27 May 2013

Deutsche Bank Aktiengesellschaft

Registration Document
Pursuant to Art. 5 (3) of the Directive 2003/71/EC and Sec. 12 (1) 3 German Securities
Prospectus Act (Wertpapierprospektgesetz)
English Language Version

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PUBLICATION AND VALIDITY OF REGISTRATION DOCUMENT
This Registration Document has been published on the website (www.db.com/ir) of Deutsche Bank
Aktiengesellschaft (hereinafter also referred to as “Deutsche Bank AG”, "Deutsche Bank", or "Bank") on the
date of its approval.
The Registration Document is valid for a period of twelve months from the date of its approval and it reflects the
status as of its respective date of publication. The document is only valid for debt and derivative securities and
those securities which are not covered by article 4 of the Commission Regulation (EC) No 809/2004, such as
bonds, including certificates, and money market papers. The contents of the Registration Document will be
updated in accordance with the provisions of the Directive 2003/71/EC ("EU Prospectus Directive") and the
applicable provisions of any national laws implementing such Directive.
This Registration Document does not constitute an offer of or an invitation by or on behalf of Deutsche Bank to
subscribe for or purchase any Notes and should not be considered as a recommendation by Deutsche Bank
that any recipient of this Registration Document should subscribe for or purchase any Notes Deutsche Bank
may issue. No person has been authorized by Deutsche Bank to give any information or to make any
representation other than those contained in this document or consistent with this document. If given or made,
any such information or representation should not be relied upon as having been authorized by Deutsche Bank.

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 Table of Contents
Page
Risk Factors……………………………………………………………………………………………….. 4
Persons Responsible……………………………………………………………………………………. 7
Statutory Auditors……………………………………………………………………………….……….. 7
Information about Deutsche Bank…………………………………………………………………….. 7
Business Overview……………………………………………………………………………………….. 7
Principal activities ………………………………………………………………………………….…… 7
Principal markets ………………………………………………………………………………….….… 10
Organisational Structure…………………………………………………………………………….…... 11
Trend Information…………………………………………………………………………………….…… 11
Statement of no Material Adverse Change ………………………………………………………….. 11
Recent Developments and Outlook …………………………………………………………………... 11
Administrative, Management and Supervisory Bodies…………………………………………..… 12
Major Shareholders……………………………………………………………………………………….. 15
Financial Information concerning Deutsche Bank’s Assets and Liabilities, Financial
Position and Profits and Losses……………………….…………………………………………… 15
Historical Financial Information / Financial Statements……………………………………………... 15
Auditing of Historical Annual Financial Information………………………………………………….. 15
Interim Financial Information…………………………………………………………………………… 15
Legal and Arbitration Proceedings…………………………………………………………………….. 16
Significant Change in Deutsche Bank Group’s Financial Position…………………………………. 24
Material Contracts…………………………………………………………………………………………. 24
Third Party Information and Statement by Experts and Declaration of any Interest…………. 24
Documents incorporated by reference...……………………………………………………………… 24
Documents on Display…………………………………………………………………………………… 24
Financial Report 2012 of the Deutsche Bank Group…………..…..……………………………….. F-I
Annual Financial Statements and Management Report 2012 of Deutsche Bank F-II
AG...…….…………………………………………………………………………………………………….
Interim Report as of 31 March 2013 of the Deutsche Bank Group……………………………….. F-III
Signature Page…………………………………………………………………………………………….. U-1

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RISK FACTORS
An investment in debt securities, including certificates, and money market papers issued by Deutsche Bank
bears the risk that Deutsche Bank is not able to fulfil its obligations created by the issuance of the securities on
the relevant due date. Thus investors may lose all or part of their investment.
In order to assess the risk, prospective investors should consider all information provided in this Registration
Document and consult with their own professional advisers if they consider it necessary.
The risk related to an issuer's ability to fulfill its obligations created by the issuance of debt securities and money
market papers is described by reference to the credit ratings assigned by independent rating agencies. A credit
rating is an assessment of the solvency or credit-worthiness of creditors and/or bond-issuers according to
established credit review procedures. These ratings and associated research help investors analyse the credit
risks associated with fixed-income securities by providing detailed information of the ability of issuers to meet
their obligations. The lower the assigned rating is on the respective scale, the higher the respective rating
agency assesses the risk that obligations will not, not fully and/or not timely be met. A rating is not a
recommendation to buy, sell or hold any notes issued and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of any rating
assigned may adversely affect the market price of the notes issued.
Deutsche Bank is rated by Standard & Poor's Credit Market Services France SAS ("S&P"), MIS UK, London
("Moody's") and by Fitch Italia S.P.A. ("Fitch", together with S&P and Moody's, the "Rating Agencies").
Each of the Rating Agencies is established in the European Community and has been registered under
Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit
rating agencies.
As of the Publication Date of this Registration Document, the ratings assigned by the Rating Agencies to debt
securities and money market papers of Deutsche Bank were as follows:
by S&P long-term rating A+
short-term rating: A-1
outlook: CreditWatch negative
S&P defines:
A+: An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher rated categories.
However, the obligor’s capacity to meet its financial commitment on the obligation is still
strong.
Long-term ratings by S&P are divided into several categories ranging from "AAA", reflecting
the strongest creditworthiness, over categories "AA", "A", "BBB", "BB", "B" "CCC", "CC", "C"
to category "D", reflecting that an obligation is in payment default. The ratings from "AA" to
"CCC" may be modified by the addition of a plus ("+") or minus ("–") sign to show relative
standing within the major rating categories.
A-1: A short-term obligation rated "A-1" is rated in the highest category by S&P. The obligor's
capacity to meet its financial commitment on the obligation is strong. Within this category,
certain obligations are designated with a plus sign ("+"). This indicates that the obligor's
capacity to meet its financial commitment on these obligations is extremely strong.
Short-term ratings by S&P are divided into several categories ranging from "A-1", reflecting
the strongest creditworthiness, over categories "A-2", "A-3", "B", "C" to category "D'
reflecting that an obligigation is in payment default.
by Moody's: long-term rating: A2
short-term rating: P-1
outlook: stable
Moody's defines:
A2: Obligations rated “A” are judged to be upper-medium grade and are subject to low credit
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 risk.
Moody's long-term obligation ratings are divided into several categories ranging from "Aaa",
reflecting the highest quality with minimal credit risk, over categories "Aa", "A", "Baa", "Ba",
"B", "Caa", "Ca" to category "C", reflecting the lowest rated class of bonds which are typically
in default with little prospect for recovery of principal or interest. Moody's appends numerical
modifiers 1, 2 and 3 to each generic rating classification from "Aa" through "Caa". The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category;
the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the
lower end of that generic rating category.
P-1: Issuers rated Prime-1 have a superior ability to repay short-term debt obligations.
Moody's short-term ratings are divided into several categories ranging from "P-1", reflecting
a superior ability of an Issuer to repay short-term debt obligations, over categories "P-2" and
"P-3" to category "NP", reflecting that an Issuer does not fall within any of the Prime rating
categories.
by Fitch: long-term rating: A+
short-term rating: F1+
outlook: stable
Fitch defines:
A+: A rating of "A" denotes expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to
adverse business or economic conditions than is the case for higher ratings.
Fitch's long-term ratings are divided into several major categories ranging from "AAA",
reflecting the highest credit quality, over categories "AA", "A", "BBB", "BB", "B", "CCC, CC,
C" to category "DDD, DD, D", reflecting that an obligor has defaulted on some or all of its
obligations. A plus ("+") or minus ("–") sign may be appended to a rating to denote the
relative status within major rating categories. Such suffixes are not added to the "AAA"
category or to categories below "CCC".
F1+: A rating of "F1" indicates the strongest capacity for timely payment of financial commitments.
It may have an added plus ("+") sign to denote any exceptionally strong credit feature.
Fitch's short-term ratings are divided into several categories ranging from "F1", reflecting the
highest credit quality, over categories "F2", "F3", "B", "C" to category "D" which denotes an
actual or imminent payment default.

Rating of Subordinated Obligations

If Deutsche Bank enters into subordinated obligations, these obligations may be rated lower because, in the
case of an insolvency or liquidation of the Bank, the claims and interest claims resulting from these obligations
are subordinate to those claims of creditors of the Bank that are not also subordinated. Deutsche Bank will
disclose the ratings of subordinated obligations (if any).

Factors that may adversely affect Deutsche Bank’s financial strength

Deutsche Bank’s financial strength, which is also reflected in its ratings described above, depends in particular
on its profitability. The following describes factors which may adversely affect Deutsche Bank‘s profitability:

- As a global investment bank with a large private client franchise, our businesses are materially
affected by global macroeconomic and financial market conditions. Over the last several years,
banks, including us, have experienced nearly continuous stress on their business models and
prospects. A widespread loss of investor confidence, both in our industry and in the broader
markets, has put significant pressure on the financial sector and our businesses.

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- We have been and may continue to be directly affected by the ongoing European sovereign debt
crisis, and we may be required to take impairments on our exposures to the sovereign debt of
European or other countries. The credit default swaps into which we have entered to manage
sovereign credit risk may not be available to offset these losses.

- Regulatory and political actions by European governments in response to the sovereign debt
crisis may not be sufficient to prevent the crisis from spreading or to prevent departure of one or
more member countries from the common currency. The default or departure of any one or more
countries from the euro could have unpredictable consequences on the financial system and the
greater economy, potentially leading to declines in business levels, write-downs of assets and
losses across our businesses. Our ability to protect ourselves against these risks is limited.

- We have a continuous demand for liquidity to fund our business activities, and our ability to
access the capital markets for liquidity and to fund assets in the current market environment
may be limited. In addition, we may suffer during periods of market-wide or firm-specific liquidity
constraints, and liquidity may not be available to us even if our underlying business remains
strong.

- Regulatory reforms enacted and proposed in response to the persistent weaknesses in the
financial sector, together with increased regulatory scrutiny more generally, will require us to
maintain increased capital and may significantly affect our business model and the competitive
environment. Any perceptions in the market that we may be unable to meet our capital
requirements with an adequate buffer, or that we should maintain capital in excess of the
requirements, could intensify the effect of these factors on our business and results.

- Adverse market conditions, historically low prices and volatility have affected and may in the
future materially and adversely affect our revenues and profits, particularly in our investment
banking, brokerage and other commission- and fee-based businesses. As a result, we have
incurred and may in the future incur significant losses from our trading and investment activities.

- In order to address concerns about recent market and regulatory developments in addition to
greatly increased costs of risk, we have recently announced our Strategy 2015+. If we are
unable to implement our new strategy successfully, we may be unable to achieve our financial
objectives, or incur losses or low profitability, and our share price may be materially and
adversely affected.

- Our non-traditional credit businesses materially add to our traditional banking credit risks.

- We have incurred losses, and may incur further losses, as a result of changes in the fair value of
our financial instruments.

- Our risk management policies, procedures and methods leave us exposed to unidentified or
unanticipated risks, which could lead to material losses.

- We operate in an increasingly regulated and litigious environment, potentially exposing us to

liability and other costs, the amounts of which may be difficult to estimate.

- We are currently the subject of regulatory and criminal industry-wide investigations relating to
interbank offered rates, as well as civil actions. Due to a number of uncertainties, including
those related to the high profile of the matters and other banks’ settlement negotiations, the
eventual outcome of these matters is unpredictable, and may materially and adversely affect our
results of operations, financial condition and reputation.

- We have been subject to contractual claims and litigation in respect of our U.S. residential
mortgage loan business that may materially and adversely affect our results or reputation.

- Operational risks may disrupt our businesses.

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 - The size of our clearing operations exposes us to a heightened risk of material losses should
these operations fail to function properly.

- We may have difficulty in identifying and executing acquisitions, and both making acquisitions
and avoiding them could materially harm our results of operations and our share price.

- The effects of the takeover of Deutsche Postbank AG may differ materially from our
expectations.

- We may have difficulties selling non-core assets at favorable prices or at all and may experience
material losses from these assets and other investments irrespective of market developments.

- Intense competition, in our home market of Germany as well as in international markets, could
materially adversely impact our revenues and profitability.

- Transactions with counterparties in countries designated by the U.S. State Department as state
sponsors of terrorism or persons targeted by U.S. economic sanctions may lead potential
customers and investors to avoid doing business with us or investing in our securities, harm our
reputation or result in regulatory action which could materially and adversely affect our business.

PERSONS RESPONSIBLE
Deutsche Bank, Frankfurt am Main, Germany, accepts responsibility for the information contained in this
Registration Document. To the knowledge of Deutsche Bank the information contained in this Registration
Document is correct and no material circumstances have been omitted.

STATUTORY AUDITORS
The independent auditors of Deutsche Bank are KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft ("KPMG"), THE SQUAIRE, Am Flughafen, 60549 Frankfurt am Main,
Germany. KPMG is a member of the chamber of public accountants (Wirtschaftsprüferkammer).

INFORMATION ABOUT DEUTSCHE BANK

The Bank's name is Deutsche Bank Aktiengesellschaft. The Bank is registered in the Commercial Register of
the District Court Frankfurt am Main under registration number HRB 30 000.
Deutsche Bank originated from the reunification of Norddeutsche Bank Aktiengesellschaft, Hamburg,
Rheinisch-Westfälische Bank Aktiengesellschaft, Düsseldorf and Süddeutsche Bank Aktiengesellschaft,
Munich; pursuant to the Law on the Regional Scope of Credit Institutions, these had been disincorporated in
1952 from Deutsche Bank which was founded in 1870. The merger and the name were entered in the
Commercial Register of the District Court Frankfurt am Main on 2 May 1957.
Deutsche Bank is a banking institution and a stock corporation incorporated under the laws of Germany. The
Bank has its registered office in Frankfurt am Main, Germany. It maintains its head office at Taunusanlage 12,
60325 Frankfurt am Main, Germany (telephone: +49-69-910-00).

BUSINESS OVERVIEW

Principal activities
The objects of Deutsche Bank, as laid down in its Articles of Association, include the transaction of all
kinds of banking business, the provision of financial and other services and the promotion of
international economic relations. The Bank may realise these objectives itself or through subsidiaries
and affiliated companies. To the extent permitted by law, the Bank is entitled to transact all business

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and to take all steps which appear likely to promote the objectives of the Bank, in particular: to acquire
and dispose of real estate, to establish branches at home and abroad, to acquire, administer and
dispose of participations in other enterprises, and to conclude enterprise agreements.
Deutsche Bank maintains its head office in Frankfurt am Main and branch offices in Germany and
abroad including in London, New York, Sydney, Tokyo and an Asia-Pacific Head Office in Singapore
which serve as hubs for its operations in the respective regions.
Following a comprehensive strategic review, Deutsche Bank realigned our organizational structure in the
fourth quarter 2012. The Bank reaffirmed its commitment to the universal banking model and to its four
existing corporate divisions. Deutsche Bank strengthened this emphasis with an integrated Asset &
Wealth Management Corporate Division that includes former Corporate Banking & Securities businesses
such as exchange-traded funds (ETFs). Furthermore, the Bank created a Non-Core Operations Unit.
This unit includes the former Group Division Corporate Investments (CI) as well as non-core operations
which were re-assigned from other corporate divisions.
As of 31 December 2012 the Bank was organized into the following five corporate divisions:
— Corporate Banking & Securities (CB&S)
— Global Transaction Banking (GTB)
— Asset & Wealth Management (AWM)
— Private & Business Clients (PBC)
— Non-Core Operations Unit (NCOU)
The five corporate divisions are supported by infrastructure functions. In addition, Deutsche Bank has a
regional management function that covers regional responsibilities worldwide.
The Bank has operations or dealings with existing or potential customers in most countries in the world.
These operations and dealings include:
— subsidiaries and branches in many countries;
— representative offices in many other countries; and
— one or more representatives assigned to serve customers in a large number of additional countries.

Corporate Banking and Securities (CB&S)

CB&S is made up of the business divisions Corporate Finance and Markets. These businesses offer
financial products worldwide including the underwriting of stocks and bonds, trading services for
investors and the tailoring of solutions for companies’ financial requirements.
The CB&S businesses are supported by the Credit Portfolio Strategies Group (CPSG), which was
formerly known as the Loan Exposure Management Group (LEMG). CPSG has responsibility for a range
of loan portfolios, actively managing the risk of these through the implementation of a structured hedging
regime.
Effective in November 2012, following a comprehensive strategic review of the Group’s organizational
structure, CB&S was realigned as part of the Group’s new banking model. This realignment covered
three main aspects: the transfer of non-core assets (namely correlation and capital intensive
securitization positions, monoline positions, and IAS 39 reclassified assets) to the NCOU; the transfer of
passive and third-party alternatives businesses, such as ETF’s, into the newly integrated AWM
Corporate Division; and a refinement of coverage costs between CB&S and GTB.

Global Transaction Banking (GTB)

GTB delivers commercial banking products and services to corporate clients and financial institutions,
including domestic and cross-border payments, financing for international trade, as well as the provision
of trust, agency, depositary, custody and related services. GTB’s business divisions consist of:
— Trade Finance and Cash Management Corporates
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— Trust & Securities Services and Cash Management Financial Institutions
On 1 April 2010, the Bank closed the acquisition of parts of ABN AMRO’s commercial banking activities
in the Netherlands.

Asset & Wealth Management (AWM)

With € 944 billion of invested assets as of December 31, 2012, Deutsche Bank AWM is, in the Bank’s
view, one of the world’s leading investment organizations. AWM helps individuals and institutions
worldwide to protect and grow their wealth, offering traditional and alternative investments across all
major asset classes. AWM also provides customized wealth management solutions and private banking
services to high-net-worth and ultra-high-networth individuals and family offices.
AWM comprises former Private Wealth Management (PWM) and Asset Management (AM) businesses
as well as passive and third party alternatives businesses that were re-assigned from CB&S to AWM in
the fourth quarter 2012. The combined division has sizable franchises in both retail and institutional
asset and wealth management, allowing both clients and Deutsche Bank Group to benefit from its scale.
In addition, non-core assets and businesses were re-assigned from AWM to the NCOU in the fourth
quarter 2012. AWM now consists of two major pillars: Investment Platform and Coverage/Advisory.
In November 2011, the Bank completed the step-acquisition of Deutsche UFG Capital Management
(“DUCM”), one of Russia’s largest independent asset management companies. The transaction followed
Deutsche Bank’s exercise of a purchase option on the remaining 60 % stake. The Bank now fully control
DUCM, which was previously accounted for under the equity method.
Since March 2010, Sal. Oppenheim jr. & Cie. S.C.A. has been a wholly owned subsidiary of Deutsche
Bank AG. All Sal. Oppenheim Group operations, including all of its asset management activities, the
investment bank, BHF-BANK Group, BHF Asset Servicing GmbH (BAS) and Sal. Oppenheim Private
Equity Partners S.A. were transferred to Deutsche Bank. The Equity Trading & Derivatives and Capital
Markets Sales units were sold to Australia’s Macquarie Group in the second quarter 2010, while BAS
was sold to Bank of New York Mellon in the third quarter 2010. As of January 1, 2011, BHF-BANK was
transferred from former PWM to former CI.

Private & Business Clients (PBC)

PBC operates under a single business model across Europe and selected Asian markets. PBC serves
retail and affluent clients as well as small and medium sized business customers.
The PBC Corporate Division is organized into the following business units:
— Advisory Banking Germany, which comprises all of PBC’s activities in Germany excluding Postbank.
— Advisory Banking International, which covers PBC’s European activities outside Germany and PBC’s
activities in Asia including our stake in and partnership with Hua Xia Bank.
— Consumer Banking Germany, which mainly comprises the contribution of Postbank Group to the
consolidated results of Deutsche Bank.
With establishment of the NCOU, PBC reassigned several business portfolios as well as non-strategic
activities, in particular in non-strategic locations, into the new corporate division.
In 2012, the Bank continued its balanced growth with a strategic focus on balance sheet based
business, e.g. mortgages.
With the integration of Postbank, the Bank strengthened and expanded its leading market position in its
German home market, offering synergy potential and growth opportunities. By combining the businesses
Deutsche Bank aims at increasing the share of retail banking earnings in the results of the Group and
further strengthening and diversifying the refinancing basis of the Group due to significantly increased
volumes of retail customer deposits. Postbank continues to exist as a stand-alone stock corporation and
remains visible in the market under its own brand. With the conclusion of the domination and profit and
loss transfer agreement and the continued execution of the integration of Postbank into PBC, Deutsche
Bank seeks to significantly progress towards its integrated business model and generate considerable

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revenue and costs synergies.
The Bank has consolidated Deutsche Postbank Group since December 2010.
In Europe Deutsche Bank is focusing on low risk products and advisory services for affluent and
business customers. The Bank’s profitable brand network operates in five major banking markets in
Continental Europe: Italy, Spain, Portugal, Belgium and Poland.
In Asia, PBC operates a branch network supported by a mobile sales force in India and holds a 19.99 %
stake in the Chinese Hua Xia Bank, with which it has a strategic partnership and cooperation
arrangement. As part of this, the Bank and Hua Xia Bank have jointly developed and distributed credit
cards in China. In India, PBC currently has seventeen branches. India and China are considered Asian
core markets for PBC. While further growing the franchise in India through continuous branch openings,
Deutsche Bank’s China strategy focuses on leveraging its stake in Hua Xia Bank.

