UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 February 2012 DEUTSCHE BANK CORPORATION (Translation of Registrant s Name Into English) Deutsche Bank Aktiengesellschaft Taunusanlage 12 60325 Frankfurt am Main Germany (Address of Principal Executive Offices) 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 by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No
Explanatory note This Report on Form 6-K contains, as exhibits, (i) a Press Release, dated February 2, 2012, of Deutsche Bank AG, announcing its results for the quarter and year ended December 31, 2011, (ii) presentations of Deutsche Bank s senior officers, given at an analyst call and a press conference on February 2, 2012, and (iii) a Financial Data Supplement providing details of the results. This Report on Form 6-K and Exhibits 99.1 and 99.5 are hereby incorporated by reference into Registration Statement No. 333-162195 of Deutsche Bank AG. Exhibits 99.2, 99.3 and 99.4 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 2011. Exhibits Exhibit 99.1: Deutsche Bank AG s Press Release dated February 2, 2012. Exhibit 99.2: Presentation of Dr. Josef Ackermann, Chairman of the Management Board, given at Analyst Call of February 2, 2012. Exhibit 99.3: Presentation of Stefan Krause, Chief Financial Officer, given at Analyst Call of February 2, 2012. Exhibit 99.4: Presentation of Dr. Josef Ackermann, Chairman of the Management Board, given at Press Conference of February 2, 2012. Exhibit 99.5: 4Q2011 Financial Data Supplement. 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 2
2010 Annual Report on Form 20-F, which was filed with the SEC on March 15, 2011, on pages 6 through 17 under the heading Risk Factors. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir. Use of non-gaap financial measures This report contains non-gaap financial measures, which are measures of our historical or future performance, financial position or cash flows that contain adjustments that 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 direct comparable IFRS financial measures are set forth in the table below: Non-GAAP Financial Measure Most Directly Comparable IFRS Financial Measure IBIT attributable to Deutsche Bank shareholders (target definition) Income (loss) before income tax Average active equity Average shareholders equity Pre-tax return on average active equity Pre-tax return on average shareholders equity Pre-tax return on average active equity (target definition) Pre-tax return on average shareholders equity Total assets adjusted Total assets Total equity adjusted Total equity Leverage ratio (target definition) (total equity adjusted to total assets adjusted) For descriptions of these and other non-gaap financial measures, please refer to pages (v), S-17, S-18 and S-19 of our 2010 Annual Report on Form 20-F. 3 Leverage ratio (total equity to total assets)
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: February 3, 2012 4 DEUTSCHE BANK AKTIENGESELLSCHAFT By: /s/ Charlotte Jones Name: Charlotte Jones Title: Managing Director By: /s/ Mathias Otto Name: Mathias Otto Title: Managing Director and Senior Counsel
Exhibit 99.1 Release Frankfurt am Main 2 February 2012 Deutsche Bank reported net income of EUR 4.3 billion for the full year 2011 Fourth quarter net income of EUR 186 million Income before income taxes (IBIT) was EUR 5.4 billion in 2011, after impairments of EUR 0.6 billion in the Corporate Investment division CIB and PCAM IBIT at EUR 6.6 billion, after EUR 1.0 billion specific charges in CB&S and EUR 0.2 billion special net negative impacts in PBC Record IBIT in classic banking businesses of EUR 3.7 billion Record Group revenues of EUR 33 billion Pre-tax return on average active equity of 10% Basel 2.5 Core Tier 1 capital ratio of 9.5%; above EBA requirement ahead of time Liquidity reserves of EUR 219 billion Cash dividend recommendation of EUR 0.75 per share Corporate & Investment Bank (CIB): Resilient 2011 performance despite difficult market conditions and low levels of industry wide activity IBIT of EUR 4.0 billion after EUR 0.7 billion specific charges mainly related to litigation and a charge of EUR 0.3 billion relating to an impairment of a German VAT claim #1 Global Fixed Income market share, #1 US Fixed Income market share (source: Greenwich Associates), #1 Global Prime Brokerage (source: Global Custodian), #1 EMEA Corporate Finance fees (source: Dealogic) Sales & Trading revenues of EUR 11 billion reflect solid performance, despite lower client activity and high market volatility during the second half of the year, validating the success of our recalibrated model Origination and Advisory impacted by lower market issuance levels Global Transaction Banking (GTB) generated record full year revenues of EUR 3.6 billion and IBIT of EUR 1.1 billion driven by strong results across all businesses Issued by Investor Relations of Deutsche Bank AG Internet: http://www.deutsche-bank.com Taunusanlage 12, 60325 Frankfurt am Main http://www.deutsche-bank.com/ir Phone +49 (0) 69 910 35395, Fax +49 (0) 69 910 38591 E-Mail: db.ir@db.com Release 1 14
Private Clients and Asset Management (PCAM): Record full year IBIT of EUR 2.5 billion Private & Business Clients (PBC) record IBIT of EUR 1.8 billion. Revenues in PBC include a negative impact of EUR 0.5 billion related to impairments on Greek government bonds as well as a positive one-time impact of EUR 0.3 billion related to our stake in Hua Xia Bank, driven by the application of equity method accounting Asset and Wealth Management (AWM) IBIT of EUR 767 million, more than triple the previous year s performance, reflecting the successful integration of Sal. Oppenheim and the benefits of efficiency measures Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today reported preliminary unaudited figures for the fourth quarter and the full year 2011. For the year 2011, net income was EUR 4.3 billion versus EUR 2.3 billion in 2010. Diluted earnings per share were EUR 4.30 compared with EUR 2.92 for the year ended December 31, 2010. Per the group s target definition, which excludes significant gains and charges, pre-tax return on average active equity was 9.8% in 2011 compared to 14.7% in 2010. The Management Board and Supervisory Board will propose a cash dividend of EUR 0.75 per share for 2011 at the annual general meeting. Dr. Josef Ackermann, Chairman of the Management Board said: Once again, Deutsche Bank has proved its ability to deliver substantial earnings in challenging conditions. In 2011, our classic banking business produced record earnings, thus counterbalancing the impact of weak markets in investment banking. We also significantly strengthened our capital base, boosted our liquidity reserves and reinforced our funding position. All in all, we have built an excellent platform to continue on the successful path of recent years. Group Results of Operation Net revenues for the quarter were EUR 6.9 billion, down 7% from the record fourth quarter revenues of EUR 7.4 billion in 2010. In CIB, net revenues were down 26% in the fourth quarter 2011 to EUR 3.4 billion versus EUR 4.6 billion in the fourth quarter 2010. The fourth quarter 2011 featured continued market uncertainty and lack of investor risk appetite leading to subdued market activity. The European sovereign debt crisis had a particularly marked effect on activity levels in Europe, where Deutsche Bank has a substantial portion of its business. PCAM net revenues were EUR 3.5 billion in the fourth quarter 2011, up 22% compared to revenues of EUR 2.8 billion in the fourth quarter 2010. The increase primarily reflects the full quarter revenue contribution from Postbank. In 2010 Postbank was only fully consolidated for the month of December. In the fourth quarter 2011 revenues were impacted by impairments of EUR 144 million on Release 2 14
Greek government bonds and lower revenues from investment products in Asset Management and Private Wealth Management due to a more challenging market environment. Net revenues for the full year 2011 were EUR 33.2 billion, up EUR 4.7 billion, or 16% versus the full year 2010. The increase is mainly a result of revenues from businesses acquired in 2010, namely Postbank and, to a lesser extent, Sal. Oppenheim and the commercial banking activities acquired from ABN AMRO in the Netherlands. Provision for credit losses was EUR 540 million in the quarter, versus EUR 406 million in the fourth quarter 2010. The increase was mainly attributable to the full quarter inclusion of Postbank, which contributed EUR 178 million for the quarter. This number excludes releases from Postbank related loan loss allowances recorded prior to consolidation of EUR 91 million. The impact of such releases is reported as net interest income on the group level. Excluding Postbank, provisions for credit losses were up EUR 13 million versus the prior year quarter driven by an increase in provisions for IAS 39 reclassified assets being partially offset by improved performance in the Private & Business Clients Advisory Banking Germany and International credit portfolios. Provision for credit losses was EUR 1.8 billion for the full year 2011 versus EUR 1.3 billion in 2010. The increase was mainly attributable to Postbank, which contributed EUR 761 million for the year. This number excludes releases from Postbank related loan loss allowances recorded prior to consolidation of EUR 402 million. Excluding Postbank, provisions were down EUR 139 million primarily reflecting improved performance in the Private & Business Clients Advisory Banking Germany and International. Noninterest expenses were EUR 6.7 billion in the quarter, an increase of EUR 395 million, or 6%, compared to EUR 6.3 billion in the fourth quarter 2010. General and administrative expenses increased in the fourth quarter 2011 to EUR 3.7 billion versus EUR 3.1 billion in the fourth quarter 2010. Consolidation effects from acquisitions were responsible for approximately EUR 240 million of this increase. General and administrative expenses in the fourth quarter 2011 also reflected approximately EUR 380 million of litigation related expenses in CB&S, charges for the UK and German bank levies of EUR 154 million in C&A and an impairment charge related to the Cosmopolitan Resort of EUR 135 million in CI. These increases were partially offset by efficiency gains related to the Complexity Reduction Program. Compensation and benefits expenses of EUR 2.8 billion in the fourth quarter 2011 decreased by 9% compared to EUR 3.1 billion in the fourth quarter 2010. Lower performance related compensation expenses were partially offset by increases in salaries and benefits due to consolidation effects from acquisitions. For the full year 2011, noninterest expenses were EUR 26.0 billion, an increase of EUR 2.7 billion, or 11%, versus EUR 23.3 billion for the full year 2010. EUR 2.9 billion, the entirety of the increase, were attributable to acquisitions, most notably the full year consolidation of Postbank and to a lesser extent the commercial banking operations of ABN AMRO in the Netherlands and Sal. Release 3 14
Oppenheim. Excluding consolidation effects, noninterest expenses were slightly down. Lower performance related compensation expenses and efficiency gains from the Complexity Reduction Program and the CIB integration program as well as lower policyholder benefits and claims (mainly Abbey Life) were partly offset by higher specific charges in CB&S (EUR 655 million litigation related expenses and a specific charge of EUR 310 million relating to the impairment of a German VAT claim), increased costs from Corporate Investments and the first time consideration of the German and UK bank levies. The complexity reduction program successfully achieved incremental savings of approximately EUR 550 million which is well above the EUR 500 million incremental savings planned for 2011. Moreover the increased savings were achieved with a EUR 40 million under spend of the planned EUR 190 million cost-to-achieve. Loss before income taxes was EUR 351 million in the fourth quarter 2011 compared to income before income taxes of EUR 707 million in the fourth quarter 2010. The result reflects the extreme market conditions due to the sovereign debt crisis and the subsequent slowdown in client activity, mainly impacting CB&S. Income before income taxes was EUR 5.4 billion for the full year 2011, an increase of EUR 1.4 billion compared to the full year 2010. Each of our classic banking businesses increased pre-tax profit versus full year 2010. Net income for the fourth quarter 2011 was EUR 186 million compared to a net income of EUR 605 million in the fourth quarter 2010. In the current quarter a tax benefit of EUR 537 million was recorded versus an income tax expense of EUR 102 million for the fourth quarter 2010. The tax benefit recorded in the current quarter primarily benefited from changes in the recognition and measurement of deferred taxes and a favorable geographic mix of income. The income tax expense in the fourth quarter 2010 mainly benefited from improved U.S. income tax positions. Net income in the full year 2011 was EUR 4.3 billion versus EUR 2.3 billion in 2010. In 2011, income tax expense was EUR 1.1 billion, which led to an effective tax rate of 20% compared to an income tax expense of EUR 1.6 billion and an effective tax rate of 41% in 2010. The current year s effective tax rate primarily benefited from changes in the recognition and measurement of deferred taxes, a favorable geographic mix of income and the partial tax exemption of net gains related to our stake in Hua Xia Bank. The prior year s effective tax rate of 41% was impacted by a Postbank related charge of EUR 2.3 billion which did not result in a tax benefit. Core Tier 1 capital ratio was 9.5% at the end of the fourth quarter and the Tier 1 capital ratio was 12.9% in each case applying the Basle 2.5 rules. During the fourth quarter, risk weighted assets increased by EUR 44 billion including a EUR 54 billion increase in relation to the implementation of the Basel 2.5 requirements. Other notable movements included a EUR 23 billion reduction in credit risk weighted assets and a EUR 14 billion increase in risk weighted assets from operational risk principally due to a new safety margin taken to cover unforeseen legal risks from the financial crisis. Core Tier 1 capital increased from EUR 34 billion to EUR 36 billion including a EUR 0.9 billion Basel 2.5 effect of Release 4 14
lower capital deductions in relation to trading book securitization positions now reflected as risk weighted assets. Total assets were EUR 2,164 billion at year end 2011 versus EUR 1,906 billion at year end 2010. On an adjusted basis, which reflects netting of derivatives and certain other balances, total assets were EUR 1,267 billion, a year over year increase of EUR 57 billion, predominately driven by increases in interest earning deposits with banks and foreign exchange effects. The leverage ratio, as per our target definition, improved to 21 from 23 at the end of 2010 driven by increased adjusted equity predominately from retained earnings. Segment Results of Operations Corporate & Investment Bank Group Division (CIB) Corporate Banking & Securities Corporate Division (CB&S) Current quarter performance was severely impacted by ongoing concerns around the European sovereign crisis and an overall uncertain macroeconomic environment. This resulted in significantly reduced client activity across the industry and a decline in volumes across many products. Sales & Trading (debt and other products) net revenues were EUR 1.0 billion in the fourth quarter 2011, a decrease of EUR 569 million, or 35%, compared to the fourth quarter 2010. Credit revenues were significantly lower in both flow and client solutions, reflecting weakened credit markets, lower client volumes and reduced liquidity. RMBS and Commodities revenues were also significantly lower due to subdued levels of activity and a less favorable environment. Emerging Markets revenues were higher despite the difficult market environment and Money Markets revenues were significantly higher benefitting from volatile markets. Revenues in Foreign Exchange and Rates were in line with the prior year quarter reflecting strong client activity, with record client volumes for a fourth quarter in Foreign Exchange. During the quarter, Deutsche Bank won a number of International Financing Review (IFR) Awards, including Bond House of the Year. For the full year 2011, Sales & Trading (debt and other products) net revenues were EUR 8.6 billion, a decrease of EUR 1.3 billion, or 14%, compared to the full year 2010 which included charges related to Ocala Funding LLC of EUR 360 million. Revenues in Credit were significantly lower than the prior year, predominantly in Flow Credit, reflecting weakened credit markets, lower client volumes across the industry, and reduced liquidity especially in the latter half of the year. However absolute performance in client solutions was strong reflecting demand for restructuring capabilities. Deutsche Bank was voted Credit Derivatives House of the Year by IFR and Risk magazines. Rates and Emerging Markets revenues were lower than the prior year primarily due to lower flow client volumes as a result of market uncertainty, although Deutsche Bank was ranked number one in Interest Rate Derivatives globally for the second consecutive year (source: Greenwich Associates) and was awarded Interest Rate Derivatives House of the Year by Risk magazine. RMBS revenues were significantly higher Release 5 14
