                CORPORATE




Company Boards
Management Board

Flavio Valeri                       President and Chief Executive Officer
Luca Caramaschi                     Adviser
Pier Paolo Cellerino                Adviser
Carmine Di Martino                  Adviser
Giulio Cesare Monarca               Adviser
Joerg Oliveri del Castillo-Schulz   Adviser
Carlo Paesani                       Adviser
Marco Pracca                        Adviser
Giordano Villa                      Adviser




Supervisory Board

Gianni Testoni                      chairman
Juergen-Hinrich Fitschen            Vice President
Giovanni Maria Garegnani            Adviser
Guido Heuveldop                     Adviser
Frank Krings                        Adviser
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                                                                            delste vom im Prastel. Kisuhaeli neumyx
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                                                                            vinre.




                                                                            n
                                                                                From 1 October 2008, replacing President
                                                                                and Managing Director Vincent De Bustis, cease-
                                                                                to the previous September 30.

                                                                            n
                                                                                From 1 November 2008.
// 9
Reports
01//
                                                                                           // 11




Report of the Supervisory Board
Shareholders' Meeting
Dear Shareholders,

as is known, during the year ended December 31, 2008 the Bank adopted the sys-
but the two-tier management and control, inspired by the principle of separation between the activ-
activities of control and supervision, entrusted to the Supervisory Board, and that of
management and administration, headed by the Management Board.

In this report, the Supervisory Board acknowledges, first, to have supervised
compliance by the Bank, the law and the Charter, of which a-active
ta, did not detect omissions or wrongful acts deserve to be reported pursuant to art.
2409-l, paragraph 1 letter f) of the Civil Code.

The Supervisory Board has acquired by the Management Board (whose members have
a statutory obligation to attend meetings of the Supervisory Board) adequate information
information on the operation of the Bank and its subsidiaries. On the basis of
information gained, the Supervisory Board found that the Bank did not place
be in operation in violation of the law or the Statute or imprudent or reckless, or
such as to compromise the integrity of corporate assets.

The Supervisory Board acknowledges that he has the task of supervision, aven-
do adopted the strategies of the Bank as well as the declination of the same in
subsidiaries, prepared by the Management Board, and have monitored the
implementation.

The Supervisory Board also gives notice of having verified the adequacy of the systems with-
internal accounting and administrative control, and its reliability for the purposes of
the representation of management operations, including through regular meetings with
responsible for control functions and business, and examination of the documents they preach-
move to this end, the meeting of June 9, 2008 the Supervisory Board, in
According to forecasts of the regulations and "rules of operation" adopted on that date,
shall be without prejudice to the principle of shared responsibility in the assessment of
the internal control system, decided to entrust the Board entered in the register of
auditors (hereinafter the "Director in charge" or "IC") appointed to monitor the
continuous system of internal controls.

The Board appointed for that purpose, has held numerous meetings, the Society of
Independent auditors of the audit, the heads of internal audit
(Audit Group) and Compliance (Compliance), the leaders of other control functions and
business, has also verified that it was approved, updated and properly imple-
Committee on the Organizational Model pursuant to Legislative Decree no. 231/2001. These
meetings reported to the
Supervisory Board, with whom he shared the optimization of the control model and
reporting on the operation of internal control systems, this model implies a flow
periodic information regarding in respect of the Supervisory Board (Reporting
package).
12 //           01 / / REPORTS          UNTERKA             REPORT OF THE SUPERVISORY BOARD 2




As specifically provided, the Supervisory Board acknowledges that you have verified and approved
the appointment of heads of internal audit and compliance (Compliance)
in implementing the provisions of supervision issued by the Bank of Italy March 4, 2008.

The Supervisory Board has decided to report to the Bank of Italy, during
in 2008, an episode of malfunction of the agencies with responsibility for recording
tion of certain derivatives transactions cash-FX (spot and forward contracts) and options-from
that this is not derived any harm to the Bank and Capital in early 2009,
a case occurred in outside structures for recovery of certain
categories of claims in respect of which the Bank, the victim, took her to the protection
most appropriate action in the competent fora.

The Supervisory Board gives Finally, note that it occurred, during the nomination and
continuous eligibility of its members to perform their functions, in terms of
professionalism, availability of time and, where required, independence.

In relation to specific supervisory arrangements, the Supervisory Board notes that
the Ordinary General Meeting on 29.4.2008 approved (pursuant to Art. 7 of the Statute), the following
remuneration policies for the benefit of members of the Board of Management, "will not be recognized
nized any compensation in favor of the Management Board, whether such employees
Deutsche Bank SpA, which already receive adequate remuneration, as regards
any non-employee directors, the remuneration of them must be consistent with
a prudent risk management and with a long-term strategy and will also take
account in the definition of fixed and variable components, systems and evaluations aimed at insurance
rare connection to real and lasting results. If the Board of Management were
appointed non-executive and not an employee of Deutsche Bank SpA, will go
normally avoided incentive mechanisms that will still be a part
not significant and the remuneration to be defined in strict compliance with the above cautions
appears. "

In this respect, the Supervisory Board acknowledges that the policies have taken care of remuneration
tion for components of the Management Board, mentioned above, have found timely
application. In particular:

n   already in the appointment of the Management Board, April 29, 2008, had decided to deter-
    undermine the reward thereof, in advance for a full term, in compliance with
    mentioned remuneration policies adopted by the Assembly under Article. 7 del
    new statute, it is established, since the other names were all employees
    teeth of the Bank, from which were already receiving adequate remuneration, it was recognized
    compensation for the sole President and Chief Executive Officer Vincent De Bustis, to the extent
    which was established by the Management Board upon appointment, and send-giving
    to the Chairman of the Supervisory Board to countersign the relevant document,
    for a certification of compliance of the aforesaid compensation policies;
                                                                                          // 13




n   July 23, 2008 in the appointment to the Management Board with effect from 1 October in
    replacement of the said President and Chief Executive Officer, Flavio Valeri, taken with
    same effective date as Managing Director and on 23 September, at the
    expansion of the council team with the appointment, with effect from 1 November,
    one-ninth of the Board of Management, Jordan Villa, taken with the same effective date as Vice
    Managing Director, stated that no compensation would not be recognized in favor of
    same, since the Employees of the Deutsche Bank SpA, which already have
    received adequate remuneration.

Also, the Supervisory Board, June 9, 2008, approved under the bylaws, policies and
policies relating to employees and remuneration to employees is not related to the company
employment relationships, then verifying that they have been duly respect-
tate. Regarding the Supervisory Board has received information from a wide and comprehensive
Management Board, consistent with the provisions of the "Regulations on the Supervisory
governance of banks "issued by the Bank of Italy March 4, 2008 and with its clear-
Branched minds in this regard by the same letter of 19 February 2009. In addition, the Board of
Surveillance, voted on today, has further defined and clarified these policies,
to ensure the most accurate line with the provisions invoked by the "Provisions
supervision of banks 'governance', as focused by the Bank of Italy with the
cited note of 19 February.

The Supervisory Board gives then note that the procedure under Article. 2437 of the Civil Code
-Necessitated by changes in the governance structure and, consequently,
in the Charter-ended with the purchase by other members of all the members' shares rece-
teeth offered as an option, with the result that has not been necessary to place the purchase of
shares
own, which was otherwise authorized by the April 29, 2008.

As illustrated by the Management Board, the Supervisory Board acknowledges that the project
required by the supervisory arrangements for governance of banks, to be drawn
by June 30, 2009, is being prepared; in this area will be submitted to the Bank
Italy in a project aimed at adapting to change the statute to certain additional guidance
supervision, the Bank of Italy had not previously requested the Bank to implement.

The Supervisory Board points out, in relation to the specific powers conferred on him
Law and Statute on the approval of the budget and the budget
Consolidated:

n   March 25, 2009 that the Management Board has approved the draft financial statements
    ended 31 December 2008 (drawn up in application of Legislative Decree no. 38/2005, according
    to the
    IAS / IFRS in force as provided in the Rules Com-
    munity No 1606/2002, and taking account of the Bank of Italy Circular No 262/2005), which
    together with the related management's discussion and were made available to the Council-
    Supervisory Board of the same date;
14 //           01 / / REPORTS           UNTERKA             REPORT OF THE SUPERVISORY BOARD 2




n   have verified compliance with the laws and regulations regarding training,
    the setting and the patterns of such financial statements and additional supporting documents;
n   have verified that the management reports described extensively and call-
    security, the economic situation and financial position of the Bank and the companies
    Group, and the trend of the period;
n   that the Management Report and in the notes accompanying the budget is indi-
    is dual consolidated financial statements, the Management Board has properly reported and
    explained the most important transactions with third parties, the group or with related parties, describing
    features;
n   having met, March 25, 2009, in the person of the CI, KPMG and
    I have received the same, the next March 27, reports on individual budgets and con-
    solid, from which discloses no findings or information calls;
n   it has approved today the consolidated financial statements and the Bank at 31
    December 2008, sharing and taking up the proposal for the allocation and
    dividend distribution made by the Board of Management is subjected to
    Your approval.

The Supervisory Board has also identified the opportunity to maximize the effectiveness
of its operation, bringing the number of directors to the maximum provided by
Regulations, equal to six, the Assembly is to decide on the matter.


Milan, March 31, 2009

THE SUPERVISORY BOARD
// 15
16 //          01 / / REPORTS            UNTERKA             BOARD OF MANAGEMENT EBENE 2




Council Report
Management
2008 was certainly an extremely difficult year for the real economy and the market
Italian financial market but also for international markets that have experienced a period
Difficulty very high.

The importance of the events that have taken place at the international level, move inevitably
mind the focus of the analysis to a description of the major events that have shaken
the entire global financial system.

As noted, the international financial system has been touched in its foundations, many
banks had heavy losses and many governments have had to intervene with
extraordinary measures to create incentives to savings. The liquidity crisis that has engulfed the
financial centers worldwide, has led many central banks to intervene with important
many cuts in interest rates to facilitate recovery of the market.

The critical events of 2008 are presented with an unceasing progression, which began in fever-
I, with the nationalization of Northern Rock by the British Government, and then followed
by the huge injection of liquidity into the system by the Federal Reserve, just before the
rescue of Bear Stearns by JP Morgan. In July a new wave of crisis-with
task operators specialized in mortgages in the U.S. financial system with the con-
period of IndyMac and the problems of Fannie Mae and Freddie Mac that required intervention
support of the authorities. In September the difficulties involving increased rapidly
virtually all major U.S. investment banks, is remembered in particular the
bankruptcy of incumbency, such as Lehman Brothers, the take over of Merrill Lynch by
Bank of America and the decision of Morgan Stanley and Goldman Sachs to become banks
commercial pure investment banks, in order to have access to more funding
by the Federal Reserve.

The difficulties of September did not spare the insurance giant AIG, Whashington
Mutual in the U.S. and Fortis in Europe. The fourth quarter proved to then-share
larly negative for almost all international banks with results in loss of dimensional-
ni very significant.

All these phenomena briefly described by the authorities has created two
main forms of reaction. On the one hand governments have enacted strong measures to inter-
wind to restore confidence to financial systems to the acquisition
of direct equity in banks, extension of guarantees on bank deposits,
launching multi-billion dollar plans to support the financial system. Second, were initiated
of deep reflection on the revision of the entire system of international supervision. The
For example, the European Commission adopted a series of measures to strengthen the structure of
European financial market supervision with the aim of fostering greater cooperation
and convergence between member states and to support financial stability. As reported in a
speech of January 2009 Managing Director of the Bank of Italy, the debate on the
revision of the rules is still ongoing and covers many aspects: the scope of Regulation
lamentation, the size and the need for macro-prudential instruments cyclical, the container
                                                                                              // 17




tion of leverage and the strengthening of risk management, transparency of exposures
risk and valuation of financial instruments, governance and incentives, cooperation
ency, the tools for crisis management.

The events that occurred in 2008, given the extent of their size, had
inevitably reflected in significant Italy, which has not been immune to accommodate the
development
one of the largest international financial crises in history.
Our economy, like that of many nations, is now living a recession. The market
Real estate has seen a turnaround with sales volumes down by
14% in the latest figures provided by the ABI for the first half of 2008, and the changes
of our stock market saw a decrease of 49.5% compared to 2007 (the only com-
confinement scale bank has seen its market capitalization of 57.4%). The GDP registered a
contraction of 0.9% while in the first eleven months of last year the industrial production
worsened by 3.5% over the same period in 2007. All this has contributed to the likely-
tinue to reduce the fears of inflation and the ECB rate, now at 2% after the last cut of fifty
cents in the January 15, 2009.

The crisis has produced divergent effects of the main items of the Italian financial system. In
Overall, the financial activities of the private sector have been steadily on the basis of available data
in February 2009, an increase of 2.2% and bank deposits has been positive and an increase of
13.1% on an annual basis. In contrast, the assets of mutual funds and SICAV Italian open
and abroad decreased by 28.2% over 2007. The dynamics of bank lending has
slowed, with an annual growth rate of 4.50%, more than halved compared to
2007, with particular impact on the household sector and less to that of business.

This is the context within which our bank has had to operate. As will be illustrated-
layer in the following sections, the Deutsche Bank in Italy was affected by the crisis and had the
same time take account of some extraordinary effects. Nevertheless, the bank had capacity
income and has maintained its commitment to the Italian market. The continuation of the
program by opening new branches, the growth of our loans to Small and Medium
Enterprises 28% and the initials of two important agreements with the SACE and Eurofidi in favor of
export credit are just some of the facts to prove it.
18 //   01 / / REPORTS   UNTERKA   BOARD OF MANAGEMENT EBENE 2
                                                                                           // 19




MANAGEMENT REPORT FOR THE COMPANY AND SITUATION
The following report examines the major financial aggregates and analyzes the performance
year.

ECONOMIC AND FINANCIAL ANALYSIS
The document analysis was prepared by applying the rules according to IAS / IFRS.

RESULTS
Based on the above, the preceding financial year proved to be particularly
complex into account both the development of capital markets and interest rates is the definition
tion of operations in our institute, preparatory to generate positive future
but having negative impacts quotas in terms of profitability.
The final result reported in the budget is positive and shows a net profit of 26.5
€ million, a decrease compared to the figure recorded in the previous period (148.5
million euro), equivalent to -82%.

In particular, this result is affected by a plan of reorganization main
marily for the area of back office branch with consequent centralization and synergy of
functions, which will deploy its positive effects in future years, but whose economic
is fully charged to the budget under consideration. This effect, net of tax, we quantify
in € 36.9 million.

It should also be stressed that the conclusion of the dispute with Parmalat, already brought to your
knowledge
knowledge in the past, compared to a settlement agreement with a counterparty that influence the
exercise
under consideration of € 26.1 million after tax.

The net result above, adjusted for the effects indicated, would amount to about 89.5
million euro.

Coming into the merits of the income statement, the comparison with the data arising
from the previous year, first note, a decrease in operating income
amounted to EUR 39.8 million (-5%). This figure is the result of varied patterns, among whom are
mainly emphasized the interest margin virtually unchanged from last
exercise, the contraction of the commission, the significant increase in dividends and the result-
Committee on hedging in sharp decline.

With regard to the interest margin continued loan growth at the
customers, with increase in volumes traded and the return of income in particular
loans in addition to commercial loans and consumer credit though decreasing
compared to trends seen in previous years.

In the area of collection development in the face of posts, there was an increase in both AC-
access to interbank deposits both in regard to the issuance of securities at the bank's own
customers resulting in repositioning of the economic components of the budget.
20 //          01 / / REPORTS            UNTERKA             BOARD OF MANAGEMENT EBENE 2




As for the commission area, there is a contraction of the final result due
the lower contribution from the sale of securities, insurance products and asset management, due to
time of crisis experienced by the market which led to a moment of reflection
and pending the development of events from the customers, partly offset by this result-
disengaged from a lower cost deriving from the guarantees received.

The data notes a significant increase in dividends, arising mainly from the card
credit as a result of an extraordinary operation with Visa Inc., an international pro-
owner of the trademark of those payment instruments, which held that the banks used
of the brand, including Deutsche Bank SpA, a gain on the basis of volumes traded in
a given period.

Entering into the results of the additional components of gross income, there is
a profit from the activity of sale of financial assets and an increase of negative
the area of coverage, in particular due to the presence of derivatives in the face
risk score rates on fixed rate mortgages. These instruments, due to trends
rapid rates in the interbank market had the second half of the year under review,
brought a negative effect on the income statement. For better management of these impacts
has gradually provided a review of some of the ways to hedge
rate, with greater use of interbank deposits in lieu of derivative products and,
Consequently, the forecast of lower economic impacts in the coming year.

Value adjustments to loans and other assets show an increase of
€ 29.1 million, is influenced by the development of those reserves are located in volumes
in defense, both by the general economy.

The area attributable to operating costs shows an increase of € 111.6 million (21%), this increase
tion is largely due to both extraordinary burden for the early retirement of staff,
attributable to the reorganization of which has already been reflected in both economic impact
had in reference to the end of the settlement, Parmalat, as well as the continuation
of development of the network, even for the financial year under review, has seen an increase
of branches and points of contact with customers.

With regard to the data points earned on investments is a loss due to write-
evaluation of the carrying value on participation in society of the asset manage-
ment, as a result of the structural evolution of the asset management market.

Income from continuing operations before taxes, earned on the above components ana-
contesting the elections, returns a result of EUR 37 million, a decrease (-85%) compared to the previous
year (239.3 million euro).

This result is calculated before taxes of € 10.4 million, with an incidence
percentage of this value stood at 28.2%.
                                                                                             // 21




This figure was positively impacted by the first component of dividends
described and facilitated by its imposition of the same compared to other comprehensive income
statement.

Minus taxes analyzed above, we get a net profit of € 26.5 million.

Consequently, the net result allows the bank to be able to propose the distribution of a
dividend of 0.23 euro for each share entitled, a decrease compared with the resolution
distribution in the previous year (1.30 euro). Please note that the dividend policy by
time pursued by our faculty is oriented to the distribution of stock to the extent
as high as possible.

What more meaningful data economically, it indicates that the ROE, Return On
Equity, which is the parameter that compares the net profit to assets, stood at
2.5%, while the CIR, cost / income ratio, or the incidence of costs from the value of revenues,
amounted to 82, 4%, worse than reported in the previous period
(65.0%), mainly due to non-recurring expenses related to the intervention and reorganization
mentioned above is the closing of the Parmalat affair.

BALANCE SHEET
In the year under analysis, there was a significant increase in capital levels that reach-
Gono a value of 26.92 billion euro, compared to 23.603 billion euro in the previous financial
uncle. In particular, the uses were to grow to clients and investments
in assets available for sale.

On the asset side we note the presence of the Cash and cash equivalents, for a value
came in at € 93 million. Financial assets held for trading show
decrease in their total and they are positioned at a value of 151 million euro.

With regard to the financial assets available for sale there was an increase
the value of portfolio securities, which stood at € 1,637 million and is attributable to the purchase
of bonds issued by other banks belonging to the group in Italy, used as
switching activity of the underlying instrument of financial instruments denominated repurchase
time to customers.

Regarding the area of loans to banks, there is a substantial
invariance of the value analysis is positioned at 6.707 billion euro.

Continuing the analysis, customer loans, which amounted to 17.149 billion euro,
reported an increase in the activity, in particular mortgages to customers, besides increasing
trade receivables and consumer credit.

The report non-performing loans / total loans stood at 1, 0%, confirming the Bank to a level of
excellence in reference to the market in which it operates.
22 //             01 / / REPORTS           UNTERKA           BOARD OF MANAGEMENT EBENE 2




Moving on to analyze the components of person, there was an increase in amounts due to banks
that rising to 12.03 billion euro, with a growth needed to meet development
of jobs to customers.

The task of collecting from customers came in at 9.532 billion euro, and shows an increase
tion in both the visible part on the current accounts and deposits, both in the maturity and in particular
ular concerning the repurchase agreements that have seen a significant increase
their value as a result of market turmoil and the trend in interest rates which have
brought the score to have less volatile investment and less dependent on the performance of
markets.

Finally found the growth of the component funds raised by issuing securities
such as bonds issued by the Institute, at year-end balance sheet item that you place
to 3.336 billion euro, growth favored by the particular stock market trends
which led customers to focus on investment to the bond component
compared to direct investment in venture capital. In this aggregate is subject, a walk-
activities subject to during the year following the issue of a bond that
type, which has enabled the bank to strengthen capital ratios monitored by the Bank
of Italy and, therefore, to continue the path of development: 31 December 2008
Total Capital Ratio of the bank stands at 10.40 and a significant Tier 1 Capital Ratio to 6.85.

As for the other part of the past, there were no significant differences except for a
increase in provisions for risks and charges as a result of the provision relating to the transaction
with Parmalat.
With regard to the indirect collection, the reference data is positioned at year-end
Of € 13.932 billion, a decrease compared to the figure recorded in the previous year
to -21%, due mainly to the area under management as a result of special conditions
market.

It seems useful to summarize below some of the most significant in terms of aggregate
Capital and management:

Balance sheet
in million €                                                     Balance at                Change
                                                        31.12.2008          31.12.2007             %
TOTAL ASSETS                                                26.920               23.603        14,05
Loans and advances to customers                             17.149               15.686         9,33
Net interbank position                                      (5.323)              (4.162)       27,91
Direct customer                                             12.868               10.885        18,22
Indirect customer (directed and managed)                    13.932               17.689       (21,24)
Shareholders' equity                                          1.091               1.207        (9,55)
                                         // 23




Venetian Hotel, Las Vegas 1999 by Armin Linke
  copyright Robert Marossi - Deutsche Bank
24 //                 01 / / REPORTS                  UNTERKA        BOARD OF MANAGEMENT EBENE 2




Structure Data
                                                                           Data at
                                                                31.12.2008         31.12.2007
Employees                                                             3.196              3.226     (30)
Branches                                                                285                272      13


Solvency ratio - the data for 2008 are calculated with the criteria for Basel II
                                                                          Data at
                                                                31.12.2008        31.12.2007
Capital / total risk weighted assets (Tier 1 capital ratio)            6,85              7,80
Capital / total risk weighted assets (Total capital ratio)            10,40              9,11



ANALYSIS AND MANAGEMENT
It follows that with the financial and economic management, in line with the tax-
tion of the divisional structure built in Italy, for several years, consistent with the
organizational and strategic choices of Deutsche Bank AG.

The two main divisions:
Private Clients & Asset Management
Corporate & Investment Banking
comprise the activities carried out both within the Bank and in the company by the same con-
banking subsidiaries of the group, in line with the same strategic vision
divisional. Here are the results and the most significant events of 2008 that
concerned, in terms of structural and management, the two divisions and lines of Macro
Business that compose them.
Also in the report of the consolidated financial statements is a description on the progress in
2008 of the various companies within the Group.

Private Clients & Asset Management (PCAM)
At the organizational level, the PCAM Macro Division consists of three divisions:
n Private & Business Clients;
n Private Wealth Management;
n Asset Management.


Private & Business Clients (PBC)
The Private & Business Clients division is focused on the distribution of products and services for
to meet the needs of consulting, investment and financing for private clients and
for small and medium businesses.

Private & Business Clients division is made, within it, from two main units:
n The first, called Advisory Bank, includes the business units worked in the retail and

   advice to customers, including:
   - Private & Business Banking, with its network of bank branches;
   - Finanza & Futuro Banca SpA, with its network of financial advisors;
                                                                                                // 25




n  The second, called Consumer House, provides the business units dedicated to the activity of
   consumer credit and credit cards, such as:
   - Prestitempo - personal loans and consumer credit;
   - BankAmericard - credit cards.
In addition, part of Private & Business Clients division also Subsidiaries
Deutsche Bank SpA Mortgages and New Prestitempo SpA

Private & Business Banking (PBB)
The Private & Business Banking consists of a network of 261 branches dedicated to cover-
ing segment of private clients and small and medium businesses (Small Business and Small Cap)
and
organized into three territorial areas: North Lombardy based in Lecco, northern Tuscany, and based
South Centre in Milan and Rome-based.
At the end of a more rational distribution, an efficient coordination of con-
achievement of the performance of each land area, within it, is further south
divided as follows:

North Lombardy                     North and Tuscany                     South Central
n Lecco                            n Triveneto and Lombardy East         n Puglia and Abruzzo
n Como                             n Piemonte and Liguria                n Lazio and Sardinia
n Brianza North                    n Tuscany and Emilia Romagna          n Campania North
n South Brianza                    n Milan Brugherio                     n Campania South


In 2008 continued the expansion plan by opening 12 new branches. In particular
tion, were made the following openings: Perugia B, Milan R, Viterbo, Forlì, Treviso, Vigevano
Sestri Ponente in the first half, Pavia, La Spezia, Avellino, Seregno and Rho in the second half.

The business model of Private & Business Banking focuses on three main segments
customers served by as many distribution channels integrated:
n Private Clients (private clients with investment banking needs and basic), followed by

  Personal Banking;
n Private Investors (private clients with sophisticated needs of investment), followed by
  Private Banking;
n Business Clients (SMBs), followed by Business Banking.


With a view to improving service levels and to increase the coverage,
in 2008 continued the project for the development and expansion of the private channel
Banking by opening new units dedicated to private customers. In particular,
December 2007 to December 2008, it has gone from 82 to 105 units dedicated to pursuing new
distribution model based on the Unit Private Banking branch.

Together with a continuous expansion of products and consulting services aimed at
specific customer segment and the development of specific training initiatives dedicated to
Private Bankers, has supported the spread of the channel creating a brand advertising campaign
ing materials and ad hoc co-ordinating the main communication tools dedicated.
26 //          01 / / REPORTS           UNTERKA             BOARD OF MANAGEMENT EBENE 2




Business Clients segment confirmed its growth trend in 2008. The reorganization
Business Model of the channel, accompanied by the insertion, both in general management, both pres-
I know the land areas, new resources and skilled and dedicated professionals in the world of
jobs, created the preconditions for the development of new strategies for product and process.
The customer base is divided into Small Business (artisans, traders, free professions
Zionists and society, family and capital, with a turnover exceeding € 2.5 million) and
Small caps (companies with a turnover exceeding € 2.5 million).

The organizational model and distribution in Italy provides a mix of approximately the
network of 261 branches and over 120 professionals dedicated to SMEs, which provide services
in the financial world of finance and investment for business travelers.

The year 2008 was marked by the implementation of new and innovative products, a strategy
diversification of portfolios, together with the introduction of monitoring tools sophis-
nosed, the consolidation of the brand identity For Business db and a constant activity
training for over 130 managers door.

In a baseline scenario of crisis in international financial markets and through
paid by large changes, the Private & Business Banking has continued in 2008 its
growth in the direction of greater distribution capacity, high quality services and
operational efficiency.

As part of a larger project to build the Private & Business Clients, the Group
Deutsche Bank AG announced a major expansion plan in the main markets of reference
ment. In Italy, in particular, the program (called a NETWORK!) Plans to open
150 outlets by 2012.

In Private & Business Banking is pursuing the rationalization of business processes
that increasing the rate of use of technology and simplifying the structure, aims
to increase production efficiency and improve services offered to customers. This process
part of a larger project called Concert, to improve energy
of tellers and control activities on the operation front office. The project allow-
terà to build a new operating model to door with a greater focus on
businesses through a diminishing weight of the operational and administrative issues. The
2008 was characterized by early interventions to redesign some of the processes relating to door
offering products and services, the area of cash-payments and control activities, and
the first phase of tests to verify the operational and organizational implications and impact
about the customers.

In 2008, Deutsche Bank has continued its commitment to the project Patti Chiari
promoted by ABI since 2003. The project, which has seen the membership of the bank since
origin, has the goal of a practical improvement in the relationship between bank and cus-
you through the values of clarity, understandability and comparability of products and services offered
at the counter.
                                                                                                         // 27




Here are the main findings of the initiatives undertaken during 2008:
FARO n: the level of service of ATM DB has remained on average 97%, and is in line
    The best performance of the system, thanks to the presidium of the functionality of real-time
    service plan, and despite the replacement of the terminal;
n times of grants available: the maximum time DB is equal to 6 days for bank checks
    dear and 5 days for cashier's checks;
n Current accounts comparison: the cost of checking accounts offered by the introduction of the India-
    tor synthetic price, are easily comparable with those of many other banks;
n Basic banking service: a product is available at very low cost, for use as
    born to customers with simple needs;
n General criteria for assessing the ability of credit: the policy is explained to customers
    assessment used for the loan;
n Average response time on credit: the average time of granting quarterly survey of credit-
    mind is constantly put on the market levels.

In the course of 2008 have laid the foundations of deep renewal in 2009 will bring
Patti Chiari Consortium to introduce the "commitment to quality." This new initiative, com-
placed first by 15 commitments, which will double by July 2009, is the update
tion and evolution of the protocols Patti Chiari and demonstrates the desire for self-regulation
Italian banking industry, aimed at improving relations with customers and other
stakeholders.

Finally, it should be finally recognized as the work of the Advisory Board of the Banca Popolare di
Lecco, with the participation of key organizations and associations of social and productive
understanding
accessory has continued in 2008 with meetings in which, in the presence of prominent
speakers have discussed economic issues in local, national and international. It 'also
activities continued development of projects with a high interest for all actors
economic and social area including this year deserves to be sued for its im-
za participation in the Project Study Area Traffic Meratese, which has been widely
shared by all the associations from Lecco, in close collaboration with the Direc-
Provincial administration and the constitution of the Province of Lecco Monza Brianza.

Prestitempo
The year 2008 proved to be very difficult for the sector of consumer credit, which for the first
once since 1994 has, because of the difficult economic environment, growth proximal
but at zero. The repeated increases in the cost of money recorded in the first three quarter of the
year
imposing no financial crisis, in fact, have not only become more scarce and expensive
available to the mass of financial companies for the provision of loans, but they have more in
helped to give rise to a general climate of concern about possible over-
borrowing of Italian households.
These phenomena have thus slowed the spread in our country of the consumer credit
but, compared to more mature markets like the United States, Britain and Germany, showed
greater resilience to the crisis, providing positive expectations for future years,
although the outlook in the short term are not particularly optimistic.
28 //   01 / / REPORTS   UNTERKA   BOARD OF MANAGEMENT EBENE 2
                                                                                          // 29




The year 2008 has registered for the entire sector growth in turnover complex-
vo 's 1% (estimate Assofin Observatory month on credit "- November 2008).
Significant increases have affected personal loans (12%), the assignment of the fifth
(31%) and revolving credit cards (7%), while the automotive sector has always been an element of
coupling
for the development of consumer financing, has declined by 14%, as
other special-purpose loans (-12%).

In this scenario, Prestitempo shows a trend of disbursements in line with the market (-9%
excluding mortgage sector, including 7% mortgage), thereby strengthening its position in pano-
rama despite national development operations and merger completed by
some of the key competitors.

In particular, the mix of product Prestitempo is strategically consistent with the con-
text of economic interest: the rate of decrease in the automotive sector (-24%) is
higher than that of the optical system in a realignment and reduction of costs
intermediation, while the strong growth of personal loans (7%) leads to their impact
in the portfolio to 42%. The corporate world has increased by 17% compared to 2007,
while the special purpose loans (not Auto), affected by the downturn in consumption, which has
concerned
sato the sectors of furniture and electronics / appliances, fell by 3%.

It should also be seen as on mutual Prestitempo has adopted into course of the year
no legal provisions issued by the Government, offering its customers the ability to
replace their mortgage or renegotiate the terms set by the Decree Tremonti.

The customer base Prestitempo remained active throughout the year above the threshold
of one million, reaching the end of December at an altitude of 1,001,308 units.

The decrease in margins recorded the last three years and the heightened level of competition,
which is the direct cause, have been thwarted by careful control policy
credit quality and the continued efficiency of the delivery processes. Indicators
risk continue to remain at low levels, as well as the mass of the provi-
minds to the risk. The expansion and reorganization of the operational processing centers
It has helped further to improve the level of customer service-favoring
done loyalty in the long term.

In the market for consumer credit, business strategy is designed to Prestitempo-
t trying to exploit the potential of its organizational structure,
deliberate in order to ensure a more efficient and effective customer orientation and
the "product". In concrete terms, has distinguished itself in a constant focus on growth through
enlargement, as well as the distribution network, the range of products offered to customers
with particular focus on those sold face to face, with a view to disintermediation.

With this objective, the results achieved in the development of the Family Business is mea-
boasts: Practical mortgage grew by 59% compared to 2007, reaching 113
30 //          01 / / REPORTS            UNTERKA              BOARD OF MANAGEMENT EBENE 2




million € to be paid, plus about € 134 million distributed through the
Bank's branch network, developed as a result of new agreements that see Prestitempo
which manufactures the product for mortgages. The offers of "Repeat Business" are also generated
a total of around EUR 250 million paid again, a significant improvement over the
2007 (+32%).

On the same basis as part of the "product aimed" is targeted specifically to the development
new markets (8% compared to 2007), continuing to attack niche areas with high
potential (due to national arrangements already signed last year with ENEL.SI Group and Ker-
self installation of photovoltaic systems), and while further strengthening the coverage of
traditional business with the support of major new agreements.

In the automotive industry has done a careful analysis and selection of sources of
Affairs in order to improve the quality of the portfolio and reduce intermediation costs, and
to an extensive re-pricing of assets in order to increase the profitability of existing relationships.

Corporate under the Assignment of salary, in the catalog produced by the
end of 2006, reached during the current 30 million euro to be paid. I
new and important agreements with INPDAP and Social Security, and the ability to distribute
BancoPosta the product through the network (already operational since last November), will contribute
significantly to its further growth in 2009 and in subsequent years.

Finally, the growth trend that had characterized the partnership over the past BancoPosta
exercises in 2008 received a further boost in both the mortgage sector, with 907 million
€ to be paid (90% vs 2007), both in the area of personal loans with 961 million €
to be paid (2%), reinforcing the already established relationships and existing partners to ensure the pos-
possibility of extending the offer to its customers with new products.

During the year, also continued the expansion program, Direct Network, which began in
December 2003: the opening of a second door on the square in Milan has allowed us to bring
Prestitempo the total number of units to 38.
Parallel has been further strengthened the network of Financial Shops - stores operated
most loyal agents: December 31, 63 financial stores of the network indirectly through
opening of 13 new branches during the year. In late 2008, the distribution network
Prestitempo can therefore rely on a total of 101 stores, compared with 23 start
2003.

The New Prestitempo SpA, established July 2, 2004 and owned 100% by the Bank, has closed-
I know the fourth full year of operation. During the year, has consolidated all the
agency relationships that were previously the head of division and led Prestitempo
forward with developing successful delivery credit financing through dealers in the set-
Wellness of the commodity sector (around 14 million euro). The location of product leasing
Car (agreement with Mercantile Leasing SpA group Italease) continued successfully
achieving a total disbursement of about 6 million euro.
                                                                                            // 31




BankAmericard
As part of a difficult macroeconomic environment, characterized by the contraction of consumer
me and repeated increases in the cost of funding earlier this year, is BankAmericard
was able to increase turnover and achieve good performance, thanks
to a wide range of products and increased marketing effectiveness.

In 2008 BankAmericard has agreements with 208 companies - 80% increase
the result of 2007 - and 132 agreements acquiring. Regarding the number of new
issued, the year ended with 118,000 new cards, ie 16.96% more than last
year, compared to growth of 10.3% of the market, reaching 1,298,819 cards issued,
813,332 in assets.

The issuing of BankAmericard turnover has reached the level of 2,800 million euro, an increase
6.35% compared to 2007, with a peak of 9.5% to be recorded in the corporate segment. The
turnover-
Rato acquiring share stood at 2,102 million euro, in line with the 2007 data, flu-
negatively to the fall in consumption arising from the EU over the last year.

In terms of initiatives, in addition to established historical relationships with leading companies in
cor-
poration in Italian (11,000 of which 950 top), the structure has achieved significant results from the
two May
Giori cobranded major agreements: BancoPosta increased by over 60% compared to 2007
As regards the cards issued, as well as Esselunga reached the milestone in a year
of the 10,000 cards.

From the strategic point of view, BankAmericard was able to lay the foundations for making
possible
alliances that will lead him in 2009 to become a player capable of carrying out activities
cross border. In this way BankAmericard become the first Italian operator can
to offer a pan-European service to large Italian companies wishing to manage their cash flows
flights out of the Italian border.

2008 was also the year of preparation for the rebranding, during which they were
carried out detailed analysis in order to plan such a delicate change in terms of
communication to customers and management processes. Since early 2009, the party
conversion program that provides for the replacement of the brand with the BankAmericard
Deutsche Bank.

From an organizational perspective, BankAmericard supported the Private & Business Banking,
achieving the international Maestro debit card (77,000 cards issued of which 68,000 used
zate) in February 2008 which is distributed by the branches of the Bank in order to offer a new
product of international debt and comply with SEPA. For the same reason was com-
Tata EMV migration acquiring side, while it is being completed that issuing. Yes
are also the basis for adapting the new products launched and PCI Extended Credit
(Additional revolving credit line cards) and the vault service, deposit account related
credit card.
32 //          01 / / REPORTS          UNTERKA             BOARD OF MANAGEMENT EBENE 2




From the point of view of credit risk and operational risk, the continued focus on moni-
toring the behavior of customers, coupled with a strong attention to risk and
efficient management of the recovery, allowed to maintain its BankAmericard-
ta the quality of the portfolio at year-end the litigation which has been very limited.

Finally, we note that besides the good performance of core business, the income statement
BankAmericard benefited from the extraordinary income approved for operations
extraordinary international companies which own brand of payment instruments at border
you of the significant volume of business generated over the years by BankAmericard.

Private Wealth Management (PWM)
Private Wealth Management division is specifically dedicated structure within the
Deutsche Bank group, to manage private clients with large estates, with a lower nominal
tion of equal access to two million euro. In Italy currently manages assets of about 870
families through its network of Relationship Managers present, consistent with
the territorial organization of Deutsche Bank SpA in Milan, Turin, Lecco, Verona, Florence,
Rome and Naples. They use a wide range of services ranging from asset management
monial to the creation of structured products, to trust management, art advisory.

During the past year the division has achieved excellent results in terms of "Net
New Assets, acquiring new clients and additional assets for approximately € 380 million. In value
ever, it has suffered, as all financial actors, the major crisis of the market
world, limiting the impact on assets under management received, thanks to a prudence-
adopted the policy of asset allocation. In fact, as regards the products, the division has PWM
focused its attention during 2008 to monitor and control the different compo-
you risk in the portfolios of our clients. Through this activity, customers are found to have
portfolios not overly exposed to equities and alternative investments with a portfolio
total bond order. The issuance of structured products has
significant volumes for emissions guaranteed capital.

The PWM has developed in the course of several agreements aimed at regulating and divisional infrastructure
foster synergies present in the Deutsche Bank Group, relying on
many skills and specific product offerings and expanded. It should be remember-
king division PWM, in 2008, continued to use the Trust-Sant'Angelo
Andrea Srl as a platform for the provision of consultancy and legal advice
tax under trust agreements and trust.

As for portfolio management, during 2008 the division has incorporated the two
management guidelines "absolut return" for which, previously, relies on the advice of
DWS SGR, the procedure has enabled managers to pledge and also has completed the transfer
Asset portfolio management previously in the hands of DWS fund managers. Consequent-
mind, at year end, all management activities of Deutsche Bank Group in Italy are combined-
you within the existing structure of the PWM Asset Management.
// 33
34 //                01 / / REPORTS                      UNTERKA                   BOARD OF MANAGEMENT EBENE 2




ASSET MANAGEMENT (AM)
As part of Deutsche Bank, the operations of companies that are part of the Division
Asset Management, in relation to what is known both in distribution and production, and the renewal-
tivity to the following companies:
n Deutsche Asset Management Italy SpA is the Group sub-holding company that carries out
    function of direction and coordination of all operating companies that are part of the divi-
    Asset Management Commission, to the exclusion of so-called platform RREEF whose activity is
    directed and coordinated by Deutsche Bank;
n DWS Investment intermediaries SpA is a company dedicated to offering all
    Asset Management products under Italian law and international institutional clients and management
    the relationship with distributors and third group;
n DWS Investments SGR SpA SGR is born from the merger by incorporation of
    DWS Investments Italy SGR SpA DWS Alternative Investments SGR SpA The work-
    tion, made possible by the decision of the Bank of Italy on 21 June 2007, which elimi-
    to the obligation to establish an asset management company specializing in case management activities and / or institution of
    hedge funds, led to a rationalization of the asset management group of Deutsche Asset
    Management Italy SpA, thus creating a new one dedicated to deal with reality
    personal assets (institutional) and hedge funds.

The Deutsche Asset Management Australia, under the strategic reorganization of the
business model in Italy, which sees the activities mainly concentrated on the distribution
DWS international investment products and activities of local management mandates estab-
tutional and hedge funds, made in 2008, the following strategies:

1) in June completed the sale of DWS Vita SpA, the insurance company
   Italian life insurance at Zurich Financial Services Group. The agreement allowed for a partner-
   ship between long-term Finanza & Futuro Banca SpA and Zurich for distribution in Italy
   of life insurance products;
2) in July stopped its activities relating to the service of portfolio management with in-
   fronts of retail customers.

The product offering includes the international investment funds of Company and certain funds
Luxembourg law of DWS Investment SA DWS GO and certificates, the new members-
CT securitization DWS under Luxembourg law.

Is also part of the Asset Management division of the Italian platform management
"Alternative assets", named RREEF, which specializes in managing real estate portfolios
and which is now composed of four companies: RREEF Fondimmobiliari SGR SpA, RREEF
Alternative Investments SGR SpA, RREEF and RREEF Opportunities Management Srl
Agency Ltd.

RREEF Fondimmobiliari SGR SpA is an asset management company that manages four real estate funds, two
of which are listed. One of the funds are then reserved for qualified investors.
                                                                                            // 35




On 1 January 2009 the company finalized the partial spin-off simplified
the transition to RREEF Fondimmobiliari SGR SpA of the business unit dedicated to the products
speculative intended to qualified, first operated by the Group RREEF Alter-
native Investments SGR SpA, the SGR speculative real estate.

The company RREEF Alternative Investments SGR SpA, ceased its activities, waits
to be sold to third parties retained for six months the permit issued by the Bank of Italy to
act as fund managers.

RREEF Opportunities Management Srl is the advisory company whose core business is the con-
a third line on the real estate finance with particular focus on large portfolios.

RREEF Agency Ltd is the company's brokerage, established May 12, 2008 to support the divi-
RREEF sion in the activity of buying a property owned by DB AG Milan branch.


Corporate and Investment Banking (CIB)
At the organizational level, the Macro Division CIB has two divisions:
n Corporate Banking & Securities;
n Global Transaction Banking.



During 2008 the operating result affected by extraordinary effects due to con-
I am of market volatility that have impacted some areas of business entities with portfolios
to market valuations.

Excluding those areas that have had a part in compensation (in particular the result
positive of the Global Markets Global Finance, which manages the interest rate risk of
banking and the negative result of the Corporate Finance Lending LEMG), the result
Management Committee is positive. In particular it should be noted the increase in revenues
reported in
Global Transaction Banking, which even in 2008 marked a growth of
profit or loss on all lines of business (Cash Management, Trade Finance and Trust &
Securities Services).

Here are some details of the divisions listed:

CORPORATE BANKING & SECURITIES
The Division, in line with the equivalent "business lines" of the international Deutsche
Bank, provides coverage for the corporate sector, throughout the national score
reference, with the unit in Milan and Rome.

The work is divided into two main units, Global Markets and Global Corporate Finance, aims
to provide comprehensive assistance to the customer in terms of products and advice. To do this
Division works closely with specialists in Global Transaction Banking
(Global Trade Finance and Global Cash Management) ensuring the operators of the reports
36 //          01 / / REPORTS             UNTERKA             BOARD OF MANAGEMENT EBENE 2




opportunity to respond to customer needs, whether financial or service and consumer
line, using the know-how offered by the whole group DB: from capital transactions with
hedge interest rate risks and currency exchange, cash management and the need for
pooling cash assistance in the operations of foreign trade by using the network
World Group.

With reference to the macro unit Global Markets and Global Corporate Finance, is a summary of
The main activities:

GLOBAL MARKETS - FOREX AND DERIVATIVES
Unit Sales of Forex products and OTC derivatives, together with the territorial structure
of Relationship Managers in Milan and Rome, has worked with the aim of expanding cover-
ture of large-cap clients, leveraging the know-how in specific products.
The operation of the unit was also held with local authorities (regions, provinces and municipalities), Institutions
and financial companies.

GLOBAL MARKETS - FIXED INCOME AND MONEY MARKETS
Focus of this unit is mainly the intermediary in the sale of debt facilities
to institutional clients.

GLOBAL MARKETS - STRUCTURED PRODUCT GROUP
The activity of this unit is mainly dedicated to the joint venture between GM and PBC for the gold-
gination and subsequent securitization of loans for consumer credit (products
PBC Division - Prestitempo)

CORPORATE FINANCE - DEBT FINANCE
The unit of Debt Finance offers a wide range of financing solutions for customers
corporate. In particular, are structured and managed syndicated loans in the pool and
assessments are undertaken and negotiations for the supply of credit.
In 2008, they proceeded with the operation of international financing for the acquisition
tion by third parties of the telecommunications company Wind, whose risk is not borne
Bank, but split on other operators.

CORPORATE FINANCE - LENDING
Lending Unit is responsible for managing and delivering solutions to customer financing body-
rate and institutional as well as manage the various forms of financing provided by other divisions.
The portfolio of short-term loans (so-called "short-term lending) is under the responsibility
operational quality of a structure of parent company, called LEMG in order to optimize the manage-
its credit risk. This structure, in fact, has specialized in the DB Group in
active management of credit risk and its coverage through advanced hedging instruments.

CORPORATE FINANCE - COMMERCIAL REAL ESTATE
Unity Commercial Real Estate proposes and implements sophisticated financial solutions to support-
King corporate clients and institutional investment decisions, retirement or values-
                                                                                             // 37




tion of property. In late 2008 funding to corporate customers amounted Real Estate
Tano to about 275 million euro.

CORPORATE FINANCE - M & A
During 2008, the Corporate Finance unit of the Bank, in collaboration with the
global structures, participated as Financial Advisor to a number of important transactions
M & A with international groups.

GLOBAL TRANSACTION BANKING
This division primarily offers business management solutions to the problems of cross-
sazionale related to the type of corporate or institutional customers.
The first type targeted by the services offered by Global Cash Management Unit macro Corporation
tes and Global Trade Finance, and institutional customers is mainly served by Trust &
Global Securities Services and Cash Management.

The basic objective of the Italian team, which this year has further incremental
Committee its own set of relationship and account managers, is to build strong relationships
trade with the large Italian or Italian affiliates of foreign multinationals, exploitation-
Tando the best cross-selling opportunities guaranteed by the various business units present in
Italian and international network.

The growing collaboration with the Network of Private & Business Banking for the distri-
I trade finance products and hedging interest rate and currency in favor of medium and small
companies, followed by the team of Capital Markets Sales (CMS), is a focal point of the activity.

