Deutsche Bank · Deutsche Bank Treasury / Investor Relations Asia fixed income investor update...

Deutsche Bank

7-11 September 2015

Deutsche Bank Asia fixed income investor update

Jonathan Blake, Global Head of Debt Issuance

James Rivett, Head of Debt Investor Relations

Deutsche Bank

Treasury / Investor Relations

financial transparency. Asia fixed income investor update

September 2015

Deutsche Bank at a glance

2

Total IFRS assets 1,694

Leverage

Exposure(1) 1,461

Risk-weighted

assets(1) 416

Common Equity

Tier 1 capital(1) 47.4

Tier 1 capital(1) 51.9

Total capital(1) 64.3

CET1 ratio(1) 11.4%

Leverage Ratio(1) 3.6%

Note: Figures may not add up due to rounding differences

(1) Fully loaded according to revised CRR/CRD4 rules

(2) FY2014 revenues of EUR 32.0 bn include Consolidations & Adjustments revenues of (2)% and NCOU revenues of 1% that are not shown in this chart

(3) Core Bank IBIT excludes NCOU. Adjusted for litigation, CtA / restructuring charges, other severances, impairment of goodwill & intangibles, CVA / DVA / FVA

Germany

34% CB&S

43%

GTB

13%

AWM

15%

PBC

30%

2Q2015 Key figures (in EUR bn)

Core bank adjusted IBT(3) Revenues by business(2)

CB&S

51%

GTB

16%

AWM

13%

PBC

20%

Total:

EUR 32bn

Total:

EUR 8.4bn

FY2014 FY2014

Deutsche Bank



September 2015

1 Strategy update

Agenda

3

3 Results update

2 Capital and funding

Deutsche Bank



September 2015

Leverage

ratio ≥5%

RoTE(1) >10%

CET1

ratio ~11%

Organic

gross savings ~EUR 3.5bn

Payout ratio(2) Aspiration to deliver 50%+ dividend payout ratio

Note: Gross cost savings are countered by increasing cost from inflation, FX changes, cost of growth, cost of regulatory compliance and other cost increases

(1) RoTE: Post-tax Return on Tangible Equity is calculated as net income (loss) attributable to shareholders as a percentage of average tangible shareholders' equity. Net income (loss) attributable

to shareholders is defined as Net income (loss) excluding post-tax income (loss) attributable to non-controlling interests. Tangible shareholders' equity is the shareholders’ equity per balance sheet

excluding goodwill and other intangible assets (2) Through dividends and/or share buybacks

Strategy 2020: Medium term ambitions

Our targets

Our aspiration

CIR ~65%

4

Deutsche Bank



September 2015

Strategy 2020: Six key decisions

Deliver sustainable client-driven franchise by:

‒ Reducing transactional business and focus product suite

‒ Invest in client solutions, advisory and equities

Re-focus through deconsolidation of Postbank

Transform DB into a leading digitally-enabled advisory bank for private

and commercial clients

Invest with focus on a) customer experience, b) revenue opportunities,

c) enable our platform, and d) new clients

Invest in scaling-up GTB

Aggressively invest in future growth of Deutsche AWM

Rationalize our geographic footprint

Invest in high growth hubs (e.g., China, India)

Redesign our operating and governance model to achieve

higher efficiency, reduced complexity, even stronger controls

and easier resolvability

Leverage reduction:

gross ~EUR 200bn,

net ~EUR 130-150bn

Net leverage reduction of

~EUR 140bn

Closure of up to 200

branches

Group-wide net investment

of up to

EUR 1bn by 2020

Increase in leverage

exposure by 30-40%

P&L investment of

>EUR 1.5bn

Exit / reduction of

presence in 7-10 countries

Changes to governance

and structure

Additional ~EUR 3.5bn

gross savings

Aspirations

Note: Gross cost savings are countered by increasing cost from inflation, FX changes, cost of growth, cost of regulatory compliance and other cost increases

Reposition

CB&S

Reshape

retail

Rationalize

our footprint

Transform

our operating

model

Digitalize DB

Grow

GTB and

Deutsche AWM

1

2

5

6

3

4

5

Deutsche Bank



September 2015

Target

≥5%

Cumulative

capital

accretion net

of dividends

Redeployment

for growth

(CB&S, GTB,

AWM)