than the prior year as a result of a successful business realignment and the absence of prior year losses. Money Markets revenues were higher than the prior year, driven by strong client activity and volatile markets. Foreign Exchange revenues were very strong, with record annual client volumes offsetting lower margins and Deutsche Bank was ranked #1 by the Euromoney FX Survey by market share for the seventh consecutive year. Commodities delivered record annual revenues despite a challenging environment, reflecting successful strategic investment. Deutsche Bank was awarded Most Innovative Commodity House by The Banker magazine. During 2011, Deutsche Bank was also ranked number one in Global and U.S. Fixed Income for the second consecutive year (source: Greenwich Associates). Sales & Trading (equity) generated net revenues of EUR 539 million in the fourth quarter 2011, a decrease of EUR 333 million, or 38%, compared to the fourth quarter 2010, reflecting more challenging market conditions and lower levels of client activity. Cash Trading revenues were lower than 2010 due to the deterioration in sentiment in equity markets particularly in Europe, although market share increased in the U.S. (source Bloomberg). Equity Derivatives revenues were significantly lower reflecting reduced client activity and volatile market conditions while Prime Finance revenues were lower reflecting reduced levels of client leverage. For the full year, Sales & Trading (equity) generated revenues of EUR 2.4 billion, a decrease of EUR 686 million, or 22%, compared to 2010. This development reflects a more difficult market environment, with higher volatility and declining markets impacting client sentiment and activity, especially in Europe, which accounts for a high proportion of our business. Cash Trading revenues were lower than 2010 due to the impact of the deterioration in equity markets during 2011 and lower client activity in Europe. Deutsche Bank increased its cash equities market share in the U.S.. according to Greenwich Associates, which is a result of strategic investments, and was ranked number one in European Research (source: Institutional Investor). Equity Derivatives revenues were lower as a result of a more challenging environment and lower client activity, although record revenues were achieved in the U.S. Prime Finance revenues were slightly lower reflecting reduced levels of client leverage, partially offset by our strong market position. During 2011, Deutsche Bank was ranked #1 Global Prime Broker (source: Global Custodian) for the fourth consecutive year. Origination and Advisory generated revenues of EUR 430 million in the fourth quarter 2011, a decrease of EUR 380 million, or 47%, compared to the fourth quarter 2010. Advisory revenues were EUR 172 million, a decrease of EUR 9 million, or 5%, compared to the prior year quarter. Debt Origination revenues of EUR 191 million, and Equity Origination revenues of EUR 67 million were significantly lower than the fourth quarter 2010, down 35% and 80% respectively, reflecting considerably reduced levels of market issuance. For the full year, Origination and Advisory generated revenues of EUR 2.2 billion in 2011, a decrease of EUR 244 million, or 10%, compared to full year 2010. Deutsche Bank ended the year ranked #6 globally according to Dealogic, very close to the number five ranked firm, and ranked the clear number one in EMEA Release 6 14
for a second consecutive year. Deutsche Bank was also ranked number four in Asia, up from number six in the prior year. Advisory revenues were EUR 621 million, an increase of EUR 48 million, or 8%, compared to 2010, and Deutsche Bank was ranked #2 in EMEA and #4 in crossborder M&A. Debt Origination revenues were EUR 1.1 billion, a decrease of EUR 144 million, or 12%, compared to 2010. Deutsche Bank was ranked #3 in High Yield and #2 in the All International Bonds league table (source: Thomson Reuters). Equity Origination revenues were EUR 559 million, a decrease of EUR 147 million, or 21%, compared to 2010. Deutsche Bank was ranked #1 in EMEA. All ranks sourced from Dealogic unless stated. Loan products revenues were EUR 344 million in the fourth quarter 2011, an increase of EUR 61 million, or 22%, on the prior year quarter. For the full year, revenues were EUR 1.5 billion in 2011, a decrease of EUR 78 million, or 5%, from last year. The decrease was mainly driven by the transfer of a single loan exposure to Corporate Investments at the beginning of 2011. Net revenues from Other products were EUR 106 million in the fourth quarter 2011, a decrease of EUR 29 million from the prior year quarter. For the full year, revenues were EUR 138 million in 2011, compared to EUR 449 million in 2010. The decrease was mainly driven by lower mark-to-market gains on investments held to back insurance policyholder claims in Abbey Life, which are offset in noninterest expenses. In provision for credit losses CB&S recorded a net charge of EUR 145 million in the fourth quarter 2011, compared to a net charge of EUR 89 million in the prior year quarter. For the full year, CB&S recorded a net charge of EUR 304 million in 2011, compared to a net charge of EUR 375 million in 2010. Noninterest expenses were EUR 2.7 billion in the fourth quarter 2011, a decrease of EUR 284 million, or 9%, compared to the fourth quarter 2010. This decrease was primarily driven by lower performance related compensation expenses and the non-recurrence of integration related severance expenses included in the prior year quarter, partly offset by specific charges of approximately EUR 380 million, mainly related to litigation. For the full year, noninterest expenses were EUR 11.7 billion in 2011, a decrease of EUR 472 million compared to 2010. This decrease was primarily driven by lower performance related compensation expenses, efficiency savings and the impact of the aforementioned effects from Abbey Life, partly offset by EUR 655 million of specific charges, mainly related to litigation and a specific charge of EUR 310 million relating to the impairment of a German VAT claim. Loss before income taxes in CB&S was EUR 422 million in the fourth quarter 2011, compared to a profit of EUR 603 million in the prior year quarter. For the full year, income before income taxes was EUR 2.9 billion in 2011, compared to EUR 5.0 billion in the prior year. Release 7 14
Global Transaction Banking Corporate Division (GTB) In the fourth quarter 2011, GTB generated net revenues of EUR 929 million, an increase of EUR 62 million, or 7%, compared to the fourth quarter 2010. Most businesses generated higher revenues than in the prior year quarter. Cash Management improved fee income predominantly on the back of increased payment volumes and FX transactions. Trade Finance generated stronger net interest revenues from substantial growth in financing products. For the full year, GTB s net revenues were a record EUR 3.6 billion, an increase of 7%, or EUR 229 million, compared to 2010 which included EUR 216 million related to negative goodwill from the acquisition of the commercial banking activities in the Netherlands. This increase was driven by a record performance across all businesses with growth in fee and interest income. Trust & Securities Services profited from improved market conditions in the custody and depositary receipt business. Trade Finance further capitalized on high demand for international trade products and financing. In Cash Management, revenues increased on the basis of higher fees from strong payment volumes as well as higher net interest income mainly driven by slightly improved interest rate levels in Asia and the euro area compared to the prior year period. GTB s provision for credit losses was EUR 64 million in the fourth quarter 2011, an increase of EUR 10 million compared to the prior year quarter, reflecting specific Trade Finance related items in Europe. For the full year, provision for credit losses was EUR 158 million. The net increase of EUR 45 million versus 2010 was mainly related to the commercial banking activities acquired in the Netherlands. Noninterest expenses were EUR 581 million in the fourth quarter 2011, down EUR 115 million, or 17%, compared to the fourth quarter 2010. The decrease was mainly driven by the non-recurrence of significant severance charges of EUR 130 million in the prior year quarter which related to specific measures associated with the realignment of infrastructure areas and sales units. This was partially offset by higher expenses related to the amortization of an upfront premium paid for credit protection received in the aforementioned acquisition in the fourth quarter 2011. For the full year, GTB s noninterest expenses were EUR 2.3 billion, a slight increase compared to 2010. The increase was driven by the aforementioned acquisition in the second quarter 2010 including amortization costs for the credit protection and higher insurance related expenses. These factors were partially offset by the non-recurrence of the aforementioned severance charges. The prior year included the impact of an impairment of intangible assets. Income before income taxes was EUR 284 million for the quarter, an increase of EUR 167 million, or 144%, compared to the prior year quarter. For the full year, income before income taxes was EUR 1.1 billion, an increase of EUR 158 million, or 16%, compared to EUR 965 million for 2010. Release 8 14
Private Clients and Asset Management Group Division (PCAM) Asset and Wealth Management Corporate Division (AWM) AWM recorded net revenues of EUR 909 million in the fourth quarter 2011, down EUR 101 million, or 10%, compared to the fourth quarter last year. Revenues in Private Wealth Management (PWM) decreased by EUR 95 million, primarily driven by non-recurring items in the fourth quarter 2010 related to Sal. Oppenheim. Furthermore, negative market conditions and low client activities resulted in lower revenues across the businesses mostly impacting discretionary portfolio management / fund management and advisory / brokerage products. In Asset Management (AM), net revenues declined by EUR 6 million compared to the fourth quarter 2010. Revenues from discretionary portfolio management/fund management were down by EUR 58 million due to lower asset based fees and performance fees resulting from negative market conditions and flows. This decrease was partly offset by EUR 52 million higher revenues in AM s other products, primarily due to gains on sales of RREEF investments. For the full year 2011, net revenues in AWM were EUR 3.8 billion, up EUR 88 million, or 2%, versus 2010. In PWM, revenues increased by EUR 51 million. Revenues from other products were EUR 244 million in 2011 compared to EUR 179 million in the previous year. This increase mainly resulted from effects related to the wind-down of various non-core businesses in Sal. Oppenheim in 2010. Revenues from deposits and payment services were up EUR 19 million versus 2010, mainly due to higher deposit volumes driven by dedicated product initiatives. Discretionary portfolio management/fund management revenues decreased by EUR 28 million driven by reduced asset based fees and lower performance fees resulting from negative market conditions in the second half of 2011. PWM s revenues from advisory/brokerage and from credit products were essentially unchanged versus the previous year. In AM, revenues increased by EUR 37 million, primarily driven by EUR 83 million gains on sales in 2011, mainly related to RREEF investments reported in revenues from other products. Partly offsetting were lower revenues from discretionary portfolio management/fund management driven by weak market conditions and flows. Provision for credit losses was EUR 11 million in the fourth quarter 2011, essentially in line with the same quarter last year. For the full year, provision for credit losses was EUR 55 million, up EUR 16 million compared to 2010, primarily attributable to Sal. Oppenheim. Noninterest expenses were EUR 733 million in the fourth quarter 2011, down EUR 204 million, or 22%, compared to the fourth quarter 2010. In PWM, noninterest expenses decreased by EUR 164 million, mainly driven by the non-recurrence of integration costs related to Sal. Oppenheim in the fourth quarter 2010. AM s noninterest expenses declined by EUR 40 million, driven by measures to improve platform efficiency. For the full year 2011, noninterest expenses were EUR 2.9 billion, a decrease of EUR 485 million, or 14%, compared to 2010. In PWM, noninterest expenses Release 9 14
decreased by EUR 344 million, mainly driven by benefits in 2011 resulting from the successful integration of Sal. Oppenheim. In AM, non-interest expenses declined by EUR 141 million mainly reflecting the impact of measures to improve platform efficiency. AWM recorded in the fourth quarter 2011 income before income taxes of EUR 165 million, compared to EUR 59 million in the fourth quarter 2010. The increase included EUR 71 million in PWM and EUR 35 million in AM. For the full year 2011, AWM recorded income before income taxes of EUR 767 million versus EUR 210 million in 2010. The increase included EUR 378 million in PWM and EUR 179 million in AM. Invested Assets in AWM were EUR 813 billion as of 31 December 2011, up EUR 33 billion compared to September 30, 2011. During the fourth quarter 2011, invested assets in PWM increased by EUR 5 billion, mainly driven by foreign currency movements in the fourth quarter 2011, partly offset by net outflows of EUR 3 billion resulting from certain customer relationships. In AM, invested assets were up EUR 28 billion, including net inflows of EUR 8 billion, mainly in the cash business. The increase also reflected EUR 10 billion from foreign currency movements and EUR 9 billion from market appreciation. From a full year perspective, AWM s invested assets decreased by EUR 13 billion, thereof EUR 7 billion in PWM and EUR 6 billion in AM. The decline in PWM included an impact of EUR 13 billion due to market depreciation, partly offset by EUR 4 billion net new assets, mainly in Asia and Germany. The decrease in AM included EUR 13 billion net outflows. Outflows in the cash and equity business, reflecting investor uncertainty, were partly offset by inflows in higher margin products. Partly compensating the overall net outflows in AM were EUR 7 billion due to foreign currency movements. Private & Business Clients Corporate Division (PBC) Net revenues in the fourth quarter 2011 were EUR 2.6 billion, up EUR 731 million, or 40%, compared to the fourth quarter 2010. The improvement was attributable to revenues from other products which increased EUR 767 million compared to the fourth quarter 2010. This increase was mainly driven by the consolidation of Postbank, which began on December 3, 2010 and contributed EUR 720 million to the improvement in revenues, after impairments of EUR 135 million on Greek government bonds in the fourth quarter 2011. The remaining increase in revenues from other products in PBC mostly related to our equity method investment in Hua Xia Bank. PBC s revenues from advisory / brokerage revenues were down by EUR 25 million, or 11%, compared to the fourth quarter 2010 primarily in Advisory Banking Germany. Revenues from discretionary portfolio management/fund management decreased by EUR 25 million, or 34%. Revenues in both product categories were affected by the difficult market conditions in the fourth quarter 2011. Revenues from deposits and payment services were EUR 513 million, essentially unchanged compared to the fourth quarter 2010. Negative effects from lower margins were offset by the positive impact of higher volumes. Credit product revenues increased by EUR 15 million, compared to the fourth quarter 2010, Release 10 14
driven by higher commercial and consumer loan revenues in Advisory Banking International as well as higher revenues from mortgages in Germany. For the full year 2011, net revenues were EUR 10.6 billion, up EUR 4.5 billion, or 73%, versus 2010. This development was mainly attributable to the aforementioned consolidation of Postbank, which contributed EUR 4.2 billion. PBC s revenues in 2011 were impacted by EUR 527 million impairments on Greek government bonds, of which EUR 465 million were in Postbank and EUR 62 million were in Advisory Banking Germany. The remaining increase in PBC s revenues included a one-time positive impact of EUR 263 million related to our stake in Hua Xia Bank, driven by the application of equity method accounting upon receiving all substantive regulatory approvals to increase our stake, and higher deposit and payment revenues of EUR 124 million resulting from increased deposit volumes. Provision for credit losses was EUR 311 million in the fourth quarter 2011, of which EUR 178 million related to Postbank. This number excludes releases from Postbank related loan loss allowance recorded prior to consolidation of EUR 91 million. The impact of such releases is reported as net interest income. Excluding Postbank, provisions for credit losses were EUR 133 million, down EUR 51 million compared to the same quarter last year. This decrease was driven by lower provisions of EUR 31 million in Advisory Banking Germany, mainly in the consumer finance and mortgages business, and of EUR 20 million in Advisory Banking International. For the full year 2011, provision for credit losses was EUR 1.3 billion, of which EUR 761 million related to Postbank. This number excludes aforementioned releases of EUR 402 million for the full year. Excluding Postbank, provisions for credit losses were EUR 548 million, down EUR 142 million compared to 2010. The decrease was driven by both Advisory Banking Germany and Advisory Banking International, mainly Poland. Noninterest expenses were EUR 2.0 billion in the fourth quarter 2011, an increase of EUR 629 million, or 46%, compared to the fourth quarter 2010. The increase included EUR 553 million related to the consolidation of Postbank. Excluding Postbank and costs related to Postbank integration reflected in Advisory Banking Germany, noninterest expenses were up EUR 46 million, or 4%, including a provision taken for a credit card joint venture with Hua Xia Bank. For the full year, noninterest expenses were EUR 7.3 billion, an increase of EUR 2.8 billion, or 63%, compared to 2010. The increase was predominantly driven by the aforementioned consolidation of Postbank. Excluding the Postbank related increase, noninterest expenses were down by EUR 64 million, mainly resulting from measures to reduce complexity and to improve platform efficiency. Income before income taxes was EUR 227 million in the fourth quarter, an increase of EUR 5 million compared to the fourth quarter 2010. The contribution of Consumer Banking Germany to income before income taxes was EUR 90 million in the fourth quarter 2011, after a negative impact of EUR 108 million related to Greek government bonds (impairment charge of EUR 135 million, net of Release 11 14
