Income Statement

Impact of the Postbank sale

The impact of the Postbank sale on our income statement Q1 2010 is described below.

• Until 2012, by the full completion of the sale, the income statement will be impacted by imputed interest expenses, gains & losses from the valuation of the forward and put options on Postbank shares and deconsolidation effects (depending on Postbank equity at date of sale).
• The mandatory exchangeable bond and the cash collateral on options are shown as non-current financial liabilities on the balance sheet.

Impact on financial result
€m	Module I	Module II	Module III
FY 2009
Profit from the sale of Deutsche Bank shares	127	-	-
Interest expense on mandatory exchangeable bond/cash colletaral1)	-	−103	−39
Gain or loss from the forward2)	-	-	-
Gain or loss from the valuation of call and put option2)	-	-	647