Pro-forma

ambition after

measures

4.6%

NCOU

derisking

0.2%

CB&S

deleveraging

0.4%

Postbank de-

consolidation

0.4%

4Q14

3.5%

Impact from and business growth deleveraging

Impact from capital accretion

5% Leverage ratio target drivers CRD4 leverage ratio, fully loaded, in %

6

Deutsche Bank



September 2015

(30-40)

Reduced

client

perimeter

(40-50)

Reduced

product

perimeter

(50-60)

Disposal of

low-yielding

assets

(80-90)

1Q

2015

>900

Redeploym

ent and

growth(1)

FY18

target

gross

Derivativ

es roll-off

FY18

target

net

Reposition CB&S: Shrinking and re-deploying balance sheet CRD4 leverage exposure, in EUR bn

Expected impact of

exposure reduction

~EUR 0.8bn deleveraging

exit costs

~EUR 0.6bn negative run-

rate revenue

impact…

…more than offset by:

‒ Revenues from re-

deployment; and

‒ Market growth

(1) FX outlook assumed constant vs. April 2015

Targeted leverage exposure

reduction: gross ~EUR 200bn;

net ~EUR 130-150bn

50-70

~700

7

Deutsche Bank



September 2015

Our pro-forma funding profile remains robust

8

■ Postbank is a self-funding entity with

no material funding contribution to DB

Group

■ Substantial majority of funding

continues to come from most stable

sources

■ Deconsolidation of Postbank expected

to have no material impact on LCR

ratio

■ DB intends to fully comply with NSFR

requirements

■ Further positive contribution from

CB&S deleveraging and GTB /

Deutsche AWM growth

23% 24%

24% 16%

7%

8%

21% 23%

25% 29%

996 858

Reported

Funding profile (pre-CB&S deleveraging)

31 March 2015, external funding sources, in EUR bn

Pro-forma

excl. Postbank

75%

most

stable

funding

sources

71%

Capital

Markets

and Equity

Retail

AWM

Transaction

Banking

Other

Deutsche Bank



September 2015

Capital: RWA inflation a manageable headwind In EUR bn unless stated differently, CRD4, fully loaded

9

11.1% CET1 ratio ~11%

28%

Risk density

(RWA / leverage

exposure)

~40%

Pro-forma

prior to

growth

Business

growth

<500

Op. Risk

(2015-2019)

Market Risk

(2019)

Credit Risk

(2016-2019)

Deleveraging

incl. NCOU

(2015-2019)

Disposals

(2015-2017)

1Q15

431

~EUR 80-120bn

Narrowing perimeter Technical effects

Deutsche Bank



September 2015

1 Strategy update

Agenda

10

3 Liquidity and funding

2 Results update

Deutsche Bank



September 2015

In EUR bn, unless otherwise stated

Key Group financial highlights

11

2Q2015 2Q2014 1H2015 1H2014

Income before income taxes 1.2 0.9 2.7 2.6

Net income 0.8 0.2 1.4 1.3

Diluted EPS (in EUR) 0.40 0.21 0.78 1.17

Post-tax return on average active equity 4.5% 1.6% 3.8% 4.7%

Post-tax return on average tangible

shareholders’ equity5.7% 2.1% 4.8% 6.2%

Cost / income ratio 85.0% 85.2% 84.3% 81.0%

30 Jun 2015 31 Mar 2015

Total assets IFRS 1,694 1,955

Leverage exposure (CRD4) 1,461 1,549

Risk-weighted assets (CRD4, fully loaded) 416 431

Tangible book value per share (in EUR) 39.42 41.26

Common Equity Tier 1 ratio (fully loaded) 11.4% 11.1%

Leverage ratio (fully loaded) 3.6% 3.4%

Regulatory

Ratios (CRD4)

Profitability

Balance sheet

Group

(1)

Note: Numbers may not add up due to rounding differences

(1) According to revised CRR/CRD4 rules

Deutsche Bank



September 2015

Key messages

12

Cost

Litigation

Capital

— Cost base of EUR 7.8bn increased by EUR 0.6bn vs. 2Q2014 at constant FX rates(1)

