DEUTSCHE BANK CORPORATION

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2015 Commission File Number DEUTSCHE BANK CORPORATION (Translation of Registrant s Name Into English) Deutsche Bank Aktiengesellschaft Taunusanlage Frankfurt am Main Germany (Address of Principal Executive Office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

2 Explanatory note This Report on Form 6-K contains the following exhibits: Exhibit 99.1: Deutsche Bank AG s Press Release, dated January 29, 2015, announcing its preliminary results for the quarter and year ended December 31, Exhibit 99.2: Presentation of Juergen Fitschen and Anshu Jain, Co-Chief Executive Officers, given at Deutsche Bank AG s Press Conference on January 29, Exhibit 99.3: Presentation of Stefan Krause, Chief Financial Officer, given at Deutsche Bank AG s Analyst Conference Call on January 29, Exhibit 99.4: 4Q2014 Financial Data Supplement, providing details of the preliminary results. This Report on Form 6-K and Exhibits 99.1 and 99.4 are hereby incorporated by reference into Registration Statement No of Deutsche Bank AG. Exhibits 99.2 and 99.3 are not so incorporated by reference. The results provided hereby are presented under International Financial Reporting Standards (IFRS) and are preliminary and unaudited. Such results do not represent a full set of financial statements in accordance with IAS 1 and IFRS 1. Therefore, they may be subject to adjustments based on the preparation of the full set of financial statements for Forward-looking statements contain risks This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. 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 trading revenues, 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 2013 Annual Report on Form 20-F, which was filed with the SEC on March 20, 2014, on pages 11 through 25 under the heading Risk Factors. Copies of this document are readily available upon request or can be downloaded from Use of Non-GAAP Financial Measures This document and other documents we have published or may publish contain non-gaap financial measures. Non-GAAP financial measures are measures of our historical or 2

3 future performance, financial position or cash flows that contain adjustments which exclude or include amounts that are included or excluded, as the case may be, from the most directly comparable measure calculated and presented in accordance with IFRS in our financial statements. Examples of our non-gaap financial measures, and the most directly comparable IFRS financial measures, are as follows: Non-GAAP Financial Measure Most Directly Comparable IFRS Financial Measure IBIT attributable to Deutsche Bank shareholders Income (loss) before income taxes Average active equity Average shareholders equity Pre-tax return on average active equity Pre-tax return on average shareholders equity Post-tax return on average active equity Post-tax return on average shareholders equity Tangible book value Total shareholders equity (book value) Adjusted cost base Noninterest expenses IBIT attributable to Deutsche Bank shareholders (adjusted) Income (loss) before income taxes Cost-income ratio (adjusted) Cost-income ratio (ratio of Noninterest expenses to Net Revenues) Post-tax return on average active equity based on IBIT (adjusted) Post-tax return on average shareholders equity For descriptions of these non-gaap financial measures and the adjustments made to the most directly comparable IFRS financial measures to obtain them, please refer to page 3 of Exhibit 99.1 hereto and pages 16 through 18 of Exhibit 99.4 hereto. Additionally, as part of its balance sheet management, Deutsche Bank uses fully loaded versions of its CRR/CRD 4 Common Equity Tier 1 ratio, risk-weighted assets, leverage exposure and leverage ratio, in addition to such metrics calculated under the currently effective transitional provisions of the CRR/CRD 4 capital rules. The fully loaded CRR/CRD 4 metrics, which are implemented on a pro forma basis, reflect the application of the rules that are expected to govern Deutsche Bank as of 2019 according to the corresponding legislation. The transitional CRR/CRD 4 measures account for the phase-in of provisions which are allowed to ease the transition for banks to the fully loaded capital rules. For descriptions of non-gaap financial measures with respect to earlier period data, please refer to pages 4 and 5 of our 2013 Annual Report on Form 20-F, which also describe where in the 2013 Annual Report on Form 20-F such non-gaap financial measures are reconciled to the most directly comparable financial measures under IFRS. 3

4 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: January 29, 2015 DEUTSCHE BANK AKTIENGESELLSCHAFT By: /s/ Karin Dohm Name: Karin Dohm Title: Managing Director By: /s/ Mathias Otto Name: Mathias Otto Title: Managing Director and Senior Counsel 4

5 Exhibit 99.1 Release Frankfurt am Main January 29, 2015 Deutsche Bank reports fourth quarter 2014 net income of EUR 441 million Group results Fourth quarter 2014 results Income before income taxes (IBIT) of EUR 253 million Core Bank IBIT, which excludes the Non-Core Operations Unit (NCOU), of EUR 943 million, up EUR 1.4 billion from the prior year period Net revenues of EUR 7.8 billion, up 19% year over year largely reflecting higher revenues in Corporate Banking & Securities (CB&S) Noninterest expenses of EUR 7.2 billion, down 5% from 4Q2013 Adjusted cost base of EUR 6.0 billion, up 7% from 4Q2013 Net income of EUR 441 million; post-tax return on average active equity (RoE) in 4Q2014 of 2.6% for the Group Full year 2014 results Income before income taxes (IBIT) of EUR 3.1 billion more than doubled year over year Core Bank IBIT of EUR 6.0 billion, up EUR 1.1 billion from FY2013 Net revenues of EUR 32.0 billion were stable compared to prior year Noninterest expenses of EUR 27.7 billion, down 2% from 2013 Adjusted cost base of EUR 23.8 billion, up 3% from last year Net income of EUR 1.7 billion; post-tax return on average active equity (RoE) in 2014 of 2.7% for the Group Capital and de-leveraging Common Equity Tier 1 (CET1) ratio of 11.7% on a fully loaded Capital Requirements Regulation (CRR)/Capital Requirements Directive 4 (CRD4) basis at quarter end Phase-in CET1 ratio of 15.2% Risk-weighted assets (RWA) on a fully loaded CRR/CRD4 basis of EUR 394 billion, down 2% from 3Q2014 CRD4 fully loaded leverage ratio of 3.5% (based on revised CRD4 rules), driven by EUR 81bn of exposure reduction in the quarter Tangible Book Value per share of EUR increased 3.1% compared to 3Q2014 Issued by the press relations department of Deutsche Bank AG Taunusanlage 12, Frankfurt am Main Phone +49 (0) , Fax +49 (0) Internet: db.com db.presse@db.com Release 1 12

6 Segment results Fourth quarter 2014 results Corporate Banking & Securities (CB&S) 4Q2014 IBIT was EUR 516 million, up EUR 384 million from prior year fourth quarter reflecting solid revenues, lower litigation expense and cost-to-achieve (CtA) Private & Business Clients (PBC) 4Q2014 IBIT of EUR 55 million decreased by EUR 163 million from prior year as stable revenues, and lower provision for credit losses were more than offset by EUR 330 million extraordinary charges for the reimbursement of loan processing fees Global Transaction Banking (GTB) IBIT of EUR 265 million increased by EUR 179 million compared to 4Q2013 due to revenue growth, lower provision for credit losses and specific items in the prior year quarter Deutsche Asset & Wealth Management (Deutsche AWM) 4Q2014 IBIT stood at EUR 365 million, up EUR 165 million compared to last year fourth quarter benefitting from a EUR 83 million partial write up of intangibles for Scudder. Net new money inflows, which continued for the fourth consecutive quarter, were EUR 10 billion Non-Core Operations Unit (NCOU) loss before income taxes was EUR 690 million compared to a loss of EUR 1,272 million in 4Q2013 reflecting higher revenues, lower credit losses and decreased noninterest expenses Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today reported results for the full year 2014 as well as 4Q2014. Group net revenues of EUR 7.8 billion, up 19% from the prior year, with noninterest expenses 5% lower at EUR 7.2 billion. Income before income taxes was EUR 253 million in 4Q2014, compared to a loss of EUR 1,768 million in 4Q2013. This reflects the solid revenue development in the Core Bank as well as lower litigation costs. Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: In 2014 our pre-tax profit rose from EUR 1.5 billion to EUR 3.1 billion, and net income rose from EUR 681 million to EUR 1.7 billion. For the first time ever, each of our four core business divisions delivered more than EUR 1 billion in pre-tax profits. They continued: In the fourth quarter of 2014, we reported a pre-tax profit of EUR 253 million versus a loss of EUR 1.8 billion a year ago and net income of EUR 441 million versus a loss of EUR 1.4 billion a year ago. Further, we increased net revenues in the fourth quarter by 19% year-on-year from EUR 6.6 billion to EUR 7.8 billion largely reflecting higher revenues in Corporate Banking & Securities, where we gained further market share across Fixed Income and Corporate Finance during the year. Also in the fourth quarter, we surpassed EUR 1 trillion in assets under management in Deutsche Asset & Wealth Management. Release 2 12

