deutsche bank_Madrid_2_June_2010

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Deutsche Bank

Deutsche Bank

Dr. Josef AckermannChairman of the Management Board

an e roup xecu ve omm ee

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

Investor RoadshowInvestor RoadshowMadrid, 2Madrid, 2 JuneJune 20102010


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Agenda

1 A strong start to 2010: 1Q Highlights

2 Implementing Phase 4 of our management agenda

3 Key current issues

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

2


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First Quarter 2010: Highlights

1Q2009 1Q2010

Profitability

Net income (in EUR bn)

Pre-tax RoE (target definition)(1)

.

1.8

30%

.

1.2

25%

31 Dec2009

31 Mar2010

Capital

.

32.8

.

34.4

er cap a ra o

Tier 1 ca ital in EUR bn

Core Tier 1 capital ratio 8.7% 7.5%

Balance 978891Total assets (U.S. GAAP pro-forma, in EUR bn)

Total assets (IFRS, in EUR bn) 1,6701,501

2323Leverage ratio (target definition)(2)s ee

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

3

ase on average ac ve equ y

(2) Total assets based on U.S. GAAP pro-forma divided by total equity per target definition


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First quarter revenues and profits close to pre-crisis levels

n nNet revenues Income before income taxes

9.6 9.0 3.2

6.26.6

8.07.2

1.8

2.6

1.8

2.8

5.04.6

0.2

.

(0.3)

03 04 05 06 07 08 09

1Q

03 04 05 06 07 08 09

1Q

10 10

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

4

Note: 2003-2005 based on U.S. GAAP reported figures, 2006 onwards based on IFRS reported figures


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Global Markets 1Q2010 vs. 1Q2007: A tale of two cities

Similar top line revenue

erformance . . . . . . usin si nificantl lower resources

(26%)1Q2010 vs. 1Q20071Q2010 vs. Peak

U.S. GAAP pro-forma

S&T revenues, in EUR m

(2)

n.a.

(38%)Level 3 Assets

, ,

(22%)

(35%)

(38%)VaR

1Q2007 1Q2010

(93%)

(50%)

(95%)Prop Trading Notional

Capital

Stress Loss(1) (3)

(3%)(25%) Headcount

(1) 1Q2007 based on structure as of 2008

(2) Peak refers to highest level during the period 3Q2007 to 4Q2009

(3) Maximum potential loss across all risk typesNote: S&T revenues differ from Global Markets revenues due to some revenue

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

5

reallocation between GM and GB


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Reduced provisioning for credit losses

n m

Related to IAS 39 reclassified assets

1,000

(50)%

526 544 560

159308

492 329 249

Thereof: CIB20102009

Thereof: PCAM

357 779 323 357 90

169 221 214 201 173

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

6

Note: Divisional figures do not add up due to omission of Corporate Investments; figures may not add up due to rounding differences


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Tier 1 capital remains well above target

11.712.6

11.211.2

Tier 1 ratio: (117) bps(1)

10.2.

8.7

Target: 10%

7.17.8 8.1 7.57.5

316 295 288 273 292

: n

1Q 2Q 3Q 4Q 1Q

2009 2010Core Tier 1 ratio, in %Tier 1 ratio, in % RWA, in EUR bn Sal. Oppenheim Group impact

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

7

o e: ore er ra o = er cap a ess y r er cap a v e y s

(1) Includes Tier 1 capital deduction (including goodwill and other intangibles) of EUR 1.3 bn and EUR 17 bn RWA


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Agenda




2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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Well placed to deliver on Phase 4

Management Agenda Phase 4

2009 2011

Focus on core PCAM businessesIncrease CIB profitability with renewed

of revenue growth

performance culture

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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Phase 4: Financial potential

Revenue growth p.a. ~ 8%

ormance

Income before income taxes, in EUR bn(1) ~ 10.0

Per Return on Equity(2)