— OpEx savings more than offset by litigation and investment spending

— Litigation charges of EUR 1.2bn, up EUR 0.8bn vs 2Q2014; litigation reserves decreased to

EUR 3.8bn

— We anticipate litigation to remain a burden in the coming quarters

— CET1 ratio increased ~30bps to 11.4%, reflecting a EUR 16bn reduction of RWA

— Leverage ratio improved ~20bps to 3.6% based on further reduction of leverage exposure

— We expect CET1 ratio to decrease in 2H2015 from implementation of PruVal and expected

RWA inflation only partially compensated by mitigating measures

Net

income

— Net income of EUR 0.8bn, up EUR 0.6bn vs. 2Q2014

— Good top line with growth across all businesses; net revenues up 17% (EUR 1.3bn) vs.

2Q2014

— EUR 1.1bn increase of noninterest expenses vs. 2Q2014

Note: To exclude the FX effects the prior year figures are being recalculated using the corresponding current year’s monthly FX rates.

(1) The increase of noninterest expenses vs 2Q2014 was EUR 1.1bn including EUR 0.5bn from FX movements

Deutsche Bank



September 2015

Quarterly Net Income

13

Net income 2Q2015 vs 2Q2014, in EUR m

818

238

(183)

LLP

99

C&A NCOU

Tax 2Q

2015

FX

effect

(3)

310

(106)

CtA/

other

cost

adjustments

309

Litigation

(703)

Adj.

cost

base

262

AWM

163

GTB

36

PBC

3

CB&S

392

2Q

2014


To exclude the FX effects the prior year figures are being recalculated using the corresponding current year’s monthly FX rates

(1) 2Q15 FX impacts on key line items: EUR 567m Revenues; EUR (432)m Adj. Costs, EUR (54)m Litigation, EUR (32)m CtA; EUR (1) LLPs, EUR (40)m Tax

(1)

excluding FX effect (1)

Net Revenues

804 6 115 282 253 (143) 98 (615) (757) 267 269

— 9% revenue increase

primarily driven by CB&S and

NCOU

— Benign LLP environment

— 3% increase in adjusted cost

base as cost increases offset

OpEx saves and lower NCOU

expenses

— Increase in litigation charges

(EUR 0.7bn) partially offset by

lower cost-to-achieve (EUR

(0.3)bn) and positive

CVA/DVA/FVA (EUR 0.2bn)

— Lower tax burden (33% vs.

74%) despite litigation due to

offsetting effects

— Negligible FX impact on net

income Note: Comments refer to numbers excl. FX effects

Deutsche Bank



September 2015

First Half Net Income

14

Net income 1H2015 vs 1H2014, in EUR m


To exclude the FX effects the prior year figures are being recalculated using the corresponding current year’s monthly FX rates

(1) 1H15 FX impacts on key line items: EUR 1,246m Revenues; EUR (919)m Adj. Costs, EUR (50)m Litigation, EUR (48)m CtA; EUR (1) LLPs, EUR (107)m Tax

1,377 101 1,341

FX

effect

Tax

33

CtA/

other cost

adjustments

372

Litigation

(2,251)

Adj.

cost

base

(402)

LLP

128

1H

2015

C&A

556

NCOU

528

AWM

365

GTB

73

PBC

22

CB&S

512

1H

2014

(1)

Net Revenues

1,418 27 229 596 528 503 127 (1,322) (2,301) 305 (74)

— 12% revenue increase

primarily driven by CB&S,

Deutsche AWM and NCOU

— Benign LLP environment

— 3% increase in adjusted cost

base as regulatory spend

(including full-year 2015

BRRD bank levy booked in

1Q15) offset OpEx saves and

lower NCOU expenses

— Increase in litigation charges

(EUR 2.3bn) partially offset

by lower cost-to-achieve

(EUR (0.4)bn)

— Slightly higher tax burden

(49% vs. 48%) excluding FX effect (1)

Note: Comments refer to numbers excl. FX effects

Deutsche Bank



September 2015

Noninterest expenses

15

2Q2015 vs. 2Q2014, in EUR bn


(1) Other cost adjustments include severance (Non-CTA), Policyholder benefits&claims, impairment of goodwill and other intangible assets and other divisional-specific cost items

CIR:

85.2%

CIR:

85.0% — Cost increase of EUR 1.1bn despite OpEx

savings and deconsolidation effects within NCOU

— Two main drivers for cost increase:

— Litigation Expense

— Compensation expense, including select hiring

for regulatory and business growth roles and

market driven adjustments to compensation

— Non compensation development contains EUR

0.2bn cost reducing impact from Cosmo

deconsolidation

0.5

0.5

0.4

Further

changes

adjusted

cost

base

0.1

2Q 2015

7.8

7.3

<0.1 Non-Comp.