We summarize below the main business activities of the macro named drives:

GLOBAL CASH MANAGEMENT
Deutsche Bank is recognized internationally as a leading bank in providing solutions
tions of Cash Management. The target customers are large companies and multinational
tional present all over the world, which are offered innovative solutions for the management of
liquidity of the receipts and payments, in the context of optimization of cash flows and
minimization of financial costs.
2008 was another year of growth with an increase in revenues over 10% under the
increased transaction volumes and the acquisition of major customers.

GLOBAL TRADE FINANCE
The macro unit in question is divided into two units, Trade & Risk Services (TRS) and Structured
Trade & Export Finance (STEF).
The TRS research and develop suitable products and solutions to meet customers' needs for
manage the risks in the context of international commercial transactions. In this area was
given special impetus to the promotion and development at the customer base of channels
electronic payment processing and foreign exchange transactions.
The unit STEF offers its clients traditional and structured products to hedge the country,
38 //   01 / / REPORTS   UNTERKA   BOARD OF MANAGEMENT EBENE 2
                                                                                            // 39




as well as providing structured finance solutions for specific needs and external study carried out
using sophisticated insurance products.

TRUST & SECURITIES SERVICES
The macro local unit has three main units of services: Domestic Custody, Structured
Debt Services Finance and Global Services.
Domestic Custody Services provides securities custody and administration, management of
information flows
there support to the investment activities "domestic" for institutional clients.
The activity of Structured Finance Services consists mainly in offering support services-
port to clients in relation to structured finance transactions, and Global Debt Services
provides support services in relation to issues of bonds.


FUNCTIONS OF THE DIRECTORATE GENERAL
The structures of the Directorate General are always configured and organized in line with
the divisional structure and the Group.

Some of the functions of the Directorate-General, with effect from 1 April 2006, were included in a
specifies a separate entity, DB Consortium Sc a rl who has established contractual service
with its members. Since June 2008, its corporate structure was expanded to five other
Group companies which, in addition to the original three, define a structure formed in this way:
n Deutsche Bank AG - Milan Branch, 51%;
n Deutsche Bank SpA, 47%;
n New Prestitempo SpA, 1.5%;
n Finanza & Futuro Banca SpA, 0.1%;
n DB Mortgages SpA, 0.1%;
n DWS Alternative Investments SGR SpA, 0.1%;
n Deutsche Asset Management Italy SpA, 0.1%;
n Deutsche Asset Management SIM SpA, 0.1%.


The main initiatives which were implemented in 2008 involved the activities of
consolidation of this service model and its gradual implementation, the light
the new corporate structure and with specific attention to the integration with the Group banking
rio Deutsche Bank.

In the area of IT CIO GTO (UO Information Technology "), responsible for the development of
systems
applications, the main implementations developed during 2008 were those related
there procedures for the Basel II rules and the new SEPA payment system, those
on the project "Horizon", which provides a new platform to support the promoter-
re Financial Network Finance & Future, and proposed consolidation of the Division
Asset Management.

In the GTO of the IES ("Enterprise Information Sector Services"), Member of the management of
infrastructure, the largest effort of 2008 was aimed at the consolidation project and inter-
40 //          01 / / REPORTS            UNTERKA              BOARD OF MANAGEMENT EBENE 2




integration of infrastructure with those of the parent, allowing the continuous increase
stability operations in compliance with overall guidelines.

In the GTO Operations (UO Operations "), continued the process of consolidation
organization that has led, from 1 January 2008, the passage of other structures
Group (mainly Advisory Bank and Loan Admin Back Office Operations) within
DB Consortium. Continued restructuring projects aim to further increase
efficiency and increase the possibility of providing services to other clients: in these areas to
From 1 January 2009 the unit of Reconciliation Utilities will provide services to other companies
Group in Europe, through the conclusion of special service agreements.

From 1 August 2008, also joined the Consortium of DB also the area that deals
determining salaries, tax and benefits related to the administration of human resources,
earlier part of the Unit Organizational Human Resources (HR Solutions - Payroll).

In areas of UO Corporate Real Estate Services and OU Global Sourcing, deputies
Management Facility Management, Logistics and Purchasing, 2008 saw the continuation of
program begun in 2007 aimed at the total reorganization and integration of the two structures.

In this context has been changed, the service model for the branch network, from
a single supplier to more specialized suppliers, increasing quality and reducing costs
service.

Finally, in line with the global strategies of the Group, in order to reduce the absorption of relatively capital-
vo investment in real estate, work continued divestiture of portions of real estate
liar no longer useful for business purposes, in this context is to also enter the draft disposal
one of the buildings currently occupied in the Milan area.

Relative to the area of Human Resources, it should be noted that the staff serving on 31 December
October totaled 3,176 units, of which 16 are controlled by Group companies and 234 part-time,
over 20 people with temporary contracts. The staff includes 144 executives,
1351 1681 Managers and professional areas.

In order to pursue objectives aimed at achieving economies of scale and / or more
synergies and / or efficiency gains were expected projects of rationalization and reorganization
tion of production processes both within the network in specific operational areas of
Directorate General and the subsidiary DB Consortium Sc a rl.

To absorb the excess resources, the Bank and its subsidiary DB Consortium have provided, including
Other initiatives include the use of the "Solidarity Fund for income support, employment and
conversion and retraining of personnel of credit "within the meaning of DM
28/4/2000 No 158, and encouraged the exodus with a plan that involves about 290 units and the
Membership is voluntary.
The outputs will take place gradually between 1 April 2009 and 1 April 2010.
                                                                                           // 41




Finally, to guarantee the future development of the Bank and to partially cover the turnover,
became
also result in recruitment of 210 high quality and capacity potential.

Regarding training, during 2008 were paid a total of
14,918 man-days for a total of 13,006 shares, equivalent to 4,158 employees
actual participants, for about 3.6 days per capita.


SPECIAL INFORMATION

SHARE
It confirms, under current legislation, the number of shares held, with
par value of euro 2.58, a year-end amounted to 6,765,336, corre-
you 5.6% of the share capital of the Bank.
No action was taken on the shares during the year.
The Bank does not own shares in the capital of the parent, either directly or through trust.

LEGISLATION ON PROTECTION OF PERSONAL DATA
As regards the activity in the protection of personal data, it is recognized that the
Bank, pursuant to Rule No 26 Annex B (Technical specifications regarding measures mini-
me safety) to the Leg. 196/2003 (on protection of personal data) and
Consistent with guidance provided by the Authority for the protection of personal data, updated
"Security Policy Document for the year 2008.

RULES "BASEL II"
In the year under analysis came into force the new criteria based on:
n the standard method for measuring credit risk, using

   Furthermore, assessments of credit issued by ECAI, Moody's and Fitch, for
   evaluation of the portfolio exposures to or guaranteed by central governments and
   Central Banks;
n the BIA method (Basic Indicator Approach) to measure operational risk.


RESEARCH AND DEVELOPMENT
During 2008 the bank has not carried out any research and development.

USE OF FINANCIAL INSTRUMENTS
Regarding the use of financial instruments by the bank during the year,
please refer to the notes to these financial statements, section E.

OTHER INFORMATION
Following the adoption of statutory amendments by the Assembly on April 29
2008, the Bank adopted a two-tier model of administration and control, based on a
principle of separation between the control and supervision, entrusted to the Council
42 //          01 / / REPORTS           UNTERKA             BOARD OF MANAGEMENT EBENE 2




Supervisory activity management, headed by the Management Board, composed of expo-
components of Bank management.
On the same day took office on the Supervisory Board appointed by the Assembly, which
has, in turn, appointed eight members of the Management Board, who also took office on
April 29 also appoints the Chairman and Managing Director in accordance with the instructions
of the Supervisory Board.
From next November 1st, the Supervisory Board has increased the statutory maximum-
mind planned to nine the number of the Management Board, appointing an additional compo-
tion chosen from among the managers of the Bank.

Callbacks statutory changes, transferring some powers to the Supervisory Board
that were positioned in their previous Assembly, have integrated the cause of withdrawal
consist of the "amendment of the statutes relating to the voting rights or participation" of
Article. 2437, paragraph 1, of the Civil Code.
Shareholders who have not contributed to the Shareholders' approval to amend the statutes
capital was therefore entitled to withdraw pursuant to and for the effects of limb-
coli 2437 and following of the Civil Code.
The withdrawal has been validly exercised by 122 shareholders, for a total of 130,171 share-
ni-equal to about 0.1% of the capital-which were offered as an option to the other
shareholders, for a total of approximately € 2.84 million (proportionate to the value
Unit was originally established in € 21.84, having no con-withdrawing proposed
station pursuant to art. 2437-ter, final paragraph).
Following the rights offering, all shares which was exercised for the withdrawal were
acquired, for almost all -130,141 shares, Deutsche Bank AG, which has therefore
increased its share from 99.61% to 99.73% of the shares entitled to vote.
Having been thus acquired all the shares offered, it was necessary to ac-
purchase of own shares, which had been approved by the Assembly on 29 April under
art. 2357-quater, paragraph 5 of the Civil Code.


OUTLOOK

In the early months of the current year 2009 ended on a settlement agreement with respect
company Parmalat SpA, which has already been mentioned in the part of the report on the analysis
without prejudice to further economic and financial impacts as reported earlier in this report.

Regarding the outlook for the current financial year, there were no events or events
can make significant changes to company profitability by failing effects
extraordinary items recognized in the previous year.

Also, in reference to the dictates of the joint document of Supervisors No 2 del 6
February 2009, it is recognized that as a result of foresight about the possibility of work-
king in the future as a separate operation, it should be noted that the budget analysis is the
                                                                                           // 43




foreseeable future development of management are not relevant doubts on the continuation of
business so profitable.


RELATIONSHIP WITH THE PARENT AND THE SUBSIDIARY

The relationship with the parent company Deutsche Bank AG and its subsidiaries have taken place,
as
in previous years, in a climate characterized by mutual cooperation.
These reports, of obvious value to achieving social, both operational as well
on what the services have been adjusted to market conditions.

In accordance with Art. 2497 bis, paragraph 4, of the Civil Code, in a special-sectional
it is exposed to the Notes a summary of the essential data of the last
accounts of the Deutsche Bank AG, a company engaged in the business of the Bank to say-
tion and coordination.

This management and coordination is carried out by Deutsche Bank AG through mol-
Teplice interventions, which result primarily, on the one hand, in group policy, aimed at
ensure that its business internationally is informed by principles of sound
and prudent management and strict internal control procedures, both as a bank common-
industry, subject to consolidated supervision by the Supervisory Authority of Germany, is
As a company listed on the NYSE and therefore subject to the requirements of Sarbanes-Oxley
Act, and finally as an international institute of high standing, for which the credibility
and reputation are, historically, the values of fundamental importance. The Bank of
time to time to transpose and implement, as a matter, the same Group policy, relevant
to various aspects (including mainly credit activities, the government expenditure, the use of
outsourcing and personnel management) and acquiring the knowledge ensuring that this
help to ensure the highest levels of efficiency and safety in the management of
Social and consistent with the focus on the Italian market implemented by the control-
Lante Deutsche Bank AG as part of its business activities internationally.

The performance of subsidiaries and their contribution to the overall result of the Group
are shown in relation to the consolidated financial statements of the Group. The relationship that
existed between the Bank,
Parent and its Subsidiaries are listed in the notes.


LORD of the Supervisory Board,
in connection with the foregoing, we submit for your approval the budget-dell'eser
financial year 2008 that ended with a net profit of € 26,524,555.41.
44 //          01 / / REPORTS          UNTERKA             BOARD OF MANAGEMENT EBENE 2




PROPOSAL FOR DISTRIBUTION OF PROFIT

Dear Shareholders,
in accordance with art. 2364-bis of the Civil Code, we submit for your approval the following
proposed distribution of profit for 2008.

Premise that no provision has not been provided to the legal reserve, as it
reached the minimum amount required by law.

It also specifies that, of the 120,410,797 shares that comprise the share capital 6,765,336
(To date) are held by it and therefore, pursuant to paragraph 2 of art.
2357-ter of the Civil Code, have no right to the award of profits. There is therefore be
113,645,461 shares for dividend.

We propose to allocate the net profit, amounting to € 26,524,555.41, as a €
26,138,456.03, the distribution of a dividend of € 0.23 for each of the 113,645,461
shares eligible to carry forward the remaining amount of € 386,099.38, the latter
amount, added to what is earned from previous years, bringing the total for retained earnings
to € 28,862,139.99.


Milan, March 25, 2009

THE BOARD OF MANAGEMENT
// 45
46 //   01 / / REPORTS                                        REPORT OF INDEPENDENT AUDITORS




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                                                  ZÓ12 * MILANO MI




                Report of the Independent Auditors pursuant to art. 2409-ter of
                Civil Code


                To the Shareholders of
                Deutsche Bank SpA


                 1          We conducted rev is ion accounting of the financial statements, since I or bushel baskets ito
                         balance sheet, income statement, statement of changes in shareholders' equity, the
                         financial statements and the notes on the Deutsche Batik SpA ended 31
                         December 2008. The preparation of financial statements with International conformili
                         Financial Reporting Standards as adopted by the European Union, as well as measures taken
                         in the art. 9 of Legislative Decree No, 3S/05 rests with the Management Board of Deutsche
                         Bank SpA And 'we the respunsabililà express an opinion on these financial statements
                         based on our audit.

                 ?          Stalo Our audit conducted in accordance with generally accepted auditing standards. In the conformila
                         Those standards require that the audit was planned and performed to obtain reasonable
                         necessary to determine whether the financial statements are free of material misstatement and are,
                         as a whole, reliable. An audit includes Tesarne, based on
                         verificlie sample, evidence supporting the amounts and disclosures
                         in the budget and the assessment of the adequacy and accuracy of critical accounting Yesterday
                         use them and the reasonableness of accounting estimates made by Management Board. We believe that
                         our audit provides a reasonable basis for our opinion
                         professional.

                         For our opinion on the budget last year, where data are presented for
                         comparison as required by law, we refer to our report
                         issued on April 9, 2008.

                3          In our opinion, the financial statements of Deutsche Bank at 31 December 2008
                         accordance with International Financial Reporting Standards as adopted by the European Union
                         and the measures taken to implement art. 9 of Legislative Decree no. 38/05, it is therefore
                         drawn up clearly and give a true and fair view of the assets and
                         financial results of operations, changes in shareholders' equity and cash flows of
                         Deutsche Bank SpA for the year ended on that date.




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                                                                       Report lawful auditors
                                                                                     31 dicembre2008




·I       As required by law, the Management Board of the Company have entered into
      Notes to the financial statements of the essential data of the last company carrying on it
      activity say / ion and coordination. It judged / I on the budget of Deutsche Bank
      SpA does not extend to such data.

5       The preparation of the annual report in accordance with the
     provided by the laws and regulations rests with the Management Board of
     Deutsche Hank SpA I "our responsibility to express an opinion on the consistency
     the report with the budget, as required by article. 2409-tcr, paragraph 2,
     e) of the Civil Code. A lai Une, we have performed the procedures required by the principle
     No revision 001 issued by the National Board of Accountants and
     Ivspcrti Contahili. In our opinion the annual report is consistent with the budget
     Operating the Deutsche Bank at 31 December 2008.


Milan. March 27 or 2009


KPMG SpA




Roberto Fabbri
Member




                                                                                                   2
48 //   02 / / TO FINANCIAL STATEMENTS December 31, 2008 FINANCIAL STATEMENTS




 Budget
 December 31, 2008
 02 //
                                                                                          // 49




Budget structure and patterns
The accounts used are in accordance with the schedules issued by the Bank of Italy with the
Circular No 262, December 22, 2005, so that balance is composed of the following
documents:
n Balance sheet and income statement;
n Statement of Changes in Equity;
n Financial statements;
n Notes.



They also include the following documents:
n Statement of investments;
n Statement of revaluations of tangible fixed assets;
n List of subsidiaries.



In order to increase the significance and reliability of the accounting treatment and
ensure consistency of accounting submission of budget items, it was decided to
following reclassifications in the balance last year:
n Income Statement - the fees paid to auditors were placed between the adminis-

    tions for staff;
n Balance sheet and cash flow - the debt for the current tax, before-

    mind in the exposed person has been offset by advances and withholdings, exposed
    in the current tax assets.

The other changes in accounting policies adopted during the current period, even after specific
cific instructions issued by the Supervisory Body, have resulted in adjustments
in the accounts of the previous year because they were deemed not significant to a
accounting best comparison.

The amounts expressed in thousands of euro in the Notes and therefore rounding
excess or deficiency related to the magnitude of thousands of villages, could cause
differences compared with the amounts of the corresponding analytical balance sheet and income
statement.
50 //              02 / / TO FINANCIAL STATEMENTS December 31, 2008 FINANCIAL STATEMENTS




Balance Sheet
Assets in €
                                                                                                                 CHANGES
                                                                     31.12.08            31.12.07          ABSOLUTE         %
10.  Cash and cash equivalents                                     92.601.224          76.738.704        15.862.520     20,67
20.  Financial assets held for trading                            150.673.826         229.821.733       (79.147.907)   (34,44)
40.  Financial assets available for sale                        1.637.258.481         130.546.023     1.506.712.458  1.154,16
60.  Loans to banks                                             6.707.481.901       6.596.948.650       110.533.251      1,68
70.  Loans and advances to customers                           17.148.566.928      15.685.743.172     1.462.823.756      9,33
80.  Hedging derivatives                                          131.465.639          65.415.812        66.049.827    100,97
90.  Fair value of financial assets                                85.580.138                    -       85.580.138       na
      hedged (/ -)
100. Equity investments                                           176.740.732         186.377.507        (9.636.775)     (5,17)
110. Property, plant and equipment                                285.872.016         320.715.486       (34.843.470)    (10,86)
120. Intangible assets                                              5.115.305           4.634.890           480.415      10,37
      of which:
      - Goodwill                                                             -                   -                  -         -
130. Tax assets                                                   173.349.651          93.884.369         79.465.282     84,64
      (a) current                                                  89.200.765          29.732.495         59.468.270    200,01
      (b) deferred                                                 84.148.886          64.151.874         19.997.012     31,17
150. Other assets                                                 325.279.200         212.184.851        113.094.349     53,30
Total assets                                                  26.919.985.041      23.603.011.197      3.316.973.844      14,05



Liabilities and shareholders' equity, in €
                                                                                                                 CHANGES
                                                                     31.12.08            31.12.07           ABSOLUTE         %
10.   Due to banks                                             12.030.427.625      10.758.571.122      1.271.856.503     11,82
20.   Due to customers                                          9.531.518.078       8.380.743.881      1.150.774.197     13,73
30.   Securities issued                                         3.336.326.156       2.503.846.315        832.479.841     33,25
40.   Financial liabilities held for trading                      135.204.135         214.273.793        (79.069.658)   (36,90)
60.   Hedging derivatives                                         157.441.738          91.901.217         65.540.521     71,32
80.   Tax liabilities                                              29.414.811          34.562.614         (5.147.803)   (14,89)
      (a) current                                                             -                   -                 -         -
      (b) deferred                                                 29.414.811          34.562.614         (5.147.803)   (14,89)
100. Other liabilities                                            419.409.265         306.389.531        113.019.734     36,89
110. Provision for termination indemnities                         28.420.700          31.442.313         (3.021.613)    (9,61)
120. Provision for risks and charges:                             160.439.010          74.668.548         85.770.462    114,87
      a) pensions and similar obligations                          10.857.358          12.906.609         (2.049.251)   (15,88)
      (b) other provisions                                        149.581.652          61.761.939         87.819.713    142,19
130. Valuation reserves                                            18.957.649          12.971.445          5.986.204     46,15
160. Reserves                                                     651.955.521         651.162.118            793.403      0,12
170. Share premium reserve                                         86.801.894          86.801.894                   -         -
180. Share capital                                                310.659.856         310.659.856                   -         -
190. Treasury shares (-)                                           (3.515.952)         (3.515.952)                  -         -
200. Profit for the year                                           26.524.555         148.532.502       (122.007.947)   (82,14)
Total liabilities and shareholders’ equity                    26.919.985.041      23.603.011.197      3.316.973.844      14,05
                                                                                                                               // 51




Income statement
Items, €
                                                                                                                    CHANGES
                                                                                2008              2007          ABSOLUTE          %
10. Interest and similar income                                       1.228.010.693     1.141.548.723         86.461.970        7,57
20. Interest and similar expense                                       (762.967.558)     (675.201.046)      (87.766.512)     (13,00)
30. Net interest income                                                465.043.135        466.347.677        (1.304.542)      (0,28)
40. Fees and commission income                                          383.907.838        427.015.160      (43.107.322)     (10,10)
50. Fees and commission expense                                        (104.829.152)     (114.803.663)         9.974.511        8,69
60. Net fee and commission income                                      279.078.686        312.211.497      (33.132.811)     (10,61)
70. Dividends and similar revenues                                        75.152.426        44.549.662        30.602.764       68,69
80. Net income from trading                                                5.964.958         9.813.906        (3.848.948)    (39,22)
90. Net income from hedging                                             (43.485.998)        (4.409.025)     (39.076.973)   (886,30)
100. Income (loss) on disposal of:                                         9.290.444         2.311.904         6.978.540     301,85
        a) loans                                                          (6.231.024)       (3.845.588)       (2.385.436)    (62,03)
        b) financial assets available for sale                            10.726.193         1.962.771         8.763.422     446,48
        d) financial liabilities                                           4.795.275         4.194.721           600.554       14,32
120.Operating income                                                   791.043.651        830.825.621      (39.781.970)       (4,79)
130. Net impairment adjustments/ write-backs for impairment of:         (97.672.812)       (68.565.843)     (29.106.969)     (42,45)
        a) loans                                                        (96.935.807)       (66.250.347)     (30.685.460)     (46,32)
        b) financial assets available for sale                               (76.401)          (71.350)           (5.051)     (7,08)
        d) other financial transactions                                     (660.604)       (2.244.146)        1.583.542       70,56
140. Net results of financial management                               693.370.839        762.259.778      (68.888.939)       (9,04)
150. Administrative expenses:                                          (589.529.624)     (530.313.996)      (59.215.628)     (11,17)
        a) Personnel expenses                                          (292.913.452)     (252.669.297)      (40.244.155)     (15,93)
        b) Other administrative expenses                               (296.616.172)     (277.644.699)      (18.971.473)      (6,83)
160. Net provisions for risks and charges                               (47.458.437)        (2.953.105)     (44.505.332) (1.507,07)
170. Net impairment adjustments/write-backs on property, plant and      (18.422.386)       (19.155.214)          732.828        3,83
equipment                                                                 (2.497.741)       (2.385.358)         (112.383)     (4,71)
180. Net impairment adjustments/write-backs on intangible assets           6.308.042        14.768.970        (8.460.928)    (57,29)
190. Other operating expenses (income)                               (651.600.146)      (540.038.703)     (111.561.443)     (20,66)
200. Operating expenses                                                   (9.636.775)       15.166.437      (24.803.212)   (163,54)
210. Net income (loss) of associates                                       4.833.979         1.909.365         2.924.614     153,17
240. Net income (loss) on disposal of investments                        36.967.897       239.296.877     (202.328.980)     (84,55)
250.Net income (loss) from ordinary operations before tax               (10.443.342)       (90.764.375)       80.321.033       88,49
260 Taxes on income from continuing operations                           26.524.555       148.532.502     (122.007.947)     (82,14)
270 Net income (loss) from ordinary operations after tax                            -                 -                 -          -
280 Income (loss) of
     discontinued operations, net of taxes
290 Profit for the year                                                26.524.555        148.532.502      (122.007.947)     (82,14)
52 //              02 / / TO FINANCIAL STATEMENTS December 31, 2008 FINANCIAL STATEMENTS




Statement of changes in shareholders’ equity
Items, €
                                                                              Allocation of
                                                                              previous year

                                               Balance at                Reserves    Dividends and other   Changes in      Emission
                                               31.12.2006                                 allocations      reserve       new shares

Share capital:
  a) ordinary shares                          310.659.856                       -                                                     -
  b) other shares                                        -                      -                                                     -
Share premium                                  86.801.894                       -                                                     -
Reserves:
  a) profit                                   650.049.116               1.113.002                                                     -
  b) other                                               -                      -                                                     -
Valuation reserves:
  a) available for sale                         (6.869.631)                                                19.841.076
   b) cash flow hedges                                    -                                                          -
   c) other                                               -                                                          -
Equity instruments                                        -
Treasury shares                                 (3.515.952)                                                                           -
Net income (loss)                              152.261.465            (1.113.002)        (151.148.463)
Shareholders' equity                         1.189.386.748                      -        (151.148.463)     19.841.076                 -




Items, €
                                                                             Allocation of
                                                                             previous year

                                               Balance at                Reserves    Dividends and other   changes         Emission
                                               31.12.2007                                 allocations      reserve       new shares

Share capital:
   a) ordinary shares                         310.659.856                       -                                                     -
   b) other shares                                       -                      -                                                     -
Share premium                                  86.801.894                       -                                                     -
Reserves:
   a) profit                                  651.162.118                793.403                                                      -
   b) other                                              -                     -                                                      -
Valuation reserves:
   a) available for sale                        12.971.445                                                 (3.976.861)
   b) cash flow hedges                                    -                                                 5.543.688
   c) other                                               -                                                 4.419.377
Equity instruments                                        -
Treasury shares                                 (3.515.952)                                                                           -
Net income (loss)                              148.532.502              (793.403)        (147.739.099)
Shareholders' equity                         1.206.611.863                      -        (147.739.099)      5.986.204                 -
                                                                                                                               // 53




                                Changes during the year
                            Shareholders’ equity transactions

     Purchase     Distribution                  Change            Derivatives   Stock options             Profit       Shareholders’
Treasury shares   extraordinary                  equity         on treasury                         for the period         Equity on
                       dividends                instruments         shares                                             31.12.2007

             -                                                                                                         310.659.856
             -                                                                                                                    -
                                                                                                                        86.801.894
                                                                                                                                  -
             -                 -                                                                                       651.162.118
                               -                                         -                      -                                 -
                                                                                                                                  -
                                                                                                                        12.971.445
                                                                                                                                  -
                                                                                                                                  -
                                                           -                                                                      -
             -                                                                                                          (3.515.952)
                                                                                                    148.532.502        148.532.502
             -                 -                           -             -                      -   148.532.502      1.206.611.863




                                Changes during the year
                            Shareholders’ equity transactions

    Purchase      Distribution                  Change            Derivatives   Stock options             Profit       Shareholders’
Treasury shares   extraordinary                  Tools          on own                              for the period         Equity on
                       dividends                capital             actions                                            31.12.2008

             -                                                                                                         310.659.856
             -                                                                                                                    -
                                                                                                                        86.801.894
                                                                                                                                  -
             -                 -                                                                                       651.955.521
                               -                                         -                      -                                 -
                                                                                                                                  -
                                                                                                                         8.994.584
                                                                                                                         5.543.688
                                                                                                                         4.419.377
                                                           -                                                                      -
             -                                                                                                          (3.515.952)
                                                                                                     26.524.555         26.524.555
             -                 -                           -             -                      -    26.524.555      1.091.383.523
54 //              02 / / TO FINANCIAL STATEMENTS December 31, 2008 FINANCIAL STATEMENTS




Statement of Cash Flows
Indirect method

Items, €                                                                                     Amount 2008        Amount 2007

A. OPERATING ACTIVITIES
1. Management                                                                                 227.014.383        304.954.447
   - Operating income (-)                                                                       26.524.555        148.532.502
   - Gains / losses on investments held for trading                                              9.774.449         (3.065.966)
      and on assets / liabilities at fair value (- /)
   capital gains/losses on hedging activities (-/+)                                            (15.500.295)       (10.080.060)
   net impairment adjustments/ write-backs for impairment (+/-)                                 97.012.208         66.250.347
   - Adjustments / write-backs on intangible                                                    20.920.127         21.540.572
      and intangible assets (-)
   - Net provisions for risks and charges and other costs / income (-)                          85.553.021          7.914.347
   tax and duties to be settled (+)                                                             10.443.342         90.764.375
   - Adjustments / write-backs of groups of assets                                                        -                  -
      discontinued operations, net of tax (- /)
   - Other adjustments (-)                                                                      (7.713.024)        (16.901.670)
   2. Cash flow generated/absorbed by financial activities                                 (3.369.323.729)        241.491.236
   financial assets held for trading                                                             69.373.458         28.656.790
   - Financial assets at fair value                                                                        -                  -
   fianancial assets available-for-sale                                                     (1.510.765.720)         45.424.345
   loans to banks: on demand                                                                    12.416.279           7.695.382
   loans to banks: other receivables                                                          (122.949.530)     1.880.728.922
   loans to customers                                                                       (1.557.504.620)    (1.675.556.432)
   other assets                                                                               (259.893.596)        (45.457.771)
   3. Cash flow generated/absorbed by financial liabilities                                 3.267.629.808       (416.308.745)
   due to banks: on demand                                                                    (723.379.009)      (317.618.597)
   due to banks: other payables                                                              1.995.235.512      1.119.618.112
   due to customers                                                                          1.150.774.197     (1.055.236.228)
   securities issued                                                                           767.868.236         (13.939.149)
   financial liabilities held for trading                                                      (79.069.658)        (15.001.442)
   - Financial liabilities measured at fair value                                                          -                  -
   other liabilities                                                                           156.200.530       (134.131.441)
Net cash generated/absorbed by operating activities                                           125.320.462         130.136.938

B. INVESTMENT ACTIVITIES
   1. Cash flow generated by                                                                   55.930.363          44.136.540
   - Sales of investments                                                                                  -        21.419.973
   collected dividends on equity investments                                                    17.943.000          19.243.000
   - Sales of financial assets held to maturity                                                            -                  -
   sales of property, plant and equipment                                                       37.986.690           3.473.567
   sales of intangible assets                                                                           673                   -
   - Sales of businesses                                                                                   -                  -
   2. Cash flow utilised by                                                                   (17.716.609)       (20.690.820)
   purchase of equity investments                                                                          -                  -
   - Purchases of financial assets held to maturity                                                        -                  -
   purchase of property, plant and equipment                                                   (14.737.780)       (20.403.307)
   purchase of intangible assets                                                                (2.978.829)          (287.513)
   - Purchase of businesses                                                                                -                  -
Net cash generated/absorbed by investing activities                                            38.213.754          23.445.720
                                                                                           // 55




                                                                Amount 2008      Amount 2007

C. FINANCING ACTIVITIES
   - Issue / purchase of own shares                                          -                 -
   - Issue / purchase of equity                                              -                 -
   dividends distributed and other allocations                   (147.739.099)    (151.148.463)
Net cash generated/absorbed by financing activities             (147.739.099)    (151.148.463)

TOTAL NET CASH FLOW GENERATED/ABSORBED IN THE PERIOD              15.795.117         2.434.195




RECONCILIATION
Balance sheet items                                             Amount 2008      Amount 2007
Cash and cash equivalents at beginning of period                  76.738.704        74.473.043
Total net cash generated/absorbed in the period                   15.795.117         2.434.195
Cash and cash equivalents: effect of exchange rate variations         67.403          (168.534)
Cash and cash equivalents at the end of the period               92.601.224        76.738.704
Legend
() Generated
(-) Absorbed
56 //   03 / / NOTES   PART A:   ACCOUNTING POLICIES




Notes
03//
                                                                                                                   // 57




                      Part A - Accounting Policies
                      A.1 - GENERAL PART

                      STATEMENT OF COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDS AND PRINCIPLES
                      GENERAL PREPARATION


                      These financial statements have been prepared in accordance with the accounting standards issued
                      by the
                      Accounting Standards Board (IASB) and interpretations of International Financial
                      Reporting Interpretations Committee (IFRIC) and endorsed by the European Commission, as
                      established by the Community Regulation 1606 July 19, 2002.
                      The following paragraphs provide a complete list of principles, known as IAS and IFRS, and docu-
                      minds interpretation, SIC and IFRIC, in force and applied in the preparation of this
                      budget to the occurrence of the events covered by them. It should be noted that the Commission
                      of
                      European community to simplify EU legislation on accounting standards
                      considered appropriate to combine in one text the principles contained in the above Regulation
                      Regulation (EC) No 1725 / 2003 and its subsequent amendments: in this regard was, therefore,
                      adopted Regulation (EC) No 1126 of November 3, 2008, replacing all the regulations
                      issued earlier.

                      After that   date were issued the following regulations:
                      Reg 1260     of December 10, 2008, revision of IAS 23 "Borrowing Costs";
                      Reg 1261     of December 16, 2008, amendments to IFRS 2 "Share-based payments";
                      Reg 1262     of December 16, 2008, issue of IFRIC 13, "loyalty program
                      score;
                      Reg 1263     of December 16, 2008, issue of IFRIC 14 on an interpretation
                      IAS 19;
                      Reg 1274     of 17 December 2008 revision of IAS 1 "Presentation of Financial Statements."


Standards and interpretations in force as of December 31, 2008
IAS    1   Presentation of Financial Statements
IAS    2   Inventories
IAS    7   Statement of Cash Flows
IAS    8   Accounting Policies, Changes in Accounting Estimates and Errors
IAS   10   Events after the balance sheet date
IAS   11   Construction contracts
IAS   12   Income Taxes
IAS   14   Segment
IAS   16   Property, plant and equipment
IAS   17   Leasing
IAS   18   Revenues
IAS   19   Employee Benefits
IAS   20   Accounting for Government Grants and Disclosure of Government Assistance
IAS   21   The Effects of Changes in Foreign Exchange Rates
IAS   23   Borrowing Costs
IAS   24   Disclosures on related party transactions
IAS   26   Recognition and representation of pension funds in the budget
IAS   27   Consolidated and Separate
IAS   28   Investments in associates
IAS   29   Financial reporting in hyperinflationary economies
IAS   31   Participation in joint venture
IAS   32   Financial Instruments: Presentation
IAS   33   Earnings per share
IAS   34   Interim reports
IAS   36   Impairment of activities
IAS   37   Provisions, Contingent Liabilities and Contingent Assets
58 //            03 / / NOTES                               PART A:                 ACCOUNTING POLICIES




IAS 38      Intangible assets
IAS 39      Financial Instruments: Recognition and Measurement
IAS 40      Investment Property
IAS 41      Agriculture
IFRS 1      First-time Adoption of International Accounting Standards
IFRS 2      Share-based Payment
IFRS 3      Business Combinations
IFRS 4      Insurance Contracts
IFRS 5      Non-current Assets Held for Sale and Discontinued Operations
IFRS 6      Exploration for and Evaluation of Mineral Resources
IFRS 7      Financial Instruments Disclosures
IFRS 8      Operating Segments
SIC     7   Introduction of the euro
SIC 10      Government assistance - no specific relation to operating activities
SIC 12      Consolidation - Special Purpose Company (SPV)
SIC 13      Jointly controlled entities - Contributions in kind by the venturers
SIC 15      Operating Leases - Incentives
SIC 21      Income Taxes - Recovery of revalued non-depreciable
SIC 25      Income Taxes - Changes in the tax status of a company or its shareholders
SIC 27      Evaluating the Substance of Transactions Involving the Legal Form of lease
SIC 29      Service Concession Arrangements: Disclosures
SIC 31      Revenue - barter transactions involving advertising services
SIC 32      Intangible Assets - Web Site Costs
IFRIC 1     Changes in liabilities for decommissioning, restoration and similar liabilities
IFRIC 2     Members' shares in cooperative entities and similar instruments
IFRIC 4     Determining whether an arrangement contains a lease
IFRIC 5     Rights to interests arising from decommissioning, restoration and environmental
IFRIC 6     Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
IFRIC 7     Applying the revaluation under IAS 29, Financial reporting in hyper-economies
            inflated
IFRIC 8     Scope of IFRS 2
IFRIC 9     Reassessment of Embedded Derivatives
IFRIC 10    Interim Financial Reporting and Impairment
IFRIC 11    IFRS 2 - Group and Treasury Share Transactions Group
IFRIC 12    Service Concession Agreements
IFRIC 13    Customer Loyalty Program
IFRIC 14    IFRIC 14 IAS 19 - The Limit on assets of a defined benefit plan, the estimated
            Minimum Funding Requirements and their interaction




This budget is established by observing the following general principles laid down by IAS 1:

a) Going Concern: asset valuations, liabilities and operations off
budget are made on a going business of the Bank.
b) Accrual: except in the financial statement recognition of the costs and
revenues shall be according to the principles of economic maturation and correlation.
c) Consistency of presentation: the criteria for the presentation and classification of items in the budget-
This sometimes requires constant from one period to another, unless the change is not their pre-
written by an International Accounting Standard or an interpretation or you do not make
necessary to increase the significance and reliability of the presentation. In
If the new policy change - where possible - is adopted retroactively
mind, and shall indicate the nature, reason and amount of items affected by the change.
The presentation and classification of items is in accordance with instructions issued by
Bank of Italy on the balance sheets of banks.
d) Materiality and aggregation: in accordance with instructions issued by the Bank of Italy
on banks' balance sheets the various classes of similar items are submitted, if significant,
separately. The different elements, where relevant, are reported separately from each other.
                                                                                             // 59




e) Prohibition of compensation: except as otherwise provided or permitted by an accounting
International or an interpretation, or by the orders issued by the Bank of Italy
on banks' balance sheets, assets and liabilities and the costs and revenues are not subject
compensation.
f) Comparative Information: comparative information is provided for pre-
transferor for all the information contained in financial statements, except when a Standard
or an Interpretation permits or requires otherwise. Comparative information is
included in the narrative and descriptive information when it is relevant to a
better understanding of the period's financial statements.

The financial statements comprise the Balance Sheet, Income Statement, the Statement of
changes in equity, cash flow statement, the notes and is also
accompanied by the Report on the management, the latter document is prepared for
annual financial statements.

In accordance with art. 5 of Legislative Decree No 38 of 28 February 2005
the financial statements are prepared using the euro as currency. The amounts, unless otherwise
specified, are in thousands.

EVENTS AFTER THE BALANCE SHEET DATE
Please note that during the period between the date of these financial statements and the
its inherent relationship of the Management Board, adopted March 25, 2009, there were no
occurrences or events which result in an adjustment of the data in such a place or approved
un'inte-
tion information provided.

OTHER ISSUES
National Tax Consolidation
Article. 1 of Legislative Decree no. 344/03 amended the Consolidated Income Tax, DPR 917/86,
with the introduction of Articles 117 to 129 the institution of national fiscal consolidation based on
principles contained in Art. 4, paragraph 1 of Law No delegation 7/4/2003 80. The provision of
Article. 4 above provide, for the group of enterprises, the determination by the company
consolidating a single tax base, at the option of voluntary participating companies.
The Bank, acting as parent, has joined the institute of national fiscal consolidation
with the subsidiary Deutsche Bank SpA Mortgages, RREEF Fondimmobiliari SGR SpA, RREEF
Opportunities Management Srl, RREEF Alternative Investments SGR SpA, Trust
Sant'Andrea Srl and New Prestitempo SpA

Significant changes to accounting rules - IAS 39
The most serious crisis in financial markets that has taken place in 2008
has prompted the governments of EU countries to request the IASB, the body responsible
the adoption of international accounting standards used by listed companies, some
urgent action on accounting rules with respect to the classification of instruments
financial interventions aimed also to an alignment with U.S. GAAP (U.S.
GAAP), and an explanation of how to determine the fair value of these instruments
minds, given the critical situation of lack of liquidity in financial markets
occurred in the second half of 2008.

With reference to the first point, the classification of financial instruments, changes to
IAS 39, which were introduced by the IASB with the document entitled "Reclassification of financial
assets "and approved by the European Commission October 15, 2008 with Rules
No 1004/2008 have removed the prohibition on reclassifying a financial instrument not
derived from the category of assets held for trading (assets valued at
60 //                  03 / / NOTES                               PART A:                   ACCOUNTING POLICIES




fair value recognized in the income statement) to other categories (assets held to
maturity, available-for-sale, loans and receivables). In addition, it was intro-
duced the ability to reclassify financial assets available for sale in the sector
loans and receivables.
These reclassifications are now permitted when a financial asset, due to acts of inhuman
sual and which are unlikely to recur in the short term, it is no longer held to
for trading purposes or intended for sale and the company believes that it is
possible to hold for the foreseeable future, or time to maturity.
The financial crisis that occurred in 2008 was defined by the IASB as a rare circumstance.
The uniqueness of the situation has also led the IASB to allow the reclassification
accounting could be made before November 1, 2008 with reference to the
market July 1, 2008.

With regard to the method of calculating the fair value of financial instruments, it is recalled
that such determination becomes particularly complex in the presence of illiquid markets.
Both the IASB, is the equivalent of accounting regulatory bodies have worked to U.S. GAAP
Nuti with application documents to determine what processes and criteria are needed to deter-
Nare fair value when market data no longer exist, are no longer detectable or not
adequate to properly value a financial instrument.

It should be noted that the bank did not exercise for the year ended December 31, 2008
option provided by IAS 39 to reclassify some financial assets, as shown in
above. As regards, however, the criteria for determining the fair value and May-
Further information about products on the accounting choices made by the bank, please refer to the appropriate chapters
disclosure of the accounting and financial risks that follow.

IMPAIRMENT TESTING AND DISCOUNTS FOR LOSS OF VALUE
The assessment of the recoverability of the value for non-current assets in the budget, has taken
particular importance for the closure of accounts for 2008, considering the situation
of severe economic and financial crisis that has occurred mainly in the second half of the year.

Bank's balance sheet there are no items related to goodwill arising from
business combination or intangible assets with an indefinite useful life. Join appear-
you, on the contrary, among the non-current fixed assets, intangible assets
a finite useful life (mostly software) and the controlling interest held in
companies within the Group.

For fixed assets and intangible assets with finite useful life are not identified
specific indicators of loss: the bank has effectively sold properties during the second
half of 2008, achieving gains also have the properties owned nature
instrumental and are assigned to business units whose profitability perspective allows the recov-
But the value entered.

In contrast, in the field of controlling stakes, there was a hard loss-
Vole value of € 9.637 million, following impairment tests carried out for the interest
held in the Deutsche Asset Management Italy SpA, holding company Deam
in Italy.
The indicators of exogenous origin that led to the execution of the test are to be referred
the negative performance of the subsidiaries of the holding company for the following sectors:
No decline in assets under management and a consequent decrease in commission revenue for the asset
   management;
No reduction in the prospective profitability of the brokerage.
                                                                                         // 61




The application of the impairment test procedure involves the definition of the recoverable
bile of the activities under evaluation: in this context, the IAS 36 defines
that value as the higher of net realizable value, or fair value of net sales
ancillary costs, and value in use, defined as the present value of cash flows net financial
generated by business unit.
In particular, the methodology adopted by the Bank was that of calculating the value in use,
developed using the forecasts for the period 2009 to 2013.

In this regard, it announced that the prospective cash flows are derived using
the following provisions:
a) Revenues
    n in the first period there is a decrease of 5%, from second to fourth periodic

       do a revenue growth of 5% to 7%. The forecast is based on macro economic data
       revised medium-term internal analysts. The increase in net commissions,
       compared to the evolution of capital (growth of 2% per year) reflects a shift
       tion of the portfolio managed / run towards products with higher profitability.
b) Costs
    n the scenario expects a growth of 1% on an annual basis, tied on one side

       trends in inflation and assuming the other side to maintain constant
       time investment.

The data derived from business plans, planned over a period of five years, were then
used for determining the use value of the cash-generating units.

The discount rates used take into account the specific risk of the areas
activities, the values fluctuate around 11 employees, 50%.
With regard to the final value in place of perpetuity, they opted for a
estimated cash flows from its ultimate disposal of the assets making up the generating units
flows.
You have made a sensitivity analysis to check the tightness of the evaluations reached,
assuming different rate scenarios and market parameters relevant to the enhancement
of assets under management.

The devaluation of the investment for impairment loss amounting to € 9.637 million, is
reported in Item 210 of income.

PUBLICATION OF FINANCIAL STATEMENTS
In accordance with the provisions of IAS 10, the Bank authorizes the publication of budgetary
what year in the time allowed by law. This provision does not apply to
half-yearly report as not published.
62 //                  03 / / NOTES                                      PART A:                  ACCOUNTING POLICIES




A.2 THE MAIN BUDGET AGGREGATES

ACCOUNTING


financial assets held for trading
Classification criteria
A financial asset is classified as held for trading when it is individually owned
to be negotiated in the short term, when it is part of a portfolio in his com-
plexus is held for trading purposes or when it is represented by an instrument
derivative.
To find a trading purposes must be evident genuine desire to imple-
Zare short-term profit or membership of a portfolio that has the objective of obtaining
profit in the short term.
The classification of financial instruments must be made at the time of first entry in
the budget and subsequently may be amended only in limited circumstances.
Fall within this category only debt securities and equities and the value
positive derivative contracts held for trading. Derivative contracts are
including those embedded in complex financial instruments that were the subject of detection
separately as:
n their economic characteristics and risks are not closely related to the characteristics
   that the underlying contract;
No built-in tools, even if separated, meet the definition of a derivative;
n hybrid instruments to which they belong are not accounted for at fair value with its variable
   tion to the income statement.

Criteria for inclusion
The following transactions "regular way" IAS rules leave a choice
when it will be considered for the first entry accounting: one can, in fact, whether free-
legiare the contractual date ("trade date"), or the date of settlement ("settlement date").
The Bank uses the settlement date for securities transactions and foreign exchange, while the criterion
the date the contract is applied for the trading of derivatives.
Commitments for transactions to be settled that are outstanding at the balance sheet date are assessed
results with the same standards that apply to regulated operations.
On initial recognition, financial assets held for trading are
recognized at fair value, without considering the costs and revenues directly attributable transaction
the instrument.
Any embedded derivatives in contracts that are not strictly related to the same complex
having the characteristics to meet the definition of derivative are recorded separately from
host contract and carried at fair value.

Evaluation criteria
After initial recognition, financial assets held for trading
are measured at fair value.
To determine the fair value of financial instruments traded in an active market 1,                                      1
                                                                                                                          A financial instrument is considered
                                                                                                                        as quoted in an active market if prices
uses market prices (bid-ask prices or average prices). In the absence of                                                quotation, reflecting normal operations
an active market, are used assessment methods and valuation models that take into account                               market, are readily and regularly
                                                                                                                        available through the stock exchange, brokers, intermediaries,
of all risk factors related to tools and information that are based on observable market                                Sector companies, pricing service or regulatory bodies
such as: methods based on evaluation of listed instruments with similar characteristics                                 allowed, and those prices represent actual and
                                                                                                                        regularly occurring market transactions on the basis
statistics, calculations of discounted cash flows, models of pricing of options, values                                 a normal period
reported in recent comparable transactions.
Among the risk factors we consider the credit risk inherent in the party for which you
shall make the necessary estimates in the processes of collective evaluation and analytical
credit portfolios.
                                                                                              // 63




Equity securities and related derivatives, which is not possible to determine the fair
value reliably in accordance with the above guidelines, are carried at cost.

