Info

Change

Interbank Assets

€ 25,691.00

€ 14,649.00

-€ 11,042.00

Net Loans

€ 167,303.00

€ 144,946.00

-€ 22,357.00

Security Purchases/Resell

€ 155,258.00

€ 185,215.00

€ 29,957.00

ST Investments

€ 318,681.00

€ 370,002.00

€ 51,321.00

LT Investments

€ 4,729.00

€ 2,569.00

-€ 2,160.00

Net Fixed Assets

€ 8,883.00

€ 5,786.00

-€ 3,097.00

Other Assets

€ 68,732.00

€ 73,751.00

€ 5,019.00

Total Non-Cash Assets

€ 749,277.00

€ 796,918.00

€ 47,641.00

Total Deposits

€ 327,625.00

€ 306,154.00

-€ 21,471.00

ST Borrowings

€ 125,842.00

€ 155,002.00

€ 29,160.00

LT Borrowing

€ 92,388.00

€ 82,018.00

-€ 10,370.00

ST Liabilities

€ 172,379.00

€ 222,838.00

€ 50,459.00

LT Liabilities

€ 10,130.00

€ 9,400.00

-€ 730.00

Liabilities

€ 728,364.00

€ 775,412.00

€ 47,048.00

We then categorized these changes into the "interest income" investments, "arbitrage income" investments and "other" investments, considering interbank investments as interest income investments.

Interest Income Investments = (Net Loans + Interbank Investments - Deposits)2003

- (Net Loans + Interbank Investments - Deposits)2002

Arbitrage Investments = (Short Term and Long Term Investments + Security Purchases - ST Borrowings - LT Borrowings - ST Liabilities - LT Liabilities)2003

- (Short Term and Long Term Investments - ST Borrowings - LT Borrowings -ST Liabilities - LT Liabilities)2002

Other Investments = (Net Fixed Assets + Other Assets)2003 - (Net Fixed Assets + Other Assets)2002

With these definitions, and based upon Deutsche's Bank's net income of 1,365 million Euro in 2003, we estimated the FCFE :

Net Income = 1365

- Other Investments - € 1,922.00 FCFE = € 772.00

This analysis would suggest that Deutsche Bank had 772 million Euros available to be returned to stockholders in 2003.

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