0.4 Comp.

OpEx

Savings

(0.3)

CTA /

Other

cost

adjustments

2Q 2015

(0.3)

Litigation FX

effect

0.7

2Q2014

6.7

Part of adjusted cost base Not included in adjusted cost base

(1)

excluding FX effect

Total delta

including FX

effects 0.8 (0.3) (0.3) 0.9

Deutsche Bank



September 2015 16

Litigation: Update In EUR bn

4.8

2.6

0.4 0.5

31 Mar 2015 30 Jun 2015

Litigation reserves Contingent liabilities

Mortgage repurchase

demands/reserves (1)

Demands

Reserves In USD

3.2 3.2

31 Mar 2015 30 Jun 2015

— Significant uncertainty as to the

timing and size of future litigation

reserves remains

— Net charges during Q2 were EUR

1.2 bn, the majority of which related

to legacy US mortgage-related

matters

— Includes possible obligations

where an estimate can be made

and outflow is more than remote

but less than probable for material

and significant matters

— Treated as negative revenues in

NCOU

— Decrease in demands reflects

favorable ruling concerning statute

of limitations and settlements of

three lawsuits

(1) Reserves for mortgage repurchase demands are shown net of receivables in respect of indemnity agreements from the originators or sellers of certain of the mortgage loans of U.S.$ 449

million (EUR 418 million) and U.S.$ 456 million (EUR 409 million) as of March 31, 2015 and June 30, 2015, respectively. Gross reserves were U.S. $ 808 million (EUR 752 million) and U.S.$

573 million (EUR 514 million) as of March 31, 2015 and June 30, 2015, respectively.

4.8

3.8

31 Mar 2015 30 Jun 2015

Deutsche Bank



September 2015 17

Litigation: Status update on selected cases

US

RMBS

Kirch

IBOR

US ABS

(RMBS/ CMBS)

Matters

FX

OFAC - U.S.

embargoes-

related matters

― Continue to cooperate with U.S. regulatory investigations

― Substantial progress in resolving portfolio of civil cases

― Recent favorable appellate court decision concerning the statute of limitations for certain claims

― DB not named in any of the enforcement actions brought to date by various regulators against other banks in November 2014

and May 2015

― Continue to cooperate with investigations from certain regulators and law enforcement agencies globally

― DB vigorously defending the pending U.S. civil class action litigations

― Certain authorities investigating DB’s compliance with U.S. sanctions laws

― DB stopped engaging in USD clearing for Iran and certain other OFAC-sanctioned parties in 2006

― All business with such parties ceased regardless of currency in 2007

Russia Equities

Matter

― Conducting an investigation into certain suspicious trades in Russia and the UK, many of which cleared in US Dollars

― DB self-reported the suspicious trades; cooperating and providing information to certain regulatory authorities globally

― Investigations in early stages

― Disciplinary measures have been and will continue to be taken where appropriate

IBOR ― Civil actions, including putative class actions, pending in USD an other currencies against DB and other banks filed on behalf of

parties who allege that they sustained losses as a result of IBOR manipulation

Settlements

― All legal disputes between DB and Kirch Group settled in February 2014 with a payment of EUR 0.8 bn

― Settlement on EC IBOR in December 2013 (EUR 0.7bn); settlement of investigations with US and UK regulators

over interbank offered rates benchmarks agreed in April 2015 (USD 2.2 bn in the US and GBP 0.2 bn in the UK)

― Largest civil matter (FHFA) resolved in late 2013 (EUR 1.4 bn); overall substantial progress in resolving our

portfolio of mortgage-related cases made

― Settlements concerning claims of breach of representations and warranties relating to three RMBS trusts

reached in July 2015

Deutsche Bank



September 2015

Tier 1 Capital CRD4, fully loaded

18

Tier 1 capital

In EUR bn

(1) (1) (2)

Outlook

Further headwinds expected from:

— EBA Regulatory Technical Standards, e.g.