Cancellation Policy
Financial assets are derecognised when the contractual rights to cash flows
from the financial assets expire or when the financial asset is disposed of by transferring
substantially all the risks and benefits associated with it.

fianancial assets available-for-sale
Classification criteria
Are included in this category are non-derivative financial assets not otherwise
classified as receivables, assets held for trading assets held to maturity-
dence.
They must also be classified in this category are financial assets for which there
risk of non-cash the full amount invested for reasons other than credit risk.
In particular, they are included in this item, in addition to bonds that are not
the subject of trading and which are not classified as Assets Held to sca-
residence or to loans, including the equity interests are not held for trading and
not qualify as subsidiaries, associates and joint ventures, and the share of loans
concluded that trade unions, from the outset, is to be divested.
Note that the derivatives can not be included, under IAS, in this cate-
gory.

Criteria for inclusion
The following transactions "regular way" IAS rules leave a choice
when it will be considered for the first entry accounting: one can, in fact, whether free-
legiare the contractual date ("trade date"), or the date of settlement ("settlement date").
Deutsche Bank uses the settlement date for securities transactions and the concession
its funding.
Commitments for transactions to be settled that are outstanding at the balance sheet date are
assessed
results with the same standards that apply to regulated operations.
On initial recognition, assets are recorded at fair value, including
costs or income directly attributable to the instrument. If the enrollment
occurs as a result of reclassification from assets held to maturity, the value of
Membership is the fair value at the time of transfer.

Evaluation criteria
After initial recognition, the assets available for sale are measured at
fair value, with recognition in the income statement for the corresponding value at amortized cost
marketed, while the gains or losses arising from changes in fair value are recorded in a
specific equity reserve until the financial asset is not cleared or not
detects a loss of value. On disposal or recognition of a
impairment, the cumulative gain or loss shall be repaid to the income statement.
The fair value is determined based on the guidelines described for financial assets held by
tained for trading.
Equity securities and related derivatives, which is not possible to determine the fair
value reliably, are carried at cost.
The verification of the existence of objective evidence of impairment is made at each
balance sheet or interim.
If such evidence exists, the amount of the loss is measured as the difference between the value
carrying amount and the present value of estimated future cash flows discounted at the rate of
original effective interest rate.
64 //          03 / / NOTES                     PART A:            ACCOUNTING POLICIES




If the reasons for impairment cease to exist following an event of suc-
Bids submitted after the detection of impairment, write-backs are made
recognized in the income statement, in the case of loans or debt securities, and assets
net in the case of equity securities. The amount of recovery is not, in any case exceed
amortized cost of the instrument would have had no previous corrections.

Cancellation Policy
Financial assets are derecognised when the contractual rights to cash flows
from the financial assets expire or when the financial asset is disposed of by transferring
substantially all the risks and benefits of the financial assets.

FINANCIAL ASSETS HELD TO MATURITY
Classification criteria
Are classified in this category of debt securities with fixed or determinable payments
and fixed maturity that has the intention and ability to hold to maturity. If you later
a change of will or capacity no longer appropriate to maintain an investment
investment as held to maturity, it is reclassified as assets available
for sale.
In addition, an entity shall not classify any financial assets as held-to maturity
dence if, during the current or two previous, sold or reclassified a
insignificant amount of held to maturity investments before their maturity.

Criteria for inclusion
Initial recognition of financial assets occurs on the settlement date.
On initial recognition, financial assets are classified in this category
recognized at fair value, including any costs and revenues directly attributable.

Evaluation criteria
Subsequent to initial recognition, financial assets held to maturity
are measured at amortized cost using the effective interest rate method.
Gains and losses related to assets held to maturity are recognized in the income
nomic when the assets are removed or have suffered an impairment,
as well as through the amortization process the difference between the carrying value and the
value repayable at maturity.
When the balance sheet and interim financial statements, is carried out assessment of the outcome-
existence of objective evidence of impairment.
If such evidence exists, the amount of the loss is measured as the difference between the value
carrying amount and the present value of estimated future cash flows discounted at the rate of
original effective interest rate. The amount of the loss is recognized in the income statement.
If the reasons for impairment cease to exist following an event of suc-
Bids submitted after the detection of impairment, write-backs are made
recognized in the income statement.

Cancellation Policy
Financial assets are derecognised when the contractual rights to cash flows
from the financial assets expire or when the financial asset is disposed of by transferring
substantially all the risks and benefits associated with it.

LOANS
Classification criteria
The loans include loans to customers and banks, both directly provided and purchased
were from third parties, which include fixed or determinable payments that are not listed
                                                                                              // 65




in an active market and which were not originally classified as financial assets available-
available for sale.
The item credits also include commercial loans, repurchase transactions
and purchased securities for subscription or private placement with certain payments or
determinable, not quoted in active markets.
In the "Receivables Financing and trade" can only be classified as debt securities
unlisted. Contrary to the activities for Held to maturity, there is no
detention until the end as a mandatory requirement for classification, thus
may be included in this category credits redeemable (without date). Date
their nature, however, may not be included equity securities.
This classification, however, apply where there is intent to sell the title, immediately
mind or in the short term, in which case the title should instead be classified as
Held for trading.

Criteria for inclusion
An entity should recognize a debt or an equity in its balance sheet only when repre-
feel a part of the contract in accordance with the provisions of the contract, acquiring rights,
obligations
and risks.
The initial measurement is at fair value, to which are added, the transaction costs.
Transaction costs must be incremental and should be directly attributable
acquisition of securities or the provision of credit.
The first registration of a claim is the date of delivery or, in the case of a license duly
to, the date of settlement, based on the fair value of financial instrument, that environ-
mount paid, or subscription price, including costs / revenues directly
attributable to the individual loan and determinable from the outset of the operation, although
liquid
data at a later date.
Costs are excluded that, despite having the above characteristics, are reimbursed
by the debtor or counterparty are classifiable as normal costs of internal character
administration.
For credit transactions may be concluded on terms different from those of the market
The fair value is determined using appropriate valuation techniques, the difference
amount paid or the subscription price is charged directly to income.
The contango contracts and repurchase transactions with repurchase or
repo transactions are recognized as the collection or use. In particular
tion, sales operations and ready to repurchase are recorded in the budget as
debts to the amount received spot, while the buying and selling spot
out are recorded as a credit for the amount paid spot.

Evaluation criteria
After initial recognition, loans are measured at amortized cost, the value of the first
enrollment decreased / increased principal repayments, adjustments / write-backs and
Depreciation - calculated by the method of effective interest rate - the difference
between the amount paid or redeemable at maturity, which typically cost /
income directly allocated to the individual loan. The effective interest rate is identified
calculating the rate that equates the present value of future flows of credit, capital and
interest, the amount disbursed inclusive of costs and income attributable to the loan. This fashion-
quality of accounting, using a financial logic, allows you to deploy the echo-
Economic cost / income over the residual life of the claim pending.
Loans that are subject to hedge the fair value for rate risk
interest accounting treatment are as follows:
n in the case of hedging, shall be adjusted to lower the amortized cost /
   greater value due to fair value adjustment for hedged risk;
66 //          03 / / NOTES                    PART A:           ACCOUNTING POLICIES




n  in the case of covers general, loans are carried at cost amortized el'ade-
   adaptation of value arising from the evaluation of the portfolio is presented separately in
   balance Sheet.
In both cases, the total value of credits, after the adjustment does not exceed the fair
value at the balance sheet of the same.
Please see the following section devoted to hedge in this section
for details.
The amortized cost method is not used for loans whose short-term suggests
King negligible the effect of applying the logic of discounting. These credits are
valued at historical cost. A similar criterion is applied to loans without
a definite deadline or revocation.
At each annual or interim financial statements is carried out a survey of
credits aimed at identifying those who, as a result of events occurring after their
registration, display objective evidence of possible impairment.
With this objective claims who have been given the status of suffering, grounding,
refurbished or display expired "under the current rules of the Bank of Italy, consistent with
IAS regulation.
These loans are subject to a measurement process and the amount
value adjustment of each loan is equal to the difference between the carrying value of same-
I know at the time of assessment (amortized cost) and the present value of expected cash flows of
future cash flows, calculated using the effective interest rate.
The expected cash flows take into account the expected recovery periods, the estimated value of
realization of any security and the costs that are expected to be incurred in the recovery-
But exposure.
Cash flows related to loans for which recovery is expected in the near term are not
discounted.
The original effective rate of each loan remains unchanged over time and adopt measures
duced a restructuring of the relationship that has led to the change in the contractual rate
tual and even if the ratio becomes, in practice, non-interest bearing contract.
The value adjustment is recognized in the income statement.
The original value of loans is restored in subsequent years to the extent that Fri-
Gano the reasons that led to the correction provided that such valuation is objectively
tively linked to an event occurring after the impairment.
The recovery in value is recorded in the income statement and may in no case exceed the cost
amortized the loan would have had no previous corrections.
The claims for which were not identified individually and that objective evidence of loss,
normally performing loans, including those to counterparties in countries at risk are under-
dergo evaluation of a collective loss of value. This is evaluated by categories
Credit homogeneous in terms of credit risk and the percentage of loss are estimated
taking into account time series, based on observable elements of the date of valuation,
possible to estimate the value of the latent loss in each loan category.
The adjustments determined collectively are recognized in the income statement.
At each balance sheet date and interim financial statements of any adjustments
Additional or backs are recalculated differentially with reference wholesale-
Tero portfolio of performing loans at that date.

Cancellation Policy
The receivables sold are removed from the balance sheet assets only if the transfer com-
resulted in the transfer of all the risks and benefits associated with credit. For con-
against, they have been retained the risks and benefits related to loans sold, they continue
to be recognized as an asset of the budget, even though legal ownership of the credit is
been transferred.
                                                                                               // 67




If it is not possible to ascertain the substantial transfer of risks and benefits,
receivables are derecognised if it was not maintained any kind of control
on them. Otherwise, storage, even in part, of such control involves
the maintenance of the loans in an amount equal involvement, measured
exposure to changes in value of loans transferred and to changes in cash flows
cial to them.

HEDGING
Types of coverage
The hedging transactions are intended to offset potential losses detection
Bili on a particular item or group of items, attributable to a certain risk,
detectable using the profits to a different element or group of items where that
risk should actually occur.
The types of requirements in IAS 39 are as follows:
No fair value hedges, aims to hedge exposure to changes in the fair value of
   a budgeted item attributable to a particular risk;
No cash flow hedges, aims to hedge exposure to changes in flows
   future cash flows attributable to specific risks associated with balance sheet;
n an investment currency: relates to the coverage of risks of an investment in
   expressed in a foreign currency.

At the time of drafting this report, the Bank has entered into the following types of coverage:
No hedging of fair value for bond issues;
No hedging of fair value of deposits both active and passive long-term fixed rate
   with banks;
No hedging of fair value for the portfolio of fixed-rate loans disbursed in 2008;
No cover expected transactions (cash flow hedge) on bonds whose
  emission is expected within the next one in which the cover is put in place.
In all cases above are derivatives of the type used interest rate swaps, "fixed
for floating. "

Evaluation criteria
With regard to initial recognition, derivatives apply to the same rules as for
financial instruments in general: they are initially recognized in the balance sheet at fair
value, which is normally the fair value of the consideration received / paid. Expected
that derivatives are always measured at fair value, the transaction costs directly
relating to the operation should not affect the value of initial recognition.
A hedged item (ie "hedged item"), in general, is a subject
to financial risks that may impact the income statement in the current year or in
future years. The typical risks that can be covered are interest rate risk, the risk
currency, credit risk and price risk (equity price risk).
Hedging derivatives are measured at fair value, including:
n in the case of fair value hedges, it compensates for the change in fair value of the
   covered with the change in fair value of the hedging instrument. Such compensation is
   recognized by the recognition in the income statement of changes in value, is reported
   hedged item (as far as the changes produced by the risk factor under-
   own), both the hedging instrument. Any difference, which represents the partial
   ineffectiveness of the hedge, is a result of the net economic effect;
n in the case of cash flow hedges, changes in fair value of the derivative are recorded
   in equity for the effective portion of the roof, and are recognized in earnings
   only when, with reference to the hedged item, there is variation in cash flows
   to match;
68 //                  03 / / NOTES                                      PART A:                 ACCOUNTING POLICIES




n  investment hedges of foreign currency are recorded in the same way as the cover-
   ture cash flows.
The derivative is designated as a hedge if there is a formalized documentation
tion of the relationship between the hedged item and the hedging instrument and if it is effective
when coverage begins and, prospectively, over a lifetime thereof.
As for the instruments covered the effect of recognition of the effectiveness of hedging
ture accounting treatment is as follows:
n for the hedging of fair value, the value of financial instruments is covered
    amended to reflect the adjustment in value against the hedging
    interest rate;
n for the generic shell made considering the total loan portfolio, the
   effect on asset coverage is shown separately in the consolidated balance sheet item
   Fair value of financial assets in hedged portfolios (asset item 90,
   in the event of a positive revaluation, or 70 of the passive voice, in case of negative revaluation).
The effectiveness of the hedge depends on the extent to which changes in fair value of the instrument
covered or its expected cash flows are offset by those of the instrument
coverage. The effectiveness is appraised by comparing the aforementioned changes, taking
account of the intention pursued by the firm when the cover was placed in
be.
Is considered effective (within the limits of range 80-125%) when the changes in fair value (or
cash flows) of the financial instrument cover almost completely neutralize
changes of the hedged item, for the risk being hedged.
Hedge effectiveness is measured by comparing the changes in fair value or cash flows
cash flow of the hedged with changes in fair value or cash flows of the instrument
tion coverage. Hedge effectiveness must be tested at the beginning of the coverage
is regularly throughout the duration of coverage and, in any case, the effectiveness
"Going on" should at least should be effected at each closing of the annual financial statements
and infra-annual.
The evaluation of effectiveness is made using:
n prospective tests, justifying the application of hedge accounting, in quan-
    to demonstrate the expected efficacy;
n back-testing, which highlight the degree of effectiveness of the coverage achieved during the period
   which they relate. In other words, they measure the actual results have differed from
   perfect hedge.
If the tests do not confirm the effectiveness of the hedge, the accounting for transactions
coverage, as set out above, is discontinued and the derivative hedging
ture is reclassified as trading instruments.

EQUITY INVESTMENTS
Recognition and Classification
The item may include interests held in:
n subsidiaries;
No related companies;
n companies subject to joint control.
Are considered subsidiary companies for which it holds the power to determine the poly-
financial and operating policies in order to achieve benefits from the work done. This-THIS CASE
species occur where they hold directly or indirectly, more than half the
to vote or in the presence of other situations of de facto control, such as the appointment
majority of the directors.
That enterprise is defined as connected on which the investor has significant influence. To
Significant influence is the ability to influence strategic decisions of the compa-
TY participated without having the exclusive power of government.
                                                                                             // 69




The significant influence is presumed when the percentage of participation is at least
20% of the voting rights of the investee.
The basic requirement is that one can talk of joint control is the existence of a
contractual arrangement whereby two or more parties undertake an economic activity
for which the related financial and operating decisions require the consent of the participants
that you split the check.
The agreement must provide that no single venturer is in a position
tion as to control unilaterally the management of the investee.
The classifications described above are performed regardless of whether or not per-
legal personality, also in the calculation of voting rights are also considered voting rights
potential currently exercisable.

Criteria for assessment and recognition of income effects:
Investments in subsidiaries, associates and jointly controlled entities are accounted
zate at cost. At each balance sheet date or state agency shall be to ensure even-
tual objective evidence that participation has been reduced in value.
If there is evidence that the value of an investment may be impaired,
we proceed to estimate the recoverable amount of the investment, taking into account the
present value of future cash flows that may be generated, including the value
to ultimate disposal.
If the recoverable amount is less than book value, the difference is recorded
in the income statement. Where the reasons for impairment cease to exist following
of an event occurring after the recognition of impairment are
Shoot value recognized in the income statement.
Income related to investments are recorded in income only to the extent that they are
Dividends paid by subsidiary arising after the date of acquisition. I
dividends received in excess of the profits earned after the date of acquisition are considered
as a realization of the investment and are, therefore, tend to reduce the cost thereof.
Participation is governed by the rules of IAS 39 as soon as
ceases to be a subsidiary, provided that participation is not to be classified among those
subject to significant influence or joint control.
The book value of the investment at the time of termination of the control becomes
cost of the investment portfolio in the new destination, according to IAS 39.
Please note that the loss of control requires an analysis of all the conditions that config-
Rano the control. You may be the presence of loss of control when, while
possessing a majority of votes, this "fact" is not (very rare cases: cases
the existence of potential voting right represented by options exercisable by a third party call) to
Conversely, it is said that the loss of the majority of the shares does not necessarily imply
loss of control (when, for example, remain or take over the situations mentioned
a de facto control, consider, conversely, the case of potential voting-right esercitabi
them, this time by those who have lost the majority of the votes and then in control of law).

Cancellation Policy
Investments are derecognised when the contractual rights to cash flows
derived from the assets expire or when the investment is disposed of by transferring substantially
mind all the risks and benefits associated with it.

Property, plant and equipment
Classification criteria
Tangible assets include land, buildings used, real estate investment
Liar, technical installations, furniture and furnishings and equipment of any kind, and the costs of
restructuring of commercial real property.
70 //                 03 / / NOTES                                      PART A:                      ACCOUNTING POLICIES




Property, plant and equipment are recorded as an asset if, and only if, they occur
simultaneously the following conditions:
n is probable that future economic benefits associated with the asset will flow to the enterprise;
n the cost can be reliably determined.
These are tangible assets held for use in the production or supply of
goods and services, for rental to others, or for administrative purposes and are expected to use
for more than one period.
Restructuring costs of commercial real property are capitalized into account
that for the duration of the lease, the user company has control of assets
and can draw from them in future economic benefits.
Also included under this item of the goods used in finance leases,
even though the legal ownership of those remains to the lessor.
The application of the principle of the primacy of economic substance over legal form
imposes a burden on the inclusion or deletion of a budgeted only in the presence of a
real transfer of risks and benefits associated with the asset, bought and sold.
With reference to the accounting for financial leasing application
this rule is embodied in the inscription of a claim in the lessor, the asset in
lease and the related debt on the balance of the lessee.

Criteria for inclusion
Tangible fixed assets are initially recorded at cost.
The cost is inclusive of the amount paid is non-recoverable taxes, any import duties
importation, and any costs directly attributable to the operation of the property law even-
tual trade discounts and rebates.
Costs directly attributable to the purchase and operation of the asset are
costs to be incurred in the preparation of the installation location of the property that you acquire, the
Initial delivery and handling costs, installation costs, professional fees,
such as for architects and engineers, the estimated costs of dismantling and the
removing the asset and restoring the site.
The costs of maintenance resulting in an increase of economic benefits
cats future, are charged to the value of assets, other costs
maintenance are expensed.
The moment of recognition in the accounts will be the date of transfer of risks and
benefits.

Evaluation criteria
Tangible fixed assets, following their initial enrollment, can be
assessed by application of two alternative accounting policies:
n the cost method, net of depreciation previously recorded
   and any accumulated impairment loss (reference method).
n at fair value at the date of revaluation, less subsequent depreciation accounted for and
   subsequent accumulated impairment losses (alternative method).
Where the carrying amount of an asset increases as a result of a revaluation, the incre-
ment will be booked directly to equity under the heading of revaluation
tion, except for real estate investments for which is expected to be offset against
changes in fair value recognized in earnings.
All tangible assets are valued using the cost method described above.
Fixed assets are depreciated over their useful life, adopting
a depreciation method that reflects the manner in which it is assumed that the benefits
economic future of the property to be used by the entity and, therefore, consumption of mate-
material subject to depreciation.
With regard to property, it should be noted that the components attributable to land and buildings
                                                                                              // 71




are treated as separate activities, in accordance with IAS 16, and detected, so, so
separate time of purchase.
The component related to the land has an indefinite useful life and is therefore not subject
depreciated.
Similar criterion is applied to works of art as it is not possible to estimate the relative
useful life and, moreover, the value ascribed to them generally is not intended to diminish with
over the years.
The depreciation should be reviewed at least at the end of each year and amended
certificate in case there have been significant changes in the expected pattern of consumption
future economic benefits embodied in an asset.
The restructuring costs of rental properties are amortized over a period of no more
than the duration of the lease.
If there is any indication that an asset may have suffered a loss of
value, a comparison is made between the carrying value of the asset and its salvage value,
equal to the greater of fair value, net of any costs to sell and its value
use of the asset, ie the present value of future cash flows generated by the asset.
Any adjustments are recorded in the income statement unless the asset has been
writing to the revalued amount.
In this case the impairment loss should be treated as a decrease
tion of the revaluation.
Where are the reasons that led to the recognition of the loss, it gives rise to
a recovery in value, which may not exceed the value of the asset would have had, net of
depreciation in the absence of previous impairment losses.

Cancellation Policy
Property and equipment are removed from the balance sheet at the time of dismis-
sion or when the asset is permanently withdrawn from use and from its disposal are not
expected future economic benefits.
Gains or losses arising from derecognition, determined as the difference between the proceeds
net disposal proceeds and the carrying amount should be charged to the income statement
Economic and can not be included in revenues.

Intangible assets
Classification criteria
An intangible asset is recognized when it meets the following conditions:
n can be identified individually, with respect to any goodwill acquired as a result of
   business combination;
nl'impresa the reporting entity holds control;
n is likely that the company benefits from future economic benefits attributable considered
  installment.
In the case where all the above mentioned requirements, the company has no obligation to
capitalize
the cost of intangible assets. Otherwise these costs are to be
expensed in the income statement.
IAS 38 provides for the capitalization of intangible assets and prescribes criteria
very hard for the inclusion of a stake in such cases so that, for example,
are not considered capitalized research expenses, the cost of staff training,
the costs of advertising and / or promotion, the cost of relocating staff or reorganized
organization of a company, the goodwill of a business or farm that is not purchased.
Fall within the category of intangible assets goodwill recognized in a needle-
aggregation of business (can be reliably determined in contrast to the
relating to an activity or business not purchased) and application software to use
MAP.
72 //          03 / / NOTES                     PART A:            ACCOUNTING POLICIES




Goodwill represents the excess of the purchase price and the fair value of
assets and liabilities acquired in business combinations.
Other intangible assets are recognized as such if they are identifiable and have their origin in
legal or contractual rights.

Recognition and evaluation
An intangible asset may be recorded as goodwill when the positive difference
between the fair value of assets acquired and the purchase cost of participation
(Including incidental expenses) is representative of the ability to generate future income
Participation (goodwill).
If that difference is negative (badwill) or in the event that the goodwill are justified
tion in the ability to generate future income of the subsidiary, the difference is recorded
directly in the income statement.
With a year (or whenever there is evidence of impairment loss) is made
a verification test of the adequacy of goodwill. To this end it is identified
the cash-generating units which give the starter.
The amount of impairment is determined based on the difference between the
carrying value of goodwill and its salvage value, whichever is less. This value
recovery is equal to the greater of the fair value of the cash-generating unit, net
any costs to sell and its value in use. The resulting adjustments
are recognized in earnings.
All intangible assets that meet the requirements for detection, should be initially
at cost.
The cost of an intangible asset acquired includes, in addition to the cost of purchase, all
directly attributable costs incurred to conduct the activities for use by
enterprise; any discount or rebate has been deducted in the determination of
cost.
Subsequent expenditure incurred for an intangible asset after its purchase or its com-
completion should be recognized as an expense when it occurs, unless it is
probable that this expenditure will put the assets in a position to generate future economic benefits
chemical in excess of originally assessed standard of performance and if this expense can
be measured and attributed to the intangible asset reliably.
In the event that the costs do not meet these criteria should be expensed
immediately in profit or loss.
The cost of intangible assets is amortized over the useful life and
residual value at the end of its useful life must be taken to be equal to zero unless
there is a commitment by a third party acquiring the asset. The amortization period
is the best estimate of its useful life, with an absolute presumption that the useful life
exceed twenty years.
If the useful life is indefinite not depreciate, but only to periodic
Tell adequacy of the carrying value of fixed assets.
Among these assets is included goodwill. This activity must now be systematically evaluated
mind at least once a year, according to its recoverable amount determined through-
I know the so-called "impairment test". As a result of the application of this principle,
goodwill on the balance sheet under previous GAAP have been attributed to
corresponding revenue generating units and revised according to the recoverable amount
they attributed to it.
At each balance sheet date or, if there is evidence of loss
value, we proceed to estimate the recovery value of the business. The amount of the loss,
profit or loss is equal to the difference between the asset and the value
recoverable.
                                                                                             // 73




Cancellation Policy
An intangible asset is eliminated from the balance sheet at the time of
sale and where no future economic benefits.
Profits and losses from the retirement or disposal of an intangible asset,
determined as the difference between the net income from discontinued operations and book value
bile of the same, shall be recognized as income or expense in the income statement
period in which the transfer or disposal occurs.

NON-current assets held for sale - LIABILITIES ASSO-
CIAT A GROUP OF ASSETS HELD FOR SALE
Of these items are classified assets / liabilities and groups of activities /
liabilities held for sale, for which it is a process of divestment and
available for immediate sale.
These assets or liabilities are valued at the lower of carrying amount and their fair value less
cost of disposal.
In the income statement are set out in a separate item income and expenses, net of
tax attributable to groups of assets and liabilities held for sale or recorded as such in
during the year.
At the end of the year, there were no Non-current assets
discontinued operations.

DEBTS AND SUBORDINATED DEBT SECURITIES ISSUED
Classification criteria
Due to banks, Due to customers, securities issued and subordinated liabilities
include various forms of interbank and customers and the collection made
through certificates of deposit and bonds in circulation on the net, therefore, the
any amounts repurchased.
They also include the liabilities listed by the lessee under a finance lease.

Criteria for inclusion
Initial recognition of these financial liabilities are on receipt of the sums
collected or the issuance of debt securities.
The first recognition is based on the fair value of liabilities, usually equal to
amount collected at the issue price, plus any cost / income
directly attributable to the transaction of borrowing or issue and not
reimbursed by the creditor. Excludes internal administrative costs.
The fair value of financial liabilities may be issued under conditions other than those
market is subject to special consideration and the difference to the market value is attributed
directly in the income statement.

Evaluation criteria
After initial recognition, financial liabilities are measured at amortized cost
effective interest rate method.
An exception is the short-term liabilities, where the time factor is negligible, which
remain registered for the value received.

Cancellation Policy
Financial liabilities are derecognised when they have expired or settled.
The cancellation takes place even under repurchase previously issued securities.
The difference between the carrying amount of the liability and the amount paid to buy it
recorded in the income statement.
74 //                 03 / / NOTES                                   PART A:                ACCOUNTING POLICIES




The re-market their securities after their purchase is considered
register as a new issue with the new IPO price, with no carried
to the income statement.

financial liabilities held for trading
This item includes the negative value of derivatives trading, as well as the negative value of
derivatives embedded in contracts but closely related to them. In addition
includes liabilities arising from short selling generated by trading
securities.
All trading liabilities are measured at fair value.

PROVISION FOR TERMINATION INDEMNITIES
Following the changes introduced by the pension reform under Decree.
December 5, 2005, No 252, the shares of the fund accrued severance indemnities to
31 December 2006 have remained firm, while the amounts accrued as from 1
January 2007, were allocated to the employee's option, to be exercised by June 30
2007, the pension funds of the bank or a fund specially INPS
formed.
It follows that:
n The provision for termination benefits accrued up to December 31, 2006 or until the
   date of the employee's option, between 1 January 2007 and June 30, 2007, continues
   to constitute a defined benefit plan and therefore subject to an assessment
   actuarial, with a simplification of the assumptions that most do not take into account the forecasts
   future pay rises;
No shares acquired from 1 January 2007 or from the date of the employee's choice, includ-
   knows from 1 January 2007 and June 30, 2007, shall be considered as a contribution plan-
   tion defined as the obligation ceases when the company pays the fees
   of indemnities to the fund chosen by the employee. Therefore the relative cost
   for the period is equal to the amounts recognized provident fund to com-
   mind of the bank or a fund specifically established INPS.
The cost of the plan are recorded as personnel costs amount as
net of contributions, contributions of expertise from previous years not yet account-
contesting the elections, expected revenues from the activities of plan and accrued interest.
Gains and losses, as permitted by paragraph 93 of IAS 19 are recognized inter-
extenso in the year they occur with credit / debit a special reserve
equity valuation, with deduction of deferred income taxes.
Previously, up to 2007, was applied for the recognition of gains and
losses of the so-called "corridor approach" under which it was calculated the c-
cess profits / accumulated losses, resulting in the financial year,
compared to 10% of present value of benefits generated by the plan. This surplus was recorded
based on the expected average remaining working lives of participants in the plan.
With the adoption of the new method provides a more reliable and full
the effects of actuarial valuations and the value at the balance of benefits plans
tions defined following the termination of the employment relationship.

PROVISION FOR RISKS AND CHARGES
Funds for pensions and internal
The domestic pension funds are made pursuant to enterprise agreements and qualify
as defined benefit plans. The liabilities related to these plans and the cost benefit
the current service are determined based on actuarial assumptions. Otherwise
mind the provisions of the previous accounting rules to IAS / IFRS require
having to proceed to the actualization of the provision to take account of the standstill-
                                                                                           // 75




to the liability until such time as the company will be required to settle the obligation,
if the effect due to the passage of time is significant.
The present value of the reference date of the budget is also adjusted fair
value of any assets of the plan.
Gains and losses, as permitted by paragraph 93 of IAS 19 are recognized inter-
extenso in the year they occur with credit / debit a special reserve
equity valuation, with deduction of deferred income taxes.
Previously, up to 2007, was applied for the recognition of gains and
losses of the so-called "corridor approach" under which it was calculated the c-
cess profits / accumulated losses, resulting in the financial year,
compared to 10% of present value of benefits generated by the plan. This surplus was recorded
based on the expected average remaining working lives of participants in the plan.
For pension funds to defined contribution (external funds) the contributions of
company are expensed in the income statement and determined for-performance work
SPAN.

Other funds
With regard to other risks and charges, IAS 37 requires that they can be allocated
allocations to these funds if the company has outstanding debt arising
from past events, that for the fulfillment of this obligation will be required
the use of resources and will also be able to reliably estimate the liability.
In cases where time is significant, we proceed to the actualization of the provi-
minds through the use of current market rates.
A provision is recognized in the income statement.
Provisions specific to individual and collective basis and to estimate the possible
disbursements related to credit risk on guarantees and commitments are included in
balance sheet as "Other liabilities" in accordance with instructions issued by the Bank
of Italy.
These provisions are determined by applying the criteria set out above
with respect to receivables financing.
In the other funds are also included actuarial valuations carried out in accordance with IAS 19
and for the following defined benefit programs:
n loyalty bonus granted to employees to achieving the levels of service
   contractually agreed;
No health insurance offered to staff in service and retired.
In the case of plans for long-term benefits, such as loyalty bonus, the effects of
actuarial valuations are fully recognized in the income statement when it
manifest. For defined benefit plans, which fall into the category of benefits suc-
ceased at the end of the working relationship, we adopt the same criterion used for the treatment
of
termination, with immediate detection of effects in a valuation reserve.

CURRENCY TRANSACTIONS
Initial recognition
A foreign currency transaction should be recorded, on initial recognition,
in the functional currency, or currency of the primary economic environment in which the company
work, by applying to the foreign currency spot exchange rate between the currency operation
and the foreign currency the transaction date.

Reporting at subsequent
At each annual or interim financial statements, the balance sheet items in foreign currency
are valued as follows:
76 //                 03 / / NOTES                                   PART A:         ACCOUNTING POLICIES




n   monetary items are translated at the exchange rate on the closing date;
n   non-monetary items carried at historical cost are translated at the exchange rate be
    the transaction date;
n non-monetary items carried at fair value are translated using the exchange rates
  at the date of closing.
Exchange differences arising on the settlement of monetary items or from convergence
sion of monetary items at rates different from those of the initial conversion, or conversion
previous financial statements, are recognized in the income statement for the period in which they arise.
When a gain or loss on a non-monetary item is recognized in the heritage-
equity method, the exchange difference on that element is also recognized in equity. To
Conversely, when a gain or loss is recognized in the income statement, is recognized in
also the relative difference in economic return.

Tax assets and liabilities
Income Taxes
The Bank points out the effects related to current taxes and deferred the application
tax rates prevailing at the time of the reporting period (current) or period
Expected overflow (liabilities / assets).
Income taxes are recognized in the income statement except for those relating to
items charged or credited directly to equity.
The provision for income taxes is determined on the basis of a prudent fore-
its current tax burden, prepaid and deferred. In particular taxes
those assets and liabilities are determined based on temporary differences -
without time limits - of the value attributed to an asset or a liability according to the criteria
budget and the corresponding values taken for tax purposes.
The deferred tax assets are recognized in the budget to the extent that there is
probability of their recovery, as assessed on the basis of the company's ability to generate
positive taxable income.
The deferred tax liabilities are recognized in the budget, with the sole exception of the May-
Giori asset values under suspension of tax represented by equity and reserves
suspension of tax, as the stock of available reserves are already subject
to tax you reasonably believe will not be made of initiative
operations that involve taxation.
The current tax receivables and related due to advances and withholdings are shown in
making the balance sheet netting of when this is permitted by
tax law and intends to adjust the position on a net basis tax debt
or credit.
Deferred tax assets and deferred assets are recorded at a firm
open and without compensation, the former in "tax assets" and the latter
in "tax liabilities".
The assets and liabilities for deferred tax assets and liabilities are systematically assessed
tate to take account of any changes in regulations or tax rates.
The outstanding tax liabilities is also adequate to cope with the burden that
might result from the findings already reported or otherwise from disputes with
tax authorities.

OTHER INFORMATION
Treasury shares
Any shares held are deducted from equity.
Similarly, the original cost thereof and the gains or losses resulting from their following
siva sale are recognized directly in equity.
                                                                                                           // 77




Revenue recognition
Revenues are recognized when received or, anyway, in case of sale of goods or
products, when it is probable that future benefits will be received such benefits and they can-
King quantified reliably in the case of services, when the
same are provided. In particular:
No interest is recognized pro rata on the basis of the contractual interest rate
   or in the case of the actual application of the amortized cost;
No interest on late payments, which may be provided on a contractual basis, are recognized in the income
   loss only at the time of collection;
ni dividends are recognized as income when it is allocated for distribution;
No charges for service revenues, based on the existence of contractual agreements, are
   recorded in the period in which services are provided;
ni revenues from the brokerage of securities trading, certain
   the difference between the transaction price and the fair value of the instrument, are recog-
   nosciuti the income statement when the transaction if the fair value is determined
   nabil using benchmarks or comment on the recent transactions in the market
   which the instrument is traded, or are distributed in time and take into account the
   duration and nature of the instrument;
ni revenues from the sale of non-financial assets are measured at the time of perfection
   operation of the sale, unless the bank has kept most of the risks
   and benefits associated with the asset;
tion costs are recognized in the income statement in the periods in which revenues are recorded report
   tives. Costs that can not be associated revenues are recognized immediately in the income
   statement.

Methods of determining the fair value of financial instruments
The fair value (or fair value) can be defined as the amount at which an asset (or a
liabilities) can be exchanged in an arm's length transaction between independent counterparts
teeth, which have an appropriate degree of knowledge of market conditions and
significant facts relating to the financial instrument involved in the negotiations, and not
are in a difficult situation at the date of the exchange.
In the definition of fair value is therefore essential to the hypothesis that an entity is fully
operational
tive and not forced to liquidate or significantly decrease the activity, or undertake
operations in adverse conditions.
The fair value also reflects the credit quality of the financial instrument because it incorporates
counterparty risk.
For financial instruments the fair value is determined by using prices obtained from
financial markets, in the case of instruments traded in active markets, or through the use
internal valuation for financial instruments.
A market is considered active when quoted prices represent transactions
effective and regular market, occurred within an appropriate period, and are ready-
treatment and regularly available from stock exchanges, brokers, financial intermediaries, service
stock exchange or regulatory agency.
They are usually regarded as quoted in an active market, which respects the characteristics
above, the following types of securities:
ni equities and bonds listed on a regulated market and securities obli-
   gazionari for which prices are detectable with continuity of type "executable" services on
   listing with a spread (difference between bid and offer) to a lower
   range considered reasonable to give the market liquidity;
ni mutual funds;
n the spot foreign exchange transactions;
ni futures and options traded on regulated markets.
78 //          03 / / NOTES                    PART A:           ACCOUNTING POLICIES




The difference, all the shares and bonds and bond derivatives that do not belong
the categories described above, are not considered traded on an active market.
For financial instruments traded in active markets, the criteria require that IAS is used
offer price ("money") for financial assets and the asking price ("Letter") for pas-
financial liabilities, recorded on the most advantageous market to which the company may have access
at the close of the reporting period.
In practice, in the case of financial instruments for which the price differential between supply and demand
is barely significant, or the financial assets and liabilities that are managed with
positions to offset market risk, using an average market price (always
the last day of reference period) in place of the bid price or the price
required.
When prices are not arrange them in an active and liquid markets, measure the fair
value of financial instruments is generally performed with the use of techniques of assessment
tion that the objective of determining the price of a hypothetical arm's length transaction,
motivated by normal market expectations and performed at the reporting date.
The IAS standards provide that, to incorporate all factors that market participants generally considered to
derano in setting the price, the valuation models developed must take into account the value
of the time value measured by the risk-free interest rate, the risk of insolvency,
prepayment and redemption price volatility of the financial instrument
and, where applicable, foreign currency exchange rates, prices of raw materials,
share price.
When you are in the presence of a high complexity of the model calculation, the parameters
directly observable on the market or highly innovative financial products, the fair value
detected by valuation techniques is conservatively reduced by applying
of correction factors determined for the degree of risk due to the complexity of
model used and the level of liquidity of the financial instrument.
The application of valuation techniques to determine the fair value estimate and involves
a review by the Bank, whose size can vary depending on the degree of complexity
and market liquidity. Valuation techniques include models based on the analysis of
discounted cash flows, which depend on the estimated future cash flows and discount rate
tion used.
For complex products, the valuation models using modeling techniques, assumptions and
more complex parameters such as correlation, the rates of prepayment, default rates
unobservable and the severity of the loss. An assessment by management is required
in the selection and application of the parameters, assumptions and modeling techniques
appropriate.
The fair value adjustments are an integral part of the evaluation process that requires
the exercise of a trial. In making the appropriate judgments of evaluation, the Deutsche
Bank follows methodologies that consider factors such as closing costs, liquidity risk
and counterparty credit
The method of evaluation called for a financial instrument is used continuously in
time and is changed only after significant changes in market conditions or subject-
objectivity of the issuer that financial instrument.
For bonds and derivatives, have been defined valuation models that are
reference to current market values of similar instruments, the value of financial
lation of time and options pricing models.
When using a calculation model takes into account also the need for a
adjustment to incorporate the credit risk of the counterparty or issuer of
financial instrument.
In particular, bonds are valued using the method of discounting of
future cash flows of the plan's contractual basis, adjusted to take account of
credit risk of the issuer.
                                                                                               // 79




For derivatives have been defined at Group level, in a systematic way the lines
guide to use for evaluations of each group of instruments:
n algorithms;
n processing models;
No market data used;
n basic assumptions of the models.
For equity securities (including those in the participatory) was defined a hierarchy of
application of methods of assessment that considers the order:
n direct transactions, or transactions relevant to the stock registered in a period of
   time deemed appropriate with respect to the time of evaluation and market conditions
   not disturbed;
No transactions of comparable companies operating in the same sector and type of
   products / services similar to those of the subsidiary being measured;
nl'applicazione significant multiple of the average stock of comparable companies over
   the economic and financial magnitudes of the subsidiary;
n in addition to the above, if not available, using analytical methods to assess
  us based on financial data, income and assets.
For the financial relationship between assets and liabilities measured at cost or amortized cost, fair
value is given in the Notes for informational purposes and is determined according to
following ways:
n assets and liabilities in the medium and long-term diverse, the assessment is mainly
   done by the discounting of future cash flows;
n assets and liabilities in sight, ending in short-term or indefinite period, the value
   Re net accounting recognition of depreciation collective / individual, represents a
   reasonable approximation of fair value;
n the securities issued at a floating rate and fixed-rate short-term, value-count
   bile registration is considered adequate approximation of fair value, on the ground
   that it reflects both the change in interest rates and the assessment of credit risk associated
   ciat issuer;
n the securities issued fixed-rate medium-term and structured securities subject to
  fair value hedges, the carrying amount for the purposes of hedge accounting takes into
  account the enhancement of market risk.
For these securities, in quantifying the fair value indicated in the notes is not taken into
account of the variation of the component of credit quality, "in view of the small
relevance.
80 //              03 / / NOTES                PART B                  BALANCE SHEET INFORMATION




Part B - Balance Sheet
All data of the notes, unless otherwise indicated, are expressed in thousands of euro.



ASSETS


SECTION 1 / / Cash and cash equivalents - Page 10



1.1 Cash and cash equivalents: breakdown
                                                                                                   Total 2008     Total 2007
a) Cash                                                                                                  92.601         76.739
Total                                                                                                   92.601         76.739




SECTION 2 / / Financial assets held for trading - Item 20


2.1 Financial assets held for trading: breakdown by type
ITEM/AMOUNTS                                                     Total 2008                          Total 2007
                                                        Listed            Unlisted             Listed           Unlisted
A. Cash assets
1. Debt securities                                         565                 32.002               1.071                 181
   1.1 Structured securities                                 4                       -                684                    -
   1.2 Other debt securities                               561                 32.002                 387                 181
2. Equity securities                                          -                      -                331                    -
3. UCITS units                                                -                     4                    -                   -
4. Loans                                                      -                      -                   -                   -
   4.1 Repurchase agreements                                  -                      -                   -                   -
   4.2 Other                                                  -                      -                   -                   -
5. Non-performing assets                                      -                      -                   -                   -
6. Assets sold but not derecognized                           -                      -                   -                   -
Total A                                                    565                 32.006               1.402                 181
B. Derivatives
1. Financial derivatives:                                    -               118.103                     -           228.239
   1.1 trading                                               -               118.103                     -           228.239
   1.2 associated with fair value option                     -                      -                    -                  -
   1.3 other                                                 -                      -                    -                  -
2. Credit derivatives                                        -                      -                    -                  -
   2.1 trading                                               -                      -                    -                  -
   2.2 associated with fair value option                     -                      -                    -                  -
   2.3 other                                                 -                      -                    -                  -
Total B                                                      -               118.103                     -           228.239
Total (A+B)                                                565               150.109                1.402            228.420

The amount of € 32.002 million in the trading book as debt securities is represented by
bonds in variable rate indexed to Euribor, with short maturities, issued by the investee
Finanza & Futuro Banca SpA

The sharp reduction in financial derivatives trading detected by comparing year over year was due in large
part by the cancellation of options on stock indices related to bond expired in 2008, non-
reset because of the intrinsic value of embedded options spun off by some contracts funded
insurance.
                                                                                                              // 81




2.2 Financial assets held for trading: breakdown by debtors/issuer
ITEM/AMOUNTS                                                  Total 2008                    Total 2007
                                                     Listed            Unlisted       Listed           Unlisted
A. Cash assets
1. Debt securities                                      565                 32.002     1.071                  181
   a) Governments and Central Banks                       6                       -        7                     -
   b) Other public entities                               2                       -    1.027                     -
   c) Banks                                             557                 32.002        20                  181
   d) Other issuers                                        -                      -       17                     -
2. Equity securities                                       -                      -      331                     -
   a) Banks                                                -                      -      331                     -
   b) Other issuers:                                       -                      -         -                    -
      - insurance companies                                -                      -         -                    -
      - financial companies                                -                      -         -                    -
      - non-financial companies                            -                      -         -                    -
      - other                                              -                      -         -                    -
3. UCITS units                                             -                     4          -                    -
4. Loans                                                   -                      -         -                    -
   a) Governments and Central Banks                        -                      -         -                    -
   b) Other public entities                                -                      -         -                    -
   c) Banks                                                -                      -         -                    -
   d) Other entities                                       -                      -         -                    -
5. Non-performing assets                                   -                      -         -                    -
   a) Governments and Central Banks                        -                      -         -                    -
   b) Other public entities                                -                      -         -                    -
   c) Banks                                                -                      -         -                    -
   d) Other issuers                                        -                      -         -                    -
6. Assets sold but not derecognized                        -                      -         -                    -
   a) Governments and Central Banks                        -                      -         -                    -
   b) Other public entities                                -                      -         -                    -
   c) Banks                                                -                      -         -                    -
   d) Other issuers                                        -                      -         -                    -
Total A                                                 565                 32.006     1.402                  181
B. Derivatives
   a) Banks                                               -                68.005           -              82.245
   b) Customers                                           -                50.098           -             145.994
Total B                                                   -               118.103           -             228.239
Totale (A+B)                                            565               150.109      1.402              228.420
82 //               03 / / NOTES                           PART B                   BALANCE SHEET INFORMATION




2.3 Financial assets held for trading: derivative instruments
TYPE OF DERIVATIVES/                      Interest        Currencies      equity         Loans          Other            Total              Total
UNDERLYING ASSETS                       rates              and gold      securities                                       2008               2007
a) Derivatives traded
1) Financial derivatives:                        -              -               -                -           -                -                    -
   with underlying asset exchange
      - shares purchased                         -              -               -                -           -                -                    -
      - other derivatives                        -              -               -                -           -                -                    -
   without exchange of capital
      - shares purchased                         -              -               -                -           -                -                    -
      - other derivatives                        -              -               -                -           -                -                    -
2) Credit derivatives:                           -              -               -                -           -                -                    -
   with underlying asset exchange                -              -               -                -           -                -                    -
   without exchange of capital                   -              -               -                -           -                -                    -
Total A                                          -              -               -                -           -                -                    -
b) Unlisted derivatives
1) Financial derivatives:                  57.480         51.432           9.191                 -           -       118.103              228.239
   with underlying asset exchange
      - options purchased                       -         15.520                -                -           -           15.520                 -
      - other derivatives                       4         35.912                -                -           -           35.916            21.521
   without exchange of capital
      - options purchased                  3.948                -         9.191                  -           -        13.139             136.635
      - other derivatives                 53.528                -              -                 -           -        53.528              70.083
2) Credit derivatives:                          -               -              -                 -           -              -                   -
   with underlying asset exchange               -               -              -                 -           -              -                   -
   without exchange of capital                  -               -              -                 -           -              -                   -
Total B                                   57.480          51.432          9.191                  -           -       118.103             228.239
Total (A+B)                               57.480          51.432          9.191                  -           -       118.103             228.239


2.4 Financial assets held for trading other than assets sold and not derecognized or
impaired assets: annual changes
Changes / underlying assets             Debt securities         Equity securities       UCITS units              Loans                      Total
A. Opening balance                               1.252                       331                         -                        -         1.583
B. Increases
   B1. Purchases                             3.270.706                  802.429                  1.330.656                        -    5.403.791
   B2. Positive changes in fair value                -                        -                          -                        -              -
   B3. Other changes                             3.377                      269                      1.309                        -         4.955
C. Decreases
   C1. Sales                                (3.238.186)                (802.942)              (1.331.595)                         -   (5.372.723)
   C2. Reimbursement                                (5)                        -                        -                         -             (5)
   C3. Negative change in fair value                (3)                        -                        -                         -             (3)
   C4. Other changes                            (4.574)                     (87)                    (366)                         -        (5.027)
D. Closing balance                              32.567                         -                       4                          -       32.571
                                                                                                                  // 83




SECTION 3 / / Financial assets at fair value - Item 30


As of December 31, 2008 there are no assets measured at fair value.