Non-Core Operations Unit (NCOU)

In November 2012, Deutsche Bank established the NCOU. The NCOU operates as a separate corporate
division alongside Deutsche Bank’s core businesses. The NCOU manages assets with a value of
approximately € 100 billion and Basel 2.5 risk-weighted assets (“RWA”) equivalent of € 80 billion, as of
31 December 2012.
As set out in Strategy 2015+, Deutsche Bank’s objectives in setting up the NCOU are to improve
external transparency of its non-core positions; to increase management focus on the core operating
businesses by separating the non-core activities; and to facilitate targeted accelerated de-risking.
In addition to managing its global principal investments and holding certain other non-core assets to
maturity, targeted de-risking activities within the NCOU will help the Bank reduce risks that are not
related to its planned future strategy, thereby reducing capital demand. In carrying out these targeted
de-risking activities, the NCOU will prioritize for exit those positions with less favorable capital and risk
return profiles to enable the Bank to strengthen its Core Tier 1 capital ratio under Basel 3.
The NCOU’s portfolio includes activities that are non-core to the Bank’s strategy going forward; assets
materially affected by business, environment, legal or regulatory changes; assets earmarked for de-
risking; assets suitable for separation; assets with significant capital absorption but low returns; and
assets exposed to legal risks. In addition, certain liabilities were also assigned to the NCOU following
similar criteria to those used for asset selection, e.g. liabilities of businesses in run-off or for sale, legacy
bond issuance formats and various other short-dated liabilities, linked to assigned assets.
In RWA terms the majority has been assigned from CB&S, and includes credit correlation trading
positions, securitization assets, exposures to monoline insurers and assets reclassified under IAS 39.
Assets assigned from PBC include Postbank commercial real estate assets outside core markets,
Postbank capital-intensive structured credit products, selected foreign residential mortgages and other
financial investments, such as the structured credit and the GIIPS portfolio which have already been in
run-off for a number of years, and the repo matched book with balance sheet leverage no longer
deemed strategic for Postbank. NCOU’s portfolio also contains all those assets previously booked and
managed in the former Group Division CI. These are the Bank’s global principal investment activities
and include the Bank’s stakes in the port operator Maher Terminals, The Cosmopolitan of Las Vegas
and BHF-BANK.
Effective 1 January 2011, the exposure in Actavis Group was transferred from CB&S to former CI.
During the fourth quarter 2012, Deutsche Bank completed the sale of Actavis Group from the NCOU.
As of 1 January 2011, BHF-BANK, was transferred from AWM to former CI.
In December 2010, the former CI transferred the investment in Deutsche Postbank AG to PBC. Also in
December 2010, The Cosmopolitan of Las Vegas property started its operations.

Principal Markets
As of 31 December 2012 the Bank operated in 72 countries out of 2,984 branches worldwide, of which 65%
were in Germany. Deutsche Bank offers a wide variety of investment, financial and related products and
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services to private individuals, corporate entities and institutional clients around the world.

ORGANISATIONAL STRUCTURE
Deutsche Bank is the parent company of a group consisting of banks, capital market companies, fund
management companies, a property finance company, instalment financing companies, research and
consultancy companies and other domestic and foreign companies (“Deutsche Bank Group” or
“Group”). To the significant companies of Deutsche Bank Group belong:

The following table presents the significant subsidiaries Deutsche Bank AG owns, directly or indirectly as of
31 December 2012.

Subsidiary Place of Incorporation

1
Taunus Corporation Delaware, United States
Deutsche Bank Securities Inc.2 Delaware, United States
German American Capital Corporation 3 Delaware, United States
Deutsche Bank Trust Corporation 4 New York, United States
Deutsche Bank Trust Company Americas5 New York, United States
Deutsche Bank Luxembourg S.A.6 Luxembourg
DWS Investment GmbH 7 Frankfurt am Main, Germany
Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft 8 Frankfurt am Main, Germany
DB Finanz-Holding GmbH 9 Frankfurt am Main, Germany
DB Valoren S.á r.l.10 Luxembourg
DB Equity S.á r.l.11 Luxembourg
Deutsche Postbank AG12 Bonn, Germany
1 Taunus Corporation is one of two top-level holding companies for the group’s subsidiaries in the United States. Effective February 1,
2012, Taunus Corporation is no longer a bank holding company under Federal Reserve Board regulations.
2 Deutsche Bank Securities Inc. is a U.S. company registered as a broker dealer and investment advisor with the Securities and
Exchange Commission, a municipal advisor with the Municipal Securities Rulemaking Board, and a futures commission merchant with
the Commodities Future Trading Commission. It is a member of the New York Stock Exchange and various other exchanges.
3 German American Capital Corporation is engaged in purchasing and holding loans from financial institutions, trading and
securitization of mortgage whole loans and mortgage securities, and providing collateralized financing to counterparties.
4 Deutsche Bank Trust Corporation is a bank holding company under Federal Reserve Board regulations.
5 Deutsche Bank Trust Company Americas is a New York State-chartered bank and member of the Federal Reserve System. It
originates loans and other forms of credit, accepts deposits, arranges financings and provides numerous other commercial banking
and financial services.
6 The primary business of this company comprises Treasury and Markets activities, especially as a major supplier of Euro liquidity for
Deutsche Bank Group. Further business activities are the international loan business, where the bank acts as lending office for
continental Europe and as risk hub for credit portfolio strategies group, and private banking. The company serves private individuals,
affluent clients and small business clients with banking products.
7 This company, in which DB Capital Markets (Deutschland) GmbH and DB Finanz-Holding GmbH indirectly own 100 % of the equity
and voting interests, is a limited liability company. DWS Investment GmbH is the major German investment management company
(KAG) managing traditional mutual funds issued by DWS Investment GmbH and issued by DWS Investment S.A. Luxembourg.
8 The company serves private individuals, affluent clients and small business clients with banking products.
9 The company holds the majority stake in Deutsche Postbank AG and a part of the group’s stake in DWS Holding & Service GmbH.
10 This company is a holding company for the group’s subgroups in Australia, New Zealand, and Singapore. It is also the holding
company for DB Equity S.à.r.l.
11 This company holds a part of the group’s stake in Deutsche Postbank AG.
12 The business activities of this company comprise retail banking, business with corporate customers, money and capital markets
activities as well as home savings loans.

TREND INFORMATION
Statement of no Material Adverse Change
There has been no material adverse change in the prospects of Deutsche Bank since 31 December 2012.
Recent Developments and Outlook
On 31 January 2013, Deutsche Bank reported preliminary unaudited figures for 4Q2012 and the full year
2012.

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On 11 April 2013, an Extraordinary General Meeting of Deutsche Bank confirmed the contested
resolutions of the Annual General Meeting 2012 regarding Agenda Items 2 (Appropriation of
distributable profit), 5 (Election of the auditor) and 9 (Election to the Supervisory Board).

On 11 April 2013, the Supervisory Board approved and thereby established the Bank’s 2012 annual
financial statements. The Supervisory Board and Management Board recommend that shareholders
approve payment of a dividend of EUR 0.75 per share at the Annual General Meeting on 23 May 2013.

On 15 April 2013, Deutsche Bank published its 2012 annual report. The annual report consists of the
Annual Review and the Financial Report. The Annual Review provides information about Deutsche
Bank’s structure, core businesses, capital market performance, human resources and social
responsibility activities. The Financial Report contains the audited consolidated financial statements for
the financial year 2010, which have been prepared according to International Financial Reporting
standards (IFRS). Deutsche Bank also published its annual report with non-consolidated financial
statements for 2012 prepared in accordance with the German Commercial Code (HGB).

On 3 May 2013, Deutsche Bank AG completed a capital increase from authorized capital against cash
contributions. The capital increase had been resolved by the Management Board and approved by the
Supervisory Board on 29 April 2013, and was registered in the Commercial Register on 2 May 2013.
Gross proceeds from the issue amounted to EUR 2.96 billion. In total, 90 million new registered no par
value shares (common shares) were issued. As a consequence, the subscribed capital of Deutsche
Bank AG increased by EUR 230.4 million from EUR 2,379.5 million to EUR 2,609.9 million.
The publication of further interim reports during the current business year 2013 is schedules as follows:

Second Quarter: 30 July 2013

Third Quarter: 29 October 2013

ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES

In accordance with German law, Deutsche Bank has both a Supervisory Board (Aufsichtsrat) and a
Management Board (Vorstand). These Boards are separate; no individual may be a member of both. The
Supervisory Board appoints the members of the Management Board and supervises the activities of this Board.
The Management Board represents Deutsche Bank and is responsible for its management of its affairs.

The Management Board consists of:

Jürgen Fitschen Co-Chairman
Anshuman Jain Co-Chairman
Stefan Krause Chief Financial Officer
Dr. Stephan Leithner Chief Executive Officer Europe (except Germany and UK), Human
Resources, Legal & Compliance, Government & Regulatory Affairs
Stuart Lewis Chief Risk Officer
Rainer Neske Head of Private & Business Clients
Henry Ritchotte Chief Operating Officer

12
The Supervisory Board consists of the following members:
Dr. Paul Achleitner Chairman
Munich

Alfred Herling* Deputy Chairperson

Chairman of the Combined Staff Council
Wuppertal/Sauerland of Deutsche Bank,
Chairman of the General Staff Council of Deutsche
Bank,
Chairman of the Group Staff Council of Deutsche
Bank,
Member of the European Staff Council
Wuppertal

Frank Bsirske* Chairman of the trade union ver.di

(Vereinte Dienstleistungsgewerkschaft)
Berlin

John Cryan President Europe, Head Africa, Head Portfolio

Strategy, Head Credit Portfolio Temasek
International Pte Ltd.
Singapore

Dina Dublon New York (from 1 November 2013)

Katherine Garrett-Cox Chief Executive Officer,

Alliance Trust PLC
Brechin, Angus, United Kingdom

Timo Heider* Chairman of the Group Staff Council of Deutsche

Postbank AG,
Chairman of the General Staff Council of BHW
Bausparkasse AG, Postbank Finanzberatung AG and
BHW Kreditservice GmbH,
Chairman of the Staff Council of BHW Bausparkasse
AG, BHW Kreditservice GmbH, Postbank
Finanzberatung AG and BHW Holding AG,
Member of the Group Staff Council of Deutsche
Bank,
Member of the European Staff Council
Hameln

Sabine Irrgang* Head of Human Resources Management South

(Südbaden and Württemberg), Deutsche Bank AG
Mannheim
Prof. Dr. Henning Kagermann President of acatech - Deutsche Akademie der
Technikwissenschaften
Königs Wusterhausen

13
Martina Klee* Deutsche Bank AG
Frankfurt am Main

Suzanne Labarge Toronto

Peter Löscher Chairman of the Management Board of Siemens AG

Henriette Mark* Deutsche Bank AG

Munich

Gabriele Platscher* Deutsche Bank Privat- und Geschäftskunden AG

Braunschweig

Bernd Rose* Chairman of the joint General Staff Council of

Postbank Filialvertrieb AG and Postbank Filial GmbH
Menden

Rudolf Stockem* Trade Union Secretary to United Services Union

(ver.di Vereinte Dienstleistungsgewerkschaft), Berlin
and freelance Organisation and Communication
Advisor Aachen

Stephan Szukalski* Federal Chairman of the German Association of Ban

Employees
(Deutscher Bankangestellten-Verband: DBV),
Chairman of the Staff Council of Betriebs-Center für
Banken AG, Frankfurt
Frankfurt am Main

Dr. Johannes Teyssen Chairman of the Management Board of E.ON AG

Oberding

Georg F. Thoma Partner, Shearman & Sterling LLP, Dusseldorf

Neuss

Tilman Todenhöfer Managing Partner of Robert Bosch

Industrietreuhand KG
Madrid
(until 31 October 2013)

Prof. Dr. Klaus Rüdiger Essen

Trützschler

* Elected by the employees in Germany

The members of the Management Board accept membership on the Supervisory Boards of other corporations
within the limits prescribed by law.
The business address of each member of the Management Board and of the Supervisory Board of Deutsche
Bank is Taunusanlage 12, 60325 Frankfurt am Main, Germany.

14
There are no conflicts of interest between any duties to Deutsche Bank and the private interests or other duties
of the members of the Supervisory Board and the Management Board.
Deutsche Bank has issued and made available to its shareholders the declaration prescribed by § 161 AktG.

MAJOR SHAREHOLDERS
Deutsche Bank is neither directly nor indirectly owned nor controlled by any other corporation, by any
government or by any other natural or legal person severally or jointly.
Pursuant to German law and the Deutsche Bank’s Articles of Association, to the extent that the Bank may have
major shareholders at any time, it may not give them different voting rights from any of the other shareholders.
Deutsche Bank is aware of no arrangements which may at a subsequent date result in a change in control of
the company.
The German Securities Trading Act (Wertpapierhandelsgesetz) requires investors in publicly-traded
corporations whose investments reach certain thresholds to notify both the corporation and the BaFin of such
change within four trading days. The minimum disclosure threshold is 3% of the corporation’s issued voting
share capital. Deutsche Bank has been notified that as of 22 December 2010 BlackRock, Inc., New York, holds
5.14% Deutsche Bank shares.

FINANCIAL INFORMATION CONCERNING DEUTSCHE BANK'S ASSETS AND LIABILITIES,

FINANCIAL POSITION AND PROFITS AND LOSSES

Historical Financial Information / Financial Statements

Deutsche Bank's consolidated financial statements for the financial years 2011 are incorporated by reference in,
and form part of, this Registration Document (see section “Documents incorporated by reference” on page 24).
Deutsche Bank’s consolidated financial statements for the financial year 2012 as well as the Annual Financial
Statements and Management Report of Deutsche Bank Aktiengesellschaft for the financial year 2012 are
annexed to this Registration Document as Annex I and Annex II.
Deutsche Bank's non-consolidated financial statements for the years ended 31 December 2012 and
2011, were prepared in accordance with the German Commercial Code (HGB) and the Regulation on
Accounting by Credit Institutions and Financial Services Institutions (RechKredV). Pursuant to
Regulation (EC) No 1606/2002 and accompanying amendments to the HGB, the consolidated financial
statements for the years ended 31 December 2012 and 2011 were prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (IASB) and endorsed by the European Union.

Auditing of Historical Annual Financial Information

KPMG audited Deutsche Bank's non-consolidated and consolidated financial statements for the fiscal
years 2012 and 2011. In each case an unqualified auditor's certificate has been provided.

Interim Financial Information

The interim report as of 31 March 2013 of the Deutsche Bank Group is annexed to this Registration
Document as Annex III.

15
Legal and Arbitration Proceedings
Other than set out herein, Deutsche Bank is not, or during the last financial year has not been involved,
(whether as defendant or otherwise) in, nor does it have knowledge of, any threat of any legal, arbitration,
administrative or other proceedings the result of which may have, in the event of an adverse determination, a
significant effect on its financial condition presented in this Registration Document. Furthermore there have
been no legal, arbitration, administrative or other proceedings within the last twelve months and no such
proceedings have been concluded during such period which may have, or have had in the recent past, a
significant effect on the financial position or profitability of the Bank or Deutsche Bank Group.
General
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks.
As a result, the Group is involved in litigation, arbitration and regulatory proceedings in Germany and in
a number of jurisdictions outside Germany, including the United States, arising in the ordinary course of
business.
Below in alphabetical order described are legal proceedings that may have, or have had in the recent
past, significant effects on the Group’s financial position or profitability.
Auction Rate Securities Litigation
Deutsche Bank and Deutsche Bank Securities Inc. (“DBSI”) have been named as defendants in twenty-
one actions asserting various claims under the federal securities laws and state common law arising out
of the sale of auction rate preferred securities and auction rate securities (together, “ARS”). Of those
twenty-one actions, one is pending and twenty have been resolved or dismissed with prejudice.
Deutsche Bank and DBSI were the subjects of a putative class action, filed in the United States District
Court for the Southern District of New York, asserting various claims under the federal securities laws
on behalf of all persons or entities who purchased and continue to hold ARS offered for sale by
Deutsche Bank and DBSI between March 17, 2003 and February 13, 2008. In December 2010, the court
dismissed the putative class action with prejudice. After initially filing a notice of appeal, the plaintiff
voluntarily withdrew and dismissed the appeal in December 2011. Deutsche Bank was also named as a
defendant, along with ten other financial institutions, in two putative class actions, filed in the United
States District Court for the Southern District of New York, asserting violations of the antitrust laws. The
putative class actions allege that the defendants conspired to artificially support and then, in February
2008, restrain the ARS market. On or about January 26, 2010, the court dismissed the two putative
class actions. The plaintiffs filed appeals of the dismissals with the Second Circuit Court of Appeals. On
March 5, 2013, the Second Circuit affirmed dismissal of the two putative class actions.
City of Milan Matters
In January 2009, the City of Milan (the “City”) issued civil proceedings in the District Court of Milan
against Deutsche Bank and three other banks (together the “Banks”) in relation to a 2005 bond issue by
the City (the “Bond”) and a related swap transaction which was subsequently restructured several times
between 2005 and 2007 (the “Swap”) (the Bond and Swap together, the “Transaction”). The City sought
damages and/or other remedies on the grounds of alleged fraudulent and deceitful acts and alleged
breach of advisory obligations. During March 2012, the City and the Banks agreed to discharge all
existing civil claims between them in respect of the Transaction, with no admission of liability by the
Banks. While some aspects of the Swap remain in place between Deutsche Bank and the City, others
were terminated as part of the civil settlement. As a further condition of the civil settlement, the sums
seized from the Banks by the Milan Prosecutor (in the case of Deutsche Bank, € 25 million) have been
returned by the Prosecutor to the Banks, despite this seizure having been part of the trial described
below. Deutsche Bank also received a small interest payment in respect of the seized sum.
In March 2010, at the Milan Prosecutor’s request, the Milan judge of the preliminary hearing approved
the indictment of each of the Banks and certain of their employees (including two current employees of
Deutsche Bank). The indictments of the employees were for alleged criminal offences relating to the
Swap and subsequent restructuring, in particular fraud against a public authority. The Banks were
charged with an administrative (non-criminal) offence of having systems and controls that did not
prevent the employees’ alleged crimes. A first instance verdict was handed down on December 19,
2012. This verdict found all the Banks and certain employees, including the two Deutsche Bank
employees, guilty of the charges against them. A reasoned judgment was handed down on February 3,