noncontrolling interests at segment level of EUR 26 million). Income before income taxes in Consumer Banking Germany was EUR 72 million in the fourth quarter 2010. Advisory Banking Germany contributed EUR 85 million (compared to EUR 140 million in the fourth quarter 2010) and Advisory Banking International contributed EUR 51 million (compared to EUR 11 million in the fourth quarter 2010), respectively. For the full year 2011, income before income taxes was EUR 1.8 billion, an increase of EUR 892 million compared to 2010. Consumer Banking Germany contributed EUR 643 million to income before income taxes in 2011, after a negative impact of EUR 373 million related to Greek government bonds (the aforementioned impairment charge of EUR 465 million, net of noncontrolling interests at segment level of EUR 92 million), and EUR 72 million in 2010. Advisory Banking Germany contributed EUR 572 million and EUR 663 million to income before income taxes in 2011 and 2010, respectively. Income before income taxes in Advisory Banking International was EUR 567 million in 2011 and EUR 155 million in 2010. Invested assets were EUR 304 billion as of December 31, 2011, essentially unchanged compared to September 30, 2011, with EUR 2 billion net outflows, primarily in deposits, and EUR 3 billion due to market appreciation offsetting each other. For the full year 2011, invested assets remained virtually unchanged. This was mainly driven by EUR 9 billion due to market depreciation, partly offset by EUR 8 billion net inflows, mainly in deposits. PBC s total number of clients was 28.6 million, of which 14.1 million related to Postbank. Corporate Investments Group Division (CI) Net revenues in the fourth quarter 2011 were negative EUR 193 million, after an impairment charge of EUR 407 million related to our interest in the generic pharmaceutical group Actavis. Net revenues also included revenues from our consolidated investments in BHF-BANK, Maher Terminals and The Cosmopolitan of Las Vegas and from our interest in Actavis. In the comparison period 2010, net revenues were negative EUR 40 million. For the full year, net revenues were EUR 394 million. Recurring revenues from our aforementioned positions were partly offset by impairment charges of EUR 457 million related to Actavis (of which EUR 50 million were recorded in the first nine months of 2011). In the full year 2010, CI s revenues of negative EUR 1.8 billion mainly included a Postbank related charge of EUR 2.3 billion. Noninterest expenses were EUR 520 million in the fourth quarter 2011 versus EUR 343 million in the fourth quarter 2010. The increase compared to the prior year quarter mainly related to The Cosmopolitan of Las Vegas, for which an impairment charge of EUR 135 million on the property was recorded in the fourth quarter 2011. Also contributing to the increase was our investment in BHF-BANK, including special items of EUR 97 million. Release 12 14
For the full year, noninterest expenses were EUR 1.5 billion versus EUR 967 million in the prior year. The increase was essentially due to The Cosmopolitan of Las Vegas and was mainly related to the start of its operations at the end of 2010 and to a lesser extent to the aforementioned impairment charge on the property. CI recorded a loss before income taxes of EUR 722 million in the fourth quarter 2011, compared to a loss before income taxes of EUR 390 million in the same period 2010. For the full year 2011, loss before income taxes amounted to EUR 1.1 billion compared to a loss before income taxes of EUR 2.8 billion in the prior year. Consolidation & Adjustments (C&A) Income before income taxes in C&A was EUR 117 million in the fourth quarter 2011 compared to EUR 98 million in the fourth quarter 2010. Results in the current quarter included positive effects from different accounting methods used for management reporting and IFRS, driven by movements of Euro and U.S. dollar short-term interest-rates, and from a reversal of interest accruals related to income tax liabilities and provisions. In the fourth quarter 2011 these positive effects were partly offset by charges for bank levies of EUR 154 million, which in this quarter were mainly related to the UK. For the full year 2011, loss before income taxes was EUR 77 million, compared to a loss of EUR 363 million in the prior year. The loss in 2011 included net positive effects from different accounting methods used for management reporting and IFRS, whereas these effects were negative in the prior year. In addition, 2011 included charges for bank levies of EUR 247 million, primarily related to Germany and the UK. These were nearly offset by noncontrolling interests, which are deducted from income before income taxes of the divisions and reversed in C&A. These figures are preliminary and unaudited. The Annual Report 2011 and Form 20-F will be published on 20 March 2012. For further details regarding the results, please refer to the 4Q2011 Financial Data Supplement which is available under http://deutsche-bank.com/ir/financial-supplements For further information, please contact: Press and Media Relations Investor Relations +49 69 910 43800 (Frankfurt) +49 69 910 35395 (Frankfurt) db.presse@db.com +1 212 250 1540 (New York) db.ir@db.com Release 13 14
An Analyst Call to discuss the 2011 financial results will take place today: Date: Thursday, 2 February 2012 Time: 14.00 CET Speakers: Dr. Josef Ackermann, Chairman of the Management Board Stefan Krause, Chief Financial Officer Joachim Müller, Head of Investor Relations The conference call will be transmitted through the following channels: Phone: Germany: U.K.: U.S.: +49 69 566 036 000 +44 203 059 8128 +1 631 302 6546 Please dial in 10 minutes prior to the start of the call. Webcast: http://www.deutsche-bank.com/ir/video-audio (listen only) - live and replay - Slides: http://www.deutsche-bank.com/ir/presentations For your reference please note that Deutsche Bank will host a press conference on its fourth quarter and full year 2011 results on the same day at 10:00 CET. The press conference will be webcast with a simultaneous English interpretation, via our Media website: http://www.deutsche-bank.de/en/content/company/apc_2012.htm 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 15 March 2011 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 release also contains non-ifrs financial measures. For a reconciliation to directly comparable figures reported under IFRS refer to the 4Q2011 Financial Data Supplement, which is available at www.deutsche-bank.com/ir. Release 14 14
Deutsche Chairman Bank of the Dr. Management Josef Ackermann Board and the Group Executive Committee Analyst Call, 2 February 2012 Exhibit 99.2
Overview FY2011 EUR) (2) Dividend 31 Capital Balance Leverage Sheet Liquidity (1) (3) (4) 2010 central bank Dec Based 31 Adjusted eligible )(6) 4.30 Dec (5) banks, 2011 Tier (5) FY2010 per ratio reserves on Total 2011 2.92 1 for 31 average assets. share capital (b) (target Dec netting based Income unencumbered (in Excludes 2010 ratio active definition) (adjusted) EUR) of before Basel Core 12.9% derivatives bn) equity 0.75 any 219 Tier 2.5, income central divided 12.3% 0.75 positions (2) 150 23 31 1 and Proposed capital Dec taxes bank Core by certain held 2010 total ratio eligible (in Tier by EUR equity other based 9.5% 1 Postbank capital business bn) components on (adjusted) 8.7% 5.4 Basel (in Deutsche 4.0 inventory, EUR 2 Net per (Total bn) target income Bank 36.3 as assets well definition Dr. 30.0 (in according Josef as EUR Total (c) Ackermann (6) the bn) assets The strategic 4.3 to IFRS bank 2.3 (adjusted, Profitability financial were liquidity s EUR EUR transparency. 2,164 reserves Pre-tax bn)(4) of RoE highly include as 1,2672 of Investor (target 31 liquid 1,211 (a) Dec definition)(1) available government Relations 2011 and excess 2 EUR February 10% securities cash 1,906 15% held 2012 bn and Diluted primarily as other of 31 EPS central Dec at (in
Key Challenging Challenges?(1) Deutsche Integration Successful Pressure Basel Shift Dislocated Per take-aways to year-end 2.5 higher-quality Bank / Actions macro EBA recalibration, funding risk CB&S Dr. from capital environment Josef Results business markets? funding Successful Ackermann requirements de-? Record Adjustment and execution financial? liquidity Focus of? and resources transparency. on Record reserves? RWA Record result risking sources mitigation pre-tax 3 in Investor and classic profit? market Record Relations banking share classic Core markets 2 gains Tier February acquisitions 1? ratio(1) Diminished 2012 delivery performance of synergies in banking investment businesses banking
Capital IBIT, Phase Global Securities Total Note: Deutsche business Figures 4 Transaction market potential EUR Bank 6.4 2.9 bn may divisions environment Dr. 2011 not Josef Banking add FY2011 10.0 Ackermann up put 1.0 6.6 due EUR 1.1 to Asset rounding financial 10 bn and target Wealth differences transparency. out of Management reach 4 Investor 1.0 Relations 0.8 Private 2 & February Business 2012 Clients 1.6 1.8 Total classic banking businesses 3.6 3.7 Corporate Banking &
Investment Corporate Income base:?(8,494) 2007 Note: Deutsche Significant Regulatory EUR 2008 EUR 2007 before m Banking 2009 310 banking and slowdown environment income m Dr. 2008 2010 charge & Josef significantly numbers Securities 2011 taxes in Ackermann relating industry-wide 2011 based affected to impacted the on financial impairment last activity by by available environment transparency. as a of result structure a German of 5 the Investor VAT ongoing claim Relations European and EUR 2 February 5,033 655 m sovereign 2012 charges debt mainly crisis related 4,202 to 3,393 litigation 2,905? Significant unanticipated items in the cost
2010: CB&S BoA JPM 19.5 - GS Citi Finance)(3) 17.5 MS (1) Institutional counted Rankings Associates) releases February More Benefits Partially Based 18.3 11.8 17.8 (25)% GS integration 21.0 Rank showing revenues(1), Top-3 for Note: overweight (27)% MS Citi 2012 generally JPM from offset 15.8 each, 5 Securities); reported #1 (28)% (21)% DB positions Deutsche (7)% 13.2 further relative European BoA by product performance on in 8.5 to 14.1 18.1 data EUR the Europe than resilience Bank Figures and Equity basis (JPM bn any major s (15)% drivers CB&S European of exclude other Investment Research/Advisory client region 14.9 bank(2) revenues(1), 2011: fair market peers (#2 (Americas, Bank, Rank value Fixed % have share, YoY 3 Citi gains/losses Income, Share not EUR Europe, change penetration Securities yet bn reported #1 2011 Asia (for Equities, & DB (Greenwich ex Banking, fees. FY2011 Japan, and #1 Total all Corporate Japan). BoA results US Associates), of peers) 77 Global Deutsche Products markets and Banking #1 brokerage analysed include EMEA & Dr. Markets, a Corporate (3) fees wide Josef #2(for range European Ackermann GS MS, Finance Institutional of GS) fixed Fixed fees to financial income, reflect Income (Dealogic) Client underlying transparency. equities Service market Source: and share performance corporate 6 Company Investment Investor in 2011 finance (Greenwich (2) data, Relations Banking, Top competitor products. 3 rankings 2 MS IR
Best Income PBC(1) 78% 0.8 31% 1.6 0.2 x 0.9 0.5 2009 IBIT 32% classic Deutsche 3.9 Includes x (3) (2) 1.8 result 3.7 2.1 29% share 3.8 2010 0.2 1.0 banking before GTB 2011 1.1 Bank 56% ever 2011 Postbank x AWM vs. 1.2 income (2) Dr. 2009 classic Josef since taxes, Ackermann banking December EUR bn financial 2010 (2) transparency. In percent of 7 total Investor IBIT Relations of CIB and 2 February PCAM 2012
Excellence Target Efficiency 2011 100% Well 1.1 ~1.0 Original 0.5 ~0.2 ~0.1 CIB (1) Deutsche Net integration ahead run 100% run-rate 2011 target: rate Bank initiatives of 24% IBIT as execution plan IBIT Dr. Complexity share 72% impact, Josef increase, Integration of 37% target Ackermann after Postbank in run cost-to-achieve of EUR strategic financial Sal. bn (%) p.a. Oppenheim acquisitions transparency. ABN Amro 8 Investor NL Reduction Relations 2 Program February 2012
Lending CB&S: Current (39)% (67)% German 31 7% 105% (1) (2) (3) Proprietary (5) Commercial (7) Deutsche Dec Higher Peak Adjusted Pro-forma Estimated Asset Postbank Basel Value 2011 Resource vs. loan commitment during Finance, Bank risk peak Trading Real 2 to at vs. book (67)% maximum RWA(3) loans reflect Dr. Risk crisis, 31 levels(1) consumption Estate, PBC Josef Dec businesses Stress under (8) (37)% up mainly netting Consumer (15)% 2008 traded despite Ackermann Other 31 Basel loss(5) Balance Dec Dedicated 2008 of Moderate Loan market de-risking derivatives 22011 Loan Finance, as sheet book: financial of vs. book Dec prop risk (23)% 31 Moderate loss Collateralised/hedged and 2011 loans incl. trading Dec transparency. on certain since 2008 a excluding return &(100)% higher other DB to Postbank(6) started 9 business balances Postbank(7) 4Q2008 Investor risk structured assets reporting conditions units(4) Relations transactions, RWA Loan 2 over February under book a quarter, financing Basel without 2012.5 including from of pipeline Dec offsetting 2011 assets onwards revenues (8) Excl. (4) across banks Notional businesses and capital public (6) sector for Leveraged dedicated Equity Finance, and Credit
Reduction Compensation 1.5 41.0%(2) 39.5% Deferred 5%(3) Cash (37)% (1) revenues 2010 Deutsche Excludes Deferral ppt 2011 excludes (17)% Bank 2011 of 2010 ratio amortization compensation Postbank-related management expenses vs. Dr. 2011 was 2010 Josef increased / Ackermann net of ratio prior revenues to charge Variable year 61% financial of Incentive deferrals, of (EUR pay 2.3 2.2 down transparency. 2.3 awards includes bn) / for revenues (variable 2011 current 10 from up Investor remuneration)(1) year 49% awards Relations for Avg. Group FTE 2 February vesting ~82,000 in 2012 the ~102,000 future (4) ~24% 30.92010, 33.2 due 8% to changes in the cash / deferral split (4) In EUR bn;
Highest At Basel 14.7 12.9 12.6 10.1 8.6 9.5 8.7 6.9 346 2007 Note: Deutsche period 10.8 8.7 7.0 381 12.3 2008 1 Tier Basel year-end 329 Bank end 12009 ratio 308 2 Dr. Basel 2010 327 capital = Josef Tier 273 2.5 20111 ratios Ackermann capital pro-forma ever / RWA; despite financial 2011 core Basel Tier transparency. Tier 12.5 ratio, 1 ratio in = % 11 (Tier Core Investor 1 Tier capital 1 Relations ratio, - hybrid in % 2 Tier February RWA, 1 capital) in 2012 EUR / bn RWA
Strongest Development In 30% 62% 65 2007 (1) strategic 2010, Government, Deutsche EUR Other The 156 2010 Postbank bn, liquidity 8% 150 Bank 2011 at central s Agency, 133 through period liquidity Dr. holds 104 reserves Josef bank end equivalent the Government reserves Ackermann As of crisis eligible ever highly at 31 Composition liquidity include Cash Dec guaranteed financial 2011 &(a) government reserves securities(4) available Liquidity of transparency. liquidity which All excess securities eligible reserves(1) cash exceed equivalents 12 cash in Investor and its regular held Discretionary standalone other primarily Relations central UWSF; bank Unsecured 2 central February operations eligible Dec banks, Wholesale 2007 2012 assets. has (b) unencumbered been Excludes Funding(2) rebased any 219 to positions central ensure Highly bank consistency held liquid eligible by securities(3) Postbank with business Dec (2) inventory, 2011 Includes presentation Postbank as well as (3) since (c) Includes the
Prepared Transformed Strengthened Delivered Focused Maintained Deutsche vigorously Bank execution high challenges towards footprints Dr. capital Josef on excellence a high-quality more in discipline Ackermann prepared PBC, balanced, on PWM acquisitions for liquidity financial performance and lower-risk GTB and transparency. funding business profile model 13 Investor Relations 2 February 2012
Cautionary expectations Bank. or By those which defaults risks 20-F This provided Deutsche future their presentation referenced of contained Forward-looking we 15 of very events. Bank derive March borrowers statements this and nature, Dr. presentation, a the contains also 2011 any substantial our Josef assumptions contains forward-looking filings under statements trading Ackermann refer with portion the non-ifrs counterparties, heading underlying to therefore financial of statements U.S. statement. our 4Q2011 financial Risk statements. Securities revenues speak them. transparency. Factors. involve Financial Such only measures. implementation These and Forward-looking factors risks statements Exchange Copies of Data which 14 the and include Investor Supplement, date a of uncertainties. we reconciliation of this Commission. are they our hold document Relations based statements strategic are conditions a substantial which made, A to plans, Such 2 are initiatives, number directly February is and readily accompanying statements factors estimates the portion we of financial comparable undertake important the 2012 available are of reliability and that described our markets this projections are no assets, upon factors figures obligation presentation not of in request in the historical our could detail reported Germany, development as risk they therefore in management and update can facts; our under are in available be SEC currently Europe, they publicly downloaded IFRS, cause of Form asset include policies, at actual to available www.deutsche-bank.com/ir. any prices the statements of from extent results United procedures and them to market such to the States in differ about light management reconciliation and volatility, and of materially our methods, new elsewhere beliefs information potential of is from and Deutsche not from other
Chief Analyst Deutsche Financial Call, Bank 2 February Stefan Officer Krause 2012 financial transparency. Investor Relations 2 February 2012 Exhibit 99.3
Agenda 12 3 Deutsche Group Segment Key current Bank results topics Stefan Krause financial transparency. 2 Investor Relations 2 February 2012