SECTION 4 / / Available for sale financial assets - Item 40


4.1 Financial assets available for sale: breakdown by type
ITEM/AMOUNTS                                                    Total 2008                     Total 2007
                                                         Listed          Unlisted        Listed           Unlisted
1. Debt securities                                        31.871            1.562.319     31.488                      -
   1.1 Structured securities                               1.310                     -     1.411                      -
   1.2 Other debt securities                              30.561            1.562.319     30.077                      -
2. Equity securities                                            -              24.790           -               30.862
   2.1 Measured at fair value                                   -              24.790           -               30.862
   2.2 Carried at cost                                          -                    -          -                     -
3. UCITS units                                            18.278                     -    68.196                      -
4. Loans                                                        -                    -          -                     -
5. Non-performing assets                                        -                    -          -                     -
6. Assets sold but not derecognized                             -                    -          -                     -
Total                                                    50.149            1.587.109     99.684                 30.862


The significant increase in financial assets available for sale is due to the purchase, made-nell'eser
financial year, debt securities issued by subsidiaries Finanza & Futuro Banca SpA and SpA for a DB Mortgages
nominal value of € 1.565 billion, all floating rate indexed to Euribor, with short maturities.
These securities were used by the bank to repurchase term customer deposits.
84 //            03 / / NOTES                     PART B               BALANCE SHEET INFORMATION




4.2 Financial assets available for sale: breakdown by debtors / issuers
ITEM/AMOUNTS                                                      Total 2008                         Total 2007
                                                           Listed          Unlisted            Listed           un   Listed
1. Debt securities                                          31.871            1.562.319         31.488                     -
   a) Governments and Central Banks                         30.561                     -        30.077                     -
   b) Other public entities                                       -                    -              -                    -
   c) Banks                                                  1.310            1.562.319          1.411                     -
   d) Other issuers                                               -                    -              -                    -
2. Equities                                                       -              24.790               -              30.862
   a) Banks                                                       -                    -              -                    -
   b) Other issuers:                                              -              24.790               -              30.862
   - insurance companies                                          -                    -              -                    -
   - financial companies                                          -              11.491               -              17.580
   - non-financial companies                                      -              13.299               -              13.282
   - other                                                        -                    -              -                    -
3. UCITS units                                              18.278                     -        68.196                     -
4. Loans                                                          -                    -              -                    -
   a) Governments and Central Banks                               -                    -              -                    -
   b) Other public entities                                       -                    -              -                    -
   c) Banks                                                       -                    -              -                    -
   d) Other entities                                              -                    -              -                    -
5. Non-performing assets                                          -                    -              -                    -
   a) Governments and Central Banks                               -                    -              -                    -
   b) Other public entities                                       -                    -              -                    -
   c) Banks                                                       -                    -              -                    -
   d) Other entities                                              -                    -              -                    -
6. Assets sold but not derecognized                               -                    -              -                    -
   a) Governments and Central Banks                               -                    -              -                    -
   b) Other public entities                                       -                    -              -                    -
   c) Banks                                                       -                    -              -                    -
   d) Other entities                                              -                    -              -                    -
Total                                                      50.149            1.587.109         99.684                30.862


The mutual fund shares in the portfolio are entirely related to real estate funds.

4.3 Financial assets available for sale: hedged
None present.


4.4 Financial assets available for sale: assets with specific hedging
None present.
                                                                                                                    // 85




4.5 Financial assets available for sale other than those sold and not derecognized or impaired:
annual changes
                                         Debt securities   Equity securities   UCITS units        Loans          Total
A. Opening balance                              31.488               30.862              68.196           -    130.546
B. Increases
   B1. Purchases                              1.579.548                  23                   -           -   1.579.571
   B2. Positive changes in fair value               355               1.008                 759           -       2.122
   B3. Write-backs                                    -                    -                  -           -           -
      - booked to income statement                    -                   X                   -           -           -
      - booked to shareholders' equity                -                    -                  -           -           -
   B4. Transfers from other portfolios                -                    -                  -           -           -
   B5. Other changes                             13.368               3.991                   -           -      17.359
C. Decreases
   C1. Sales                                       (223)           (10.767)                   -           -      (10.990)
   C2. Reimbursement                            (29.909)                  -            (50.660)           -      (80.569)
   C3. Negative change in fair value               (230)              (304)                (17)           -         (551)
   C4. Write-downs for impairment                      -               (23)                   -           -          (23)
      - booked to income statement                     -               (23)                   -           -          (23)
      - booked to shareholders' equity                 -                  -                   -           -             -
   C5. Transfers from other portfolios                 -                  -                   -           -             -
   C6. Other changes                               (207)                  -                   -           -         (207)
D. Closing balance                           1.594.190              24.790              18.278            -   1.637.258


Through the reimbursement of mutual fund shares you get all three partial refund a pro rata basis, approved by the
Board of Directors of REEFF Fondimmobiliari SGR SpA in respect of disposals during the year, a total
€ 1,004.27 for each share of the property closed Pyramid Global number which the bank has 50,445
shares.




SECTION 5 / / Held to maturity financial assets- Item 50


As of December 31, 2008 There are no financial assets held to maturity.
86 //              03 / / NOTES                 PART B          BALANCE SHEET INFORMATION




SECTION 6 / / Due from banks - Item 60


6.1 Loans and advances to banks: breakdown by type
Type of transaction / Value                                                       Total 2008           Total 2007
A. Loans to Central Banks                                                          1.203.492              155.793
1. Restricted deposits                                                                        -                   -
2. Compulsory reserve                                                               1.203.492              155.793
3. Repurchase agreements                                                                      -                   -
4. Other                                                                                      -                   -
B. Loans to banks                                                                  5.503.990            6.441.156
1. Current accounts and unrestricted deposits                                         445.416              457.832
2. Restricted deposits                                                              4.894.449            5.516.629
3. Other loans:                                                                       164.125              466.695
   3.1 Repurchase agreements                                                            31.239             326.411
   3.2 Finance leases                                                                         -                   -
   3.3 Other                                                                          132.886              140.284
4. Debt securities                                                                            -                   -
   4.1 Structured securities                                                                  -                   -
   4.2 Other debt securities                                                                  -                   -
5. Non-performing assets                                                                      -                   -
6. Assets sold but not derecognized                                                           -                   -
Total (book value)                                                                 6.707.482            6.596.949
Total (fair value)                                                                 6.710.030            6.597.781


The amount deposited in the Bank of Italy by way of compulsory reserve is inclusive of € 14.426 million paid
on behalf of the investee Finanza & Futuro Banca SpA


6.2 Loans to banks: hedge funds
Type of transaction / Value                                                       Total 2008           Total 2007
1. Loans with specific fair value hedges:                                            151.102                        -
   a) Interest rate risk                                                              151.102                       -
   b) Currency risk                                                                          -                      -
   c) Credit risk                                                                            -                      -
   d) other risks                                                                            -                      -
2. Loans with hedging of cash flows:                                                         -                      -
   a) interest rate                                                                          -                      -
   b) exchange rate                                                                          -                      -
   c) more                                                                                   -                      -
Total                                                                                151.102                        -


The claims covered by specific consist of some fixed-rate loans to medium and long-term
I paid for the subsidiary Deutsche Bank SpA Mortgages
Were used to cover derivatives such as "interest rate swaps.


6.3 Finance leases
This case does not.
                                                                                                           // 87




SECTION 7 / / Loans to customers - Item 70


7.1 Loans to customers: breakdown by type
Type of transaction / Value                                                    Total 2008           Total 2007
1. Current accounts                                                              1.157.559              985.169
2. Repurchase agreements                                                             15.605               14.990
3. Mortgages                                                                     4.618.847            3.715.500
4. Credit cards, personal loans and assignment of one-fifth of salary            6.751.091            6.502.332
5. Finance leases                                                                          -                   -
6. Factoring                                                                               -                   -
7. Other transactions                                                            4.330.127            4.250.957
8. Debt securities                                                                         -                   -
   8.1 Structured                                                                          -                   -
   8.2 Other debt securities                                                               -                   -
9. Non-performing assets                                                           275.338              216.795
10. Assets sold but not derecognized                                                       -                   -
Total (book value)                                                             17.148.567           15.685.743
Total (fair value)                                                             17.602.767           15.651.202


7.2 Loans to customers: breakdown by debtor/issuer
Type of transaction / Value                                                    Total 2008           Total 2007
1. Debt securities:                                                                       -                      -
a) Governments                                                                            -                      -
b) Other public entities                                                                  -                      -
d) Other issuers                                                                          -                      -
   - non-financial companies                                                              -                      -
   - financial companies                                                                  -                      -
   – insurance companies                                                                  -                      -
   - other                                                                                -
2. Loans to:                                                                   16.873.229           15.468.948
a) Governments                                                                      42.730              111.209
b) Other public entities                                                               983               14.507
c) Other entities                                                               16.829.516           15.343.232
   - non-financial companies                                                     4.927.680            4.356.795
   - financial companies                                                           398.667              655.187
   – insurance companies                                                           454.365              464.154
   - other                                                                      11.048.804            9.867.096
3. Impaired assets:                                                               275.338              216.795
a) Governments                                                                            -                    -
b) Other public entities                                                                  -                    -
c) Other entities                                                                  275.338              216.795
   - non-financial companies                                                        39.110               16.974
   - financial companies                                                               179                   42
   – insurance companies                                                                  -                    -
   - other                                                                         236.049              199.779
4. Assets sold but not derecognized:                                                      -                    -
a) Governments                                                                            -                    -
b) Other public entities                                                                  -                    -
c) Other entities                                                                         -                    -
   - non-financial companies                                                              -                    -
   - financial companies                                                                  -                    -
   – insurance companies                                                                  -                    -
   - other                                                                                -                    -
Total                                                                          17.148.567           15.685.743


The bank had outstanding at December 31, 2007 two transactions hedging (fair value hedges) related to
capitalization contracts entered into with leading Italian insurance companies. Derivatives used
for this purpose were those "interest rate swaps.
88 //              03 / / NOTES                                PART B            BALANCE SHEET INFORMATION




During the first half of 2008, the bank withdrew the hedging of fair value for these derivatives contracts
motivated, that have been reclassified in trading. As required by IAS 39, which resulted in the
Changing the value of financial contracts and the unwinding of capitalization on amortized cost.


7.3 Loans and advances to customers: assets with specific hedges
Type of transaction / Value                                                                       Total 2008               Total 2007
1. Loans with specific fair value hedges:                                                                      -               317.059
a) interest rate risk                                                                                          -                317.059
b) currency risk                                                                                               -                       -
c) credit risk                                                                                                 -                       -
d) several risks                                                                                               -                       -
2. Loans with cash flows hedges:                                                                               -                       -
a) interest rate                                                                                               -                       -
b) exchange rate                                                                                               -                       -
c) other                                                                                                       -                       -
Total                                                                                                          -               317.059


7.4 Finance leases
There are no receivables for finance leases at this writing.




SECTION 8 / / Hedging derivatives - Item 80


8.1 Hedging derivatives: breakdown by type of contract and underlying asset
TYPE OF DERIVATIVES/UNDERLYING ASSETS                     Interest      Currencies Equities        Receivables     other         total
                                                        rates            and gold                                                 2008
a) Derivatives traded
1) Financial derivatives:                                        -           -                -          -             -               -
   with exchange of principal                                    -           -                -          -             -               -
      - shares purchased                                         -           -                -          -             -               -
      - other derivatives                                        -           -                -          -             -               -
   without exchange of principal                                 -           -                -          -             -               -
      - shares purchased                                         -           -                -          -             -               -
      - other derivatives                                        -           -                -          -             -               -
2) Credit derivatives:                                           -           -                -          -             -               -
   with exchange of principal                                    -           -                -          -             -               -
   without exchange of principal                                 -           -                -          -             -               -
Total A                                                          -           -                -          -             -               -
b) Unlisted derivatives
1) Financial derivatives:                                131.466             -                -          -             -      131.466
   with exchange of principal                                   -            -                -          -             -             -
      - shares purchased                                        -            -                -          -             -             -
      - other derivatives                                       -            -                -          -             -             -
   without exchange of principal                         131.466             -                -          -             -      131.466
      - shares purchased                                        -            -                -          -             -             -
      - other derivatives                                131.466             -                -          -             -      131.466
2) Credit derivatives:                                          -            -                -          -             -             -
   with exchange of principal                                   -            -                -          -             -             -
   without exchange of principal                                -            -                -          -             -             -
Total B                                                 131.466              -                -          -             -      131.466
Total (A+B) 31 12 2008                                  131.466              -                -          -             -      131.466
Total (A+B) 31 12 2007                                    65.416             -                -          -             -       65.416

The increase from 2007, to € 65.416 million to € 131.466 million, is due primarily to the increase
in the use of swaps for hedging the fair value of long-term fixed rate deposit payables with banks.
                                                                                                                                // 89




8.2 Hedging derivatives: breakdown by hedged portfolio and type of coverage (value)
TRANSACTIONS/ TYPE OF HEDGING                                  Fair value                                          Cash flow
                                                               Specific                              General      Specific   General
                                            Interest Exchange rate Credit risk Price risk
                                             rate risk risk                       more
1. Financial assets available for sale            -          -           -          -          -             X           -           X
2. Loans                                          -          -           -         X           -             X           -           X
3. Financial assets held to maturity             X           -           -         X           -             X           -           X
4. Portfolio                                     X          X           X          X          X               -         X             -
5. Foreign Investment                            X          X           X          X          X              X           -            -
Total assets                                      -          -           -          -          -              -          -            -
1. Financial liabilities                  123.275            -           -         X           -             X           -           X
2. Portfolio                                     X          X           X          X          X               -         X             -
Total liabilities                         123.275            -           -          -          -              -          -            -
1. Expected transactions                         X          X           X          X          X              X      8.191             -


Among the hedging of cash flows shows the value of a hedging contract for a debenture loan
 if the issue is expected during the month of January 2009.




SECTION 9 / / Fair value of financial assets in hedged - Item 90


9.1 Fair value of hedged assets: breakdown by hedged portfolio
Fair value of hedged assets / Values                                                        Total 2008                  Total 2007
1. Positive adjustment
1.1 of specific portfolios:                                                                        85.580                              -
   a) loans                                                                                        85.580                              -
   b) available for sale                                                                                 -                             -
1.2 total                                                                                                -                             -
2. Negative adjustment
2.1 of specific portfolios:                                                                             -                              -
   a) loans                                                                                             -                              -
   b) available for sale                                                                                -                              -
2.2 total                                                                                               -                              -
Grand total                                                                                        85.580                              -


Receivables consist of the hedged portfolio of fixed-rate, long-term loans
granted in 2008 to private customers, industry "retail."



9.2 Activities of the hedged interest rate risk: breakdown
Activities covered                                                                          Total 2008                  Total 2007
1. Loans                                                                                      1.207.435                                -
2. Assets available for sale                                                                           -                               -
3. Portfolio                                                                                           -                               -
Total                                                                                        1.207.435                                 -
90 //            03 / / NOTES                           PART B                     BALANCE SHEET INFORMATION




SECTION 10 / /Equity Investments - Item 100


10.1 Equity investments in subsidiaries, jointly controlled or under significant influence:
information on shareholders' equity
Company name                                               Registered office             Shareholdings %                    Voting rights %
A. Owned subsidiaries
   1. Deutsche Bank Mutui S.p.A.                         Milan                                        100,000                           100,000
   2. Fiduciaria Sant’Andrea S.r.l.                      Milan                                        100,000                           100,000
   3. New Prestitempo S.p.A.                             Milan                                        100,000                           100,000
   4. RREEF Fondimmobiliari SGR S.p.A.                   Milan                                        100,000                           100,000
   5. RREEF Alternative Investments SGR S.p.A.           Milan                                        100,000                           100,000
   6. RREEF Opportunities Management S.r.l.              Milan                                        100,000                           100,000
   7. DB Consortium S. cons. a r.l.                      Milan                                         47,000                            47,000
   8. Deutsche Asset Management Italy S.p.A.             Milan                                         37,499                            37,499
B. Companies under joint control                                 -                                          -                                 -
C. Companies subject to significant influence                    -                                          -                                 -


10.2 Equity investments in subsidiaries, jointly controlled or under significant influence:
Accounting information
Company name                                   total assets          total income     profit (loss)     shareholders' equity          book value
A. Owned subsidiaries
   1. Deutsche Bank Mutui S.p.A.                  1.723.657             107.397             13.358                69.549                67.508
   2. Fiduciaria Sant’Andrea S.r.l.                     737                  927               207                    409                   233
   3. New Prestitempo S.p.A.                         10.353              27.033              1.381                  4.250                 2.550
   4. RREEF Fondimmobiliari SGR S.p.A.               21.983                8.183               880                20.392                20.658
   5. RREEF Alternative Investments SGR S.p.A.        2.456                1.699               544                  2.068                 1.600
   6. RREEF Opportunities Management S.r.l.           7.069                5.448               887                    931                 2.288
   7. DB Consortium S. cons. a r.l.                  83.793             152.202                   -                   448                     5
   8. Deutsche Asset Management Italy S.p.A.        141.868              73.177             65.258               133.257                81.899
   B. Companies under joint control                        -                   -                  -                     -                     -
C. Companies subject to significant influence              -                   -                  -                     -                     -
Total                                            1.991.916              376.066             82.515               231.304               176.741


None of the subsidiaries is listed on organized markets.

For investments whose value is higher than the budget attributable to shareholders' equity was held
account of their economic value and good earnings prospects.

The data shown above refer to the last budget approved by the respective subsidiaries, drafted second-
do the accounting standards issued by the International Accounting Standards Board (IASB) and interpretations
International Financial Reporting Interpretations Committee (IFRIC) and endorsed by the European Commission,
as established by the Community Regulation 1606 July 19, 2002.
                                                                                                           // 91




10.3 Equity investments: annual changes
                                                                               Total 2008          Total 2007
A. Opening balance                                                                186.378              187.698
B. Increases                                                                               -                   -
   B.1 Purchases                                                                           -                   -
   B.2 Write-backs                                                                         -                   -
   B.3 Revaluations                                                                        -                   -
   B.4 Other changes                                                                       -                   -
C. Decreases                                                                        (9.637)             (1.320)
   C.1 Sales                                                                               -                   -
   C.2 Adjustments (*)                                                               (9.637)                   -
   C.3 Other changes                                                                       -             (1.320)
D. Closing balance                                                                176.741              186.378
E. Total revaluations                                                                      -                   -
F. Total adjustments                                                                (9.637)                    -


Del'esercizio occurred during the following changes, which are mentioned in the Report on the management and
Notes to Part A of accounting policies:

DEUTSCHE ASSET MANAGEMENT SPA ITALY
Value adjustment of € 9,636,775 as a loss of lasting value generated as a result of the impairment test
made for the equity stake held in the society. The indicators of exogenous origin that led to execution-
tion of the test are to be referred to the negative performance of subsidiaries of Deutsche Asset Management
Italy SpA for the following factors:
n decline in assets under management and a consequent decrease in commission revenues for asset management;
n reduction in the prospective profitability of the brokerage.
                                                                                                 -9.636.775 (*)




10.4 Commitments relating to investments in subsidiaries
There were no commitments to date from subsidiaries for capital resources.



10.5 Commitments relating to equity investments in companies under joint control
None present.



10.6 Commitments relating to investments in companies under significant influence
None present.
92 //             03 / / NOTES                 PART B            BALANCE SHEET INFORMATION




SECTION 11 / / Tangible assets - Item 110


11.1 Property, plant and equipment assets: breakdown of assets carried at cost
Assets/amounts                                                                     Total 2008            Total 2007
A. Operating assets
1.1 owned                                                                             165.699               197.759
   a) land                                                                             45.237                 67.058
   b) buildings                                                                        72.232                 85.325
   c) furniture                                                                         9.355                  9.214
   d) electronic equipment                                                              2.251                  1.482
   e) other                                                                            36.624                 34.680
1.2 acquired under finance leases                                                     120.173                122.956
   a) land                                                                             49.983                 49.983
   b) buildings                                                                        68.112                 70.444
   c) furniture                                                                              -                      -
   d) electronic equipment                                                                   -                      -
   e) other                                                                             2.078                  2.529
Total A                                                                               285.872               320.715
B. Assets held for investment purposes
2.1 owned                                                                                   -                      -
   a) land                                                                                  -                      -
   b) buildings                                                                             -                      -
2.2 acquired under finance leases                                                           -                      -
   a) land                                                                                  -                      -
   b) buildings                                                                             -                      -
Total B                                                                                     -                      -
Total (A+B)                                                                           285.872               320.715


Please note that during the year the property was sold to Santa Sofia - Milan for a total consideration of
€ 37 million.
The significant decrease in the value of the items of land and buildings used in the business of property located
main justification for this occurrence.

11.2 Tangible assets: breakdown of assets measured at fair value or revalued
This case does not.
                                                                                                                // 93




11.3 Property and equipment used in operations: annual changes
                                           Land       Buildings        Furniture    Plants          Other     Total
                                                                                   equipment
A. Gross opening balance                  117.041      257.719         53.630         15.759     202.279     646.428
A.1 Total net decreases in value                 -    (101.950)       (44.416)       (14.277)   (165.070)   (325.713)
A. Net opening amount                     117.041      155.769          9.214          1.482      37.209     320.715
B. Increases:                                 379        3.632          2.637          1.721      13.197      21.566
   B.1 Purchases                                 -        1.407         2.494           1.721       2.268       7.890
   B.2 Capitalized improvement expenses          -        1.665              -              -       5.182       6.847
   B.3 Write-backs                               -            -              -              -           -           -
   B.4 Increase in fair value:                   -            -              -              -           -           -
       a) equity                                 -            -              -              -           -           -
       b) income statement                       -            -              -              -           -           -
   B.5 Positive exchange differences             -            -              -              -           -           -
   B.6 Transfers from properties held            -            -              -              -           -           -
        for investment
   B.7 Other changes                           379          560           143              -       5.747       6.829
C. Decreases:                             (22.200)     (19.057)       (2.496)          (952)    (11.704)    (56.409)
   C.1 Sales                               (22.200)     (13.789)         (235)             -      (1.763)    (37.987)
   C.2 Amortization/depreciation                  -      (5.268)       (2.261)         (952)      (9.941)    (18.422)
   C.3 Impairment                                 -            -             -             -            -           -
        charged to:
       a) equity                                  -               -         -              -           -              -
       b) income statement                        -               -         -              -           -              -
   C.4 fair value:                                -               -         -              -           -              -
       a) equity                                  -               -         -              -           -              -
       b) income statement                        -               -         -              -           -              -
   C.5 Negative exchange differences              -               -         -              -           -              -
   C.6 Transfers to:                              -               -         -              -           -              -
       a) tangible assets held                    -               -         -              -           -              -
       for investment
       b) assets held for sale                   -            -              -              -           -           -
   C.7 Other changes                             -            -              -              -           -           -
D. Closing balance                         95.220      140.344          9.355          2.251      38.702     285.872
   D.1 Total net reduction in value              -    (104.168)       (45.760)       (15.171)   (165.763)   (330.862)
   D.2 Closing gross amount                95.220      244.512         55.115         17.422     204.465     616.734
E. Valuation at cost                             -            -              -              -           -           -
94 //              03 / / NOTES                              PART B                  BALANCE SHEET INFORMATION




11.4 Property, plant and equipment held for investment purposes: annual changes
Among the tangible assets held for investment purposes are buildings with historical value of the load is equal to € 31 000, fully
depreciated.


For the various categories is given below the useful life considered in the determination of depreciation:

Category                                                                                                                         Useful life (in years)
Land                                                                                                                                        Undefined
Buildings                                                                                                                                           33
Made-for-investment                                                                                                                                 33
Furniture and fixtures                                                                                                                           5-8
Plants                                                                                                                                          4 - 13
Electronic systems EAD                                                                                                                           3-4
EDP Machines                                                                                                                                     3-5
Non EDP machines                                                                                                                                 3-8
Art works                                                                                                                                   Undefined


11.5 Commitments for the purchase of tangible assets
Commitments for the purchase of property and equipment amounted to a total of € 1.786 million, as detailed below:
Buildings                                                                                                                                        109
Furniture                                                                                                                                        183
Electronic systems                                                                                                                               310
Other                                                                                                                                          1.184




SECTION 12 / / Intangible assets - Item 120


12.1 Intangible assets: breakdown by type of assets
Assets/amounts                                                             Total 2008                                      Total 2007
                                                              Limited duration Unlimited duration            Limited duration     Unlimited duration
A.1 Goodwill                                                              X                                               X
A.2 other intangible assets
      A.2.1 Assets measured at cost:
  a) Internally generated intangible assets                                  -                    -                       -                         -
  b) Other assets                                                       5.115                     -                   4.635                         -
      A.2.2 Assets valued at fair value:
  a) Internally generated intangible assets                                -                      -                        -                        -
  b) Other assets                                                          -                      -                        -                        -
Total                                                                  5.115                      -                   4.635                         -
                                                                                                                                            // 95




12.2 Intangible assets: annual changes
                                                  Goodwill              Other intangible assets:                 Other intangible         Total
                                                                          internally generated              assets: other
                                                                            Lim.             Unlimited.      Lim.         Unlimited.
A. Gross opening balance                                      -          93.424                  -       71.161               -         164.585
   A.1 Total net decreases in value                           -         (93.424)                 -      (66.526)              -        (159.950)
   A. Net opening balance                                     -                 -                -         4.635              -            4.635
B. Increases                                                  -                 -                -         2.979              -            2.979
   B.1 Purchases                                              -                 -                -         2.979              -            2.979
   B.2 Increases in internal intangible assets               X                  -                -               -            -                  -
   B.3 Write-backs                                           X                  -                -               -            -                  -
   B.4 Increase in fair value                                 -                 -                -               -            -                  -
       - in Shareholders' equity                             X                  -                -               -            -                  -
       - in the income statement                             X                  -                -               -            -                  -
   B.5 Positive exchange differences                          -                 -                -               -            -                  -
   B.6 Other changes                                          -                 -                -               -            -                  -
C. Decreases                                                  -                 -                -       (2.499)              -          (2.499)
   C.1 Sales                                                  -                 -                -             (1)            -                (1)
   C.2 Adjustments                                            -                 -                -        (2.498)             -           (2.498)
   -Amortization                                             X                  -                -        (2.498)             -           (2.498)
   - Impairment losses                                        -                 -                -               -            -                  -
       in Shareholders’ equity                               X                  -                -               -            -                  -
       in the income statement                                -                 -                -               -            -                  -
   C.3 Negative changes in fair value                         -                 -                -               -            -                  -
       in Shareholders’ equity                               X                  -                -               -            -                  -
       in the income statement                               X                  -                -               -            -                  -
   C.4 Transfers to non-current assets                        -                 -                -               -            -                  -
        held for sale
   C.5 Negative exchange differences                          -                 -                 -              -            -                 -
   C.6 Other changes                                          -                 -                 -              -            -                 -
D. Net ending balance                                         -                 -                 -        5.115              -           5.115
   D.1 Total net adjustments                                  -         (93.424)                  -      (69.021)             -        (162.445)
E. Gross ending balance                                       -          93.424                   -       74.136              -         167.560
F. Valuation at cost                                          -                 -                 -              -            -                 -
Legend
Lim.: A limited duration
Unlimited. Unlimited duration


During the reporting period the bank has perfected a series of purchases of legal relationships, in this case with-
case of asset management, by its subsidiary DWS Investments Italy SGR SpA The consideration paid amounted to
€ 1.772 million represents the value resulting from a specific external expertise.
This amount was recorded as other assets with a limited duration measured at cost and therefore its inclusion-
tion in the budget is net of depreciation and any impairment loss values
accumulated.
Given the nature of the activity, the expected useful life has been defined in three years. The bank will also
at each end of the year-end to detect the presence of any permanent loss of value.


12.3 Other information
The commitments for the purchase of intangible assets related to software, amounting to a total of € 159 000.
At 31 December 2008 the balance of intangible assets, excluding the above, consists solely of software, whose
life has been defined in three years.
96 //               03 / / NOTES                          PART B              BALANCE SHEET INFORMATION




SECTION 13 / / Tax assets and tax liabilities - Item 80 and Item 130 of liability



13.1 Deferred tax assets: breakdown
                                                                   Total 2008                                Total 2007
                                                   temporary         Tax          Rate         temporary       Tax        Rate
                                                     differences     effect          %       differences        effect           %
Income statement:
Provision expenses for employee                        12.692        3.490        27,50%           56.268      15.474      27,50%
Bad debts in excess of                                132.823       36.526        27,50%           92.175      25.348      27,50%
Provisions for risks and charges                      151.288       41.604        27,50%           61.762      16.985      27,50%
Costs deductible in future years                        7.571        2.448        32,32%           13.920       3.828      27,50%
Other balance sheet items                                    -            -             -               -            -           -
Total                                                 304.374       84.068        27,62%         224.125       61.635      27,50%
Credits earned from consolidated group companies             -            -                         7.754       2.132      27,50%

Total deferred tax assets in return                   304.374       84.068        27,62%         231.879       63.767      27,50%
Income Statement
Shareholders' equity:
Valuation of financial assets available for sale           241          78        32,32%             167           54      32,32%
IAS 19 actuarial valuations - Sorie                         11           3        27,50%
Total                                                      252          81        32,14%              167          54      32,32%
Credits earned from group companies                           -          -                          1.203         331      27,50%
consolidated tax
Total deferred tax assets in return                        252          81        32,14%           1.370          385      28,10%
Shareholders' Equity




13.2 Deferred tax liabilities: breakdown
                                                                   Total 2008                                Total 2007
                                                     Differences    Effect        Rate         Differences     Effect     Rate
                                                   temporary         tax                 %   temporary          tax              %
Income statement:
Gains on sale of properties                            20.245        5.708         28,19%          4.524        1.245      27,50%
Reversal of accumulated depreciation land              25.518        8.247         32,32%         25.518        7.018      27,50%
Depreciation of fixed assets                           20.408        6.596         32,32%         54.449       14.973      27,50%
Rating liabilities                                           -            -                        5.593        1.538      27,50%
Total                                                  66.171       20.551        31,06%          90.084       24.774      27,50%
Debts acquired by group companies                            -            -                            2             -
consolidated tax
Total deferred tax liabilities in return               66.171       20.551        31,06%          90.086       24.774      27,50%
Income Statement
Shareholders' equity:
Valuation of financial assets available                  1.522         492         32,32%            412          113      27,50%
for sale - equity <20%
Valuation of financial assets available                 12.519       4.046         32,32%         29.693        9.597      32,32%
for sale - securities
IAS 19 actuarial valuations - Sorie                     6.105        1.679        27,50%
Cash flow hedge bonds                                   8.190        2.647        32,32%
Total                                                  28.336        8.864        31,28%          30.105        9.710      32,25%
Debts acquired by group companies                            -           -                           287           79      27,50%
consolidated tax
Total deferred tax liabilities in return               28.336        8.864        31,28%          30.392        9.789      32,21%
Shareholders' Equity


Please note that during the year the claims and liabilities related to deferred tax assets / liabilities acquired by the company
consolidated tax group, were excluded from the budget of the bank and shot the relevant companies. It is
preferred this approach in view of the difficulties associated with managing and setting aside of differences
temporary acquired that could go beyond the short duration of the consolidated tax return.
                                                                                                   // 97




13.3 Changes in deferred tax assets (offset of the income statement)
                                                                            Total 2008     Total 2007
1. Opening balance                                                              63.767          64.972
2. Increases
   2.1 Deferred tax assets recognized in the year                                40.838         32.551
       a) relating to previous periods                                                -              -
       b) due to changes in accounting policies                                       -              -
       c) write-backs                                                                 -              -
       d) others                                                                 40.838         32.551
   2.2 New taxes or increases in tax rates                                            -              -
   2.3 Other increases                                                                -              -
3. Decreases
   3.1 Deferred tax assets derecognized during the year                        (18.405)        (26.039)
       a) reversals                                                            (18.405)        (26.039)
       b) write-offs                                                                   -               -
       c) changes in accounting policies                                               -               -
   3.2 Decreases in tax rates                                                          -         (7.046)
   3.3 Other decreases                                                           (2.132)           (671)
4. Ending balance                                                               84.068          63.767


13.4 Changes in deferred tax liabilities (offset of the income statement)
                                                                            Total 2008     Total 2007
1. Opening balance                                                               24.774         29.358
2. Increases
   2.1 Deferred tax liabilities recognized in the year                            8.553          8.326
       a) relating to previous periods                                                 -             -
       b) due to changes in accounting policies                                        -             -
       c) other                                                                   8.553          8.326
   2.2 New taxes or increases in tax rates                                             -             -
   2.3 Other increases                                                                 -             -
3. Decreases
3.1 Deferred tax liabilities eliminated during the year                        (12.776)         (4.706)
       a) reversals                                                            (12.776)         (4.706)
       b) changes in accounting policies                                              -               -
       c) other                                                                       -               -
   3.2 Decreases in tax rates                                                         -         (4.351)
   3.3 Other decreases                                                                -         (3.853)
4. Ending balance                                                               20.551          24.774


13.5 Changes in deferred tax assets (offset of shareholders' equity)
                                                                            Total 2008     Total 2007
1. Opening balance                                                                  385           1.109
2. Increases
   2.1 Deferred tax assets recognized in the year                                    27          1.337
       a) relating to previous periods                                                 -             -
       b) due to changes in accounting policies                                       3              -
       c) other                                                                      24          1.337
   2.2 New taxes or increases in tax rates                                             -             -
   2.3 Other increases                                                                 -             -
3. Decreases
   3.1 Deferred tax assets derecognized during the year                               -         (1.997)
       a) reversals                                                                   -         (1.997)
       b) write-offs                                                                  -               -
       c) due to changes in accounting policies                                       -               -
   3.2 Decreases in tax rates                                                         -            (64)
   3.3 Other decreases                                                            (331)               -
4. Ending balance                                                                   81             385
98 //               03 / / NOTES                                 PART B                BALANCE SHEET INFORMATION




13.6 Changes in deferred taxes (offset of shareholders’ equity)
                                                                                                            Total 2008                    Total 2007
1. Opening balance                                                                                                9.789                          1.895
2. Increases
   2.1 Deferred tax liabilities recognized in the year                                                             4.724                        9.733
       a) relating to previous periods                                                                                  -                           -
       b) due to changes in accounting policies                                                                    1.679                            -
       c) other                                                                                                    3.045                        9.733
   2.2 New taxes or increases in tax rates                                                                              -                           -
   2.3 Other increases                                                                                                  -                           -
3. Decreases
   3.1 Deferred tax liabilities eliminated during the year                                                        (5.570)                      (1.828)
       a) reversals                                                                                               (5.570)                      (1.828)
       b) due to changes in accounting policies                                                                         -                            -
       c) other                                                                                                         -                            -
   3.2 Decreases in tax rates                                                                                           -                         (11)
   3.3 Other decreases                                                                                               (79)                            -
4. Ending balance                                                                                                  8.864                        9.789


13.7 Other information
In the previous tables are descriptions of the Bank only temporary differences that resulted in the collection of taxes
assets and liabilities, with an indication of the rate applied and changes from the previous year, as required by art. 2427
CC, paragraph 14.
Please note that there are no deferred tax assets recorded in respect of losses for the year or prior period.


The following table summarizes the deferred tax assets and liabilities, their balances, and effects of changes in the income statement and balance sheet.

                                                                             Total 2008                                     Total 2007
                                          Offset                Offset                 Total         Offset             Offset                 Total
                                                   In the            Balance                              in the income       balance
                                             Income statement    Sheet                                statement         Sheet
Deferred tax assets (+)                              84.068                  81       84.149                61.635                  54        61.689
Deferred tax liabilities (-)                        (20.551)            (8.864)      (29.415)              (24.774)             (9.710)      (34.484)
Net taxation                                         63.517            (8.783)        54.734                36.861             (9.656)        27.205



                                        Effects on Income                                  Effects on balance                                  Total
                                            statement                                        Sheet
Changes in deferred tax assets                    22.433                                                27                                    22.460
Changes in deferred tax liabilities                4.223                                               846                                     5.069
Net change                                       26.656                                                873                                    27.529
                                                                                                           // 99




SECTION 14 / / Non-current assets held for sale and related liabilities - Item 140
asset and liability item 90


As of December 31, 2008 There are no assets and asset groups held for sale.




SECTION 15 / / Other assets - Item 150


15.1 Other assets: breakdown
                                                                                     Total 2008     Total 2007
- Adjustments for illiquid relating to the portfolio (SBF and DI)                          76.738         71.738
- Guarantee deposits                                                                     100.535          65.853
- Miscellaneous provisions to be enforced against                                           1.580          3.679
 score and / or correspondent banks
- Accrued income not attributable to a separate account                                   2.212           1.300
- Prepaid expenses                                                                       34.190           2.280
- Items relating to commission receivable                                                 5.983           5.484
- Charges pending imputation                                                              4.947           4.713
- Items in transit between branches notallocated to relevant account                     16.504           1.296
- Deferred tax consolidation                                                              7.287           8.998
- Receivables for goods and services                                                     13.842               -
- Credits for insurance recoveries                                                        5.183               -
- Variation margins / guarantee futures transactions                                     28.786         22.351
- Other items                                                                            27.492         24.493
Total                                                                                   325.279        212.185
100 //              03 / / NOTES                                 PART B              BALANCE SHEET INFORMATION




LIABILITIES


SECTION 1 / / Due to banks - Item 10


1.1 Due to banks: breakdown by type
Type of transaction / Value                                                                                Total 2008                   Total 2007
1. Due to central banks                                                                                                 -                            -
2. Due to banks
   2.1 Current accounts and demand deposits                                                                     872.028                   1.595.407
   2.2 Term deposits                                                                                         10.846.944                   8.790.877
   2.3 Loans                                                                                                    151.881                     151.691
       2.3.1 Finance lease                                                                                             -                           -
       2.3.2 others                                                                                             151.881                     151.691
   2.4 Commitments to repurchase own equity instruments                                                                -                           -
   2.5 Liabilities related to assets sold but not derecognized                                                         -                           -
       2.5.1 Repurchase agreements                                                                                     -                           -
       2.5.2 others                                                                                                    -                           -
   2.6 Other liabilities                                                                                        159.575                     220.596
Total                                                                                                       12.030.428                  10.758.571
Fair value                                                                                                  12.144.164                  10.729.350


As part of the deposits, including operations for the year will signal the start of a filing with the Mother House
bound for € 900 million, long-term fixed rate, which is part of more general management activities
rate risk inherent in providing loans to customers, and more deposits received by the investee & Finance
Futuro Banca SpA, collecting cash from the issuance of bonds by the latter, to € 1,294,573,000.

1.2 Breakdown of item 10 "Due to banks”: subordinated debts
Counterparty:                                                                                                         Deutsche Bank AG Frankfurt
Currency:                                                                                                                                        euro
 Loan incurred date:                                                                                                                  April 12, 2007
Loan maturity date:                                                                                                                   April 12, 2017
Interest rate:                                                                                                          Coupon Frequency: Quarterly
                                                                                                            rate: 0.32% indexed Euribor 1 year
Accounting Balance:                                                                                                               151 881 000 €
The early repayment of the loan can only be initiated by the bank and with the approval of the Financial Regulator.
In the event of liquidation of the bank, the debt will be repaid only after they have cleared all other subordinated creditors.


1.3 Breakdown of item 10 "Due to banks": structured debts
None present.


1.4 Breakdown of item 10 "Due to banks" debts covered by specific hedge
Type of transaction / Value                                                                            Total 2008                       Total 2007
1. Debts subject to fair value hedge                                                                       991.082                                   -
   a) interest rate risk                                                                                   991.082                                   -
   b) currency risk                                                                                               -                                  -
   c) several risks                                                                                               -                                  -
2. Debts subject to cash flow hedge                                                                               -                                  -
   a) interest rate risk                                                                                          -                                  -
   b) currency risk                                                                                               -                                  -
   c) several risks                                                                                               -                                  -
Total                                                                                                      991.082                                   -
The object is to cover deposits, fixed rate long-term received from parent company Deutsche Bank AG - Frankfurt.
Were used to cover derivatives such as "interest rate swaps.


1.5 Obligations under finance leases
None present.
                                                                                                                                 // 101




                SECTION 2 / / Due to customers - Item 20



                2.1 Due to customers: breakdown by type
                Type of transaction / Value                                                        Total 2008             Total 2007
                1. Current accounts and demand deposits                                              8.170.638               7.531.495
                2. Term deposits                                                                         51.478                228.808
                3. Third party funds under administration                                                      -                      -
                4. Loans                                                                                 99.883                399.054
                   4.Finance lease                                                                       54.282                 59.951
                   4.2 others                                                                            45.601                339.103
                5. Commitments to repurchase own equity instruments                                            -                      -
                6. Liabilities relating to assets sold but not derecognized                            994.051                        -
                   6.1 repurchase agreements                                                           994.051                        -
                   6.2 others                                                                                  -                      -
                7. Other payables                                                                      215.468                 221.387
                Total                                                                               9.531.518               8.380.744
                Fair value                                                                          9.531.518               8.380.744


                It was significantly increased during the year the deposits from customers via operations
                repurchase agreements using securities in its portfolio.


                2.2 Breakdown of item 20 "Due to customers': subordinated debts
                None present.



                2.3 Breakdown of item 20 "Due to customers": structured debts
                None present.



                2.4 Breakdown of item 20 "Due to customers" debts covered by specific
None present.


                As of December 31, 2008 is a single leasing contract floating-rate, with
                relate to property used by the bank, which has the following characteristics:


                2.5 Liabilities under finance leases
                                                                                                                   Milan Real Estate
                                                                                                                   Polo Unique Bicocca
                Net book value of the property leased (building + land)                                                        118.095
                Expected future minimum payments                                                                                 68.654
                Expected future minimum payments - net present value                                                             54.282
                The distribution of expected future payments is as follows:
                  due within one year                                                                                           8.589
                  due between one and five years                                                                               34.355
                  due after five years                                                                                         25.710
                Total                                                                                                          68.654
                The distribution of future payments expected in the present value is as follows:
                  due within one year                                                                                           5.882
                  due between one and five years                                                                               25.818
                  due after five years                                                                                         22.582
                Total                                                                                                          54.282


                For the property described above has a valid contract to sublease with subsidiary DB Consortium S. Cons. rl
                which, in 2008, has been charged € 2.94 million to € 2,760 for fees and costs.
                There are to date of these financial transactions of sale and leaseback transaction involving a financial
                deferral of realized gain.
102 //                 03 / / NOTES                                      PART B                         BALANCE SHEET INFORMATION




SECTION 3 / / Securities issued - Item 30


3.1 Debt securities issued: breakdown by type
Type of securities / Values                                                                             Total 2008                                Total 2007
                                                                                                 BV                       FV                BV                 FV
A. Listed securities
   1. Bonds
       1.1 structured                                                                               -                      -                  -                  -
       2.1 other                                                                                    -                      -                  -                  -
   2. Other securities
       2.1 structured                                                                               -                      -                  -                  -
       2.2 other                                                                                    -                      -                  -                  -
B. Unlisted securities
   1. Bonds
       1.1 structured                                                                     305.390                  305.390            730.049             730.049
       2.1 other                                                                        2.771.715                2.765.967          1.476.782           1.471.787
   2. Other securities
       2.1 structured                                                                           -                         -                   -                  -
       2.2 other                                                                         259.221                   261.185             297.015            297.869
 Total                                                                                 3.336.326                 3.332.542          2.503.846          2.499.705
Key: VB = book value                  FV = fair value


The fair value of options in favor of the underwriters on the yield to maturity, not included in the value of
fair value of structured securities that house, amounted to € 8.976 million.
These options include indexation of payments made by the issuer to repay the loan if the para-
meters of reference chosen (change index) are greater than the guaranteed minimum return, it is, generally
mind, linked to the performance of stock market indices, baskets of securities and / or mutual funds.



3.2 Analysis of line item 30 “Securities issued ”: subordinated securities
Security:                                                             Deutsche Bank SpA 2008-2018 Floating Rate Subordinated Lower Tier II
Issue price:                                                                                                                                     100,00
Currency:                                                                                                                                           euros
Issue of loan:                                                                                                                            April 2, 2008
Maturity of the loan:                                                                                                                     April 2, 2018
Interest indexing:                                                                  with a maturity of three months Euribor published on the circuit
                                                                                    Reuters at 11 AM Brussels time, two business days
                                                                                    "TARGET" before the date of entitlement
Calculation convention:                                                                                                                         Act/360
Interest Payment:                                                                   paid quarterly on the dates of April 2, July 2, October 2
                                                                                    and January 2
Accounting Balance:                                                                                                                 459 916 000 €
The loan is not subject to early repayment clause or under conditions allowing the conversion into equity or other types of liabilities. In
Specifically, the agreement provides that:
No early repayment may only be initiated by the bank, with effect from April 2, 2013 and annually thereafter, and after
   granted by the Bank of Italy;
n in case of dissolution, liquidation or forced liquidation of the issuer, the bondholders will be repaid only
   after they have been satisfied with all other subordinated creditors of the issuer, except those with a degree of
   subordination equal to or greater than that of bonds, but in any case, before shareholders.