16
2013. Deutsche Bank and its employees intend to appeal. Any appeal must be filed by May 3, 2013. The
associated monetary penalties (approximately € 25.4 million in the case of Deutsche Bank) and prison
sentences are suspended until the appeals process is exhausted.
Corporate Securities Matters
Deutsche Bank and Deutsche Bank Securities Inc. (“DBSI”) regularly act in the capacity of underwriter
and sales agent for debt and equity securities of corporate issuers and are from time to time named as
defendants in litigation commenced by investors relating to those securities.
Deutsche Bank and DBSI, along with numerous other financial institutions, have been sued in the United
States District Court for the Southern District of New York in various actions in their capacity as
underwriters and sales agents for debt and equity securities issued by American International Group,
Inc. (“AIG”) between 2006 and 2008. On May 19, 2009, lead plaintiffs filed a consolidated putative
securities class action pursuant to Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). The underwriters
and sales agents are not named in the Exchange Act claims. The complaint alleges, among other things,
that the offering documents failed to reveal that AIG had substantial exposure to losses due to credit
default swaps, that AIG’s real estate assets were overvalued, and that AIG’s financial statements did not
conform to GAAP. The total amount of securities alleged to have been sold by the underwriter and sales
agent defendants pursuant to the offerings at issue in the consolidated action is U.S.$ 27 billion.
Deutsche Bank AG underwrote approximately U.S.$ 550 million in AIG securities. DBSI underwrote
approximately U.S.$ 811 million in AIG securities. On April 1, 2011, lead plaintiffs filed a motion for class
certification and defendants’ oppositions were filed on May 24, 2012. Lead plaintiffs filed their reply brief
on June 22, 2012. The Court has scheduled oral argument on the class certfication motion for May 1,
2013. Fact discovery is also complete. Expert discovery has been deferred pending the Court’s ruling on
class certification. The underwriter and sales agent defendants, including Deutsche Bank and DBSI,
received a customary agreement to indemnify from AIG as issuer in connection with the offerings, upon
which they have notified AIG that they are seeking indemnity.
DBSI, along with numerous other financial institutions, was named as a defendant in a putative class
action lawsuit pending in the United States District Court for the Southern District of New York relating to
alleged misstatements and omissions in the registration statement of General Motors Company (“GM”)
in connection with GM’s November 18, 2010 initial public offering (“IPO”). DBSI acted as an underwriter
for the offering. Specifically, lead plaintiff alleges that the registration statement issued in connection
with the IPO contained material misstatements and/or omissions. The original complaint was filed on
June 29, 2012. Lead plaintiff was appointed on November 21, 2012, and lead plaintiff filed an amended
complaint on February 1, 2013. The underwriters, including DBSI, received a customary agreement to
indemnify from GM as issuer in connection with the offerings, upon which they have notified GM that
they are seeking indemnity.
DBSI, along with other financial institutions, was named as a defendant in a putative class action lawsuit
pending in the United States District Court for the Southern District of New York in April 2009 alleging
material misstatements and/or omissions in the offering documents of General Electric Co.’s (“GE”)
October 2008 Common Stock Offering. DBSI acted as an underwriter in the offering. On July 29, 2009,
the Court entered an order consolidating this action with others generally arising out of the same facts
against GE and various company officers and directors. A consolidated amended complaint was filed on
October 2, 2009. Defendants moved to dismiss the consolidated amended complaint on November 24,
2009, and, on June 9, 2010, the plaintiff filed a second amended complaint. Defendants moved to
dismiss the second amended complaint on June 30, 2010, and the Court granted in part and denied in
part that motion on January 12, 2012. On January 26, 2012, defendants moved for reconsideration
regarding the claims which were not dismissed, and, on April 18, 2012, the Court granted
reconsideration and dismissed the remaining claims against DBSI and the other underwriter defendants.
Some claims against the GE-related defendants survived. The time for any appeal from dismissal of the
claims against the underwriters will not begin to run until disposition of the remaining claims against the
GE-related defendants. The underwriters, including DBSI, received a customary agreement to indemnify
from GE as issuer in connection with the offerings, upon which they have notified GE that they are
seeking indemnity.
CO2 Emission Rights
The Frankfurt am Main Office of Public Prosecution (the “OPP”) is investigating alleged value-added tax
17
(VAT) fraud in connection with the trading of CO2 emission rights by certain trading firms, some of which
also engaged in trading activity with Deutsche Bank. The OPP alleges that certain employees of
Deutsche Bank knew that their counterparties were part of a fraudulent scheme to avoid VAT on
transactions in CO2 emission rights, and it searched Deutsche Bank’s head office and London branch in
April 2010 and issued various requests for documents. In December 2012, the OPP widened the scope
of its investigation and again searched Deutsche Bank’s head office. It alleges that certain employees
deleted e-mails of suspects shortly before the 2010 search and failed to issue a suspicious activity
report under the Anti-Money Laundering Act which, according to the OPP, was required. It also alleges
that Deutsche Bank filed an incorrect VAT return for 2009, which was signed by two members of the
Management Board, and incorrect monthly returns for September 2009 to February 2010. Deutsche
Bank is cooperating with the OPP.
Hydro Dispute
Deutsche Bank is involved in legal with respect to a hydropower project in Albania. On the other side are
two Italian companies, BEG SpA and Hydro Srl. BEG is Deutsche Bank’s joint venture partner with
respect to the project; Hydro is the joint venture vehicle (owned 55 % by BEG and 45 % Deutsche
Bank). The dispute centers around whether Deutsche Bank has an obligation to fund construction of the
project in full. Deutsche Bank’s position is that its sole funding obligation with respect to the project was
to provide an equity injection of up to € 35 million, which obligation it has fulfilled.
Initially, Deutsche Bank was defendant in an arbitration claim from Hydro in Italy for damages of € 411
million for alleged failure to finance the construction of the project. In November 2011, the arbitration
panel ruled that there was evidence of some (unspecified) further financing commitment on Deutsche
Bank’s part, and issued an award of approximately € 29 million against Deutsche Bank. Deutsche Bank
has appealed to the Court of Appeal for the award to be set aside. The Court’s ruling is due in late 2013
to early 2014.
Deutsche Bank responded by brining a claim against BEG in an ICC arbitration in Paris. The ICC
tribunal’s award, which was issued in April 2013, confirmed inter alia that Deutsche Bank has fulfilled its
obligations in respect of the project to date and that (contrary to the findings of the Italian arbitrarion
panel) no further financing commitment exists on the Bank’s part. The ICC tribunal also dismissed
BEG’s counterclaim of € 242 million in full.
In the fourth quarter of 2012, Hydro launched a new arbitration against Deutsche Bank in Italy. Hydro is
seeking damages of approximately € 490 million in respect of losses that it alleges it has suffered to
date, with a further € 200 million in respect of future losses should the concession to build the power
plant be revoked. Deutsche Bank is reviewing the potential impact of the Paris ICC award on the Italian
proceedings.
IBEW Local 90 Class Action
Deutsche Bank and certain of its officers have been named as defendants in a putative class action
pending in the United States District Court for the Southern District of New York brought on behalf of all
persons who acquired Deutsche Bank ordinary shares between January 3, 2007 and January 16, 2009
(the “class period”). In an amended complaint, plaintiff alleges that during the class period, the value of
Deutsche Bank’s securities was inflated due to alleged misstatements or omissions on Deutsche Bank’s
part regarding the potential exposure to Deutsche Bank arising out of the MortgageIT, Inc. acquisition,
and regarding the potential exposure arising from Deutsche Bank’s RMBS (residential mortgage-backed
securities) and CDO (collateralized debt obligations) portfolio during the class period. Claims are
asserted under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder. Defendants moved to dismiss the amended complaint. By decision dated March 27, 2013
the Court largely denied the motion to dismiss as to Deutsche Bank and all but one of the individual
defendants. The Court dismissed all claims by class members who acquired shares outside the United
States. Discovery has commenced.
Interbank Offered Rates Matters
Deutsche Bank has received subpoenas and requests for information from various regulatory and law
enforcement agencies in Europe, North America and Asia Pacific in connection with industry-wide
investigations concerning the setting of London Interbank Offered Rate (LIBOR), Euro Interbank Offered
Rate (EURIBOR), Tokyo Interbank Offered Rate (TIBOR), Singapore Interbank Offered Rate (SIBOR)
and other interbank offered rates. Deutsche Bank is cooperating with these investigations.
18
In connection with the above-referenced investigations, in the period from mid-2012 to early 2013, three
financial institutions entered into settlements with the U.K. Financial Services Authority, U.S. Commodity
Futures Trading Commission and U.S. Department of Justice (DOJ). While the terms of the various
settlements differed, they all involved significant financial penalties and regulatory consequences. For
example, one financial institution’s settlement included a Deferred Prosecution Agreement, pursuant to
which the DOJ agreed to defer prosecution of criminal charges against that entity provided that the
financial institution satisfies the terms of the Deferred Prosecution Agreement. The terms of the other
financial institutions’ settlements included Non-Prosecution Agreements, pursuant to which the DOJ
agreed not to file criminal charges against the entities so long as certain conditions are met. In addition,
affiliates of two of the financial institutions agreed to plead guilty to a crime in a United States court for
related conduct.
In addition, a number of civil actions, including putative class actions, are pending in federal court in the
United States District Court for the Southern District of New York against Deutsche Bank and numerous
other banks. All but one of these actions are filed on behalf of certain parties who allege that they held
or transacted in U.S. Dollar LIBOR-based derivatives or other financial instruments and sustained losses
as a result of collusion or manipulation by the defendants regarding the setting of U.S. Dollar LIBOR.
These U.S. Dollar LIBOR civil actions have been consolidated for pre-trial purposes, and Deutsche Bank
and the other bank defendants moved to dismiss the amended complaints that had been filed by the end
of April 2012. On March 29, 2013, the Court dismissed a substantial portion of plaintiffs’ claims, such as
the federal and state antitrust claims. The Court allowed some manipulation claims to proceed and
granted plaintiffs’ motion to amend their complaints based on information that emerged in regulatory
settlements.
Additional complaints against Deutsche Bank and other banks relating to the alleged manipulation of
U.S. Dollar LIBOR have been filed in or otherwise transferred to the Southern District of New York by
the Judicial Panel on Multidistrict Litigation but have stayed pending the resolution of the motions to
dismiss. Other actions against Deutsche Bank and other banks concerning U.S. Dollar LIBOR are
currently pending in other federal district courts, and defendants are seeking to have them transferred to
the Southern District of New York. One complaint relating to the alleged manipulation of Yen LIBOR and
Euroyen TIBOR has also been filed in the Southern District of New York. Claims for damages are
asserted under various legal theories, including violations of the Commodity Exchange Act, state and
federal antitrust laws, the Racketeer Influcenced and Corrupt Organizations Act and other state laws.
Kaupthing CLN Claims
In June 2012, Kaupthing hf (acting through its Winding-up Committee) issued Icelandic law clawback
claims for approximately € 509 million (plus interest) against Deutsche Bank in both Iceland and
England. The claims relate to leveraged credit linked notes, referencing Kaupthing, issued by Deutsche
Bank to two British Virgin Island Special Purpose Vehicles (“SPVs”) in 2008. The SPVs were ultimately
owned by high net worth individuals. Kaupthing claims to have funded the SPVs and alleges that
Deutsche Bank was or should have been aware that Kaupthing itself was economically exposed in the
transactions. It is claimed that the transactions are voidable by Kaupthing on a number of alternative
grounds, including the ground that the transactions were improper because one of the alleged purposes
of the transactions was to allow Kaupthing to influence the market in its own CDS (credit default swap)
spreads and thereby its listed bonds. Additionally, in November 2012, an English law claim (with
allegations similar to those featured in the Icelandic law claims) was commenced by Kaupthing against
Deutsche Bank in London.
Deutsche Bank filed its defense in the Icelandic proceedings in late February 2013. The next substantive
court hearing, which will relate to jurisdiction, is expected to take place in Iceland in June, 2013.
Kirch Litigation
In May 2002, Dr. Leo Kirch personally and as an assignee of two entities of the former Kirch Group, i.e.,
PrintBeteiligungs GmbH and the group holding company TaurusHolding GmbH & Co. KG, initiated legal
action against Dr. Rolf-E. Breuer and Deutsche Bank alleging that a statement made by Dr. Breuer (then
the Spokesman of Deutsche Bank’s Management Board) regarding the Kirch Group in an interview with
Bloomberg television on February 4, 2002, was in breach of laws and resulted in financial damage.
On January 24, 2006, the German Federal Supreme Court sustained the action for the declaratory
judgment only in respect of the claims assigned by PrintBeteiligungs GmbH. Such action and judgment

19
did not require a proof of any loss caused by the statement made in the interview. PrintBeteiligungs
GmbH is the only company of the Kirch Group which was a borrower of Deutsche Bank. Claims by Dr.
Kirch personally and by Taurus-Holding GmbH & Co. KG were dismissed. In May 2007, Dr. Kirch filed
an action for payment of approximately € 1.3 billion plus interest as assignee of PrintBeteiligungs GmbH
against Deutsche Bank and Dr. Breuer. On February 22, 2011, the District Court Munich I dismissed the
lawsuit in its entirety. Dr. Kirch has filed an appeal against the decision. In these proceedings Dr. Kirch
has to prove that such statement caused financial damages to PrintBeteiligungs GmbH and the amount
thereof.
On December 31, 2005, KGL Pool GmbH filed a lawsuit against Deutsche Bank and Dr. Breuer. The
lawsuit is based on alleged claims assigned from various subsidiaries of the former Kirch Group. KGL
Pool GmbH seeks a declaratory judgment to the effect that Deutsche Bank and Dr. Breuer are jointly
and severally liable for damages as a result of the interview statement and the behavior of Deutsche
Bank in respect of several subsidiaries of the Kirch Group. In December 2007, KGL Pool GmbH
supplemented this lawsuit by a motion for pay-ment of approximately € 2.0 billion plus interest as
compensation for the purported damages which two subsidiaries of the former Kirch Group allegedly
suffered as a result of the statement by Dr. Breuer. On March 31, 2009, the District Court Munich I
dismissed the lawsuit in its entirety. KGL Pool GmbH appealed the decision. On December 14, 2012, the
appellate court altered the judgment by District Court Munich I and held that Deutsche Bank and Dr.
Breuer are liable for damages assigned by one subsidiary of the former Kirch Group and claimed under
the motion for payment, rendered a declaratory judgment in favor of certain subsidiaries and dismissed
the claims assigned by certain other subsidiaries. On March 12, 2013, the appellate court handed down
the written judgment containing the reasons. Deutsche Bank and Dr. Breuer filed a request for leave to
appeal with the German Federal Supreme Court. As a next step, the appellate court will request an
expert opinion on possible damages to decide on the amount owed under the payment claim.
KOSPI Index Unwind Matters
Following the decline of the Korea Composite Stock Price Index 200 (“KOSPI 200”) in the closing
auction on November 11, 2010 by approximately 2.7 %, the Korean Financial Supervisory Service
(“FSS”) commenced an investigation and expressed concerns that the fall in the KOSPI 200 was
attributable to a sale by Deutsche Bank of a basket of stocks, worth approximately € 1.6 billion, that was
held as part of an index arbitrage position on the KOSPI 200. On February 23, 2011, the Korean
Financial Services Commission, which oversees the work of the FSS, reviewed the FSS’ findings and
recommendations and resolved to take the following action: (i) to file a criminal complaint to the Korean
Prosecutor’s Office for alleged market manipulation against five employees of the Deutsche Bank group
and Deutsche Bank’s subsidiary Deutsche Securities Korea Co. (DSK) for vicarious liability; and (ii) to
impose a suspension of six months, commencing April 1, 2011 and ending September 30, 2011, of
DSK’s business for proprietary trading of cash equities and listed derivatives and DMA (direct market
access) cash equities trading, and the requirement that DSK suspend the employment of one named
employee for six months. There was an exemption to the business suspension which permitted DSK to
continue acting as liquidity provider for existing derivatives linked securities. On August 19, 2011, the
Korean Prosecutor’s Office announced its decision to indict DSK and four employees of the Deutsche
Bank group on charges of spot/futures linked market manipulation. The criminal trial commenced in
January 2012. A verdict in respect of DSK and one of the four indicted employees may come as early as
mid 2013. In addition, a number of civil actions have been filed in Korean courts against Deutsche Bank
and DSK by certain parties who allege they incurred losses as a consequence of the fall in the KOSPI
200 on November 11, 2010. The claimants are seeking damages with an aggregate claim amount of not
less than € 220 million (at present exchange rates) plus interest and costs. These litigations are at
various stages of proceedings, with verdicts in some actions possible by the end of 2013.
MortgageIT Litigation
On May 3, 2011, the United States Department of Justice (“USDOJ”) filed a civil action against Deutsche
Bank and MortgageIT, Inc. in the United States District Court for the Southern District of New York. The
USDOJ filed an amended complaint on August 22, 2011. The amended complaint, which asserts claims
under the U.S. False Claims Act and common law, alleged that Deutsche Bank, DB Structured Products,
Inc., MortgageIT, Inc. and DBSI submitted false certifications to the Department of Housing and Urban
Development’s Federal Housing Administration (FHA) concerning MortgageIT, Inc.’s compliance with
FHA requirements for quality controls and concerning whether individual loans qualified for FHA
insurance. As set forth in the amended complaint, the FHA has paid U.S.$ 368 million in insurance
20
claims on mortgages that are allegedly subject to false certifications. The amended complaint sought
recovery of treble damages and indemnification of future losses on loans insured by FHA, and as set
forth in the filings, the USDOJ sought over U.S.$ 1 billion in damages. On September 23, 2011, the
defendants filed a motion to dismiss the amended complaint. Following a hearing on December 21,
2011, the court granted the USDOJ leave to file a second amended complaint. On May 10, 2012,
Deutsche Bank settled this litigation with the USDOJ for U.S.$ 202.3 million.
Mortgage-Related and Asset-Backed Securities Matters
Deutsche Bank, along with certain affiliates (collectively referred in these paragraphs to as “Deutsche
Bank”), have received subpoenas and requests for information from certain regulators and government
entities concerning its activities regarding the origination, purchase, securitization, sale and/or trading of
mortgage loans, residential mortgage-backed securities (RMBS), collateralized debt obligations, other
asset-backed securities, commercial paper and credit derivatives. Deutsche Bank is cooperating fully in
response to those subpoenas and requests for information.
Deutsche Bank has been named as defendant in numerous civil litigations in various roles as issuer or
underwriter in offerings of RMBS and other asset-backed securities. These cases include putative class
action suits, actions by individual purchasers of securities, actions by trustees on behalf of RMBS trusts,
and actions by insurance companies that guaranteed payments of principal and interest for particular
tranches of securities offerings. Although the allegations vary by lawsuit, these cases generally allege
that the RMBS offering documents contained material misrepresentations and omissions, including with
regard to the underwriting standards pursuant to which the underlying mortgage loans were issued, or
assert that various representations or warranties relating to the loans were breached at the time of
origination.
Deutsche Bank and several current or former employees were named as defendants in a putative class
action commenced on June 27, 2008, relating to two Deutsche Bank-issued RMBS offerings. Following a
mediation, the court has approved a settlement of the case.
Deutsche Bank is a defendant in putative class actions relating to its role, along with other financial
institutions, as underwriter of RMBS issued by various third-parties and their affiliates including
Countrywide Financial Corporation, IndyMac MBS, Inc., Novastar Mortgage Corporation, and Residential
Accredit Loans, Inc. These cases are in various stages up through discovery. On March 29, 2012, the
United States District Court for the Southern District of New York dismissed with prejudice and without
leave to replead the putative Novastar Mortgage Corporation class action, which the plaintiffs appealed.
On March 1, 2013, the United States Court of Appeals for the Second Circuit reversed the dismissal and
remanded the case for further proceedings to the District Court. These cases are in various stages up
through discovery. On April 17, 2013, Bank of America announced that it had reached a settlement in
principle to dismiss various class action claims, which include the class action claims brought against
underwriters, including Deutsche Bank, relating to RMBS issued by Countrywide Financial Corporation.
The settlement in principle which is subject to final court approval does not require any payment by
underwriters, including Deutsche Bank.
Deutsche Bank is a defendant in various non-class action lawsuits by alleged purchasers of, and
counterparties involved in transactions relating to, RMBS, and their affiliates, including Allstate
Insurance Company, Asset Management Fund, Assured Guaranty Municipal Corporation, Bayerische
Landesbank, Cambridge Place Investments Management Inc., Dexia SA/NV, the Federal Deposit
Insurance Corporation (as conservator for Colonial Bank, Franklin Bank S.S.B., Guaranty Bank, Citizens
National Bank and Strategic Capital Bank), the Federal Home Loan Bank of Boston, the Federal Home
Loan Bank of San Francisco, the Federal Home Loan Bank of Seattle, the Federal Housing Finance
Agency (as conservator for Fannie Mae and Freddie Mac), HSBC Bank USA, National Association (as
trustee for certain RMBS trusts), Freedom Trust 2011-2, John Hancock, Landesbank Baden-
Württemberg, Mass Mutual Life Insurance Company, Moneygram Payment Systems, Inc., Phoenix Light
SF Limited (as purported assignee of claims of special purpose vehicles created and/or managed by
WestLB AG), Royal Park Investments (as purported assignee of claims of a special-purpose vehicle
created to acquire certain assets of Fortis Bank), RMBS Recovery Holdings 4, LLC, VP Structured
Products, LLC, Sealink Funding Ltd. (as purported assignee of claims of special purpose vehicles
created and/or managed by Sachsen Landesbank and its subsidiaries), Spencerview Asset Management
Ltd., Teachers Insurance and Annuities Association of America, The Charles Schwab Corporation, The
Union Central Life Insurance Company, The Western and Southern Life Insurance Co., and the West

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Virginia Investment Management Board. These civil litigations are in various stages up through
discovery.
In the actions against Deutsche Bank solely as an underwriter of other issuers’ RMBS offerings,
Deutsche Bank has contractual rights to indemnification from the issuers, but those indemnity rights may
in whole or in part prove effectively unenforceable where the issuers are now or may in the future be in
bankruptcy or otherwise defunct.
On February 6, 2012, the United States District Court for the Southern District of New York issued an
order dismissing claims brought by Dexia SA/NV and Teachers Insurance and Annuity Association of
America and their affiliates, and on January 4, 2013, the court issued an opinion explaining the basis for
this order. The court dismissed some of the claims with prejudice and granted the plaintiffs leave to
replead other claims. The plaintiffs repled the claims dismissed without prejudice by filing a new
complaint on February 4, 2013.
On July 16, 2012, the Minnesota District Court dismissed with prejudice without leave to replead claims
by Moneygram Payment Systems, Inc., which the plaintiffs have appealed. On January 13, 2013,
Moneygram filed a summons with notice in New York State Supreme Court seeking to assert claims
similar to those dismissed in Minnesota.
On February 4, 2013, pursuant to the terms of a settlement agreement, Stichting Pensioenfonds ABP
dismissed two lawsuits that had been filed against Deutsche Bank. The financial terms of the settlement
are not material to Deutsche Bank.
A number of entities have threatened to assert claims against Deutsche Bank in connection with various
RMBS offerings and other related products, and Deutsche Bank has entered into agreements with a
number of these entities to toll the relevant statutes of limitations. It is possible that these potential
claims may have a material impact on Deutsche Bank. In addition, Deutsche Bank has entered into
settlement agreements with some of these entities, the financial terms of which are not material to
Deutsche Bank.
On May 8, 2012, Deutsche Bank reached a settlement with Assured Guaranty Municipal Corporation
regarding claims on certain residential mortgage-backed securities (RMBS) issued and underwritten by
Deutsche Bank that are covered by financial guaranty insurance provided by Assured. Pursuant to this
settlement, Deutsche Bank made a payment of U.S.$ 166 million and agreed to participate in a loss
share arrangement to cover a percentage of Assured’s future losses on certain RMBS issued by
Deutsche Bank. This settlement resolves two litigations with Assured relating to financial guaranty
insurance and limits claims in a third litigation where all the underlying mortgage collateral was
originated by Greenpoint Mortgage Funding, Inc. (a subsidiary of Capital One), which is required to
indemnify Deutsche Bank.
Ocala Litigation
Deutsche Bank is a secured creditor of Ocala Funding LLC (“Ocala”), a commercial paper vehicle
sponsored by Taylor Bean & Whitaker Mortgage Corp. (“Taylor Bean”), which ceased mortgage lending
operations and filed for bankruptcy protection in August 2009. Bank of America is the trustee, collateral
agent, custodian and depository agent for Ocala. Deutsche Bank has commenced a civil litigation in the
United States District Court for the Southern District of New York against Bank of America for breach of
contract, breach of fiduciary duty, and contractual indemnity resulting from Bank of America’s failure to
secure and safeguard cash and mortgage loans that secured Deutsche Bank’s commercial paper
investment. On March 23, 2011, the trial court denied in part and granted in part Bank of America’s
motion to dismiss the complaint. On October 1, 2012, Deutsche Bank amended its first complaint
against Bank of America, to assert claims for breach of contract, breach of fiduciary duty (which includes
a claim related to Bank of America’s conversion of mortgages), negligence, negligent misrepresentation,
unjust enrichment, and other tort and equitable claims. Bank of America’s motion to dismiss certain
aspects of the amended complaint is pending. This litigation is in discovery.
On December 29, 2011, Deutsche Bank commenced a civil litigation in Circuit Court of the 11th Judicial
Circuit in Miami Dade County, Florida for professional malpractice and negligent misrepresentation
against Deloitte & Touche LLP, the auditors of Taylor Bean’s financial statements, which were
consolidated with certain subsidiaries, including wholly owned subsidiary Ocala. On March 20, 2012, the
court denied Deloitte & Touche LLP’s motion to dismiss. This litigation is in discovery.