Prudent Valuation: Potential EUR 1.5 – 2.0bn capital

impact(3)

— CET 1 capital flat except for FX reductions

— 2Q15 net income materially offset by dividend accrual

required per ECB decision (1H15 accrual in line with

average payout ratio over the last 3 years, i.e.89%)

Events in the quarter

(2)

Common Equity Tier 1

Additional Tier 1 capital

4.7 4.6


(1) CRD4/CRR rule interpretation still subject to ongoing issuance of EBA technical standards, etc. Totals do not include capital deductions in relation to additional valuation adjustments since

the final draft technical standard published by EBA is not yet adopted by the European Commission.

(2) Accrual for dividend and AT1 coupons; 1H15 dividend accrual based on average payout ratio over the last 3 years (2012-2014), reflecting ECB decision from 4 Feb 2015 on inclusion of

interim or year-end profits

(3) Excluding approximately EUR 0.5bn benefit from related reduction in shortfall of provisions to expected losses

Net

Income

0.8

31 Mar

2015

47.8

(0.7)

30 Jun

2015

47.4

FX Effect

(0.5)

Other

(0.2)

Equity

Comp

0.2

Dividend

and AT1

Accrual

Deutsche Bank



September 2015

Risk weighted assets In EUR bn

19


(1) Credit Valuation Adjustments

Events in the quarter

Outlook

RWA reduction key driver of ~30bps CET 1 ratio increase:

— Market risk RWA down due reduction of securitisation

inventory, reduced default exposure and overall lower risk

levels

— FX driven RWA reduction (in line with CET 1 capital)

— Increase in Operational Risk RWA driven by recent

internal and industry losses/settlements, offset by reduced

CVA and credit risk RWA

11.1% 11.4% CET 1 ratio, fully loaded

5

30 Jun

2015

416

FX effect

(5)

Opera-

tional risk

Market

risk

(10)

CVA(1)

(4)

Credit

risk

(1)

31 Mar

2015

431

Further headwinds expected from:

— Impact from industry litigation settlements and continued

regulatory focus on operational risks

— Single Supervisory Mechanism / ECB, e.g. harmonization

of regulatory treatments across Euro-countries

— Continued review of RWA measurement on Basel level

(e.g. fundamental trading book review, risk weighted

assets / capital floors, etc.)

31 Mar 30 Jun QoQ Therein

2015 2015 Change FX

CB&S 214 202 (12) (3)

PBC 77 79 2 (0)

GTB 52 52 0 (1)

DeAWM 22 21 (1) (0)

NCOU 46 44 (2) (1)

Other 21 19 (2) (0)

Total 431 416 (16) (5)

Deutsche Bank



September 2015

Leverage exposure CRD4 Leverage exposure development, in EUR bn

20


(29)

FX

effect

1,461

30 Jun

2015

Cash,

Coll. &

Other

2

Trading

Inventory

0

SFT

(6)

Deriva-

tives

(54)

Off B/S

0

31 Mar

2015

1,549

3.4% 3.6% CRD4 Leverage ratio, fully loaded Events in the quarter

— ~20bps leverage ratio increase driven by strong de-

levering of derivative portfolio through

— trade novations,

— reduction of client perimeter,

— roll-off of legacy positions, and

— market driven reduction in net MtM

— EBA and European Commission proposal on minimum

ratio requirements expected in 2016

Outlook

30 Jun

2015

31 Mar

2015

QoQ

Change

Therein

FX

CB&S 844 919 (75) (23)

PBC 266 265 1 (3)

GTB 188 192 (4) (2)

AWM 72 69 3 0

NCOU 67 80 (13) (1)

Other 24 25 (1) 0

Total 1,461 1,549 (88) (29)