During the period under review were issued 16 new bond issues, including the subordinated loan over
described, for a total nominal value of € 1,667,505,000, while loans are up 18-bondholder
re for a nominal value of € 561.816 million. The repurchases made by the bank in the year amounted value
Rated at € 318.054 million.
                                                                                                                                                              // 103




3.3 Breakdown of item 30 "Debt securities in issue" means securities covered by specific
Type of transaction / Value                                                                                                    Total 2008             Total 2007
1. Securities with specific fair value hedges:                                                                                   1.414.258              1.870.770
   a) interest rate risk                                                                                                         1.414.258              1.870.770
   b) Currency risk
   c) other risks
2. Securities covered by specific cash flow hedges                                                                                        -                           -
   a) interest rate risk
   b) Currency risk
   c) other risks
Total                                                                                                                           1.414.258                 1.870.770




SECTION 4 / / liabilities held for trading - Item 40


4.1 Financial liabilities held for trading: breakdown by type
Type of transaction / Value                                                   Total 2008                                                  Total 2007
                                                       NV             FV               FV              FV *             NV             FV            FV         FV *
                                                                  LISTED        UNLISTED                                           LISTED UNLISTED
A. Cash liabilities
1. Due to banks                                           -               -                   -            -               -              -           -            -
2. Due to customers                                       -               -                   -            -               -            39            -            -
3. Debt securities                                        -               -                   -            -               -              -           -            -
   3.1 Bonds                                              -               -                   -            -               -              -           -            -
       3.1.1 Structured                                   -               -                   -           X                -              -           -           X
       3.1.2 Other                                        -               -                   -           X                -              -           -           X
   3.2 Other                                              -               -                   -            -               -              -           -            -
       3.2.1 Structured                                   -               -                   -           X                -              -           -           X
       3.2.2 Other                                        -               -                   -           X                -              -           -           X
Total A                                                   -               -                   -            -               -            39            -            -
B. Derivative instruments
1. Financial derivatives                                                  -         135.204                                               -     214.235
   1.1 For trading                                       X                -         135.204               X               X               -     214.235           X
   1.2 associated with fair value option                 X                -                -              X               X               -           -           X
   1.3 Other                                             X                -                -              X               X               -           -           X
1. Credit derivatives                                                     -                -                                              -           -
   2.1 For trading                                       X                -                -              X               X               -           -           X
   1.2 associated with fair value option                 X                -                -              X               X               -           -           X
   2.3 other                                             X                -                -              X               X               -           -           X
Total B                                                                   -         135.204                                               -    214.235
Total (A+B)                                                               -         135.204                                             39     214.235
Legend
FV = fair value
* FV = fair value calculated excluding changes in value due to changes in the creditworthiness of the issuer after the date of issue.
VN = nominal or notional value.



4.2 Breakdown of item 40 "Financial liabilities held for trading": subordinated liabilities
This case does not.



4.3 Breakdown of item 40 "Financial liabilities held for trading": structured debts
This case does not.
104 //                 03 / / NOTES                    PART B                    BALANCE SHEET INFORMATION




4.4 Financial liabilities held for trading: derivative instruments
Type of derivatives/                    Interest       Currencies       equity         Loans       Other       Total      Total
Underlying assets                     rates             and gold    securities                                  2008       2007
A) Listed derivatives
1) Financial derivatives:                          -          -             -                  -       -            -          -
   with underlying asset exchange                  -          -             -                  -       -            -          -
      - shares issued                              -          -             -                  -       -            -          -
      - other derivatives                          -          -             -                  -       -            -          -
   without exchange of capital                     -          -             -                  -       -            -          -
      - shares issued                              -          -             -                  -       -            -          -
      - other derivatives                          -          -             -                  -       -            -          -
2) Credit derivatives:                             -          -             -                  -       -            -          -
   with underlying asset exchange                  -          -             -                  -       -            -          -
   without exchange of capital                     -          -             -                  -       -            -          -
Total A                                            -          -             -                  -       -            -          -
B) Unlisted derivatives
1) Financial derivatives:                76.217        50.011          8.976                   -       -     135.204    214.235
   with underlying asset exchange             4        50.011               -                  -       -      50.015     21.232
      - shares issued                          -       15.084               -                  -       -      15.084           -
      - other derivatives                     4        34.927               -                  -       -      34.931     21.232
   without exchange of capital           76.213              -         8.976                   -       -      85.189    193.003
      - shares issued                     3.956              -         8.976                   -       -      12.932    136.464
      - other derivatives                72.257              -              -                  -       -      72.257     56.539
2) Credit derivatives:                         -             -              -                  -       -            -          -
   with underlying asset exchange              -             -              -                  -       -            -          -
   without exchange of capital                 -             -              -                  -       -            -          -
Total B                                  76.217        50.011          8.976                   -       -     135.204    214.235
Total (A+B)                              76.217        50.011          8.976                   -       -     135.204    214.235



4.5 Financial liabilities (excluding short positions) held for trading: annual changes
This case does not.




SECTION 5 / / Financial liabilities at fair value - Item 50


As of December 31, 2008 There are no financial liabilities at fair value.
                                                                                                                                                          // 105




SECTION 6 / / Hedging derivatives - Item 60


6.1 Hedging derivatives: breakdown by type of contract and underlying asset
Type of derivatives/                                        Interest          Currencies          equity          Loans                   Other           Total
Underlying assets                                         rates                And gold          securities                                                2008
a) Derivatives traded
1) Financial derivatives:                                              -             -                   -                -                   -                   -
   with underlying asset exchange                                      -             -                   -                -                   -                   -
     - shares issued                                                   -             -                   -                -                   -                   -
     - other derivatives                                               -             -                   -                -                   -                   -
   without exchange of capital                                         -             -                   -                -                   -                   -
     - options issued                                                  -             -                   -                                    -                   -
     - other derivatives                                               -             -                   -                -                   -                   -
2) Credit derivatives:                                                 -             -                   -                -                   -                   -
   with underlying asset exchange                                      -             -                   -                -                   -                   -
   without exchange of capital                                         -             -                   -                -                   -                   -
Total A                                                                -             -                   -                -                   -                   -
b) Unlisted derivatives
1) Financial derivatives:                                 157.442                    -                   -                -                   -         157.442
   with underlying asset exchange                                 -                  -                   -                -                   -                -
     - shares issued                                              -                  -                   -                -                   -                -
     - other derivatives                                          -                  -                   -                -                   -                -
   without exchange of capital                             157.442                   -                   -                -                   -         157.442
     - shares issued                                              -                  -                   -                -                   -                -
     - other derivatives                                   157.442                   -                   -                -                   -         157.442
2) Credit derivatives:                                            -                  -                   -                -                   -                -
   with underlying asset exchange                                 -                  -                   -                -                   -                -
   without exchange of capital                                    -                  -                   -                -                   -                -
Total B                                                   157.442                    -                   -                -                   -         157.442
Total (A+B) 2008                                          157.442                    -                   -                -                   -         157.442
Total (A+B) 2007                                            91.901                   -                   -                -                   -          91.901


6.2 Hedging derivatives: breakdown by hedged portfolio and type of hedging
Transactions/ type of hedging                                                  Fair value                                                     Cash flow
                                                                                Specific                                      Generic       General Specific
                                                     Interest      Exchange       Credit       Price               more
                                                     rate risk      rate risk      risk           risk
1. Financial assets available for sale                        -              -             -                  -       -              X              -             X
2. Loans                                                10.259               -             -                 X        -              X              -             X
3. Financial assets held to maturity                         X               -             -                 X        -              X              -             X
4. Portfolio                                                 X              X             X                  X       X         112.179             X               -
5. Foreign Investment                                        X              X             X                  X       X               X              -             X
Total assets                                           10.259                -             -                  -       -        112.179              -              -
1. Financial liabilities                                35.004               -             -                  -       -              X              -             X
2. Portfolio                                                 X              X             X                  X       X                -            X               -
Total liabilities                                      35.004                -             -                  -       -               -             -              -
1. Expected transactions                                     X              X             X                  X       X               X              -              -

The claims covered by specific consist of some fixed-rate loans to medium and long term loans to companies
Mortgages owned Deutsche Bank SpA
Financial liabilities hedged consist exclusively of bonds issued.
Derivatives designated as hedging the portfolio are to oversee fixed-rate loans with long maturities, supplied during the
2008 to private customers sector "retail."
106 //            03 / / NOTES                            PART B                BALANCE SHEET INFORMATION




SECTION 7 / / Fair value of financial liabilities hedged - Item 70


As of December 31, 2008 There are no financial liabilities hedged.




SECTION 8 / / Tax liabilities - Item 80


See section 13 of the act.




SECTION 9 / / Liabilities associated with disposal groups held for sale - Item 90


As of December 31, 2008 There are no liabilities associated with disposal groups held for sale.




SECTION 10 / / Other liabilities - Item 100


10.1 Other liabilities: breakdown
                                                                                                 Total 2008     Total 2007
- Provisions for charges pending invoices from suppliers                                               39.071         47.669
- Amounts available for customer-bank transactions awaiting execution                                   1.301          1.187
- Provisions for staff costs                                                                           57.150         72.582
- Transfers in progress                                                                                34.918         28.317
- Other taxes to be paid to the Treasury on behalf of customers                                        16.491         27.959
- Amounts owed for goods and services                                                                  65.436         16.347
- Write-downs for impairment of guarantees (commitments, provision for risks)                           4.362          3.701
- Due to corporate restructuring projects for 2005                                                        973          2.415
- Accrued expenses not brought back their own item                                                     12.531         14.378
- Deferred                                                                                              9.691          9.132
- Entries in progress relating to currency transactions                                                15.580         23.799
- Net change / Warranty futures transactions                                                         114.483          31.339
- Other items                                                                                          47.422         27.565
Total                                                                                               419.409         306.390
                                                                                                                           // 107




SECTION 11 / / Provision for employee severance pay - Item 110


11.1 Provision for employee severance pay: annual changes
                                                                                           Total 2008               Total 2007
A. Opening balance                                                                              31.442                    38.154
B. Increases
   B.1 Provisions for the year                                                                   1.637                     4.961
   B.2 Other increases                                                                           2.479                        16
C. Decreases
   C.1 Indemnities paid                                                                        (3.593)                   (4.772)
   C.2 Other decreases                                                                         (3.544)                   (6.917)
D. Closing balance                                                                             28.421                    31.442


Following the pension reform under Decree. December 5, 2005, No 252, from
1 January 2007, the Fund Indemnity (TFR) accrued shall be paid to the employee's option, to
pension funds of the bank or a fund specifically established INPS. Conseguentemen-
You, the newly formed TFR from defined benefit plan has turned into defined contribution plan.
As from 2008, profits and losses, as permitted by paragraph 93 of IAS 19, are
fully recognized in the period in which they occur with credit or debit card to reserve a special evaluation
of the net assets and deduction of deferred income taxes.
He had previously been applied for the recognition of gains and losses on so-called "method
the corridor, "under which it was calculated the excess profits / accumulated losses, resulting in the closure-
of the previous year, compared with 10% of present value of benefits generated by the plan. This surplus was
entered on the basis of the expected average remaining working lives of participants in the plan.
With the adoption of the new method provides a more reliable and full of the effects of
actuarial valuations and the value of the reporting date of defined benefit plans after the cessazio-
them employment.

The amounts recorded during which other changes relate to the transfer of staff took place in
Following the transfer operations of a business and made during the period of rationalization at the level of Grup-
while in Italy, and the effects generated by the change of method.
The amounts recorded during 2007 as compared to other decreases relate to the unwinding
actuarial aspects modified by the introduction of the reform (so-called "curtailment").


11.2 Other information
The amount of the Fund's severance indemnities determined by
art. 2120 of c.civ. amounts to                                                                                   € 33,527,000
The actuarial assumptions used in the assessment of the fund in question are as follows:              discount rate 5.6% per year
Have used the RG 48 tables published by the General Accounting Office.




SECTION 12 / / Provisions for risks and charges - Item 120


12.1 Provisions for risks and charges: breakdown
Items /components                                                                          Total 2008               Total 2007
1. Company pension funds                                                                         10.857                   12.907
2. Other provision for risks and charges                                                       149.582                    61.762
   2.1 Legal disputes                                                                            89.820                   45.745
   2.2 payroll expenses                                                                           9.618                   11.271
   2.3 reorganization                                                                            41.302                         -
   2.4 other                                                                                      8.842                    4.746
Total                                                                                         160.439                     74.669
108 //                      03 / / NOTES                                                PART B                         BALANCE SHEET INFORMATION




12.2 Provisions for risks and charges: annual changes
Items /                                                            Pensions                                                                      Other funds     Total
A. Opening balance                                                                12.907                                                            61.762      74.669
B. Increases
   B.1 Provisions for the year                                                            -                                                         93.427      93.427
   B.2 Changes due to the passage of time                                              594                                                           2.779       3.373
   B.3 Changes due to discount rate                                                       -                                                            906         906
   B.4 Other changes                                                                      -                                                             38          38
C. Decreases
   C.1 Use of the year                                                             (1.021)                                                          (5.024)     (6.045)
   C.2 Changes due to changes in the discount rate                                    (84)                                                             (69)       (153)
   C.3 Other changes
   C.3.1 Release of excess fund                                                           -                                                        (2.241)      (2.241)
   C.3.2 Other changes                                                             (1.539)                                                         (1.996)      (3.535)
D. Closing balance                                                                10.857                                                          149.582      160.439
Changes in the income statement of the funds listed above have found entries in the register:
n 160 - Net provisions for risks and charges, to € 47.458 million;
n 150 a - Administrative costs for staff, for € 40,928;
n 190 - Other operating income, to € 4,470.
€ 1.854 million for the counterpart is represented by the other items of the balance sheet.



12.3 - Company defined-benefit pension funds
Retirement provisions include a defined benefit fund, for € 10.857 million, which refers to the management of the merged bank
Popolare di Lecco and was established with agreements reached July 25, 1985 and January 21, 1988 with the trade union delegation of the management.
This is a fund without legal personality and integrative treatment of Social Security.
The Fund assets are invested in the Bank's activities.
Following the implementation of the merger agreement of October 25, 1994 providing for the unification of the supplementary pension company are
been transferred to any position of the active staff at the Pension Fund Deutsche Bank SpA
Therefore, this fund is currently designed to guarantee performance only to retired staff.
The principal actuarial assumptions used in the assessment of the fund in question are as follows:
                                                                                                       discount rate  5.6% per year
                                                                                rate of increase in performance       1.53% pa
                                                                                       increase the cost of living    1.8% per year
Have used the RG 48 tables published by the General Accounting Office increased by 20%.



12.4 Provisions for risks and charges - Other provisions
Other provisions consist of:
n litigation: the fund is set up to deal with losses arising from an insolvency, to € 67.739 million and lawsuits,
   to € 22.021 million. As regards the position Parmalat reports the integration of € 36 million of the provision made in
   previous years. This compromise in defense of the agreements signed in February 2009 definition of an insolvency.
   According to the requirements of IAS 37, provisions related to the litigation have been discounted. For these practices,
   In fact, it was possible to estimate, based on experience gained by our legal department to define their future date.
No staff costs: the fund include charges for bonuses and loyalty, as well as charges related to the health coverage recognized
   employees no longer in service.
   The values were determined based on actuarial valuation using the following assumptions:
                                                                                                  discount rate     5.5% per year
                                                                                  increase the cost of living       1.8% per year
   Have used the RG 48 tables published by the General Accounting Office, increased by 20% for performance related to policy
   health.
n corporate restructuring: the fund covers the costs of the project of rationalization and reorganization of production processes put in place
   by the company in 2008. E 'provision for appeal to the "Solidarity Fund for income support, employment and retraining and
   retraining of staff credit, "according to the DM 28/4/2000 No 158, and the exodus accelerated, with a plan that involves
   about 290 units, whose membership is voluntary. The outputs will take place gradually between 1 April 2009 and 1 April 2010.
   The cost for the 80 units whose term of service is expected in Q1 2010 was discounted at a rate of 2.62%.
No other funds: These are residual provisions in defense of probable future costs.


It should be noted that in Other assets were included insurance reimbursements expected to € 5.183 million against lawsuits that have
the same loss forecast.
                                                                                                                                             // 109




SECTION 13 / / Redeemable shares - Item 140


As of December 31, 2008 are not issued shares entitled to reimbursement clause.




SECTION 14 / / Shareholders' equity - Items 130, 150, 160, 170, 180, 190 and 200


14.1 Shareholders' equity: breakdown
ITEM/AMOUNTS                                                                                            Amount 2008              Amount 2007
1. Share capital                                                                                            310.660                    310.660
2. Share premium reserve                                                                                     86.802                     86.802
3. Reserves                                                                                                 651.956                    651.162
4. (Treasury Shares)                                                                                         (3.516)                    (3.516)
5. Valuation reserves                                                                                        18.958                     12.971
6. Equity instruments                                                                                              -                          -
7. Operating profit                                                                                          26.525                    148.533
Total                                                                                                     1.091.385                 1.206.612



14.2 Share capital and treasury shares: breakdown
The bank's share capital amounts to € 310.66 million and consists of 120,410,797 ordinary shares with a nominal number € 2.58
each, of which number 6,765,336 held by the Bank, up 5.62% and 63,710 shares attributable to the number of shareholders who have not
done so far to the withdrawal of securities resulting from operations of free capital increase.
In reference to the 6,765,336 shares held by the Bank indicates a carrying value of € 3.516 million, representing a unit value
average carrying value of € 0.52.
The percentage of ownership, equal to 5.62% of the Bank's capital, is contained within the limits set by the last paragraph of art. 2357 CC. The
is total nominal value of € 17.455 million.
Writing to deduct the value of item 190 of the liabilities of the balance sheet is in accordance with art. 2357 Ter DC, to the special reserve
resulting in item 160 from the passive "reserves".
110 //             03 / / NOTES                              PART B   BALANCE SHEET INFORMATION




14.3 Share capital - Number of shares: annual changes
Items / Types                                                                             Ordinary            Other
A. Initial number of shares                                                           120.410.797                 -
        - fully paid                                                                   120.410.797                -
        - Not fully paid                                                                           -              -
   A.1 Treasury shares (-)                                                              (6.765.336)               -
   A.2 Shares in circulation: opening balance                                         113.645.461                 -
B. Increases
   B.1 Issue of new shares
        – against payment:                                                                        -                -
              – business combinations                                                             -                -
              - Conversion of bonds                                                               -                -
              - Exercise of warrants                                                              -                -
              - other                                                                             -                -
        - Bonus issues:                                                                           -                -
              - To employees                                                                      -                -
              - To directors                                                                      -                -
              - other                                                                             -                -
   B.2 Sale of treasury shares                                                                    -                -
   B.3 Other changes                                                                              -                -
C. Decreases
   C.1 Cancellation                                                                               -                -
   C.2 Acquisition of treasury shares                                                             -                -
   C.3 Disposal of business                                                                       -                -
   C.4 Other changes                                                                              -                -
D. Shares issued: closing balance                                                     113.645.461                  -
   D.1 Treasury shares(+)                                                                6.765.336                 -
   D.2 outstanding shares at the end of the year                                       120.410.797                 -
        - fully paid                                                                   120.410.797                 -
        - Not fully paid                                                                          -                -



14.4 Share capital: Other information
Not expected in the near Capital transactions of the Bank.



14.5 Retained earnings: other information
The composition of item 160 reserves is as follows:
- Legal reserve                                                                                              62.132
- Reserve for own shares                                                                                      3.516
- Statutory reserves                                                                                         64.545
- Other profit reserves                                                                                    441.737
- Subject to the first application of IAS / IFRS                                                             80.026
Total item 160 "Reserves"                                                                                  651.956



6.14 Equity instruments: composition and annual changes
This case does not.



14.7 Valuation reserves: breakdown
Items /                                                                                Total 2008      Total 2007
1. Financial assets available for sale                                                        8.995          12.971
2. Property, plant and equipment                                                                  -                -
3. Intangible assets                                                                              -                -
4. Hedges of foreign investments                                                                  -                -
5. Cash flow hedges                                                                           5.544                -
6. Exchange differences                                                                           -                -
7. Non-current assets held for sale                                                               -                -
8. Actuarial valuation of pension plans                                                       4.419                -
9. Special revaluation laws                                                                       -                -
Total                                                                                       18.958           12.971
                                                                                                                                                                     // 111




14.8 Valuation reserves: annual changes
                                   Financial Tangible    Intangible Hedges of    cash                  exchange            bdghfgghjjjjjjj
                            Financial       Tangible  Intangible hedges      cash flow               exchange          non-current Actuarial              special

                               Assets         assets        assets           foreign       flow    differences                       d
                   Assets            assets
                               available           assets    of foreign                 differences assets
                                                                              hedges hedges                                  valuation revaluation
                                  for sale                                investment
                    available for sale                        investments                             held for sale of pension laws
 -
A. Opening balance                 12.971              -             -                 -              -            -                                          -           -
B. Increases
                                                                                                           plans
   B1. Fair value increases            631             -             -                 -          5.544                -                     -              -            X
   B2. Other changes                    20             -             -                 -              -                -                     -          4.419             -
C. Decreases
   C1. Decreases in fair value      (1.013)            -             -                 -               -               -                     -               -           X
   C2. Other changes                (3.614)            -             -                 -               -               -                     -               -            -
D. Closing balance                   8.995             -             -                 -          5.544                -                     -          4.419             -



14.9 Valuation reserves for financial assets available for sale:
ASSETS/AMOUNTS                                                             Total 2008                                                       Total 2007
                                                              Positive reserve     Negative Reserve                          Positive reserve        Negative Reserve
1. Debt securities                                                             -              (141)                                           -                  (112)
2. Equity securities                                                      8.122                    -                                    12.685                       -
3. UCITS units                                                            1.014                    -                                       398                       -
4. Loans                                                                       -                   -                                          -                      -
Total                                                                    9.136                (141)                                     13.083                  (112)



14.10 Valuation reserves for financial assets available for sale: annual changes
                                                                   Debt securities                  Equity securities            UCITS units                 Loans
1. Opening balance                                                          (112)                             12.685                              398                     -
2. Positive changes
   2.1 Increases in fair value                                                    -                                    15                          616                    -
   2.2 Reversal of negative reserves                                            17                                      3                            -                    -
       - on impairment                                                            -                                     3                            -                    -
       - on disposal                                                            17                                      -                            -                    -
   2.3 Other changes                                                              -                                     -                            -                    -
3. Negative changes
   3.1 Decreases in fair value                                                (46)                                   (967)                            -                   -
   3.2 Reversal to income statement from positive reserves: on disposal           -                                (3.614)                            -                   -
   3.3 Other changes                                                              -                                      -                            -                   -
4. Closing balance                                                          (141)                                   8.122                        1.014                    -
112 //             03 / / NOTES                            PART B                BALANCE SHEET INFORMATION




The following table provides details on the composition of shareholders' equity with reference
tion to their origin, use and distribution opportunities.
In calculating the distributable reserves available, it was also taking into account the constraint of the
minimum net worth of vigilance with respect to the balance sheet as at the date of
reporting period.

Composition of shareholders' equity
in thousands of euro
Items included in                              Total       Possible                shares          of which:               Total uses
Shareholders' equity                             amount    uses                available     distributable              in the last
                                                                                            share                                   three years
                                                                                            available
                                                                                                               hedging of             for other
                                                                                                                   Losses               reasons
Share capital                                  310.660
Capital reserves                                86.802                           86.802               -                     -                 -
   Share premium reserve                        86.802              A, B, C      86.802               -                     -                 -
   Statutory reserve                                  -                A, B            -              -                     -
   Extraordinary reserve                              -                A, B            -              -
Retained earnings                              651.956                          586.219        319.433                      -                 -
   Legal reserve                                62.132                    B            -              -
   Statutory reserve                            64.545              A, B, C      64.545               -                     -                 -
   Extraordinary reserve                       350.346              A, B, C     350.346        195.437                      -                 -
   Reserve pursuant to Law 489/93               37.214                    B      37.214               -                     -                 -
   Earnings invested in the purchase of           3.516                    -           -              -
   Treasury shares
   Reserve pursuant to Art. 2349 C.C.                89                    -           -              -
   Fund capital gains reinvested L. 169/83        8.492             A, B, C        8.492              -                     -                 -
   Article Reserve. 13 c. 6 D. Lgs. 124/93        1.626                   B        1.626              -                     -                 -
   Reserve the first application of IAS          80.026             A, B, C      80.026         80.026
   Profit to be carried forward                  43.970             A, B, C      43.970         43.970                      -                 -
Grand Total                                  1.049.418                          673.021        319.433                      -                 -
Total non-distributable portion                                                                353.588
Other equity items                              41.967
   Valuation reserve                             18.958
   Shares repurchased                            (3.516)
   Profit for the year                           26.525
Total Equity                                 1.091.385
Possibility of use:
A: for capital increase
B: to hedge losses
C: distribution to shareholders
                                                                                                                                       // 113




OTHER INFORMATION


1. Guarantees and commitments
Transactions                                                                                                 Amount 2008       Amount 2007
1) Financial guarantees given to
   a) Banks                                                                                                          34.054          12.325
   b) Customers                                                                                                      64.624         109.360
2) commercial guarantees given to
   a) Banks                                                                                                         703.919         522.900
   b) Customers                                                                                                   1.456.299         932.445
3) Irrevocable commitments to provide funds
   a) Banks
      i) certain to be called on                                                                                     82.922          81.930
      ii) not certain to be called on                                                                               310.722         352.877
   b) Customers
      i) certain to be called on                                                                                   148.334            80.688
      ii) not certain to be called on                                                                              778.101           739.063
4) Commitments underlying credit derivatives: protection sales                                                            -                 -
5) Assets pledged as security for obligations to third parties                                                            -                 -
6) Other commitments                                                                                                18.149            16.431
Total                                                                                                            3.597.124        2.848.019


2. Assets pledged as collateral for own liabilities and commitments
Portfolios                                                                                                            2008             2007
1 - Financial assets held for trading                                                                                      -                -
2 - Financial assets at fair value                                                                                         -                -
3 - Financial assets available for sale                                                                           1.017.145          30.077
4 - Financial assets held to maturity                                                                                      -                -
5 - Loans to banks                                                                                                         -                -
6 - Loans to customers                                                                                                     -                -
7 - Tangible assets                                                                                                        -                -
Total                                                                                                            1.017.145           30.077



3. Operating leases
Lease agreements outstanding at year-end, according to their duration, have the following stream of expected payments:
within one year                                                                                                                      12.302
between one and five years                                                                                                           41.740
over five years                                                                                                                      32.687
Total expected payments                                                                                                              86.729


During the year, rental expenses were recorded for a total of € 16.557 million.
114 //            03 / / NOTES                            PART B                 BALANCE SHEET INFORMATION




4. Management and brokerage for third parties
Type of service                                                                                                  AMOUNTS
1. Trading on behalf of others
   a) Purchases                                                                                                  879.832
      1. settled                                                                                                 873.542
      2. not settled                                                                                               6.290
   b) Sales                                                                                                      450.716
      1. settled                                                                                                 448.295
      2. not settled                                                                                               2.421
2. - portfolio management
   a) Individual                                                                                                 999.530
   b) mutual funds                                                                                                     -
3. Custody and administration of securities
   a) Third party securities on deposit connected with being a depository bank (excluding asset management)             -
      1. securities issued by the reporting bank                                                                        -
      2. other securities                                                                                               -
   b) other third-party securities on deposit (excluding asset management): others                            30.544.760
      1. securities issued by the reporting bank                                                               3.137.355
      2. other securities                                                                                     27.407.405
   c) third-party securities deposited with others                                                            29.985.342
   d) portfolio securities deposited with third parties                                                        2.374.182


It should be noted that among the securities deposited with third parties are € 623.62 million relating to debt
issued by the bank bought back.
                                                                                                                                                  // 115




Part C - Income Statement
SECTION 1 / / Interest - Items 10 and 20


1.1 Interest and similar income: breakdown
Items / Technical forms                        Performing financial assets         Financial assets         Other assets   Total 2008       Total 2007
                                                                                          Impaired
                                         Debt securities          Loans
1. Financial assets held for                       372                         -                        -              -           372               52
   trading
2. Financial assets available for               41.476                         -                        -              -       41.476             1.605
   sale
3. Financial assets held                              -                        -                        -              -                -                -
   to maturity
4. Loans to banks                                     -                 241.690                       -                -      241.690          332.045
5. Loans and advances to customers                    -                 941.401                  2.833                 -      944.234          807.191
6. Financial assets valued at fair value              -                        -                      -                -
7. Hedging derivatives                               X                        X                      X                 -            -                  -
8. Financial assets sold but not derecognized         -                        -                      -                -            -                  -
9. Other assets                                      X                        X                      X              239           239              656
Total                                           41.848               1.183.091                   2.833              239     1.228.011        1.141.549


1.2 Interest income and similar income differentials on hedging
The table does not compile because the balance of the differentials on hedging is negative.
See table 1.5


1.3 Interest and other income: Other information

1.3.1 Interest earned on investments in foreign currency                                                                                          4.674


1.3.2 Interest income on finance leases                                                                                                                  -
This case does not.


1.3.3 Interest income on loans financed with funds under administration                                                                                  -
This case does not.


1.4 Interest and similar expenses: breakdown
Items / Technical forms                             Liabilities           securities   Other liabilities            Total 2008              Total 2007
1. Due to banks                                  (466.158)                   X                          -             (466.158)               (428.554)
2. Due to customers                              (133.650)                   X                          -             (133.650)               (150.368)
3. Securities issued                                      X           (103.942)                                       (103.942)                (65.006)
4. Financial liabilities held for trading                  -                  -                       -                        -                       -
5. Financial liabilities measured at fair value            -                  -                       -                        -                       -
6. Liabilities relating to assets sold but not             -                  -                (33.229)                (33.229)                (18.860)
derecognized
7. Other liabilities                                      X                  X                        -                       -                        -
8. Hedging derivatives                                    X                  X                 (25.989)                (25.989)                (12.413)
Total                                           (599.808)            (103.942)                (59.218)                (762.968)               (675.201)
116 //              03 / / NOTES                         PART C:   INCOME STATEMENT INFORMATION




1.5 Payable Interest and similar expenses: differentials on hedging
ITEM/AMOUNTS                                                                          Total 2008     Total 2007
A. Positive differences on transactions:
   A.1 Specific fair value of assets                                                      11.325          8.043
   A.2 Specific fair value of liabilities                                                 66.175         58.520
   A.3-hedging interest rate risk                                                          7.468               -
   A.4 Specific cash flow hedges of assets                                                      -              -
   A.5 Specific cash flow hedges of liabilities                                                 -              -
   A.6 General cash flow                                                                        -              -
Total positive differentials (A)                                                          84.968         66.563
B. Shortfalls related to operations:
   B.1 Specific fair value of assets                                                      (15.402)        (3.656)
   B.2 Specific fair value of liabilities                                                 (77.143)       (75.320)
   B.3-hedging interest rate risk                                                         (18.412)              -
   B.4 Specific cash flow hedges of assets                                                       -              -
   B.5 of cash flows of liabilities                                                              -              -
   B.6 General cash                                                                              -              -
Total negative differentials (B)                                                        (110.957)       (78.976)
C. Balance (A-B)                                                                         (25.989)       (12.413)


1.6 Payable Interest and similar expenses: other information

1.6.1 Payable Interest on foreign currency liabilities                                                    (3.650)

1.6.2 Payable Interest on finance leases                                                                  (3.604)

1.6.3 Payable Interest on funds under administration                                                              -
This case does not.
                                                                        // 117




SECTION 2 / / Commission - Items 40 and 50


2.1 Fee and commission income: breakdown
Type of services / sectors                        Total 2008      Total 2007
a) guarantees given                                      8.987           6.778
b) credit derivatives                                         -              -
c) management, dealing and consulting services:      163.904          199.667
    1. trading of financial instruments                  2.433           1.886
    2. currency trading                                  4.352           5.032
    3. asset management                                  7.842           8.917
       3.1 individual                                    7.842           8.917
       3.2 collective                                         -              -
    4. custody and administration of securities          5.246           4.584
    5. Custodian bank                                         -              -
    6. placement of securities                          90.286        110.725
    7. acceptance of orders                              8.127           8.668
    8. consulting services                                    -              -
    9. distribution of third party services             45.618          59.855
       9.1 asset management                                532           3.036
           9.1.1 individual                                532           3.036
           9.1.2 collective                                   -              -
       9.2 insurance products                           44.757          56.447
       9.3 other products                                  329             372
d) collection and payment services                     30.766           30.651
e) Servicing for securitization transactions             2.166             554
f) facilities for factoring services                          -              -
g) tax collection services                                    -              -
h) other services                                    178.085          189.365
    - Loans to customers and current accounts          75.302           77.722
    - Relations with credit institutions                    98             109
    - security                                             810             797
    - Credit Cards                                      78.336          76.542
    - other                                             23.539          34.195
Total                                                383.908         427.015
118 //              03 / / NOTES                           PART C:   INCOME STATEMENT INFORMATION




2.2 Commission income: distribution channels of the products and services
Channels / Values                                                                     Total 2008      Total 2007
a) at own branches:                                                                      142.691         178.169
   1. asset management                                                                       7.842           8.917
   2. placement of securities                                                               89.235        109.420
   3. third party products and services                                                     45.614          59.832
b) Off-site:                                                                                   281             864
   1. asset management                                                                            -               -
   2. placement of securities                                                                  277             841
   3. third party products and services                                                          4              23
c) other distribution channels:                                                                774             464
   1. asset management                                                                            -               -
   2. placement of securities                                                                  774             464
   3. third party products and services                                                           -               -


2.3 Fee and commission expense: breakdown
Services / Sectors                                                                    Total 2008      Total 2007
a) guarantees received                                                                   (50.290)        (59.971)
b) credit derivatives                                                                             -               -
c) management and dealing services:                                                        (6.467)         (5.648)
   1. trading of financial instruments                                                      (3.071)         (3.054)
   2. currency trading                                                                            -               -
   3. asset management:                                                                           -               -
      3.1 own portfolio                                                                           -               -
      3.2 third-party portfolio                                                                   -               -
   4. custody and administration of securities                                              (1.482)         (2.062)
   5. placement of financial instruments                                                    (1.914)           (532)
   6. Off-site sale of securities, products and services                                          -               -
d) collection and payment services                                                         (9.227)         (9.270)
e) other services                                                                        (38.845)        (39.915)
   - Credit Cards                                                                         (28.762)        (29.776)
   - Relationships with credit institutions                                                   (905)         (1.031)
   - others                                                                                 (9.178)         (9.108)
Total                                                                                   (104.829)       (114.804)
                                                                                                                   // 119




SECTION 3 / / Dividends and similar income - Item 70


3.1 Dividends and similar income: breakdown
Items / Income                                                       Total 2008                       Total 2007
                                                              Dividends          Income      Dividends            Income
                                                                                from                             from
                                                                              UCITS shares                     UCITS shares
A. Financial assets held for trading                                   -                 -             -                  -
B. Financial assets available for sale                           42.745            14.464           431             24.876
C. Financial assets valued at fair value                               -                 -             -                  -
D. Equity investments                                            17.943                 X        19.243                  X
Total                                                           60.688            14.464        19.674              24.876



The following is a breakdown of dividends received from investments held:

Deutsche Bank Mutui S.p.A.                                                                                        7.200
Fiduciaria Sant’Andrea S.r.l.                                                                                       250
Deutsche Asset Management Italy S.p.A.                                                                            3.637
New Prestitempo S.p.A.                                                                                            1.100
RREEF Fondimmobiliari SGR S.p.A.                                                                                    860
RREEF Opportunities Management SGR S.r.l.                                                                         4.800
RREEF Alternative Investments SGR S.p.A.                                                                             96
Total                                                                                                            17.943


Among the reports the dividends are paid overtime to € 41.721 million made by VISA, known foreign company
holder of a mark of credit cards, which banks used for recognition to the volumes traded
over the years.

Income from mutual fund shares, amounting to € 14.464 million, were all collected from the closed real estate fund
Pyramid managed by RREEF Global Fondimmobiliari SGR SpA
120 //             03 / / NOTES                                 PART C:                  INCOME STATEMENT INFORMATION




SECTION 4 / / Net income from trading activities- Item 80


4.1 Net income from trading activities:
Transactions/                                    Capital gains                   gains     Capital losses                Losses         Net
Income items                                                              by trading                                 by trading             Income
                                                         (A)                       (B)                (C)                    (D)    [(A+B)-(C+D)]
1. Financial assets held for trading                       -                  11.785                (118)              (10.985)               682
   1.1 Debt securities                                     -                  10.228                (117)               (10.713)             (602)
   1.2 Equity securities                                   -                      269                    -                  (49)              220
   1.3 UCITS units                                         -                    1.288                  (1)                 (223)            1.064
   1.4 Loans                                               -                         -                   -                      -                -
   1.5 Other                                               -                         -                   -                      -                -
2. Financial liabilities held for trading                  -                         -                   -                      -                -
   2.1 Debt securities                                     -                         -                   -                      -                -
   2.2 Other                                               -                         -                   -                      -                -
3. Other financial assets and liabilities:
   exchange differences                                    X                      X                    X                     X                3.422
4. Derivative instruments                           114.888                 456.411            (124.546)             (446.174)                1.861
   4.1 Financial derivatives                        114.888                 456.411             (124.546)             (446.174)               1.861
      - On debt securities and interest rates         23.732                456.411              (32.989)             (446.174)                 980
      - On equity securities and stock indices        91.156                       -             (91.557)                     -                (401)
      - On currencies and gold                             X                      X                    X                     X                1.282
      - Other                                               -                      -                    -                     -                    -
   4.2 Credit derivatives                                   -                      -                    -                     -                    -
Total                                               114.888                 468.196            (124.664)             (457.159)                5.965




SECTION 5 / / The net income from hedging activities - Item 90


5.1 Net income from hedging activities: composition
Income components / Values                                                                                   Total 2008              Total 2007
A. Income from:
   A.1 Fair value hedging                                                                                       214.420                   50.871
   A.2 Hedged financial assets (fair value)                                                                     134.822                    7.219
   A.3 Hedged financial liabilities (fair value)                                                                       -                   7.354
   A.4 Cash flow hedges                                                                                                -                        -
   A.5 Assets and liabilities denominated in foreign currencies                                                        -                        -
Total income from hedging activities (A)                                                                        349.242                   65.444
B. Charges relating to:
   B.1 Fair value hedging                                                                                       (222.144)                (51.022)
   B.2 Hedged financial assets (fair value)                                                                             -                       -
   B.3 Hedged financial liabilities (fair value)                                                                (170.584)                (18.831)
   B.4 Cash flow hedges                                                                                                 -                       -
   B.5 Assets and liabilities denominated in foreign currencies                                                         -                       -
Total losses on hedging activities (B)                                                                         (392.728)                (69.853)
C. Net income from hedging activities (A - B)                                                                    (43.486)                 (4.409)
                                                                                                                // 121




SECTION 6 / / Gains (losses) on disposal/ repurchase - Item 100


6.1 Gains (losses) on sale / repurchase :composition
ITEMS/INCOME ITEMS                                  Total 2008                             Total 2007
                                            Gains         Losses   Net             Gains        Losses    Net
                                                                         Income                                 income
Financial assets
1. Loans to banks                              -              -            -           -              -           -
2. Loans and advances to customers             -        (6.231)     (6.231)            -        (3.846)     (3.846)
3. Financial assets available for sale   10.743            (17)     10.726        1.966             (3)      1.963
   3.1 Debt securities                         -           (17)         (17)          5             (3)          2
   3.2 Equity securities                 10.743               -      10.743       1.961               -      1.961
   3.3 UCITS units.                            -              -            -           -              -           -
   3.4 Loans                                   -              -            -           -              -           -
4. Financial assets held to maturity           -              -            -           -              -           -
Total assets                             10.743         (6.248)       4.495       1.966        (3.849)     (1.883)
Financial liabilities
1. Due to banks                                -              -           -            -             -               -
2. Due to customers                            -              -           -            -             -               -
3. Securities issued                      4.908           (113)      4.795        4.291           (96)          4.195
Total liabilities                         4.908           (113)      4.795        4.291           (96)          4.195




SECTION 7 / / Net income from financial assets and liabilities designated at fair value - Item 110


This case is not present.
122 //            03 / / NOTES                             PART C:              INCOME STATEMENT INFORMATION




SECTION 8 / / Adjustments / recoveries on impairment - Item 130


8.1 Net impairment adjustments to loans: breakdown
TRANSACTIONS/                            Write-downs (1)                            Write-backs (2)                      Total        Total
Components                         SPECIFIC            Portfolio                 SPECIFIC           Portfolio             2008         2007
Income                   Cancellations           Other                          A          B          A           B       (1)-(2)
A. Loans to banks                      -             -                -          -          -          -         13          13          (13)
B. Loans and advances to customers     -     (136.562)          (1.773)    20.530    20.856            -           -   (96.949)     (66.237)
C. Total                               -    (136.562)          (1.773)     20.530    20.856            -         13    (96.936)     (66.250)
Key:
A = interest
B = other



8.2 Net adjustments for impairment of financial assets available for sale:
Transactions / Income items                              Write-downs (1)                      Write-backs (2)            Total        Total
                                                                SPECIFIC                           SPECIFIC               2008         2007
                                                     Cancellations            Other             A               B        (1)-(2)
A. Debt securities                                                 -              -              -               -             -           -
B. Equity securities                                               -           (76)             X               X          (76)         (71)
C. Mutual fund shares                                              -              -             X                -             -           -
D. Loans to banks                                                  -              -              -               -             -           -
E. Loans to customers                                              -              -              -               -             -           -
F. Total                                                           -           (76)              -               -         (76)         (71)
Key:
A = interest
B = other



8.3 Net adjustments for impairment of financial assets held to maturity: breakdown
This case does not.


8.4 Impairment losses on other financial transactions: breakdown
TRANSACTIONS/                           Write-downs (1)                             Write-backs (2)                      Total        Total
Components                        SPECIFIC            Portfolio                  SPECIFIC           Portfolio             2008         2007
Income                  Cancellations           Other                           A          B          A           B      (1)-(2)
A. Guarantees issued                  -         (262)           (827)           2        408           -         18       (661)      (2.244)
B. Credit derivatives                 -             -               -            -          -          -           -           -           -
C. Commitments to disburse funds      -             -               -            -          -          -           -           -           -
D. Other transactions                 -             -               -            -          -          -           -           -           -
E. Total                              -         (262)           (827)           2       408            -         18       (661)      (2.244)
Key:
A = interest
B = other
                                                                                                               // 123




SECTION 9 / / The administrative expenses - Item 150


9.1 Personnel expenses: breakdown
Type of cost/sectors                                                               Total 2008            Total 2007
1) Employees                                                                         (292.120)             (259.304)
   a) wages and salaries                                                              (169.980)             (177.219)
   b) social security charges                                                          (44.285)              (48.035)
   c) employee severance indemnities                                                           -                     -
   d) social security costs                                                                    -                     -
   e) provision for employee termination indemnities                                     (4.116)                1.955
   f) provision to pension funds and similar commitments:                                  (594)                 (557)
       - defined contribution                                                                  -                     -
       - defined benefit                                                                   (594)                 (557)
   g) payments to external supplementary pension schemes:                              (20.289)              (19.980)
       - defined contribution                                                          (20.298)              (19.980)
       - defined benefit                                                                       9                     -
   h) costs related to share-based payments equity-                                            -                     -
   i) other employee benefits                                                          (52.856)              (15.468)
2) Other personnel expenses                                                               2.522                 8.710
   - Unusual employment contracts                                                        (2.626)               (2.163)
   - Group staff seconded to the bank                                                      (667)                    8
   - Recovery staff seconded to other group companies                                     5.815                10.865
3) Directors and Auditors                                                               (3.315)               (2.075)
Total                                                                                (292.913)             (252.669)


The provision for employee termination benefits and payments to external pension funds to
defined benefit plans include the economic effects generated by the change in the method of recognition of
gains and losses from Corridor to Sorie.
For a detailed analysis of this issue can be found in Section 11, Part B, Balance Sheet Liabilities of Note
Notes.
The other benefits for employees include € 41.3 million provision for redundancy incentives
duty personnel. The plan covers an estimated number of employees equal to 290. To the end of the 80 units
service is planned for 1 st trimeste 2010.
For the latter, the cost is discounted at an annual rate of 2.62%.


9.2 Average number of employees per category
Employees                                                                                2008                   2007
a) executives                                                                              131                   117
b) total officials                                                                       1.322                 1.284
   - Of which 3rd and 4th level                                                            625                   608
c) other staff                                                                           1.744                 1.760
Total                                                                                    3.197                 3.161
Other personnel                                                                             46                    47
Total                                                                                    3.243                 3.208


Provision for termination benefits: total costs
a) cost on current performance                                                                                      -
b) Interest expenses                                                                                          (1.637)
c) expected return on plan assets                                                                                   -
d) gains and losses recognized                                                                                      -
e) cost on past performance                                                                                         -
f) loss (gain) of curtailments or settlements                                                                 (2.479)
Total                                                                                                        (4.116)


The item "Loss (income) of reductions or extinctions," notes the impact of the recalculation in relation to the change of
method
recognition of gains and losses from Corridor to Sorie.
124 //            03 / / NOTES                         PART C:   INCOME STATEMENT INFORMATION




9.3 Post-retirement defined benefit plans: total costs
a) future expected cost of current employee services                                                              -
b) Interest expense                                                                                           (594)
c) expected return on plan assets                                                                                 -
d) gains and losses recognized                                                                                    -
e) cost related to past employee services                                                                         -
f) loss (gain) of decreases or terminations                                                                       -
Total                                                                                                         (594)


As shown in table 12.3 of the Notes to the Balance Sheet - Liabilities, the provision for pensions to pre-
station to be adopted at the end of the year to € 10.857 million, relates to the management
Banca Popolare di Lecco merged company and was established with agreements signed on 25 July 1985 and January 21
1988 with the trade union delegation of the management.
This is a fund without legal personality and integrative treatment of Social Security.
The Fund assets are invested in the Bank's activities, are thus not expected returns arising from
specific activities of plan.
Following the implementation of the merger agreement of October 25, 1994 providing for the unification of social security-
za enterprise integration, have been transferred to any position of the active staff at Deutsche Bank Pension Fund
SpA Therefore, this fund is currently designed to guarantee performance only to retired staff.


9.4 Other benefits to employees
Items / Components                                                                Total 2008           Total 2007
- Meal vouchers                                                                         (3.252)              (3.237)
– Insurance                                                                             (4.241)              (3.895)
- Contract renewal                                                                            -              (4.500)
- leaving incentives                                                                  (41.302)                     -
- Other benefits                                                                        (4.061)              (3.836)
Total                                                                                (52.856)             (15.468)


9.5 Other administrative expenses: breakdown
Items / Components                                                                Total 2008           Total 2007
- Legal and notary expenses                                                             (7.238)              (6.839)
- Various consulting                                                                    (8.278)              (8.053)
- Printing and stationery                                                               (5.255)              (4.620)
- Lease electronic machines and software                                                (8.963)              (7.393)
- Services rendered by others                                                        (115.779)            (108.442)
- Postal, telegraph, telephone and telex                                              (21.853)             (22.064)
- Cleaning of premises                                                                  (4.138)              (3.990)
- Surveillance                                                                          (7.131)              (6.166)
- Lighting and heating                                                                  (6.372)              (5.959)
- shipping costs                                                                        (2.357)              (2.150)
- Cost of maintenance, repairs and transformation                                     (13.811)             (16.188)
- Space lease                                                                         (16.557)             (15.318)
- Other insurance                                                                       (1.504)              (2.144)
- Advertisements and publicity                                                        (11.966)             (12.076)
- Information and inquiries                                                           (11.005)               (9.517)
- Travel expenses                                                                       (4.613)              (5.454)
- Debt collection expenses                                                            (12.057)               (9.151)
- Credit card processing services                                                     (20.373)             (18.752)
- Subscriptions                                                                           (417)                (397)
- other                                                                               (13.571)               (9.137)
Subtotal (A)                                                                        (293.238)            (273.810)
Taxes and duties
- Stamp duty paid to the tax administration                                              (252)                 (225)
- Local property taxes                                                                 (1.225)               (1.218)
- Other taxes and charges                                                              (1.901)               (2.392)
Subtotal (B)                                                                          (3.378)               (3.835)
Total (A) +(B)                                                                      (296.616)            (277.645)
                                                                                                                     // 125




The services rendered by third parties are made up mainly from services provided by DB Consortium and other
companies within the group
DB bit to assist the bank in the world.
A significant portion of these services on the activities of Information Technology.