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Parmalat Litigation
Following the bankruptcy of the Italian company Parmalat, prosecutors in Parma conducted a criminal
investigation against various bank employees, including employees of Deutsche Bank, and brought
charges of fraudulent bankruptcy against a number of Deutsche Bank employees and others. The trial
commenced in September 2009 and is ongoing.
Certain retail bondholders and shareholders have alleged civil liability against Deutsche Bank in
connection with the above-mentioned criminal proceedings. Deutsche Bank has made a formal
settlement offer to those retail investors who have asserted claims against Deutsche Bank. This offer
has been accepted by some of the retail investors. The outstanding claims will be heard during the
criminal trial process.
In January 2011, a group of institutional investors (bondholders and shareholders) commenced a civil
claim for damages, in an aggregate amount of approximately € 130 million plus interest and costs, in the
Milan courts against various international and Italian banks, including Deutsche Bank and Deutsche
Bank S.p.A., on allegations of cooperation with Parmalat in the fraudulent placement of securities and of
deepening the insolvency of Parmalat. Hearings on a preliminary application (made for preliminary
matters, including jurisdiction) brought by the defendant banks have taken place and the court has
reserved judgment and ordered the case to proceed on the merits. Deutsche Bank has petitioned the
Italian Supreme Court for a final assessment of the jurisdiction argument.
Sebastian Holdings Litigation
Deutsche Bank is in litigation in the United Kingdom and the United States with Sebastian Holdings Inc.,
a Turks and Caicos company (“SHI”). The dispute arose in October 2008 when SHI accumulated trading
losses and subsequently failed to meet margin calls issued by Deutsche Bank.
The U.K. action is brought by Deutsche Bank to recover approximately U.S.$ 246 million owed by SHI
after the termination of two sets of master trading agreements with SHI. In the U.K. action against SHI,
the trial court (upheld by the Court of Appeal) held that it has jurisdiction over Deutsche Bank’s suit and
rejected SHI’s claim that the U.K. is an inconvenient forum for the case to be heard. The action has
progressed in the English courts. The trial began April 2013. As a counterclaim against Deutsche Bank
in the U.K., SHI is duplicating aspects of the U.S. claim (described below) in the U.K. proceedings. The
amount of the U.K. pleaded counterclaim has not been fully specified and elements may be duplicative,
but the pleaded claim is at least NOK 8.28 billion (around € 1.1 billion or U.S.$ 1.5 billion at recent
exchange rates, which do not necessarily equate to the rates applicable to the claim). Substantial
consequential loss claims are in addition pleaded based primarily on the profits which SHI claims it
would have made on the moneys allegedly lost. The total quantum of these alleged consequential losses
is not clear, but some elements have been estimated by SHI in its pleaded claims potentially to amount
to NOK 30 billion (around € 4.0 billion or U.S.$ 5.3 billion at recent exchange rates, which do not
necessarily equate to the rates applicable to the claim). SHI is amending its case which is expected to
result in a higher damages claim, possibly in the range of € 5.3 to 7.7 billion or U.S.$ 7 to 10 billion at
recent exchange rates, which do not necessarily equate to the rates applicable to the claim. SHI has
also brought other claims including for restitution and declaratory relief.
The U.S. action is a damages claim brought by SHI against Deutsche Bank in New York State court,
arising out of the same circumstances as Deutsche Bank’s suit against SHI in the U.K. and seeking
damages of at least U.S.$ 2.5 billion in an amended complaint. SHI’s claims largely relate to allegations
that Deutsche Bank breached certain agreements and made improper margin calls. The trial court
denied SHI’s request to enjoin Deutsche Bank’s suits in the U.K. The trial court denied Deutsche Bank’s
motion to dismiss or stay the U.S. action in favor of the U.K. action, while granting Deutsche Bank’s
motion to dismiss SHI’s tort claims but not its contract and quasi-contractual claims. The New York
Appellate Division affirmed the trial court’s decision, and the amended complaint was filed after the
Appellate Division decision. Deutsche Bank has moved to dismiss certain of the claims alleged in the
amended complaint. The trial court granted Deutsche Bank’s motion to dismiss SHI’s tort claims, certain
of its contract and quasi-contract claims, and its claims for punitive damages. SHI has filed a notice of
appeal from the trial court’s ruling. Discovery in the U.S. action is ongoing.
Trust Preferred Securities Litigation. Deutsche Bank and certain of its affiliates and officers were the
subject of a consolidated putative class action, filed in the United States District Court for the Southern
District of New York, asserting claims under the federal securities laws on behalf of persons who

23
purchased certain trust preferred securities issued by Deutsche Bank and its affiliates between October
2006 and May 2008. Claims are asserted under Sections 11, 12(a)(2), and 15 of the Securities Act of
1933 that registration statements and prospectuses for such securities contained material misstatements
and omissions. An amended and consolidated class action complaint was filed on January 25, 2010. On
August 19, 2011, the court granted in part and denied in part the defendants’ motion to dismiss.
Following this, plaintiffs filed a second amended complaint, which did not include claims based on the
October 2006 issuance of securities. On defendants’ motion for reconsideration, the court on August 10,
2012 dismissed the second amended complaint with prejudice. Plaintiffs have sought reconsideration of
that dismissal.
U.S. Embargoes-Related Matters
Deutsche Bank has received requests for information from regulatory agencies concerning its historical
processing of US-Dollar payment orders through U.S. financial institutions for parties from countries
subject to U.S. embargo laws and as to whether such processing complied with U.S. and state laws.
Deutsche Bank is cooperating with the regulatory agencies.

Significant Change in Deutsche Bank Group's Financial Position

There has been no significant change in the financial position of Deutsche Bank Group since 31 March 2013.

MATERIAL CONTRACTS
In the usual course of its business, Deutsche Bank Group enters into numerous contracts with various other
entities. Deutsche Bank Group has not, however, entered into any material contracts outside the ordinary
course of its business within the past two years.

THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATION OF ANY

INTEREST
Where information has been sourced from a third party, Deutsche Bank confirms that this information has been
accurately reproduced and that so far as Deutsche Bank is aware and able to ascertain from information
published by such third party no facts have been omitted which would render the reproduced information
inaccurate or misleading.

DOCUMENTS INCORPORATED BY REFERENCE

The following information has been incorporated in this Registration Document by reference to the
registration document of Deutsche Bank Aktiengesellschaft dated 4 April 2012 (the Old Registration
Document”) which has been approved by and filed with the BaFin and published on www.db.com/ir.
This Registration Document must be read together with the following sections of the Old Registration
Document which are deemed to be included in, and to form part of, this Registration Document. Any
sections of the Old Registration Document which are not incorporated into this Registration Document
are not relevant for investors:

Registration Document of 4 April 2012 (English

language version)
Financial Statements — Consolidated Financial Statements Pages F-I-0 to F-I-445
(IFRS) of Deutsche Bank Aktiengesellschaft for the Fiscal Year
ended 31 December 2011 (audited), page 15

DOCUMENTS ON DISPLAY
As long as this Registration Document is valid, Deutsche Bank will, upon request, provide, free of charge, a
copy of the Registration Document, of the historical financial information and of the Articles of Association of
Deutsche Bank at its specified office. These documents are available on the website of Deutsche Bank
(www.db.com/ir) as well.
24
 Annex I

Financial Report 2012

Delivering in a
changed environment

F-I
Deutsche Bank
Financial Report 2012

Deutsche Bank

The Group at a glance

2012 2011
Share price at period end € 32.95 € 29.44
Share price high € 39.51 € 48.70
Share price low € 22.11 € 20.79
Basic earnings per share € 0.25 € 4.45
Diluted earnings per share € 0.25 € 4.30
Average shares outstanding, in m., basic 934 928
Average shares outstanding, in m., diluted 960 957
Return on average shareholders’ equity (post-tax) 0.4 % 8.2 %
Pre-tax return on average shareholders’ equity 1.3 % 10.2 %
Pre-tax return on average active equity1 1.3 % 10.3 %
Book value per basic share outstanding € 57.37 € 58.11
Cost/income ratio 92.6 % 78.2 %
Compensation ratio 40.1 % 39.5 %
Noncompensation ratio 52.5 % 38.7 %
in € m. in € m.
Total net revenues 33,741 33,228
Provision for credit losses 1,721 1,839
Total noninterest expenses 31,236 25,999
Income before income taxes 784 5,390
Net income 291 4,326
Dec 31, 2012 Dec 31, 2011
in € bn. in € bn.
Total assets 2,012 2,164
Shareholders’ equity 54.0 53.4
Common Equity Tier 1 capital ratio 11.4 % 9.5 %
Tier 1 capital ratio 15.1 % 12.9 %
Number Number
Branches 2,984 3,078
thereof in Germany 1,944 2,039
Employees (full-time equivalent) 98,219 100,996
thereof in Germany 46,308 47,323
Long-term rating
Moody’s Investors Service A2 Aa3
Standard & Poor’s A+ A+
Fitch Ratings A+ A+
1 We calculate this adjusted measure of our return on average shareholders’ equity to make it easier to compare us to our competitors. We refer to this adjusted
measure as our “Pre-tax return on average active equity”. However, this is not a measure of performance under IFRS and you should not compare our ratio based
on average active equity to other companies’ ratios without considering the differences in the calculation of the ratio. The items for which we adjust the average
shareholders’ equity of € 55.6 billion for 2012 and € 50.5 billion for 2011 are average accumulated other comprehensive income excluding foreign currency
translation (all components net of applicable taxes) of € (197) million for 2012 and € (519) million for 2011, as well as average dividends of € 670 million in 2012
and € 617 million in 2011, for which a proposal is accrued on a quarterly basis and which are paid after the approval by the Annual General Meeting following
each year. Tax rates applied in the calculation of average active equity are those used in the financial statements for the individual items and not an average
overall tax rate).

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the
absolute figures.

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Deutsche Bank Content
Content 1 1
Financial Report
Financial Report2012
2012

01 –
Management Report
Operating and Financial Review – 4
Risk Report – 43
Internal Control over Financial Reporting – 187
Information pursuant to Section 315 (4) of the German Com-
mercial Code and Explanatory Report – 191
Compensation Report – 195
Corporate Responsibility – 226
Employees – 228
Outlook – 233

02 –
Consolidated Financial Statements
Consolidated Statement of Income – 243
Consolidated Statement of Comprehensive Income – 244
Consolidated Balance Sheet – 245
Consolidated Statement of Changes in Equity – 246
Consolidated Statement of Cash Flows – 248
Notes to the Consolidated Financial Statements including
Table of Content – 249

03 –
Confirmations
Independent Auditors’ Report – 413
Responsibility Statement by the Management Board – 415
Report of the Supervisory Board – 416

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04 –
Corporate Governance Statement/
Corporate Governance Report
Management Board and Supervisory Board – 424
Reporting and Transparency – 433
Related Party Transactions – 433
Auditing and Controlling – 434
Compliance with the German Corporate Governance Code – 436

05 –
Supplementary Information
Management Board – 439
Supervisory Board – 440
Advisory Boards – 442
Group Five-Year Record – 443
Declaration of Backing – 444
Impressum / Publications – 445

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Management
Management Report
Report
Operating and Financial Review
Deutsche Bank Group – 4
Executive Summary – 11
Results of Operations – 14
Operating Results (2011 vs. 2010) – 27
Results of Operations by Segment (2011 vs. 2010) – 29
Financial Position – 32
Liquidity and Capital Resources – 39
Events after the Reporting Date – 42

Risk Report
Risk Management Executive Summary – 46
Risk Management Principles – 48
Risk Strategy and Appetite – 53
Risk Inventory – 55
Risk Management Tools – 58
Credit Risk – 59
Market Risk – 134
Operational Risk – 155
Liquidity Risk – 159
Capital Management – 168
Balance Sheet Management – 183
Overall Risk Position – 184
Internal Capital Adequacy – 186

Internal Control over Financial Reporting – 187

Information pursuant to Section 315 (4) of the German Commercial Code and Explanatory Report – 191

Compensation Report
Group compensation overview and disclosure – 195
Management Board Report and Disclosure – 206
Senior Management Group – 221
Employees regulated under the InstitutsVergV – 222
Compensation System for Supervisory Board Members – 224

Corporate Responsibility – 226

Employees – 228

Outlook – 233

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Operating and Financial Review

The following discussion and analysis should be read in conjunction with the consolidated financial state-
ments and the related notes to them. Our consolidated financial statements for the years ended Decem-
ber 31, 2012 and 2011 have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft, which issued an
unqualified opinion.

Deutsche Bank Group

Our Organization
Headquartered in Frankfurt am Main, Germany, we are the largest bank in Germany and one of the largest
financial institutions in Europe and the world, as measured by total assets of € 2,012 billion as of Decem-
ber 31, 2012. As of that date, we employed 98,219 people on a full-time equivalent basis and operated in
72 countries out of 2,984 branches worldwide, of which 65 % were in Germany. We offer a wide variety of in-
vestment, financial and related products and services to private individuals, corporate entities and institutional
clients around the world.

Following a comprehensive strategic review, we realigned our organizational structure in the fourth quarter
2012. We reaffirmed our commitment to the universal banking model and to our four existing corporate divi-
sions. We strengthened this emphasis with an integrated Asset & Wealth Management Corporate Division that
includes former Corporate Banking & Securities businesses such as exchange-traded funds (ETFs). Further-
more, we created a Non-Core Operations Unit. This unit includes the former Group Division Corporate Invest-
ments (CI) as well as non-core operations which were re-assigned from other corporate divisions.

As of December 31, 2012 we were organized into the following five corporate divisions:

— Corporate Banking & Securities (CB&S)

— Global Transaction Banking (GTB)
— Asset & Wealth Management (AWM)
— Private & Business Clients (PBC)
— Non-Core Operations Unit (NCOU)

The five corporate divisions are supported by infrastructure functions. In addition, we have a regional man-
agement function that covers regional responsibilities worldwide.

We have operations or dealings with existing or potential customers in most countries in the world. These
operations and dealings include:

— subsidiaries and branches in many countries;

— representative offices in many other countries; and
— one or more representatives assigned to serve customers in a large number of additional countries.

Please see Note 05 “Business Segments and Related Information” of our consolidated financial statements
for a table with our net revenues split by geographical region, based on our management reporting systems.

Management Structure
We operate the five corporate divisions and the infrastructure functions under the umbrella of a “virtual holding
company”. We use this term to mean that, while we subject the corporate divisions to the overall supervision of
our Management Board, which is supported by infrastructure functions, we do not have a separate legal entity
holding these five corporate divisions but we nevertheless allocate substantial managerial autonomy to them.
To support this structure, key governance bodies function as follows:

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The Management Board has the overall responsibility for the management of Deutsche Bank, as provided by
the German Stock Corporation Act. Its members are appointed and removed by the Supervisory Board, which
is a separate corporate body. Our Management Board focuses on strategic management, corporate govern-
ance, resource allocation, risk management and control, assisted by functional committees.

The Group Executive Committee was established in 2002. It comprises the members of the Management
Board and senior representatives from our regions, corporate divisions and certain infrastructure functions
appointed by the Management Board. The Group Executive Committee is a body that is not required by the
Stock Corporation Act. It serves as a tool to coordinate our businesses and regions, discusses Group strategy
and prepares recommendations for Management Board decisions. It has no decision making authority.

Within each corporate division and region, coordination and management functions are handled by operating
committees and executive committees, which helps ensure that the implementation of the strategy of individual
businesses and the plans for the development of infrastructure areas are integrated with global business objec-
tives.

Corporate Divisions
Corporate Banking & Securities Corporate Division
Corporate Division Overview
CB&S is made up of the business divisions Corporate Finance and Markets. These businesses offer financial
products worldwide including the underwriting of stocks and bonds, trading services for investors and the tailor-
ing of solutions for companies’ financial requirements.

The CB&S businesses are supported by the Credit Portfolio Strategies Group (CPSG), which was formerly
known as the Loan Exposure Management Group (LEMG). CPSG has responsibility for a range of loan portfo-
lios, actively managing the risk of these through the implementation of a structured hedging regime.

Effective in November 2012, following a comprehensive strategic review of the Group’s organizational structure,
CB&S was realigned as part of the Group’s new banking model. This realignment covered three main aspects:
the transfer of non-core assets (namely correlation and capital intensive securitization positions, monoline
positions, and IAS 39 reclassified assets) to the NCOU; the transfer of passive and third-party alternatives
businesses, such as ETF’s, into the newly integrated AWM Corporate Division; and a refinement of coverage
costs between CB&S and GTB.

Products and Services

Within our Corporate Finance Business Division, our clients are offered mergers and acquisitions, equity and
debt financing and general corporate finance advice. In addition, we provide a variety of financial services to
the public sector.

The Markets Business Division is responsible for the sales, trading and structuring of a wide range of fixed
income, equity, equity-linked, foreign exchange and commodities products. The division aims to deliver solu-
tions for the investing, hedging and other needs of customers. As part of the realignment of CB&S in November
2012, Rates and Flow Credit Trading businesses were integrated and the Structured Finance business was
created to encompass non-flow financing and structured risk for clients across all industries and asset classes.

We exited our dedicated Equity Proprietary Trading business during 2010, following the exit of our dedicated
Credit Proprietary Trading business during 2008. Along with managing any residual proprietary positions, we
continue to conduct trading on our own account in the normal course of market-making and facilitating client
business. For example, to facilitate customer flow business, traders will maintain short-term long positions
(accumulating securities) and short positions (selling securities we do not yet own) in a range of securities and
derivative products, reducing the exposure by hedging transactions where appropriate. While these activities
give rise to market and other risk, we do not view this as proprietary trading.

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All our trading activities are covered by our risk management procedures and controls which are described in
detail in the Risk Report.

Distribution Channels and Marketing

In CB&S, the focus of our corporate and institutional coverage bankers and sales teams is on our client rela-
tionships. We have restructured our client coverage model so as to provide varying levels of standardized or
dedicated services to our customers depending on their needs and level of complexity.

Global Transaction Banking Corporate Division

Corporate Division Overview
GTB delivers commercial banking products and services to corporate clients and financial institutions, including
domestic and cross-border payments, financing for international trade, as well as the provision of trust, agency,
depositary, custody and related services. Our business divisions consist of:

— Trade Finance and Cash Management Corporates

— Trust & Securities Services and Cash Management Financial Institutions

On April 1, 2010, we closed the acquisition of parts of ABN AMRO’s commercial banking activities in the
Netherlands.

Products and Services

Trade Finance offers local expertise, a range of international trade products and services (including short-term
financing), custom-made solutions for structured trade and the latest technology across our international
network so that our clients can better manage the risks and other issues associated with their cross-border
and domestic trades.

Cash Management caters to the needs of a diverse client base of corporates and financial institutions. With the
provision of a comprehensive range of innovative and robust solutions, we handle the complexities of global
and regional treasury functions including customer access, payment and collection services, liquidity manage-
ment, information and account services and electronic bill presentation and payment solutions.

Trust & Securities Services provides a range of trust, payment, administration and related services for selected
securities and financial transactions, as well as domestic securities custody in more than 30 markets.

Distribution Channels and Marketing

GTB develops and markets its own products and services in Europe, the Middle East, Asia and the Americas.
The marketing is carried out in conjunction with the coverage functions both in this division and in CB&S.

Customers can be differentiated into two main groups: (i) financial institutions, such as banks, mutual funds and
retirement funds, broker-dealers, fund managers and insurance companies, and (ii) multinational corporations,
large local corporates and medium-sized companies, predominantly in Germany and the Netherlands.