Overview 4Q2011 Profitability Diluted 31 Capital Balance Leverage Sheet Liquidity (1) (3) (4) 2011) banks, eligible Dec Based 31 Adjusted (6) (5) Dec (b) 2011 Tier EPS assets. 4Q2010 (5) ratio reserves Total on unencumbered 2011 1 (3)% (in for 30 average capital (target Excludes assets EUR) Sep netting based Income (in 2011 ratio active EUR definition) (adjusted) 0.15 of any before central Basel Core 12.9% derivatives bn) 0.63 equity positions 219 Tier income 2.5, Dividend divided bank 13.8% (2) 184 22 130 and capital Proposed eligible held Sep taxes by Core per certain by total 2011 ratio (in share Tier business Postbank equity EUR based other 9.5% 1 (in capital bn) EUR) components inventory, (adjusted) on Deutsche 10.1% (0.4) Basel (in 0.75(2) EUR 2 Bank per as Net (Total bn) well 0.75 target Stefan income 36.3 as assets definition (c) 34.1 Krause (in the according Total EUR strategic (6) financial assets bn) The to liquidity 0.2 IFRS bank (adjusted, transparency. 0.6 were s Pre-tax liquidity reserve in EUR RoE EUR of 3 reserves 2,164 Investor highly (target bn)(4) liquid include definition)(1) as Relations 1,267 of government 31,296 (a) Dec 2 available February 2011 6% securities and excess 2012 EUR cash and 2,282 other held bn primarily central as of 30 bank Sep at central
Net In Postbank-related 33.2 10.5 9.0 7.2 6.9 2.3 5.0 1Q 2010 Note: Deutsche EUR 2Q 8.5 7.4 28.6 revenues 2010 Figures 3Q 7.3 bn Bank 4Q 2010 may 1Q Stefan 2011 charge 2Q not 3Q Krause add in 4Q 3Q2010 up FY due financial FY to rounding transparency. differences 4 Investor Relations 2 February 2012
Non-interest In expenses(1) 7.1 1Q 2010 (2) Compensation 40 Note: Postbank Deutsche EUR 42 Incl. 2Q 26.0 2011 Figures 60/41 3Q bn policyholder 6.3 effect Bank 4Q 2010 6.3 (3) expenses may 1Q and ratio Stefan 41 of 6.7 2011 2Q EUR 41 not 23.3, in benefits 3Q 39 Krause add %(2.3) 5.9 37 4Q up 4Q2011 41 5.7 FY bn due and financial 44/41(3) 5.9 FY to claims, 3Q2010 5.4 rounding EUR transparency. 2.8 40 impairment 13.1 m differences Significant 3.1 4.3 5 of Investor 3.4 goodwill litigation 2.7 12.7 Relations and cases 3.6 intangible 3.0380 2 February General 3.1 assets 3.32012 and 3.7 where 12.7 Bank applicable 2.2 levies 2.3 2.5 154 (2) 2.7 administrative Compensation 2.9 10.1 0.2 expenses 0.0 & benefits 0.2 0.2 Cosmo 0.1 divided 0.1 Impairment (0.1) by net 0.2 revenues 0.5 135 0.2 Other (3) Excluding non-interest
Provision In Effect 1,839 82 47 117 22 103 1Q Note: EUR consolidation Deutsche EUR 47 278 (3) 2Q 79 50 (6) Divisional Related 362 from 3Q 23 (3) m Bank for 1,438(3) 373 1,250 449 4Q (2) Postbank credit to 1Q 111 Includes 1,227 Stefan 262 IAS figures 2Q 64 (3) losses 243 359 39 releases 3Q Krause consolidation do reclassified 129 4Q (1) not Jan-DecJan-Dec 382 949 shown financial add 385 up assets (3) of due transparency. net Postbank 303 540 to interest omission 352 2010 402329 since income 464 2011 6233 of Investor 463 December 2010 Corporate 256 91 DB 2011 234 1,274 Relations Group 2010 159 Investments; CIB 406(1) 193 (3) / 90 2 PBC February Provisions 77 188 179 level figures 143 2012 for 33 may credit 127 not 92 losses add 210 up 488 after due 462 Postbank to PCAM(2) rounding releases differences 173 174 in relation 185 (1) 254 Includes to 338 allowances 333 IAS 370 39 established 322 reclassified 785 1,364 before assets of
Profitability Income 2.8 2.1 1.5 1.3 0.7 0.6 0.2 (0.4) (1.0) 1Q 2010 30 FY (1) Deutsche EUR 15 (1) Excluding 2Q 3.0 1.8 1.2 0.9 2010: (1.2) 2011 (10)/13 3Q 1.8 1.1(1) 0.8 before bn Bank 10/15(1) 4Q 2010 In EUR 1.2 6 Postbank 1Q income Stefan 24 2011 2Q 14 FY bn 3Q 7 Pre-tax Krause taxes 2011: (3) effect 4Q 36 Net 1Q 10 return of financial 23 FY income 2Q EUR (16)/13 2010: 3Q on (2.3) transparency. equity(2) 4Q 141/26(1) 1Q bn 29 in 2Q 31, 3Q2010 in 18 FY % 7153 4Q Investor 2011: Effective (2) 20 Annualized, Relations tax rate, 2 in based February % on average 2012 active equity
Agenda 12 3 Deutsche Group Segment Key current Bank results topics Stefan Krause financial transparency. 8 Investor Relations 2 February 2012
Segment Income 4Q2011 4Q2010 (422) CB&S 284 165 227 EUR 117 Deutsche GTB AWM PBC C&A 542 EUR 603 before 4Q2011 overview 222 Bank 116 m 98 59 380 impairment income Stefan m significant litigation Krause taxes, (722) items in financial charges EUR m on transparency. our investments 9 Investor in CI (390) Relations Cosmopolitan 2 February and 2012 Actavis
Corporate Income 4Q2011 (2,473) 969 70 2011, 1Q 2010 (1) charges Deutsche EUR Revenues Charge 2Q 772 2011 Resilient Deutsche impacted 3Q (11,650) before of m 4Q2010 603 Banking In 3Q2011 EUR relating EUR 2,463 1Q income FY2011 Stefan Bank by 275 (12,122) 3Q2011 2Q m 4Q2011 to & litigation 3,711 m ranked Securities the Krause taxes mainly performance impairment FY2011 IBIT 2,602 Key charges #1 Prime financial related (422) 14,885 features FY2010 Global Broker 603 despite of to transparency. 17,551 a litigation 70 German Fixed (Global 2,905 difficult Specific Income in VAT 5,033 Custodian), 1Q 3Q2011 10 market charges claim market Investor CIR, conditions, in #1 share (310) 3Q2011 % Relations FX 111 (Greenwich (380) Bank 81 especially as 95 2 Provisions (Euromoney) well February 78 as 69 Associates), in specific 1,087 Europe, 2012 for and (145) RoE, charges reflecting named #1 (89) Global % mainly (51) Best (9) the 13 (304) Bond related value 2 16 (375) House 27 of to recalibrated litigation 2,572 by IFR credit in and 4Q2011. losses further 2,287 Additionally, integrated Noninterest platform there exp. were (422) (2,737) specific (3,020) In
Sales Net In performance FX down 1,496 Emerging 1Q 2010 Deutsche EUR Revenues Solid Lower 2Q / revenues Money 2011 & 3Q m Trading weaker results Significantly Bank FX revenues q-o-q Markets Overall 4Q down Key 1Q client Stefan in revenues market debt 2Q features client q-o-q / and 3Q Krause lower Rates q-o-q environment solutions due 4Q as but other losses Commodities but record to financial products business seasonal record q-o-q revenues 1,612 transparency. fourth de-risked declines, through Credit quarter FY2011 active exacerbated in uncertain and de-risking Investor full year by market Relations industry-wide of client 1,043 environment volumes; 2 exposures February falls strong in partly 2012 client full offset activity year by revenues due lower to industry 2,1842,280 ongoing activity European 2,348 and 3,849 market Money sovereign volatility Markets, crisis Rates 3,691 and RMBS Solid revenues
Sales Net In 944 Cash 650 555 Equity 384 Prime 1Q 2010 Deutsche EUR Overall Higher Solid 2Q revenues 872 539 Equities 2011 & Brokerage Derivatives 3Q Solid m Trading 943 revenues Bank Overall 4Q revenues Key 1Q Stefan equity 2Q features reflecting q-o-q higher 3Q Krause despite 4Q driven q-o-q stable financial lower by despite balances good client transparency. weak performance activity partially client 642 offset activity, 12 in Investor client Some by driven weaker solutions market Relations by client improved share 2 activity February gains derivatives in the 2012 US performance
Net In Origination from 563 131 375 236 High 1Q 2010 Note: East Deutsche EUR Macro Ranked #2 #3 2Q revenues 563 124 258 and #6 Yield 2011 Rankings globally, 3Q Maintained m 159 137 Africa Bank environment Overall 4Q previous #6 #2 / bonds & Advisory 152 430 Leveraged Key globally 1Q #1 Stefan refer Equity 2Q features in #1 year Ranked international Euros EMEA, to 3Q ranking Krause continued Dealogic Loans Origination very 181 4Q (Thomson #6 Advisory #4 small financial globally, High EMEA, (fee bonds to Americas gap impact Yield pool) Reuters) transparency. to (Thomson #2 #4#5, origination and issuance in despite EMEA APAC refer #3 Reuters) in rebounded to 13 higher 543 and APAC activity Jan-Dec Investor #3 exposure in #4 across IPOs from 2011 in Relations cross-border 3Q 172 the unless to slowdown 2011 industry (Bloomberg) 2 otherwise February M&A up 32% in advisory Europe 2012 stated; 628 q-o-q 559 activity 809 figures 562 138 remained #1 may not EMEA, IPO add solid pipeline up highest due continues to market rounding share to build differences; for 432 nine 419 years; EMEA 427 #4 Investment = in Europe, APAC, Grade Middle 717 714 up
Global Income 4Q2010 (581) Noninterest 306 274 227 137 1Q (1) Related International Deutsche EUR Record Solid Awarded Negative 2Q 284 259 277 (2,327) Transaction 3Q before to m 3Q2011 RoE, 130 4Q11 Bank complexity FY exp. businesses goodwill (TMI) EUR No. 1Q revenues income performance Stefan %(696) FY2010 12Q m 46 Banking Best magazine, 4Q2011 3Q (provisional reduction Krause 18 taxes (640) driven Domestic 43 Negative with Key 46 (2,300) FY2011 financial Oct by 40 Named program continued features strong Trade goodwill(1) IBIT that transparency. (4) Global results Finance and time) 284 focus Trade CIB 116 from 4Q2010 across Bank Provider integration; Finance 259 fee the 14 of all 1,123 income efficiency Investor the commercial 2010 Survey Year 965 severance and 2011 Relations CIR, for 2012, measures(2) robust banking Cash Western Jan booked % Management interest 263 2012 February activities 80 Revenues directly Europe 68 revenues 64 2012 acquired 68 in and by 929 GTB TMI 116 the 866 from U.S. and magazine(3) 941 Noninterest allocations ABN 3,608 by Euromoney(4) AMRO 3,379 expenses of severance Provisions in the reflect Netherlands from for sustained (64) infrastructure and (54) cost consolidated (41) management (158) (3) Treasury (113) since credit 2Q2010 Management losses (2) 485
Asset 3,674186Provisions (1) resulted Sal. efficiencies Invested Oppenheim and in Wealth higher and assets(1) synergies reorganization revenues ManagementIncome for 813 165 825 from q-o-q, (11) 78065 costs Sal. (13) partly Oppenheim in 59 4Q (11) before PWM, offset (55) revenues income by and (39) integration(1) reduced higher credit taxes benefited performance-related losses client Key In activity featuresin Noninterest from EUR strength bndeutsche EUR PWM(5) 4Q exp. compensation in m (733) AM: In Bank EUR Improved (937) Stefan costs m in (680) 4Q2011 increased AM. Krause real (2,941) estate 4Q2010 financial q-o-q 2011 (3,426) activity, 3Q2011 due Significant transparency. IBIT to stabilizing legacy FY2011 165 y-o-y 59 legal 15 equity 186 FY2010227190 cost Investor expenses 767 decline markets 21091 Relations 1Q was and Net 2Q Revenues a 3Q new result 2 shift-to February 4Q money(1) of 909 1Q higher platform 2Q 1,010 2012 3Q 5 fee 4876 4Q (13) products and 3,762 (9)
Asset Income 4Q2010 Revenues 96 84 75 56 1Q (1) Deutsche EUR Net (1) 32 Improved Invested 2Q Management EUR continued new 3Q before m 3Q2011 Bank 453 In 4Q bn money(1) assets Real EUR 459 1Q income Stefan FY2010 to 2Q 544 Estate increase 397 m benefit 4Q2011 3Q 8 Krause 550 taxes 1,744 4 activity (12) 516 from EUR Key 1,706 FY2011 financial (13) platform 28 and features (1) Provisions bn performance q-o-q: transparency. efficiencies, Favorable (0) fees 16 (1) stabilizing in FX, Investor 1 RREEF 0 strong (1) credit Relations markets losses and performance, 2 February 124 a shift 131 to Noninterest 2012 higher-fee and NNM exp. products inflows (322) of (362) 2010 (281) 2011 (1,298) EUR 8 bn (1,439) mainly 117 in IBIT Cash 131 96 117 446 268
Private Income 4Q2011 Revenues 69 34 97 legacy 1Q Oppenheim (1) Deutsche Net Invested EUR Noninterest (1) RWAs 2Q new EUR revenue legal 3Q Wealth before m 4Q2010 Bank 456 down In money assets(1) bn alignment expenses EUR 551 1Q income declines exp. Management Stefan 10% 3Q2011 (3) 2Q 479 m (411) 269 (0) from Krause and taxes 2,018 in 275 (1) 4Q FY2011 (575) Sal. Germany, PWM continued Key 4264 1,968 financial 1 Oppenheim (398) Y-o-y features cost FY2010 116 Asia/Pacific de-risking (1,644) containment cost transparency. Provisions reorganization reduction (1,987) and Sal. 2010 for of 17 IBIT EMEA 102 Oppenheim 18% 2011 Investor costs (11) 34 driven partially (37) (severance, (13) Full Relations 69 by (12) year 321 offset successful (55) (57) EUR vacant 2 by February (38) continued 4 bn Sal. space credit net 2012 charges) inflows losses growth driven in Americas by Asia/Pacific -37-37 and 4Q Germany IBIT negatively impacted by lower client activities,
Private Income Hua 39 40 525 42 233 189 1Q 2010 (1) (2) (3) 3Q2011 the EUR (311) IBIT 458 Risk Integration Net Previously Includes 2Q notional 118 245 Xia 2011 3Q All & of before m cost 227 and 222 one-off (240) Business non-controlling On 70 4Q PBC value 222 reduction EUR 227 In a 1Q reported income (359) full business EUR gain 310 track, 155 2Q 144 as Clients year (1,309) of 1,782 263 3Q m m, proving taxes net 31 and basis, impairment divisions 4Q partly Provisions interests Dec of 890 ahead 2011 Key (746) and PBC superior 2011 788 offset anticipated features high 4Q Negative contributed performed 185 losses, Deutsche plan 2010 portfolio by risk 134 EUR 3Q partly management impact offsetting CIR, 2011 Bank positively 26 strongly quality m offset from FY2011 Stefan in % component 4Q2011. 78 above by Greek to model 74 Krause IBIT EUR FY2010 71 target credit The 69 increase 22 which financial 73 m despite average Cost-to-achieve losses RoE, non-controlling did adverse not transparency. government book % materialize 8 value, 15 market related 11 interests bonds(3) equaling 16 18 conditions 19 Investor Postbank 132 the segment Relations fair Noninterest while acquisition(1) value, level delivering 2 of for February exp. PBCs 2Q2011 on (1,983) Revenues Greek Postbank 2012 and (1,354) government EUR 2,556 310228 (1,729) 1,824 integration m, bonds 2,426 partly (7,336) holding 10,617 offset (4,493) by amounts 6,136 EUR 43 to m 29% in of
Corporate Income (8) -165 Noninterest (2,350) 1Q 2010 Deutsche -390 an EUR 4Q2011 Actavis: BHF (8) 2Q -139 impairment (0) 3Q before m Bank: Investments (14) 4Q2010 A exp. EUR change 1Q income Back 0 Stefan (520) -85 of 2Q m EUR 3Q2011 office -85 in Krause taxes (343) the credit 4Q 135 restructuring exit 4Q2011 FY2011 (299) derisking m financial losses assumptions triggered (1,492) key FY2010 resulted transparency. and features by (967) balance slower led Revenues in IBIT to non-operating an than sheet 19 (722) updated Investor (193) expected (390) (40) valuation expenses Relations (85) gaming 213 (1,111) 394 and, of performance 2 (1,796) EUR February thus, (2,760) 97 triggered Provisions m 2012 at the an Cosmopolitan for impairment of EUR 407 m -722 Cosmopolitan: An updated valuation resulted
Agenda 12 3 Deutsche Group Segment Key current Bank results issues Stefan Krause financial transparency. 20 Investor Relations 2 February 2012
Capital Basel 14.0 13.4 12.3 11.2 9.6 9.5 8.7 7.5 346 RWA, Q1 2010 Note: Deutsche Q2 10.2 Core 7.5 328 13.8 12.9 11.3 2011 2 Tier in Q3 7.6 ratios Basel 10.1 320 Tier EUR Bank 11.51 Q4 in ratio 338 % and 12.5 Q1 Tier bn Stefan ratio, 381 = risk-weighted Q2 1 Tier ratio, 292 Q3 Krause 1 Q4 303 capital in % financial 277 assets / RWA; transparency. Core Tier 121 ratio Investor = (Tier Relations 1 capital 2 - February hybrid Tier 20121 capital) / RWA
Core CDI add trading RWADeutsche up Other Tier due book. 1 FX to capital These rounding Effect Bank and positions Stefan 31 RWA differences; Dec Krause 30 development are Sep now CDI financial FX risk-weighted effect = Capital Core transparency. Credit Tier Deduction as 1 Market capital a result 22 Operational Items Investor RWAIn of Basel (1) EUR Relations Net 2.5 Basel income (3) bn Basel In 2.5(3) 2 EUR February attributable 2.5 31 bn additions Dec 0.5 2012 2011 36.3 to Deutsche comprises 0.9 income(1) 0.2 54.3 Bank EUR Basel 381.2 shareholders(2) 51.8 2.5 0.5 bn 34.1 Market 2011 0.12011 Decrease 4.1 Risk 337.6 risk RWA of risk 14.0 securitization and risk (22.6) EUR 2011Note: (6.1) 2.5 deductions bn 30 Figures Credit Sep Net Risk may in CDI the not
Basel 98 yield de-27 CT1 normalize after correlation Incremental Deductions introduction and 2.5: Stressed emerging Impact and portfoliodeutsche client VaR risk (TB of on charge risking activity trading Securitizations)Basel 2.5 Trading and book returns(1) (2) Bank due slow Incrementa market to bookinventory; Stefan removal market Basel risk Krause 2.5 environment l76 2 of In 4Q result specific 17 EUR financial de-risking sold for bnmarket at charge 3Q11 markss-varbasel transparency. cost surcharge and markets 2(1) risk immaterial 22 capital exposures (27)% 23 VAR pro-forma requirements Investor (0.7) 216 MR(1) Reduction Stressed and (0.9) Relations result inventory securitizations increment Drivers VAR; for securitisation 24Q11(2) increment February IRC of Some reduction 70% Incremental EUR uptick of 2012 (32)% and correlation 76 RWA in Basel / 9 RWA 52 80% Risk Trading bn 2 expected reduction TB sales, credit Charge; RWA book 20% inventory TB through include securitizations hedging 2012 Securitizations 30 as benefit roll-off/hedging Sep Basel 52(2) 2011 Sales of Low 2(1) lower 31 Correlation 2.3 of VaR/SVaR Dec securitisation 2.0 68 2011 Mainly markets based and due market in RWA non- to trading high active risk
Basel 394 pro flexibility(3) mitigation, analyst income 363 Dec simulation( consensus asset pro 11 Note: Normali- forma sales Figures 1) collected market In Jun compensation EUR may 12 targeted bn on Basel not xx 12 add Core January 3 forma and 1 up Tier due dividend after 2012 Dec 1 to ratio div. rounding 2013 from adjustmentsdeutsche (%) after Dec Bloomberg; Pro div. differences(1) 11 forma Net sation Jun split RWA forma 12 between Subject Bank Net Pro after Add-back forma Stefan div. to 1H12 final Core risk Krause and 1 Basel mgmt. Jan Tier 2H12 financial Net rules 1 1H12(2) capital assumed Dec and 2013 transparency. and European 2H12(2) 50/50; ratios zation dividend 9.5% / deductions of German 24 after Investor 9.7% 2013 accrual implementation 8.5% 2013(2) pro Relations of 9.5%105 pro 75 action forma cents 2 February of 499 Capital per income the 499 share revised toolbox 52012 income 472 (3) framework(2) E.g. 38 provides securiti- 2 further 2 43 381 further 2013 RWA Based 12