Deutsche Bank



September 2015

1 Strategy update

Agenda

21

3 Liquidity and funding

2 Results update

Deutsche Bank



September 2015 22

Funding activities and profile

As of 30 June 2015

— Liquidity reserves EUR 199 bn as of 30 June 2015 vs. EUR 184

bn as of Dec 2014

— LCR year-end 2013 107%

— LCR year-end 2014 119%

Capital Markets and Equity, 22%

Retail (excl. AWM

deposits), 25%

AWM

deposits, 7%

Transaction Banking, 21%

Other Customers, 8%

Unsecured Wholesale, 6%

Secured Funding and Shorts, 10%

Financing Vehicles, 1%

Total: EUR 982 bn

75% from most stable

funding sources

— Total external funding increased by EUR 62 bn to EUR 982 bn

(vs. EUR 919 bn as of Dec 2014)

— Increase of EUR 22 bn in transaction banking and of EUR 20

bn in secured funding and shorts reflect increasing business

activity in comparison to low year-end levels

— Increased deposits from AWM and retail clients were reflected

in a EUR 10 bn increase in these segments ytd

— 75% of total funding from most stable sources (vs. 76% as of

Dec 2014)

Funding profile well diversified Funding profile developments

Liquidity reserves and LCR

Deutsche Bank



September 2015

23 18

19

44

30

2011 2012 2013 2014 2015 ytd

Senior Covered Tier 1 and Tier 2

-

20

40

60

80

100

120

140

160

180

200

23

Funding activities and profile Funding cost and volume development (1)

DB issuance spread, 12 week moving average, in bps (2)

DB Issuance, in EUR bn

— Funding plan of EUR 30-35bn for 2015

— As per 30-Aug-2015 ytd issuance of EUR 30 bn at average spread

of L+53 bps (ca. 37 bps inside interpolated CDS) and average

tenor of 6.1 years

— EUR 9bn by public benchmark issuances / EUR 21 bn raised via

issuance in retail networks and other private placements

— Highlights in 2015

— Feb: EUR 1.25 bn 10yr Tier 2 at ms+210

— Feb: USD 2 bn 3yr at T+90 and USD 0.5 bn 3 yr FRN at L+68

— Mar: EUR 1.5 bn 10yr senior at ms+53

— Mar: USD 1.5 bn 10yr Tier 2 at T+260

— Aug: USD 1 bn 5yr at T+143 and USD 0.375 bn 5yr FRN at L+131

(1) Excluding Postbank (2) Over relevant floating index; AT1 instruments excluded from spread calculation

(3) Capital issues reflected as per maturity date; Tier 1 and Tier 2 inflate 2025+ bucket; calls may accelerate redemption profile (4) Dashed part shows maturities in the first six months of 2015

Maturities (1) (3) (4)

Total: EUR 128 bn (as of 30 June 2015)

20

23

18

11

15

8 7 5

4 3

27

0

5

10

15

20

25

30

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+

Senior Covered Tier 1 and Tier 2

Deutsche Bank



September 2015 24

Potential TLAC requirement for DB

CET1

— Final FSB guidance on TLAC expected before year-end following consultation period and expected to be based on RWA

and/or leverage ratio with application not before January 2019

— German draft legislation(1) would rank plain-vanilla senior debt below other senior liabilities(2) in case of insolvency

— Own funds (CET1/AT1/T2) of €64bn available to protect senior debtholders

Total Loss Absorbing Capacity (TLAC) DB well positioned to meet future TLAC requirements

(1) The proposed changes would translate the SRM into German national law as from January 2016

(2) For example: Covered bonds, covered deposits, certain other retail & corporate deposits, structured debt, derivatives, etc.

(3) Countercyclical buffer not considered

(4) Based on EUR 416bn fully loaded RWA as of 30 June 2015

(5) Includes all non-callable plain-vanilla senior debt (including Schuldscheine and other domestic registered issuance) > 1 year,

irrespective of issuer jurisdiction and governing law; assuming proposed changes to German legislation passed

(6) Includes subordinated debt > 1 year

Plain-vanilla

senior debt(5)

8-12%

1.5%

4.5%

2.0% Tier 2

AT1

CET1

Additional

TLAC

require-

ment

2.0%

2.5%

G-SIB buffer(3)

Capital Conservation buffer(3)

20.5%

-

24.5%

~EUR 113bn

Estimated TLAC for DB

EUR

85-102bn(4)