Asset & Wealth Management Corporate Division

Corporate Division Overview
With € 944 billion of invested assets as of December 31, 2012, Deutsche Bank AWM is one of the world’s
leading investment organizations. AWM helps individuals and institutions worldwide to protect and grow their
wealth, offering traditional and alternative investments across all major asset classes. AWM also provides
customized wealth management solutions and private banking services to high-net-worth and ultra-high-net-
worth individuals and family offices.

AWM comprises former Private Wealth Management (PWM) and Asset Management (AM) businesses as well
as passive and third party alternatives businesses that were re-assigned from CB&S to AWM in the fourth
quarter 2012. The combined division has sizable franchises in both retail and institutional asset and wealth

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management, allowing both clients and Deutsche Bank Group to benefit from its scale. In addition, non-core
assets and businesses were re-assigned from AWM to the NCOU in the fourth quarter 2012. AWM now con-
sists of two major pillars: Investment Platform and Coverage/Advisory.

In November 2011, we completed the step-acquisition of Deutsche UFG Capital Management (“DUCM”), one
of Russia’s largest independent asset management companies. The transaction followed our exercise of a
purchase option on the remaining 60 % stake. We now fully control DUCM, which was previously accounted
for under the equity method.

Since March 2010, Sal. Oppenheim jr. & Cie. S.C.A. has been a wholly owned subsidiary of Deutsche Bank
AG. All Sal. Oppenheim Group operations, including all of its asset management activities, the investment bank,
BHF-BANK Group, BHF Asset Servicing GmbH (BAS) and Sal. Oppenheim Private Equity Partners S.A. were
transferred to Deutsche Bank. The Equity Trading & Derivatives and Capital Markets Sales units were sold to
Australia’s Macquarie Group in the second quarter 2010, while BAS was sold to Bank of New York Mellon in
the third quarter 2010. As of January 1, 2011, BHF-BANK was transferred from former PWM to former CI.

Products and Services

The Investment Platform offers capabilities across a diverse array of asset classes and covers the former AM
businesses. The Investment Platform provides securities investment management and investment manage-
ment of third party real property, infrastructure, private equity and hedge fund portfolios. In addition, the In-
vestment Platform comprises the businesses transferred from CB&S, i.e., the passive investment business,
including the ETF business, and third-party alternatives businesses as well as Abbey Life, which is a closed
book life insurance business.

Finally, the Investment Platform also offers customized wealth management solutions and private banking
services including lending and discretionary portfolio management.

The second major pillar of AWM is Coverage/Advisory, focusing on the connecting and engaging with clients.
Beside the coverage of Institutional and Key Clients, this also includes the Wealth Management teams for
Germany, Sal. Oppenheim, EMEA, Americas and APAC. Coverage/Advisory has a strong footprint in Europe
and North America, and is expanding in emerging markets.

All businesses deliver superior service to their clients through a strong investment performance in a broader
range of products and by providing customized advice and services, including strong risk management.

Distribution Channels and Marketing

A major competitive advantage for AWM is the fact that it is a private bank within Deutsche Bank, with its sub-
stantial investment banking, corporate banking and asset management activities. In order to make optimal use
of the potential offered by cross-divisional cooperation, since 2007 AWM has established Key Client Teams in
order to serve clients with very complex assets and highly sophisticated needs. Coverage offers these clients
the opportunity to make direct additional purchases, co-invest in its private equity activities or obtain direct
access to its trading units.

AWM Coverage/Advisory possesses well-established and worldwide internal distribution channels. It pursues
an integrated business model to cater to the complex needs of high-net-worth clients and ultra-high-net-worth
individuals, family offices and selected institutions. The relationship managers work within target customer
groups, assisting clients in developing individual investment strategies and creating enduring relationships
with our clients.

AWM also markets and distributes its offering through other business divisions of Deutsche Bank Group,
notably PBC for retail customers and CB&S for institutional and corporate customer, as well as through third-
party distributors.

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Private & Business Clients Corporate Division

Corporate Division Overview
PBC operates under a single business model across Europe and selected Asian markets. PBC serves retail
and affluent clients as well as small and medium sized business customers.

The PBC Corporate Division is organized into the following business units:

— Advisory Banking Germany, which comprises all of PBC’s activities in Germany excluding Postbank.
— Advisory Banking International, which covers PBC’s European activities outside Germany and PBC’s activ-
ities in Asia including our stake in and partnership with Hua Xia Bank.
— Consumer Banking Germany, which mainly comprises the contribution of Postbank Group to the consoli-
dated results of Deutsche Bank.

With establishment of the NCOU, PBC reassigned several business portfolios as well as non-strategic activi-
ties, in particular in non-strategic locations, into the new corporate division.

In 2012, we continued our balanced growth with a strategic focus on balance sheet based business, e.g.
mortgages.

With the integration of Postbank, we strengthen and expanded our leading market position in our German home
market, offering synergy potential and growth opportunities. By combining the businesses we aim at increasing
the share of retail banking earnings in the results of the Group and further strengthening and diversifying the
refinancing basis of the Group due to significantly increased volumes of retail customer deposits. Postbank
continues to exist as a stand-alone stock corporation and remains visible in the market under its own brand.
With the conclusion of the domination and profit and loss transfer agreement and the continued execution of
the integration of Postbank into PBC, we seek to significantly progress towards our integrated business model
and generate considerable revenue and costs synergies.

We have consolidated Deutsche Postbank Group since December 2010. Further information on the Postbank
acquisition is included in Note 04 “Acquisitions and Dispositions”.

In Europe we are focusing on low risk products and advisory services for affluent and business customers. Our
profitable brand network operates in five major banking markets in Continental Europe: Italy, Spain, Portugal,
Belgium and Poland.

In Asia, PBC operates a branch network supported by a mobile sales force in India and holds a 19.99 % stake
in the Chinese Hua Xia Bank, with which it has a strategic partnership and cooperation arrangement. As part of
this, we and Hua Xia Bank have jointly developed and distributed credit cards in China. In India, PBC current-
ly has seventeen branches. India and China are considered Asian core markets for PBC. While further growing
the franchise in India through continuous branch openings, our China strategy focuses on leveraging our stake
in Hua Xia Bank.

Products and Services

PBC offers a similar range of banking products and services throughout Europe and Asia, with some variations
among countries that are driven by local market, regulatory and customer requirements.

We provide portfolio/fund management (investment advice, discretionary portfolio management and securities
custody services) and brokerage services to our clients.

We provide loan and deposit services, with the a strategy focusing on property financing (including mortgages)
and consumer and commercial loans, as well as traditional current accounts, savings accounts and time de-
posits. The property finance business, which includes mortgages and construction finance, is our most signifi-
cant lending business. We provide property finance loans primarily for private purposes, such as home

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financing. Most of our mortgages have an original fixed interest period of five or ten years. Loan and deposit
products also include the home loan and savings business in Germany, offered through our subsidiaries
Deutsche Bank Bauspar AG and BHW Bausparkasse AG. Our lending businesses are subject to our credit risk
management processes, both at origination and on an ongoing basis. For further discussion of these process-
es please see the “Monitoring Credit Risk” and “Main Credit Exposure Categories” sections in the Risk Report.

PBC’s deposits and payment services consist of administration of current accounts in local and foreign curren-
cy as well as settlement of domestic and cross-border payments on these accounts. They also include the
purchase and sale of payment media and the sale of insurance products, home loan and savings contracts and
credit cards. In the ongoing low interest rate environment in Germany, we maintained our focus on stabilizing
our deposit base, including sight deposits, while growing our deposit base in Europe, where we optimized our
local funding.

Distribution Channels and Marketing

To achieve a strong brand position internationally, we market our services consistently throughout the Europe-
an and Asian countries which are of strategic focus and in which PBC is active directly. In order to make bank-
ing products and services more attractive to clients, we seek to optimize the accessibility and availability of our
services. To accomplish this, we deploy self-service functions and technological advances to supplement our
branch network with an array of access channels to PBC’s products and services. These channels consist
of the following in-person and remote distribution points:

— Investment and Finance Centers. Investment and Finance Centers offer our entire range of products
and advice.
— Financial Agents. In most countries, we market our retail banking products and services through self-
employed financial agents.
— Call Centers. Call centers provide clients with remote services supported by automated systems. Remote
services include access to account information, securities brokerage and other basic banking transactions.
— Internet. On our website, we offer clients brokerage services, account information and product information
on proprietary and third-party investment products. These offerings are complemented with services that
provide information, analysis tools and content to support the client in making independent investment
decisions.
— Self-service Terminals. These terminals support our branch network and allow clients to withdraw and
transfer funds, receive custody account statements and make appointments with our financial advisors.

In addition to our branch network and financial agents, we enter into country-specific distribution and coopera-
tion arrangements. In Germany, we maintain cooperation partnerships with reputable companies such as DP
DHL (Postbank cooperation) and Deutsche Vermögensberatung AG (DVAG). With DVAG, we distribute our
mutual funds and other banking products through DVAG’s independent distribution network. In order to com-
plement our product range, we have signed distribution agreements, in which PBC distributes the products of
reputable product suppliers. These include an agreement with Zurich Financial Services for insurance products,
and a strategic alliance with nine fund companies for the distribution of their investment products.

Non-Core Operations Unit Corporate Division

In November 2012, we established the NCOU. The NCOU operates as a separate corporate division alongside
Deutsche Bank’s core businesses. The NCOU manages assets with a value of approximately € 100 billion and
Basel 2.5 risk-weighted assets (“RWA”) equivalent of € 80 billion, as of December 31, 2012.

As set out in Strategy 2015+, our objectives in setting up the NCOU are to improve external transparency of
our non-core positions; to increase management focus on the core operating businesses by separating the
non-core activities; and to facilitate targeted accelerated de-risking.

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In addition to managing our global principal investments and holding certain other non-core assets to maturity,
targeted de-risking activities within the NCOU will help us reduce risks that are not related to our planned future
strategy, thereby reducing capital demand. In carrying out these targeted de-risking activities, the NCOU will
prioritize for exit those positions with less favorable capital and risk return profiles to enable the Bank to
strengthen its Core Tier 1 capital ratio under Basel 3.

The NCOU’s portfolio includes activities that are non-core to the Bank’s strategy going forward; assets materi-
ally affected by business, environment, legal or regulatory changes; assets earmarked for de-risking; assets
suitable for separation; assets with significant capital absorption but low returns; and assets exposed to legal
risks. In addition, certain liabilities were also assigned to the NCOU following similar criteria to those used for
asset selection, e.g. liabilities of businesses in run-off or for sale, legacy bond issuance formats and various
other short-dated liabilities, linked to assigned assets.

In RWA terms the majority has been assigned from CB&S, and includes credit correlation trading positions,
securitization assets, exposures to monoline insurers and assets reclassified under IAS 39. Assets assigned
from PBC include Postbank commercial real estate assets outside core markets, Postbank capital-intensive
structured credit products, selected foreign residential mortgages and other financial investments, such as the
structured credit and the GIIPS portfolio which have already been in run-off for a number of years, and the
repo matched book with balance sheet leverage no longer deemed strategic for Postbank. NCOU’s portfolio
also contains all those assets previously booked and managed in the former Group Division CI. These are
the Bank’s global principal investment activities and include our stakes in the port operator Maher Terminals,
The Cosmopolitan of Las Vegas and BHF-BANK.

Effective January 1, 2011, the exposure in Actavis Group was transferred from CB&S to former CI. During the
fourth quarter 2012, we completed the sale of Actavis Group from the NCOU.

As of January 1, 2011, BHF-BANK, was transferred from AWM to former CI.

In December 2010, the former CI transferred the investment in Deutsche Postbank AG to PBC. Also in De-
cember 2010, The Cosmopolitan of Las Vegas property started its operations.

Infrastructure and Regional Management

The infrastructure group consists of our centralized business support areas. These areas principally comprise
control and service functions supporting our five corporate divisions.

This infrastructure group is organized to reflect the areas of responsibility of those Management Board members
that are not in charge of a specific business line. The infrastructure group is organized into COO functions (e.g.,
global technology, global business services, global logistics services and group strategy & planning), CFO
functions (e.g., finance, tax, insurance and treasury), CRO functions (e.g., credit risk management and mar-
ket risk management), CEO functions (e.g., communications & corporate social responsibility and economics)
and HR, Legal & Compliance functions.

The Regional Management function covers regional responsibilities worldwide. It focuses on governance,
franchise development and performance development. Regional and country heads and management commit-
tees are established in the regions to enhance client-focused product coordination across businesses and to
ensure compliance with regulatory and control requirements, both from a local and Group perspective. In addi-
tion the Regional Management function represents regional interests at the Group level and enhances cross-
regional coordination.

All expenses and revenues incurred within the Infrastructure and Regional Management areas are fully allo-
cated to our five corporate divisions.

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Executive Summary

The Global Economy

The global economy was impacted by numerous negative factors in 2012: the sovereign debt crisis in Europe,
the fiscal cliff in the U.S., geopolitical risks in the Middle East and rising commodities and food prices. In 2012,
global economic growth continued to decline to an estimated 2.9 % after an already slower growth of 3.8 %
in 2011.

As in 2011, the slowdown took place predominantly in the industrialized countries, which only expanded by an
estimated 1.2 %. The industrialized countries still face major structural challenges. The reduction in state defi-
cits and the cutting back of private debt led to lower growth in the eurozone in particular. In addition, the in-
creased political uncertainties in the eurozone and the U.S. had a negative impact on the global economy. By
contrast, growth was supported by the extremely expansive monetary policy of the major central banks, which
lowered their key interest rates to historically low levels and also undertook extensive quantitative easing
measures.

The eurozone went into recession in 2012 due to increased uncertainty over the further development of the
sovereign debt crisis, fiscal consolidation and weakened demand for exports. Economic activity fell by an esti-
mated 0.5 %, following 1.4 % growth in 2011. A stabilizing effect came from the announcement made by the
European Central Bank in September 2012 that it would make unlimited purchases of sovereign bonds, subject
to strict conditionality (Outright Monetary Transactions), as well as the clear commitment of eurozone govern-
ments for all current members to stay in the eurozone. The German economy weakened noticeably over the
year due to reduced demand for exports and falling investment activity, and it likely contracted towards the end
of 2012. As an annualized average, the German economy grew by an estimated 0.7 % following an increase
of 3.0 % in 2011.

In the U.S. economy, growth was relatively robust with estimated 2.3 % in 2012, which was somewhat
stronger than the 1.8 % in the previous year. Although the real estate market stabilized and unemployment
gradually fell over the year, doubts over the resolution of the fiscal cliff are thought to have caused growth to
slow towards the end of the year. In Japan, where the clean-up and rebuilding efforts in the wake of the tsuna-
mi and the nuclear catastrophe and the government’s economic stimulus measures had a positive effect on
economic activity in the first half of 2012, economic output declined again from mid-year. For the year as a
whole, Japan’s economy probably grew by 2.0 %.

Due to the close links between the financial and real economies, the global development had negative effects
on economic activity in emerging markets. Growth in emerging markets cooled down to an estimated 4.7 %,
but there are clear differences in growth between the regions. Growth in Asia (excluding Japan) slowed down
from 7.5 % in 2011 to 5.9 % in 2012. China’s growth moderated considerably to 7.8 % year-on-year, the slow-
est since 1999, due to the confluence of stagnating external demand and a deliberate attempt to restrain stimu-
lus with a view to rebalance the economic structure. India’s growth also slowed significantly to 4.6 % year-on-
year, the lowest in a decade, as domestic demand was hit by tight liquidity and stubborn inflation. Economic
activity in Latin America cooled off to 2.9 % in 2012, following 4.7 % growth in 2011. Brazilian economic growth
continued to disappoint in 2012, slowing to an estimated 1 % from an already weak 2.7 % in 2011. While do-
mestic demand and labor markets remained strong, investment was weak and exports were weighed down by
stagnating global economic activity and lower prices for several commodities.

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The Banking Industry

The banking industry in 2012 saw another year marked by high uncertainty, yet with sentiment gradually im-
proving in the last six months due to retreating concerns about the future of European Monetary Union and
about the global growth outlook.

Capital market developments closely echoed these trends. Overall, global M&A activity and equities issuance
remained subdued, while debt issuance soared to record highs both in the investment-grade and the high-yield
segment. This was particularly true in the second half of the year when investor risk appetite returned and bond
yields came down significantly. Corporate bond issuance in 2012 was stronger than ever before. Total invest-
ment banking revenues declined slightly compared with the prior year, with Europe and Asia weakening and
the fee volume in America rising. Similar to the advisory and underwriting business, equities trading activity
was relatively low, with falling margins putting additional pressure on revenues. Fixed-income trading rebound-
ed somewhat from a poor prior year result, though earnings remained below 2009/10 levels.

In commercial banking, Europe and the U.S. were diverging even more markedly than in the years before: U.S.
banks continued their recovery and are now as profitable as at the pre-crisis peak. Lending volumes are grow-
ing, especially with companies borrowing more, but with the real estate market finally having turned the corner,
household lending and particularly residential mortgages may have also bottomed out. In Europe, by contrast,
corporate loans shrank throughout the year, with the pace of contraction accelerating rather than slowing down.
Lending to households, at least, remained by and large stable. Deposit growth continued at moderate speed
on both sides of the Atlantic, though it lost some momentum in the U.S. In addition, differences in asset quality
developments were partly responsible for the diverging fortunes between European banks, which saw loan
loss provisions rising again for the first time since 2009 and U.S. institutions, which recorded a further fall in
provisions to their lowest level in five years.

Asset and wealth management benefited from rising equity and bond markets, particularly in the second half of
the year, and from investors increasingly searching for yield in a close-to-zero interest rate environment. Glob-
ally, bond funds attracted the bulk of net new money, whereas many equity and money market funds recorded
net outflows. As in the past few years, the passively managed segment grew faster than actively managed
funds.

New regulation had a significant impact on the industry: While European banks still had to cope with the tight-
ening effect of Basel 2.5, the foreshadowing of Basel 3 was felt throughout the banking sector as investors and
analysts demanded early compliance. Furthermore, new consumer and investor protection rules and market
infrastructure regulations such as the Markets in Financial Instruments Directive II and European Market Infra-
structure Regulation (the former being drawn up and the latter taking effect) had a largely negative effect on
banks’ earnings. In the eurozone, political leaders agreed on a transfer of supervisory powers over the largest
banks from national authorities to the European Central Bank (ECB), as part of a more comprehensive shift
towards a “Banking Union”. Finally, the banking industry in the U.S. as well as in Europe suffered steep fines
and losses in confidence as litigation issues continued to mount.

Deutsche Bank
The market environment in 2012 continued to be difficult. A slowdown in economic growth could be observed
predominantly in the industrialized countries, while conditions in the eurozone have stabilized only since mid-
2012. Structural debt levels in mature economies were still high and were reflected in strong client demand. The
macro-political environment, however, perpetuated low interest rate levels. Equity markets could not yet consist-
ently profit from the stabilized environments, resulting in volatile market conditions, favoring only the derivative
segment of the market. Many other markets and products saw competitive pressures, margin compression,
declining volumes and macro-economic and regulatory uncertainties which caused volatility. As a result, this led
to risk aversion among investors with especially private investors remaining wary for most of the year.

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Despite this challenging environment, our revenue performance was resilient, with increases in almost every
business division in the “Core Bank” (CB&S, GTB, AWM and PBC), and our provision for credit losses was
lower than in the prior year. However, results especially in the second half of 2012 reflected the impact of sev-
eral actions taken to mobilize our Strategy 2015+. These actions resulted mainly in higher noninterest expens-
es versus the full-year 2011, including cost-to-achieve related to our Operational Excellence Program
(OpEx) and the integration of Postbank totaling € 0.9 billion. We met the savings objectives of OpEx for
year-end 2012, achieving savings of € 0.4 billion in the second half of 2012. Expenses also included im-
pairments of goodwill and other intangible assets (€ 1.9 billion) as well as significant litigation-related
charges (€ 2.2 billion). In addition, our results in 2012 were impacted by further specific items of
€ 1.3 billion, such as charges related to turnaround measures in our commercial banking activities in the
Netherlands, other net charges and results from de-risking in the NCOU.

In this context, we generated a 2012 net income of € 291 million (2011: € 4.3 billion) and income before income
taxes of € 784 million compared with € 5.4 billion in 2011. Excluding the impairment of goodwill and other
intangible assets as well as the significant litigation-related charges, full year income before income taxes
for the Group would have been € 4.9 billion in 2012, to which the Core Bank contributed € 6.5 billion.

In 2012, we have reviewed our variable compensation levels and established a Compensation Panel. As a
first result, though compensation and benefits expenses increased 3 % in 2012 from 2011, variable com-
pensation has come down by 11 % versus 2011, and we reduced our deferral rate from 61 % to 47 %, thus
reducing respective charges on future year’s results.