SECTION 10 / / Net provisions for risks and charges - Item 160


10.1 Net provisions for risks and charges: breakdown
Items / Components                                                                       Total 2008            Total 2007
Legal disputes                                                                               (39.519)                (2.111)
other risks and charges                                                                        (4.797)                  430
interest discount - time effect                                                                (2.236)               (1.552)
interest discount - rate effect                                                                  (906)                  280
Total                                                                                       (47.458)                (2.953)


The increase in provisions for litigation relates to the main take Parmalat in
already mentioned above.




SECTION 11 / / Net adjustments to tangible assets - Item 170


11.1 Net impairment losses on assets: breakdown
Activities / Income                                    Depreciation          WRITE-DOWNS             WRITE-BACKS Result
                                                                            for impairment          value           net
                                                                      (A)                  (B)            (C)     (A+B-C)
A. Property, plant and equipment
A.1 Owned
   - Used in operations                                        (15.640)                      -            -        (15.640)
   - Investment                                                       -                      -            -               -
A.2 Acquired under financial lease
   - Used in operations                                         (2.782)                      -            -         (2.782)
   - Investment                                                                              -
Total                                                         (18.422)                       -            -       (18.422)




SECTION 12 / / Write-backs on intangible assets - Item 180


12.1 Net impairment losses of intangible assets: breakdown
Activities / Income                                    Depreciation          WRITE-DOWNS             WRITE-BACKS Result
                                                                            for impairment          value           net
                                                                      (A)                  (B)            (C)     (A+B-C)
A. Intangible assets
A.1 Owned
   - Generated internally by                                           -                     -            -                -
   – Other                                                       (2.498)                     -            -          (2.498)
A.2 Acquired under financial lease                                     -                     -            -                -
Total                                                           (2.498)                      -            -         (2.498)
126 //             03 / / NOTES                             PART C:         INCOME STATEMENT INFORMATION




SECTION 13 / / Other net operating income/expenses - Item 190


13.1 Other operating expenses: breakdown
Items / Components                                                                           Total 2008       Total 2007
Losses on credit cards to fraud and irregularities                                                 (3.920)          (3.282)
Third party property management expenses                                                                 -             (34)
Other costs                                                                                              -             (19)
Contingent liabilities not otherwise related and other operating expenses                          (7.956)          (4.104)
Total                                                                                           (11.876)           (7.439)




13.2 Other operating income: breakdown
Items / Components                                                                           Total 2008       Total 2007
Rental and other income                                                                            10.004            9.465
Recovery of expenses and other income                                                               4.032            7.726
Extraoridinary write-downs of assets and other operating expensesTotal                              4.148            5.017
                                                                                                  18.184           22.208




SECTION 14 / / Gains (losses) on investments - Item 210


14.1 Gains (losses) on investments: breakdown
Income components / Values
A. Income                                                                                    Total 2008       Total 2007
   1. Revaluations
   2. Profits from disposal                                                                               -             -
   3. Write-backs                                                                                         -        18.924
   4. Other positive changes                                                                              -             -
B. Expenses                                                                                               -             -
   1. Write downs
   2. Adjustments for impairment                                                                        -                -
   3. Losses from disposal                                                                        (9.637)                -
   4. Other negative changes                                                                            -                -
Net profit (loss)                                                                                       -          (3.758)
                                                                                                 (9.637)           15.166


The value adjustment of € 9.637 million was recognized during the test carried out on the impairment test
On shares of Deutsche Asset Management Italy SpA, which has already given mention in the Annual Report
in the Note to Part A of accounting policies. The indicators of exogenous origin that led
execution of the test are to be referred to the negative performance of the subsidiaries of the same for the following
factors:
n decline in assets under management and a consequent decrease in commission revenues for asset management;
n reduction in the prospective profitability of the brokerage.




SECTION 15 / / Net fair value of tangible and intangible assets - Item 220


This case does not.
                                                                                                     // 127




SECTION 16 / / Impairment of goodwill - Item 230


None present.




SECTION 17 / / Gains (losses) on disposal of investments - Item 240


17.1 Gains (losses) on disposal of investments: breakdown
Income components / Values                                                     Total 2008      Total 2007
A. Properties                                                                        3.364            1.777
    Gains from disposal                                                               3.364           1.777
   Losses from disposal                                                                    -               -
B. Other assets                                                                      1.470              132
   Gains from disposal                                                                1.470             189
   Losses from disposal                                                                    -            (57)
Net gains(losses)                                                                    4.834            1.909


Income from sale of investments was mainly generated from the sale was effected in the
the property owned by Milan, Via Santa Sofia.




SECTION 18 / / Taxes on income from current operations - Item 260


18.1 Taxes on income from current operations: breakdown
Component / Values                                                             Total 2008      Total 2007
1. Current taxes (-)                                                              (49.995)       (101.964)
   Provision for Taxes                                                             (57.277)       (110.883)
   Crediting the tax burden on tax-consolidated companies                                  -               -
   Charge-back taxes for tax-consolidated companies                                   7.287           8.919
   Withholding tax                                                                       (5)               -
2. Changes in prior period income taxes (+/–)                                       12.896            6.723
3. Reduction of current tax for the year (+)                                               -               -
4. Changes in deferred tax assets (+/-)                                             22.433              (46)
   Arising                                                                           40.838          32.233
   Cancelled                                                                       (18.405)         (33.756)
   Crediting of tax assets arising to tax-consolidated companies                           -         (1.554)
   Charge-back of deferred taxesto -consolidated companies                                 -          3.031
5. Change in deferred tax liabilities (+/–)                                           4.223           4.523
   Arising                                                                           (8.553)         (8.328)
   Cancelled                                                                         12.776          12.911
   Charge-back of tax liabilities arising to tax-consolidated companies                    -              11
   Crediting of deferred taxes to consolidated companies                                   -            (71)
6. Taxes for the year (-) (-1 +/ -2+3+ / -4+ / -5)                                (10.443)         (90.764)
128 //            03 / / NOTES                   PART C:           INCOME STATEMENT INFORMATION




18.2 Reconciliation of theoretical tax and actual tax burden
                                                                 2008                                2007
                                                  Taxable      rates     taxes        Taxable      rates     taxes
Profit from ordinary activities before tax           36.968                             239.297
Theoretical tax rate / theoretical taxes                       27,50%    (10.166)                  33,00%    (78.968)
Non-taxable revenues - permanent differences        (60.076)   27,50%      16.521       (44.743)   33,00%      14.765
Non-deductible costs - permanent differences         50.214    27,50%    (13.809)         9.576    33,00%      (3.160)
Corp. Income tax- effective rate                               20,16%     (7.454)                  28,15%    (67.363)
IRAP - effective rate                                          56,91%   (21.038)                   10,56%    (25.269)
Adjustments in the registration, evaluation                                 9.153                             (3.929)
of deferred tax assets / deferred
Other changes                                                             8.896                                 5.797
Income taxes recorded in the income statement                  28,25%   (10.443)                   37,93%    (90.764)


The significant amount of IRAP in particular suffers from the high incidence of personnel costs, including
effect of the incentive plan, compared to operating income.

The amount of € 9.153 million in the inscription written in the adjustments of deferred tax assets / deferred detects primarily
mind the effect of changes introduced by the Finance Act 2008 in terms of realignment of the
with the statutory tax: the abolition of the RC framework has been accompanied by the possibility of realigning the values
by paying a substitute.

The other changes mainly detect the release of deferred tax remaining after the payment of
taxes from the previous year.




SECTION 19 / / Gain (Loss) from discontinued operations, net of taxes - Item 280


None present.




SECTION 20 / / Other Information


There was no additional information to report.
                                                                                          // 129




SECTION 21 / / Earnings per share


Below is the information required by IAS 33, "Earnings per share".


21.2 Other information
                                                                     31.12.2008     31.12.2007
Basic earnings for the year                                              26.525        148.533
Diluted earnings for the year
to deduct, gains / losses due to dilutive components (not shown)                -              -
Average shares in circulation
average number of shares in circulation                              113.645.461    113.645.461
dilutive potential ordinary shares                                              -              -
average number of outstanding shares including those of potential    113.645.461    113.645.461
Earnings per share in €
Basic earnings per share                                                    0,23           1,30
Diluted earnings per share                                                      -             -
130 //                 03 / / NOTES                                      PART D                       SEGMENT INFORMATION




Part D - Segment
A. PRIMARY

ORGANIZATION FOR AREAS OF ACTIVITY
Deutsche Bank is divided into the following sectors:
n PCAM (Private Clients and Asset Management)
n CIB (Corporate and Investment Banking)
These areas reflect the organizational structure defined for the Deutsche Bank AG and a global
are consistent with the provisions of IAS 14 relating to segment (Segmental Reporting).
This joint has been chosen as the primary reporting as it is used according to the principle of "approach
directional, "as the basis for internal reporting to decision-making bodies of the Bank.
In particular, the PCAM sector includes the private banking activities (retail, private banking, private wealth manage-
gement and consumer banking), with small and medium businesses (business banking) and asset management.
The sector includes the activities of CIB on behalf of large companies, multinationals, financial institutions and the com-
plexus of the investment banking business.
The following tables shows the key economic and financial data summarizing the outcome of the sectors
Activity:

Economic data
                                                                     PCAM                      CIB                 Consolidation             Total
                                                                                                                   and Reconciliation
Net interest income                                                355.023                110.020                                   -      465.043
Commission and other net operating revenues                        401.948                (93.497)                            12.010       320.461
Credit risk provisions                                             (91.658)                (5.278)                                  -      (96.936)
Operating expenses                                                (558.775)               (92.825)                                  -     (651.600)
Profit before tax                                                  106.538                (81.580)                            12.010        36.968
Income taxes                                                       (33.145)                22.702                                   -      (10.443)
Net income                                                          73.393               (58.878)                            12.010         26.525


Balance sheet
                                                                     PCAM                      CIB                 Consolidation             Total
                                                                                                                   and Reconciliation
Financial assets                                               15.701.213             10.074.777                            354.380      26.130.370
Other assets                                                      748.829                184.901                           (144.115)        789.615
TOTAL ASSETS                                                  16.450.042             10.259.678                             210.265     26.919.985
Financial liabilities                                          11.270.199             13.898.166                              22.553     25.190.918
Other liabilities                                                 454.894                179.177                               3.612        637.683
Shareholders’ equity                                              881.302                210.082                                    -     1.091.384
Total Liabilities                                             12.606.395             14.287.425                              26.165     26.919.985



CRITERIA FOR THE CALCULATION OF RESULTS BY SECTOR
The allocation to specific sectors has been determined based on the following criteria:
nl'appartenenza of individual customers to divisions based on the classification and registry for specific lines
  product;
n the interest margin was calculated using specific internal transfer rates;
ni services rendered by individuals to other areas were quantified using specific questions figurative;
n regard to costs, in addition to the direct award of these sectors have been reversed, with specific
  allocation criteria, costs related to the central structures;
n for each sector was given the capital absorbed by exposure to various types of risk;
n Consolidation and Reconciliation in the column were included in addition to the effects of consolidation
  relationships between the divisions, including any reclassifications between various items.


B. Secondary segment
The breakdown by economic variables and capital by region is not relevant to the Bank
As all activities are carried out in Italy.
                                                                                                              // 131




Part E - Information on risks
and hedging policies
SECTION 1 / / Credit Risk


QUALITATIVE INFORMATION

1. GENERAL
Even in the period in question the activity was characterized by consistent credit risk management, made
applying a trading strategy suited to the particular economic situation. Add to this a
timely and continuous control action and adequate training of personnel involved.
The adoption of credit policies aimed at an efficient allocation of capital and minimization
counterparty risk and portfolio management, among other things, accompanied by careful monitoring of sectoral data,
allowed, while operating in a very difficult economic environment, to manage the level of positions
stranded and suffering is not satisfactory as in the past, but still below the average
in the banking system.


2. POLITICAL MANAGEMENT OF CREDIT RISK
2.1 Organizational aspects
Below is the qualitative information concerning the management of credit risk with respect
lending activity and operation in the derivative contracts, which the Bank pays particular attention.
What general principles, he stressed that all the extensions of credit to the various counterparties must be
authorized by a person / body which has the necessary powers to grant (previously-assigned
Member). The definition and allocation of powers for a higher amount, the responsibility, in accordance with the policy
of the Bank,
to the Supervisory Board. The powers for granting the credit shall be reviewed periodically, taking into account
the qualification and experience of those involved the provision of funds. In addition, all business divisions
As used in the credit approval process, uniform and consistent with the nature and size
type of customer.
It is also in place for close collaboration and sharing of expertise with Parent, with the identification of
benchmark group and the mutual exchange of knowledge, which analyzes sectors and markets.

2.2 Management, measurement and control
As part of its procedures and systems adopted for the management, measurement and control of credit risk
Significant new rules were implemented than in the previous exercise to be in-
exercise. The management of credit risk related to banking activities continue to emerge around the following
Activity:
No credit risk rating and scoring;
No determination of the exposure and approved process;
n risk monitoring;
n early detection of abnormalities andamentali;
n Quality assurance;
No regular review of policies and guidelines governing the disbursement of the loan.


Credit risk rating and scoring
A key element of the credit approval process is the detailed assessment
the underlying risk. The procedure for this assessment will consider both the creditworthiness of the counterparty, is
the risk exposure related to the specific request. The result produced is expressed in terms of risk rating and risk
scoring (PD and EL). These two factors, and the duration of the exposure, influence the allocation of capital, the
decision
credit, the level of power required for the approval, conditions and subsequent monitoring.
Different processes of credit risk rating and scoring are adopted because of the nature and type size
sional score. The different scoring models are subject to constant testing and refinement of action.
In the case of large customers who, by their nature are potential users of the full range of products and
financial services offered by the Bank, the assignment of credit risk rating is based on a review of
132 //            03 / / NOTES                        PART E:            INFORMATION ON RISKS AND RELATED HEDGING POLICIES




characteristics of financial, operational and managerial as well as the counterpart of the specific characteristics of
facility in question. At the conclusion of this process is given, which is the counterpart to the specific exposure,
rated, selected in a staircase of 26 different degrees to which they relate certain probability
by default. The credit risk rating is used, together with other factors such as the expected recovery rate, the amount and
duration of a specific credit exposure to determine the possible loss associated with it. I
parameters used for the determination of expected loss are regularly reviewed and validated by unit
specifically responsible for this bank.

Determination of the exposure and approved process
The credit decision always refers to the entirety of exposures to a counterparty (or group of counter-
parts). Regular renewal of credit lines in place is regarded as a new credit decision, and
as such it requires the appropriate procedures and approvals.
For the activities of commercial banking, the credit report is the basis of any written credit decision.
Generally, these credit reports are updated on an annual basis. They contain at least one
overview of exposures and use granted, the history of the rating assigned to the counterparty, the sectoral data
materials, and financial data, a brief description of the underlying reasons for the request and a summary of
credit assessment.
For the business "retail", such as consumer credit, mortgages or credit cards, process-APPROVAL
it is based on the initial risk assessment and the outcome of the scoring, while the monitoring of those exposed
provisions for reimbursement is based on the behavior of customers. The portfolio of consumer credit and that concerning
residential mortgages to individuals has been approved in terms of compliance with the requirements of the Treaty of Basel
2 for the advanced use of the approach, which is used for supervisory reporting to Duetsche Bank AG.

Risk monitoring
Exposures and their operating performance are continuously monitored by methods that differ-
Titian, depending on the type of business, in order to correct potential deterioration phenomena.

Early detection of abnormalities andamentali
Credit Risk Management, through its Quality Assurance Section, will monitor the anomalies
"Timely" and "andamentali. The first refers to the positions assigned "boundless", concerning non-
compliance with the regulations on credit limits assigned, monitored on the basis of predefined rules regarding
frequency of tests, the amount and duration of continuous spill, a process description of the interventions, escalation.
The monthly monitoring of anomalies "andamentali", in relation to reliable reports, concerns the manage-
any of those phenomena individually, even for their recurrence, or in a group with others to be worthy of
detection, reporting and management. The management of these anomalies results in a consequent streams andamentali-
sitazione by the Credit Risk Management, the credit decision, an action aimed at the protection of
credit risk.

Quality Assurance
In order to have a correct perception of their exposure to each customer or customer group
connected, to enable them, if necessary, to a timely review of credit lines, the Bank, for the trans-
QA mild, has a continuously updated information base.

Periodic review of policies and guidelines governing the disbursement of credit
In compliance with current diposizioni internal audit of the above is done by the Credit Risk
Management on an annual basis, unless further action is dictated by the infra-annual specific operational needs.

Credit risks associated with derivative contracts in the operational
The Bank has adequate and sophisticated tools to detect the timely "mark-to-market and monitoring,
transactions, through which from time to time the currency risk for a coherent framework for operating in the ceiling
respect of both commercial and institutional customers. It is also used a more conservative criterion
quantification of the underlying risk, represented by the "Potential Future Exposure (PFE).
                                                                                                               // 133




The PFE expresses the potential risk of a portfolio at some future date in the event of an unfavorable change in
vorevole price the asset / liability below. In general, the adverse change is determined based on
historical volatility of the asset / liability below with a confidence interval of 95%. The maximum value-
King hired by PFE is therefore the best estimate of credit exposure of a derivative contract
assuming the worst situation.

2.3 Technical Risk Mitigation Credit
Our credit policy has always imposed, wherever possible, the adoption of instruments aimed at mitigating the
credit risk. In particular, at least when it comes to larger customers, the instrument
minds regarding the most frequently used assumption of guarantees issued by the parent on behalf of
its subsidiaries, or, for transactions where the amount exceeds the limits on large exposures, obtaining
pledges in cash or surety bonds issued by our parent company.
As for the "retail" where appropriate safeguards are collected, even partial, in securities
wide market and, of course, in the case of loans for buying properties, appropriate mortgage.
In case of collection of these personal guarantees from corporate officers are generally collected after
appropriate assessment of the capacity of the same.
There is a structure dedicated to looking after the operational aspects and legal instruments related to the mitigation
credit risk above.
In addition, the Bank uses hedging instruments summary of the risks involved in a systematic way to
avoid concentration risks.

2.4 Impaired financial assets
Within the Credit Risk Management, there is a specific unit responsible for monitoring and management
impaired financial assets. The activities are classified into two categories ("substandard" and "doubtful") in
function of credit risk ratings assigned to borrowers and specific provisions to the reserve for loan losses are
resolved as a result of an analytical assessment of exposure deteriorated.
The use of "commercial bank" belonging to this case are allocated in the classification "substandard" and
"Suffering" (meaning enacted by the Supervisory Body).
The management of the watchlist is decentralized at the counter, while the control and supervision over the
management
are located on the same section, Problem Loans, Credit Risk Management.
The evolution of the deterioration of mortgage lending is managed according to the delay in payments provided
contractually
mind, while respecting the rule of the TUB, where the stranding is configured to 180esimo day late.
The signal to the suffering of non-performing loans for all financial activities of the "commercial bank" is
authorized only by Credit Risk Management. With the exception of mortgages, for which there is
transfer to the suffering of 270 days past due, unless an exception is justified.
Factors that could allow the transition from impaired loans to performing loans are estimated at
level manager with the help of renewed relationship with objective and subjective, but this step must
be examined by the competent decision-making bodies of the Credit Risk Management for the eventual self-
authorization.

His return to performing in principle can not be separated from the repayment of the past.
The adjustments are handled directly by Credit Risk Management for performing loans and in close
collaboration with the OU legal for bad debts.
In respect of financial assets over a certain amount, adjustments reflect the expected
deduced by an analytical recovery of each individual situation deteriorated, while for the credit entity-mode
is the value adjustments are set automatically, based on a historical model statistics.
Both the administration, that the control of impaired financial assets, as well as how to evaluate the grinding-
and value are supported by computer tools, usually used on a monthly basis.
Under the Consumer Finance Collection activities are automated and driven days expired. To
As regards the activity of Recoveries, these relate to claims dismissed at the benefit of
term.
134 //                   03 / / NOTES                       PART E:                         INFORMATION ON RISKS AND RELATED HEDGING POLICIES




QUANTITATIVE INFORMATION

A. Credit Quality
A.1 IMPAIRED AND PERFORMING: AMOUNTS, adjustments, changes, distribution
ECONOMIC AND REGIONAL


A.1.1 Distribution of financial assets by portfolio and credit quality (value)

PORTFOLIO/QUALITY                          Non-performing        Doubtful         Restructured           past-due            Country                     Other               Total
                                           loans                 loans            loans                  loans                risk                       activities
1. Financial assets held for trading                    -                 -                          -                   -             -              150.674              150.674
2. Financial assets available for sale                  -                 -                          -                   -             -          1.637.258            1.637.258
3. Financial assets held to maturity                    -                 -                          -                   -             -                        -                    -
4. Loans to banks                                       -                 -                          -                   -             -          6.707.482            6.707.482
5. Loans and advances to customers            187.588            47.880                              -        39.870                   -      16.873.229              17.148.567
6. Financial assets valued at fair value                -                 -                          -                   -             -                        -                    -
7. Financial assets held for sale                       -                 -                          -                   -             -                        -                    -
8. Hedging derivatives                                  -                 -                          -                   -             -              131.466              131.466
Total 2008                                   187.588             47.880                              -       39.870                    -    25.500.109                25.775.447
Total 2007                                   162.440             26.944                              -        27.411            659          22.491.022               22.708.476




A.1.2 Distribution of financial assets by portfolio and credit quality (gross and net)
                                                                      Impaired assets                                                                    Other assets
PORTFOLIO/QUALITY                                   Gross           Corrections           Rett. of                                         Esp.             Rett. of                     Esp.             Total
                                                                   SPECIFIC               portfolio.                 Net               GRO                   portfolio.                             (Esp. net)
1. Financial assets held for trading                         -                    -                  -               -                        X                        X             150.674            150.674
2. Financial assets available for sale                       -                    -                  -               -         1.637.258                               -         1.637.258            1.637.258
3. Financial assets held to maturity                         -                    -                  -               -                            -                    -                        -                 -
4. Loans to banks                                            -                    -                  -               -         6.707.482                               -         6.707.482            6.707.482
5. Loans and advances to customers              675.407               (400.069)                      -     275.338            16.938.979                   (65.750)            16.873.229            17.148.567
6. Financial assets valued at fair value                     -                    -                  -               -                        X                        X                        -                 -
7. Financial assets held for sale                            -                    -                  -               -                            -                    -                        -                 -
8. Hedging derivatives                                       -                    -                  -               -                        X                        X             131.466            131.466
Total 2008                                      675.407             (400.069)                        -    275.338            25.283.719                   (65.750)            25.500.109            25.775.447
Total 2007                                      552.757               (335.962)                      -     216.795           22.251.078                    (54.635)            22.491.681           22.708.476




A.1.3 Cash and off-balance sheet exposures to banks: gross and net values
Type of exposure / values                                   Gross exposure                           Corrections             Corrections                  Net Exposure
                                                                                                      value                   value
                                                                                                     SPECIFIC            Portfolio
A. Cash exposures
a) Bad debts                                                                    -                              -                              -                                  -
b) Doubtful loans                                                               -                              -                              -                                  -
c) Restructured loans                                                           -                              -                              -                                  -
d) Past-due loans                                                               -                              -                              -                                  -
e) Country risk                                                                 -                             X                               -                                  -
f) Other assets                                                        8.303.670                              X                               -                         8.303.670
Total A                                                               8.303.670                                -                              -                        8.303.670
B. Off-balance sheet exposures
a) Impaired                                                                     -                              -                         -                                       -
b) Other                                                               1.331.088                              X                      (115)                              1.330.973
Total B                                                               1.331.088                                -                     (115)                             1.330.973


The balance sheet exposures include all financial assets due from banks, whatever their
portfolio allocation accounts (trading, available for sale, held to maturity, loans,
assets measured at fair value and financial assets held for sale).
                                                                                                                          // 135




A.1.4 Balance-sheet exposure to banks: changes in impaired loans subject to "country risk"
Causal / Categories                         Non-performing loans   Doubtful loans    EXPOSURES      EXPOSURES     Country Risk
                                                                                    refurbished       Expired
A. Opening gross exposure                            -                  -                       -             -             672
   - of which: exposures sold but not derecognized   -                  -                       -             -                -
B. Increases                                         -                  -                       -             -                -
   B.1 inflows from performing loans                 -                  -                       -             -                -
   B.2 transfers from other categories               -                  -                       -             -                -
       of impaired
   B.3 other increases                               -                  -                     -              -                 -
C. Decreases                                         -                  -                     -              -             (672)
   C.1 outflows to performing loans                  -                  -                     -              -                 -
   C.2 write-offs                                    -                  -                     -              -                 -
   C.3 collections                                   -                  -                     -              -             (672)
   C.4 proceeds from disposals                       -                  -                     -              -                 -
   C.5 transfers to other categories                 -                  -                     -              -                 -
       of impaired
   C.6 other decreases                               -                  -                     -              -                   -
D. Closing gross exposure                            -                  -                     -              -                   -
   - of which: exposures sold but not derecognized   -                  -                     -              -                   -


A.1.5 Balance-sheet exposure to banks: changes in total adjustments
Causal / Categories                         Non-performing loans   Doubtful loans    EXPOSURES      EXPOSURES     Country Risk
                                                                                    refurbished       Expired
A. Total initial adjustments                         -                  -                       -             -              13
   - of which: exposures sold but not derecognized   -                  -                       -             -                -
B. Increases                                         -                  -                       -             -                -
   B.1 write-downs                                   -                  -                       -             -                -
   B.2 transfers from other categories               -                  -                       -             -                -
        of impaired
   B.3. Other increases                              -                  -                     -              -                 -
C. Decreases                                         -                  -                     -              -              (13)
   C.1 write-backs on valuation                      -                  -                     -              -                 -
   C.2 write-backs on amounts collected              -                  -                     -              -              (13)
   C.3 write-offs                                    -                  -                     -              -                 -
   C.4. Transfers to other                           -                  -                     -              -                 -
        of impaired
   C.5 other decreases                               -                  -                     -              -                   -
D. Final total adjustments                           -                  -                     -              -                   -
   - of which: exposures sold but not derecognized   -                  -                     -              -                   -
136 //              03 / / NOTES                                PART E:                INFORMATION ON RISKS AND RELATED HEDGING POLICIES




A.1.6 Cash and off-balance sheet exposures to customers: gross and net
Type of exposure / values                                   Gross Exposure          Specific value       Portfolio value       net exposure
                                                                                             adjustments      adjustments
A. Cash exposures
   a) Non-performing loans                                            558.702                 (371.114)                    -             187.588
   b) Doubtful loans                                                   66.070                  (18.190)                    -              47.880
   c) Restructured loans                                                  842                     (842)                    -                    -
   d) Past-due loans                                                   49.793                   (9.923)                    -              39.870
   e) Country risk                                                           -                       X                     -                    -
   f) Other assets                                                 17.012.620                        X              (65.750)          16.946.870
Total A                                                           17.688.027                 (400.069)             (65.750)          17.222.208
B. Off-balance sheet exposures
   a) Impaired                                                          1.360                    (283)                     -               1.077
   b) Other                                                         2.514.244                        X               (3.964)           2.510.280
Total B                                                            2.515.604                     (283)              (3.964)           2.511.357


The balance sheet exposures include all financial assets due from customers, whatever their
portfolio allocation accounts (trading, available for sale, held to maturity, loans,
assets measured at fair value and financial assets held for sale).

A.1.7 Cash exposures to customers: changes in impaired loans subject to "country risk"
Causal / Categories                             Non-performing loans      Doubtful loans    Restructured     Past-due              Country Risk
                                                                                           exposures            exposures
A. Opening gross exposure                            463.826             53.947                       -          34.984                           -
  - of which: exposures sold but not derecognized           -                  -                      -                -                          -
B. Increases                                         144.196            157.812                  1.474         251.203                            -
   B.1 transfers from performing loans                45.517            104.040                       -         213.058                           -
B.2 transfers from other categories of impaired loans 89.536             40.586                  1.474            8.056                           -
                                                                                                                                                  -
   B.3 other increases                                 9.143              13.186                     -           30.089                           -
C. Decreases                                        (49.320)           (145.689)                 (632)        (236.394)                           -
   C.1 transfers to performing loans                        -            (16.538)                    -         (161.325)                          -
   C.2 write-offs                                     (7.258)             (7.161)                    -             (586)                          -
   C.3 payments                                      (13.799)            (29.212)                (632)          (29.637)                          -
   C.4 proceeds from disposals                       (26.235)                   -                    -                 -                          -
C.5 transfers to other categories                     (2.028)            (92.778)                    -          (44.846)
        of impaired loans                                                                                                                         -
   C.6 other decreases                                     -                    -                    -                 -                          -
D. Closing gross exposure                           558.702               66.070                  842            49.793                           -
   - of which: exposures sold but not                      -                    -                    -                 -                          -
   derecognized
                                                                                                                                                   // 137




 A.1.8 Cash exposures to customers: changes in total adjustments
 Causal / Categories                                    Non-performing loans    Doubtful loans   Restructured     Past-due               Country Risk
                                                                                                 exposures           exposures
 A. Total initial adjustments                             301.386                27.003                     -          7.573                            -
    - of which: exposures sold but not                           -                    -                     -               -                           -
    derecognized                                          123.856               18.083                 1.474           5.956                            -
 B. Increases                                             115.160               17.560                      -           5.512                           -
 B.1 adjustments                                             8.696                 523                 1.474              444                           -
B.2 transfers from other categories of impaired loans
    B.3. Other increases                                          -                    -                  -                  -                          -
 C. Decreases                                             (54.128)             (26.896)               (632)           (3.606)                           -
    C.1 write-backs on valuation                              (774)              (2.786)                  -            (1.258)                          -
    C.2 write-backs on amounts collected                    (5.488)              (7.673)              (632)              (366)                          -
    C.3 write-offs                                         (33.683)              (7.161)                  -              (476)                          -
C.4. Transfers to other categories of impaired                (548)              (9.276)                  -            (1.313)                          -
           loans
    C.5 other decreases                                   (13.635)                    -                   -              (193)                          -
 D. Final total adjustments                               371.114               18.190                 842              9.923                           -
    - of which: exposures sold but not                           -                    -                   -                  -                          -
    derecognized




 A.2 Classification of exposures based on external and internal ratings


 A.2.1 Distribution of the balance sheet exposures and off balance sheet "for classes of external ratings
 The Bank does not use external ratings for the classification of balance sheet exposures and off-balance.


 A.2.2 Distribution of the balance sheet exposures and off-balance sheet for internal rating classes
 The Bank uses an internal rating system for the classification of customers reliable, both banking and non banking.
 This rating system is connected with the attribution of so-called PD, "probability of default, a parameter that is used for classification
 and evaluation of community-based lending portfolio.


 At December 31, 2008 the value of the loans, in thousands of euro, is as follows:

 Loans to banks                                                                                                                                 6.707.482
 Loans and advances to customers                                                                                                               17.148.567
 Total loans                                                                                                                                  23.856.049
 of which:
 with rating assigned                                                                                                                         23.541.671
 no rating assigned                                                                                                                              314.378
138 //              03 / / NOTES              PART E:           INFORMATION ON RISKS AND RELATED HEDGING POLICIES




The following table shows the breakdown of credit rating of the internal-balance sheet exposures and the
undrawn lines of credit underwriting.

Internal rating classes                                                  Exposure to cash         Usable Margin on
                                                                                                  irrevocable trust
iAAA                                                                                 1.112.693                    579
IAA                                                                                    820.184                 20.000
IAA                                                                                    773.440                 24.656
IAA-                                                                                 7.076.573                 15.465
iA                                                                                     672.767                 22.683
iA                                                                                     375.367                 11.704
iA-                                                                                    773.522                 42.831
iBBB                                                                                   746.916                 40.691
iBBB                                                                                   771.528                 38.504
iBBB-                                                                                1.550.974               243.516
IBB                                                                                  1.865.122                 65.059
IBB                                                                                  1.552.261                 27.451
IBB-                                                                                 2.736.468               153.239
iB                                                                                     744.164                  2.022
iB                                                                                     508.356                    503
-iB                                                                                    513.816                  3.194
ICCC                                                                                   409.150                    892
ICCC                                                                                   375.342                    683
ICCC-                                                                                   81.242                       -
ICC                                                                                     29.353                       -
ICC                                                                                     12.166                       -
ICC-                                                                                    11.327                       -
iC                                                                                       6.818                       -
iC                                                                                       6.444                       -
iC-                                                                                      4.895                       -
ID                                                                                      10.783                    187
Rating unassigned                                                                      314.378                 64.242
Total                                                                              23.856.049                778.101
                                                                                                                                                                                 // 139




A.3 DISTRIBUTION OF EXPOSURES SECURED BY TYPE OF GUARANTEE


A.3.1 Guaranteed cash exposures to banks and customers
                                                             Real guarantee (1)                                       Personal guarantee (2)                                     Total
                                                                                                                                                                                (1)+(2)
                                                                                             Credit derivatives            Endorsement loans
                                         Exposure Properties    Securities Other                Other public        Other Member Other BANKS                          Other
             Exposure          property securities other member     other              other            other pub
                                                                           Assets        member entity .          institutions subjects
                                      Value                 assets          public entity Bank      parties members Entity     bank   other assets
                                                                                                                  pub.
1. Exposures
   banks:
   1.1. completely secured             2.109.788             -   18.375 2.091.235          -              -           -        -         -          -          -      178     2.109.788
   1.2. partially secured                 12.863             -   12.103          -         -              -           -        -         -          -          -         -      12.103
2. Exposures
   customers:
   2.1. completely secured             9.180.876    3.783.760    87.478 2.135.033          -              -       -            -         -       85      260.912 2.913.608 9.180.876
   2.2 partially guaranteed            1.459.013      408.376    37.190   441.730          -              - 216,016            -         -         -     13.934  222.958 1.340.204


A.3.2 Guaranteed "off-balance sheet" exposures to banks and customers
                                                             Real guarantee (1)                                       Personal guarantee (2)                                     Total
                                                                                                                                                                                (1)+(2)
                                                                                                Credit derivatives                 Endorsement loans

                                       Exposure     property securities other    member         other               other          other pub.
                                       Value                     assets              public entity Bank       parties members Entity    Bank    other assets


1. Exposures
   banks:
   1.1. totally guaranteed                 3.289             -        -         10         -              -           -        -         -          -          -    3.279       3.289
   1.2. partially guaranteed              15.161             -        -          -         -              -           -        -         -          -          -   13.316      13.316
2. Exposures
   customers:
   2.1. completely secured               932.168      101.260    11.281    180.095         -              -           -        -         -          -      201.791 437.741    932.168
   2.2 partially guaranteed              474.165       11.238     4.498      8.019         -              -           -        -         -          -     267.433 43.466      334.654
140 //                 03 / / NOTES                                              PART E:                         INFORMATION ON RISKS AND RELATED HEDGING POLICIES




   A.3.3 Guaranteed impaired cash exposures to banks and customers


                                                                                                 Real guarantees                                                        credit derivatives
                                                                                                                                                                                                               Financial
                               Exposure amount                Guarantee amount              Properties         Securities Other assets        Govt & central Other pub.                 Banks                 Company              Insurance Company
                                                                                                                                              bank               entities


1. Exposures
   banks:
   1.1. i1 over 150%                           -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.2. between 100% and 150%                  -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.3. between 50% and 100%                   -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.4. by 50%                                 -                            -                        -             -          -                          -                  -                   -                    -                        -
2. Exposures
   customers:
   2.1. over 150%                   22.262                         22.262                      6.147            708        256                           -                  -                   -                    -                        -
   2.2. between 100% and 150%       16.707                         16.707                      2.223            209          28                          -                  -                   -                    -                        -
   2.3. between 50% and 100%          7.911                         7.509                      2.022            344        287                           -                  -                   -                    -                        -
   2.4. by 50%                        1.528                            176                           -           34          20                          -                  -                   -                    -                        -



A.3.4 Guaranteed "off-balance sheet" exposures to banks and customers

                                                                                                 Real guarantees
                                                                                                                                                                                                                         Credit derivatives
                                    Exposure                  Guaranteed                    Properties         Securities Other               Govts and          Other public           Banks                 Financial             Insurance company
                                    amount                    amount                                                       assets             central banks      entities                                     Company


1. Exposures
   banks:
   1.1. i1 over 150%                           -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.2. between 100% and 150%                  -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.3. between 50% and 100%                   -                            -                        -             -          -                          -                  -                   -                    -                        -
   1.4. by 50%                                 -                            -                        -             -          -                          -                  -                   -                    -                        -
2. Exposures
   customers:
   2.1. over 150%                     1.268                         1.268                            -             -         42                          -                  -                   -                    -                        -
   2.2. between 100% and 150%                187                       187                           -           69          15                          -                  -                   -                    -                        -
   2.3. between 50% and 100%          1.529                         1.512                        214            102        481                           -                  -                   -                    -                        -
   2.4. by 50%                               317                            -                        -             -          -                          -                  -                   -                    -                        -
B. DISTRIBUTION AND CONCENTRATION OF CREDIT
B.1 Distribution by sector of cash and off-balance sheet exposures to customers

                                                   Govt & central bank                        Other public entities                               financial companies
                                                   Specific     Portfolio        net        Gross         Specific value portfolio Net           Gross        specific value Portfolio              Net           Gross
Exposures/counterparty          Gross   value                 adjustment exposure exposure adjustment exposure                      exposure      exposure adjustment              adjustments exposure                    exposure
                           Exposure adjustments
A. Cash exposures
  A.1 Non-performing loans               -                -             -               -                -             -                 -        -             634             (526)                     -              108                  -
  A.2 Doubtful loans                     -                -             -               -                -             -                 -        -                1                -                     -                1                  -
  A.3 Restructured loans                 -                -             -               -                -             -                 -        -                 -               -                     -                 -                 -
  A.4 Past-due exposures                 -                -             -               -                -             -                 -        -               70                -                     -               70                  -
  A.5 Other exposures           73.361                   X           (64)       73.297              985                X                 -      985          429.026               X                 (586)        428.440             455.047
Total                           73.361                    -         (64)        73.297              985                -                 -     985        429.731               (526)                (586)       428.619              455.047
B. Off-balance sheet exposures”
  B.1 Non-performing loans               -                -             -               -                -             -                 -           -              -               -                     -                 -                   -
  B.2 Doubtful loans                     -                -             -               -                -             -                 -           -              -               -                     -                 -                   -
  B.3 Other impaired assets              -                -             -               -                -             -                 -           -              -               -                     -                 -                   -
  B.4 Other exposures               50                   X              -              50           243                X                 -      243          474.880               X                      -       474.880                3.248
Total                               50                    -             -              50           243                -                 -      243       474.880                   -                     -      474.880                3.248
Total 2008                      73.411                    -         (64) 73.347                 1.228                  -                 -   1.228       904.611                (526)                (586)       903.499              458.295
Total 2007                     141.420                    -        (127) 141.293               15.761                  -            (16)     15.745       926.656               (520)                (721)       925.415              517.796
                                                                                                                                                                                                                                         // 141




       Guarantees (fair value)
                                                 PERSONAL GUARANTEES
                                                                                                                              ENDORSEMENT LOANS
               Non financial          Other             Governments and            Other entities       Banks               Financial           Insurance       Non financial           Other             Total                      Surplus
                 companies        entities              Central Banks              Public                                companies          companies           companies           entities                                fair value guarantee


                                                                                                                                                                            -
                          -                  -                           -                      -                   -                  -                    -               -                  -                  -                             -
                          -                  -                           -                      -                   -                  -                    -               -                  -                  -                             -
                          -                  -                           -                      -                   -                  -                    -               -                  -                  -                             -
                          -                  -                           -                      -                   -                  -                    -                                  -                  -                             -



                                                                                                                                                                          659
                          -                  -                           -                  14                  27                    14                    -                         14.401             22.226                        110.401
                                                                                                                                                                          139
                          -                  -                           -                      -                   2                  -                    -                         14.061             16.662                          17.270
                                                                                                                                                                        1.067
                          -                  -                           -                      -                   -                 25                    -                          3.752               7.497                          2.810
                                                                                                                                                                           15
                          -                  -                           -                      -                   -                  -                    -                              59               128                                24




       Guarantees (fair value)
                                                 PERSONAL GUARANTEES
                                                                                                                              ENDORSEMENT LOANS
               Non financial          Other             Governments and            Other public         Banks               Financial           Company         Non financial           Other             Total                      SURPLUS
                 companies        entities              Central Banks              entities                              companies          Insurance               companies       entities                                fair value guarantee



                          -                  -                           -                      -                   -                  -                    -               -                  -                   -                            -
                          -                  -                           -                      -                   -                  -                    -               -                  -                   -                            -
                          -                  -                           -                      -                   -                  -                    -               -                  -                   -                            -
                          -                  -                           -                      -                   -                  -                    -               -                  -                   -                            -



                          -                  -                           -                      -                   -                  -                    -              52          1.174               1.268                          3.368
                          -                  -                           -                      -                   -                  -                    -               -            103                 187                            369
                          -                  -                           -                      -                   -                  -                    -              65            660               1.522                                9
                          -                  -                           -                      -                   -                  -                    -               -                  -                   -                            -




    INSURANCE COMPANIES                                             NON-FINANCIAL COMPANIES                                                   Other issuers                                                        Total
     Specific  Portfolio Net                          Gross        Specific Portfolio adjust.
Value adjustment adjust        exposure              exposure     Value adjust.       ad                                                              Adj
                                                                                                       Net expos. Gross exp. Specific value adj. Port ad Net Expos.                                                     rtfolio Net exposure
                                                                                                                                                                                       Gross exp. Specific value adj Port
                              -         -            64.360        (49.804)                 -          14.556     493.708    (320.784)               -    172.924                      558.702    (371.114)                     187.588
                                                                                                                                                                                                                        adj
           -                  -         -            26.374         (4.989)                 -          21.385      39.695     (13.201)               -     26.494                       66.070     (18.190)                      47.880
                                                                                                                                                                                                                        -
           -                  -          -              842          (842)                  -                   -                 -              -              -               -          842        (842)                            -
                                                                                                                                                                                                                        -
           -                  -          -            3.510          (341)                  -           3.169            46.213            (9.582)              -      36.631            49.793     (9.923)                      39.870
                                                                                                                                                                                                                        -
           -
                                                                                                                                                                                                                                 -
          X            (682)      454.365         4.948.966              X         (7.987)          4.940.979       11.105.235                  X        (56,431) 11,048,804           17.012.620             X        (65.750)      16.946.870
           -           (682)      454.365         5.044.052       (55.976)         (7.987)          4.980.089       11.684.851         (343.567)         (56,431) 11,284,853         17.688.027 (400.069)              (65.750)      17,222,208


           -                  -          -               94           (73)                  -              21                 3                (2)              -           1                97             (75)                 -           22
           -                  -          -            1.263          (208)                  -           1.055                 -                  -              -           -             1.263            (208)                 -        1.055
           -                  -          -                    -          -                  -                   -             -                  -              -               -                  -              -              -              -
          X                   -    3.248          1.847.218             X          (3.964)          1.843.254           188.605                 X               -     188.605        2.514.244                X            (3.964)    2.510.280
           -                  -     3.248         1.848.575          (281)         (3.964)          1.844.330           188.608                (2)              -     188.606       2.515.604              (283)           (3.964)    2.511.357
           -           (682) 457.613              6.892.627       (56.257)        (11.951)          6.824.419 11.873.459               (343.569)        (56.431) 11.473.459 20.203.631 (400.352)                       (69.714) 19,733,565
           -           (524)      517.272         6.045.273       (46.992)         (8.906)          5.989.375       10.583.587         (288.881)        (47.543) 10,247,163         18.230.493         (336.393)       (57.837)      17,836,263
142 //                     03 / / NOTES                                    PART E:                       INFORMATION ON RISKS AND RELATED HEDGING POLICIES




B.3 Distribution of balance sheet exposures and off balance sheet "to customers
Exhibitions / Regions                   ITALY                                        Other European countreis              America        Asia            Rest of the world                           TOTAL
                        Gross     Net                                                Gross      Net              Gross         Net        Net Gross          Grs
                                Exposure        exposure       exposure   exposure   exposure exposure          exposure         Gross exp.      Net exp.    Gross exp        Net exposure
A. Cash exposures
   A.1 Non-performing loans       558.649                      187.569            41        14                     12          5             -                 -             -              -    558.702    187.588
   A.2 Doubtful loans              66.063                       47.877             7         3                       -          -            -                 -             -              -     66.070     47.880
   A.3 Restructured loans             842                             -             -        -                       -          -            -                 -             -              -        842           -
   A.4 Past-due exposures          48.620                       38.739         1.153     1.111                     17         17            1                 1             2              2      49.793     39.870
   A.5 Other exposures        16.895.542                    16.829.878       110.547 110.471                    3.821      3.815          465               464         2.245          2.242 17.012.620 16.946.870
Total                        17.569.716                    17.104.063        111.748 111.599                    3.850      3.837          466               465         2.247          2.244 17.688.027 17.222.208
B. Off-balance sheet exposures”
   B.1 Non-performing loans            97                           22              -        -                    -       -                -               -                 -              -          97          22
   B.2 Doubtful loans               1.263                        1.055              -        -                    -       -                -               -                 -              -       1.263       1.055
   B.3 Other impaired assets            -                             -             -        -                    -       -                -               -                 -              -           -            -
   B.4 Other exposures         2.449.484                     2.445.520        48.319    48.319                  41      41           15.830          15.830               570            570    2.514.244   2.510.280
Total                          2.450.844                    2.446.597         48.319   48.319                   41      41           15.830          15.830               570            570   2.515.604   2.511.357
Total 2008                   20.020.560                    19.550.660        160.067 159.918                 3.891 3.878             16.296          16.295             2.817          2.814 20.203.631 19.733.565
Total 2007                   18.052.155                    17.658.066        121.534 121.420                12.228 12.223            39.750          39.733             4.826          4.821 18.230.493   17.836.263


B.4 Breakdown of balance sheet exposures and off-balance to banks
Exhibitions / Regions                                  ITALY                   OTHER EUROPEAN COUNTRIES                  AMERICA                   ASIA              REST OF WORLD                            TOTAL
                                                  Gross             Net              gross        net             Gross       Net         Gross             Net               Gross                    Gross
                                                  exposure          exposure         exposure     Exposure        exposur exposure        exposure exposure                   exposur Net exposure     exposure       Net exposure
                                                                                                                  e                                                           e
A. Cash exposures
   A.1 Non-performing loans            -                              -          -         -                         -          -           -               -               -       -                     -              -
   A.2 Doubtful loans                  -                              -          -         -                         -          -           -               -               -       -                     -              -
   A.3 Restructured loans              -                              -          -         -                         -          -           -               -               -       -                     -              -
   A.4 Past-due exposures              -                              -          -         -                         -          -           -               -               -       -                     -              -
   A.5 Other exposures        3.927.432                       3.927.432 4.324.524 4.324.524                     8.712      8.712      31.778          31.778          11.224 11.224               8.303.670      8.303.670
Total                        3.927.432                       3.927.432 4.324.524 4.324.524                      8.712      8.712      31.778          31.778          11.224 11.224              8.303.670      8.303.670
B. Off-balance sheet exposures”
   B.1 Non-performing loans            -                              -         -         -                          -           -          -        -       -                              -           -           -
   B.2 Doubtful loans                  -                              -         -         -                          -           -          -        -       -                              -           -           -
   B.3 Other impaired assets           -                              -         -         -                          -           -          -        -       -                              -           -           -
   B.4 Other exposures          413.470                        413.470   636.063   636.056                      76.847      76.846   158.425   158.318 46.283                          46.283  1.331.088   1.330.973
Total                          413.470                        413.470   636.063   636.056                       76,847     76.846    158,425 158,318    46.283                        46.283  1.331.088   1.330.973
Total 2008                   4.340.902                      4.340.902 4.960.587 4.960.580                       85.559      85,558   190.203 190.096    57.507                         57.507 9.634.758 9.634.643
Total 2007                   1.932.384                      1.932.384 5.557.397 5.557.384                       43,879     43,879    288,915 141.079   41.803                         41.803  7.864.378   7.716.529


B.5 Large exposures
a) Amount                                                                                                                                                                              748.435
b) Number                                                                                                                                                                                    3
                                                                                                                                                         // 143




  C. Securitisation and asset disposals


  In 2008, the Bank has not made any securitization transaction or acquired securities issued
  from special purpose vehicles in these operations.
  As of December 31, 2008, as well as at the end of last year, do not report exposures
  respect of vehicles not consolidated and structured financial products related to such transactions. In addition, the Bank
  has not entered into derivative contracts for the sale of credit protection, such as credit default swaps, or bought
  headlines like credit linked notes.
  More generally, there are no exposures to the categories of high-risk financial products such as securities
  junior and mezzanine related to securitizations, CDO, monoline, CDS, etc..