7 They concluded: While we are encouraged by many of our full-year and fourth-quarter business results, we are working hard to further manage our cost base, maintain our capital strength and increase our returns to shareholders. We look forward to updating the market, and all of our stakeholders, on the next phase of our strategy in the second quarter. Group Results in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues 7,834 7,864 6,564 31,950 31,915 Provision for credit losses ,134 2,065 Noninterest expenses 7,213 7,328 7,607 27,700 28,394 Thereof: Cost-to-achieve ,301 1,331 Income (loss) before income taxes (1,768) 3,116 1,456 Net income 441 (92) (1,365) 1, Cost/income ratio 92% 93% 116% 87% 89% Post-tax return on average active equity 2.6% (0.6)% (9.8)% 2.7% 1.2% Adjusted cost base in m. (unless stated otherwise) 4Q14 3Q14 4Q13 FY14 FY13 Noninterest expenses 7,213 7,328 7,607 27,700 28,394 Adjusted cost base 6,010 6,043 5,604 23,768 23,147 excludes: Cost-to-Achieve ,301 1,331 Litigation ,111 1,571 3,036 Policyholder benefits and claims Other severance Remaining Cost/income ratio (adjusted) 2 77% 77% 85% 74% 73% Compensation ratio 38% 41% 41% 39% 39% Note: Figures may not add up due to rounding 1) Includes smaller specific one-offs and impairments; 4Q2013 includes impairment of goodwill and intangibles of EUR 79 m and a significant impact from correction of historical internal cost allocation; 3Q2014 4Q2014 include charges from loan processing fees (EUR 38 m 3Q2014, EUR 330 m 4Q2014); 4Q2014 includes recovery of goodwill and intangibles of EUR 83 m and EUR ~200 m Maher impairment in NCOU 2) Adjusted cost base divided by reported revenues Fourth quarter 2014 results Group net revenues in 4Q2014 increased by 19%, or EUR 1.3 billion to EUR 7.8 billion compared to EUR 6.6 billion in 4Q2013. CB&S revenues were EUR 3.0 billion, up EUR 488 million, or 20%, versus 4Q2013. This was primarily driven by a EUR 318 million, or 20%, increase in Sales & Trading, reflecting improved results in both Debt and Equity Sales and Trading driven in part by higher volatility in the beginning of the quarter. PBC revenues were EUR 2.4 billion in 4Q2014, stable compared to 4Q2013 as strong revenues in Investment & Insurance Products were offset by lower Deposit revenues from ongoing margin pressure. Release 3 12

8 GTB revenues of EUR 1.0 billion increased by EUR 68 million, or 7%, compared to the prior year period as strong volumes and a positive trend in Asia and Americas offset the challenging rate environment. Deutsche AWM revenues were EUR 1.2 billion, an increase of EUR 57 million, or 5%, compared to 4Q2013 mainly attributable to strong alternative business and a solid performance in Wealth Management offerings in all regions. NCOU revenues of EUR 161 million were up EUR 318 million versus 4Q2013 benefitting from de-risking gains. Provision for credit losses were EUR 369 million in 4Q2014, a decrease of EUR 356 million, or 49%, compared to last year fourth quarter. Lower provisions in NCOU reflected a well reserved and significantly de-risked book, while our Core bank benefitted from increased releases & recoveries and the absence of a single credit event seen in last year. Noninterest expenses amounted to EUR 7.2 billion in 4Q2014, down EUR 394 million, or 5%, compared to the same period in Compensation and benefits of EUR 3.0 billion were up EUR 310 million, or 12%, compared to 4Q2013. This primarily reflects strategic hires in Deutsche Asset & Wealth Management and in control functions. General and administrative expenses were EUR 4.0 billion, a decrease of EUR 608 million, or 13%, versus the prior year quarter. Lower costs in 4Q2014 result from roughly EUR 1.0 billion lower litigation related expenses compared to 4Q2013. This largely reflects timing differences as a number of major litigation cases have yet to be settled. The adjusted cost base of EUR 6.0 billion increased 7% due to higher expenses for regulatory requirements and ongoing investments in our business. Offsetting effects during the quarter include savings from the OpEx program and from the sale of BHF-BANK. Group income before income taxes was EUR 253 million in 4Q2014 versus a loss of EUR 1.8 billion in 4Q2013 driven by higher revenues, lower provision for credit losses as well as lower noninterest expenses. Net income for 4Q2014 was EUR 441 million, compared to a net loss of EUR 1.4 billion in the prior year. In the fourth quarter 2014 Deutsche Bank recorded an income tax benefit of EUR 189 million which was primarily attributable to changes in the recognition and measurement of deferred taxes. Full year 2014 results Group net revenues of EUR 32.0 billion in 2014 were stable compared to the prior year. CB&S revenues were EUR 13.7 billion, up EUR 216 million, or 2%, compared to FY2013. This was primarily attributable to higher revenues in Equity Sales & Trading as well as in Origination & Advisory, while Debt Sales & Trading revenues were stable. Release 4 12

9 PBC revenues of EUR 9.6 billion in 2014 were up EUR 89 million, or 1%, versus the previous year. Higher revenues in Investment & Insurance Products in Private & Commercial Banking Germany were partially offset by lower Deposit revenues reflecting margin pressure from the low interest rate environment. GTB revenues were EUR 4.1 billion, an increase of EUR 77 million, or 2%, versus the prior year despite the challenging low interest rate environment. Deutsche AWM revenues excluding Abbey Life gross-up of EUR 4.4 billion were 178 million higher compared to the prior year reflecting strong alternative business and a solid performance in the Wealth Management business in all regions. NCOU revenues of EUR 211 million declined EUR 753 million versus FY2013 as a result of asset sales in the course of the year. Provision for credit losses of EUR 1.1 billion in 2014 decreased by EUR 931 million, or 45%, compared to last year. This decline was driven by to the ongoing de-risking activities of NCOU as well as a strong portfolio quality and increased releases & recoveries in the Core Bank. Noninterest expenses were EUR 27.7 billion, EUR 693 million, or 2%, lower than in the previous year. Compensation and benefits, which amounted to EUR 12.5 billion, were up EUR 183 million, or 1%, compared to FY2013. This primarily reflects higher fixed compensation costs to comply with regulatory requirements, mainly in CB&S, as well as strategic hires in our business and control functions. General and administrative expenses of EUR 14.7 billion, were down EUR 472 million, or 3%, year over year benefitting from EUR 1.5 billion lower litigation costs compared to FY2013. The adjusted cost base of EUR 23.8 billion was up 3% due to higher expenses from regulatory requirements and investments in the business, only partially offset by savings from the OpEx program and from assets sales in NCOU. Group income before income taxes of EUR 3.1 billion in 2014 more than doubled versus last year due to significantly lower credit loss provisions as well as lower litigation costs. Net income in 2014 amounted to EUR 1.7 billion versus a net income of EUR 681 million in the prior year. In 2014 the income tax expense was EUR 1.4 billion versus EUR 775 million in The effective tax rate of 46% was mainly impacted by non tax deductible litigation charges and income taxes of prior periods, partially offset by changes in recognition and measurement of deferred taxes. In 2013 the effective tax rate was 53%. Release 5 12

10 Capital, Funding, and Liquidity Group in EUR bn (unless stated otherwise) Dec 31, 2014 Sep 30, 2014 Dec 31, 2013 CET1 capital ratio % 11.5% 9.7% Risk-weighted assets Liquidity reserves Total assets (IFRS) 1,718 1,709 1,611 CRD4 leverage exposure 2 1,445 1,526 1,445 Leverage ratio 3 3.5% 3.2% 2.4% 1) based on CRR/CRD4 fully loaded (pro-forma for 2013) 2) based revised CRR/CRD4 rules (2013 pro-forma based on previous CRR/CRD4 rules) 3) based on fully loaded CRR/CRD4 T1 capital and leverage ratio exposure according to revised CRR/CRD4 rules (2013 proforma based on previous CRR/CRD4 rules) The bank s fully loaded CRR/CRD4 Common Equity Tier 1 (CET1) capital ratio was 11.7% as of 31 December 2014, 20 bps up compared to 30 September Fully loaded CRR/CRD4 CET1 capital as of 31 December 2014 increased by EUR 70 million to EUR 46.1 billion compared to the end of 3Q2014. Fully loaded CRR/CRD4 risk-weighted assets (RWA) decreased by EUR 8 billion to EUR 394 billion at the end of 4Q2014. Capital markets issuance: Over the course of 4Q2014 the Bank issued further EUR 8 billion in the capital markets bringing the total for the year to EUR 44 billion. The average spread of our issuance over the relevant floating index (e.g. Libor) was 45bps for the full year 2014 with an average tenor of 4.8 years. Liquidity reserves were EUR 184 billion as of 31 December 2014, 35% of which being in cash and cash equivalents primarily held at central banks. Total assets were EUR 1,718 billion as of 31 December 2014, reflecting an increase of EUR 9 billion, or 1%, versus 30 September According to revised CRR/CRD4 rules, leverage exposure was EUR 1,445 billion as of 31 December 2014, a decrease of EUR 81 billion from 30 September 2014, despite a EUR 23 billion increase from adverse FX effects. The leverage ratio, on a fully loaded basis according to revised CRR/CRD4, increased to 3.5% as of 31 December Release 6 12