Exposure 1,321 and transparency. further Italy to 448 risk selected 25 Greece mitigation. Investor countries Spain Relations Loan Total Net exposures sovereign Note: 2 February Numbers held exposure(1)in 2012 at amortized may not EUR add cost up m are due 31 presented Dec to rounding 2010 after 31 differences(1) Dec deduction 2011 237 of allowance Exposures 181 (70)% for are Ireland loan presented losses. 12,120 after Deutsche 8,011 effects 1,767 Bank of (12) collateral Stefan (45) Krause 2,283 held, 3,673 guarantees financial 1,601 received Portugal
Deutsche Bank Additional information
Specific (407) Admin. Actavis VAT charges Revenues Noncontrolling IBIT impact claim Cosmopolitan Exp. impairment mainly items 152 CB&S of (154) (1) In EUR related interest Negative Gen. FY2011 charge impairment (435) m to only & 4Q2011 litigation Admin. m CI revenue Business relevant (4Q2011: Revenues charge Business Exp. CB&S impact for P&L EUR CI (310)4Q2011 (407) segment Gen. line of P&L (118) the Cosmopolitan AmountHua & line reporting: impairment Admin. m) CB&S Deutsche Exp. PBC Xia impairment charges Impairment (275) (135) one-off Bank considers Bank mainly CB&S Stefan Greek gain charge noncontrolling levies PBC related Krause charges government CI C&A Revenues Gen. Greek to financial mainly litigation Gen. & interests Government bonds Admin. 263 related & transparency. Admin. CB&S Impairment of Exp. to PBC EUR litigation Gen. Exp. Bonds (135) is 92 equivalent 27 (247)Memo: charge & m 3Q2011 PBC Investor Admin. CB&S for Revenues on FY11 to Greek specific Gen. Exp. Relations the FV (4Q2011 negative &(380) gains Government (144) Admin. charge 2 February / EUR Actavis (losses) IBIT relating Exp. (965) 26 Bonds impact impairment (380) m) 2012 m to own which 1Q-3Q2011 the PBC on Bank debt impairment Group led Revenues levies charge CB&S to level. a CB&S total C&A CI of /(527)(1) C&A Revenues a negative specific Gen. German &
Cost expenses 2011 tax, FX increased impairment EUR February rates litigation base FY (380) (3) 2011 0.4 2012 compensation before m charge Consolidation 24.7 settlement and specific and 0.2 1Q-3Q2011 EUR after 0.2(0.8) impact and with (135) efficiency impact benefits Huntsman, (0.3) (2) m, CB&S 3Q2011 Cosmopolitan for (0.4)12.7 programs and Postbank, specific repurchase lower CB&S 20.1 charges Noninterest severance Sal. (3) specific 1.0 adjusted of Opp./BHF, 0.4 mainly investment (0.4) (5) charge expenses, Reduction Includes related 8.413.1 ABN relating products to Amro policyholder 11.3 Integration EUR litigation to and the FY as bn well impairment DWS 2009 Compensation EUR investments/ and as 2009 Scudder Cosmopolitan (275) benefits FX of m a intangibles Acquisitions, and Deutsche mainly German adjusted Benefits operating Abbey VAT achieve Bank write-back (1.1) Bank claim life Stefan cost specific G&A levies and (4) EUR (2) Krause other Includes expenses 2009 Pro-forma items (310) remaining financial Complexity (1) m, mainly 1.1 Program 4Q2011 impact 26.00.2 transparency. cost IT CIB costs, to CB&S positions Growth(4) 25.8 adjust Platform Professional 4.9 litigation FY 28 (6) Other items 2009 Investor Other Cosmopolitan noninterest related (6) cost services, (5) Relations (1) base 2011 expenses UK to Cost-to- payroll 2011 2
Impaired 1.15.5 (3) allowance At credit loan reduction include consolidation, 47% amount quality 5.6 allowances 48% loans being 5.94.5 has of 49% been In DB recorded any 4.6 all EUR 54% Group for established, loans 4.7 all bn 53% 4.8 in classified loans accounts. IFRS DB 4.931 49% Group individually impaired 48% Mar well as In as impaired accounts addition, 30 46%(excl. as loans(1) Jun impaired 30 by (3) collectively improvements by Sep PB)(1) Postbank Relating Total 31 or collectively Dec on-balance IFRS to assessed does were 31 IAS in impaired Mar not credit 39 classified assessed sheet increase for 30 loans quality Jun impairment loans allowances Effect 30 as Deutsche impaired include of performing Sep loans from 31 which divided Dec loans Bank Postbank(2)9.48.57.4 classified by have 2010 which reported Stefan DB by been 2011 IFRS as are Krause they put by individually Cov. impaired Postbank on were financial Ratio nonaccrual 7.4 by recorded loans Postbank 7.4 (3) standalone impaired 7.6 transparency. 47% (excluding status by 2.06.3 reduce 48% under but at (2) 6.7 49% fair collateral); triggers PB The IFRS, 29 1.81.3 value. 53% s Investor increase impaired i.e. impairment 1.52.9 50% As total for a Relations is 46% which result, loan 2.8 driven on-balance 45% 2.7 volume classification a 0.2 by 2 specific further 44%DB February a 0.8 technical sheet but 0.8 deterioration loan with Cov. allowances 1.11.2 of 2012 loss the no effect: Ratio full in
Loan In 34 811 292 CIB 136 Postbank 121 31 2010 90 Note: (1) Deutsche 11 EUR IAS 35 11 Mar 95 Thereof, 283 154 126 10 2011 book Loan 32 13 9439 30 7 bn 147 125 27 175(1) Bank CI impact Jun Germany amounts 25 Postbank 135 126 129 30 23 Stefan 175(1) 135 126 125 Sep on 23 are excl. CIB 150 128 123 accounts 31 Krause 176(1) gross 411 Dec loan 151 132 124 Financial 398 31 financial 270 135 124 of book 178(1) for allowances Mar 398 PCAM Postbank EUR Institutions 416 30 180(1) transparency. 84 Jun 417 ex bn for 30 (for and loan Sep 31 Public 31 losses; 30 Dec Investor 2010, Sector: figures 31 Relations may Mar not 2011, 2 add February 30 up Jun due 2011), 2012 to rounding EUR 85 differences bn for 30 Sep 2011 and EUR 86 bn for 31 Dec 2011
Composition 4Q2011 Short Strong secured grade consumer gross figures releases Finance February and term / collateral(58) GTB may (6) booked (EUR provision 2012 own lised Subst-(146) business not PWM of 1.2 debt / loan add as of for bn) Other PBC pipeline conduits) up hedging book gcredit and teed Credit due Corporate Interest and LEMG to hedging Finance(4) losses(1)(2), asset transactions Mostly rounding provisions Income) (EUR (19) Structured underlying antially (7) Real diff.(1) 3.7 by Lower (3) senior EUR bn) gages category Includes (30) Asset Partially (5) risk m Diversified umbrella cap Includes 362 PBC bucket loans corporates/ 540 provision EUR mitigants Collatera- collateralised IAS of Moderate loans by bn, EUR asset 39 for ments(3) asset from Financing reclassified of 3.8 (5) off-balance risk 31 High CMBS bn (4) December bucket collateralised (4) Substantial relation Leveraged securitizations assets pools sheet Liquid Higher 2011 to secured Postbank positions; one alised hedged(29) Commercial (DB risk... non-investment DB bucket75%89%note: type Deutsche finance by 178 4Q2011 releases 393 and 192 margin hedged Other (48) location(17)(1) Bank 71 provision shown collateral 99417 Predominantly loan grade Stefan assets mort- Low counterparty for Loan negative Estate(5) Krause Gov credit (7) German loan amounts t (19) Substantial (3) financial 23 number losses(1) book, (17) quality to relationship mid- value are (7) others (2) small transparency. gross ex. collateral Partially (16) (70) Postbank PB, by Invest- of (4) Partially Govts, in allowances (5) Includes securities / EUR Diversified LLPs transactions (1) 31 cash Highly m (28) Investor gross loans... sponsored for Gov (12)Total Postbank hedged Mostly loan (does from t Finance Relations Additional losses; not Corporate structured diversified (PB) mortgage PBC reflect 2 Inv
Total In 1,296 1,267 Positive Financial Reverse 412 Cash Other(1) 30 Note: Deutsche EUR Sep Incl. 241 215 and assets Figures 2011 bn market repos financial Trading securities 114 deposits assets Bank (adjusted) 31 107 may / Stefan values Dec at assets with FV 413 not 2011 through Krause add Reverse Derivatives Trading banks AfS, up equity 141 due financial P&L repos assets 178 to post- Other method rounding / Securities Net transparency. Derivatives trading loans investments, differences borrowed assets post-from 32 29 Investor property 192 / 27 reverse Reverse derivatives securities Relations and repos equipment, repos borrowed 71 85 2 February / 57 netting 144 Brokerage goodwill 135 842012 securities netting & and securities Trading other borrowed intangible rel. securities Loans receivables assets, des. 238 214 at income 25 FV 1826 tax 24 assets Other des. and other at FV 11 12
Funding As Total: funding 5% sources(1) Capital Banking EUR Recalibrating Deutsche at Dec 2% 65 31 EUR Markets 2007 Vehicles bn profile Dec 39% Bank Liquidity 1,206 2007 has 12% Stefan and our stable been bn As 7% funding Secured 30% reserves at Krause rebased Retail funding 31 (EUR Dec profile Markets Other financial EUR to sources 2011 361 ensure 219 Other is bn) and paying transparency. bn consistency of Equity 25% Total: off: Customers Funding We EUR with 33 maintain 1,133 Investor Dec and Customers bn(2) Equity 2011 excellent Relations presentation 59% 12% 13% access (EUR Shorts 9% 2 February Discretionary 664 to (2) 19% broad bn) Includes 2012 Retail of range Financing Transaction Postbank 18% of funding 11% overall Secured Wholesale sources funding Funding Banking from and Financing 13% Discretionary 15% overall Transaction funding from Shorts Vehicles Wholesale stable
Funding In 440 European DB 320 280 capital 01Q2010 EUR 31 Source: Deutsche bps Dec January 5yr issuance itraxx DB Modest 6 markets bn 31 Senior Bloomberg, issuance 2Q2010 activities cost Market Bank Sovereign EUR 2012 Senior activity development CDS 30 at Stefan 3.5 issuance 3Q2010 spread activity conditions update funding Financials Jun bn Deutsche CDS average Krause 30 of cash (4wk maturities 4Q2010 Sep encouraging Observations plan EUR remain 2011 spreads 31 mov financial Bank of Dec 1.3 recap: 1Q2011 avg.) fragile 80 (see bn 31 3Q 400 of transparency. EUR 2010 Mar graph) L+65 2Q2011 but DB 30 31.5 2011 European 5yr bps, Jun bn Senior 3Q2011 at 30 ca. 34 L+124 total Sep 75% Investor Sovereign CDS funding, 4Q2011 31 raised bp Dec itraxx Relations CDS outside 240 EUR DB EUR activity 15-20 issuance 2 of February 5.5 40 bn; in public primary Senior heaviest over 2012 unsecured plan, Financials market concentration reducing markets spread Jan 2012 EUR (4wk requirements 8 bn mov EUR avg.) 7200 bn 160 EUR Volatility 4 2011 bn seen EUR recap: in 4 DB bn EUR CDS 22.5 10 not bn reflected EUR raised 3 in bn 360 120
PBC In Impact Reported 3Q2011 4Q2011 155 FY2011 (1) Deutsche EUR Net FY2011 business from regular m, 132 51 1,782 Greek Bank post-minorities 51 Cost-to- (11) 643 FY2011 (435) FVA Stefan division achieve (373) (35) (283) amortization 178 Krause (102) 567 (1) performance Germany 335 263 Adjusted 335 financial 263 304 783 1,901 4Q2011 PPA 1Q2011 transparency. Hua 258 85788 Xia (9) (32) (70) IBIT (73) 35 47 47 167 Investor government 244 263 FY2011 2Q2011 547 Relations 2Q2011 related 572 229 (62) (90) 2458 to February (180) (4) IBIT (132) 42814 bonds (39) 2012 1Q2011 Consumer 42 Postbank 587298 PBC Banking 1Q2011 263Q2011 35 2Q2011 231 3Q2011 310 (38) (185) 105 65 269 (175) 105 (40) 2Q2011 Advisory 141 (5) 141 124 394104 (42) 4Q2011 Banking Germany (35) 227 3Q2011 (118) 4Q2011 Advisory 113 (134) 90 113 Banking 106 (108) International 373 (62) 106
Postbank FVA IBIT, 1 investment amortization? 3 Future ~200 ~50 2011 (1) (2) Deutsche 3 Positive Negative Net Net Based ~(50) amortization 2012 ~150 IBIT one-off regular contribution EUR PPA: Bank strongly 2013 securities impact pattern current m effects FVA Amortization Stefan? 2014 1 pattern(1) from affecting Positive turning amortization assumption, and [...] Krause Postbank CRE 2018(3) negative amortization P&L Illustrative outlook financial portfolio deviating mainly realized level of due of negative transparency. positive FVAs potentially & to results simplified within pattern differing FVAs from Major ~7 possible volatile timing years 36 Comments amortization part Investor due amortization of above PPA to Relations future of expected mentioned negative pattern one-off 2 February to FVAs? be (2) effects, 2 Negative amortization on 2012 post-minorities P&L mainly (3) based Highest on customer negative contribution bank assets with of FVA long amortization maturities mainly stable
IAS Carrying In of 31 2008 (1.8) (2.3) (2.8) (3.3) (4.0) (1.9) (0.2) (2.5) (0.5) (3.0) (1.0) (0.1) (5.1) 34.4 29.3 Note: may Deutsche EUR Dec 39 not 33.6 29.8 (2.2) (2.5) of (0.1) (0.2) (2.3) (2.7) value (3.7) Carrying 2009 At 31 EUR bn 0.3 add the Value Bank 26.7 23.7 (0.2) EUR Dec 2010 bn reclassification up 39 Assets Redemptions The 24.5 22.1 since 31 Stefan vs. due 12011 m; m Dec gap Fair 22.6 20.6 net to 31 sold 2011 Krause rounding between 31 gain Loan Value 23.0 20.7 during Mar have 2011 on dates, Products 22.9 20.2 financial 30 disposal carrying differences 4Q2011 typically Jun Value assets 30 Dec developments transparency. was value Sep had Fair Decrease been 2010 a 31 and carrying book at fair of value 37 fair value Investor value has of by EUR grown Relations EUR 37.9 by 0.5 EUR bn; 2 bn February incremental largely 0.3 bn 2012 driven 4Q2011, RWAs by redemption were however EUR Sales of 4.4 assets bn; & Trading there and price have - Debt been decreases, Origination no reclasses partially & since Advisory offset 1Q2009; by an FX overall above movements decrease figures
Balance In 2010 31 (155) Adjustment Total Leverage According Note: (1) Deutsche EUR Mar 1.7 Estimate 2011 assets equity (105) Figures 3.4 30 bn sheet ratio Bank Jun 2.0 to netting for (IFRS) (adjusted) assuming target may leverage 2.0 based 30 additional pro-forma Stefan Sep 1.7 not Adjustment 42 1,670 definition 40.2 1.6 31 45 Krause 978 that 41.9 ratio total 42.6 Dec 50 4.5 1,926 derivatives fair up 1,043 substantially 46.0 (target 38 equity 4.5 39.5 31 23 due financial value for 36 1,958 41.5 Mar on 23 1,044 to 36 50.4 additional definition) 25 gains the rounding netting 30 52.4 43 1,906 23 1,211 transparency. 51.6 Group all Jun 40 (losses) 23 53.2 own 1,842 51.7 30 (559) 23 reverse 1,202 differences s 53.3 Sep debt own 22 53.1 1,850 (735) 21 1,209 31 57.6 was repos 38 debt 54.7 Dec Investor 2,282 (760) designated 59.2 1,296 (post-tax) netting 2,164 (601) 1,267 Relations (7) (508) (9) fair (10) (503) value 2 February (8)(821) (10) 2012 (13) (782)(11) Adjustment (10) for additional pending settlements (126) (139) (144) (86) (122) (125)
Group Full-time 31 PCAM Corporate Total (1) Stefan Dec Deutsche 102,062 headcount Krause 50,830 2011 2010 equivalents, Investments 31 CIB Postbank 100,996 financial 49,088 Dec 15,613 2011 at (1,743) aligned 1,553 (1,067) transparency. period 15,184 vs. 1,389 its end (429) FTE (164) 39 definition Investor Infrastructure to Relations Deutsche / 34,066 2 February Bank 35,335 which 2012 1,269 reduced Regional the Group Management number as of December 31, 2011 by 260 (prior periods not restated) Deutsche Bank
Number In Average Total Common Vested Basic 928 Dilution Note: (1) issued Deutsche million The 921 shares Figures in number 916 of effect used September shares Bank (denominator awards(2) for may 29 treasury Stefan of issued(1) outstanding EPS 30 common not 2010 32 calculation Krause add (17) 15 Diluted (2) 929 15 for up shares (23) 913 Still 15 due financial basic 929 shares 907 (28) End to restricted issued 929 EPS) rounding 902 (10) of 957 929 transparency. period has 919 (30) 951 929 been 899 differences (25) 949 929 numbers 905 adjusted (denominator 40 Investor FY for 3Q all 4Q Relations for periods 31 diluted Dec before 230 February EPS) Sep the 31 capital 2012 Dec 2011 increase 2011 in 2011 order 2010 to reflect 2011 the 2011 effect of the bonus element of subscription rights
Invested 797 Insurance 121 transferred behalf surrender 780 1 1 of Deposits 813 assets(1) customers valuedeutsche 151 5 Corporate 143 (9) excl. reportin Asset 142 for sight 150 investment Investments Management Bank EUR 157 deposits Stefan 2 bnnet (5)Private purposes 164 as Krause 550 new of 171 529 1 money31 Jan Wealth and 171 financial 523 2011; / 173 or 516 Management managed Dec 170 prior transparency. 5442010 (3) 8 periods (13)Institutional 6 by 31 Insurance(2) Deutsche 275 Mar have 41 271 2011 Investor been 274 Bank 12 30 175 adjusted; 264 13 Jun Relations 164 269 13 a 2011 discretionary 13 163 (3) figures 13 30 24 162 February 0 Private Sep 1PCAM may 174 2011 or 8 & not (4) 2012 advisory Business 1,131 add Retail Dec up 1,112 20114Q2011 basis due 178 Clients to 1,109 175 or rounding deposited 306 173 1,083 313 FY2011 157 differences 1,116 313 164 with 303 Asset (2) 3 Deutsche (2)Note: (4) 304 and (1) Alternatives Assets Wealth Bank 8Securities Excludes held (2) Management 46 Life BHF by 46 129 Deutsche insurance 45 which 129 46825 129 49 was Bank (0) 799 117 (0) on
Regional In 31 Germany(2) Private Note: Assets Deutsche EUR Dec and Excludes held 2011 2010 bn invested 129 Bank Wealth by 244 31 Asset 129 Deutsche (2) Stefan BHF Mar 242 Management assets(1) 130 Incl. 2011 which 246 Krause 123 Luxembourg Bank 234 30 123 was 275 AM Jun 240 financial on (5)% 825 transferred 550 271 2011 behalf and (2)% 799 EMEA 529 274 PWM 30 transparency. UK 797 of 523 264 Sep customers 25 780 53 516 269 Corporate 2011 23 813 544 22 (2)% 5131 (2)% 22 42 49 for (1)% Dec 26 Investor Investments 50 investment 4% 2011 (5)% Rest Relations vs. USA/Latin of purposes as Europe of 12 Jan February America and 342011; 30 / or 30 64 managed 2012 prior 29 6230 periods 61 (11)% 60 by 63 Deutsche have Americas (2)% been Asia Bank adjusted; 223 Pacific on 209 a discretionary 202 30 figures 29 208 31 may 226 31 33 not 1% or 12% advisory add Asia up Pacific due basis to 25 rounding or 25 deposited 23 22 differences 23 with (8)% (1)
Regional 1Q2010 Germany(1) Private Asset Note: Incl. Deutsche EUR 2 Luxembourg (0) Management and Excludes bn 2Q2010 1 net 2 Bank Wealth (0) 14 new 1 (0) 0 1 Stefan BHF (1) 3Q2010 5 (1) money Management 14 320 which (12) 6 Krause (0) 2 14Q2010 2 (3) AM was 45 (0) (1) financial (2) 09 and transferred (0) EMEA (5) (14) (2) FY2010 PWM UK (5) (0) 0 transparency. 4 (12) (0) (1) 1Q2011 3 to 10 58 (2) 1 Corporate (1) (13) 3 (0) 4 (3) (4) 2Q2011 (13) (4) 434 (0) Investor Investments 15 (2) 0 (9) 3Q2011 (1) 4 (2) (0) Relations Rest (0) 4Q2011 as USA/Latin of 1 Europe 2 Jan February FY2011 2011; America 1 (1) 2012 prior (0) (1) 1 periods (1) (1) (1) (2) have 1 (1) been 0 (0) adjusted; (4) (1) Americas (0) (1) figures Asia 0 (11) Pacific may 3 not (1) 2 (2) add (9) (0) (2) up 1 (5) due 1 (6) 1 to 3 rounding 51 (8) 0 5 Asia differences Pacific (1) (1) (0)