Overall, we considerably strengthened our capital position, liquidity reserves and refinancing sources and, thus,
should be well prepared for further potential challenges caused by market turbulences and stricter regulatory
rules. Due to the annual net income and the accelerated capital formation and de-risking activities, including
measures taken in the NCOU, our Tier 1 capital ratio according to Basel 2.5 improved to a record level of 15.1 %
and our Core Tier 1 capital ratio increased to 11.4 % as of December 31, 2012. The pro-forma Basel 3 fully-
loaded Core Tier 1 capital ratio also increased substantially to 7.8 % up from less than 6 % in the preceding
year and surpassed the communicated target of 7.2 %, reflecting strong delivery on portfolio optimization and
de-risking of non-core activities, as well as model and process enhancements.

Risk-weighted assets at year-end 2012 were € 334 billion, versus € 381 billion at year-end 2011, largely due to
management actions aimed at de-risking our business. In the second half of 2012, we achieved a reduction in
pro-forma Basel 3 risk-weighted asset equivalents of € 80 billion, versus our communicated target of
€ 90 billion for March 31, 2013.

Our liquidity reserves were in excess of € 230 billion as of December 31, 2012, including reserves held on a
Postbank AG level, which contributed in excess of € 25 billion at year-end (December 31, 2011: € 223 billion,
excluding Postbank).

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Condensed Consolidated Statement of Income

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net interest income 15,891 17,445 15,583 (1,554) (9) 1,862 12
Provision for credit losses 1,721 1,839 1,274 (118) (6) 565 44
Net interest income after provision for credit
losses 14,170 15,606 14,309 (1,436) (9) 1,297 9
Commissions and fee income 11,510 11,544 10,669 (34) (0) 875 8
Net gains (losses) on financial assets/liabilities
at fair value through profit or loss 5,599 3,058 3,354 2,541 83 (296) (9)
Net gains (losses) on financial assets
available for sale 301 123 201 178 145 (78) (39)
Net income (loss) from equity method
investments 159 (264) (2,004) 423 N/M 1,740 (87)
Other income (loss) 281 1,322 764 (1,041) (79) 558 73
Total noninterest income 17,850 15,783 12,984 2,067 13 2,799 22
Total net revenues 1 32,020 31,389 27,293 631 2 4,096 15
Compensation and benefits 13,526 13,135 12,671 391 3 464 4
General and administrative expenses 15,016 12,657 10,133 2,359 19 2,524 25
Policyholder benefits and claims 414 207 485 207 100 (278) (57)
Impairment of intangible assets 1,886 – 29 1,886 N/M (29) N/M
Restructuring activities 394 – – 394 N/M – N/M
Total noninterest expenses 31,236 25,999 23,318 5,237 20 2,681 11
Income before income taxes 784 5,390 3,975 (4,606) (85) 1,415 36
Income tax expense 493 1,064 1,645 (571) (54) (581) (35)
Net income 291 4,326 2,330 (4,035) (93) 1,996 86
Net income attributable to
noncontrolling interests 54 194 20 (140) (72) 174 N/M
Net income attributable to
Deutsche Bank shareholders 237 4,132 2,310 (3,895) (94) 1,822 79
N/M – Not meaningful
1 After provision for credit losses.

Results of Operations

Consolidated Results of Operations

You should read the following discussion and analysis in conjunction with the consolidated financial statements.

Net Interest Income

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Total interest and similar income 32,242 34,878 28,779 (2,636) (8) 6,099 21
Total interest expenses 16,351 17,433 13,196 (1,083) (6) 4,237 32
Net interest income 15,891 17,445 15,583 (1,554) (9) 1,862 12
Average interest-earning assets 1 1,241,791 1,174,201 993,780 67,590 6 180,421 18
Average interest-bearing liabilities 1 1,120,540 1,078,721 933,537 41,819 4 145,184 16
Gross interest yield2 2.61 % 2.97 % 2.90 % (0.36) ppt (12) 0.07 ppt 2
Gross interest rate paid 3 1.48 % 1.62 % 1.41 % (0.14) ppt (9) 0.21 ppt 15
Net interest spread 4 1.14 % 1.35 % 1.48 % (0.21) ppt (16) (0.13) ppt (9)
Net interest margin5 1.28 % 1.49 % 1.57 % (0.21) ppt (14) (0.08) ppt (5)
ppt – Percentage points
1 Average balances for each year are calculated in general based upon month-end balances.
2 Gross interest yield is the average interest rate earned on our average interest-earning assets.
3 Gross interest rate paid is the average interest rate paid on our average interest-bearing liabilities.
4 Net interest spread is the difference between the average interest rate earned on average interest-earning assets and the average interest rate paid on average interest-bearing liabilities.
5 Net interest margin is net interest income expressed as a percentage of average interest-earning assets.

The decrease in net interest income in 2012 of € 1.6 billion, or 9 %, to € 15.9 billion compared to € 17.4 billion
in 2011, was primarily driven by lower interest income on CB&S trading assets resulting from a lower interest
rate environment and reduced asset volumes as well as by lower net interest income in the NCOU due to a

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reduced asset base as a result of de-risking. The remaining decline was further impacted by lower interest
income in PBC based on a decrease of Purchase Price Allocation (PPA) effects, following the acquisition of
Postbank. These developments contributed to a tightening of our net interest spread by 21 basis points and to
a decline in our net interest margin by 21 basis points.

The development of our net interest income is also impacted by the accounting treatment of some of our hedg-
ing-related derivative transactions. We entered into nontrading derivative transactions primarily as economic
hedges of the interest rate risks of our nontrading interest-earning assets and interest-bearing liabilities. Some
of these derivatives qualify as hedges for accounting purposes while others do not. When derivative transac-
tions qualify as hedges of interest rate risks for accounting purposes, the interest arising from the derivatives is
reported in interest income and expense, where it offsets interest flows from the hedged items. When deriva-
tives do not qualify for hedge accounting treatment, the interest flows that arise from those derivatives will
appear in trading income.

Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss
2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
CB&S – Sales & Trading (equity) 998 312 375 686 N/M (63) (17)
CB&S – Sales & Trading (debt and other
products) 4,491 4,337 4,392 154 4 (55) (1)
Non-Core Operations Unit (1,256) (1,564) (1,961) 308 (20) 397 (20)
Other 1,366 (27) 548 1,393 N/M (575) N/M
Total net gains (losses) on financial assets/
liabilities at fair value through profit or loss 5,599 3,058 3,354 2,541 83 (296) (9)
N/M – Not meaningful

Net gains on financial assets/liabilities at fair value through profit or loss increased by € 2.5 billion to € 5.6 bil-
lion for the full year 2012. The majority of the increase in net gains on financial assets/liabilities at fair value
through profit or loss arose outside our Sales & Trading business. Special factors were mainly gains on re-
maining products held at fair value in CB&S arising from refinements in methodology used to calculate Debt
Valuation Adjustments (DVA) on derivative liabilities, a decrease of fair value losses at Abbey Life in AWM and
higher net gains in Consolidation & Adjustments (C&A) related to U.S. dollar/euro basis swaps designated as
net investment hedges for capital investments in US entities. The increase of € 686 million of net gains on
financial assets/liabilities at fair value through profit or loss in Sales & Trading (equity) was due to volatile mar-
ket conditions leading to an increase in client trading activities and resulting in higher revenues from equity
derivatives as well as higher fair value gains in Prime Finance. The increase of € 154 million on net gains on
financial assets/liabilities at fair value through profit or loss in Sales & Trading (debt and other products) was
mainly driven by higher Flow Credit revenues reflecting improved credit market conditions and higher Rates
revenues driven by strong client activity. This was partially offset by lower revenues in Money Markets due to
reduced volatility. The NCOU showed a decrease in net losses due to a smaller asset base as a result of de-
risking activity and fair value movements on the non-core assets particularly in credit spreads.

Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through
Profit or Loss
Our trading and risk management businesses include significant activities in interest rate instruments and
related derivatives. Under IFRS, interest and similar income earned from trading instruments and financial
instruments designated at fair value through profit or loss (e.g., coupon and dividend income) and the costs of
funding net trading positions are part of net interest income. Our trading activities can periodically shift income
between net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or
loss depending on a variety of factors, including risk management strategies.

In order to provide a more business-focused discussion, the following table presents net interest income and
net gains (losses) on financial assets/liabilities at fair value through profit or loss by corporate division and by
product within CB&S.

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2012 increase (decrease) 2011 increase (decrease)

in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net interest income 15,891 17,445 15,583 (1,554) (9) 1,862 12
Total net gains (losses) on financial assets/
liabilities at fair value through profit or loss 5,599 3,058 3,354 2,541 83 (296) (9)
Total net interest income and net gains
(losses) on financial assets/liabilities
at fair value through profit or loss 21,490 20,503 18,937 987 5 1,566 8

Breakdown by Corporate Division/product: 1

Sales & Trading (equity) 1,738 1,504 2,151 235 16 (648) (30)
Sales & Trading (debt and other products) 8,212 8,107 9,102 105 1 (995) (11)
Total Sales & Trading 9,951 9,611 11,253 340 4 (1,642) (15)
Loan products 2 337 353 171 (16) (5) 182 106
Remaining products 3 1,015 535 353 479 90 182 52
Corporate Banking & Securities 11,303 10,499 11,777 804 8 (1,278) (11)
Global Transaction Banking 1,869 1,842 1,451 27 1 391 27
Asset & Wealth Management 1,451 991 1,179 460 46 (188) (16)
Private & Business Clients 6,221 6,623 3,875 (403) (6) 2,748 71
Non-Core Operations Unit 277 588 321 (311) (53) 267 83
Consolidation & Adjustments 370 (40) 333 410 N/M (373) N/M
Total net interest income and net gains
(losses) on financial assets/liabilities
at fair value through profit or loss 21,490 20,503 18,937 987 5 1,566 8
N/M – Not meaningful
1 This breakdown reflects net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss only. For a discussion of the corporate divisions’ total

revenues by product please refer to Note 05 “Business Segments and Related Information”.
2 Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss.
3 Includes net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss of origination, advisory and other products.

Corporate Banking & Securities (CB&S). Combined revenues from net interest income and from net gains (loss-
es) on financial assets/liabilities at fair value through profit or loss from Sales & Trading were up € 340 million, or
4 %, to € 10.0 billion in 2012 compared to € 9.6 billion in 2011. The increase in Sales & Trading (equity) in 2012
was primarily driven by Equity Derivatives revenues impacted by volatile market conditions. Another contributor
to the increase in Sales & Trading (equity) was Equity Trading with higher net interest income due to market
share gains resulting in higher volumes offsetting more difficult market conditions. In Sales & Trading (debt and
other products) the main drivers for the increase of revenues from net interest income and from net gains (losses)
on financial assets/liabilities at fair value through profit or loss were higher Flow Credit revenues reflecting im-
proved credit market conditions and higher Rates revenues driven by strong client activity. This was partially offset
by lower revenues in Money Markets due to lower volatility. The increase of net gains in the remaining products
held at fair value in CB&S arose from refinements in methodology used to calculate Debt Valuation Adjust-
ments (DVA) on derivative liabilities.

Global Transaction Banking (GTB). Combined revenues from net interest income and from net gains (losses)
on financial assets/liabilities at fair value through profit or loss were € 1.9 billion in 2012, an increase of
€ 27 million, or 1 %, compared to 2011. Net interest income increased compared to the prior year driven by
strong performance across the GTB product spectrum and regions benefiting from strong volumes. The gain
was offset by a decrease in the interest income of the commercial banking activities in the Netherlands, pri-
marily due to the depressed interest rate environment.

Asset & Wealth Management (AWM). Combined revenues from net interest income and from net gains
(losses) on financial assets/liabilities at fair value through profit or loss were € 1.5 billion in 2012, an increase
of € 460 million, or 46 %, compared to 2011. The revenue growth from net interest income and from net gains
(losses) on financial assets/liabilities at fair value through profit or loss was mainly attributable to a net gain in
Abbey Life offset in noninterest expenses.

Private & Business Clients (PBC). Combined revenues from net interest income and from net gains (losses) on
financial assets/liabilities at fair value through profit or loss were € 6.2 billion in 2012, a decrease of € 403 million,

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or 6 %, compared to 2011. The combined net interest income and net gains (losses) on financial as-
sets/liabilities at fair value through profit or loss decreased primarily due to the aforementioned lower PPA ef-
fects as well as lower interest income at Postbank.

Non-Core Operations Unit (NCOU). Combined revenues from net interest income and from net gains
(losses) on financial assets/liabilities at fair value through profit or loss were € 277 million in 2012, a decrease
of € 311 million, or 53 %, compared to 2011. The main driver for the decrease of net interest income and net
gains (losses) on financial assets/liabilities at fair value through profit or loss was the smaller asset base
across all products in the NCOU as a result of de-risking activity and a reduction in fair value losses predomi-
nantly due to credit spread movements.

Consolidation & Adjustments (C&A). Combined revenues from net interest income and from net gains (losses)
on financial assets/liabilities at fair value through profit or loss were € 370 million in 2012, compared with a nega-
tive € 40 million in 2011. The increase in net interest income and net gains (losses) on financial assets/liabili-
ties at fair value through profit and loss was mainly a result of net trading revenues from U.S. dollar/euro
basis swaps designated as net investment hedges for capital investments in US entities.

Provision for Credit Losses

Provision for credit losses recorded in 2012 decreased by € 118 million to € 1.7 billion. This decrease excludes
the effect of Postbank releases related to loan loss allowances recorded prior to consolidation of € 157 million
and € 402 million in 2012 and 2011, respectively. The impact of such releases is reported as interest income on
group level. Adjusted for this accounting effect, our provision for credit losses would be € 1.6 billion reflecting
an increase of € 126 million compared to the prior year.

Remaining Noninterest Income

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Commissions and fee income 1 11,510 11,544 10,669 (34) (0) 875 8
Net gains (losses) on financial assets
available for sale 301 123 201 178 145 (78) (39)
Net income (loss) from equity method
investments 159 (264) (2,004) 423 N/M 1,740 (87)
Other income (loss) 281 1,322 764 (1,041) (79) 558 73
Total remaining noninterest income 12,251 12,725 9,630 (474) (4) 3,095 32
N/M – Not meaningful
1 includes:
2012 2011 2010 in € m. in % in € m. in %
Commissions and fees from fiduciary
activities:
Commissions for administration 453 491 491 (38) (8) − −
Commissions for assets under
management 2,733 2,760 2,833 (27) (1) (73) (3)
Commissions for other securities
business 240 207 205 33 16 2 1
Total 3,425 3,458 3,529 (33) (1) (71) (2)
Commissions, broker’s fees, mark-ups on
securities underwriting and other securities
activities:
Underwriting and advisory fees 1,893 1,783 2,148 110 6 (365) (17)
Brokerage fees 1,526 1,882 1,725 (356) (19) 157 9
Total 3,418 3,665 3,873 (247) (7) (208) (5)
Fees for other customer services 2 4,667 4,421 3,267 246 6 1,153 35
Total commissions and fee income 11,510 11,544 10,669 (34) (0) 875 8
2 The increase from 2010 to 2011 includes commissions related to nonbanking activities of Postbank.

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Commissions and fee income. Total Commissions and fee income was € 11.5 billion in 2012, a slight de-
crease of € 34 million compared to 2011. Advisory fees increased driven by Global Finance as well as by
AWM Alternatives, reflecting increased deal activity. Underwriting fees were in line with 2011 with an increase
in Rates and Credit Trading, reflecting higher corporate debt issuance, offset by lower fees from Equity Trad-
ing. Other customer services fees slightly increased mainly due to Trade Finance & Cash Management Cor-
porates in GTB as well as Rates and Credit Trading in CB&S. Both Underwriting and advisory fees as well as
Other customer services fees, however were offset by lower Brokerage fees, especially in PBC Products, due
to muted client investment activities, and in Global Equities.

Net gains (losses) on financial assets available for sale. Net gains on financial assets available for sale were
€ 301 million in 2012, versus € 123 million in 2011.The net gain in 2012 mainly included gains on the sale of
EADS shares of € 152 million and on the sale of the Structured Credit portfolio in the NCOU. These gains were
partially offset by specific impairments and realized losses on sale from de-risking activity in the NCOU. The net
gain in 2011 mainly included disposal gains of approximately € 485 million and a one-time positive impact of
€ 263 million related to our stake in Hua Xia Bank, arising from the application of equity method accounting upon
receiving all substantive regulatory approvals to increase our stake, partly offset by an impairment charge of
€ 527 million on Greek government bonds.

Net income (loss) from equity method investments. Net gains from equity method investments were € 159 mil-
lion in 2012, versus a net loss of € 264 million in 2011. The net income in 2012 included a positive equity pick
up of € 311 million from our investment in Hua Xia Bank, partly offset by an impairment charge of € 257 million
related to Actavis Group. The net loss in 2011 included a positive equity pick-up of € 154 million related to our
stake in Hua Xia Bank and an impairment charge of € 457 million related to Actavis Group.

Other income (loss). Other income was a gain of € 281 million in 2012 versus € 1.3 billion in 2011. The lower
other income in 2012 was largely due to significant losses from derivatives qualifying for hedge accounting
offset by revenues related to The Cosmopolitan of Las Vegas and Maher Terminals as well as income from the
settlement of credit protection received from the seller related to acquired commercial banking activities in the
Netherlands. In 2011, other income mainly included significant gains from derivatives qualifying for hedge ac-
counting and revenues related to The Cosmopolitan of Las Vegas.

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Noninterest Expenses
2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Compensation and benefits 13,526 13,135 12,671 391 3 464 4
General and administrative expenses 1 15,016 12,657 10,133 2,359 19 2,524 25
Policyholder benefits and claims 414 207 485 207 100 (278) (57)
Impairment of intangible assets 1,886 − 29 1,886 N/M (29) N/M
Restructuring activities 394 − − 394 N/M − N/M
Total noninterest expenses 31,236 25,999 23,318 5,237 20 2,681 11
N/M – Not meaningful
1 includes:
2012 2011 2010 in € m. in % in € m. in %
IT costs 2,547 2,194 2,274 353 16 (80) (4)
Occupancy, furniture and equipment
expenses 2,115 2,072 1,679 43 2 393 23
Professional service fees 1,870 1,632 1,616 238 15 16 1
Communication and data services 907 849 785 58 7 64 8
Travel and representation expenses 518 539 554 (21) (4) (15) (3)
Payment, clearing and custodian services 609 504 418 105 21 86 21
Marketing expenses 376 410 335 (34) (8) 75 22
Consolidated investments 760 652 390 108 17 262 67
Other expenses 5,314 3,805 2,082 1,509 39 1,723 83
Total general and administrative expenses 15,016 12,657 10,133 2,359 19 2,524 25
N/M – Not meaningful

Compensation and benefits. In the full year 2012, compensation and benefits were up by € 391 million, or
3 %, compared to 2011. Half of the increase in 2012 was attributable to variable compensation mainly due to
a decrease in the deferral rate from 61 % to 47 % which led to an increase of the cash bonus component.
This was partly offset by retention related costs based on a reduced deferred compensation charge for em-
ployees eligible for career retirement. The other significant driver of the increase was the negative impact of
FX translation.

General and administrative expenses. General and administration expenses increased by € 2.4 billion, or 19 %,
from € 12.7 billion in 2011 to € 15.0 billion in 2012. The main driver for the increase were new litigation provi-
sions as well as items related to the turnaround measures in the Bank’s commercial banking activities in the
Netherlands; both shown in other expenses. Further increases resulted from higher IT costs, including the
write-down of the technology platform NPP, higher depreciation on IT, and the new Magellan platform in PBC.
Professional service fees increased due to higher legal costs relating to litigations and costs related to the
strategic review in AWM. Higher costs in consolidated investments were driven by The Cosmopolitan of Las
Vegas and Maher Terminals.

Policyholder benefits and claims. Policyholder benefits and claims in 2012 were € 414 million, an increase of
€ 207 million compared to the prior year. These are solely driven by insurance-related charges from the Abbey
Life business. These costs are offset by net gains on financial assets/liabilities at fair value through profit or
loss on policyholder benefits and claims.

Impairment of intangible assets. In 2012, impairment charges on goodwill and other intangible assets were
€ 1.9 billion. They included impairments of € 1.2 billion for CB&S prior to re-segmentation. Post segmentation
reviews resulted in further € 421 million of goodwill impairments in the newly established NCOU. Impairments
of other intangible assets included € 202 million in AWM and € 73 million in GTB relating to commercial bank-
ing activities in the Netherlands.

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Restructuring. Restructuring activities were € 394 million in 2012. Restructuring activities in 2012 led to lower
Salary and Benefit costs in the fourth quarter 2012.

Income Tax Expense

In 2012, the income tax expense was € 493 million, which led to an effective tax rate of 63 % compared to
an income tax expense of € 1.1 billion and an effective tax rate of 20 % in 2011. The current year’s effective
tax rate was mainly impacted by expenses that are not deductible for tax purposes which include impairments
of goodwill. The prior 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.

Segment Results of Operations

The following is a discussion of the results of our business segments. See Note 05 “Business Segments and
Related Information” to the consolidated financial statements for information regarding

— our organizational structure;

— effects of significant acquisitions and divestitures on segmental results;
— changes in the format of our segment disclosure;
— the framework of our management reporting systems;
— consolidating and other adjustments to the total results of operations of our business segments, and
— definitions of non-GAAP financial measures that are used with respect to each segment.

The criterion for segmentation into divisions is our organizational structure as it existed at December 31, 2012.
Segment results were prepared in accordance with our management reporting systems.