11 Segment results Corporate Banking & Securities (CB&S) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues 2,988 3,147 2,500 13,742 13,526 Provision for credit losses Noninterest expenses 2,461 2,737 2,303 10,348 10,162 Thereof: Cost-to-achieve Income (loss) before income taxes ,266 3,158 Cost/income ratio 82% 87% 92% 75% 75% Post-tax return on average active equity 6% 3% (5)% 9% 9% Fourth quarter 2014 results CB&S net revenues increased by EUR 488 million, or 20%, to EUR 3.0 billion from EUR 2.5 billion in 4Q2013. Net revenues included valuation adjustments including Credit Valuation Adjustment (CVA) relating to RWA mitigation efforts, Debt Valuation Adjustment (DVA) and Funding Valuation Adjustment (FVA) totalling a loss of EUR 19 million (4Q2013: a loss of EUR 175 million). Debt Sales & Trading net revenues of EUR 1.1 billion were up EUR 130 million, or 13%, versus 4Q2013. Revenues in RMBS were significantly higher, reflecting a challenging market environment in 4Q Foreign Exchange revenues increased compared to 4Q2013 due to higher client activity and increased volatility. Revenues in Credit Solutions were up compared to the prior year quarter driven by a strong performance in North America and Asia. Revenues in Rates were lower versus the same period in 2013 driven by FVA and weaker performance in Europe. Flow Credit and Distressed Products revenues were below 4Q2013 due to a weaker performance in North America. Revenues were in line with the prior year quarter in Global Liquidity Management and Emerging Markets. Net revenues included two valuation adjustment items totalling a loss of EUR 30 million (a CVA loss of EUR 17 million relating to RWA mitigation efforts and a FVA loss of EUR 13 million) compared to a loss of EUR 69 million in 4Q2013. Equity Sales & Trading recorded net revenues of EUR 728 million in 4Q2014, an increase of EUR 187 million, or 35%, compared to last year fourth quarter. Prime Finance revenues were higher compared to 4Q2013 due to increased client balances. Equity Derivatives revenues increased significantly versus the same period in 2013 reflecting strong performance across all regions, notably in Asia. Equity Trading revenues were in line with the prior year quarter. Origination and Advisory net revenues of EUR 741 million in 4Q2014 were in line with 4Q2013. Revenues in Advisory were above the prior year quarter due to increased market activity and market share. Revenues in Debt Origination increased driven by strong performance in Europe. Revenues in Equity Origination were down partly due to lower fee pool. CB&S provision for credit losses was EUR 9 million, versus EUR 70 million in 4Q2013, attributable to decreased provisions in the Shipping portfolio. Release 7 12

12 CB&S noninterest expenses of EUR 2.5 billion increased by EUR 158 million, or 7%, compared to 4Q2013. The increase was driven by regulatory required spend, compensation adjustments and adverse foreign exchange movements. This development offset the savings from OpEx and lower litigation costs. CB&S income before income taxes of EUR 516 million was up EUR 384 million compared to last year fourth quarter reflecting solid revenues, lower litigation and cost-to-achieve (CtA) spending. Private & Business Clients (PBC) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues 2,404 2,392 2,393 9,639 9,550 Provision for credit losses Noninterest expenses 2,162 1,886 1,932 7,682 7,276 Thereof: Cost-to-achieve Income (loss) before income taxes ,335 1,555 Cost/income ratio 90% 79% 81% 80% 76% Post-tax return on average active equity 2% 6% 0% 6% 6% Fourth quarter 2014 results PBC net revenues were EUR 2.4 billion in 4Q2014, stable compared to 4Q2013 in an ongoing low interest rate environment. Loan volume growth continued, especially in German mortgages, however credit revenues declined by EUR 11 million, or 1%, compared to last year fourth quarter partly reflecting foregone loan processing fees. Net revenues from Deposit products decreased by EUR 22 million, or 3%, compared to 4Q2013 driven by the ongoing low interest rate environment. Revenues from Investment & Insurance Products were up by EUR 15 million, or 5%, reflecting strong asset inflows as well as higher levels of client transactions compared to 4Q2013. Revenues from Payments, Cards & Accounts decreased by EUR 14 million, or 6%, compared to the prior year period as increased regulation put further pressure on payment and cards fees. Net revenues from Postal and supplementary Postbank Services were down by EUR 6 million, or 5%, compared to 4Q2013. Other Revenues increased by EUR 49 million in 4Q2014 compared to the prior year period, partially driven by an improved performance of the Hua Xia Bank equity investment. PBC provision for credit losses declined by EUR 56 million, or 23%, compared to last year fourth quarter benefitting from the benign economic environment in Germany and the good quality of the loan book. PBC noninterest expenses increased by EUR 230 million, or 12%, to EUR 2.2 billion, compared to 4Q2013. The increase includes EUR 330 million charges related to loan processing fees following a German Federal Court ruling in late October Appropriate provisions for loan processing fees were created in On this basis, no further impact is expected in 2015 and beyond. Apart from those non-recurring charges, PBC continues to realize incremental savings from efficiency measures as part of our OpEx program. Release 8 12

13 PBC income before income taxes was EUR 55 million, 75% lower compared to 4Q2013. The decrease is primarily attributable to EUR 330 million charges related to loan processing fees following the above mentioned change in German legal practice. Invested assets increased by EUR 2 billion compared to 30 September 2014 mainly due to net inflows and market appreciation. Global Transaction Banking (GTB) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues 1,045 1, ,146 4,069 Provision for credit losses Noninterest expenses ,791 2,648 Thereof: Cost-to-achieve Income (loss) before income taxes ,198 1,107 Cost/income ratio 71% 63% 82% 67% 65% Post-tax return on average active equity 12% 14% (4)% 14% 13% Fourth quarter 2014 results GTB net revenues of EUR 1.0 billion increased by EUR 69 million, or 7%, compared to 4Q2013, despite the impact of the ongoing challenging market environment. Revenues in Trade Finance benefitted from strong volumes and stabilizing margins, especially in Asia. In Securities Services, revenue increase was driven by the growth in volumes. Cash Management revenues were negatively impacted by the ongoing low interest rate environment. GTB provision for credit losses of EUR 42 million in 4Q2014 declined by EUR 44 million compared to 4Q2013 which included a single client credit event in Trade Finance. GTB noninterest expenses of EUR 738 million decreased by EUR 67 million, or 8%, compared to 4Q2013. The decrease was primarily driven by lower costs related to the execution of the Strategy in this year fourth quarter, i.e. lower OpEx related investments and impairments. This was partly offset by increased revenue-related expenses. GTB income before income taxes of EUR 265 million increased by EUR 179 million compared to 4Q2013. Deutsche Asset & Wealth Management (Deutsche AWM) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues 1,242 1,267 1,185 4,710 4,735 Provision for credit losses (0) 1 9 (7) 23 Noninterest expenses ,686 3,929 Thereof: Cost-to-achieve Income (loss) before income taxes , Cost/income ratio 70% 77% 82% 78% 83% Post-tax return on average active equity 15% 11% 3% 11% 8% Release 9 12

14 Fourth quarter 2014 results Deutsche AWM net revenues in 4Q2014 increased by EUR 57 million, or 5%, to EUR 1.2 billion compared to 4Q2013. Management fees and other recurring revenues rose by EUR 71 million, or 12%, due to higher average assets under management reflecting positive asset flows and foreign currency effects. Performance and transaction fees and other non-recurring revenues decreased by EUR 31 million, or 12%, driven by lower performance fees within Asset Management and lower transactional volumes from capital markets and foreign exchange products for private clients. Net interest income increased by EUR 22 million, or 15%, reflecting increased lending volumes and the recovery of loan interest relating to prior periods. Other product revenues were up EUR 24 million, or 53%, compared to 4Q2013, mainly due to increased alternative revenues. Mark-to-market movements on policyholder positions in Abbey Life declined by EUR 30 million, or 27%, versus 4Q2013. During 2014, changes in fee structures for certain funds resulted in a shift of revenues to management fees from performance fees, resulting in higher recurring revenues. Deutsche AWM noninterest expenses of EUR 874 million were down EUR 102 million, or 10%, compared to the prior year. Adjusted for cost-to-achieve, litigation, policyholder benefits and claims as well as write-up for Scudder, costs increased as savings from the OpEx program were offset by strategic hiring and one-off effects in compensation relating to CRD4 and pension costs. Deutsche AWM income before income taxes increased by EUR 165 million, or 82%, in 4Q2014 to EUR 365 million compared to last year fourth quarter. Invested assets were EUR 1,039 billion as of 31 December 2014, an increase of EUR 33 billion versus 30 September Net inflows of EUR 10 billion were evenly spread across our Passive, Wealth Management, Active and Alternative businesses, as well as across our clients and regions. Non-Core Operations Unit (NCOU) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues (157) Provision for credit losses Noninterest expenses 722 1, ,804 3,550 Income (loss) before income taxes (690) (1,049) (1,272) (2,851) (3,402) Fourth quarter 2014 results NCOU net revenues of EUR 161 million in 4Q2014 increased by EUR 318 million compared to 4Q2013 as revenues in the prior year period included EUR 183 million losses related to the sale of BHF-BANK and a EUR 171 million negative effect from the firsttime application of Funding Valuation Adjustment (FVA), partially offset by lower portfolio revenues. Release 10 12

15 NCOU provision for credit losses of EUR 131 million in 4Q2014 were down EUR 188 million compared to 4Q2013 driven by lower provisions associated with European Commercial Real Estate exposures. NCOU noninterest expenses decreased by EUR 77 million, or 10%, compared to the previous year. The decrease versus 4Q2013 is predominately driven by lower litigation costs and the sale of BHF-BANK. This was offset by an EUR 194 million impairment for Maher Terminals in the quarter. NCOU loss before income taxes of EUR 690 million was EUR 582 million lower compared to the same quarter in 2013, primarily driven by the movements and impacts described above. Consolidation & Adjustments (C&A) in m. (unless stated otherwise) 4Q2014 3Q2014 4Q2013 FY2014 FY2013 Net revenues (5) 0 (334) (497) (929) Provision for credit losses (0) (0) Noninterest expenses Income (loss) before income taxes (258) (43) (1,131) (859) (1,744) Fourth quarter 2014 results C&A loss before income taxes was EUR 258 million in 4Q2014, compared to a loss of EUR 1.1 billion in the prior year quarter. The decrease in losses compared to 4Q2013 was predominantly attributable to the lower litigation charges and Funding Valuation Adjustment (FVA) losses. This positive effect was partially offset by higher bank levies. These figures are preliminary and unaudited. The Annual Report 2014 and Form 20-F are scheduled to be published on 24 March For further information, please contact: Deutsche Bank AG Press and Media Relations Investor Relations Dr. Ronald Weichert (Frankfurt) Christian Streckert (London) db.presse@db.com db.ir@db.com Today at 10:00 a.m. CET a conference call for journalists will take place, on which we will discuss the results. We also offer a webcast (listen only): Shortly before the conference call you will find the relevant presentation on: Release 11 12