99%, VaR Constant EUR 120 4Q2010 (1) trading Deutsche Constant 100 of 2.5 1 day, risks CIB 1Q2011 80 bn VaR Bank 60 Sales trading VaR was of 40 EUR Stefan 2Q2011 CIB ignored is & units m Trading trading Krause approximation and 3Q2011 revenues units(1) if financial VaR 4Q2011 would of EUR transparency. how 78 not 1.6 the 80 have bn 75 VaR 76 been 44 would 56 Investor affected 45 46 have 44 Relations developed by 43 any 29 methodology 2 February in case the 2012 changes impact of since any then market data changes since 4th Oct 2007 on the current portfolio of
Cautionary expectations Bank. or By those which defaults risks 20-F This provided Deutsche future their presentation referenced of contained Forward-looking we 15 of very events. Bank derive March borrowers statements this and nature, Stefan presentation, a the contains also 2011 any substantial our assumptions contains Krause forward-looking filings under statements trading refer with portion the financial non-ifrs counterparties, heading underlying to therefore of statements U.S. transparency. statement. our 4Q2011 financial Risk statements. Securities revenues speak them. Factors. involve Financial Such only measures. implementation These 45 and Forward-looking factors Investor risks statements Exchange Copies of Data which the and include Supplement, date Relations a of uncertainties. we reconciliation of this Commission. are they our hold document based statements strategic are conditions 2 a February substantial which made, A to plans, Such are initiatives, number directly is and readily 2012 accompanying statements factors estimates the portion we of financial comparable undertake important the available are of reliability and that described our markets this projections are no assets, upon factors figures obligation presentation not of in request in the historical our could detail reported Germany, development as risk they therefore in management and update can facts; our under are in available be SEC currently Europe, they publicly downloaded IFRS, cause of Form asset include policies, at actual to available www.deutsche-bank.com/ir. any prices the statements of from extent results United procedures and them to market such to the States in differ about light management reconciliation and volatility, and of materially our methods, new elsewhere beliefs information potential of is from and Deutsche not from other
Dr. Chairman Annual Frankfurt, Deutsche Josef Press Ackermann Bank of 2 February the Conference Dr. Management Josef 2012 Ackermann Board and financial the Group transparency. Executive Press Committee and Media Relations 2 February 2012 Exhibit 99.4
2011 Record Investments Strengthened Outstanding Deutsche at pre-tax a glance Bank in position capital growth profit Dr. Josef position, to in and continue classic Ackermann a more liquidity banking successful stable financial reserves businesses earnings course transparency. and mix refinancing pay off 2 Press resources and Media Relations 2 February 2012
A EU Uncertain Strong Political Commodity Deutsche challenging peripheral growth unrest Bank global price environment sovereign of Dr. economic the volatility Josef emerging debt Ackermann environment crisis market financial economies transparency. 3 Press and Media Relations 2 February 2012
Share Indexed 110 80 (25)% 60 (1) Deutsche (41)% Unweighted 100 price 70 share 90 Bank 50 development 1Q2011 price Peer Dr. index Josef development Group(1) 2Q2011 of JPM, in Ackermann 2011 3Q2011 120 BoA, Deutsche C, financial 4Q2011 CS, UBS, Bank transparency. GS, vs. Peers MS, BNP, 4 Press SOC and and Media BAR Relations Source: Bloomberg 2 February 2012
Balanced Share Investment 44% 56% 2009 Continued (1) Deutsche 19.99% 68% 32% 2010 of income earnings Bank 71% 29% rebalancing 2011 banking stake Dr. before after mix Josef (CB&S) capital towards income Ackermann Classic increase less taxes volatile banking financial earnings (PCAM transparency. / GTB) 5 Press and Media Relations 2 February 2012
Highlights In Net 8.3 28.5 3.5 2.8 13.6 (5.7) 02 Note: Deutsche EUR 03 8.7 21.3 revenues 28.0 2002-2005 04 33.2 bn 21.9 05 Bank 28.6 2011 30.8 06 Income 5.2 07 Dr. 6.1 based 5.4 08 Josef before 09 26.5 on 10 Ackermann U.S. 25.6 11 income 02 GAAP, 4.034.0 taxes 04 financial 2006 05 06 onwards 07 transparency. 08 09 based 10 116 on Press IFRS and Media Relations 2 February 2012
Capital IBIT, Phase Global Securities Note: Deutsche in Figures 4 Transaction market potential EUR Bank 6.4 2.9 bn may environment Dr. 2011 Total not Josef Banking add FY business Ackermann 2011 up put 1.0 due EUR 1.1 divisions to Asset rounding financial 10 bn and 10.0 target Wealth differences transparency. 6.6 out of Management reach 7 Press 1.0 and 0.8 Media Private Relations & Business 2 February Clients 2012 1.6 1.8 Total classic banking businesses 3.6 3.7 Corporate Banking &
Income Corporate platform #1 Global 04 Note: Deutsche Resilient Record Named EUR Global FX 052011, 2004-2005 06 Bank Transaction before bn 07 FY Prime Global and Banking FY2011 Deutsche 08 (Euromoney) revenues Investment income 09 Dr. Broker based 10 & Josef Banking performance 11 Securities driven taxes of on (Global (1) Ackermann Bank: the and U.S. ranked Management Key (GTB): by Year named GAAP, (CB&S): Custodian), Overview strong despite features #1 for financial Best Cash (7.4) 2006 Global 6.1 by Bond 2011 6.0 results onwards TMI transparency. Fixed difficult House magazine across Income based by market all IFR 8 on businesses market Press IFRS conditions, and (1) share Media Treasury (Greenwich especially Relations Management in Associates), 5.1 2 February 4.3 International 4.3 4.0 2012 Europe, (TMI) reflecting magazine, the value Oct 2011 of recalibrated 2.8 and further integrated
Private Income Asset Net market 04 Note: Deutsche Continued All Integration EUR 05 inflows PBC Management 2004-2005 06 conditions Clients before bn 07 Bank business driven 08 to income and benefit 09 Dr. track, based and 10 by Asset Josef (AM): divisions 11 1.5 while and from taxes Ackermann Management: Asia/Pacific ahead U.S. platform Key delivering contributed GAAP, of features plan 2.5 financial and on Overview 2006 efficiencies, positively 0.4 Germany 2011 onwards Postbank transparency. to 1.4 stabilizing IBIT based integration Private increase 9 Press IFRS & markets Business and Media and Clients a shift Relations (PBC): to higher-fee 2 1.1 February On products a 2012 full year 2.1 Private basis, PBC Wealth performed Management strongly (PWM): above 1.9 target Full despite year adverse EUR 4 bn 0.7
Balancing As Profitability EUR Capitalization 9.5% Core (1) strategic Ackermann The Tier 4.3 31 bank liquidity Dec bn 1 key EUR financial net s 2011 Liquidity performance liquidity income 219 reserve / FY2011 transparency. bn reserves Liquidity of indicators highly include reserves(1) 10 liquid Press (a) government available and capital Media ratio excess securities Relations cash and 2 held February other primarily central 2012 at bank central eligible banks, assets. (b) unencumbered Excludes any positions central bank held eligible by Postbank business Deutsche inventory, Bank as Dr. well Josef as (c) the
Compensation (1) awards from Bank 1.549% Dr. ppt Group Josef for (17)%41.0%(2) Avg. vesting management Ackermann FTE in ~82,000 the 2011 financial Reduction future vs. ~102,000 (4) 2010 transparency. 30.9 of compensation 39.5% ~24% 33.2 8% Deferred 2010, 11 revenues(2) Press ratio due 5%(3) and to Variable changes Media Excludes Cash pay (37)% Relations in the Postbank-related down 2010 cash / 2 revenues / February 2011 deferral 2010 up charge split 2012 2011(1) Compensation (4) of In Excludes EUR 2.3 bn; expenses bn(3) amortization 2010 Deferral excludes / net revenues of ratio Postbank-related prior was Incentive year increased deferrals, awards charge to 61% includes (variable of (EUR current 2.2 remuneration) 2.3 bn) year for Deutsche 2011
Worldwide +13% Peer 2007 Germany Consumer +8% 108 100 2005 Source: (1) (3) Deutsche Index Agreement 100 Group(2) +21% 2008 2006 113 Representative based Global (Index; Bank market 2009 2007 121 with: Dr. s on 2010 2008 Bank reputation 2005 Business brand Josef Deutsche 2011 2009 = Trackings 100) Ackermann awareness, and 2010 clearly Bank (3) Bank Corporate 2011 Harris 2007 improved image has financial 2005 = Interactive, a Clients 100) good profile, 2006 transparency. (1) reputation market 2007 consideration TNS 2008 Infratest 12009 Press among 2010 and 2011 financial Media Relations decision 2 makers February in companies 2012 (2) JPM, HSBC, C, GS, MS, UBS, CS, BoA
Financial Worldwide 142 Agree: responsibility +42% 100 2006 2007 2008 2009 2010 2011 Source: Deutsche Dr. financial 13 Press February Josef and Representative transparency. Ackermann decision Bank Media 2012 (Index; in seen society assumes Relations makers 2006 responsible Trackings = 100) companies Harris corporate Interactive citizen
Economic Macroeconomic Balance Sovereign Italy 0.2 development Canada Regulation India China (1) Deutsche Source: (1.8) (0.9) 5.1 0.5 Bank Total Diverse environment debt current Japan OECD, United crisis Dr. OECD imbalances(1) 3.2 Spain account Josef IMF States Germany (1.1) remains (5.8) Ackermann (4.4) (% global GDP), 4.0 challenging Euro financial 2000 area 2011 transparency. 2012 p.a. 14 Press and Media Relations 2 February 2012
We 2002 Phase Refocus Average 19 11 Note: BNP; ensure Deutsche 15 have DB Data 24 9 I comparability, 2003 Phase 13(1) business delivered Bank pre-tax for 2004 10(1) II 2008 Dr. Phase Profitable RoE for Josef DB 2005 and in data shareholders based III Peers % 2009 Ackermann 2006 Phase is growth only DB not average IV 2008 Peers fully up Accelerate across to financial 2009 comparable 9M2011 DB active the Peers cycle 2011 transparency. growth equity (for DB due BAR (until Peers / to Rebalancing differences and 2005 Catching 15 BNP Press according 1H2011 with and up timing with Media balance to equity peers US of Relations market GAAP, accounting Outperforming data is share from 2 used) February gain 2006 Source: financial peers Deutsche according 2012 Company crisis-related Bank to IFRS); data s sheet writedowns Peers: discipline GS, and MS, revenue other JPM, one-off mix BoA, De-risking C, effects BAR, (1) Focus UBS, In order CS, on Asia SOC, to
PBC: Sizeable Bank 1,146 Cost 945 458 ~EUR Top (1) into Deutsche After 890 Pre-tax Deutsche 5 / A income retail 5.9 1.4 420 quantum ~EUR investments the Bank bn(1) m RoE deposit committed Bank ratio 680 Dr. 55% of leap of Josef >20% m(2) taker Privat- Revenues <60% execution Ackermann in und resulted Europe Geschäftskunden of of EUR 2007 in the financial a >10 quantum mandatory 2008 bn transparency. 2009 1,782 AG leap exchangeable 2010 Income 2011 and 16 before Press further bond income and ambition and Media put Huaxia / Relations IBIT, call taxes option in EUR of 2 in February EUR m >3 bn 2012 2012 leading to pro forma ownership of 91.53% (2) Now fully merged
Growth Asian estimation Ackermann countries, in Asia based financial Growth headquarters on top transparency. of 1,000 private in global Asia wealth 17 corporations indexed Press pools and 2004 Rise Media Source: = of 100 Asian Relations 271 IMF corporates 40%19725% World 2 February Economic GDP 28% 2012 per Outlook, 154 capita 125 (purchasing 19% Financial 17% 1002004 Times power Global parity) 2006500, in 2008 Percent McKinsey 2011E of 2015E top Global 500(1) 2004 Institute global 2006 2008 corporations Deutsche 2011 Bank 2015E(1) with Dr. developing Josef 2015
Excellence Target Efficiency 2011 100% Well ~1.0 Original 0.5(1) ~0.2 ~0.1 CIB Deutsche Net integration ahead run 100% run-rate 2011 target: rate Bank initiatives 1.1 24% IBIT as execution IBIT of Dr. 1.0 Complexity share 72% plan impact, Josef increase, Integration of 37% target Ackermann after Postbank in run cost-to-achieve of EUR strategic financial Sal. bn (%) p.a. Oppenheim acquisitions transparency. ABN Amro 18 Press NL and Reduction Media Relations Program 2 February 2012
Summary Transformed Strengthened Delivered Focused Maintained Deutsche vigorously Bank execution high towards footprints Dr. capital Josef on excellence a high-quality more in discipline Ackermann PBC, balanced, on PWM acquisitions liquidity financial and lower-risk GTB and transparency. funding business profile model 19 Press and Media Relations 2 February 2012
Cautionary expectations Bank. or By those which defaults risks heading This provided Deutsche future their presentation referenced contained Forward-looking we of very events. Risk Bank derive borrowers statements this and nature, Factors. Dr. presentation, a the contains also any substantial our Josef assumptions contains forward-looking filings statements Copies trading Ackermann refer with portion non-ifrs of counterparties, underlying this to therefore financial of statements U.S. document statement. our 4Q2011 financial statements. Securities revenues speak them. transparency. involve are Financial Such only measures. implementation These readily and Forward-looking factors risks statements Exchange of Data available which 20 the and include Press Supplement, date a uncertainties. we reconciliation of Commission. are they and upon our hold based statements strategic Media are conditions request a substantial which made, A Relations to plans, Such initiatives, number or are directly is and can accompanying statements factors estimates the portion we be 2 of financial comparable undertake February downloaded important the are of reliability and that described our markets this 2012 projections are no assets, factors figures from obligation presentation not of in in the historical our www.deutsche could detail reported Germany, development as risk they therefore in management and update facts; our under are in available SEC currently Europe, they publicly -bank.com/ir IFRS, cause of Form asset include policies, at actual to available www.deutsche any prices 20-F the statements of extent results. United of procedures and them 15 to market March such to the States in differ about light -bank.com/ir. management reconciliation and 2011 volatility, and of materially our methods, new elsewhere under beliefs information potential of the is from and Deutsche not from other
Deutsche Bank Financial Data Supplement 4Q2011 02 February 2012 Exhibit 99.5
4Q2011 Consolidated percentages segment Banking Corporate Definition Financial figures & Investments of Securities may targets Statement reflect not Data and Net 8 segment Supplement Global of Consolidation certain interest Income Transaction composition financial income 3 Deutsche Due & and Adjustments to measures Banking rounding, net of gains Tracking 17 consolidated 9 numbers Private 13 Deutsche (losses) Risk of Clients over-the-cycle and presented Bank Page financial capital and 4Q2011 Deutsche throughout Asset Credit 5 precisely RoE-Target Financial Management Bank risk this 14 s reflect financial Regulatory Data document 6 310 the Supplement December Asset data absolute may capital in and this not 2011. figures. financial Wealth and Net document market Segment revenues assets/liabilities Management transparency. risk have detail 415 add been Balance Corporate up 110.00% 1 prepared precisely. fair Sheet value Private & under Investment to leverage through the IFRS. & totals Business ratio profit Financial Bank we (target provide Clients or 7 Corporate loss summary defintion) and All 12 216
Financial FY Share 51.47 23.40 share1 937 equity 29.3 Compensation % 7,315 Total Income 1,166 EUR Core 11.5 (0)% 102,062 47,323 A+ 3 6 Source Deutsche 56.74 36.6 Including Definitions The At Capital 9.6 53.9 1Q A+ 921 % period Tier bn. thereof: noninterest 6,899 (1,218) price reconciliation (post-tax) 39.1 2Q (4)% for 15.0 % 12.3 Fitch 42.93 20.79 (loss) 916 102,062 6.94 23.9 ratios summary Bank 58.11 143.6 share 3Q 41.5 Postbank end. numerator capital 33,228 % 928 (3)% Ratings of 605 before period (35)% ratio2 (10.3)% % 12.3 4Q2011 2.43 55.11 ratios Germany 13.9 38.5 price 14.6 (0)% 101,877 expenses, 58.11 37.3 FY 2,330 (4)% ratio December 0 (7)% of 13 income end 40.5 aligned AA 48.8 1Q are information: 1.60 effect (1)% % 13.4 average 6.0 48.70 11 Long-term Financial 7.2 2,4,5 2,130 18.6 (6)% 26.8 2Q 101,694 provided 961 48.8 (42)% AA 44.98 % 23 39.7 taxes, of its (1.75) 3Q 28.7 31, EUR 9.5 % 14.0 983 (3.0)% 1,233 16 50.0 active assumed 44.56 FTE 11.5 AA 4Q 34.3 Basic % 2011 Data Diluted 102,073 983 51.90 rating:4 Thomson on m. 7.5 50.1 42.4 FY 23.7 Provision 777 definition AA 0.63 EUR equity 10.3 % 13.8 pages 20,120 983 are Supplement earnings (11.9)% % 42.08 Cost/income 4Q2011 44.0 conversions. 186 51.9 shares 7.5 based % AA 42.50 100,996 m. 2,087 Moody 59.8 13.8 2.92 17 Reuters, 4,326 (9.1)ppt 12.9 5,944 53.4 % 5,202 for provided to 33.86 56.7 5.2 AA per vs. outstanding 7.6 upon 2,087 Deutsche credit % 40.15 53.4 2.13 s (69)% 41.4 financial 7.2 100,996 18 4Q2011 share 5,388 2,793 % Investors ratio2 12.9 AA based (10.2)ppt Basel 5.5 of 2,083 38.7 48.70 losses, on this 1.24 (3.0)% %(76)% 5,671 1,524 39.10 44.4 AA page 72.0 Bank 7.21 on (1)% 32.5 % 0.6 vs. transparency. (average), 16.7 8.7 document. 2,082 (21)% Service XETRA; 13.1 in FY rules; ppt 6,314 AA 60.74 (1,048) 86 9 % which 10.2 EUR (1)% of 2.52 40.8 66.0 39.10 2011 9.6 2,071 %(0.9)ppt (20)% this Shareholders A+ prior Aa1 23,318 Total Book (1)% 0.15 in m. % reduced 12.7 707 high (9.0)ppt document. 1.66 vs. A+ m. 2,039 39.4 10.2 75.3 2,630 5.7 41.49 Aa3 (12)% periods. assets 0.6 2009 3,975 thereof: 717 value and 7,080 4.30 % Aa3 (1.75) 2,039 1.4 262 1.1 725 (10.2)ppt low 36.8 10.1 113.8 2010 Share 40.75 per 3,021 (76)% equity Group Branches 6,298 Aa3 1,501 % 243 in 726 based (2)% basic % 8.2 Germany 2010 Total price 0.65 1,778 362 Aa3 40.6 9.5 (80)% 695 5,910, 1,670 number 85.0 26.32 0.7 % in (2)% on share % upon 2010 4064 (4.1)ppt net Aa3 low 948 EUR 3.07 942 intraday 1,964 9.5 % 6,710 47 39.5 1,926 (2)% 27,321 revenues, 1,274 outstanding2 81.6 791 Pre-tax Aa3 Basel 29.44 2010 %(351) bn. 14.00 of 1,999 % 2.20 0.8 Basic (4.6)ppt 25,999 969 Employees 1,958 Aa3 373 prices. December 2010 (0.8)ppt 30,839 5,390 67.6 return 29.44 968 1,995 Aa3 38.51 464 shares 1.28 1,906 (0.6)ppt 62011 EUR 2.7 951 N/M % 30,479 463 on Aa3 3.8 (25)% 52.65 73.7 1,977 (full-time 14 31, outstanding 1,906 2011 0.79 m. 949 average 40.95 ppt 540 N/M % Aa3 0.8 Pre-tax 27,952 2011 29,991 12 957 3,083 (4.9)ppt 2011 80.8 1,839 55.91 1,842 36 0.16 Standard % active by 38.71 0 equivalent) % Tier (25)% return 8,999 3,083 2011 49,265 (average), 260 33 1,850 Net 97.3 (0)% Noncompensation 4.45 59.28 1 % equity2,3 (prior & capital income 2011 35.93 7,155 Share 3,080 17 % 2,282 (75)% Poor 49,265 21 average 4,6 % 78.2 55.64 4Q2010 periods 4,985 price 3,092 44 ratio s 77,053 (loss), 2,164 Return 35.93 m. 15.1 (80)% A+ 49,020 % 689 shareholders 12.3 high 2,4,5 7,427 3,090 A+ % 52.38 not 2,164 3Q2011 in 80,849 on ratio2 45 698 29.5 39.24 A+ ppt 48,866 EUR restated). 12.6 average % 28,567 53.05 3,078 700 14 A+ 16.5 % Diluted 52.38 31.5 81,929 m. % FY2010 15.2 38.60 695 A+ 48,576 3,078 11.2 ppt equity2 4,958 10,474 (5)% % shareholders 53.80 A+ % 920 earnings 53.14 (3.4)ppt 26.3 82,504 %(10.4)% (0)% 47,323 A+ 1,777 20.79 753 11.3 8,540 15.3 % 55.11 A+ (0)% 32.9 937 53.96,% per in A+ 6.1
