Josef Ackermann Quotations

We achieved a truly outstanding result in 2005 with record performances in both the corporate and investment banking and in the private clients and asset management business.

We reached our financial target thanks to continued revenue growth in key businesses, strict control of costs, risks, and capital, and a rigorous focus on core business lines. We have invested in growth businesses and regions during 2005 and will continue to do so.

It appears that the European Union and other Basel Committee member countries are on course to launch the new approach in 2008, while the United States will implement at least one year later.

Our objective now is to sustain, over the cycle, this level of pretax return on equity and double-digit earnings per share growth.

Today's uncertainties call for vigilance by the authorities in both mature and emerging market economies in pursuing sound economic policies. Investors need to recognize the costly consequences of sudden reversals in global conditions that could impact the markets.

We are confident that, if business and market conditions remain stable, we will deliver on our published financial target, and turn our strong performance into clear benefits for our shareholders,

We want to be the leading investment bank in the world,

Consolidation is not a goal in itself and must bring an advantage for investors,

The time has come for concerted action to share the burden of adjustment and maximize the benefits that such action can produce,

The strong flows of international capital into emerging markets reflect a number of important trends. In addition to continuing significant global economic growth, national authorities in numerous emerging market economies have improved economic policy management in recent years, which has led to greater growth, lower inflation and reductions in the ratio of public debt to GDP.

After an outstanding first nine months, we now look forward with confidence to a successful conclusion to 2005, and to continued success in 2006,

In the third quarter 2005, we produced our best third-quarter result ever,

If I am found guilty, I will step down.