16 This release 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 2014 under the heading Risk Factors. Copies of this document are readily available upon request or can be downloaded from This release 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 release, refer to the 4Q2014 Financial Data Supplement, which is available at Release 12 12

17 Deutsche 2014 Press Frankfurt Jürgen in Call Fitschen review Bank January and 29 Anshu 2015 Jain Co Chief Executive Officers Exhibit 99.2

18 2014: A cultural Deutsche 29 year January Achievements of change Bank significant 2015 Jürgen Returns 2 and achievements Fitschen to challenges shareholders and Anshu but Jain challenges remain formidable Revenue performance in core businesses A challenging operating environment Capital strengthening Delivery on costs Sustained delivery on

19 2014: Full 013Income 2012 Deutsche January 1year The before Bank in bottom EUR income Jürgen bn linereported 2013 taxes Fitschen 2014 Netand income Anshu Jain

20 For Full Income % A Strategic Performance Deutsche 52% Up stronger January the year c 2013 of 50% first before core priority: AWM Bank in better time since EUR balance business income Jürgen PBC 4 ever balanced bn strong GTB diversification four taxes Fitschen IBIT pillars bank EUR CB&S core and IBIT businesses 1 billion+ Anshu all Jain 4 businesses core businesses exceeds EUR 1bn for the first time Robust investment banking earnings Non investment banking businesses in 2014

21 CB&S: Full Income Achievements Revenue Further Sustained Challenges Market Deutsche 29 January year 2013 and resource Franchise before outperformance Bank in progress macro EUR income Jürgen reduction 5 strength bn economic portfolio taxes Fitschen across in headwinds a challenging optimization and businesses Anshu Pressure environment Jain Market share revenue gains pools in the Regulatory US spend offsets cost savings Leverage reduction

22 PBC: Full Income 1516 ( Achievements Growth Record Challenges Cost Loan Deutsche 29 (1) 4) January year efficiency 2013 processing Revenue inflows before Payments Bank fee EUR based income resilience Jürgen into fees(1) 6 bn and securities products impact taxes Fitschen provisions despite 2014 Growth accounts and low for results Anshu interest legally Strong credit Sustained Jain required rates asset products low quality reimbursement interest rate environment of loan processing Macro fees economic headwinds in Eurozone

23 GTB: Full Income Achievements Sustained Strong Challenges Macro Deutsche 29 January year 2013 Capturing revenue economic before Bank profit EUR income growth Jürgen opportunities 7 headwinds bn taxes Fitschen Americas in in Eurozone and growth Anshu APAC regions Ongoing Jain Volume low growth interest key rates businesses Pressure on Market margins leading Geopolitical innovations uncertainties

24 Full Net Income Achievements Sustained AuM Challenges Cost Deutsche 29 (25) January inflows year impact 2013 exceed before (13) AWM: Bank profit / EUR outflows +40 income global Jürgen growth 8 EUR bn 1 trillion regulation taxes Fitschen 1 billion / EUR and profit Complex 40bn Anshu EUR of implementation Jain net 1 trillion inflows assets in 2014 of operating 4 quarters platform of consecutive projects inflows Franchise strength in all major regions

25 Germany: >EUR Deutsche 29 1 January 30bn in Bank Deep 2015 every financing Jürgen roots 9 7 mortgages in for Fitschen our businesses home 30% and market of Anshu 20 Active 000 Jain businesses Mutual Funds hedged / ETFs against 21 out of DAX 30 financed / advised currency / other risks

26 Capital: Period <6 Jan Achievements Strengthened Challenges Regulation Note: Deutsche 29 EUR85bnCommonEquity 7 January CET1 4 end We 7bn 2013 Equity Bank 2015 (Capital in took ratio Additional capital % 2014 Jürgen 10 Tier decisive under / base RWA 1 Fitschen ratio transitional Tier action / Leverage) 1 fully CRD4 and during loaded rules Anshu exposure Organic 2014 (phase Jain reduction capital in) was formation 15 progressing 2% year Leverage end 2014 ratio and improved 14 6% at year to 3 5% end ECB 2013; Comprehensive January 2012 not Assessment available

27 NCOU: Strong IFRS ~140 (72)% Jun Continued Income (2 ( Deutsche 29 EUR 9) 4) January 2012 ( assets 9) before bn Capital 2013 Bank impact reduction period income 2014 Jürgen accretion 11 end P&L taxes Fitschen despite full and year P&L Anshu impact Jain

28 Clients: Digitization Deutsche 29 January Placing Bank 2015 as part Jürgen clients 12 of a Fitschen at multi the core channel and of Anshu our strategy organization Jain Increased business collaboration

29 Culture: IW >400 Compliance >530 Deutsche 29 January Cologne 000 Managing Further Bank trainings 2015 and 2 day Jürgen Directors progress Risk 13 culture / Divisional Culture Fitschen in to seminars 2014 date trainings Control and / 90% CB&S Anshu 3 units: >6 Lines Jain 000 Culture +34% of staff Defense and vs / 90% Conduct prior year Workshops 700 people / Target:

30 Culture: Key Marcus Sylvie Christian Karl Co Fabrizio Luc Vice Nadine Member JP Chief (1) Deutsche 29 Rangaswami January Effective Head Frieden senior Georg Chairman Data Matherat Faruque Schenck Expanding Campelli of Corporate Sewing Bank Officer 2015 appointments Altenburg on Board GEC(2) Jürgen conclusion 14 Finance our / Fitschen Chief management Head Global of 2014 EMEA Financial of AGM Legal Head and Group Anshu on and of Incident Officer May Strategy Compliance Government governance Jain 21 Management (CFO) (AfK) 2015; & team designate(1) General Regulatory Group Manager and Affairs Group ( Generalbevollmächtigter ) Audit and Deputy CFO as of January (2) Group Executive Committee

31 Cost: Full Adjusted Achievements Further Note: Deutsche January year increases 2013 Savings Total progress cost Bank noninterest EUR base more Jürgen 15 bn Operational than Fitschen expenses offset by Operational and Excellence were specific Anshu EUR increases Jain 2014: Excellence 27 7bn EUR in 2014 savings 1 3bn EUR Cumulative: EUR 28 4bn 1 3bn in EUR additional and 3bn EUR regulatory vs EUR 31 2bn 2 related 9bn in 2012; target spend Operational Compensation Platform Excellence / business discipline growth cost Challenges baseline: investments EUR FX 25 1bn impact (1H 2012 annualized)

32 2014: Revenue A Delivery Returns We Deutsche 29 year challenging but January are challenges Achievements of now to on performance Bank significant shareholders 2015 costs a stronger operating Jürgen 16 remain and achievements Fitschen safer environment formidable core challenges and businesses and better Anshu balanced Capital Jain strengthening bank Sustained delivery on cultural change

33 2015: Assess Implications Deutsche 29 Achievements Challenges Regulation Macro Customer Competitor Products Regions Client Actions Targets January Further Strategy external segments economy / Bank aspirations 2015 needs for activity developing Jürgen environment core portfolio 17 businesses Fitschen next phase and Anshu of our Jain strategy

34 Cautionary This them we By Such of procedures 20 Deutsche 29 our January F undertake their presentation of factors These assets 20 very Bank March 2015 and statements include the nature no methods Jürgen obligation 18 development contains 2014 the forward Fitschen under are conditions and forward based to other looking update of and asset heading on risks looking Anshu plans publicly the statements prices referenced financial Risk Jain estimates statements and any Factors involve of markets them and our Forward volatility risks projections filings Copies in in light Germany and looking with of uncertainties potential this new as the they document statements U information Europe S defaults are Securities currently A are number of the or readily statements borrowers future and United available of Exchange important available events States that to trading the are and upon Commission factors management not elsewhere counterparties request historical could therefore Such from of can facts; Deutsche factors be which they downloaded cause implementation we are include Bank actual derive described Forward statements from results a substantial of in www our detail to looking differ about strategic db portion com/ir statements oursecform materially initiatives beliefs of from therefore and revenues expectations those reliability speak and contained only which of and our as in the of any we risk assumptions the hold forward management date a they substantial looking underlying are policies made statement portion and

35 Deutsche 4Q Exhibit January 99 results Bank Exhibit 99.3

36 Key Profitability Balance Regulatory Income Post Total Leverage Risk Common Group % % % ( % % 63% FY % Q2013 (0 ( FY % 80 Note: Numbers (1) Core (2) Adjusted (3) According Deutsche 4Q financial EUR 4) 26) 8)% 5) 2)% 1% 53 Sep 37 4% 0% January Dec 9% 3% Group tax weighted Bank(1) assets 2014 before bn sheet results return transparency cost may exposure Equity to includes 2015 Ratios financial unless IFRS revised base not income assets on Investor Tier add average otherwise divided (CRD4)(3) CB&S highlights CRR/CRD4 1 up taxes ratio Relations due active by PBC Net (phase stated to fully reported rounding income equity GTB rules loaded) in) revenues Common Cost AWM Diluted Tangible / income and EPS Equity C&A book (in ratio Tier EUR) value (reported) 1 ratio per share (fully Cost (in loaded) / income EUR) Leverage ratio (adjusted)(2) ratio (fully loaded)