Cost / income ratio

25% over-the-cycle

~ 65%

raints Tier 1 ratio 10%

Const

Leverage(3) 25x

1 Before Cor orate Investments and Consolidations & Ad ustments

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

10

(2) Pre-tax return on Average Active Equity

(3) Per target definition: Assets based on U.S.GAAP pro-forma; total equity adjusted for FV gains / losses on DB issued debt


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Phase 4: assumptions for 2010 2011

No further major market dislocations

Normalization of asset valuations

below 9M2007 annualized

Margins remain higher than pre-crisis

Environmental

Interest rates normalization from 2nd half 2010

Global GDP growth 2% p.a. over the period

No significant further write-downs

Deutsche Bank Market share gains

EUR 1 bn efficiency gains out of infrastructure

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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Phase 4: IBIT otential of business divisions

In EUR bn

ase po en a

Corporate Banking & Securities 6.3

Global Transaction Banking 1.3

Asset and Wealth Management 1.0

Private & Business Clients 1.5

Total business divisions 10.0

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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Note: Figures do not add up due to rounding differences


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2011 potential: CB&S / Global Markets

Cost developmentRevenue developmentRisk

development

ncome e ore ncome taxes, n n

~(1.6)~2.4 ~(0.9)

normalisation

Lower market volatility

Predominantly

FX/Rates/ Credit

De-risking losses

Legacy businesses

Mark-downs

Monoline reserves

Strategic hiring

Platform investments

5.6 4.1 5.7 5.6

U.S. cash

Liquid/flow

Commodities build

EM debt build

Other

derivatives

Asia cash Prime

Brokerage

(4.0)

2009 2009 2011Additional Potential 1

Direct market access

Clearing

Growth areas GrowthRevenue impacts

IBITEquities Debt / other

products

incl. deferrals

-Market nor-

malisation

Specific

items / other

trading

losses

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

r mar y con ra-revenues

Note: Does not correspond to segmental reporting; the sum of GM and CF does not add up to the reported CB&S figure mainly due to LEMG; column size is illustrative

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2011 potential: CB&S / Corporate Finance

Credit s reads

CostdevelopmentRevenue development

Riskdevelopment


0.9

tightening

Lower market volatility

Lower hedge losses

~(0.4)~0.9 ~0.0

2.4

0.6 0.4

Strategic hires:

Junior hiring

Senior hires in

Top-5

Key investments

(M&A, FIG, NRG) IPO market

CRE / Other mark-downs(1)(0.9)

IAS 39 LLPs (1.2)

FIG, NRG, China & UK ecap ta zat on

Financing

(2.6)

2009 Specific Market 2009 Target fee Share Invest- Additional 2011

Lev. Fin.-related legal

settlements (0.3)

Non- AdditionalIBIT items normali-

sation

before

specific

items

pool

growth

capture ment hiring staff costs

incl.

deferrals

potential

IBIT

recurring

Lev. Fin.

revenues

risk costs(2)

(1) Incl. significant property impairments of EUR 0.5 bn

(2) Incremental LLP

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

o e: oes no correspon o segmen a repor ng; e sum o an oes no a up o e repor e gure ma n y ue o ;

column size is illustrative FIG = Financial Institutions Group; NRG = Natural Resources Group; LDCM = Leveraged Debt Capital Markets

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2011 potential: Global Transaction Banking

CostdevelopmentRevenue development

Riskdevelopment


~(0.5)~1.1 ~(0.0)

Supply Chain Finance

Agency Securities

Lending

Expansion in

key growthregions (e.g.