Consolidated (In FY2010 Provision Commissions 2,579 415 (loss) Compensation 3,055 intangible Total 707 Income Net (1,213) Deutsche EUR income (14) 3,975 noninterest (183) 110 10,133 601 tax Net m.) (137) Bank for 833 assets 3,021 expense income 89 (loss) 2,310 interest FY credit 2,737 Statement (169) and (142) 399 4Q2011 1,778 1Q (134) income expenses fee 4,958 attributable 2,062 benefits 303 2,857 losses after (benefit) 2Q 3,354 123 income 29 942 (27) 3Q of Financial 1,777 1,198 provision N/M 15,493 3,324 2,630 Income 2,653 20,120 (351) 11,310 4Q 764 12,459 244 8,911 to 1,166 725 FY 29 3,740 % 262 noncontrolling 5,328 190 710 5,390 1,016 Data 5,944 03,575 for 147 1Q (39)% 2,461 3,671 (1,218) 243 237 (422) 12,657 credit 2Q 3,180 N/M 4,132 Supplement 358 5,388 3,037 362 737 Net 2,587 3,975 3Q 118 170 605 N/M losses 1,570 406 (76)% 22 158 4Q income 5,671 2,983 3,058 interests 2,567 3,415 102 % 2,330 FY 1,274 36 1,322 N/M 2,906 9,829 13 financial (80)% 1,645 6,314 % 4Q2011 3,077 N/M (loss) 3,055 4,521 2,130 373 N/M (15) 25 12,984 3,409 891 23,318 79 N/M 12,671 from 464 % 10,669 15,583 transparency. 1,233 Restructuring (79)% vs. % Policyholder 545 3,732 6 (9)% 463 6,307 shareholders 4Q2011 equity (5) 7,080 4,278 777 165 3,081 4,167 73 5404 3,053 value 4,048 % 186 (537) method 6,298 3,365 1,839 vs. 3,047 4,492 68 3 activities 4,115 through 4,326 benefits. 3,041 FY2011 35 1,064 5,910 2,694 33 investments 2,806 4,274 5214,309 (69)% % 2,388 39 N/M profit and 6,710 17 2,798 vs. 2,610 4,511 194 % claims (76)% N/M 15,783 3,794 2009 or 44 25,999 N/M 13,135 59 11,544 17,445 loss % (35)% 2010 4,028 86 172 542 (25)% (18)% Net 6 (9)% (15)% 93 140 (0)% % 2010 gains 3,811 14 (2,300) N/M (21)% 46 % 2010 160 (7)% N/M (losses) 3,971 Net 11 412 22 182 32 2010 % N/M 8 income % General (2,004) 15,606 Income 485 on Net 2010 financial 65 (loss) gains (3)% (32) and 76 2011 (108) administrative 68 attributable (losses) 4 assets 2011 before % 57172 9 (356) % 2011 available on income 207 financial to (264) 2011 (5)% expenses Deutsche taxes for 2011 N/M sale assets/liabilities 5,202 N/M 8,402 4Q2010 (57)% Bank (403) (87)% 2,793 2,200 4,973 Impairment 273Q2011 (9) 1,524 Other 2,349 1,762 at 167 fair (1,048) income 15 2,528 1,160 of 7,109 201
Net (In FY2010 Origination 9,925 Sales (136) Transaction 20,929 1,562 264 1,826 Advisory/brokerage Other % Discretionary 194 532 Total 2,340 Consolidation 6,899 Deutsche Includes Deposits 2 EUR revenues 96 914 523 % & Corporate Global Private 175 3,691 392 488 2,394 33,228 products 6,696 114 Trading (11)% 513 m.) 402 Bank (29) 423 536 net revenues 110 and (equity) 1,792 services 2,348 2,834 2,087 FY Transaction 4,863 (7)% - portfolio 131 & interest 435 545 Segment 169 (PWM) (255) (1)% 4Q2011 Business 126 payment Banking 1Q (equity) 12,335 Adjustments 432 124 1,496 9,810 483 609 (0)% (6)% 135 3,543 from (PWM) 2Q 663 446 2,643 34 income 419 137 % management/fund 1,733 2,178 (14) 449 3Q 4,793 Financial view 116 1,043 110 (2)% 4,074 16 2,650 & services Banking Credit Postbank 3,392 Clients: 427 624 181 48 4Q % 40 & 33 689 135 103 0416 526 (159) 6 and 2,826 Securities: 8,579 3,539 75 628 FY 843 20 944 573 18,493 % products 197 5,576 101 120 152 (PWM) 441 544 Data (82) 2,643 45 net Other 1Q since 1,906 837 642 159 (91) 2,931 (35)% 3,302 219 81 104 334 116 gains 16,164 404 505 2Q 106 1,412 Supplement (26)% 858 650 152 624 179 (4) products consolidation 2,280 206 559 management 418 169 706 90 3Q 425 529 2,484 138 3,464 (30)% (losses) 3,163 (338) 872 1,051 91 1,444 6,004 208 4Q 562 (4)% (18)% 181 1,686 2,104 (21)% 564 78 80 3,108 172 13,033 14,379 FY 830 256 236 853 (14)% 244 837 1,455 302 financial 3,652 575 422 43 621 (12)% 2 (13)% (377) 4Q2011 N/M 230 258 886 943 % on 68 257 financial 866 32 42 4,634 559 76 22 244 (5)% (6)% 1,824 4,183 December 67 Asset 138 209 1,615 941 92 (476) 80 (69)% 3,379 5 % 555 transparency. 559 (35)% N/M % vs. 82 2,904 101 524 206 fund 929 384 6,136 3,711 assets/liabilities (3)% % and 2,253 (59)% (56) 4Q2011 66 (80)% 853 38 463 98 47 176 3,608 539 129 74 1,880 8 Wealth 43 fund management 3,072 258 % 886 17,551 547 720 2010. 313 821 92,422 (1)% % Total Corporate Loan 8 vs. 236 941 1,583 4 management 157 537 1,644 % 72 (15)% 2,563 Management:. FY2011 5,843 (21)% (38)% (1)% % Asset products 929 69 553 11,001 (PWM) 1,191 60 2,426 %(15)% fair 3,608 Investments N/M 3,977 14 570 Origination and 40 49 (3)% vs. % value 1,094 1,772 251 (AM) 2,207 (36)% 2,556 (9)% Wealth 72009 (1)% Other 2,602 (22)% 14 %(34)% through (1)% 1,229 % 473 (90)% 310,617 2010 (16)% Credit 1,044 products 2,463 % Management (debt) Other Sales 312 37 (18)% 5,158 2010 % Net profit (16)% 220 40 14,885 520 products 1,129 &(2)% Total revenues % Trading (20)% 2010 166 115 283 or 5208 Deposits 316 %(34)% Corporate 2,685 loss, (2,091) (PWM) 1,588 2010 (AM) 73 Advisory/brokerage 12 284 (debt 27,952 8 net % 829 (5)% 216 2010 452 307 Total (240) and (40) fee N/M 255 and & 896 284 8,999 (15)% 294 and payment Investment 2011 (1,796) 77 Private 1 other 939 (6) 429 1,200 97 commission 7,155 2011 Global 1,010 397 products) N/M 344 180 (24) Clients services 378 104 841 2011 4,985 Bank 1,510 3,674 194 N/M (26) Transaction 318 376 224 and income 2011 213 9,684 18,807 1,776 7,427 26 N/M 22 169 94 1,002 217 Asset 11 (193) % 96 2011 191 3,849 227 457 28,567 (20)% (7) and 6,628 106 976 Banking: Management 394 1,056 4Q2010 219 490 remaining 82 876 2,184 (5)% 58 4,703 10,474 N/M 887 378 502 (35)% 909 N/M 2,280 Other 3Q2011 290 (21)% 514 N/M 5,021 3,762 8,540 revenues. N/M 13 8,261 234 1,964 1,612 N/M products % 4,578 (23)% (10)% N/M 7,315 196 (12)% 2,241 5191 4
Breakdown (In FY2010 Net 2,579 Total 9,339 Sales Loan Remaining Corporate 1,062 Adjustments Deutsche Excludes Covers EUR interest products 19,568 & 110 3,480 1,104 Trading m.) origination, Bank 833 & products2 fee by income 2,121 1,410 FY Investment 649 6,250 (169) 649 Group and 4Q2011 1Q (equity) 11,865 332 816 4,609 271 commission 4,085 and 12,459 2Q 3,354 advisory (51) 251 Division/CIB 1,409 99 3Q net 4,180 Financial Bank 1,945 2,047 4,248 160 (174) 356 2,653 3,671 4Q gains 7,826 2,503 110 13,969 and (54) 1,945 FY 797 4,352 income 226 710 3,975 (losses) Data 87 other 1Q (25)% 672 545 product1 2,469 333 1,915 (422) (3) 4,876 18,937 2Q Supplement 3,415 and 246 347 products. (110) 353 on 73 3Q 2,453 2,109 118 remaining 3,100 19 577 financial % 6,820 161 4,521 4Q 12 236 3,058 (16)% 2,266 11,604 7,914 FY 233 78 3,298 5,202 199 financial 15,583 (21) 4Q2011 N/M assets/liabilities 111 revenues. 647 50 701 4,127 2,807 3,852 (40) 84 % 405 4,167 N/M transparency. 10 589 vs. 2,526 14,081 N/M 195 4,629 %(9)% See 4Q2011 (16)% 4,492 N/M 72 342 N/M 1,011 page 4,941 through 20,503 % at (24)% 4,274 1,589 4 fair Corporate N/M vs. 4 % 1,751 5 for 3,215. value Transaction FY2011 64,511 67 profit (41)% Total % total 9,415 % 1,828 through Investments 17,445 19,568 or revenues % 75 vs. loss (29)% 8 % 2,508 services 2009 (30)% profit (0)% 6,250 by 73 12,493 2010 793 product. 6 % or Sales 1,203 4,085 %(19)% loss 2010 12 (11)% (26) & 265 4,248 0 % Trading 2010 Net 21 389 374,352 (91) gains 2010 % 386 (debt (11)% (86) 18,937 411 2010 (losses) and 44 1,451 Private 2011 30 6,820 other on 31 408 2011 financial Clients 32 products) 5,202 438 137 2011 470 3,852 and N/M assets/liabilities 2011 9,818 473 Asset 4,6294 % 1,788 2011 3,382 Management N/M 20,503 4Q2010 151,958 Consolidation % 6 fair 1 % 2,122 3Q2011 4,157 value 23 % 1,8778 7,109 1,032 &%
Tracking (In 4Q2010 Income Less 1) Significant IBIT 5,114 Average Pre-tax average definition) 2,338 recorded 3 reported March EUR Deutsche Gains 3) EUR Average pre-tax 5) attributable 236 (24) 2,778 million. 31, from return (loss) active 3Q2011 shareholders accumulated m., in of Bank million 2011, 14.8 gains 4Q08. over-the-cycle 1,309 dividend unless noncontrolling before 2 equity 2Q2010 4Q2011 % recognition Impairment resulted FY2010 (net to sale average related 1,295 of 29.5 stated Deutsche income accounting June 15.1 of accruals other 34,613 equity % and Financial related industrial 700 to shareholders otherwise) 13.1 % 30, RoE-Target our comprehensive additional interests a of charge taxes 6,082 29.5 Bank 34,016 37,601 retrospective September (287) negative % stake expenses) was 12.9 Data % holdings 5,202 2,696 shareholders of (524) 10 15.2 FY 37,914 39,969 applied. EUR % 0 Supplement equity Hua (15) goodwill 1Q 2,793 1,724 6.1 30 %(236) (407) adjustment (income) (Daimler 8278 Xia 2Q (10.4)% 40,328 40,288 (7) and % million 15.3 1,524 912 14.7 5 3Q (291) 5,212 Bank December related (7) (208) 4Q financial (387) 40,608 46,071 % loss AG) 6.1 (1,048) (24) 29.3 (PBC) (567) of 2,778 FY 22.0 4Q2010 on to % retained excluding 4,944 of (89) 1Q industrial the 46,504 41,353 9.6 (208) 31, (461) % EUR 1,516 707 transparency. for 15.0 acquisition 2Q (54) 13.9 % 2010. N/M (not which 3,975 (236) earnings 23.9 3Q (784) 41,712 48,977 (1,043) (30) foreign % holdings, considered (10.3)% N/M 2010 4Q million. 7.2 % 3,021 equity (36) (610) 13.9 FY 49,471 49,763 %(19)% of 6700 Income currency. the (209) (236) (3.0)% 4Q2011 1,778 6.0 method (436) % impairment 43,951 for commercial Charge 7.2 (target 50,005 50,708 % N/M Statement 942 9.5 (610) 9.8 translation, % 2,932 vs. and (3.0)% (351) % 21 N/M related 50,669 52,412 4Q2011 definition). (617) a 23.7 of (9.1)ppt % 1,724 reversal banking intangible and 14 5,390 N/M 10.3 % to 8 net 52,112 50,449 912 significant vs. % 13.8 the Significant (10.2)ppt % N/M of 40 activities FY2011 The (387) investment (9.1)ppt applicable % impairment 50,547 14 assets N/M 7.2 initial 34 % 5,181 items (4.9)ppt % 3 vs. (Corporate 36 charges of (10.2)ppt 12 %(3.0)% acquisition 884 in 2009 ABN 22 N/M % numbers of Deutsche 3 % 210 intangible % 138 2010 AMRO N/M 10.2 0.7 21 Investments) 49 2) were accounting ppt % 2010 31 (29) Postbank Add (9.0)ppt % Pre-tax assets not 2,3384) 134 the 2010 Add (deduct): affected. Netherlands 102 (Asset of AG for (10.2)ppt 2010 return EUR 290 ABN (Corporate 2,338 2010 Management) on 368 151 AMRO, 0.7 average of 2011 475 million EUR ppt Investments) 911 2011 Pre-tax N/M which active 208 519 of Positive 2011 million EUR N/M was equity return 2011 N/M of 291 finalized 92 impact as (target EUR on % million 2011 N/M of at
Corporate (In 4Q2010 Origination 9,925 Sales Advisory services 462 Compensation 95 General 65 Total (62)% Additional Employees 71 18 22,353 (3)% Deutsche Risk (91)% 77 % EUR 47 70 (6)% & net noninterest 3,691 (107) 35 weighted 22,315 Trading and 3Q2011 2,643 % m., revenues 402 Bank (8)% 127 & information 18 (16)ppt 81 (full-time (equity) 1,792 172 2,348 Income administrative unless Investment 131 % 624 21,741 and (66)% 4Q2011 207 assets (equity) 12,335 FY2010 (5)% Risk-weighted 69 expenses 432 124 1,496 18,807 843 benefits (9)ppt stated 663 %(loss) (6)% equivalent, 21,357 419 137 61 for 837 4,793 Financial Bank 116 1,043 2,650 (8)ppt otherwise) % 6,628 N/M December before 427 12,679 181 expenses 5,041 858 71 135 21,120 2,826 08,579 628 944 573 (57)% % 3,163 assets 4,703 at 120 income 1,885 Data 3,816 1,906 period 642 159 2,931 7,092 FY (35)% 20,595 31, % 334 853 Restructuring (at 5,021 Supplement 1,381 650 152 98 3,362 1Q 2011 taxes 559 period 706 886 end) 2,484 1,762 %(30)% 872 138 2Q 20,378 4,578 562 1,329 181 are 3,528 941 4,314 14,001 3Q 3,108 end, 172 13,033 1,980 % based 236 (14)% 244 20,929 4Q financial 17 20,207 1,318 activities 3,717 621 2,708 258 943 14,182 ppt 68 FY 2,038 3,608 EUR 4,634 upon (5)% 67 6,696 5,912 10 1,615 14,422 1Q 555 20,561 1,257 transparency. 559 bn.)1 2,215 8 ppt Basel 15,326 2,904 2Q 24 384 % 4,863 2,066 (59)% (80)% 71,314 % (1)% 3Q 4,091 (7)% 204 ppt 7,995 539 2.5 1,880 8 15,797 4Q % 3,543 1,385 Assets 207 14 rules; 9719 2,422 (1)% 3,455 Loan FY 1,960 1,583 % 7 217 5,999 (15)%. 3,392 835 15,613 4Q2011 Other (4)% (21)% prior (at (38)% 3,113 products 1,994 11,001 767 N/M 2,561 18,493 Pre-tax periods products 15,613 211 Origination 3,317 40 5,053 vs. 2,385 N/M 1,772 % end, (36)% 1,275 211 4Q2011 (26)% (22)% return 13,977 are (42)% 15,390 2,378 (136) N/M in 192 473 329 based (16)% EUR (debt) (4)% 190 on Sales vs. Impairment 312 (8)% (11)% 8,717 175 (138) 15,308 average upon bn.) FY2011 205 (16)% 520 (12)% 1,129 178 &(15)% 4,028 71,344 Trading 256 Basel 15,363 283 % 169 active 316 (0)% Provision (3)% vs. of 256 therein: N/M 1,588 143 1,483 2. intangible 2009 284 15,184 (debt 21 9 Noncontrolling equity 665 N/M 452 % 307 1,736 Severance 2010 Policyholder for and 40 25 15,184 (33)% 284 294 credit assets 75 % other 1,774 2010 % 429 21 1,200 (82) 57 (3)% losses % payments 5 products) 2010 1,520 344 interests % 106 29 Average benefits 378 22 (1)% 1,510 138 2010 1,816 1,520 % 318 24 144 9,684 (26)% (2) (3)% 29 22 and active 2010 169 90 % 1,459 14 23 77 claims 13 Cost/income 191 3,849 7 N/M (20)% 2011 33 equity 179 (1) % 1,482 1,056 53 28 (1) (79)% 2,184 541 2011 143 N/M 175 (5)% % 21,403 1,906 (35)% 140 49 488 284 N/M 2011 2,280 ratio Transaction % 133 1,797 519,135 34 25 161 13 N/M 82011 67 127 1,612 29 3 % 184 27 1,797 17 692 (12)% 2011 58 N/M % 16 486 210 %
Corporate (In 4Q2010 Transaction Total noninterest Impairment Noncontrolling Additional Employees % end, Pre-tax 1 Deutsche Risk 68 EUR % net weighted EUR return 65 3Q2011 m., revenues Bank & information % expenses (full-time of services unless bn.)1 Investment 62 on intangible 4Q2011 interests assets FY2010 % average 19 2,643 stated 68 1,697 equivalent, % for Financial Bank 29 624 assets active 63 otherwise) December 624 495 27 % 1,051-27 843 64 542 Global equity at 29 Data 27 % 837 period 567 FY 24 (17)ppt 31, 51 Transaction Supplement 866 858 696 25 1Q 2011 % 29 end) 27 3,379 3,163 2Q 2,300 31 N/M (5)ppt 27 are 3,540 % 3Q 27 N/M based 853 74 558 Banking 4Q financial (4)ppt (0)% % 3,585 886 548 FY N/M 33 upon (0)% Assets 941 1Q % 640 N/M 4,530 0 Income transparency. 18 Basel 2Q 929 581 (0)% N/M %(at 4,518 3Q 3,608 40 2,327 2.5 period before Average 4Q % rules; 4,525 44 FY 78 (17)% 9 end, income %. 4Q2011 prior active (1)% 4,525 51 (9)% % EUR periods taxes 714 4,493 equity 43 % vs. 1 % Provision bn.) 921 4Q2011 Other 4,465 46 therein: are 1,798 55 137 % based products 66 46 4,422 1,786 485 vs. for Severance 77 % upon FY2011 credit 227 91 28 4,419 2,620 79 ppt 116 Basel losses 79 208 34,419 payments 2,740 vs. 965 ppt 79 2. 2009 82 25 68 274 (2)% 2,609 ppt 216 96 (8) 2010 306 796 (0)% 24 2,416 1259 96 43 2010 4 (2)% 22 65 54 284 2,477 % 2010 N/M 113 71 Cost/income 1,1231 2 % 2,425 21 (0) N/M 2010 22 31 144 2 % 11 2,426 N/M 41 2010 % Risk-weighted 14 64 ratio 92011 (83)% 2,445 158 % 16 64 19 2011 2,448 % N/M 79 56 2011 assets (80)% %(6)% 52 40 2011 (at % 1 therein: % 68 period Total 2011 1 % 80
Corporate (In 4Q2010 Origination 9,925 Sales Advisory (136) Total 304 32 intangible Noncontrolling N/M Additional Employees 77 18 19,734 (9)% Deutsche Risk 50 % EUR 64 (42)% 16 71 (6)% & net 175 3,691 110 weighted 19,575 Trading 3Q2011 % m., revenues 402 Bank 186 (29) & 213 assets information (22)ppt 81 (full-time (equity) 1,792 2,348 unless Investment 131 % 19,132 169 4Q2011 interests assets (equity) 12,335 5 FY2010 (19)% Risk-weighted 69 29 432 124 1,496 16,164 (11)ppt 135 stated 663 % 15 equivalent, 18,941 419 137 60 for 449 Total 4,793 Financial (2) Bank 116 1,043 2,650 81 otherwise) % 6,004 December 427 181 (11)ppt 40 14 73 135 (96)% noninterest 18,643 2,826-8,579 75 628 7944 573 Corporate % assets 3,652 (1) 120 Data (82) 95 1,906 period 642 159 (71)% (1) 2,931 FY (35)% 18,169 N/M 31, % 334 (at 4,183 106 Supplement 20 650 152 111 1Q 2011 expenses 559 period 706 Banking N/M end) (62)% 2,484 138 (30)% 872 2Q 17,951 % 3,711 5625 181 are 78 10,461 (21)% N/M 83Q 3,108 end, 172 13,033 therein: 3 based 236 %(14)% 244 10,982 17,551 & 4Q 27 financial 17,763 621 30 Securities 258 N/M 943 10,597 68 FY EUR ppt 4,634 upon (5)% Policyholder 67 3,321 5,843 1,615 1Q 555 18,113 (69)% 16 (62)% transparency. 559 bn.)1 Basel 10,795 2,904 2Q 24 ppt 384 02,820 3,977 (59)% (80)% % 3Q (7)% 935 185 539 2.5 1,880 8 ppt 11,279 % 4Q 2,961 2,602 benefits 187 rules; 92,422 (1)% Assets Income Loan FY % 1,583 8189 (15)%. 3,020 2,463 11,089 4Q2011 (4)% (21)% prior (38)% products and (at 174 (loss) 11,001 12,122 14,885 claims Pre-tax periods 11,089 184 Origination 40 vs. before 1,772 %(36)% 184 4Q2011 end, 3,533 541 (34)% (22)% return are 10,897 167 income 473 140 based (16)% 2,907 (debt) EUR (5)% 165 on Sales vs. 312 10,843 average 161 upon FY2011 taxes 178 (16)% bn.) 2,473 520 (15)% 1,129 & 184 Trading 229 Basel 10,940 1,301 283 3,393 2,737 active 316 Provision 486 vs. 229 1,588 2. 1,433 2,572 2009 284 10,765 (debt 24 11,650 equity 77 452 % 307 2010 1,679 772 for (107) and 28 10,765 284 294 17 (9)% credit % 1,087 other 2010 1,704 172 429 24 1,200 11 59 (3)% losses % products) 603 2010 207 344 % 1,461 Average 378 (4)% 16 5,033 (2)% (6)% 1,510 2010 1,791 % 318 1,461 therein: 22 9,684 (3)% N/M 2,287 22 active 2010 169 98 % 1,404 53 13 (57)% Cost/income 191 3,849 969 (20)% 2011 Severance equity 136 % 1,056 1,423 70 27 2,184 therein: 2011 89 (5)% (422) % 19,606 375 (35)% 1,836 49 2011 payments 2,280 ratio Other % 12 2,905 Impairment 17,349 1,727 21 13 96 2011 68 1,612 products % 51 N/M 138 2 (12)% 1,727 2011 145 55 % 21 of %