37 Agenda 1 Capital 3Segmentresults Deutsche 4Q financial Key Group January current / Leverage transparency Bank 2015 themes Investor Costs Relations Litigation

38 Capital: (0 11 Income Dividend Equity Intangible Other Effect RWA (9 394 (8 30 FX CVA Market Operational 31 xx Note: Figures (1) CRD4/CRR valuation (2) Net (3) Credit Deutsche 4Q financial EUR 8) 3) Common 5% 0 1 Sep(1) 7% January Dec(1) effect income (2) 5 0 (3) Valuation Comp fully 2014 risk may bn Common results transparency Bank Equity Accrual adjustments 2014 Assets 2015 attributable risk rule loaded not Equity Investor add Tier interpretation Adjustments Equity Tier up 1 since capital due to Relations 1 Tier Deutsche Ratio the to 1 rounding still final and subject RWA Bank draft differences technical shareholders development to ongoing standard issuance published of EBA by technical EBA is standards not yet adopted etc Totals by the do European not include Commission capital deductions in relation to additional

39 Leverage: CRD4 Movements x% 32% 35% (13) (55) (3) (16) FX NCOU Off Deriv&SFT Trading Cash 31 Note: Deutsche 4Q financial 5 Sep January Dec neutral B/S Numbers Coll Exposure fully 2014 Inv (revised results transparency Bank Strong EUR 2015 Other (net loaded ratio Investor may of (104) rules) FX) fully not leveraging bn Relations add loaded up due to rounding

40 Capital/Leverage: Events Successful Tier Strict methodology include: implementation model EUR Incremental requirements Outlook Further EBA Prudent capital Impact and risks Single Euro Continued level weighted (1) Deutsche 4Q financial 6 light Harmonization January Credit continued 1 (e 7 4 Regulatory 13 countries RWA capital required Supervisory impact bn from of headwinds g Valuation: results bn transparency assets Bank the ongoing fundamental risk review issuance 2015 methodology discipline Risk industry quarter / and regulatory policy weighted increases Investor for / of Technical capital Charge strong of Disciplined more supervisory expected CVA(1) Potential Mechanism of Adjustment RWA regulatory wide driven enforced USD trading Relations granular floors assets calculation focus / policy litigation measurement the Standards leveraging 1 from: increases EUR 5 resource fourth book add discussion etc / to treatments bn ECB benchmark driven implementation 1 off operational ) Additional 5 settlements review quarter taken e management from 20bn risk g across Basel risk of Commission but headwinds Delegated remain Regulation (EU) No 526/2014

41 Cost: Non Q Q Q Q Q excludes: Litigation Policyholder Other Remaining(1) CIR Compensation % (7) % % % 40% % % 38% % % 39% Note: Figures Includes historical EUR (2) Adjusted Deutsche 4Q financial EUR January (adjusted) cost FY Reported severance 323Q 304Q may Achieve bn results m smaller transparency base cost Bank internal 3Q not benefits base (in ratio (2) and Investor add specific EUR cost divided adjusted and EUR up and allocation; m) due benefits Relations one claims 330 by to offs m reported rounding Compensation 4Q2014); 1Q2014 and impairments; revenues differences includes 4Q2014 and impairment includes benefits 4Q2013 recovery includes NCOU; impairment of goodwill 2Q2014 of and goodwill 4Q2014 intangibles include and of intangibles EUR charges 83 m of from and EUR loan EUR 79 processing m ~200 and m a significant Maher fees (EUR impairment impact 32 m 2Q2014 from in NCOU correction of

42 Cost: Key 03Change (0 02 FX CRD Specific Reg Other Adjcostbase4Q2014 OpEx 2012/13 Invested/ Cumulative Savings Note: Figures (1) FY2014 Deutsche 29 financial 8 4) EUR Establishing Integrating Strengthening January drivers: Cost demands target 4 Update savings program rel may bn vs results impact reg transparency achieved Bank change 2015 CtA one not compensation platforms and 4Q2013 Investor new EUR add Operating off our date rel charges control up regulatory 0 platform 3 due Relations and bn Cost structure function enhancing rounding 4Q2014 improvement framework and OpEx capabilities end anticipation differences Development to projects end (E2E) of CRD4(1) processes

43 Cost: FY2014 Adjusted (1 B+C OpEx Reg Key ATemporary CRD compensation Specific ~05 BProject IT requirements Other related COngoing/ Headcount increased Bank FX/ Investment Businesses Mandatory ~02 ~04 Total 19 Note: Deutsche 4Q financial 9 3) projects 8 January movements cost Other Drivers Cost 4 FY2014 levy Figures non Savings demands related type results vs base transparency Cost Bank regulatory permanent increase comp growth change for 2015 pay (e / FY2013 expense one / g may Operating induced structuretr Cost Base remediation change implementing Investor rise and strategic cost off not Development rel demand meet comp charges topics add EUR Relations platform ctu hires) up structure e bn reg due marked improvement to rounding by substantial differences projects regulatory induced cost increases

44 Litigation: 3032 Slight reserves There uncertainty size Contingent This Mortgage In Demands 31 Treated Deutsche 4Q financial 10 the EUR USD Sep January Dec of includes quarter continues increase potential 2014 bn results reflecting transparency Bank Reserves repurchase reserves negative Update 2015 liabilities possible to of Investor impacts the net no be revenues timing demands/reserves litigation major significant obligations Relations events in NCOU where an estimate can be made and outflow is more than remote but less than probable with respect to material and significant matters disclosed in our financial reporting

45 Agenda 2Group 3Segmentresults Deutsche 4Q financial 11 Key January current transparency Bank 2015 themes Investor Relations

46 Net In Q 2Q 79 3Q FY 2013 Contribution CB&S PBC GTB NCOU 25% 11% 43% 37% 36% 35% 17% (2)% 47% 28% 44% (1)% 40% 38% 31% 16% 41% 29% 12% 14% 42% 30% 13% 15% Deutsche 4Q2014 financial EUR 9 0 January Figures revenues 2014 bn results transparency Bank AWM 2015 may to Investor Group not add revenues Relations up due to ex rounding Consolidation differences & Adjustments by business segment(1):

47 Provision In Cost Core Q 2013 CB&S Note: Deutsche 4Q financial 80% EUR 42 January 2Q of Bank 2014 Divisional Q Risk(1) m results % transparency Bank for 874 4Q Non Q 407 Investor 60% Core figures 354 2Q Operations 3Q 50% Relations do 267 4Q 369 not 0 FY % 1 add Unit up % Cost 230 FY due to of 20% GTB 269 omission Risk % Deutsche of 58 Deutsche 86 Bank Group(1) AWM; figures Cost 156 of may 6PBC Risk not Core add Bank(1) up due 194 to 171 rounding differences (1) 719 Provision 622 for credit losses annualized in % of total loan book

48 Profitability Income Net (0 1Q Post 12%2%0%(10)% 8% Effective 31% FY2013: 34% FY2014: (1) Deutsche 4Q financial 8) EUR 4) 1) January Annualized 2Q income tax 58% 74% 3Q (1)% before bn results return transparency tax Bank (183)% 134% 4Q % rate 3% income on Investor based (75)% equity(1) 23% on taxes Relations average active equity

49 (01) adjusted Note: (2) (3) assets Incorporating Deutsche 4Q financial 15 EUR January CtA CVA Figures arising bn related Core Group results NCOU IBIT transparency (Credit Bank 2015 on Bank market may reported Investor Core CVA; Valuation Operational not adjusted Bank implied add DVA Relations IBIT up Adjustment Litigation(1) IBIT (Debt to funding due Excellence EUR to Valuation rounding Core costs Investing program CB&S): Bank for Adjustment differences uncollateralized adjusted in Adjustments / restructuring CVA (1) IBIT: / DVA CB&S): Core derivative made 1 and 1 / Bank Impairment bn Incorporating other for related mark positions severances to of litigation market 4Q2014 the impact movements 4Q2013 of own Group related credit reported risk to mitigating in the IBIT fair our hedges value platform(2) of derivative Capital FVA Requirements contracts; (3) Goodwill FVA Regulation & (Funding Core Bank / Valuation Capital Core Bank Requirements Adjustment reported IBIT in Directive CB&S Intang 4 NCOU risk adjusted weighted C&A): IBIT

50 Agenda 3Segmentresults Deutsche 4Q2014 Investor 29 financial 16 Key Group January current Relations transparency Bank 2015 themes