  The bank has participated in the first half of 2007 to a securitization organized in euro-
  ment by the London branch of the parent company Deutsche Bank AG.

  In particular, the bank sold without recourse to Persephone Finance Srl, a special purpose vehicle
  under Law No 130/99, a credit toward a closed real estate fund in the amount of complexity
  sive € 136,759,613.34.
  The claim is secured by mortgages of First Instance on fourteen properties used wholly leased
  tion by a telecom operator (Telecom).

  The assignment was made at book value of loans, with no direct economic effects.

  The Italian car company issued a bond for € 136.72 million, fully subscribed by
  SPV DECO 14 - Pan Europe 5 BV of Amsterdam, which also acquired mortgage loans from other companies
  DB AG group and placed in the bond market such as "commercial mortgage backed floating rate
  notes "due in 2020, for a total amount of € 1,490,993,000.

  To Classes A1 to A3, as well as the X, was given by the three rating agencies (Moody's, S & P and Fitch) the
  highest rating (AAA).
  Deutsche Bank has not signed or acquired after any kind of securities resulting from
  this securitization transaction.
  It also does not provide any credit support to the Italian car company.

  According to SIC 12, the special purpose vehicle Persephone Finance Ltd, which later changed its name-
  tion in social DECO - Pan Europe Srl Italy, has not been established by the bank in its financial statements of the Group,
  neither in 2007 nor in 2008.

  Interests in special purpose vehicle
  Please note that on 31 December 2008, the bank does not hold any interests in the SPV Persephone
  Finance Ltd.

  C.1.7 Service activities - receipts of the securitized loans and repayments of securities issued by special purpose
  vehicle
  Company vehicle                Securitized assets             Proceeds from loans                      Percentage of securities redeemed
                                 (As of end of period)        in the year                                         (As of end of period)
                                                                                             Senior                   Mezzanine                  Junior
                               Impaired          Performing Impaired        Performing   Assets   Assets           Assets     Assets         Assets   Assets
                                                                                      Impaired       impaired in performing   performing Impaired       performing
Persephone Finance S.r.l.                       136.720           -    -          -              -          -            -           -              -         -


  As of December 31, 2008 were not made in capital receipts of the securitized assets.
  The bank earned in 2008 to € 194 000 paid to the business of servicing companies
  vehicle.
144 //             03 / / NOTES                           PART E:             INFORMATION ON RISKS AND RELATED HEDGING POLICIES




SECTION 2 / / Market Risks


2.1 INTEREST RATE RISK - SUPERVISORY TRADING BOOK

QUALITATIVE INFORMATION

A. GENERAL
There is no position of relevance to the risk of interest rate bearing debt at present
in the trading book. However, some positions remain in place for this type of security arising
the activity of the brokerage desk for collecting orders, including € 31.962 million in nominal value of securities
variable rates with maturities of short-term securities issued by companies of the Deutsche Bank SpA

B. MANAGEMENT PROCESSES AND METHODS OF MEASURING THE INTEREST RATE RISK
The positions are to be controlled through the use of bounds on the nominal quantities. The Risk Controlling
by the production of daily reports posted at the top of the Bank, in which positions are highlighted in
to be type of license and permit limits allocated by the Committee for the Management of Assets and Liabilities (ALCO)
on the basis of limits set by the Board of Management. Andamentali monthly charts of the positions in place and
its limits are viewed during the meetings of the ALCO. There is no sensitivity analysis
on such securities in the portfolio.

QUANTITATIVE INFORMATION


1. Regulatory trading portfolio: distribution by residual maturity (the date of re pricing) of financial assets and
   liabilities for cash and derivatives
TYPE / RESIDUAL LIFE            On demand    Up to    over      over    over             over         over      Indefinite     Total
                                             3 months 3 months 6 months 1 year            5 years   10 years   duration
                                                        to        to      to               to
Currency                                               6 months 1 year   5 years         10 years
of denomination: EURO
1. Cash assets
   1.1 Debt securities                 -     31.557           1        926         11         1          4           -        32.500
      - With early redemption option   -          -           -          -          -         -          -           -              -

      - other                          -     31.557           1        926         11         1          4           -        32.500
   1.2 Other assets                    -          -           -          -          -         -          -           -              -
2. Cash liabilities
   2.1 Repos                           -           -           -          -         -          -          -          -                 -
   2.2 Other liabilities               -           -           -          -         -          -          -          -                 -
3. Financial derivatives
   3.1 With underlying security
      - Options
         + long positions              -           -           -          -         -          -          -          -                 -
         + short positions             -           -           -          -         -          -          -          -                 -
      - other derivatives
         + long positions           362      77.823      76.623        156          -          -          -          -       154.964
         + short positions            -     154.964           -          -          -          -          -          -       154.964
   3.2 Without underlying security
      - Options
         + long positions              -           -           -          -         -          -          -          -                 -
         + short positions             -           -           -          -         -          -          -          -                 -
      - other derivatives
         + long positions     4.230.194    4.040.335   1.595.104    568.529   435.487    299.432          -          - 11,169,081
         + short positions    4.287.400    4.337.647   1.176.604    286.987   681.279    515.232          -          - 11,285,149
                                                                                                                       // 145




TYPE / RESIDUAL LIFE            On demand    up to   over      over   over        over          over                   total
                                            3 months 3 months 6 months 1 year       5 years   10 years   indefinite
                                                       to        to      to        to                     duration
currency of denomination:                             6 months 1 year   5 years   10 years
other currencies
1. Cash assets
   1.1 Debt securities                 -       67         -         -        -          -          -             -        67
      - With early redemption option   -        -         -         -        -          -          -             -          -

      - other                        -         67         -         -        -          -          -             -        67
   1.2 Other assets                  -          -         -         -        -          -          -             -          -
2. Cash liabilities
   2.1 Repos                         -           -        -         -        -          -          -             -             -
   2.2 Other liabilities             -           -        -         -        -          -          -             -             -
3. Financial derivatives
   3.1 With underlying security
      - Options
         + long positions            -           -        -         -        -          -          -             -             -
         + short positions           -           -        -         -        -          -          -             -             -
      - other derivatives
         + long positions          109      26.856    2.405     2.313    4.339          -          -             -    36.022
         + short positions           -      25.708    2.578     2.279    4.005          -          -             -    34.570
   3.2 Without underlying security
      - Options
         + long positions            -       2.762    3.320     3.346    5.656          -          -             -    15.084
         + short positions           -       2.762    3.320     3.346    5.656          -          -             -    15.084
      - other derivatives
         + long positions            -           -        -         -        -          -          -             -             -
         + short positions           -           -        -         -        -          -          -             -             -


2. Regulatory trading portfolio: internal models and other methods of sensitivity analysis
Market risk is the potential loss resulting from changes in interest rates, the stock prices, in
exchange rates and commodity prices. To monitor the market risk of the unity of the Group Risk Controlling
Deutsche Bank uses internal models based on the concept of value at risk ("Value at Risk or VaR).

Value at Risk is a synthesis method that measures the risk involved in a static portfolio quantifying the
probable maximum loss. It expresses, in the form of money, the level of risk to which the holder of the portfolio
is subject. Under certain conditions, the Value at Risk measures the maximum loss expected that with a certain inter-
confidence interval, there may be holding positions in the portfolio unchanged for a certain period of time.

The models used by Deutsche Bank SpA group meet the criteria of quality defined by the Basel Committee
on Banking Supervision assuming a holding period of a day and a confidence level of 99%. This
means that the actual change in value of the portfolio will not exceed, with 99% probability, the cal-
cast by VaR models, where the portfolio is held positions unchanged for a day.
In particular, the calculation of VaR, the Deutsche Bank group adopts the methodology of Monte Carlo simulation,
which takes into account all risk factors assuming normal market conditions. The model incorporates both line-effects
ear and non-linear risk factors on the value of the portfolio and is based on an observation period of one year.

Deutsche Bank also has implemented a procedure whereby internal VaR limits approved by the Committee
for the Management of Assets and Liabilities (ALCO) of the Bank. In the case of trespass the limit is expected
Immediate reporting to heads of departments concerned, stating the causes and possible
measures laid back. The following table will indicate the specific values at risk and their maximum levels,
I, minimum and average, in 2008 and 2007. The values refer business unit that Global Finance Market
is responsible for managing market risk. The risks to the operations carried out by other units of
bank are transferred to the Global Market Finance through internal deals. For the business units is not Forex
made any calculation of VaR, as all positions are closed each day with the Mother House.
146 //                 03 / / NOTES                 PART E:          INFORMATION ON RISKS AND RELATED HEDGING POLICIES




VaR statistics GLOBAL FINANCE MARKET
                                                                                             2008                          2007
Minimum VaR                                                                                  24,00                         12,14
Maximum VaR                                                                                 216,78                         96,30
Average VaR                                                                                  89,87                         29,18
In thousands of euro




Comparing 2008 with 2007, there has been a change in the risk profile of assets, although
always well below the limits assigned, and in particular its maximum value. This increase was partially
has occurred since the 3rd quarter of 2008 due to global crisis in financial markets that has led to
is an exponential increase in the volatility of all financial assets, that credit spreads. Conse-
fearing values have increased since the VaR methodology to calculate displays use since 2003, called
CCA (Credit Curve Approach), takes into account not only the volatility of all financial instruments covered by this
evaluation, but also the credit risk inherent in transactions with external counterparts and is now
a major component of VaR. These effects on VaR were partially offset by the improvement of
Squaring the daily process of Risk, which allows you to automatically transfer the risk to the Mother House. The
chart below shows the evolution of the total daily VaR of the limit in the year 2008:


Daily VaR in 2008
                                                                                                                       VALUE       In thousands of euro

                                                                                                                           350       Daily var
                                                                                                                                     Var Limit
                                                                                                                           300

                                                                                                                           250


                                                                                                                           200

                                                                                                                           150

                                                                                                                           100

                                                                                                                           50



January      February      Tues       April   May   June      July   Aug       set      October      November   December




2.1 Regulatory trading portfolio: determination of the fair value of financial assets and liabilities
The information provided in this section of the notes to complete as indicated in Part A on
accounting policies adopted for the determination of the fair value of financial instruments.

General Principles
The international accounting standards IAS / IFRS require the fair value for the following categories of instruments
financial instruments:

1)   assets and liabilities held for trading, both cash and derivative instruments;
2)   financial assets and liabilities at fair value;
3)   financial assets available for sale;
4)   hedging derivatives.
                                                                                                                  // 147




In particular for the categories 1) and 2) the fair value measurement is carried out having in consideration the bill
economic, while for category 3) the effects are recorded in a valuation reserve in equity.
In the case of derivatives the income is used for hedges of fair value, while the effects assessment
objectives of cash flow hedges of expected transactions and are recorded in a valuation reserve.

The availability of price quotations in an active market is the best evidence of fair value, and these share-
tions are therefore the prices to be used in priority ("effective market quotes) for the evaluation of
assets and financial liabilities falling within the portfolios held for trading "and" available for sale.

A financial instrument is considered as quoted in an active market if quoted prices, which reflect normal
mali market operations, are readily and regularly available from stock exchanges, financial intermediaries,
pricing service or regulatory agency, and whether those prices represent actual market operations and regular-Avvenu
you during a normal period.
When there is not a smooth operation of the market, that is, when the market is not a number
sufficient and continuous transactions, has a high bid-ask spread and volatility is not contained in values
normal, it is necessary for the fair value abandon the direct reference to market prices;
apply models using other parameters of the market can determine an appropriate value of the instruments
securities.
In the absence of an active market, fair value is then determined using valuation techniques aimed at sta-
bilire, ultimately, what price would have been on the date of assessment, in an arm's length transaction
motivated by normal business considerations.

These techniques include:
n reference to market values indirectly connected to the instrument to be valued and products derived from simi-

   ments for risk and return characteristics (comparable approach);
n assessments made using - even partially - data and values derived from parameters measured on
   market, for which uses estimates and assumptions made by the evaluator (Mark-to-Model).
The choice between these methods is not optional, since they must be applied in a hierarchical order.
In particular, if there is a price provided by an active market can not use the other two methods
evaluation.

The situation of severe financial crisis that has taken place mainly during the second half
of 2008 resulted, inter alia, the action taken by accountants who have tried to regulate
the market situations in which most prices of financial instruments has been distorted by conditions
illiquidity and high volatility.
The IASB, similar to what has been done by the equivalent U.S. body (FASB), issued in October
the 2008 implementation guidance on how to fair value measurements and related disclosures of
budget, in the presence of markets that can not be classified as "active."
In practice this is no longer assess a number of financial instruments based on the so-called "level 1", the absence
of reliable prices (effective market quotes), but on the basis of "level 2" (comparable approach) or, in most cases
Critics of "level 3" (mark-to-model approach).

Fair value hierarchy
As indicated above, the order in the use of valuation models for determining the fair value-
wounds priority to the official prices in active markets for assets and liabilities to be assessed (effective market
quotes), then it refers to assets and liabilities similar (comparable approach) and finally, at the level
lower input and guidance to non-observable and thus more discretionary (Mark-to-model approach).

In summary, the characteristics of the three methods are as follows.
148 //         03 / / NOTES                     PART E:            INFORMATION ON RISKS AND RELATED HEDGING POLICIES




1 - Valuation Techniques: Effective market quotes
In this case the evaluation is on the market price of the financial instrument subject to valuation
tion, detectable on the basis of prices quoted in an active market on the last day of the period of activity
budget.
For the Bank, included in this category are mostly securities listed on regulated markets.

2 - Techniques of Evaluation: Comparable Approach
With this approach, the valuation is not based on prices of financial instrument (not present or not
significant) being evaluated, but on prices or credit spreads derived from the official prices of instruments
substantially similar in terms of risk and return, using for this purpose specific methods of calculation (so-
called "pricing models").
The adoption of these methodologies results in the search operations performed on active markets for instruments
comparable risk and return with the financial instrument rated.
The pricing models used with the comparable approach allows you to watch the prices of financial instruments
listed on active markets (model calibration), without using parameters that are discretionary, ie the input data whose
value can not be derived from prices of financial instruments on active markets and relevant to the point of
significantly influence the price of the final evaluation.
Fall into this second category, for the Bank, unlisted securities and unlisted derivatives (so-called
OTC over-the-counter ") such as interest rate swaps and options on exchange-type" plain vanilla ", ie contracts
mechanisms are not particularly complex or sophisticated calculation.

3 - Techniques of Evaluation: Mark-to-Model Approach
In the case of "category three", the evaluations are performed using various types of input, not all direct-
mind derived from observable market parameters and involve estimates and assumptions by the subject
evaluator.

This level of the hierarchy may comprise more complex OTC derivatives, equity investments in private equity financing
illiquid instruments and certain highly structured bonds.
In particular, with this criterion, the assessment of the financial instrument is carried out using a given
methodology (pricing model) that is based on specific assumptions such as:
n the development of future cash flows, put it is necessary for future events with probability levels derived
    Deutsche Bank Group's historical experience or based on behavioral assumptions;
n the choice of discount rates and the relative "risk premia" used for different financial activities;
n the level of certain input parameters not listed on active markets, for which estimates are still favors-

     you acquired the information from observed market prices and spreads.

This following table shows the breakdown by type of evaluation approach used the assets and liabili-
financial assets at fair value at December 31, 2008.
                                                                                                                                              // 149




Asset liabilities /                                  Data as of December 31, 2008                            Data as of December 31, 2007
valuation techniques                        Prices quoted       Valuation         Valuation         Prices quoted      Valuation       Valuation
                                               in active        techniques        techniques           in active       techniques      techniques
                                                     markets    based on          based on                   markets   based on        based on
                                                                  observable   non observable                           observable   non observable
                                                                parameters        parameters                           parameters     parameters
Financial assets
at fair value
Securities trading                                    565            32.006                 -              1.402               181                -
Derivatives trading                                      -          118.103                 -                   -         228.239                 -
Securities available for sale                      50.149         1.563.700           23.409              98.273             6.752          24.110
Derivative contracts                                     -          131.466                 -                   -          65.416                 -
Total financial assets at fair value               50.714        1.845.275            23.409              99.675          300.588           24.110
Financial liabilities carried
at fair value
Due to customers                                            -             -                     -              39                -                    -
Derivatives trading                                         -      135.204                      -                -        214.235                     -
Derivative contracts                                        -      157.442                      -                -         91.901                     -
Total financial liabilities at fair value                   -      292.646                      -              39         306.136                     -




2.2 INTEREST RATE RISK – BANKING PORFOLIO



QUALITATIVE INFORMATION


A. OVERVIEW, MANAGEMENT PROCEDURES AND METHODS OF MEASURING THE INTEREST RATE RISK
The activity of the Treasury is by its nature directed to the purpose of trading, but the management of interest rate risk
and
Group's liquidity. The use of derivative products, whether OTC or listed on regulated markets, set out the
following objectives:
a) coverage of interest rate risk arising from the issuance of debt securities, mainly through con-
    Whether Interest Rate Swap ("plain vanilla" or tied to market indices, individual securities or mutual funds
    investment);
b) coverage of interest rate risk of the portfolio securities owned by IRS and "EONIA Swap (swap index
    overnight rate to the euro);
c) management of financial risks arising from traditional banking activities with customers (both corporate and retail)
used
    Zand "EONIA Swap" and IRS in order to immunize is a risk of rate on loans to medium and long term
    (Mortgages and consumer credit), interest rate risk is placed on short-term (loans, certificates of deposit
    site, periodic cash flows).
Transactions in derivative instruments held by the group Deutsche Bank regards financial products used to
manage the structural risks ("hedging" and "A / L management), is also significant trading activity on behalf
score.

On the side of customer deposits, mainly c / c in the Personal Banking Division, there are deposits
a view characterized by a stable mass of about 5.6 billion euro. This type of deposits is imple-
mented a model, based on "Behavioural Maturity assumptions, is to stabilize the net interest
through investment in term of a portion of these deposits. It was determined a volume "core" of 4.8 billion
euro; apply to it the "Maturity Behavioural assumptions", € 3.2 billion is invested in term-
tion with a duration of approximately 4.47 years.
150 //         03 / / NOTES                     PART E:            INFORMATION ON RISKS AND RELATED HEDGING POLICIES




The above process is dynamic and is constantly monitored to verify that the correlations between
rates and volumes remain aligned with the initial parameters. The remaining portion of demand deposits is invested in a
overnight rate.
The posts included in the banking book are full coverage of the risk through deals with internal
Global Market Finance counterpart, whose positions are included in the calculation of VaR (described above in section 2.1).
Securities available for sale not covered by this hedging positions as such, related prin-
palities in debt issued by Group companies to short-term floating rate, are monitored
through the use of limits in place on nominal quantities. The Risk Controlling the production of reports by mail-
you daily at the top of the Bank, in which we show to be in the position title and the type of
limits allocated by the Committee for the Management of Assets and Liabilities (ALCO), within the limits set by Council
Management. Monthly charts andamentali of outstanding positions and its limitations are viewed during the
meetings of the ALCO.

B. Hedging FAIR VALUE
This type of activity, that aims to hedge exposure to changes in the fair value of a budgeted item
attributable to a particular risk to the balance sheet date shall be in the following categories:
n hedging of fair value for the emission of bonds;
n hedging of fair value of deposits both active and passive long-term fixed rate with banks;
n hedged in fair value for the portfolio of fixed-rate loans disbursed in 2008;

In all cases above are derivatives of the type used interest rate swaps, "fixed to floating."

C. Hedging activities CASH FLOWS
This activity and aims to hedge exposure to variability in future cash flows attributable to particular
risks associated with balance sheet.
At December 31, 2008 there is a hedge transactions expected on loans and bonds whose
emission is expected within the next one in which the cover is put in place.
                                                                                                                                                          // 151




QUANTITATIVE INFORMATION


1. Bank portfolio: distribution by residual maturity (the date of re pricing) of financial assets and liabilities
TYPE / RESIDUAL LIFE            On demand     up to       over          over           over            over               over                          total
                                                                                                                                      undetermined
                                             3 months      3 months      6 months       1 year           5 years        10 years      duration
                                                            up to         up to           up to           up to
currency of denomination:                                  6 months      1 year          5 years        10 years
EURO
1. Cash assets
   1.1 Debt securities                 -    975.903        31.871       586.416                   -               -              -               -   1.594.190
      - With early redemption option   -          -             -             -                   -               -              -               -               -

      - other                          -     975.903       31.871       586.416              -                -                  -           -       1.594.190
   1.2 Loans                    320.868    2.913.196       36.877       371.892        372.262        1.243.500                  -   1.203.108       6.461.703
       a) Banks
   1.3 Loans                  1.846.075    5.260.860      285.240       363.993       5.057.325       1.849.846       1.974.827       275.277 16.913.443
       to customers
      - current accounts      1.152.021            -            -             -               -               -               -             - 1.152.021
      Other loans               694.054    5.260.860      285.240       363.993       5.057.325       1.849.846       1.974.827       275.277 15.761.422
         - With prepayment        6.523    2.207.144      123.118       313.426       4.427.343       1.849.846       1.974.827       230.210 11.132.437
           Option
         - other                687.531    3.053.716      162.122        50.567        629.982                    -              -     45.067        4.628.985
2. Cash liabilities
   2.1 Due to customers 8,174,225           769.431         3.433       279.886          25.818          22.582                  -               -   9.275.375
      - current accounts      7.781.796       6.911         1.656           188               -               -                  -               -   7.790.551
      - other payables          392.429     762.520         1.777       279.698          25.818          22.582                  -               -   1.484.824
         - With                       -           -             -             -               -               -                  -               -               -
           prepayment
           option
         - other                392.429      762.520        1.777       279.698          25.818          22.582                  -               - 1.484.824
   2.2 Due do banks           1.017.094    2.041.995      510.044       266.046       5.882.598       2.111.887                  -               - 11,829,664
      - current accounts        357.520            -            -             -               -               -                  -               -     357.520
      - other payables          659.574    2.041.995      510.044       266.046       5.882.598       2.111.887                  -               - 11,472,144
   2.3 Debt securities          520.124    1.500.597      324.337       450.080         501.167           1.600                  -               - 3.297.905
      - With an option to              -           -            -             -                -               -                 -               -             -
        prepayment
      - other                   520.124    1.500.597      324.337       450.080        501.167            1.600                  -               -   3.297.905
   2.4 Other liabilities               -           -            -             -              -                -                  -               -               -
      - With option                    -           -            -             -              -                -                  -               -               -
        prepayment
      - other                         -               -             -             -               -               -              -               -               -
3. Financial derivatives
   3.1 With underlying security
      - Options
         + long positions             -               -             -             -               -               -              -               -               -
         + short positions            -               -             -             -               -               -              -               -               -
      - other derivatives
         + long positions             -               -             -             -               -               -              -               -               -
         + short positions            -               -             -             -               -               -              -               -               -
   3.2 Without underlying security
      - Options
         + long positions             -               -             -             -               -               -              -               -               -
         + short positions            -               -             -             -               -               -              -               -               -
      - other derivatives
         + long positions       158.000    1.521.430      426.476       582.005        179.377        1.151.500                  -               -   4.018.788
         + short positions             -   2.235.399      368.911              -       344.600          911.877                  -               -   3.860.787
152 //             03 / / NOTES                           PART E:              INFORMATION ON RISKS AND RELATED HEDGING POLICIES




TYPE / RESIDUAL LIFE             On demand    Up to      Over       Over       Over        Over         Over                    Total
                                              3 months   3 months   6 months    1 year      5 years   10 years   undetermined
                                                          up to      up to       up to      up to                duration
Currency:                                                6 months   1 year       5 years   10 years
OTHER CURRENCIES
1. Cash assets
   1.1 Debt securities                  -           -           -          -          -           -         -           -               -
      - With option                     -           -           -          -          -           -         -           -               -
        prepayment
      - other                           -          -          -            -          -           -         -           -          -
   1.2 Loans                    193.565       24.621        580            -          -           -         -           -   218.766
        a) Banks
   1.3 Loans                     11.147      156.905      5.437            -          -           -         -        305    173.794
        to customers
      - current accounts           5.536            -         -            -          -           -         -           -     5.536
      Other loans                  5.611     156.905      5.437            -          -           -         -        305    168.258
          - With an option to      2.276       3.497          -            -          -           -         -           -     5.773
            prepayment
          - other                  3.335     153.408      5.437            -          -           -         -        305    162.485
2. Cash liabilities
   2.1 Due to customers         215.199       31.920      2.496      1.025            -           -         -           -   250.640
      - current accounts        212.242       31.920      2.496      1.025            -           -         -           -   247.683
      - other payables             2.957           -          -          -            -           -         -           -     2.957
          - With an option to           -          -          -          -            -           -         -           -          -
            prepayment
          - other                  2.957           -            -          -          -           -         -           -     2.957
   2.2 Due do banks              14.506      127.866            -          -          -           -         -           -   142.372
      - current accounts           5.697           -            -          -          -           -         -           -     5.697
      - other payables             8.809     127.866            -          -          -           -         -           -   136.675
   2.3 Securities issued               -           -            -          -          -           -         -           -          -
      - With an option to              -           -            -          -          -           -                     -          -
        prepayment
      - other                           -           -           -          -          -           -         -           -               -
   2.4 Other liabilities                -           -           -          -          -           -         -           -               -
      - With an option to               -           -           -          -          -           -                     -               -
        prepayment
      - other                           -           -           -          -          -           -         -           -               -
3. Financial derivatives
      3.1 With underlying security
      - Options
          + long positions              -           -           -          -          -           -         -           -               -
          + short positions             -           -           -          -          -           -         -           -               -
      - other derivatives
          + long positions              -           -           -          -          -           -         -           -               -
          + short positions             -           -           -          -          -           -         -           -               -
   3.2 Without underlying security
      - Options
          + long positions              -           -           -          -          -           -         -           -               -
          + short positions             -           -           -          -          -           -         -           -               -
      - other derivatives
          + long positions              -           -           -          -          -           -         -           -               -
          + short positions             -           -           -          -          -           -         -           -               -
                                                                                                                         // 153




2. BANKING: Internal models and other methods of sensitivity analysis
The risk in the banking book is managed with the goal of A / L Management and all positions are transferred with
Treasury deals within the area (Global Finance); it manages interest rate risk also using instruments
derivative instruments (primarily OIS - EONIA swaps) and use the VaR model for portfolio risk analysis
under management (see Section 2, quantitative information of the trading portfolio).
In particular, bond issues, has been implemented for accounting purposes (adopting IFRS)
a process of verification of effectiveness of hedging derivatives (IRS) using the shell to cover the risk of interest
these emissions: the control that the report "Change in Fair Value Fair Value Changes on the hedged
hedging instrument "is within the range (80% -125%) is based on Sensitivity Analysis applied to different scenarios
rates.


2.3 PRICE RISK - SUPERVISORY TRADING BOOK


QUALITATIVE INFORMATION
A. GENERAL
The main activity compared to the equities desk is on the operational capability of the collection orders. Not sus-
systolic positions related to equity securities sufficient to make plausible a consistent monitoring
risk through a VaR limit. These positions are controlled through the use of limits in place on
nominal quantities. The Risk Controlling by the production of daily reports posted at the top of the Bank, in
which highlight the outstanding positions and its extent allocated by the Committee for the Management of Assets and
Liabilities (ALCO), within the limits set by the Management Board. Each quarter, the graphs of andamentali
outstanding positions and its limitations are viewed during the meetings of the ALCO Committee.


QUANTITATIVE INFORMATION

1. Trading portfolio: balance sheet exposures in equities and mutual funds
The position at year-end is very small and amounts to € 4 000 in mutual fund shares.



2. Trading portfolio: distribution of exposures in equities and equity indices for the main countries of
market price
There were no significant positions outstanding at year-end.



3. Regulatory trading portfolio: internal models and other methods of sensitivity analysis
The bank does not adopt systems or other methods of sensitivity analysis in view of the extreme importance of residual
positions held.
154 //             03 / / NOTES                      PART E:              INFORMATION ON RISKS AND RELATED HEDGING POLICIES




2.4 PRICE RISK – BANKING PORTFOLIO


QUALITATIVE INFORMATION


A. OVERVIEW, MANAGEMENT PROCESSES AND METHODS OF MEASURING PRICE RISK
The positions held by the Bank refer to € 18.278 million shares of closed-end funds in real estate right-ita
lish listed on regulated markets managed by RREEF Fondimmobiliari SGR SpA subsidiary, and €
24.79 million in less than 20% equity interests held in unlisted companies.

QUANTITATIVE INFORMATION

1. Banking portfolio exposures on equity securities and UCITS
                                                                                                        BOOK VALUE
Type of exposure / Values                                                                      Listed                Unlisted
A. Equity securities                                                                                  -                   24.790
   A.1 Shares                                                                                         -                   24.790
   A.2 Innovative capital instruments                                                                 -                         -
   A.3 Other equity                                                                                   -                         -
B. UCITS UNITS.                                                                                 18.278                          -
   B.1 Italian law                                                                              18.278                          -
        - Harmonized open                                                                             -                         -
        - Non-harmonized open                                                                         -                         -
        - Closed                                                                                18.278                          -
        - Reserved                                                                                    -                         -
        - Speculative                                                                                 -                         -
   B.2 Other EU nations                                                                               -                         -
        - Harmonized                                                                                  -                         -
        - Non-harmonized open                                                                         -                         -
        - Non harmonized closed                                                                       -                         -
   B.3 Other non-EU nations                                                                           -                         -
        - Open                                                                                        -                         -
        - Closed                                                                                      -                         -
Total                                                                                           18.278                    24.790



2. Bank portfolio: internal models and other methods of sensitivity analysis
Equity securities held in the banking book to refer to the total of all equity investments. The
posizoni followed by analysis of trends and business shall be transferred periodically to the recognition of
Whereas values of fair value over the corporate data market indicators such transactions-
you, and multiple other parameters of profitability.
With regard to investment in mutual fund shares the balance sheet value is aligned to the prices quoted by
market, the negative effect of evaluation is analyzed in relation to the value of the shares indicated in the statements of funds
to ascertain the existence of any permanent loss of value.
                                                                                                                    // 155




2.5 CURRENCY RISK


QUALITATIVE INFORMATION


A. OVERVIEW, MANAGEMENT PROCESSES AND METHODS OF MEASURING EXCHANGE RISK
There are no positions of foreign exchange risk because the currency transactions (FX Spot, FX Forward, Currency
Swap) counterparty clients are closed with the Mother House.

B. Hedging EXCHANGE RISK
The main activities within the Forex industry is attributable to hedge transactions entered into by
customers. Business is projected to total coverage at the end of the day, through "back-to-back in place with
Mother House, on the spot or forward positions.
Forex sector, activity in derivatives over the counter (OTC) is held exclusively for third parties
with corporate customers. The products used are increasingly structured type and high value-added, often
indexed parameters other than the exchange rates (eg Libor in other currencies).

QUANTITATIVE INFORMATION

1. Distribution by currency denomination of assets and liabilities and derivatives
                                                                                      Currencies
ITEMS                                         USD             YEN             AUD             CHF      GBP     OTHER CURRENCIES
A. Financial assets                       355.613           5.404            5.414         14.260     9.196        4.382
   A.1 Debt securities                          67               -                -               -        -             -
   A.2 Equity securities                         -               -                -               -        -             -
   A.3 Loans to banks                     202.776           3.416              214             401    7.623         4.345
   A.4 Loans to customers                 152.770           1.988            5.200          13.859    1.573            37
   A.5 Other financial assets                    -               -                -               -        -             -
B. Other assets                                  -                -               -               -        -             -
C. Financial liabilities                  355.243           6.215            5.075         14.865     8.707        3.761
   C.1 Due to banks                       123.084           4.124            4.686          10.709       28           452
   C.2 Deposits from customers            232.159           2.091              389           4.156    8.679         3.309
   C.3 Securities issued                         -               -                -               -        -             -
D. Other liabilities                             -                -               -               -        -             -
E. Financial derivatives                    1.048             346                1               3       47             7
   - Shares                                      -               -                -               -        -             -
      + long positions                     12.637              117                -            282      849         1.199
      + short positions                    12.637              117                -            282      849         1.199
   - Other                                   1.048             346               1               3       47             7
      + long positions                     17.966           6.216              750             266    6.931         3.784
      + short positions                    16.918           5.870              749             263    6.884         3.777
Total assets                              356.661           5.750            5.415         14.263     9.243        4.389
Total liabilities                         355.243           6.215            5.075         14.865     8.707        3.761
Imbalance (/ -)                             1.418            (465)             340           (602)      536           628



2. Internal models and other methods of sensitivity analysis
Forex for the business unit is not made any calculation of VaR, as all positions are closed
daily with the Mother House.
156 //             03 / / NOTES                                PART E:                     INFORMATION ON RISKS AND RELATED HEDGING POLICIES




2.6 Derivative financial instruments


A. FINANCIAL DERIVATIVES




A.1 Regulatory trading portfolio: notional and average value at the end of the period
Type of transaction /                Debt securities         Equity securities         Exchange rates and gold         Other securities              Total 2008            Total 2007
underlying                        and interest rates         and stock indices
                                                       Not                                                not                     not                             not   Listed not      listed
                                  Listed         listed      Listed   not listed       listed         listed      listed       listed       listed       listed


1.Forward rate agreements                  -             -            -            -            -             -            -            -             -            -         -            -
2.Interest rate swaps                      - 10,181,362               -            -            -             -            -            -             - 10.181.362           - 11.882.995
3.Domestic currency swap                   -            -             -            -            -            -             -            -             -            -         -            -
4.Currency interest rate swap              -            -             -            -            -            -             -            -             -            -         -            -
5.Basis swap                               -     963.398              -            -            -            -             -            -             -    963.398           -     741.187
6.Exchange of stock indexes                -            -             -            -            -            -             -            -             -            -         -            -
7.Exchange of real indexes                 -            -             -            -            -            -             -            -             -            -         -            -
8.Futures                                  -            -             -            -            -            -             -            -             -            -         -            -
9.Cap options                              -     137.684              -            -            -            -             -            -             -     137.684          -     130.516
  - Buy                                    -      68.842              -            -            -            -             -            -             -      68.842          -      65.258
  - Issued                                 -      68.842              -            -            -            -             -            -             -      68.842          -      65.258
10. Floor Options                          -      53.304              -            -            -            -             -            -             -      53.304          -      53.304
  - Buy                                    -      26.652              -            -            -            -             -            -             -      26.652          -      26.652
  - Issued                                 -      26.652              -            -            -            -             -            -             -      26.652          -      26.652
11. Other options                          -      10.000              -            -            -     503.322              -            -             -     513.322          - 1.509.478
  - Buy                                    -        5.000             -            -            -     251.661              -            -             -     256.661          -     754.739
      - Plain vanilla                      -        5.000             -            -            -     251.661              -            -             -     256.661          -     754.739
      - Exotic                             -            -             -            -            -            -             -            -             -            -         -            -
  - Issued                                 -        5.000             -            -            -     251.661              -            -             -     256.661          -     754.739
      - Plain vanilla                      -        5.000             -            -            -     251.661              -            -             -     256.661          -     754.739
      - Exotic                             -            -             -            -            -            -             -            -             -            -         -            -
12. Forward contracts                      -             -            -            -            -   1.047.784              -            -             - 1.047.784            - 1.079.978
  -Purchases                               -            -             -            -            -     522.685              -            -             -     522.685          -     506.982
  -Sales                                   -            -             -            -            -     525.099              -            -             -     525.099          -     509.198
  - Currency against currency              -            -             -            -            -            -             -            -             -            -         -      63.798
13. Other derivative contracts             -             -            -            -            -            -             -            -             -            -         -            -
Total                                      - 11.345.748               -            -            -   1.551.106              -            -             - 12.896.854           - 15.397.458
Average values                             - 11.817.093               -            -            -   2.007.114              -            -             - 13.824.207           - 18.941.202
                                                                                                                                                                                                      // 157




A.2 Banking: notional and average value at the end of the period


  A.2.1 Hedging
  Type of derivatives /            debt securities                 equity securities             exchange rates and gold        other securities              total 2008                 total 2007
  underlying                 and interest rate                     and stock indices
                                                        not                            not                            not      listed              not     listed             not     listed           not
                                   listed            listed            listed       listed            listed      listed                                 listed              listed               listed
  1.Forward rate agreements                  -                -                 -            -            -                -            -            -              -           -          -            -
  2.Interest rate swaps                      -       2.942.154                  -            -            -                -            -            -              -   2.942.154          -     847.552
  3.Domestic currency swap                   -                -                 -            -            -                -            -            -              -           -          -            -
  4.Currency interest rate swap              -                -                 -            -            -                -            -            -              -           -          -            -
  5.Basis swap                               -         918.634                  -            -            -                -            -            -              -     918.634          -   1.442.581
  6.Trade indices                            -                -                 -            -            -                -            -            -              -           -          -            -
  7.Real exchange rates                      -                -                 -            -            -                -            -            -              -           -          -            -
  8.Futures                                  -                -                 -            -            -                -            -            -              -           -          -            -
  9.Cap options                              -                -                 -            -            -                -            -            -              -           -          -            -
    - Buy                                    -                -                 -            -            -                -            -            -              -           -          -            -
    - Issued                                 -                -                 -            -            -                -            -            -              -           -          -            -
  10. Floor Options                          -                -                 -            -            -                -            -            -              -           -          -            -
    - Buy                                    -                -                 -            -            -                -            -            -              -           -          -            -
    - Issued                                 -                -                 -            -            -                -            -            -              -           -          -            -
  11. Other options                          -                -                 -            -            -                -            -            -              -           -          -            -
    - Buy                                    -                -                 -            -            -                -            -            -              -           -          -            -
        - Plain vanilla                      -                -                 -            -            -                -            -            -              -           -          -            -
        - Exotic                             -                -                 -            -            -                -            -            -              -           -          -            -
    - Issued                                 -                -                 -            -            -                -            -            -              -           -          -            -
        - Plain vanilla                      -                -                 -            -            -                -            -            -              -           -          -            -
        - Exotic                             -                -                 -            -            -                -            -            -              -           -          -            -
  12. Forward contracts                      -                 -                -            -            -                -            -            -              -           -          -            -
    Purchases                                -                -                 -            -            -                -            -            -              -           -          -            -
     Sales                                   -                -                 -            -            -                -            -            -              -           -          -            -
     - Currency against currency             -                -                 -            -            -                -            -            -              -           -          -            -
  13. Other derivative contracts             -                 -                -            -            -                -            -            -              -           -          -             -
  Total                                      -       3.860.788                  -            -            -                -            -            -              -   3.860.788          -   2.290.133
  Average values                             -       2.590.204                  -            -            -                -            -            -              -   2.590.204          -   2.181.192
158 //            03 / / NOTES                         PART E:               INFORMATION ON RISKS AND RELATED HEDGING POLICIES




A.2.2 Other derivatives
             exchange           Debt
Type of derivatives / rates and gold securities     equity securities &                                other securities         total 2008               total 2007
                                                    stock indices          exchange rates and gold
Underlying                     and interest rate
                                             Not                     not                    not                    not                         not                        not
                                listed   listed     listed       listed    listed       listed        listed    listed       listed        listed     listed          listed
1. Forward rate agreements             -        -        -            -             -             -         -            -            -           -            -                -
2. Interest rate swaps                 -        -        -            -             -             -         -            -            -           -            -                -
3. Domestic currency swap              -        -        -            -             -             -         -            -            -           -            -                -
4. Currency interest rate swap         -        -        -            -             -             -         -            -            -           -            -                -
5. Basis swap                          -        -        -            -             -             -         -            -            -           -            -                -
6. Trade indices                       -        -        -            -             -             -         -            -            -           -            -                -
7. Real exchange rates                 -        -        -            -             -             -         -            -            -           -            -                -
8. Futures                             -        -        -            -             -             -         -            -            -           -            -                -
9. Cap options                         -        -        -            -             -             -         -            -            -           -            -                -
   - Buy                               -        -        -            -             -             -         -            -            -           -            -                -
   - Issued                            -        -        -            -             -             -         -            -            -           -            -                -
10. Floor Options                      -        -        -            -             -             -         -            -            -           -            -                -
   - Buy                               -        -        -            -             -             -         -            -            -           -            -                -
   - Issued                            -        -        -            -             -             -         -            -            -           -            -                -
11. Other options                      -        -        -     809.347              -             -         -            -            -    809.347             -   2.517.867
   - Buy                               -        -        -     408.917              -             -         -            -            -    408.917             -    1.252.536
      - Plain vanilla                  -        -        -     196.851              -             -         -            -            -    196.851             -      122.795
      - Exotic                         -        -        -     212.066              -             -         -            -            -    212.066             -    1.129.741
   - Issued                            -        -        -     400.430              -             -         -            -            -    400.430             -    1.265.331
      - Plain vanilla                  -        -        -     193.416              -             -         -            -            -    193.416             -      120.786
      - Exotic                         -        -        -     207.014              -             -         -            -            -    207.014             -    1.144.545
12. Forward contracts                  -        -        -             -            -             -         -            -            -           -            -             -
   Purchases                           -        -        -             -            -             -         -            -            -           -            -             -
   Sales                               -        -        -             -            -             -         -            -            -           -            -             -
   - Currency against currency         -        -        -             -            -             -         -            -            -           -            -             -
13. Other derivative contracts         -        -        -             -            -             -         -            -            -           -            -             -
Total                                  -        -        -     809.347              -             -         -            -            -    809.347             -   2.517.867
Average values                         -        -        -   1.542.912              -             -         -            -            - 1,542,912              -   2.564.886
                                                                                                                                                                             // 159




A.3 Financial derivatives: purchases and sales of underlying
Type of derivatives /                  debt securities        equity securities &     exchange rates and gold      other securities    total 2008               total 2007
                                                              stock indices
underlying                       and interest rates

                                                    not                     not                     not                     not                     not                       not listed
                               listed           listed        listed       listed      listed      listed       Listed    listed      listed     listed
                                                                                                                                                              listed
A. Portfolio
   FOR TRADING
   Surveillance
   1. TRANSACTIONS
      with exchange of principal
      Purchases                            -              -            -          -        -     522.685             -         -         -      522.685           -      506.982
      Sales                                -              -            -          -        -     525.099             -         -         -      525.099           -      509.198
      - Currency against currency          -              -            -          -        -           -             -         -         -            -           -       63.798
   2. Operations without
      exchange of capital
      Purchases                            -   4.916.080               -          -        -     251.661             -         -         -     5.167.741          -    5.187.259
      Sales                                -   5.466.270               -          -        -     251.661             -         -         -     5.717.931          -    8.389.036
      - Currency against currency          -           -               -          -        -           -             -         -         -             -          -                -
B. Banking porfolio:
   B.1 Hedging
   1. Transactions
      exchange of capital
         Purchases                         -              -            -          -        -              -          -         -         -                -       -                -
         Sales                             -              -            -          -        -              -          -         -         -                -       -                -
         - Currency against currency       -              -            -          -        -              -          -         -         -                -       -                -
   2. Operations without
      exchange of capital
         Purchases                         -   1.685.677               -          -        -              -          -         -         -     1.685.677          -      489.703
         Sales                             -   1.256.477               -          -        -              -          -         -         -     1.256.477          -      357.850
         - Currency against currency       -           -               -          -        -              -          -         -         -             -          -             -
   B.2. - other derivatives
   1. Transactions
      exchange of capital
         Purchases                         -              -            -          -        -              -          -         -         -                -       -                -
         Sales                             -              -            -          -        -              -          -         -         -                -       -                -
         - Currency against currency       -              -            -          -        -              -          -         -         -                -       -                -
   2. Operations without
      exchange of capital
         Purchases                         -           -               - 408.916           -            -            -         -         -    408.916             - 1.252.536
         Sales                             -           -               - 400.431           -            -            -         -         -    400.431             - 1.265.331
         - Currency against currency       -           -               -       -           -            -            -         -         -           -            -           -
Total                                      - 13.324.504                - 809,347           -    1.551.106            -         -         - 15.684.957             - 18.021.693
160 //            03 / / NOTES                           PART E:                 INFORMATION ON RISKS AND RELATED HEDGING POLICIES




A.4 Financial derivatives "over the counter": positive fair value - counterparty risk
                                                     Debt securities and interest rates                                Equities and stock indices
Counterparty /                          gross                       Gross        Future                       gross                      gross      Future
UNDERLYING                             non settled            settled                   exposure            non settled           settled                exposure
A. Regulatory
    Trading portfolio
   A.1 Governments and central banks              -                    -                   -                            -                    -                -
   A.2 Public-sector entities                     -                    -                   -                            -                    -                -
   A.3 Banks                                 24.770               24.770              3.604                             -                    -                -
   A.4 Financial companies                       40                   40                 73                             -                    -                -
   A.5 Insurance companies                    2.907                2.907              6.414                             -                    -                -
   A.6 Non-financial companies               29.760               29.760              5.791                             -                    -                -
   A.7 Other                                      3                    3                   -                            -                    -                -
Total A 2008                                57.480               57.480              15.882                             -                    -                -
A total 2007                                70.207               70.207              17.974                             -                    -                -
B. Banking portfolio
   B.1 Governments and central banks              -                     -                   -                           -                   -                 -
   B.2 Public entities                            -                     -                   -                           -                   -                 -
   B.3 Banks                               131.466               131.466              19.928                       9.191               9.191             22.436
   B.4 Financial companies                        -                     -                   -                           -                   -                 -
   B.5 Insurance                                  -                     -                   -                           -                   -                 -
   B.6 Non-financial companies                    -                     -                   -                           -                   -                 -
   B.7 Other                                      -                     -                   -                           -                   -                 -
Total B 2008                              131.466               131.466              19.928                        9.191               9.191            22.436
Total B 2007                                65.415                65.415               3.830                      91.243              91.243            93.726




A.5 financial derivatives over the counter "negative fair value - financial risk
                                                     Debt securities and interest rates                                Equities and share indices
Counterparty /                           gross                      gross        future                       gross                      GROSS         Future
UNDERLYING                             non settled          settled                     exposure             non settled         settled                 exposure
A. Regulatory
   Trading portfolio:
   A.1 Governments and central banks              -                    -                   -                            -                    -                -
   A.2 Public-sector entities                    61                   61                 118                            -                    -                -
   A.3 Banks                                 72.581               72.581              17.882                            -                    -                -
   A.4 Financial companies                        -                    -                   -                            -                    -                -
   A.5 Insurance                                  -                    -                   -                            -                    -                -
   A.6 Non-financial companies                3.572                3.572               1.186                            -                    -                -
   A.7 Other                                      3                    3                   -                            -                    -                -
Total A 2008                                76.217               76.217              19.186                             -                    -                -
A total 2007                                56.548               56.548              12.930                             -                    -                -
B. Banking portfolio:
   B.1 Governments and central banks              -                     -                   -                           -                   -                 -
   B.2 Public entities                            -                     -                   -                           -                   -                 -
   B.3 Banks                               157.442               157.442              20.284                            -                   -                 -
   B.4 Financial companies                        -                     -                   -                           -                   -                 -
   B.5 Insurance                                  -                     -                   -                           -                   -                 -
   B.6 Non-financial companies                    -                     -                   -                           -                   -                 -
   B.7 Other                                      -                     -                   -                      8.976               8.976             21.839
Total B 2008                              157.442               157.442              20.284                        8.976               8.976            21.839
Total B 2007                                91.901                91.901               8.281                      90.649              90.649            92.532
                                                                                                                                           // 161




                  Exchange rates and gold                                  Other values                             Different underlying
  gross                      Gross      Future             gross                 gross    Future          settled                     Future
non settled          settled                 exposure    non settled       settled             exposure                                    exposure



           -                    -                -                     -             -              -                    -                     -
           -                    -                -                     -             -              -                    -                     -
      34.045               34.045           5.935                      -             -              -                    -                     -
         223                  223              30                      -             -              -                    -                     -
           -                    -                -                     -             -              -                    -                     -
      17.164               17.164           4.209                      -             -              -                    -                     -
           -                    -                -                     -             -              -                    -                     -
     51.432               51.432           10.174                      -             -              -                    -                     -
     66.789               66.789           18.769                      -             -              -                    -                     -

              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -




                  Exchange rates and gold                                  Other values                             Underlying different
  gross                      GROSS      Future             Gross non           GROSS      Future          gross                      Future
non settled          settled                 exposures    settled             settled          exposure   settled                         exposure

                                                                       -
           -                    -                 -                    -             -              -                    -                     -
           -                    -                 -                    -             -              -                    -                     -
      23.119               23.119             4.035                    -             -              -                    -                     -
         272                  272                37                    -             -              -                    -                     -
           -                    -                 -                    -             -              -                    -                     -
      26.620               26.620            4.690                     -             -              -                    -                     -
           -                    -                 -                    -             -              -                    -                     -
     50.011               50.011             8.762                     -             -              -                    -                     -
     67.038               67.038            19.896                                   -              -                    -                     -
                                                                       -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                    -             -              -                    -                     -
              -                 -                 -                                  -              -                    -                     -
162 //             03 / / NOTES                           PART E:              INFORMATION ON RISKS AND RELATED HEDGING POLICIES




A.6 Residual life of OTC financial derivatives: notional value
Underlying /                                                Up to 1 year         Over 1 year        Over 5 years                    Total
Residual life                                                                  and up to 5 years
A. Regulatory trading portfolio
   A.1 Financial derivatives on debt securities                 8.840.407           1.541.813            963.527               11.345.747
       and interest rates
   A.2 Financial derivatives on equities                                   -                 -                  -                           -
       and stock indices
   A.3 Financial derivatives on exchange rates and gold         1.410.045             141.061                   -               1.551.106
   A.4 Financial derivatives on other instruments                       -                   -                   -                        -
B. Banking portfolio
   B.1 Financial derivatives on debt securities                     596.232           875.657          2.388.899                3.860.788
       and interest rates
   B.2 Financial derivatives on equity securities                   645.837            17.602            145.908                  809.347
       and stock indices
   B.3 Financial derivatives on exchange rates and gold                -                    -                  -                        -
   B.4 Financial derivatives on other values                           -                    -                  -                        -
Total 2008                                                   11.492.521            2.576.133          3.498.334               17.566.988
Total 2007                                                   13.269.807            4.912.667          2.022.986               20.205.460




B. CREDIT DERIVATIVES
With the objective of stabilizing the cost of credit risk and protect against unexpected losses, the bank has in place
credit default swap transaction relating to a loan portfolio of the division with PBB expectations com-
plexus than 5 million euro.
The party, "protection seller", is the parent company Deutsche Bank AG.
For the purposes of the evaluations of the budget, the credit derivative in question was treated as a financial guarantee on
basis of IAS 39.