Surplus of

~EUR 11-28bn

AT1/legacy

Tier 1(6)

Tier 2(6) 16-20% TLAC

requirement

30-Jun-2015

Deutsche Bank

7-11 September 2015

Additional Information

Deutsche Bank



September 2015

Deutsche Bank’s credit current ratings profile As of 24 August 2015

(1) Defined as Baseline Credit Assessment (BCA) by Moody’s, Stand Alone Credit Rating (SACP) by S&P, Viability rating (VR) by Fitch and Viability Rating by DBRS

(2) Rating Under Review with negative implications

Pfandbrief - - Aaa

Tier 2 Ba1 BBB- A-

Legacy Tier 1 (Basel 2.5) Ba3 BB BBB-

Short term debt P-2 A-2 F1

Stand-alone rating(1) bbb+ a baa3

Additional Tier 1 (Basel 3) Ba3 BB BB+

-

-

-

R-1 (middle)

a

-

Senior unsecured debt BBB+(stable) A (negative) A3(negative) A (high)(RUR2)

26

Counterparty assessment A2 - - -

Deutsche Bank



September 2015

CRD4 – Leverage Exposure and risk weighted assets In EUR bn

Leverage Exposure vs. RWA(1)

27

250

64 64

Note: Figures may not add up due to rounding differences; NDTA, Loans, Cash and deposits for the leverage exposure are based on the IFRS consolidation circle

(1) RWA excludes Operational Risk RWA of EUR 80.3 bn

(2) Excludes any related Market Risk RWA which has been fully allocated to non-derivatives trading assets

(3) Lending commitments and contingent liabilities

Credit Risk RWA

CVA

Market Risk RWA

30 Jun 2015

335

255

19

62

Other

Off B/S(3)

Cash and deposits

with banks

Reverse repo /

securities

borrowed

Derivatives(2)

Lending

Non-derivative

trading assets

30 Jun 2015

335

49

30 2 3

126

59

66

30 Jun 2015

1,461

133

131

90

169

425

307

206

31 Dec 2014

1,445

123

127

84

152

406

358

196

CRD4 – Leverage Exposure RWA In EUR bn

Deutsche Bank



September 2015 28

Loan book In EUR bn

Germany excl. Financial Institutions and Public Sector:

2014 2015

Note: Loan amounts are gross of allowances for loan losses. Figures may not add up due to rounding differences.

186

33 34 37 39

CB&S

GTB

PBC

DeAWM

NCOU

31-Dec

411

62

77

215

18

30-Sep

401

53

77

214

19

30-Jun

393

48

77

213

21

31-Mar

386

42

76

213

22 43 44

30-Jun 31-Mar

434

72

84

216

18

72

81

216

17

430

185 185 189 184 184

Deutsche Bank



September 2015

Impaired loans(1) Period-end, in EUR bn

29

6.9 6.8 6.7 6.5 6.6 6.2

3.3 3.3 2.9 2.8 2.6

2.4

10.3 10.0 9.5 9.3 9.3

8.7

-

2.0

4.0

6.0

8.0

10.0

12.0

1Q 2Q 3Q 4Q 1Q 2Q

0.10%

0.60%

1.10%

1.60%

2.10%

2.60%

3.10%

Core Bank Non-Core Operations Unit Impaired loan ratio Deutsche Bank Group(3) Impaired loan ratio Core Bank(3)

2014 2015


(1) IFRS impaired loans include loans which are individually impaired under IFRS, i.e. for which a specific loan loss allowance has been established, as well as loans collectively assessed for

impairment which have been put on nonaccrual status

(2) Total on-balance sheet allowances divided by IFRS impaired loans (excluding collateral); total on-balance sheet allowances include allowances for all loans individually impaired or

collectively assessed

(3) Impaired loans in % of total loan book

(2) (3)

51% 52% 54% 56% 57% 58%

Deutsche Bank



September 2015

NCOU IBIT components IBIT in EUR m, Assets and RWA data as of 30 Jun 2015

30


(1) De-risking impact is reported in the de-risking IBIT line above

(2) Litigation excludes Postbank related matters

NCOU (2,899) (909)