51 Corporate Income Q CtA (102) CVA 137 (111) Note: Deutsche Key 4Q14 4Q13 3Q14 FY14 FY13 Revenues(1) Prov (9) (70) (33) (103) (189) losses Noninterest (2 IBIT CIR 82% 92% 87% 75% Post 59% (4 34% 89% 91% Solid higher Advisory 4Q2014 platform adjustments reductions Strong Excluding and financial 17 (114) EUR 461) 303) 737) 7)% January Q2014 2Q ) 162) post (88) features tax / CB&S (20) (161) Figures revenues DVA reported 3Q (173) before m costs results 132 RoE(2) (75) enhancements tax and transparency credit Banking (75) litigation 4Q 2015 (69) revenues exp more performance / loss (175) (19) higher may FVA income (117) Investor IBIT across (84) of also than not & and 12% EUR y generation Securities include add taxes offset Sales o and Relations costs y 28 up as impact both and m progress regulatory due EUR in of achieve Trading 4Q 3Q2014) 18 EUR of 7 rounding and m CRD4 on of required 0 FY2014 OpEx and 5 DVA CVA and bn pay Origination differences cost EUR losses gains mix spend CIR driven 9 of (loss m 68% by & FVA of EUR losses in m 4Q2014 in (gain 2013 of and EUR gain 85 of m EUR in 4Q m in and 3Q2014) loss of relating EUR 130 to RWA m in 3Q mitigation 2014) (2) efforts Based on average active equity

52 Revenues Q Note: Sales Key Debt conditions #1 Associates versus Rates impact lower RMBS 4Q2013 Credit performance Global FY Equity strength notably Prime increased Deutsche 4Q2014 financial January 2Q features overall & and Prior 4Q2014 y Finance Solutions difficult Sales Derivatives S&T Liquidity 3Q and o Flow Cash FX results transparency Debt revenues Bank client Trading y Asia for Corporates & 2015 weaker periods partly & Global Equities Credit Sales the S&T revenues trading Trading Investor North EUR balances significantly Management 5th up driven revenues have m Fixed and m higher 7% America year and revenues conditions Relations significantly Trading been Distressed with by Income robust also lower y weaker a flat higher restated 4Q2014 good and Europe row stable include y revenues performance driven market y APAC o Product 4Q2013 y o higher y yin4q2014drivenbyfva o revenues despite partly EUR o yversusadifficult higher commodities share include y y revenues increased 11 offset o across ydrivenbyrobust y stable North m during EUR o Greenwich of ydueto regions significantly volatility y transfer better America trading 18 the o m y losses year of CVA of which losses EUR relating 13 to m RWA were included WA mitigation in S&T efforts Debt and fforts negative of wh EUR hich ich 2 m EUR in S&T 17 m Equities were included revenues in S&T Debt and EUR 1 m in S&T Equities revenues

53 Origination Revenues Q Note: Key Overall revenues #5 In its Advisory Significant share Equity fee FY2014 APAC Debt EMEA #3 Awarded DCM Deutsche 4Q financial 19 EUR competitors global 140 January pools 2Q features Origination gains globally Rankings House 3Q 155 m revenues results transparency partially and US Bank fee 4Q 2015 increase across DB & DCM Corporate pools market by Debt Advisory and Investor saw Financial significantly higher up offset all and improved House market the 6% y share EMEA regions 188 FY2014 #2 Finance o largest Relations by y 155 of News/WSJ o due lower share global the or except 107 driven higher as lower in to y market maintained Year o refer ECM FY2014 higher High y Japan y market by share to by o revenues DCM fee Yield strong ydealogic; ydrivenbyincreased IFR with partlydrivenbylower share pools reflecting and record performance FY2014 gain European Advisory figures EMEA market of the any may and in top of not add up due to rounding differences

54 Private Income Q CtA(2) (84) (107) Note: Deutsche 4Q Key 4Q14 4Q13 3Q14 FY14 FY13 Revenues Prov (187) (243) (150) (622) (719) losses IBIT CIR 90% 81% 79% 80% 76% Post 15% (0 62% 61% 65% Strong partly Credit due Noninterest loan Adjusted up Net inflows EUR financial EUR 162) 932) 886) 682) 276) 4)% 38 January 7% Includes 2Q new to (133) features processing tax 7 for (94) Figures offset portfolio loss y revenue 3Q bn & over before m results RoE money o transparency credit Bank Business concluded (83) (98) Charges 4Q y provisions 2015 expenses by 218 the CtA (1) may income (252) (211) Investor growth lower recalibrations fees into last related and not from Clients decade securities significantly loan deposit slightly add taxes y Relations to loan processing up Postbank y successful revenues due increased accounts outlook investment to burdened rounding integration fee remains deposit of vs fees charges EUR prior products by differences stable campaigns charges and 7 quarter full bn other & year insurances highest from largely (1) OpEx over IBIT Based measures on average active equity

55 Income Cost Private Q 2013 (1) Deutsche 21 Revenues Y Includes 2Q to 2014 o Q & y before 5 Achieve(1) 41 increase Bank 6 Business Commercial 97 4Q CtA increased (59) 1Q income 4Q related 2Q (95) largely 188 Clients: Loan 3Q 2013 taxes Banking and 204 results to 4Q processing reflecting Postbank Credit Profit 1Q financial EUR Postbank 177 2Q by loss the 3Q 161 fees integration m business significantly 4Q transparency 155 Advisory Lower 1Q 164 unit 2Q and credit 181 3Q BankingInternational other burdened Q loss Investor OpEx 70 1Q provisions 145 2Q by measures loan 3Q 135 Relations 4Q 146 processing y o 1Q 128 y post 29 2Q 118 January minorities 3Q Continued fee 95 4Q charges positive as well development benefit from provisions a sale and decreased lease back y processing o y yet IBIT fee charges IBIT significantly transaction burdened by loan

56 Global Income Post (57) 1Q client CtA (7) Note: (1) Institutional (2) Deutsche 22 EUR Strong Awarded (23) Based IBIT 2Q 324 Noninterest (1) 86 tax credit Figures Transaction 3Q before (18) m losses RoE adjusted Bank y Impairment 4Q event o Cash (61) average 12 may y 1Q income Q2014 revenue exp 4% (19) for Management 2Q not Banking (4 Trade impairment (738) active 3Q Greenwich (32) add taxes of 3)% results development 4Q goodwill up (23) Finance (805) equity 14 Key due financial 1% Asia Provider (23) (657) features Quality of to and 13 goodwill and rounding supported 5% other (2 4Q2014 transparency (three Americas Leader 791) 12 intangible 6% and differences (2 markets) (4) noninterest by other 648) Large a positive continued 228 intangible assets Investor Corporate financial IBIT expenses trend difficult EUR 265 assets Relations Institutions Trade 86 decreased m 338 (3) market 4Q14 Finance Greenwich Q13 (four January y conditions o 1 (four y 107 markets) 3Q14 primarily Associates 2015 markets) (3) (2) FY14 with CIR and driven remaining 71% FY13 No % No 1 by Revenues Awards Euro lower 63% 1 Cash & interest costs Dollar 67% November 1 Manager 045 related 65% rates for and to 039 the Non margins (4) execution 146 Euromoney of the Cash 367 Strategy Management Provisions for credit for isurvey e credit 338 lower (42) 2014 losses OpEx (86) October below related (43) 4Q2013 (156) 2014 investments (315) which and included impairments a single

57 Income Impairment/recovery intangible 283 Prov 0 IBIT 80 1Q Net (14) efficiency (3) Deutsche 23 (9) EUR AWM Revenues Non 8% Net IBIT 2Q new (171) (1) 365 for 10 new 3Q before interest m 83 7 adjusted credit 200 Bank Asset 5% reached 1 assets program (60) (23) (3) 4Q money(1) 242 ex 288 In inflows 1Q income (73) (3) 4Q2014 and expenses Abbey EUR for 2Q 185 a 1 losses were strong Wealth (56) 027 impairment of 3Q 10 continued m 1 taxes Life goodwill results (82) offset 4Q14 (9) 219 excluding pre Management gross Key and (65) tax 4Q13 by financial 40 for Invested EUR features /recovery and 204 up strategic (31) profit 4 (13) the CtA 735 3Q14 increased other Noninterest 1 Post fourth transparency of 0 litigation assets bn hiring of EUR FY14 tax for goodwill consecutive by RoE (1) 365m the FY13 (2) 8% exp 1039 and full Based (2) y 23 in and (874) o policyholder year 3 Investor the y 5% quarter 923 other on mainly (975) IBIT 11 average intangible 3% Relations CtA (977) from Note: Q2014 amounting active 8% strong (3 Figures assets 686) equity benefitted January alternative (3 pension to may 929) and EUR 2015 not one from changes 10 business add off bn a up partial effects Invested due and reversal to in solid rounding assets compensation performance of totaled intangible differences EUR line write relating WM 1 benefits trillion offerings downs to at and CRD4 year for claims in Scudder end all and regions up and 13% of Scudder EUR y o 83m y are reflecting up over 10% the strengthening y o y as (1) In of EUR the franchise bn savings 2013 from 2014 the

58 Non Income (258) (672) 1Q 2013 Note: Key (1) Post (2)(4) TotalassetsIFRS Deutsche 24 EUR Reduction RWA Revenue Noninterest Credit 2Q features Core taxroe(246)%(246)%(353)%(247)%(193)%rwa(2)(3) (532) Figures 3Q before m decrease Bank losses Operations 4Q14 (580) includes may 1Q income expenses 4Q2014 primarily 4Q13 (690) 2Q includes not derisking Unit assets add taxes 3Q14 (1 results lower 4Q from 049) up EUR of FY14 due gains financial EUR European (1 4 to 199) bn to FY13 rounding 6 and timing from bn (1 transparency is Revenues real 272) driven derisking 4Q2014 of estate differences litigation by 161 and one mainly (157) consumer Investor includes off (1) events offset Based Relations specific exposures by in 964 model each average Prov asset quarter 29 impacts January active for impairment credit equity 2015 (131) (2) (319) In EUR (42) bn (259) (3) Fully (818) loaded losses Noninterest exp (722) (799) (1 026) (2 804) (3 550) IBIT (690) (1 272) (1 049) (2 851) (3 402)