1.3

Alternative Fund

Services

Asia, MENA)

Strengthening

footprint in

EuropeNormalisation:

Avg. EONIA

Avg. FFE

0.8 IT Additional

headcount

Payment ServiceDirective

Reduced funding

benefit

Local LargeCap/MNC

clients

Large MidCaps in Europe

Integration of parts

of ABN AMRO(1)

Non-bank FIs and Tier 2

and 3 banks

2009

reported

IBIT Solutions Clients

2011

potential

IBITMarkets

Growth

related

investment

costs

Additional

risk costs(2)Improved

interest rates

Growth areas Other

constraints

(1) Pro rata running and migration costs

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

ncremen a ; = u a ona orpora es, = uro ver g n ex verage , = e era un s ec ve

Note: Figures do not add up due to rounding differences; column size is illustrative

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2011 potential: Asset Management

ncome e ore ncome taxes, n m Assumes no appreciation ofequity indices 2010 - 2011


development

500

RREEF-related losses MM fund injections

Rightsizing / Smartsourcing /

Outsourcing (RREEF propmgmt./fund accounting, EQ/QS,

~235~45 ~0

Severance

Acquisition costs

Write-back of DWS

Scudder intangible

IT / Ops

optimization

Office space

rationalization

Portfolio mgt (~800 FTE))

Partnerships (e.g. insurance)

(~100 FTE)

159

63 222

Full ear Result of 2009

AUM growth

RREEF transaction

activity growth

2009

market

impact

reductions

Specific

items

Market

normali-

sation

IT/Ops/

Real Estate

rationali-

zation

2009

reported

IBIT

2009

before

specific

items

Cost

savings

run rate

Strategic

initiatives

2011

potential

IBIT

2010-2011

organic growth

Change

in

LLPs

Strategic

initia-

tives

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

Note: Figures do not add up due to rounding differences; column size is illustrative

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Sal. Oppenheim: Dedicated strategy for each business

act v ty

Cluster 1 Cluster 2 Cluster 3 Cluster 4

Wealth ManagementWealth Management

WM GER + AM

GER/LUX

Select WM / AM

international activitiesOther business

Switzerland IB

Asset Management

Corporate Banking/

ermany

Asset ManagementGermany/Lux

Austria

Luxembourg

Other (BAS, SGG,Alternative

investments, etc.)

Other

SOPEP

OVAM

Refine value

proposition / platformIntegrate / Align

Reposition / integrate

dispose / wind-downStrategic options

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

BAS = BHF Asset Servicing, SOPEP = Sal. Oppenheim Private Equity Partners, SGG = Services Generaux de Gestion, OVAM = Oppenheim Versicherungs AM GmbH

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Sal. Oppenheim: Asset base

ObservationsInvested assets develo ment Sal. O enheim Grou (1)

15

4

8

103 105

127

In EUR bn Invested assets have

grown with only(2) (2)

9

142

(3)

2

(1)

34 38

WM forei n

IB, SOPEP,OVAM & other

BHF

Invested assets of

core proposition(5)

overall broadl stable

(4)

32 33 34

Sal. O . WM

entities

Sal. Opp.Institutional

OVAM first timeintegrated with

invested assets of

Germany

Dec

2008

NNM Adjust-

ments(3) Market Dec

2009

NNM Adjust-

ments(3) Market Mar

2010

EUR 12 bn in 1Q2010

Note: Invested assets of cluster 1 and 2 allocated to PWM; SOPEP = Sal. Oppenheim Private Equity Partners, OVAM = Oppenheim Versicherungs AM GmbH

(1) Invested assets according to DB definition

(2) Excludes OVAM EUR 12 bn invested assets

(3) Acquisitions, disposals and reclassifications

us er us er us er us er

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

anuary arc

(5) Wealth Mgt. Germany, Asset Mgt. Germany/Luxembourg, Wealth and Asset Mgt. Switzerland, Austria and Luxembourg

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PWM and Sal. Oppenheim: Benefits, synergies and outlook

Undisputed leadership in Private Wealth Management in Germany

Strategicimpact

omp emen ary c en pro e, par cu ar y n e c en segmen

Second wealth management proposition with strong brand complementing business

portfolio at the top end of the market

Expansion of Deutsche Banks non-investment banking activities

Diversification of Deutsche Banks earnings mix

Financial

Short-term (2010 / 2011) significant impact from integration and exit costs, including

severanceimpact /Outlook

Positive contribution from 2012 onwards

Substantial upside potential

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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2011 potential: Private & Business Clients



development

Severance /

1.5

~0.1~0.7 ~0.0

ITinvestments related to

efficiency program

One-off gain from LLP

recalibrationOptimization in:

Head-office

Mid-office

Other

Growth related non-comp

increase

Hua Xia

Investment & Insurance products: sales initiatives,reali nment of s ecialized investment advisor teams

0.2 0.7

0.5

Service

centers

e ec e nves men s

Staff costs

Credit Products: selective growth mainly in Europe,exit of specific portfolios and tightened approval criteria

Deposits & Payments / Other(1): active margin management,fixed rate saving deposits up 20 bps over the next 12 months

2009

reported

IBIT

Specific

items

2009

before

specific items Sales initiatives

Germany Europe Efficiency

initiatives(2)Infra-

structure

platform

efficiency

Change

in LLPs

Asia 2011

potential

IBIT

Cost to

achieve

growth(1) Mainly Asset Liability Management

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

e uces a so r s cos s

Note: Figures may not add up due to rounding differences; column size is illustrative

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Complexity reduction program: Further strengthen

competitive position

Efficiency gains and complexity

Development cost/income ratio reduction

134Reported, in %

reduction is planned to result in

EUR 1 bn cost savings in

infrastructure areas (based on 2009

Benefits may partly be off-set by re-

investments to further reduce

Target65%

79 8075

7277

102

Achievements will significantly

contribute to P&L

71 7067

64

68 69

Peer rou (1)

Note: DB: 2002-2005 based on U.S. GAAP, from 2006 onwards based on IFRS

2002 2003 2004 2005 2006 2007 2008 2009

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

22

eer group nc u es ar as, , re u sse, o man ac s, organ ase, organ aney, , err ync un , e man ro ers un

2007), BoA (since 2008), 2007 excluding Citi and UBS, 2008 excluding UBS


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Cost and infrastructure efficiency: examples of initiatives

n m Illustrative

End 2011 potential

-

Technology / IT Functional alignment of IT operating model: Elimination of duplication Functional integration and standardisation of

processes (app. dev., production mgt.) Maximising value from of vendor management and

outsourcing Maximum benefit of low-cost locations

200 - 250

a orm e c enc es er ner an ,

integration)

Global Business Transition to next generation operating model: Further use of low-cost locations Continued standardisation of processes Automation (elimination of manual processes)

150- 200

Legal, Risk & Capital Implementation of Global Efficiency Model: Redefine core and optimise non-core activities Strict risk / return discipline in portfolio / coverage Integrated delivery model

100

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

ncrease ou source oo pr n

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On track to achieve 2011 targets

Income before income taxes, in EUR bn

1Q2010

Phase 4

potential

Corporate Banking &

Securities

reported

2.6

2011

6.3

Prospects / Key features

Capture client flow / market share with prudent risk

taking

Global Transaction

Banking0.1 1.3

Expansion in key regions and client sectors

Upside potential from interest rate increase

Asset and Wealth

Management(0.0) 1.0

AM: Benefits from right-sizing the platform PWM: Exploit undisputed home market leadership

and grow Asia

Private & Business

Clients0.2 1.5

Reap benefits from sales initiatives in Germany and

Europe

Positive impact from efficiency measures

Total business divisions 2.9 10.0

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

24

Note: Figures may not add up due to rounding differences


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Agenda




2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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The changing environment: current issues

Consultation phase Proposal / discussion phase

Basel Committee consultative document

Capital / capital eligibility

National capital requirements

Structure and capitalization of legal Leverage

Liquidity

entities

Asset allocation

Countercyclical capital buffers

Timeline for implementation

Sources and means of funding

Living wills

U.S. balance sheet levy

U.S. / EU proposed reforms

Proprietary trading

Hedge funds

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

26


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Tier 1 capital and RWA development

n n

Tier 1 capital RWA

1.8

0.714.4

292.5

34.4(1.3)

3.31.5

6.5(6.7)

(2.1) (0.1)(0.5)

32.8 .