FY2014 2Q15 Comments/Outlook

Asset Driven

Portfolio Revenues

De-risking IBIT MtM/Other

LLPs

Costs

Total of which: Non-Financial

Portfolio

— Net IBIT impact to

decrease with lower

LLP’s / MtM volatility

— Timing and size of

potential impact difficult

to assess

— Impact expected to

decrease albeit not linked

to asset profile

(1,290)

1H2015

282

205

169

(71)

(325)

261 19

(1,175)

(242)

(24)

(266)

Allocations &

Other Items

994

179

(885)

(301)

(1,135)

(1,148) (593)

142

94

12

(29)

(163)

56 14

Allocated Costs

Other

Total

Litigation

(531)

(30)

(561)

(712)

(121)

(10)

(131)

(796)

Component

Reported IBIT

— Improving performance

(1)

— Negative impact of

Postbank liabilities (110) (164)

Postbank IBIT of which: PB Liabilities

(477) (413)

(38) (72)

(2)

Deutsche Bank



September 2015 31

Total IFRS assets Total IFRS assets

NCOU: Asset composition

CB&S PBC

In EUR bn, as of 31 March 2015

CI AWM

7.3

1.6

4.5

0.5

8.4

2.0

4.9

2.5

5.8

0.9 0.4

AWM

Corporate

Investments

PBC: Postbank

non-core

PBC: Other (1)

IAS 39

reclassified assets

Other trading

positions (3)

Monolines

Other loans (2)

Other (4)

Credit Trading –

Correlation Book

SCG

EUR 39 bn

(1) PBC Other: Includes Advisory Banking International in Italy/Spain

(2) Other loans: Cash loans net of LLPs (not IAS39)

(3) Other trading positions: Mainly legacy derivative exposures; includes traded loans

(4) Other : Includes cash & deposits, equity method positions, consolidated properties and financial assets

In EUR bn, as of 30 June 2015

6.4

1.6

3.8

0.2

7.6 1.5

4.7

2.3

5.4

0.9

AWM

Corporate

Investments

PBC: Postbank

non-core

PBC: Other (1)

IAS 39

reclassified assets

Other trading

positions (3)

Monolines

Other loans (2)

Other (4)

Credit Trading –

Correlation Book

EUR 35 bn

SCG

0.2

Deutsche Bank



September 2015 32

2Q 2015: IBIT detail

In EUR m IBIT reported CtA Litigation CVA / DVA / FVA Other IBIT adjusted

CB&S 1,200 (61) (266) 213 (24) 1,338

PBC 483 (37) (0) 0 (3) 524

GTB 283 (17) (139) 0 1 437

AWM 422 (28) (25) 0 (2) 477

C&A (250) 4 (0) (109) (13) (132)

Core Bank 2,137 (139) (430) 104 (42) 2,644

NCOU (909) (5) (797) (16) (4) (88)

Group 1,228 (143) (1,227) 88 (45) 2,556

2Q2015

(1)


(1) Includes other severance and impairment of goodwill & intangibles

Deutsche Bank



September 2015 33

2Q 2014: IBIT detail

In EUR m IBIT reported CtA Litigation CVA / DVA / FVA Other IBIT adjusted

CB&S 828 (161) (259) (111) (5) 1,363

PBC 379 (94) (0) 0 (2) 475

GTB 221 (32) (100) 0 (2) 355

AWM 204 (82) (10) 0 (1) 297

C&A (124) 1 (6) (26) (5) (89)

Core Bank 1,507 (368) (375) (137) (15) 2,402

NCOU (590) (7) (95) (18) (0) (469)

Group 917 (375) (470) (155) (16) 1,933

2Q2014

(1)


(1) Includes other severance and impairment of goodwill & intangibles

Deutsche Bank



September 2015 34

Cautionary statements

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical

facts; they include statements about our beliefs and expectations and the assumptions underlying them. These

statements are based on plans, estimates and projections as they are currently available to the management of Deutsche

Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to

update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could

therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors

include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we

derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of

asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our

strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in

our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form

20-F of 20 March 2015 under the heading “Risk Factors.” Copies of this document are readily available upon request or

can be downloaded from www.db.com/ir.

This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported

under IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 2Q2015 Financial Data

Supplement, which is accompanying this presentation and available at www.db.com/ir.

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