59 Consolidation Income (43) 1Q 2013 Note: (1) Key (29) FVA Deutsche ) EUR Lower FY2014/4Q2014 Valuation 2Q (153) (172) features 18 Figures 3Q before m (276) Bank losses (255)(205) 4Q14 V&T and may & 1Q 36 income 4Q2014 4Q13 Adjustments differences (66) Timing 2Q not C&A bank (223) (276) add taxes 3Q14 results compared 4Q levies (V&T): up (258) Spreads FY14 reflect due financial up (336) reflects to FY13 vs to reduced rounding for 4Q2013 prior capital transparency IBIT the year volatility effects differences and (258) (84) ear FY2013 (86) from (1 in ) USD/EUR (82) Investor different largely (43) (336) (859) Relations due accounting (328) cross to (1 instruments the currency 744) 29 non methods January thereof recurrence basis Bank V&T 2015 used spreads levies differences(1) for of major management and (221) DB s litigation (132) own (23) reporting (40) credit charges 4 (249) (342) spread and (197) IFRS FVA vs Remaining prior losses year which 58 (614) resulted from (694) the first time inclusion in 2013

60 Deutsche Bank 26 Appendix

61 Appendix: IBIT Group Deutsche 27 detail headcount Bank Table 28 NCOU 4Q2014 of 47 Contents Details results 33 financial Total assets transparency (CRD4) CRD4 Investor Leverage Relations Exposure 29 January and 2015 risk weighted assets 37 Loan book 38 Impaired loans 40 Value at Risk 41 Funding 42 Number of shares 43 Invested assets 44

62 4Q2014: In (258) Note: (1) Deutsche 28 EUR Includes (7) Figures m (30) Bank IBIT other may 18 detail 4Q2014 reported (3) severance not (236) add results CtA Core up and Litigation due financial Bank impairment to rounding 943 CVA transparency (356) of / differences DVA goodwill (103) / (1) 28 FVA & Investor 47 intangibles Other(1) Relations NCOU IBIT (690) adjusted 29 January (7) CB&S (104) 2015 (8) 516 (194) (84) (378) (42) (19) Group (11) (363) PBC (207) 55 (211) (9) (147) (0) 0 (14) GTB 265 (23) (18) 0 (5) 311 AWM 365 (31) (13) C&A

63 4Q2013: In Note: (1) Deutsche 29 EUR 131) Includes Figures 8 m (530) Bank IBIT other may detail 4Q2014 (276) reported severance not (4) add results CtA (329) up and Litigation due Core financial impairment to Bank rounding CVA transparency (496) of / differences DVA goodwill (494) / (889) 29 FVA & Investor intangibles Other(1) (451) Relations (78) IBIT adjusted 29 NCOU January CB&S (1 272) (15) (117) (222) (292) (169) (175) (3) (864) Group PBC 218 (1 768) (252) (509) 0 0 (2) ( ) GTB (619) 86 (81) (61) 552 (11) 0 (60) 217 AWM 200 (73) (56) 0 (14) 343 C&A

64 FY2014: 31 In 73 Note: (1) Deutsche 30 EUR 1 Dec Includes 225 Figures 2014 m C&A Bank IBIT other may detail (859) 4Q2014 reported severance not (1) add results (38) CtA up and (66) Litigation due financial impairment (27) to rounding (727) CVA transparency of Core / differences DVA goodwill Bank / 30 FVA 5 & Investor 967 intangibles Other(1) 268) Relations IBIT (775) adjusted (365) 29 January (35) CB&S NCOU (425) (2 (586) 851) (33) (299) (796) (46) (194) PBC (1 856) Group (511) 3 (0) (23) (1 301) (1 GTB 571) (336) (229) (97) (113) (12) AWM (234) (37) 0

65 FY2013: In (20) Note: (1) Deutsche 31 EUR Dec Includes 1 Figures m Bank IBIT C&A other may detail 4Q2014 reported (1 severance not 744) add results 7 CtA (536) up and Litigation due financial (276) impairment to rounding (20) CVA transparency (919) of / differences DVA goodwill Core / Investor FVA Bank & intangibles Other(1) Relations IBIT 287) 29 (1 adjusted January 740) (477) CB&S 2015 (143) (313) NCOU (1 142) (3 402) (201) (45) (26) ( ) 841 PBC (169) 1 (5) 555 (1 (552) 888) (1) Group 0 (15) (1 GTB 331) ( ) (109) (646) (11) (148) 0 (63) AWM 782 (318) (50) 0

66 F ( (1) FY2014 adjusted Note: (2) (3) assets Incorporating Deutsche 32 EUR 1) CtA CVA Figures arising Core bn related Group NCOU IBIT (Credit Bank Bank on market may to 4Q2014 reported Core CVA; Valuation Operational adjusted not Bank implied add DVA results IBIT up IBIT Adjustment Litigation (Debt to funding due Excellence financial EUR to Valuation rounding Investing Core costs transparency program CB&S): Bank for Adjustment differences uncollateralized in adjusted CVA Adjustments / restructuring Investor / DVA (1) IBIT: CB&S): Core Relations / derivative made 5 Impairment and 3 Bank bn Incorporating other for related 29 mark positions severances January of to FY2014 litigation market the 2015 impact FY2013 movements of Group own related credit reported risk to mitigating in IBIT the our fair hedges platform value of for (2) derivative Capital FVA(3) Requirements contracts; Goodwill FVA & Regulation Core (Funding Bank / Core Valuation Capital Bank Requirements Adjustment reported IBIT in Directive CB&S Intang 4 adjusted NCOU risk weighted C&A): IBIT

67 IBIT FY2012 Portfolio Non (Assets 78 (1 Resolution NCOU Deutsche ) 454 Performance Net 4Q14 Outlook: YTD Financial result 181 (2 IBIT (1 EUR 33 6 FY2013 charges includes (27) bn Bank 935) 253) bn Trading 57 Impact IBIT components from RWA m (981) activity (3 4Q2014 (1 IFRS driven FY2014 Post EUR 402) 351) de assets 2 expected (837) 57 bn) risking Assets BHF (2 (384) ~100m by results bn) 851) Outlook: (260) 4Q2014 from Credit US Maher (Q1 14) to activity; and mortgage (690) Outlook: financial volatile reduce costs / RWA interest Quarterly performance De of / of Cosmo 4Q14 legacy risking after market data EUR transparency Net related rates 2015 gains IBIT performance as Postbank (Q4 14) ~110m to conditions / of matters Financial be have primarily 31 net Dec sale Investor Fade capital Litigation / 2014 commodity risking Outlook primarily from accretive Relations & provisions (992) offset liabilities the / CRE (1 in 3Q14 Portfolio 29 aggregate 296) January and exposure Maher losses (796) Group (286) 2015 impairment (104) cost 4Q (326) includes allocations (50) Outlook: EUR 0 allocated operating ~200m Costs and to results continue MtM of on Maher until legacy Terminals matters are resolved

68 NCOU: Since 4Q2014 Outlook Note: (1) Size IFRS ~(72)% RWA (58)% 59 Jun Deutsche 34 Regulatory IFRS Capital Commodities Sale Pace RWA IBIT CRD of assets Figures June 59 fully 142 Non ~140 De of will Update Assets volatility Dec Bank 2012 fully The accretive asset loaded risking Core in be may 2013 capital Cosmopolitan EUR 4Q2014 loaded Dec driven reduced reduction business Operations expected not Milestones Sep reduction 2013 bn generation EUR add by CET results by litigation Sep wind from up ~EUR bn from Unit of Dec due 2014 in financial disposals down Las monoline of model to bn EUR Dec cost Vegas rounding a substantially post 2014 transparency driven allocations 4 since to exposures 8 closed slow tax bn differences June effects has basis down complete contributed and 2012 (excluding Investor primarily the 39% line negative with Relations reduction a in litigation CET1 market previous impact ratio 29 during related and January of guidance benefit(1) operational liabilities 2014 expenses) 2015 of ~110 risk bps

69 NCOU: Total In SCG AWMIAS39AWMreclassifiedassetsreclassifiedassets CI071056CI Other 7 Postbank EUR CB&S Deutsche 35 1 EUR IFRS loans PBC 1 Asset bn 6 2 Bank Other 5 assets SCG non Composition of 4Q loans core Total September Other PBC: IFRS results trading Other assets financial Other In 6 5 EUR transparency 0 Monolines Other bn trading of 4 Investor 31 0 Other December Monolines positions Relations positions January PBC: Other 2015 <1bn Credit Trading PBC: Postbank <1bn Correlation Book non core Credit Trading 51CorrelationBook642672PBC:

70 CRD4 In 1526 Off Securities 250 Net Cash Note: Deutsche 36 EUR Derivatives Sep loans B/S 84 Non and Figures Positive Remaining 2014 bn 1 Leverage derivative deposits Bank 396 financing may 406 market 140 add 4Q2014 Dec with Exposure assets not CDS 196 transactions 2014 values add banks results 196 notionals and up trading 64 adjustments due financial from 190 post to assets rounding derivatives offsetting transparency differences; 127 post netting Investor NDTA 72 Relations net loans 29 January Cash and 2015 deposits with banks for the leverage exposure are based on the IFRS consolidation circle