Private (In 4Q2010 Discretionary 520 546 1,364 Compensation General 0 Total 28 Additional Employees % Risk-weighted 16,812 Invested (10) 3 Deutsche 0 Includes 80 % EUR N/M 443 2,102 3 N/M % net noninterest 27 (2) 16,668 Clients 101 and 78 3Q2011 402 assets m., % Bank N/M 554 revenues Income information %(full-time Postbank (13)% administrative unless 370 portfolio 81 570 16,396 and (at N/M 4Q2011 assets FY2010 1,735 % expenses period 74 8,261 benefits before 566 Asset Restructuring stated 81 from N/M aligned (at equivalent, 16,432 % management/fund (13)% 555 Financial period 2,241 Management end, Postbank 66 otherwise) income December 6,803 expenses 3,114 2,244 % its 16,563 (8)% 2,340 70 end, FTE EUR 1,883 at activities 789 taxes 2 Data % since period 1 3,979 FY 46 definition 73 31, 2,394 % 783 bn.) (2)% EUR 01,868 Supplement 658 % Credit 1Q consolidation 2011 management 737 end)2 0880 78 1,094 2,834 184 72Q bn.)3 % 1,877 are 917 products 1,005 67 to 3Q 299 Other 30,601 71 1,084 9,810 Deutsche 49 based % 3,227 2,291 4Q financial 336 Pre-tax 61 1,017 (3)ppt products1 on 2,083 FY 1,139 4,074 31,609 2,535 61 upon 281 1,252 7,919 December 1Q 57 994 Bank return transparency. 580 1,100 1,374 Basel 3,539 641 124 2Q ppt 1,102 N/M 31,164 1,131 2,680 167 618 which 3Q 672 (10)ppt 124 978 on 4,691 2.5 3,302 N/M 110 1,051 611 4Q 1,131 2,473 average 30,767 657 120 2010. 684 rules; reduced FY 94 1,428 683 N/M 3,464 Assets 659 115 1,174 495 1,112 2,409 149 4Q2011 prior. 50,830 2,491 active Impairment 2,628 117 1,371 392 14,379 the 519 (at 4,579 1,109 2,716 periods 112 Group 598 2,549 equity 872 50,830 641 vs. 1,358 22 28 112 1,083 10,277 614 4Q2011 1,760 633 39 % number are of end, 81,542 (10)% 50,419 564 512 % intangible 659 1,116 based 1,280 (21)% 9 578 vs. 47 % 5,698 652 EUR as 42 (4)% 50,195 1,116 12 upon FY2011 2,354 13 of 1,110 2,585 132 Provision % assets December 12 bn.) (10)% therein: Basel 13 (1)% % 50,070 (15)% 1,309 (1)% 175 vs. 14 %(291) Average 10 32. Severance Noncontrolling 2009 187 for 5,460 % 2 (1)% 49,088 31, 21 % (1)% credit 183 2010 2011 (5)% %(2)% 152 active % Policyholder 185 Net 49,088 losses 23 payments 2010 by Advisory/brokerage % Deposits 400 new % equity 18 260 interests 16 (3)% 2010 806 % 400 money (prior % N/M 8,224 297 173 and 398 benefits N/M 12 (2)% 2010 (7) periods 4 174 (in payment 384 8,505 9 N/M 2010 (3)% 44 EUR 185 (0) and 396 % 1,531 66 N/M not 10,302 (3) 2011 Cost/income 15 254 claims bn.) 394 123 services restated). 8 % 421 785 62011 13 394 60 0 10,035 ppt 09 436 (1) 338 0 (2)% 49 1,945 (15) 2011 (2)ppt 0 ratio 433 27 (0) 333 11,285 (0)% 177 34 490 2011 427 370 82 48 189 248 ppt 10 521 (2)% % 1,717 9,906 2011 322 05 N/M 84 168 (0) 0545 0
(In 4Q2010 1,562 418 Discretionary 1,826 Advisory/brokerage Other for Severance intangible Noncontrolling Additional Employees 93 period % 825 Breakdown expenses Private Total noninterest Income Invested N/M 2Q, Deutsche Risk Sal Deposits (0)% % credit EUR (18)% 800 N/M Oppenheim 93 net 392 488 products end, weighted Clients Wealth before (loss) Pre-tax 3Q2011 825 % assets m., 1,164 revenues losses (35) Bank 423 536 payments 2 information 79 (full-time expenses and of unless % 825 portfolio before EUR m % AWM 435 545 income and (PWM) (255) Management2 (at (6)% 4Q2011 interests 362 return payment 17 assets (291) FY2010 75 799 period 1,321 1,364 483 609 3 Asset stated 3Q bn.)1 361 consolidated (PWM) % 105 income 1,311 34 797 by equivalent, taxes for and management/fund 1,733 2,178 AWM (14) Financial 354 (7) business 393 436 0 services Management end, 12 average 780 otherwise) 13 % December 5469 48 EUR 133 689 164 24 362 81 taxes 39 417 479 416 526 (0) 813 57 20 467 23 % 49 32 197 EUR 1,439 (81) starting at (3) 152 Asset 438 501 (PWM) active 441 544 Data 45 78 813 36 20 91 period 56 477 1 FY 219 31, 81 % (37) m 116 459 551 12 404 505 bn.) (1) (2)% 84-366 Supplement Management 575 in (12)ppt equity Asset 179 19 2011 1Q2010; 5 N/M 206 169 1 1,706 1,968 9 end) 425 529 4Q, 496 190 (0) 328 (1) 18 72Q 41,987 55 91 268 16 208 (37) 33 % and 9 are N/M 1,686 2,104 totaling 17 537 271 6,347 (1) (15)% 281 78 3Q 3 80 441 561 (2)% % 75 ppt 830 based 18 Sal Wealth 426 (57) 23 (1) (81)% 551 274 4Q (0)% financial N/M 322 43 124 453 523 (12)% (13)% 16 7,536 (15)ppt Oppenheim 2302 (1) Net 408 EUR FY 116 42 532 267 % 16 1,298 upon 117 397 4794 244 N/M Management 138 new 209 40 1Q % 398 (15)% 57,248 102 550 275 (244) transparency. 131 453 456 (35)% N/M Assets 6 Basel (11)% 2Q 206 (7)% money (71)% 411 69 (3)% 550 275 Total 446 1,744 2,018 7,079 38 (8)% 43Q s m 98 34 176 1,644 % 2.5 2010 129 (at 529 271 (14)% 43 in 15 37 management/fundmanagement 4Q % therein: 321 noninterest 4 (in 821 rules; FY2010. (15)% 0 (1)% (17)% period 42 7,011 Total 523 274 results EUR (29)% N/M (10)% 157 37 14 12 Income (15)% 4Q2011 14 516 264 prior. 7,011 Policyholder net Average %(5)% end, 29 bn.) (50)% % reflect 317 67 544 269 Noncontrolling revenues expenses (15)% %(AM) 2 periods (loss) 16 36,864 % (3)% (17)% vs. 544 % 269 EUR N/M 14 9 active de-risking Provision (14) 4Q2011 Discretionary before %(1)% (2)% 6,818 are 2,685 2,475 benefits bn.) Noncontrolling 12 0 % equity based Credit % 45 244 Other income 6,860 (1) interests 829 % 830 vs. and 15 for 57 and (1)% (2)% 4,223 upon FY2011 % 896 828 credit reorganisation 51 products 6,927 portfolio 8 claims taxes (0) 54 ppt Net 939 (7) 831 Basel 4,666 interests (13) losses 53 6,927 (2)ppt (0) vs. new 200 1,010 937 (PWM) 053 (AM) management/fund 52. 6,228 (0) 2009 0 (5) (9) 53 money 16 3,426 (1)% 011 3,674 (0) measures, 052 65 N/M (240) 32010 255 5,795 ppt (0) 159 91 792 0 (1) (in % 1,002 Invested N/M 77 0 (3) 59 2010 13 (1)% 5,450 737 EUR (6) 97 059 210 1 contributing (0) 38 N/M 0976 (1) 3 680 2010 (1) Cost/income 264 (0) bn.) 0 (24) 190 5,314 assets 104 (0) % 876 13 733 (1) N/M 969 72010 (0) 227 (1)% (26) 376 12 909 5,456 (0) 114 2,941 (at (49)% (12) (2) (0) EUR 186 26 2010 N/M period 3,762 110 (2) (0) 55 ratio 5,214 296 165 %(22)% (64) 4 (0) (13)% 2011 (1) N/M (7) 126 Risk-weighted 106 (10)% end, 767 92 15,169 N/M 28 m therein: (5) 446 83 82 (98)% 2011 181 (12)% % 58 (5) 378 100 4 (1) 1Q, N/M 110 (14)% EUR 5,308 Total % 2011 (12) (3) Impairment (21)% % 2 EUR 103 43 (11)% 87 % bn.) N/M 92 assets 4 noninterest 5,289 therein: 8 2011 % Provision N/M 101 (13) (64) Total (23)% 686 N/M 89 104 (at (3)% 2011 N/M m 808 % of in 13
Private (In 4Q2010 Discretionary 257 products 1,309 Memo: Noncontrolling Additional Employees % Assets Risk-weighted 11,454 Invested N/M Breakdown (25)% Total expenses Income provision At 3 56 Deutsche The Includes Postbank change Other 72 EUR 92 N/M % noninterest net 29 impact Total consolidated (at 82 11,227 Clients Impact (loss) before 72 3Q2011 products1 assets m., 2,280 % 47 - Bank of period 66 N/M revenues costs - information %(incl. (full-time Postbank (14)% of 47 - noninterest control). unless credit of - portfolio before 74 PBC 11,124 income and of 564 278 (at 117 4Q2011 interests releases related 313 assets FY2010 end, % PPA, expenses period 5,576 3,988 1,588-422 Asset stated 575 278 losses 82 level 73 by from - 72 income aligned (at equivalent, - 11,274 111 taxes % business for noncontrolling - management/ PBC 76 to 559 785 69 expenses Financial 0 EUR period 414 1,412 997 415 of Management end, 61 otherwise) Postbank of 0 December 80 4,328 1,161 60 91 certain DB 555 0712 476 - % taxes 414 its 1,005 439 91 101 -(0) bn.) 49 402 1,444-68 end, Group unit FTE 2,253 720 % 146 - EUR 1,053 292 at 1,327 251 7416 3,167 Data 463 % 94 131 (18) allowances since (1)% 8 period 1,040 integration. Postbank Advisory 831 FY 168 definition 77 71 31, 1,455 72 293 (34)% % 393 interest 720 bn.) s 547 EUR / 130-1,040 44 Supplement 1,173 761 stand-alone PBC, (18)% % 50 258 Private 1Q 146 consolidation 2011 3,049 210 1,018 299 1,663 end)3 1,644 194 78 537 131 28 1,824 747 2Q (18)% bn.)4 229 % 1,045 35 1,008 140 292 these Banking relates 35 are N/M 197 553 199 to 130 4,059 Pre-tax & 3Q 707 747 11 24,255 69 1,191 65 190 6,136 Deutsche 663 37 based other 1,175 Business (20)% 192 1,354 4Q 570 155 % financial 1,134 releases 347 90 allowances 464 784 37 to N/M 1,038 15 231 4 on 1,094 Germany5 643 FY return 3,072 194 loan transaction-related 2,207 298 24,073 347 ppt upon 345 457 3,040 % 4,493 4,642 fund December 124 1Q 27 37 Bank Clients 7 N/M 306 926 lead 105 345 loss 304 transparency. 1,229 474 statements. ppt Basel 2,563 3 104 % 2Q 132 management 757 23,917 1,888 174 306 961 113 331 N/M to 253 average allowances 39 Noncontrolling which (4)ppt 2,102 3Q 3104 5,158 85 0719 2.5 2,426 % 313 947 51 337 352 4Q 1,736 Income increase 572 23,688 13 N/M 102 (2)% 2010. rules; 21 756 567 reduced 313 3,873 336 166 active FY 1,255 2,556 (39)% 12 components). % 97 Advisory/brokerage 1,729 799 Deposits which N/M 4Q2011 303 4336 % prior. before 43,819 99 (7)% % 21 equity 12 10,617 3,032 the interests (36)% 95 (54)% 304 (3)% Provision 26 1,983 % periods were Group 95 (1)% income % 43,819 39 vs. and 304 N/M 211 (0)% (9)% 40 Provision (14)% N/M 7,336 % established 4Q2011 income ----7 payment (1)% (5)% % number are 67 for taxes 43,555 (3)% (4)% 5 Consumer based 46 Advisory % credit (0)% 0 Provision 841 (because 7 % vs. for 73 23 458 (9)% services as 77 (1)% by 15 43,377 224 upon FY2011 % credit losses of 50 189 Postbank % Provision 23 Average Banking December 217 28 Net for 63 Basel the % 233 losses 1,776 43,210 ----56 35 % credit 227 15 vs. new underlying 245 190 therein: 2. % prior active Germany6 2009 International 219 457 for 446 money 42,161 31, losses 222 N/M 56 credit 887 490 80 to % 2010 2011 equity Severance 890 206 change 28 27 loans 80 (in 344 290 502 42,161 losses % 2010 by 788 182 EUR 90 4,000 234 514 N/M were 260 91 of 458 195 (4)% 2010 % 790 333 payments 196 bn.) 1,964 control. (prior consolidated 3,839 11 310 178 170 63 194 (2)% (4) 2010 % 519 227 761 periods 55 8171 357 4,074 0 Releases 914 % 192 (2) 2010 (4)% 532 1,782 N/M 165 50 (11)% 71 (0) 4,240 3 at 523 not % 83 2011 Cost/income (9)% 280 42 their (7)ppt of 73 2 % restated). 513 18 (1)% 5,835 such 746 (22)% 2011 62 (27)% N/M respective 033 2,087 2 (3)ppt 268 3203 allowances 48 (2) 4,592 2011 Total %(23)% 100 ratio (33)% (6) 320 8 (0)% Credit (3)ppt N/M 2011 11,355 noninterest fair 359 78 (16)% (2)% (15)% 168 N/M % value reduce 2011 311 75 221 6
0 (In 4Q2010 Corporate Compensation 62 Total Income 38 2,491 Consolidation Net noninterest Policyholder Noncontrolling Employees 32,423 % 12,794 Deutsche Risk (2)% 30 % EUR revenues 60 (42)% noninterest 30 2,676 32,944 14,648 (loss) Risk-weighted 3Q2011 % m., 33 Bank Investments Restructuring (full-time expenses Infrastructure 2,615 (79)% unless benefits 1,044 (159) before & 33,416 12,195 and 4Q2011 interests assets Adjustments FY2010 expenses 25 1,591 benefits Additional (91) stated 220 income 57 25 equivalent, and 34,278 28 for assets 115 Consolidation 89 Financial (4) 10 (16)% 2,243 % activities functions claims otherwise) December 581 (50) 9 (15) (338) 14 (2,091) taxes (at 34,066 information 1,118 % 156 (23)% 6 (6) 54 2 period 55 (36) Data 456 (full-time 48 208 period 4 (40) (377) % FY 1,176 34,066 31, (7) (16)% & 44 10 65 Supplement end, 261 1Q (1,796) 2011 Adjustments (24) 180 (34) (85) end) (476) 1,140 343 2Q 34,599 in Risk-weighted equivalent, (89) 39 41 are (2,350) EUR 28 (0) 3Q 967 180 (56) 43 1,125 89 based 2,114 (54) 4Q financial 34,747 43 156 bn.)1 344 194 258 (390) N/M 104 FY (34) 1,130 upon 2,024 253 at 329 213 236 41Q 35,166 period 230 assets (37) N/M 3 (2,760) transparency. 299 (193) (29)% Basel (38) 32Q 1,663 135 3 (213) N/M 520 3 3Q (at 75 35,335 3943 2.5 (165) (1)% 1,553 2 % period 4Q 1,492 N/M 143 Impairment 2 rules; (9)% 2 FY (50)% 35,335 (139) 2 % 1,553 11 52 end, 2 N/M 4Q2011 therein: (90)% 28 prior.(30)% % (85) % 1,469 4 N/M 74 % periods of General EUR Provision (722) %(5)% Severance vs. 0 intangible Income 1,443 54 % 4Q2011 bn.)1 4 (1,111) (30)% are and % Noncontrolling 1,474 for based end) (loss) 17 administrative payments assets for Average vs. credit 21 85 1,389 Assets upon before credit 22 FY2011 % 151 losses N/M 161,389 188 Basel active (at 9 losses income interests 9 (60)% vs. period (0) 15 expenses 14 (11)% 2. equity 2009 24 8 (0) 13 0 taxes Additional 23 end, 14 0 (8) (1) 2010 (6)% (0) 112 3,069 421 12 (1) (226) in 112 173 EUR 2010 (11)% 8123 0 (1) N/M 7,471 35 (0) (165) information (0) 12 154 % 1 bn.) 2010 (0) N/M Assets 23 4 (1) (12)% 4,638 212 53 (0) 010 17 (2) 82010 N/M (349) (0) 14 298 11 (at 5,323 (0) 35 (1)% 12 100 2010 period 787 % 98 12 N/M 11,453 Average (57)% (363) (1) N/M 304 2011 end, N/M 0 286 (2) N/M (353) 193 7,848 2011 in active N/M 256 EUR 10 %(43) 2011 9,927 (42)% 416 Total N/M equity bn.) 11 202 2011 1,263 11,324 (25)% 28 therein: 117 1,917 (2)% 2011 44 39 (77) 51 % 4
Credit (In 4Q2010 Net Charge-offs in companies Balance, Provision Loans Allowance Total 12 Deutsche Includes Impaired the EUR charge-offs impaired loans group risk 3Q2011 m., beginning end loans Bank for provision 0 for (at net (1,222) unless 9 off-balance credit period consolidated loans (at 4Q2011 (1,056) coverage FY2010 period 33 stated losses1 (203) for (at 42 end, 3,343 207 (169) ratio2 Financial period loan 2,597 sheet end, end) ratio: otherwise) (258) (in 217 2,630 companies 3,455 losses 1,938 210 EUR (219) 46% 267 positions end) 209 balance (165) N/M EUR 207 262 Data bn.) 3,542 3,343 259 47% and (130) 183 7,201 FY N/M 217 243 (816) bn.) 261 Supplement 381 of provision 218 48% 33 1Q 3,657 3,455 (781) 209 362 7,368 the N/M 258 4270 (5) 406 (1,443) 2Q 218 449% allowance 183 406 3267 (15) 3,296 (1,300) 3,542 292 Exchange 3Q 1,313 7,410 216 3 for 3207 53% 1,274 288 4Q financial (292) (19) 283 3202 off-balance 3,296 3,657 N/M 4369 7,449 218 FY (230) 280 53% 411 for (0) 373 207 (347) 4 rate 477 1Q 216 N/M 3,362 3,343 408 (39) loan 411 6,265 transparency. 50% (315) 464 225 changes 2Q % 461 (207) 202 408 N/M 4 losses 398 sheet 9463 3,491 225 3,296 46% 3Q (13) 6,265 (171) 525 % 207 394 398 (219) 4Q Exchange 540 3 positions. 10 45% 2 as 1,832 3,813 3,362 218 395 6,684 14 %(182) FY 416 a 51,839 14 9 (1,065) percentage 87 44% 13 % 4Q2011 412. 29 (8) 417 N/M 4,162 3,491 (897) 7,649 3 rate 33 % 344% 413 417 28 (73)% N/M % 14 4,162 3,813 changes/other (5) (77)% 8,486 vs. 413 171 %(16)% 5 of %(2) N/M 4Q2011 40 impaired 61 26 3,296 09,434 344 % (2)% 3 Usage (26)% 0 1 (0) 9 (31)% % 4 9,434 vs. % (137) (16)% loans 35 1 Deduct (45) 26 % FY2011 9 Recoveries 51 % (both 14 (1)% % 48 11 vs. N/M at (136) % 166 period 2009 51 14 34 % 2010 end) (60) N/M 39 35 2010 (73) N/M 35 (33) 143 2010 N/M 62 32010 Changes 6 (68) 36 2010 37 (60)% in 168 2011 the 7 (83)% group 2011 % 3 % 14 of 2011 17 consolidated %% 2011 Changes 2011
(In 2011 Core 49,047 Total Risk-weighted % Maximum5 Minimum5 Value-at-risk Average5 1 3 had 5 Deutsche capital Regulatory Excludes All Postbank Amounts 0.4 EUR no Tier Dec figures regulatory ppt material 15 m., ratio Bank 31, 126.8 % transitional trading refer 91.9 capital1,2 180.1 unless for Tier of 2010 12.6 assets 4Q2011 variance trading Postbank 115.8 capital1,2 1-day 102.0 to 2126.4 and % book the stated amounts, and (in 11.2 23,790 109.2 86.0 holding market time 2.3 items units Financial 126.4 EUR value-at-risk for capital otherwise) s % 37,929 3,523 2.8 75.0 trading period 101.7 pursuant (excluding 11.3 21,948 bn.) 3.2 126.4 period, 67.5 adequacy 1,700 Data 34,537 N/M % weighted 0273 95.6 between book3,4 126.4 Dec 11.5 22,752 69.2 is to 99% since 292 1,858 Supplement Maximum5 80.5 presented Postbank)3 section 31, 36,174 % 68.8 ratios1,2 94.3 303 confidence January assets 20,948 12.3 consolidation. 77.9 Mar 2,110 68.8 277 94.3 64h 33,897 % 77.3 31, since and 6,123 financial 29,972 1st 346 13.4 48.6 (3) 94.3 Jun 71.9 capital level. and consolidation German 328 48,688 % (28)% 30, 4,982 94.3 31,580 (25)% the 14.0 320 2.8 transparency. Sep ratios (25)% end 48,784 5,336 Period-end 8.2 % Banking 338 30, 32,517 13.8 of for 8.2 381 Dec on 5,175 the 49,994 8.2 % December 10 Act. respective 31, 34,090 15 12.9 121.0 N/M 6,179 % Mar. 51,814 Core % Minimum5 36,313 107.9 31, 1 0.6 3, % quarter. Tier 2011 2010 55,226 Jun ppt Available 96.7 21 1 Total 30, capital are only. % 88.3 13 Sep Tier based capital % Tier For 70.9 30, ratio 1 capital1,2 the upon 3 Dec 1.1 76.9 ratio 8.7 4th 1.1 31, Basel % 71.7 13.9 quarter 1.1 7.5 Dec 34,406 80.3 1.1 2.5 % 31, 11.8 2010 7.5 N/M rules; 53.6 2011 32,837 % the Period-end (24)% 7.6 prior 11.9 vs. average, 34,316 2009 N/M periods % 8.712.2 % 2010 31,787 maximum 9.6 % are 2010 14.1 % based 2.0 42,565 10.2 % 2010 2.4 and upon 14.9 % 1.9 43,802 minimum 10.1 2010 % Basel 4.015.6 % 2011 3.9 44,658 9.5 2. % value-at-risk 952011 15.3 % 46,638 0.82011 % ppt 14.5 Tier
Balance (Assets Dec (144) Adjustment Total Leverage According 1 Deutsche 1.3 Estimate 31, 1.7 assets equity (86) and 2010 sheet 3.4 ratio Bank (122) to assuming equity for (IFRS) (adjusted) 2.0 leverage based additional pro-forma 4Q2011 (125) 2.0 40 1,501 38.0 1.7 that EUR 42 (155) 891 39.3 ratio 1.6 Financial total 40.2 all 45 1,670 derivatives fair bn.) 978 4.5 41.9 (target own (105) 50 equity 42.6 value 1,043 Dec 4.5 38 1,926 46.0 debt Data 22 36 39.5 121 definition) 31, gains 1,044 netting % 41.5 36 1,958 was Supplement % Mar 50.4 Adjustment 43 (losses) (post-tax) designated 52.4 1,211 40 1,906 31, 51.6 (533) 02 53.2 Jun According 51.7 1,202 on 1,842 (559) financial 30, for 53.3 the at 53.1 Sep additional 1,209 fair 1,850 (735) Group 57.6 54.7 to 30, value. transparency. 1,296 59.2 target 2,282 (760) Dec s 8 own % reverse 13 1,267 31, definition (601) 2,164 debt % Mar repos 516 (508) 14 % 31,.% 23 netting Jun (503) 2330, (821) (5) 25 Sep (7) 23 (782) 30, 23 (9) Dec 23 (10) 3022 31, %(8) 21 Adjustment Dec (10) (2) 31, (13) 2011 (11) for vs. additional (10) 2009 312010 % pending 2010 2010 settlements 2010 2011 netting 2011 (71) 2011 (126) 2011 (139)
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