31 Dec 31 Mar 1Q10 FX Equity-Capital- Other(2)

Sal. - 31 Dec Opera- 31 Mar Sal. - OtherMarket3 FX

income-

pensation-

ductionitems(1)

-heim

risk(4)

-heim(5)


(2) Other includes dividend accrual and actuarial gains/losses on pension plans

(3) Contains EUR 1 bn market risk Sal. Oppenheim

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

27

(1) Primarily reflecting deductions in relation to certain securitization positions in

the trading book

on a ns . n opera ona r s a . ppen e m

(5) Credit Risk RWA only


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Sovereign risk

1 000

oncerns a ou sovere gn r s po en a er ary e ec roug con ag on

CDS spreads by country (in bps) DB exposures(1) by country, 31 Mar 2010

400500

600

700

800

900

,

Italy Spain Portugal Greece Ireland

0

100

200

300

Aug 08 Nov 08 Feb 09 May 09 Aug 09 Nov 09 Feb 10 May 10

Greece Portugal Spain Ireland Italy

Total exposure (gross)

Exposure after hedging and collateral (net) Thereof sovereign(net)

Sovereign: Overall relatively small, except Italy

CIB: Focus on better rated clients; corporates / FIs with satisfactory diversification & risk

Limited primary/

secondarym ga on

PBC: Large presence in Spain and Italy, mitigated by low concentration risk and collateralpor o o

concerns

Significant spread widening could lead to losses on our illiquid GM/GB legacy positions

Temporarily reduced liquidity in EU debt and equity markets

European banks with significant cross border funding would exhibit renewed stress

risk of tertiary

market impact

due to contagion

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

28

(1) Includes exposure for CIB, PBC and PWM, excludes traded credit positions (TCP)


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Modest reliance on shorter term wholesale funding

n n

Funding sources overview Liquidity position

Secured funding increase mainly

against highly liquid trading

assets

21131 Mar 2010 (Total: EUR 856 bn)31 Dec 2009 (Total: EUR 777 bn)

Incremental discretionary

wholesale funding more than

offset by increase of available

164153

118

165158

123

cash balances

Available cash and strategic

liquidity reserve exceed net51

26

61

29un ng gap un er com ne

stress scenario

YTD execution of 2010 issuanceCapital

markets

Retail Trans-

action

Other

customers(1)

Discre-

tionary

Secured

funding

Financing

vehicles(2)

(>50% of EUR 19 bn plan)and equity banking wholesale and shorts

Unsecured funding and equity


2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

29

er nc u es uc ary, se - un ng s ruc ures e.g. -mar e s , marg n r me ro erage cas a ances s own on a ne as s

(2) Includes ABCP conduits


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Key takeaways

Well-capitalized

Significant capital buffer; above targets

Future retained earnings potential

Fresh capital for buying new earnings streams (only)

Strong liquidity / Substantial liquidity reserve

un ng Diverse unsecured funding base

Clear achievable goals Profit growth of core businesses

Infrastructure efficiency gains

In all aspects: Positioned to deliver on Phase 4

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

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Shareprice and dividend

DividendShareprice performance since 2009

Dividend per share, in EURTotal shareholder return, in LFC,

indexed, 1 Jan 2009 = 100

.

69%

.46%

18%

International

peers(1)

DAX

2008 20091 Jan 09 30 Jun 09 31 Dec 09 25 May 10

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations31

n erna ona peers o man ac s, organ ase, re u sse, an an er, arcays, ar as ; n ex ase on , o a s are o er re urn an mar e

capitalization weightings Source: Bloomberg


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Cautionary statements

This resentation contains forward-lookin statements. Forward-lookin 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.

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 German in Euro e 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

-. . .

of 16 March 2010 under the heading Risk Factors. Copies of this document are readily available upon request or can be

downloaded from www.deutsche-bank.com/ir.

This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reportedunder IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 1Q2010 Financial Data

Supplement, which is accompanying this presentation and available at www.deutsche-bank.com/ir.

2 June 2010

Dr. Josef Ackermann

Deutsche Bank

Investor Relations

32

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