2012
Corporate Global Asset & Private & Non-Core Total Consoli-
in € m. Banking & Transaction Wealth Business Operations Management dation & Total
(unless stated otherwise) Securities Banking Management Clients Unit Reporting Adjustments Consolidated
1
Net revenues 15,648 4,006 4,466 9,541 1,058 34,719 (978) 33,741
Provision for credit losses 121 168 18 781 634 1,721 0 1,721
Total noninterest expenses 12,637 3,169 4,288 7,221 3,305 30,619 617 31,236
therein:
Policyholder benefits and claims − − 414 − − 414 − 414
Restructuring activities 246 40 104 − 3 394 − 394
Impairment of intangible assets 1,174 73 202 15 421 1,886 − 1,886
Noncontrolling interests 17 − 0 16 33 66 (66) −
Income (loss) before income taxes 2,874 669 160 1,524 (2,914) 2,313 (1,529) 784
Cost/income ratio 81 % 79 % 96 % 76 % N/M 88 % N/M 93 %
Assets 2 1,475,090 77,378 68,408 282,603 97,265 2,000,744 11,585 2,012,329
Risk-weighted assets 124,939 27,093 12,451 72,695 80,295 317,472 16,133 333,605
Average active equity 18,236 3,012 5,888 11,865 10,189 49,191 5,929 55,120
Pre-tax return on average active
equity 16 % 22 % 3% 13 % (29) % 5% (26) % 1%
N/M – Not meaningful
1 Includes revenues in Abbey Life related to Policyholder benefits and claims of € 420 million offset in expenses.
2 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.

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2011
Corporate Global Asset & Private & Non-Core Total Consoli-
in € m. Banking & Transaction Wealth Business Operations Management dation & Total
(unless stated otherwise) Securities Banking Management Clients Unit Reporting Adjustments Consolidated
1
Net revenues 14,109 3,608 4,277 10,393 879 33,266 (38) 33,228
Provision for credit losses 90 158 22 1,185 385 1,840 (1) 1,839
Total noninterest expenses 10,341 2,411 3,313 7,128 2,554 25,746 253 25,999
therein:
Policyholder benefits and claims − − 207 − − 207 − 207
Restructuring activities − − − − − − − −
Impairment of intangible assets − − − − − − − −
Noncontrolling interests 21 − 0 178 14 213 (213) −
Income (loss) before income taxes 3,657 1,039 942 1,902 2 (2,074) 5,466 (77) 5,390
Cost/income ratio 73 % 67 % 77 % 69 % N/M 77 % N/M 78 %
Assets 3 1,591,863 85,751 68,848 270,086 134,712 2,151,260 12,843 2,164,103
Risk-weighted assets 155,302 26,986 14,626 78,637 103,810 379,362 1,884 381,246
Average active equity 14,389 3,068 5,656 12,081 11,405 46,599 3,850 50,449
Pre-tax return on average active
equity 25 % 34 % 17 % 16 % (18) % 12 % (2) % 10 %
N/M – Not meaningful
1 Includes revenues in Abbey Life related to Policyholder benefits and claims of € 178 million offset in expenses.
2 Includes a net positive impact of € 236 million related to the stake in Hua Xia Bank (PBC).
3
Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.

2010
Corporate Global Asset & Private & Non-Core Total Consoli-
in € m. Banking & Transaction Wealth Business Operations Management dation & Total
(unless stated otherwise) Securities Banking Management Clients Unit Reporting Adjustments Consolidated
1 2 3
Net revenues 16,282 3,379 4,520 6,048 (1,285) 28,944 (377) 28,567
Provision for credit losses 19 113 14 550 577 1,273 0 1,274
Total noninterest expenses 10,920 2,386 3,905 4,408 1,690 23,308 10 23,318
therein:
Policyholder benefits and claims − − 486 − − 486 − 486
Restructuring activities − − − − − − − −
Impairment of intangible assets − 29 − − − 29 − 29
Noncontrolling interests 21 − (2) 8 (4) 24 (24) −
Income (loss) before income taxes 5,321 880 603 1,082 (3,548) 4,339 (363) 3,975
Cost/income ratio 67 % 71 % 86 % 73 % N/M 81 % N/M 82 %
Assets 4 1,314,556 67,621 66,334 276,878 168,397 1,893,785 11,844 1,905,630
Risk-weighted assets 139,216 26,996 15,051 87,031 75,228 343,522 2,683 346,204
Average active equity 13,320 2,416 5,277 3,174 9,318 33,505 7,848 41,353
Pre-tax return on average active
equity 40 % 36 % 11 % 34 % (38) % 13 % (5) % 10 %
N/M – Not meaningful
1 Includes a gain from the recognition of negative goodwill related to the acquisition of parts of ABN AMRO’s commercial banking activities in the Netherlands of € 208 million as reported

in the second quarter 2010.

2 Includes revenues in Abbey Life related to Policyholder benefits and claims of € 511 million offset in expenses.
3 Includes a charge related to the investment in Deutsche Postbank AG of € 2,338 million.
4 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.

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Corporate Divisions
Corporate Banking & Securities Corporate Division
2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net revenues:
Sales & Trading (debt and other products) 9,181 8,520 9,844 661 8 (1,324) (13)
Sales & Trading (equity) 2,288 2,235 2,875 53 2 (640) (22)
Origination (debt) 1,417 1,056 1,200 361 34 (144) (12)
Origination (equity) 518 559 706 (41) (7) (147) (21)
Advisory 590 621 573 (31) (5) 48 8
Loan products 1,107 1,158 1,146 (51) (4) 12 1
Other products 547 (39) (62) 586 N/M 23 (37)
Total net revenues 15,648 14,109 16,282 1,539 11 (2,173) (13)
Provision for credit losses 121 90 19 31 34 71 N/M
Total noninterest expenses 12,637 10,341 10,920 2,296 22 (579) (5)
therein:
Restructuring activities 246 − − 246 N/M − N/M
Impairment of intangible assets 1,174 − − 1,174 N/M − N/M
Noncontrolling interests 17 21 21 (4) (19) − −
Income (loss) before income taxes 2,874 3,657 5,321 (783) (21) (1,664) (31)
Cost/income ratio 81 % 73 % 67 % − 8 ppt − 6 ppt
Assets 1 1,475,090 1,591,863 1,314,556 (116,773) (7) 277,307 21
Risk-weighted assets 124,939 155,302 139,216 (30,363) (20) 16,086 12
Average active equity 2 18,236 14,389 13,320 3,847 27 1,069 8
Pre-tax return on average active equity 16 % 25 % 40 % − (9) ppt − (15) ppt
N/M – Not meaningful
1 Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.
2 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

For the full year 2012, Sales & Trading (debt and other products) net revenues were € 9.2 billion, an increase
of € 661 million, or 8 %, despite a negative impact of € 186 million relating to Credit Valuation Adjustments
(CVAs) in the fourth quarter 2012 due to a refinement in the calculation methodology and RWA mitigation.
Revenues in Rates and Credit Flow Trading were significantly higher than the prior year, driven by significantly
higher Flow Credit revenues reflecting improved credit market conditions, and by higher Rates revenues re-
flecting strong client activity, particularly in Europe. Revenues in Structured Finance were higher than the prior
year, reflecting a strong client demand, particularly for CMBS products. In contrast, despite increased volumes,
Foreign Exchange revenues were lower than the prior year as a result of margin compression. Revenues in
Money Markets were lower than the prior year due to lower volatility. In Commodities and RMBS, revenues
were lower compared to 2011. Revenues in Emerging Markets were in line with the prior year.

Sales & Trading (equity) generated revenues of € 2.3 billion in 2012, a slight increase compared to the prior
year. Equity Derivatives revenues were significantly higher than the prior year which was negatively impacted
by volatile market conditions. Equity Trading revenues were in line with the prior year with market share gains
offsetting more difficult market conditions. In Prime Finance, revenues were lower than the prior year driven
by lower margins.

Origination and Advisory revenues increased to € 2.5 billion, up € 289 million compared to the full year 2011.
Deutsche Bank was ranked number five globally, by share of Corporate Finance fees, and number one in Eu-
rope. In Advisory revenues were down in comparison to the prior year. Deutsche Bank was ranked number six
globally and number two in Europe. Debt Origination revenues increased due to corporate debt issuance, while
Equity Origination revenues decreased, reflecting an industry wide decline in IPO activity in the first half of
2012. Deutsche Bank was ranked number five globally for Equity Origination, and number two in Europe. (All
ranks from Dealogic unless otherwise stated).

For the full year 2012, net revenues from Other products were € 547 million, compared to negative € 39 million
in 2011. The increase was driven by € 516 million relating to the impact of a refinement in the calculation meth-
odology of the Debt Valuation Adjustment (DVA) on certain derivative liabilities.

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Noninterest expenses were € 12.6 billion, a substantial increase of € 2.3 billion compared to € 10.3 billion for
the full year 2011. Approximately half of the increase related to the impairment of intangible assets. The in-
crease also included € 315 million cost-to-achieve related to OpEx. Additionally, noninterest expenses were
impacted by adverse foreign exchange rate movements and higher litigation related charges. These increases
were partially offset by the absence of a specific charge of € 310 million for a German VAT claim in the prior
year, and lower non-performance related compensation costs reflecting the implementation of OpEx.

Global Transaction Banking Corporate Division

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net revenues:
Transaction services 4,006 3,608 3,163 398 11 445 14
Other products − − 216 − N/M (216) N/M
Total net revenues 4,006 3,608 3,379 398 11 229 7
Provision for credit losses 168 158 113 10 7 45 40
Total noninterest expenses 3,169 2,411 2,386 758 31 25 1
therein:
Restructuring activities 40 − − 40 N/M − N/M
Impairment of intangible assets 73 − 29 73 N/M (29) N/M
Noncontrolling interests − − − − N/M − N/M
Income (loss) before income taxes 669 1,039 880 (370) (36) 159 18
Cost/income ratio 79 % 67 % 71 % − 12 ppt − (4) ppt
Assets 1 77,378 85,751 67,621 (8,373) (10) 18,130 27
Risk-weighted assets 27,093 26,986 26,996 107 0 (10) (0)
Average active equity 2 3,012 3,068 2,416 (56) (2) 652 27
Pre-tax return on average active equity 22 % 34 % 36 % − (12) ppt − (3) ppt
N/M – Not meaningful
1 Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.
2 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

GTB’s results in 2012 included a net charge of € 534 million in the fourth quarter 2012, which limits the compa-
rability of the financial performance to prior periods. This net charge included a litigation-related charge and
measures related to the turn-around of the acquired commercial banking activities in the Netherlands, which
comprised the settlement of the credit protection received from the seller, an impairment of an intangible asset
as well as restructuring charges.

Net revenues increased significantly by € 398 million, or 11 %, compared to 2011. The reporting period includ-
ed a settlement payment related to the aforementioned turn-around in the Netherlands. The increase in the
underlying business was driven by a strong performance across products and regions benefiting from strong
volumes while interest rate levels continued to be low. Trade Finance profited from high demand for interna-
tional trade and financing products. Trust & Securities Services further grew on the back of higher fee income
especially in the Corporate Trust business in the U.S.. Cash Management continued to benefit from a sus-
tained “flight-to-quality” trend, resulting in strong transaction volumes and higher deposit balances, as well as
from liquidity management.

Provision for credit losses increased by € 10 million, or 7 %, versus 2011, which was driven by the commercial
banking activities acquired in the Netherlands. This was partly offset by lower provisions in the Trade Finance
business.

Noninterest expenses were up € 758 million, or 31 %, compared to 2011, mainly driven by the aforementioned
turn-around measures as well as the litigation-related charge. Excluding these charges, noninterest expenses
were above the prior-year level reflecting higher expenses related to compensation and to higher business
activity. This was partly offset by the non-recurrence of higher amortization of an upfront premium paid for
credit protection received in the prior year.

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Income before income taxes decreased by € 370 million, or 36 %, compared to 2011. The decrease resulted
from the aforementioned turn-around measures as well as the litigation-related charge. Excluding this net
charge, income before income taxes for the reporting period would have been well above the prior year.

Asset & Wealth Management Corporate Division

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net revenues:
Discretionary portfolio/fund management 2,108 2,104 2,178 4 0 (74) (3)
Advisory/brokerage 807 789 830 18 2 (41) (5)
Credit products 411 393 378 18 5 15 4
Deposits and payment services 236 158 142 78 49 16 11
Other products 904 833 993 71 9 (160) (16)
Total net revenues 4,466 4,277 4,520 189 4 (243) (5)
Provision for credit losses 18 22 14 (4) (20) 8 57
Total noninterest expenses 4,288 3,313 3,905 975 29 (592) (15)
therein:
Policyholder benefits and claims 414 207 486 207 100 (279) (57)
Restructuring activities 104 − − 104 N/M − N/M
Impairment of intangible assets 202 − − 202 N/M − N/M
Noncontrolling interests 0 0 (2) − N/M 2 N/M
Income (loss) before income taxes 160 942 603 (782) (83) 339 56
Cost/income ratio 96 % 77 % 86 % − 19 ppt − (9) ppt
Assets 1 68,408 68,848 66,334 (440) (1) 2,514 4
Risk-weighted assets 12,451 14,626 15,051 (2,175) (15) (425) (3)
Average active equity 2 5,888 5,656 5,277 232 4 379 7
Pre-tax return on average active equity 3% 17 % 11 % − (14) ppt − 5 ppt
Invested assets (in € bn.) 3 944 912 936 32 3 (24) (3)
Net new money (in € bn.) (22) (7) (2) (15) N/M (5) N/M
N/M – Not meaningful
1 Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.
2 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.
3 We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage invested assets on a

discretionary or advisory basis, or these assets are deposited with us.

Net revenues increased slightly by € 189 million, or 4 %, compared to € 4.3 billion in 2011, reflecting a
€ 207 million increase in revenues from Other products from mark-to-market movements on investments held
to back insurance policyholder claims in Abbey Life, offset in noninterest expenses. This effect was partly offset
by € 46 million in RREEF driven by gains on sales in 2011, € 51 million due to reduced demand for hedge fund
products and € 37 million due to lower management fees. Revenues from deposits and payment services
increased substantially, reflecting various product initiatives targeting stable funding. Advisory/brokerage reve-
nues and revenues from credit products both improved in the Wealth Management businesses due to contin-
ued business growth and increased assets under management.

Noninterest expenses were up € 975 million, or 29 %, compared to 2011 mainly due to the aforementioned
effect related to Abbey Life, € 202 million of impairments related to Scudder, € 90 million of IT-related impair-
ments, € 104 million in costs-to-achieve related to OpEx, costs incurred from the strategic review and litigation-
related charges.

Invested assets in AWM were € 944 billion as of December 31¸2012, an increase of €32 billion versus Decem-
ber 31, 2011, mainly driven by market appreciation of € 55 billion and transfers of € 7 billion from Postbank,
partly offset by outflows of € 22 billion and foreign currency movements of € 7 billion. The private bank attract-
ed inflows of € 15 billion for the year offset by outflows in asset management, particularly from the institutional
business which was impacted by the strategic review.

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Private & Business Clients Corporate Division

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net revenues:
Discretionary portfolio/fund management 213 251 313 (38) (15) (62) (20)
Advisory/brokerage 860 914 887 (54) (6) 27 3
Credit products 2,149 2,099 2,117 50 2 (18) (1)
Deposits and payment services 2,064 2,085 1,962 (21) (1) 123 6
Other products 4,255 5,044 769 (789) (16) 4,275 N/M
Total net revenues 9,541 10,393 6,048 (852) (8) 4,345 72
Provision for credit losses 781 1,185 550 (404) (34) 635 115
Total noninterest expenses 7,221 7,128 4,408 93 1 2,720 62
therein:
Impairment of intangible assets 15 − − 15 N/M − N/M
Noncontrolling interests 16 178 8 (162) (91) 170 N/M
Income (loss) before income taxes 1,524 1,902 1,082 (378) (20) 820 76
Cost/income ratio 76 % 69 % 73 % − 7 ppt − (4) ppt
Assets 1 282,603 270,086 276,878 12,517 5 (6,792) (2)
Risk-weighted assets 72,695 78,637 87,031 (5,942) (8) (8,394) (10)
Average active equity 2 11,865 12,081 3,174 (216) (2) 8,907 N/M
Pre-tax return on average active equity 13 % 16 % 34 % − (3) ppt − (18) ppt
Invested assets (in € bn.) 3 293 296 297 (3) (1) (1) (0)
Net new money (in € bn.) (10) 8 2 (18) N/M 6 N/M

Breakdown of PBC by business

Advisory Banking Germany:
Net revenues 3,847 3,873 4,062 (26) (1) (189) (5)
Provision for credit losses 173 268 357 (95) (36) (89) (25)
Noninterest expenses 3,204 3,031 3,038 173 6 (7) (0)
Income before income taxes 470 574 666 (104) (18) (92) (14)

Advisory Banking International:

Net revenues 1,971 1,996 1,526 (25) (1) 470 31
Provision for credit losses 211 176 177 35 20 (1) (1)
Noninterest expenses 1,217 1,195 1,104 22 2 91 8
Income before income taxes 543 626 245 (83) (13) 381 156

Consumer Banking Germany:

Net revenues 3,723 4,523 460 (800) (18) 4,063 N/M
Provision for credit losses 397 742 16 (345) (47) 726 N/M
Noninterest expenses 2,800 2,902 266 (102) (4) 2,636 N/M
Noncontrolling interests 15 178 7 (163) (91) 171 N/M
Income before income taxes 511 702 171 (191) (27) 531 N/M
N/M – Not meaningful
1 Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.
2
See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.
3
We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage invested assets
on a discretionary or advisory basis, or these assets are deposited with us.

Net revenues decreased by € 852 million, or 8 %, versus 2011, mainly driven by the non-recurrence of a
positive one-time effect of € 263 million related to our stake in Hua Xia Bank in 2011 and negative impact
from purchase price allocation on Postbank in Consumer Banking Germany. The remaining revenue de-
crease in other products was related to a low interest rate environment and lower revenues from invest-
ment securities due to a targeted accelerated reduction of risk positions. Advisory/brokerage revenues de-
creased by € 54 million, or 6 %, and revenues from discretionary portfolio management/fund management
decreased by € 38 million, or 15 %, mainly in Advisory Banking Germany, driven by muted client investment
activity. Revenues from deposits and payment services decreased slightly by € 21 million, or 1 %, driven
by lower margins. Credit products increased by € 50 million, or 2 %, mainly in Advisory Banking International,
driven by both higher margins and volumes.

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Provision for credit losses was € 781 million, down from € 1,185 million for 2011, mainly driven by Consumer
Banking Germany. This excludes releases from Postbank-related loan loss allowances recorded prior to con-
solidation. The impact of such releases is reported as interest income. Excluding Consumer Banking Germany,
provision for credit losses further decreased, primarily attributable to lower provisions in Advisory Banking
Germany reflecting an improved portfolio quality.

Noninterest expenses increased by € 93 million, or 1 %, compared to 2011 driven by higher costs-to-achieve

of € 133 million, related to Postbank integration and to OpEx.

Invested assets were down mainly driven by € 10 billion net outflows, mostly in deposits, partly offset by
€ 7 billion market appreciation.

Non-Core Operations Unit Corporate Division

2012 increase (decrease) 2011 increase (decrease)
in € m. from 2011 from 2010
(unless stated otherwise) 2012 2011 2010 in € m. in % in € m. in %
Net revenues 1,058 879 (1,285) 179 20 2,164 N/M
Provision for credit losses 634 385 577 249 65 (192) (33)
Total noninterest expenses 3,305 2,554 1,690 751 29 864 51
therein
Restructuring activities 3 − − 3 N/M − N/M
Impairment of intangible assets 421 − − 421 N/M − N/M
Noncontrolling interests 33 14 (4) 19 136 18 N/M
Income (loss) before income taxes (2,914) (2,074) (3,548) (840) 40 1,474 (42)
Assets 1 97,265 134,712 168,397 (37,447) (28) (33,685) (20)
Risk-weighted assets 80,295 103,810 75,228 (23,515) (23) 28,582 38
Average active equity 2 10,189 11,405 9,318 (1,216) (11) 2,087 22
N/M – Not meaningful
1 Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.
2 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

Net revenues increased by € 179 million, or 20 %, compared to 2011. Net revenues in the NCOU are driven
by the timing and nature of specific items. In 2012 such specific items included negative effects related to
refinements of the CVA methodology of € 203 million, mortgage repurchase costs of € 233 million, losses from
sales of capital intensive securitization positions and various impairments. Revenues in 2011 were impacted
by impairment charges of € 457 million related to Actavis Group as well as impairments on Greek Govern-
ment bonds.

Provision for credit losses increased by € 249 million, or 65 %, in comparison to 2011 mainly due to higher
provisions in relation to IAS 39 reclassified assets.

Noninterest expenses increased by € 751 million, or 29 %, compared to 2011. The increase was mainly
driven by specific items such as litigation charges, settlement costs and impairments. While 2012 included
€ 421 million impairment of intangible assets, 2011 was impacted by a € 135 million property related impair-
ment charge, € 97 million related to BHF-BANK and additional settlement costs.