B.1 Credit derivatives: notional value at the end of the period and average
Categories of operations                                  Regulatory trading portfolio                        Other transactions
                                                            on a single      multiple subjects     on a single             multiple subjects
                                                                 subject             (Basket)           subject                    (Basket)
1. Purchase Protection
   1.1 With exchange of capital
       (With specific indication                                           -                 -                  -                           -
       contractual arrangements)
   1.2 Without exchange of capital
       (With specific indication                                           -                 -                  -                  216.016
       contractual arrangements)
Total 2008                                                                 -                 -                  -                 216.016
Total 2007                                                                 -                 -                  -                 165.553
Average values                                                             -                 -                  -                 182.374
1. Sales of protection
   1.1 With exchange of capital
   (With specific indication                                               -                 -                  -                           -
   contractual arrangements)
   1.2 Without exchange of capital
   (With specific indication                                               -                 -                  -                           -
   contractual arrangements)
Total 2008                                                                 -                 -                  -                           -
Total 2007                                                                 -                 -                  -                           -
Average values                                                             -                 -                  -                           -
                                                                                                                                                   // 163




B.2 Credit derivatives: positive fair value - counterparty risk
Type of transaction / Value                                                         Notional value       Positive fair value          Future exposure
A. Regulatory trading portfolio
   A.1 Purchases with counterparties                                                                 -                         -                          -
      1. Governments and central banks                                                               -                         -                          -
      2. Other public agencies                                                                       -                         -                          -
      3. Banks                                                                                       -                         -                          -
      4. - financial companies                                                                       -                         -                          -
      5. Insurance companies                                                                         -                         -                          -
      6. Non-financial companies                                                                     -                         -                          -
      7. Other issuers                                                                               -                         -                          -
   A.2 Sales with counterparties                                                                     -                         -                          -
      1. Governments and central banks                                                               -                         -                          -
      2. Other public agencies                                                                       -                         -                          -
      3. Banks                                                                                       -                         -                          -
      4. - financial companies                                                                       -                         -                          -
      5. Insurance companies                                                                         -                         -                          -
      6. Non-financial companies                                                                     -                         -                          -
      7. Other issuers                                                                               -                         -                          -
B. Banking portfolio
   B.1 Purchases with counterparties                                                          216.016                     43                        108
      1. Governments and central banks                                                               -                      -                          -
      2. Other public agencies                                                                       -                      -                          -
      3. Banks                                                                                216.016                     43                        108
      4. - financial companies                                                                       -                      -                          -
      5. Insurance companies                                                                         -                      -                          -
      6. Non-financial companies                                                                     -                      -                          -
      7. Other issuers                                                                               -                      -                          -
   B.2 Sales with counterparties                                                                     -                      -                          -
      1. Governments and central banks                                                               -                      -                          -
      2. Other public agencies                                                                       -                      -                          -
      3. Banks                                                                                       -                      -                          -
      4. - financial companies                                                                       -                      -                          -
      5. Insurance companies                                                                         -                      -                          -
      6. non-financial companies                                                                     -                      -                          -
      7. Other issuers                                                                               -                      -                          -
Total 2008                                                                                    216.016                     43                        108
Total 2007                                                                                    165.553                    843                      2.483


B.3 Credit derivatives: negative fair value - financial risk
Case does not present at the end of the year.


B.4 Residual term of credit derivatives: notional
value
Underlying / residual life                                               Up to one year             over 1 year                Over 5 years       Total
                                                                                                  and up to 5 years
A. Regulatory trading portfolio
   A.1 Credit derivatives with reference   obligation "with rating"                       -                       -                       -               -
   A.2 Credit derivatives with reference   obligation "without rating"                    -                       -                       -               -
B. Banking portfolio
   A.1 Credit derivatives with reference   obligation "with rating"                       -              216.016                          -     216.016
   A.2 Credit derivatives with reference   obligation "without rating"                    -                     -                         -            -
Total 2008                                                                                -              216.016                          -     216.016
Total 2007                                                                                -                     -                  165.553      165.553
164 //                 03 / / NOTES                                       PART E:                     INFORMATION ON RISKS AND RELATED HEDGING POLICIES




SECTION 3 / / Liquidity Risk

QUALITATIVE INFORMATION


A. OVERVIEW, MANAGEMENT PROCESSES AND METHODS OF MEASURING LIQUIDITY RISK
Liquidity risk is the risk arising from the potential inability of the Bank to meet all deadlines
envisaged or to honor them, but at a high cost.

We can consider two types of liquidity risk: the risk of market liquidity ("market
liquidity risk ") and the risk of supply (" funding liquidity risk ").
The first category refers to the possible presence in the portfolio of securities with low liquidity
market, which may differ from the theoretical price at which the exchange actually occur. The second
category of risk relates to the possibility that the Treasury is in future situations of excessive and / or insuf-
ficient liquidity, with the need to invest or raise funds at rates less favorable than that of the market.
The monitoring of liquidity risk undertaken by Deutsche Bank refers to the second category
risk ("funding liquidity risk") and provides support for domestic production of "liquidity management".

It is important to emphasize that the main source of supply for the bank shall be the collection
House with Mother, and that no securitization transactions have been initiated aimed at finding
liquidity through the conversion of bonds in receivables from customers and / or other counterparties.

The management of liquidity risk by the Bank, can be categorized into 3 sub-categories: liquidity operations
tion, tactical and strategic, the first locally managed and darkened 2 in cooperation with the Mother House.

The objectives of the respective categories can be summarized as follows:
n cash flow from operations: it consists in the preservation of liquidity positions, liquidity management of intra-journal-
   ra, ensure access to liquidity of the Central Bank and monitoring of daily cash flows;
n liquidity tactic: access to funding (secured and unsecured) and liquidity management of assets through the budget;
n liquidity strategic balance in the liquidity profile of the budget, ensuring access to capital markets, diver-
   therein shall be classified sources of supply, etc..

Maximum Cash Outflow (MCO)
The measurement of liquidity risk is through the verification of the maximum cash flow out ("Maxi-
Cash Outflow mum "MCO) within a predetermined time bands with short-term horizon (56
days), with reference to all the currencies in which the Bank holds a position.
Deutsche Bank SpA, in keeping with the rest of the Group has adopted the procedure MCO internal limits, approved
custody of the Committee for the Management of Assets and Liabilities and the Management Board, which operate on-axis
milabile that limits on VaR for market risk.

To manage the liquidity position of the Bank, have been set limits that are reviewed and appropriate
regularly to market changes, or specific parameters established from time to time by Deutsche Bank SpA
You may temporarily Treasury decide to change these limits contingency, so
to be able to control and possibly reduce the potential liquidity risks. All limits and its revision
sions are discussed at regular meetings of the ALCO Committee (Committee for the Management of Assets
and liabilities), consisting of the Bank's Management. In addition, an overview is produced periodically
on the overall liquidity of the Bank and sent to the Management and members of the FTAA itself.

The measurement of the OMC is used to analyze the liquidity position of the Bank's short-term identification
King of funding problems in specific time intervals and prevent the over-dependence dall'approvvigionamen
to the liquidity facility, or tight deadlines.
                                                                                                                                                                                    // 165




                         In order to deal properly with no term items, such as current accounts, the Risk Control-
                         ling has also implemented a tool provided by Parent to the modeling of sight items of the Personal
                         Banking. The modeling can project over a period of 56 days, the cash flows related
                         to put a view on the basis of volatility and the trend in sales seen in the past.

                         Controlling Risk The unit also aim to support, as well as to check the activity carried out by business
                         Treasury area, has implemented an analysis that covers the development of expected cash flows on the basis of rates
                         for-
                         ward and contract rates, the position overnight until age 30. The analysis makes a distinction by division
                         business and allows on the one hand, to have the whole view of the degree of liquidity of the bank is short on
                         that in the long run and, secondly, to understand how the Treasury manages the cash flows generated by the division
                         itself.


                         QUANTITATIVE INFORMATION



1. Time distribution for residual contractual maturity of financial assets and liabilities
items /                         on           over          over            over          over          over          over           over              over        Undetermined total
time brackets                   demand     1 day          to 7 days       15 days         1 month       3 months      6 months       1 year         5 years      duration
currency:                                    7 days       15 days         to 1 month       up to         up to         up to          up to
euro                                                                                      3 months      6 months     1 year           5 years
Cash assets
A.1 Government securities              -           -               -              -             -            -              -              2              3           -           5
A.2 Listed debt securities             -           -               -              -             -            -           486          30.563          1.313           -     32.362
A.3 Other debt securities              -           -               -              -             -            -        18.063       1.576.260              -           -  1.594.323
A.4 UCITS units                        -           -               -              -             -            -              -         18.278              -          4      18.282
A.5 Loans                      2.252.960     354.673          8.577       3.188.300     2.505.922      318.681       726.322       7.388.286      4.996.624 1.478.525   23.218.870
    - banks                      347.487      91.911          8.577          47.501       673.972       36.877       371.893       2.463.497      1.243.500 1.203.492    6.488.707
    - customers               1.905.473      262.762               -      3.140.799     1.831.950      281.804       354.429       4.924.789      3.753.124    275.033 16.730.163
Cash liabilities
B.1 Deposits                   9.254.360     262.236       118.332         204.495       681.998       513.477       545.932       7.452.781      2.134.469                 - 21,168,080
    - banks                    1.074.775      80.000             -          94.422       323.208       510.044       266.046       7.426.963      2.111.887                 - 11,887,345
    - customers                8.179.585     182.236       118.332         110.073       358.790         3.433       279.886          25.818         22.582                 -   9.280.735
B.2 Debt securities               66.200      64.990         9.093          58.348       190.090       180.749       466.678       1.178.224      1.089.098                 -   3.303.470
B.3 Other liabilities                  -           -             -               -             -             -             -                -             -                 -             -
Off-balance-sheet
C.1 Financial derivatives
    with underlying asset exchange
    - Long positions                   -              -               -             -              -             -             -              -              -              -             -
    - short positions                  -              -               -             -              -             -             -              -              -              -             -
C.2 Deposits and loans
    receivable
    - Long positions                   -              -               -             -              -             -             -              -              -              -             -
    - short positions                  -                              -             -              -             -             -              -              -              -             -
C.3 Irrevocable commitments
    to disburse funds
    - Long positions              35.456            -             300               -       1.080       88.903       353.420         331.600       494.760                  -   1.305.519
    - short positions            157.066       76.881             300               -       1.080       12.281       353.269         309.882       394.760                  -   1.305.519
166 //               03 / / NOTES                                   PART E:                          INFORMATION ON RISKS AND RELATED HEDGING POLICIES




Items /                               On       OVER               OVER      OVER                       OVER
                                                                                                       OVER      OVER     OVER                                     OVER         LIFE         Total
TIME BRACKETS                         demand 1 day               TO 7 DAYS 15 DAYS                      3
                                                                                                       1 month    6 months 1 year                                 5 years      indeterminate
                                                                                                        MONTHS
Currency:                                           7 DAYS       15 DAYS            TO 1 MONTH UP TO     UP TO     UP TO    UP TO                                              mined
OTHER CURRENCIES                                                                               3 MONTHS 6 months 1 year     5 years
Cash assets
A.1 Government securities              -                    -             -                 -                -           -                -             -                  -         -            -
A.2 Listed debt securities             -                    -             -                 -                -           -                -            67                  -         -          67
A.3 Other debt securities              -                    -             -                 -                -           -                -             -                  -         -            -
A.4 UCITS units                        -                    -             -                 -                -           -                -             -                  -         -            -
A.5 Loans                       206.354                 1.931         8.780          105.765            66.265       4.802                -             -                  -      305      393.897
    - banks                     193.574                 1.931             -           12.250            10.440         580                -             -                  -         -     218.775
    - customers                  12.780                     -         8.780           93.515            55.825       4.222                -             -                  -      305      175.427
Cash liabilities
B.1 Deposits                    230.559                18.525         4.941            51.111           44.791       2.496            1.025       40.418                   -           -   393.866
    - banks                      15.217                 5.118         1.212            44.113           37.005           -                -       40.418                   -           -   143.083
    - customers                 215.342                13.407         3.729             6.998            7.786       2.496            1.025            -                   -           -   250.783
B.2 Debt securities                    -                    -             -                 -                 -          -                -            -                   -           -          -
B.3 Other liabilities                  -                    -             -                 -                 -          -                -            -                   -           -          -
Off-balance-sheet                                                                                                                                                                      -
C.1 Financial derivatives
    with underlying asset exchange
    - Long positions                   -                 249          3.041             9.091           17.238       5.725            5.659         9.994                  -           -    50.997
    - short positions                  -                 244          3.009             7.943           17.165       5.899            5.625         9.661                  -           -    49.546
C.2 Deposits and loans
    receivable
    - Long positions                   -                6.299                  -                 -           55           8               -               -                -           -      6.362
    - short positions              6.362                    -                  -                 -            -           -               -               -                -           -      6.362
C.3 Irrevocable commitments
    to disburse funds
    - Long positions                  28                    -                  -                 -               -         -              -            96              56              -       180
    - short positions                 28                    -                  -                 -               -         -              -            96              56              -       180



2. Breakdown of financial liabilities
EXPOSURE/COUNTERPARTY                         Governments       Other public         Financial         Insurance     Non financial     Other issuers               Total
                                              and
                                       Central Banks            entities           companies         companies         companies
1 Due to customers                               16.093          29.983             1.486.387              185.346      1.771.160          6.042.549            9.531.518
2 Securities issued                                    -               -                    -                    -              -          3.336.326            3.336.326
3 Financial liabilities held for trading               -             61                   272                    -         30.192            104.679              135.204
4 Financial liabilities at fair value                  -               -                    -                    -              -                  -                    -
Total 2008                                       16.093          30.044            1.486.659              185.346      1.801.352          9.483.554           13.003.048
Total 2007                                       12.510          35.020            1.583.692              108.036      1.844.500          7.515.106           11.098.864


The distribution of liabilities for economic sector, membership of creditors has been made
and the criteria for classification set by the Bank of Italy in the dossier of Supervision "clas-
they score for areas and groups of economic activity. " The relationship of debt to banks, if any, are
were traced in the economic sector "Other subjects".

3. Geographical breakdown of financial liabilities
EXPOSURE/COUNTERPARTY                                               ITALY          Other European         America              Asia           Rest of              Total
                                                                                      countries                                                 World
1 Due to customers                                            9.392.240                80.972               32.252         8.808                17.246          9.531.518
2 Due do banks                                                2.248.865             9.700.388               76.012         4.989                    174        12.030.428
3 Securities issued                                           3.336.326                      -                   -              -                     -         3.336.326
4 Financial liabilities held for trading                         39.874                95.330                    -              -                     -           135.204
5 Financial liabilities at fair value                                  -                     -                   -              -                     -                  -
Total 2008                                                  15.017.305             9.876.690              108.264         13.797                17.420        25.033.476
Total 2007                                                  11.949.701             9.749.065              126.798         16.784                15.087        21.857.435
                                                                                                                // 167




SECTION 4 / / Operational Risks

QUALITATIVE INFORMATION


A. OVERVIEW, MANAGEMENT PROCESSES AND METHODS OF MEASURING LIQUIDITY RISK
The Operational Risk Management, is the independent function within Deutsche Bank Group, to which the mean-
tion of the Bank has assigned the task of ensuring the development of methodologies, procedures and guidelines
on identification and management of operational risks and ensure, also in agreement with other units of
Bank, proper application within the Group.
The supervision of aspects of operational risk is the hands of a steering committee specially
Costituto, the Operational and Risk Committee, attended by the heads of business areas where the risks
operating are higher and the core functions (Group Audit, Compliance, Human Resources, Legal, Information Tech-
nology) whose role is crucial in the management of operational risks.
The methodology used in the detection and measurement of operational risk is based on tools that allow
comply with the dictates of law and have an adequate level of information both qualitatively and quantitatively.
In brief the tools used for effective and efficient management of operational risk is based on the following
infrastructure elements:
n Recognition of operational risks (db-Sat) - the approach used is that of self-assessment in key bottom-
   up to identify the specific operational risk profile for business lines, highlighting areas of high
   risk;
n qualitative measurement of operational risk (db Score) - by monitoring risk indicators (operational
   rational risk indicators) identified, we can get warning signals;
No quantitative measurement of operational risk (db Irs) - all events that could result in losses relating to
   operational risk in excess of € 1,000 are registered in the database db Irs. For each event has an associated "event
   type "as required by the Basel II directives. For each event are also recognized the magnitude of loss and
   recovery, and the detail of information about the event itself, including the business line and the place where
   the event has occurred.

The confidentiality of data is ensured by the control procedures that limit access to individual applications
and record access to the information contained herein.
Based on the organization, on existing systems to identify and manage operational risks and support
control functions responsible for specific types of operational risk, the Bank is able to identify areas
whose mitigation and control appear to be adequate, and those that, given the associated risk,
must act in a matter of priority.
168 //           03 / / NOTES                   PART F:           INFORMATION FOR SHAREHOLDERS




Part F - Information on Heritage
SECTION 1 / / Shareholders' equity


A. QUALITATIVE INFORMATION


The bank defines the sum of the following equity liabilities in the balance sheet:
n Capital net of treasury shares repurchased (Item 180 and 190)
n Share premium (item 170)
n Reserves (item 160)
n Revaluation reserves (Item 130)
n Redeemable shares (item 140)
n Equity (item 150)
n Net income (loss) (item 200)


The bank is subject to minimum capital requirements imposed by the Bank of Italy in the exercise of its functions
Watch as detailed in Section 2.

Shareholders' equity is dynamically managed by a set of policies and decisions aimed at defining:
n the size of assets;
n the optimal combination between the various alternative means of capitalization.

The dynamic management aims to ensure that the assets will be consistent with the risk profile of the company
intends to take within the constraints imposed minimum (supervisory requirements).
Capital adequacy will vary depending on the objectives in the business plan and annual budget and
dynamic consequences of growth expectations.
The monitoring is done during the year (monthly and quarterly) and at even-
tual extraordinary transactions.
The items that make up the equity are not changed during the period.
During the year the company has consistently met the capital requirements imposed by the WTO
Supervision.

B. QUANTITATIVE INFORMATION
Shareholders' equity were as follows:

Items (in €)                                                                                                 AMOUNTS
Share capital                                                                                           310.659.856
Treasury shares (-)                                                                                      (3.515.952)
Share premium reserve                                                                                    86.801.894
Reserves                                                                                                651.955.521
Valuation reserves                                                                                       18.957.649
Redeemable shares                                                                                                  -
Equity instruments                                                                                                 -
Profit for the year                                                                                      26.524.555
Total                                                                                                1.091.383.523


Statement of changes in equity are shown the movements during the year.
                                                                                                                    // 169




SECTION 2 / / Shareholders' equity and capital ratios



2.1 CAPITAL


A. QUALITATIVE INFORMATION
Regulatory capital is the basic element to which the Supervisory Authority verifies compliance with the Regulation
the prudential requirements: it is composed of the Tier, the Tier, the items to be deducted
Heritage and the third level.
The latter element was introduced with the enactment on February 5, 2008 update to the 12th
Bank of Italy Circular 155/91 "Instructions for preparing reports on regulatory capital and
ratios, which were established with the new disclosure schemes related to the prudential rece-
pimento of the EU directives on capital adequacy (cd Basel 2) operated by the circular
263, December 27, 2006 Bank of Italy.
This led to the revision of the schedule of the notes below.

The elements that make up the Tier amounted to € 1,041,032,000, is the capital, reserves, income
capitalized on the positive and prudential filters which are deducted as intangible assets, the treasury
portfolio and filters prudenzili negative. The Tier is provided by the subordinated loans and
the positive reserves on securities available for sale net of prudential filters and other negative elements, and
amounted to € 525.083 million.

With regard to "prudential filters", introduced by the Bank of Italy to protect the quality of Heritage
supervision and to reduce volatility due to the fair value of financial assets, we mention the following
effects on regulatory capital:
n The fair value of the "Available-for-sale portfolio to the" Debt "has behavioral

   Committee for the inclusion in Tier 100% of the net loss amounted to € 140 thousand, while the por-
   portfolio "equity" led to the inclusion in Tier 50% of the gain
   net amounted to € 4.568 million.

B. QUANTITATIVE INFORMATION

                                                                                     Total 2008            Total 2007
A. Tier before the application of prudential filters                                  1.041.172             1.041.266
B. Prudential filters of Tier 1 capital:                                                     (140)                4.722
B1 Positive IFRS prudential filters (+)                                                          -                4.834
B2 Negative IFRS prudential filters (-)                                                      (140)                 (112)
C. Tier gross of deductions (AB)                                                      1.041.032             1.045.988
D. Deductions in Tier 1 capital                                                                  -                     -
E. Total capital (TIER 1) (C - D)                                                     1.041.032             1.045.988
F. Tier II capital before the application of prudential filters                         529.651               183.255
G. Tier 2 capital prudential filters:                                                      (4.568)               (6.541)
G1 Filters IFRS prudential positive (+)                                                          -                     -
G2 filters IFRS prudential negative (-)                                                    (4.568)               (6.541)
H. Tier gross of deductions (FG)                                                        525.083               176.714
J. Items to be deducted from Tier 2 capital                                                      -                     -
L. Total supplementary capital (Tier 2) (H - I)                                         525.083               176.714
M. Deductions from core capital and supplementary                                                -                     -
N. Regulatory capital (E+L - M)                                                       1.566.115             1.222.702
O. Capital for the third level (Tier 3)                                                    15.193                      -
P. Capital including Tier 3 (N+O)                                                     1.581.308             1.222.702
170 //                  03 / / NOTES                                     PART F:                    INFORMATION FOR SHAREHOLDERS




2.2 Capital adequacy


A. QUALITATIVE INFORMATION
The solvency ratio measures the minimum capital requirement that banks must meet in front of
and counterparty credit risk and 8% of risk weighted assets.
This requirement, combined with the capital market risk, calculated on the trading portfolio
Trading book and operational risk capital requirement, shall not exceed the amount of assets
supervision.
Under the provisions of Circular 263 of December 27, 2006 Bank of Italy, Title II - Chapter 6, the am-
motare capital requirements described above for the banks belonging to the Italian banking groups are reduced
25% provided on a consolidated basis the amount of capital for regulatory capital requirement is at least
total.

Operational risk is the reduction of the requirements of 25% came into force with effect from January 2008 with the
new prudential supervisory regulations Basel 2, introduced by the Bank of Italy Circular 263 of the aforementioned.

Please note that the information reported the previous year are not comparable with those at 31 December 2008
because their calculation of risk assets and their capital requirements were determined
under the Basel 1 rules in force until the year 2007.

B. QUANTITATIVE INFORMATION

Categories / Values                                                     UNWEIGHTED AMOUNTS                                              WEIGHTED AMOUNTS/REQUIREMENTS
                                                                   31.12.2008      31.12.2007                                       31.12.2008      31.12.2007
A. Risk assets
A.1 Credit risk and counterparty                                  28.211.373                   24.652.351                           13.439.179                12.985.391
   A standardized methodology                                      28.211.373                   24.652.351                           13.439.179                12.985.391
   2 Methodology based on internal ratings (1)                               -                            -                                    -                         -
      2.1 Base                                                               -                            -                                    -                         -
      2.2 Advanced                                                           -                            -                                    -                         -
   3 Securitizations                                                         -                            -                                    -                         -
B. REGULATORY CAPITAL REQUIREMENTS
B.1 Credit and counterparty risk                                                                                                     1.075.134                   908.977
B.2 Market risk (2)                                                                                                                      21.279                   29.390
   1 Standard method                                                                                                                     21.279                   29.390
   2 Internal models                                                                                                                           -                        -
   3 Concentration risk                                                                                                                        -                        -
B.3 Operational Risk                                                                                                                   119.998                      NA
   A basic method                                                                                                                       119.998                      NA
   2 Standardized Approach                                                                                                                     -                        -
   2 Advanced Method                                                                                                                           -                        -
B.4 Other minimum requirements                                                                                                                 -                        -
B.5 Total prudential requirements (3)                                                                                                  912.308                   938.367
C. Risk assets and capital ratios
C.1 Risk-weighted assets (4)                                                                                                        15.205.140                13.418.648
C.2 Tier 1 capital / Risk                                                                                                                6,847                     7,795
     weighted assets (Tier 1 capital ratio)
C.3 Regulatory capital including Tier 3 /                                                                                                10,400                    9,112
     Risk-weighted assets (Total capital ratio)

Notes:
(1)   are included exposures related to equity.
(2)   The items "standard methodology" and "internal models" to be included also the capital requirement for settlement risk.
(3)   In calculating the total capital requirements of banks in the Italian banking groups also take into account the reduction of the requirements of 25%.
(4)   For the purposes of calculating risk-weighted assets are not taken into account the deduction of 25%.
                                                                                          // 171




Part G - Business Combinations
Companies or business units
As of December 31, 2008 there are no transactions Combinations companies or businesses.




SECTION 1 / / Transactions executed during the year


None present.




SECTION 2 / / transactions executed after the balance sheet date


None present.
172 //         03 / / NOTES                      PART H:              TRANSACTIONS WITH RELATED PARTIES




Part H - Transactions with related parties
It seems useful to include a definition of related party in IAS 24.

RELATED PARTIES
A party is related to an entity if:
(A) directly or indirectly through one or more intermediaries, the party:
    (I) controls the entity, is controlled by, or is under joint control (including any entity controlling,
         subsidiaries and affiliates);
    (Ii) has an interest in the entity to exert significant influence over the entity; or
    (Iii) has joint control over the entity;
(B) the party is an associate (as defined in IAS 28 Investments in Associates) of EN-
   identity;
(C) the party is a joint venture in which the entity is a venturer (see IAS 31 Interests in joint ventures);
(D) the party is one of the key management personnel of the entity or its parent;
(E) the party is a close relative of a person referred to in paragraphs (a) or (d);
(F) the party is an entity controlled, jointly controlled or significantly influenced by one of the play-
   projects referred to in paragraphs (d) or (e) or such persons hold, directly or indirectly, a significant proportion
   cannot of voting rights, or
(G) the party is a pension fund for employees of the entity, or any other entity related to it.

Transaction with a related party transaction is a transfer of resources, services or obligations between related parties, irrespective of
regardless of whether a price is charged.
It is considered close relatives of an individual are those family members who may be expected to influence, or be influ-
enzati by the person in their dealings with the entity. They may include:
(A) the domestic partner and children;
(B) children of unmarried;
(C) the dependents of the person or partner.

Based on the above definitions have been identified are related parties relevant to the Bank:
n Directors and key management personnel;
n Subsidiaries of the Bank;
n Parent company Deutsche Bank AG and other companies within the Group DB AG in the world.


1. INFORMATION ON COMPENSATION OF DIRECTORS AND OFFICERS
At 31 December 2008 were recorded in the income statement costs totaling € 13,606,000.
The cost categories are for the following reason:
n emoluments to the Board, until 29 April 2008, the board of management fees, estimated

   slopes, bonuses, severance pay and other provisions to the plans and long-term benefits.

2. DETAILS OF TRANSACTIONS WITH RELATED PARTIES
The following table shows the balances reported by the Bank to relationships with its subsidiaries, with
the parent company Deutsche Bank AG and other companies of the Deutsche Bank AG.
                                                                                                                                // 173




Balance sheet
                                               Subsidiaries            Parent company,         Other Group Companies            Total
in thousands of euro                     Deutsche Bank SpA               Deutsche Bank AG           Deutsche Bank AG
ASSETS
20. Financial assets held for trading                        32.002                  67.571                            -        99.573
40. Financial assets available for sale                  1.562.319                        -                            -     1.562.319
60. Loans to banks                                       1.042.203                3.583.766                     759.513      5.385.482
70. Loans and advances to customers                        182.358                        -                      60.084        242.442
80. Hedging derivatives                                           -                 131.466                            -       131.466
150. Other assets                                            44.282                  17.666                       6.633         68.581
Total                                                   2.863.164                3.800.469                     826.230      7.489.863
LIABILITIES
10. Due to banks                                         1.466.056                7.984.194                     891.747     10.341.997
20. Due to customers                                        112.857                       -                            -       112.857
40. Financial liabilities held for trading                      110                  94.663                            -        94.773
60. Hedging derivatives                                            -                157.442                            -       157.442
100. Other liabilities                                       10.281                   2.044                       5.276         17.601
Total                                                   1.589.304                8.238.343                     897.023     10.724.670


We also report the notional amounts and market values of derivative contracts outstanding at December 31, 2008:

                                               Subsidiaries            Parent company,         Other Group Companies            Total
in thousands of euro                    Deutsche Bank SpA                Deutsche Bank AG           Deutsche Bank AG
Notional value of contracts                                 7.036                14.140.806                            -   14.147.842
Interest rate derivatives
Positive market value of contracts                               -                 156.325                             -      156.325
Interest rate derivatives
Negative market value of contracts                           (110)                (226.544)                            -     (226.654)
Interest rate derivatives
Notional value of derivative contracts                           -                 401.781                             -      401.781
on equities and indices
Positive market value of contracts                               -                    9.191                            -         9.191
derivatives on equities and indices
Negative market value of contracts                               -                   (2.907)                           -        (2.907)
derivatives on equities and indices
Notional value of credit derivative contracts                    -                 216.016                             -      216.016
Positive market value of credit derivative contracts             -                      43                             -           43
Notional value of forward exchange contracts                     -                 426.173                             -      426.173
Positive market value of contracts                               -                  27.260                             -       27.260
exchange forwards
Negative market value of contracts                               -                 (13.831)                            -      (13.831)
exchange forwards
Notional value of derivative contracts on exchange rates         -                 251.661                             -      251.661
Positive market value of derivative contracts on exchange rates -                    6.261                             -        6.261
Negative market value of derivative contracts on exchange rates -                   (8.823)                            -       (8.823)



Income statement
                                             Subsidiaries              Parent company,         Other Group Companies            Total
in thousands of euro                   Deutsche Bank SpA                 Deutsche Bank AG           Deutsche Bank AG
10.    Interest and similar income                         87.518                   144.281                     32.292         264.091
20.    Interest and similar expense                       (43.227)                 (323.418)                   (43.337)       (409.982)
40.    Fees and commission income                           2.633                    52.594                     23.028          78.255
50.    Fees and commission expense                         (9.405)                   (3.367)                      (775)        (13.547)
70.    Dividends and similar income                        17.943                          -                          -         17.943
80.    Net income from trading                                 30                     1.678                           -          1.708
150a. Administrative costs - for staff                      1.044                     3.083                           -          4.127
150b. Other administrative costs                        (122.882)                   (13.401)                    (2.333)       (138.616)
190. Other operating expenses (income)                      1.608                     3.406                        866           5.880
Total                                                    (64.738)                 (135.144)                      9.741       (190.141)
174 //             03 / / NOTES                   PART H:      TRANSACTIONS WITH RELATED PARTIES




The following table summarizes the main data of the consolidated financial statements for the years 2008 and 2007, Deutsche
Bank AG, Frankfurt (Germany), the parent company engaged in the management and coordination. The data at 31
December 2008 refer to the draft budget being approved.


Main data of Deutsche Bank AG (according to IFRS)
in millions of €                                                                31.12.2008           31.12.2007
TOTAL ASSETS                                                                      2.202.423            1.925.003
Operations using repos and securities loans                                          44.289               69.558
Financial assets at fair value                                                    1.623.811            1.378.011
Financial assets available for sale                                                  24.835               42.294
Loans                                                                               269.281              198.892
Deposits received from customers and banks                                          395.553              457.946
Raising transactions and securities lending PCT                                      90.333              188.306
Financial liabilities at fair value                                               1.333.765              870.085
Long-term debt                                                                      133.856              126.703
Shareholders' equity                                                                 30.703               37.893
Net interest income                                                                  12.453                8.849
Operating income                                                                     12.414               30.133
Operating charges                                                                   (18.155)             (21.384)
Net income (loss)                                                                    (5.741)               8.749
Net income (loss)                                                                    (3.896)               6.510
Staff                                                                                80.456               78.291
Branches                                                                              1.981                1.889
Long-term rating:
   Moody's Investors Service, New York                                                  Aa1                 Aa1
   Standard & Poor's, New York                                                           A+                  AA
   Fitch Ratings, New York                                                              AA-                 AA-
                                                                                                               // 175




Part I - Share-Based Payments
equity instruments
There are as of December 31, 2008 payment agreements based on own equity instruments.

The Deutsche Bank has granted to certain employees of Group companies based remuneration plans
on the shares of parent company (Deutsche Bank AG). These plans provide for the allocation of the employees
concerned
number of shares of Parent provided that the employee remains in the company for a period of time
defined (vesting period). The allocation to employees free of charge, unless the impact of taxation, social security and
tax on the value of shares at the time the actual allocation (delivery of securities to the employee).
These plans provide for the delivery of equity shares, if they meet the conditions of the vesting period "
by the employee, is the responsibility of a service company of the Group (DB Group Services Ltd) specializes in
management of these plans.
The cost for the purchase of shares in the plan is borne by the company for which the employee is in force;
these plans are equity accounted for under the rules of the "cash-settled share-based payment".

The contract between the individual companies and the DB Group Services Ltd provides for the purchase of shares at a
fixed price, deter-
mined at the time of the allocation of rights to employees.
The transaction is completed at the time of the actions by the DB Group Services Ltd,
through the issuance of invoices to the individual group companies. These bills include the cost of the
Swing cover price of the shares of Deutsche Bank AG.
In accordance with this agreement, the fair value of equity compensation plan at the reporting date has been
determined
according to the price set by the contract for the purchase of the shares.
176 //   04 / / ANNEXES




Attachments
04//
                                                                                                                         // 177




Schedule of Investments
                                                                   Deutsche Bank SpA             Nominal      BOOK VALUE
                                           Share capital         No of shares         %       value        December 31, 2008
che Bank Mutui S.p.A.                       48.000,000 Eur       200.000       100,0000   48.000.000,00             67.507.727
Fiduciaria Sant’Andrea S.r.l.                    93.600 Eur       1 unit       100,0000       93.600,00                232.522
Deutsche Asset Management Italy S.p.A.      36.021,440 Eur    25.976.964        37,4999   13.508.021,28             81.899.487
New Prestitempo S.p.A.                       2.550,000 Eur          2.550      100,0000    2.550.000,00              2.550.000
DB Consortium S. cons. a r.l.                    10,000 Eur       1 unit        47,0000        4.700,00                   4.700
RREEF Fondimmobiliari SGR S.p.A.             5.164.600 Eur         10.000      100,0000    5.164.600,00             20.658.296
RREEF Alternative Investments SGR S.p.A.     1.600.000 Eur     1.600.000       100,0000    1.600.000,00              1.600.000
RREEF Opportunities Management Srl               10.000 Eur       1 unit       100,0000       10.000,00              2.288.000
Total Investments                                                                                                 176.740.732
178 //         04 / / ANNEXES




Statement of revaluations
tangible
                revaluation       revaluation       revaluation        revaluation        revaluation              Total
             Law 19.12.73       Law 2.12.75       Law 19.3.83       Law 12/29/1990     Law 12/30/1991
                       No 823            No 576             No 72             No 408             No 413
Properties      5.868.723,01       2.224.429,35    11.960.603,18      52.854.961,97      53.229.444,70    126.138.162,21
                                                                                                                                          // 179




Geographical distribution of branches
                                                                                                                                     Other
Territorial Areas                                                                                                               Branches
     North Lombardy                           North and Tuscany                          South Central
Subsidiary          Branch                Subsidiary      Branch                    Subsidiary      Private
                                                                                                                                Banking
BulgaroErbao         Abbadia Lariana      Bergamo           Alassio                 Bari              Acquaviva delle Fonti     Rome
Casatenovo           Asso                 Bologna           Albenga                 Bito              Afragola                  Verona
Cholic               Ballabio             Brugherio         Almè                    Cagliari          Amalfi
Como                 Barzanò              Chiavari          Arenzano                Caserta           Angri
Costamasnaga         Barzio               Florence          Arezzo                  Casoria           Avellino                  Prestitempo
Erba Introbio        Bellagio             Genoa             Barga                   Naples (2)        Aversa                    Ancona
Lecco                Bellano              Livorno           Bergamo                 Perugia           Bari                      Bergamo
Mandello del Lario   Bellusco             Lucca             Biella                  Pescara           Battipaglia               Brescia
Menaggio             Brivio               Milan (2)         Bologna (3)             Rome (3)          Cagliari (5)              Cagliari
Merate               Cabiate              Milano Bicocca    Brescia                 Salerno           Caivano                   Catania
Novedrate            Calolziocorte        Padova            Trusses                 Scafati           Caserta (2)               CREMONA
                     Cantù                Sanremo           Castelnuovo             Sorrento          Casoria                   La Spezia
                                                            Garfagnana
Oggiono              Canzo                 Turin            Cicagna                 Taranto           Castellammare di Stabia   Livorno
Olginate             Carate Brianza        Venice           Cuneo                                     Cava de 'Tirreni          Milan (2)
Osnago               Casargo               Verona           Curno                                     Francavilla Fontana       Monza
Valmadrera           Cassago Brianza                        Erbusco                                   Frattamaggiore (2)        Padova
Varese               Castellanza                            Florence (2)                              Giuliano in Campania      Palermo (2)
Vedano al Lambro     Cernobbio                              Forlì                                     Lecce                     Parma
                     Cesana Brianza                         Forte dei Marmi                           Marano di Napoli          Perugia
                     Civate                                 Genova (5)                                Massa Lubrense            Pescara
                     Dervock                                Imperia                                   Molfetta                  Rome
                     Desio                                  La Spezia                                 Monopoli                  Sassari
                     Dongo                                  Blackboard                                Mottola                   Trento
                     Erba                                   Livorno                                   Naples (9)                Treviso
                     Galbiate                               Lucca                                     Nocera Inferiore          Udine
                     Gallarate                              Melzo                                     Nola
                     Garzeno                                Mestre (2)                                Oria
                     Grandate                               Milan (12)                                Perugia (2)
                     Gravesend                              Modena                                    Pescara (2)
                     Lecco (6)                              Montemurlo                                Piano di Sorrento
                     Lesmahagow                             Monza                                     Pontecagnano Faiano
                     Lierna                                 Padova                                    Arcade
                     Lipomo                                 Pandino                                   Positano
                     Lomazzo                                Parma                                     Rome (13)
                     Lurago Erba                            Pavia                                     Rutigliano
                     Lurate Caccivio                        PIACENZA                                  Ruvo di Puglia
                     Malgrate                               Pisa (2)                                  S. Agata sui Due Golfi
                     Oggiono                                Prato                                     Salerno
                     Olgiate Comasco                        Rapallo (2)                               Tower of the Greek
                     Olgiate Molgora                        Reggio Emilia                             Trani
                     Paderno d'Adda                         Rho                                       Viterbo
                     PORLEZZA                               Sanremo
                     Robbiate                               Santa Margherita Ligure
                     Rovagnate                              Seregno
                     San Bartolomeo Val Cavargna            Sesto Fiorentino
                     San Fedele Intelvi                     Sestri Levante
                     Saronno                                Sestri Ponente
                     Sirone                                 Thiene
                     Trezzo                                 Turin (5)
                     Turate                                 Treviso
                     Valbrona                               Trezzano
                     Varenna                                Trieste
                     Vercurago                              Verona (3)
                                                            Viareggio
                                                            Vicenza
                                                            Vigevano
                                                            Villasanta
18 susidiaries       58 Branches          16 subsidiaries   84 Branches             16 subsidiaries   69 Branches
180 //




Assembly resolutions of 30 April 2009
Are reported below, in summary, the resolutions adopted by the Ordinary Shareholders' Meeting, held in
first meeting April 30, 2009.

With reference to paragraph 1 on the agenda, the Assembly passed a resolution regarding the allocation of the second
the proposal of the Board of Management endorsed by the Supervisory Board, in particular as regards the distribution
distribution of a dividend of € 0.23 per share entitled, payable by May 6, 2009.


With reference to paragraph 2 of the agenda, the Assembly resolved:

n   to fix you the number of members of the Supervisory Board for the years 2009 and 2010, pursuant to
    the purposes of art. 19 of the Statute;

n   to appoint as a sixth member of the Supervisory Board for the years 2009 and 2010, pursuant to art. 19
    Articles of Association, Mr. Cornel Wisskirchen;
    the above component will remain in office until the date of the Supervisory Board convened for the approval
    the financial statements for 2010;

n   not to provide compensation for Mr. Cornel Wisskirchen as Employee of Deutsche
    Bank AG.
                   Deutsche Bank SpA
                   Square Calendar, 3
                           20126 Milano

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