71 CRD4 RWA(1) In 327 Non CVA 358 Derivatives(2) 406 Lending Cash 123 Note: Deutsche 37 EUR Excludes 327 derivative and 21 Figures RWA bn 1 Leverage 119 vs deposits Bank 445 as Leverage CRD4 any Credit may of Q related 84 Exposure not Market Risk Dec with Leverage Exposure add results Market 2014 RWA banks up Risk and due financial Exposure 241 Risk risk RWA 28 to Reverse Off rounding weighted RWA 64 B/S(3) transparency 69 which repo trading differences; assets 127 / has securities Other assets Investor been 47 NDTA fully 152 Relations borrowed allocated Loans 29 Cash to January non and derivatives deposits 2015 for trading the leverage assets (3) exposure Lending are commitments based on the and IFRS contingent consolidation liabilities circle (1) RWA excludes Operational Risk RWA of EUR 67 1 bn

72 Loan In DeAWM GTB CB&S Note: Deutsche 38 EUR 19 Mar book Loan 30 bn 401 PBC 183 NCOU Bank Germany Jun amounts Q Sep 32 are excl results gross Financial Dec 213 of financial 213 allowances Mar 213 Institutions 30 transparency Jun for 30 and loan Sep Public losses 31 Investor Dec Sector: Figures Relations may not 29 January add up due 2015 to rounding differences

73 Composition Dec Investment liquid structured Asset 21 Leveraged Sub Total Note: Deutsche 39 EUR Total total loan Loan Finance collateral substantial m 2014 higher moderate Bank transactions lower book Core Finance as amounts Grade/Postbank of (DB 4Q2014 loan Bank PBC 392 risk 31 collateral/hedging sponsored 4 risk Dec 776 are bucket book 648 small Operations Non 40 bucket results gross and Core corporates/others non conduits) of provisions 49 financial retail allowances Provision Unit partially Total transparency by for 322 credit for 55 category 977 hedged; loan losses 604 mostly 13 Investor Further mostly 640 Figures senior strong Relations substantial German details secured underlying may PBC not 29 domiciled; collateral Commercial January add Mortgages asset up due quality 2015 partially Corporate to Real 150 rounding PBC 462 hedged Estate Investments 6 consumer 637 differences 16 GTB finance low highly loan to predominantly 412 collateralized; highly value diversified; high mortgage mostly margin mostly short secured; business short term diversified term Collateralized/hedged Other Deutsche non by CB&S asset AWM 258 type 38 structured 0 and location Government 622 transactions Other mostly collateralized collateralized; / 694

74 Impaired Period Core % % % 6016%4011% % 1Q 2013 Cov Note: (1) put assessed Deutsche 2 01% 9876 IFRS 2Q on 1Ratio(2) Bank 2014 Figures nonaccrual 3Q end (3) impaired loans(1) Bank 4Q Non 0 in Impaired 48% may Q EUR 4Q2014 Core 2Q status loans 54% not bn Operations 3Q loans add 54% results include (2) 4Q up Total 54% due % financial loans of Unit on 51% to total rounding balance Impaired which 52% transparency loan 54% are sheet book differences loan individually 56% allowances ratio Investor 5432 Deutsche impaired divided Relations Bank under by 29 Group(3) IFRS January IFRS impaired Impaired i 2015 e for loans which loan (excluding a ratio specific Core collateral); loan Bank(3) loss allowance total on balance has been sheet established allowances as well include as loans allowances collectively for all assessed loans individually for impairment impaired which or collectively have been

75 Value DB Average EUR 180? (1) Deutsche 41 53? Stressed Group ? at VaR bn Risk Bank 56? 99% Value Sales 120 Stressed 50?46? 4Q & at day Trading 80 Risk 97? VaR(1) results ? EUR is 40 calculated revenues 20 financial 105? m 108? EUR on transparency 111 the 1 9 same 4Q2013 bn portfolio Investor 1Q2014 as Relations 2Q2014 VaR but 3Q2014 uses 29 January a historical 4Q market data from a period of significant financial stress (i e characterized by high volatilities and extreme price movements)

76 Funding Issuance 200 DB 180 9% three 100 Transaction Retail 1Q (1) (2) Deutsche 42 20% 2014 Raised 2015: Wholesale bps Over EUR 76% issuance and Financing 11 Banking 3 tranche 33% inside 8% Shorts 2Q2013 recap: activities cost from relevant 54 funding ineurbnasof31december spread and interpolated most increase Funding 1% 4Q % 3Q2013 volume plan Equity floating and stable Capital 4 profile week results plan average 120 development 4Q2013 index; CDS 160 most Markets moving fully AT1 Unsecured 30 financial and stable AT1 spread completed 1Q2014 issue 35 average instruments sources Funding USD transparency funding 45(1) 2Q2014 tenor which 1 being 5 profile Total bps bn excluded sources EUR 3Q2014 Secured Other more ca external Investor well 76% 3 EUR than 2 23% from diversified 4Q2014 of Funding 919 funding offset Relations Liquidity total AT1 spread bn funding Total: issue by Vehicles (vs decreased calculation EUR Reserves 29 Customers EUR January from by most bn EUR bn 2015 EUR bn reductions as stable 184 of 64 Dec bn(2) sources in 2013) issued less to (vs stable year 66% sources to 4 8 date years Source: as of Deutsche Dec 2013) Bank

77 Number In Average 31 Total Common Vested Basic Dilution Diluted Note: (1) increase 33 Deutsche 43 million 64/IAS Dec The Figures 31 number shares of effect used This Bank Dec 33 shares awards(1) A may for adjustment (denominator 26 treasury(1) 31 4Q2014 of 2) issued outstanding EPS 28 Dec average not 28 calculation add FY2012 amounts 14 results factor (9) for up basic for due (2) basic financial 1 FY2013 to is diluted and (2) End to based EPS) 05 rounding diluted 0 of EPS) FY2014 transparency on (0) 234 period the shares differences 005 theoretical numbers outstanding Investor price Relations has of a been subscription adjusted 29 January right for 2015 all (ref periods IAS 33 in order 27/IAS to reflect the effect of the bonus element of subscriptionrightsissuedinjune2014inconnectionwiththecapital

78 31 30 Client In 1Q2013 Retail Note: Deutsche 44 EUR Mar Sep Dec Figures 240 (1) view bn 2Q2013 Bank AWM (0) 234 Jun vs invested net may (2) 4Q2014 new Q2013 Sep 1 4 not 239 (11) money 4 assets add 244 results 2 (9) 923 Dec 4Q up Institutional Deutsche 923 due financial 267 Mar to 1Q rounding AWM 40 transparency Jun Q2014 Institutional (3) differences (13) 2014 Sep Q2014 (11) Investor (4) 433 4Q Relations Private 404 FY Client January Private 1 14 Client

79 31 30 DeAWM Regional In 1Q2013 Americas0(3)(9)(3)(1)0133AsiaPacific Note: Deutsche 45 EUR Mar Sep Dec Figures bn 2Q2013 invested net Bank Jun vs new may 290 4Q2014 3Q2013 money Sep assets not add 270 results Dec 4Q2013 up 934 Deutsche 265 due financial Mar to 1Q rounding AWM transparency Jun Q differences 2014 Asia 1 Sep Q Pacific 2 Investor 3 5 (0) 4Q Relations 64 EMEA 65 FY (ex 75 January Germany) EMEA 3 (1) 1 (ex (6) 4 Germany) Germany (5) (2) 250 (2) 262 (1) DeAWM 7 Germany (11) 346 (9)

80 Invested Investment Note: Deutsche 46 EUR Sep Dec Figures bn assets Bank & Private 31 Insurance may 4Q2014 Mar PBC not & 2014 add Business results Products 30 up Jun due financial Clients to rounding transparency 153 Sep 284 differences Investor 1 Dec Deposits Relations vs excl Sight 29 January Deposits Memo: Sight Deposits

81 Group Full 31 CB&S Management Total Deutsche 47 Dec time 98 headcount Bank equivalents Q2014 Dec at results period Sep 138 financial 641 end (150) 2014 (117) 41 PBC transparency Dec vs 890 Investor Relations January GTB AWM (136) NCOU (1 291) Infrastructure / Regional

82 Cautionary them we By Such of procedures 20 Thispresentation Financial Deutsche 48 our F undertake their of factors These assets 20 very Bank Data March and statementsare include the nature no Supplement 4Q2014 methods obligation also development contains the forward contains under results conditions and forward based to which other looking update non of financial asset heading IFRS risks looking plans accompanying publicly the statements prices referenced transparency financial Risk estimates statements and any Factors involve measures of markets this and them our Investor Forward presentation projections volatility risks filings Copies in in light Germany and Relations looking areconciliation with of uncertainties potential this as new and they document statements 29 available U information Europe S January defaults Securities currentlyavailable to A directly are number 2015 of www the or readily statements borrowers future and United comparable of db Exchange important available com/ir events States to that the trading are figures and upon Commission factors management not elsewhere counterparties request historical reported could therefore Such of from under can facts; Deutsche factors be which IFRS they downloaded cause implementation Bank we are include to actual derive described the Forward extent statements from results a substantial of in www such looking our detail to differ about reconciliation strategic db inportion com/ir statements oursecform materially initiatives beliefs of is therefore from not and revenues provided expectations those reliability speak and contained only this which of and as presentation our in the of any we risk the assumptions hold forward date Management a they refer substantial looking are underlying to the made policies statement 4Q2014 portion and

83 Exhibit 99.4