Consolidation & Adjustments

For a discussion of C&A to our business segment results see Note 05 “Business Segments and Related Infor-
mation” to the consolidated financial statements.

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Operating Results (2011 vs. 2010)

Net Interest Income

Net interest income in 2011 was € 17.4 billion, an increase of € 1.9 billion, or 12 %, versus 2010. The
improvement was primarily driven by the consolidation of Postbank. This also led to an increase in average
interest-earning assets and average interest-bearing liabilities. Excluding Postbank, increased cost of funding
due to higher spreads and lower net interest income on trading positions in CB&S would have led to lower net
interest income, resulting in lower net interest margin.

Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss
The decrease of net gain on financial assets/liabilities at fair value through profit or loss of € 296 million was
mainly in Sales & Trading (debt and other products). This decrease was mainly driven by significantly lower
revenues in Flow Credit, reflecting weakened credit markets and lower client volumes across the industry. The
reduced losses in the NCOU were due to reduced losses from trading revenues. The decrease of net gains on
financial assets/liabilities at fair value through profit or loss in Other product categories was mainly driven by
absence of mark-to-market losses on new loans and loan commitments held at fair value from Loan products,
which were recorded in 2010, and higher losses in Abbey Life in AWM 2011.

Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through
Profit or Loss
Corporate Banking & Securities (CB&S). Combined revenues from net interest income and from net gains (loss-
es) on financial assets/liabilities at fair value through profit or loss from Sales & Trading were € 9.6 billion in
2011, compared to € 11.3 billion in 2010. In Sales & Trading (debt and other products) the main drivers for the
decrease were significantly lower revenues in Flow Credit, reflecting weakened credit markets and lower client
volumes across the industry. In Sales & Trading (equity) revenues were lower than 2010, mainly in Cash Trad-
ing, which was negatively impacted by the deterioration in equity markets during 2011, and in Equity Deriva-
tives, due to a more challenging environment and lower client activity. The increase of € 182 million in
remaining products was driven by several items, including positive effects from derivatives not qualifying for
hedge accounting.

Global Transaction Banking (GTB). Combined revenues from net interest income and from net gains (losses)
on financial assets/liabilities at fair value through profit or loss increased by € 391 million, compared to 2010.
The increase was attributable mainly to Transaction services and included effects from the acquisition of com-
mercial banking activities from ABN AMRO in the Netherlands.

Asset & Wealth Management (AWM). Combined net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss were € 1.0 billion in 2011, a decrease of € 188 million, or 16 %,
compared to 2010. The decrease was fully attributable to the Exchange Traded Funds (ETF) business, reallo-
cated from CB&S to AWM in 2012, and the reassignment of the Sal. Oppenheim workout credit portfolio to
NCOU.

Private & Business Clients (PBC). Combined net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss were € 6.6 billion in 2011, an increase of € 2.7 billion, or
71 %, compared to 2010. The increase was mainly driven by the first-time consolidation of Postbank. In addi-
tion, the increase included higher net interest income from Deposits and Payment services, resulting from
increased deposit volumes, partly offset by decreases in net interest income from Credit Products. The reas-
signment of the Postbank structured credit portfolio and of assets and liabilities in run-off to NCOU led to an
overall lower increase.

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Non-Core Operations Unit (NCOU). Combined net interest income and net gains (losses) on financial as-
sets/liabilities at fair value through profit or loss were € 588 million in 2011, an increase of € 267 million com-
pared to € 321 million in 2010. The main driver for the increase was the transfer of the exposure in Actavis
Group from CB&S to the former CI at the beginning of 2011.

Consolidation & Adjustments (C&A). Combined net interest income and net gains (losses) on financial as-
sets/liabilities at fair value through profit or loss were negative € 40 million in 2011, compared to € 333 million
in 2010. The decrease mainly resulted from positions which were measured at fair value for management
reporting purposes and measured at amortized cost under IFRS. Partly offsetting was higher net interest in-
come on non-divisionalized assets and liabilities, including taxes.

Provision for Credit Losses

Provision for credit losses was € 1.8 billion for the full year 2011 versus € 1.3 billion in 2010. The increase was
mainly attributable to Postbank, which contributed € 761 million for the year. This number excludes releases
from Postbank related loan loss allowances recorded prior to consolidation of € 402 million. The impact of such
releases is reported as net interest income on the group level. Excluding Postbank, provisions were down
€ 139 million primarily reflecting improved performance in the PBC Clients Advisory Banking Germany and
Advisory Banking International.

Remaining Noninterest Income

Commissions and fee income. Total commissions and fee income was € 11.5 billion in 2011, an increase of
€ 875 million, or 8 %, compared to 2010. This development was primarily driven by the consolidation of Post-
bank, which mainly impacted fees for other customer services (up by € 1.2 billion, or 35 %) and brokerage fees
(up by € 157 million, or 9 %). Underwriting and advisory fees decreased by € 365 million, or 17 %, mainly in
CB&S, related to a reduced number of deals resulting from the challenging market conditions.

Net gains (losses) on financial assets available for sale. The net gains were € 123 million in 2011, versus
€ 201 million in 2010. The net gains in 2011 mainly included disposal gains of approximately € 485 million and a
one-time positive impact of € 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, partly offset by
impairments of € 527 million on Greek government bonds.

Net income (loss) from equity method investments. Net loss from equity method investments was € 264 mil-
lion in 2011 versus a net loss of € 2.0 billion in 2010. The net loss in 2011 included an impairment charge of
€ 457 million related to Actavis Group, partly offset by a positive equity pick-up related to our stake in Hua
Xia Bank.

Other income (loss). Total Other income (loss) was a gain of € 1.3 billion in 2011 versus a gain of € 764 million
in 2010. Other income in 2011 included significant results from derivatives qualifying for hedge accounting,
increased revenues related to The Cosmopolitan of Las Vegas (which commenced its activities in December
2010) and was influenced by the consolidation of Postbank. In 2010, other income included a gain represent-
ing negative goodwill related to the commercial banking activities acquired from ABN AMRO in the Netherlands
as well as an impairment charge on The Cosmopolitan of Las Vegas.

Noninterest Expenses
Compensation and benefits. In the full year 2011, compensation and benefits were up by € 464 million, or 4 %,
compared to 2010. The increase included € 1.4 billion related to our acquisitions, partly offset by significantly
lower performance related compensation and lower severance payments.

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General and administrative expenses. General and administrative expenses increased by € 2.5 billion versus
2010, reflecting € 1.4 billion from our acquisitions. Also contributing to the increase were specific charges in
CB&S (€ 655 million litigation-related expenses and a specific charge of € 310 million relating to the impair-
ment of a German VAT claim). In addition, general and administrative expenses increased due to higher costs
related to our consolidated investments, mainly The Cosmopolitan of Las Vegas (including an impairment
charge on the property of € 135 million), and the first time consideration of € 247 million for bank levies, pre-
dominantly in Germany and the UK. These increases were partly offset by savings resulting from the complexi-
ty reduction program and from the further integration of Corporate & Investment Banking (CIB), including lower
IT costs in comparison to 2010.

Policyholder benefits and claims. Policyholder benefits and claims in 2011 were € 207 million, a decrease of
€ 278 million compared to the prior year, resulting primarily from our Abbey Life business. These insurance-
related charges are offsetting related net gains on financial assets/liabilities at fair value through profit or loss.

Impairment of intangible assets. There was no charge for impairment of intangible assets in 2011.

Income Tax Expense

In 2011, the income tax expense was € 1.1 billion, which led to an effective tax rate of 20 % compared to an
income tax expense of € 1.6 billion and an effective tax rate of 41 % in 2010. This development was due to
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.

Results of Operations by Segment (2011 vs. 2010)

Corporate Banking & Securities Corporate Division

Sales & Trading (debt and other products) net revenues decreased due to significantly lower revenues in Rates
and Credit Flow Trading, predominantly in Flow Credit, reflecting weakened credit markets, lower client vol-
umes across the industry, and reduced liquidity especially in the latter half of 2011. The aforementioned reve-
nue decrease in Rates was due to lower flow client volumes as a result of market uncertainty. Structured
Finance revenues were solid and in line with prior year, reflecting demand for restructuring capabilities. Emerg-
ing Markets revenues were lower than 2010 primarily due to lower flow client volumes as a result of market
uncertainty. RMBS revenues were significantly higher than the prior year as a result of successful business
realignment. Money Markets revenues increased, driven by strong client activity and volatile markets. Foreign
Exchange revenues were very strong, with record annual client volumes offsetting lower margins. Commodities
delivered record annual revenues despite a challenging environment, reflecting successful strategic investment.

Sales & Trading (equity) revenues decreased due to 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 due to the impact of the deterioration in equity
markets during 2011 and lower client activity in Europe. 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.

Noninterest expenses decreased, primarily driven by lower compensation expenses and efficiency savings
partly offset by higher litigation related expenses, and a specific charge of € 310 million relating to the impair-
ment of a German VAT claim.

Income before income taxes decreased driven by the aforementioned revenue effects and partly offset by
lower noninterest expenses.

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Global Transaction Banking Corporate Division

Net revenues increased driven by a performance on record levels across all businesses with growth in fee and
interest income. 2010 included € 216 million related to negative goodwill from the acquisition of commercial
banking activities in the Netherlands. Trust & Securities Services profited from improved market conditions in
the custody and depositary receipt business. Trade Finance further capitalized on high demand for internation-
al 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.

Provision for credit losses increased mainly due to the commercial banking activities acquired in the
Netherlands.

Noninterest expenses increased slightly mainly driven by the aforementioned acquisition in the second quarter
2010, including higher expenses related to the amortization of an upfront premium paid for credit protection
received and higher insurance-related expenses, partially offset by the non-recurrence of significant severance
charges which related to specific measures associated with the realignment of infrastructure areas and sales
units and the impact of an impairment of intangible assets in 2010.

Asset & Wealth Management Corporate Division

Net revenues decreased due to € 279 million effects from mark-to-market movements on investments held to
back insurance policyholder claims in Abbey Life, which are offset in noninterest expenses. Revenues from
other products overall decreased, including the aforementioned effect which was partly compensated by
€ 72 million in alternative assets and € 46 million in Sal. Oppenheim. Revenues from discretionary portfolio
management/fund management decreased reflecting the reduced asset base and performance fees resulting
from negative market conditions especially in the second half of 2011. Revenues from advisory/brokerage
decreased driven by negative market conditions. In contrast, revenues from deposits and payment services
increased. Reflecting higher deposit volumes resulting from dedicated product initiatives. Furthermore, reve-
nues from credit products improved across all Wealth Management units partly offset by Sal. Oppenheim.

Noninterest expenses decreased, mainly influenced from the above mentioned effects related to Abbey Life,
€ 144 million from Sal. Oppenheim, reflecting the successful integration into Deutsche Bank, and lower ex-
penses in Active mostly facilitated by measures to improve platform efficiency.

Invested assets declined due to an impact of € 26 billion from market depreciation and € 7 billion net outflows,
partly offset by € 9 billion due to foreign currency movements.

Private & Business Clients Corporate Division

The increase in net revenues is mainly attributable to the consolidation of Postbank, which began on Decem-
ber 3, 2010, and contributed revenues of € 4.5 billion in 2011, compared to € 460 million in 2010. In 2011 reve-
nues from other products also included € 62 million impairments on Greek government bonds in Advisory
Banking Germany as well as a one-time positive impact of € 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. Revenues from deposits and payment services increased, largely driven by higher volumes
in Advisory Banking Germany. Advisory/brokerage revenues increased while revenues from discretionary port-
folio management/fund management revenues decreased mainly in Advisory Banking Germany due to the
challenging environment. Credit products revenues were down with negative effects from lower margins over-
compensating revenue increases due to higher volumes in both Advisory Banking Germany and Advisory
Banking International.

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Provision for credit losses was € 1.2 billion, of which € 742 million related to Postbank. This number excludes
releases from Postbank-related loan loss allowance recorded prior to consolidation of € 402 million. The impact
of such releases is reported as net interest income. Excluding Postbank, provisions for credit losses were
€ 444 million, down € 91 million compared to 2010. The decrease was driven by Advisory Banking Germany.

The increase in noninterest expenses is predominantly driven by Consumer Banking Germany reflecting the
consolidation of Postbank. Excluding the Consumer Banking Germany related increase, noninterest expenses
were up by € 84 million, mainly resulting from higher costs-to-achieve related to Postbank integration.

Income before income taxes improved due to Consumer Banking Germany and Advisory Banking International.

Invested assets were € 296 billion, down € 1 billion compared to 2010. This was mainly driven by € 9 billion
due to market depreciation, partly offset by € 8 billion net inflows, mainly in deposits.

Non-Core Operations Unit Corporate Division

Net revenues increased compared to 2010, including revenues from our exposure to Actavis Group as well
as investments in BHF-BANK, Maher Terminals and The Cosmopolitan of Las Vegas which were partly re-
duced by impairment charges of € 457 million related to Actavis Group as well as impairments on Greek
Government bonds. Net revenues in 2010 were mainly impacted by a charge of € 2.3 billion from our invest-
ment in Postbank.

Provision for credit losses decreased due to an improvement in Consumer Finance Business portfolio and
lower provisions required in relation to IAS 39 reclassified assets.

The increase in noninterest expenses is mainly caused by the start of operations at The Cosmopolitan of Las
Vegas at the end of 2010 and non-core business of Postbank, which was consolidated in December 2010, as
well
as a specific impairment charge on The Cosmopolitan of Las Vegas property and ongoing litigation and
settlement costs.

Loss before income taxes decreased mainly due to revenues impacted by the aforementioned Postbank
investment.

Consolidation & Adjustments

For a discussion of C&A to our business segment results see Note 05 “Business Segments and Related
Information” to the consolidated financial statements.

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Financial Position
2012 increase (decrease)
from 2011
in € m. Dec 31, 2012 Dec 31, 2011 in € m. in %
Cash and due from banks 27,885 15,928 11,957 75
Interest-earning deposits with banks 119,548 162,000 (42,452) (26)
Central bank funds sold, securities purchased under resale
60,517 57,110 3,407 6
agreements and securities borrowed
Trading assets 245,538 240,924 4,614 2
Positive market values from derivative financial instruments 768,316 859,582 (91,266) (11)
Financial assets designated at fair value through profit or loss 187,027 180,293 6,734 4
thereof: Securities purchased under resale agreements 124,987 117,284 7,703 7
thereof: Securities borrowed 28,304 27,261 1,043 4
Loans 397,279 412,514 (15,235) (4)
Brokerage and securities related receivables 97,295 122,810 (25,515) (21)
Remaining assets 108,924 112,942 (4,018) (4)
Total assets 2,012,329 2,164,103 (151,774) (7)
Deposits 577,202 601,730 (24,528) (4)
Central bank funds purchased, securities sold under
39,253 43,400 (4,147) (10)
repurchase agreements and securities loaned
Trading liabilities 54,914 63,886 (8,972) (14)
Negative market values from derivative financial instruments 752,706 838,817 (86,111) (10)
Financial liabilities designated at fair value through profit or loss 109,166 118,318 (9,152) (8)
thereof: Securities sold under repurchase agreements 82,267 93,606 (11,339) (12)
thereof: Securities loaned 8,443 3,697 4,746 128
Other short-term borrowings 69,060 65,356 3,704 6
Long-term debt 158,097 163,416 (5,319) (3)
Brokerage and securities related payables 128,010 139,733 (11,723) (8)
Remaining liabilities 69,511 74,787 (5,276) (7)
Total liabilities 1,957,919 2,109,443 (151,524) (7)
Total equity 54,410 54,660 (250) (0)

Movements in Assets
The overall decrease of € 152 billion compared to December 31, 2011 was largely related to a € 91 billion
reduction in positive market values from derivatives, primarily driven by yield curve changes, tightening credit
spreads, maturing trades as well as the strengthening Euro against major currencies.

The € 12 billion increase in cash and due from banks and the € 42 billion decrease in interest earning deposits
with banks reflect our liquidity management activities during the year, including the reduction in our discretion-
ary wholesale funding liabilities.

Brokerage and securities related receivables were down by € 26 billion compared to December 31, 2011, due
to extraordinary low trading volumes over the year-end 2012.

During 2012, loans declined by € 15 billion, primarily from managed reductions in our NCOU.

Foreign exchange rate movements (included in numbers above), in particular of the U.S. dollar and Japanese
yen versus the euro, contributed € 25 billion to the decrease of our balance sheet during 2012.

Movements in Liabilities
Total liabilities decreased by € 152 billion over the year 2012, with a € 86 billion reduction in negative market
values from derivatives representing the major driver, primarily due to the same reasons driving the reduction
in positive market values from derivatives as outlined above.

Deposits were down by € 25 billion, largely impacted by (i) an alignment within the Group of cash/margin col-
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payables as of year-end 2012, and (ii) a reduction in discretionary wholesale funding liabilities, partially offset
by an increase in retail and transaction banking deposits.

The € 12 billion decrease in brokerage and securities related payables reflects extraordinary low trading vol-
umes over the year 2012, partially offset by the above mentioned reclassification out of deposits.

Equity
Total equity decreased by € 250 million between 2011 and 2012. The main factors contributing to this devel-
opment were noncontrolling interests which decreased by € 863 million, the cash dividend paid to Deutsche
Bank shareholders of € 689 million and actuarial gains (losses) which decreased by € 452 million. These nega-
tive effects were mostly offset by a decrease of € 763 million in Treasury shares, which are deducted from
equity, the increase of accumulated other comprehensive income of € 688 million and net income attributable
to Deutsche Bank shareholders, which amounted to € 237 million. The increase in accumulated other compre-
hensive income was mainly a result of unrealized net gains on financial assets available for sale of € 1.1 billion
that were partly offset by negative effects from exchange rate changes of € 423 million namely related to the
U.S. dollar. Unrealized net gains on financial assets available for sale were mainly related to improved market
prices of debt securities from European issuers. The decrease in noncontrolling interests was mainly driven by
the exercise of Deutsche Post’s put option on Postbank’s shares in February 2012 and by the conclusion of a
domination and profit and loss transfer agreement with Postbank in the second quarter 2012.

Regulatory Capital
The calculation of our regulatory capital as of December 31, 2012 is based on the “Basel 2.5”-framework as
implemented by the Capital Requirements Directive 3 into the German Banking Act and the Solvency Regula-
tion. Our Total regulatory capital (Tier 1 and Tier 2 capital) reported under Basel 2.5 was € 57.0 billion at the
end of 2012 compared to € 55.2 billion at the end of 2011. Tier 1 capital increased to € 50.5 billion at the end
of 2012 versus € 49.0 billion at the end of 2011. As of December 31, 2012, Common Equity Tier 1 (formerly
referred to as Core Tier 1) capital increased to € 38.0 billion from € 36.3 billion at the end of 2011. The increase
in both levels of Tier 1 capital primarily reflected reduced capital deduction items.

Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”

As of December 31, 2012 and December 31, 2011 the carrying value of reclassified assets was € 17.0 billion
and € 22.9 billion, respectively, compared with a fair value of € 15.4 billion and € 20.2 billion as of Decem-
ber 31, 2012 and December 31, 2011, respectively. These assets are held in the NCOU.

Please refer to Note 14 “Amendments to IAS 39 and IFRS 7, ‘Reclassification of Financial Assets’” for addi-
tional information on these assets and on the impact of their reclassification.

Exposure to Monoline Insurers

The deterioration of the U.S. subprime mortgage and related markets has generated large exposures to
financial guarantors, such as monoline insurers, that have insured or guaranteed the value of pools of collat-
eral referenced by CDOs and other market-traded securities. Actual claims against monoline insurers will only
become due if actual defaults occur in the underlying assets (or collateral). There is ongoing uncertainty as to
whether some monoline insurers will be able to meet all their liabilities to banks and other buyers of protection.
Under certain conditions (e.g., liquidation) we can accelerate claims regardless of actual losses on the underly-
ing assets.

The following tables summarize the fair value of our counterparty exposures to monoline insurers with respect
to U.S. residential mortgage-related activity and other activities, respectively, in each case on the basis of the
fair value of the assets compared with the notional value guaranteed or underwritten by monoline insurers. The
other exposures described in the second table arise from a range of client and trading activity, including collat-
eralized loan obligations, commercial mortgage-backed securities, trust preferred securities, student loans and
public sector or municipal debt. The tables show the associated Credit Valuation Adjustments (“CVA”) that we

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have recorded against the exposures. For monolines with actively traded CDS, the CVA is calculated using a
full CDS-based valuation model. For monolines without actively traded CDS, a model-based approach is used
with various input factors, including relevant market driven default probabilities, the likelihood of an event (ei-
ther a restructuring or an insolvency), an assessment of any potential settlement in the event of a restructuring,
and recovery rates in the event of either restructuring or insolvency. The monoline CVA methodology is re-
viewed on a quarterly basis by management; since the second quarter of 2011 market based spreads have
been used more extensively in the CVA assessment.

The ratings in the tables below are the lowest of Standard & Poor’s, Moody’s or our own internal credit ratings.

Monoline exposure related to U.S.

residential mortgages Dec 31, 2012 Dec 31, 2011
Value Value
Notional prior to Fair value Notional prior to Fair value
in € m. amount CVA CVA after CVA amount CVA CVA after CVA
AA Monolines:
Other subprime 112 47 (11) 36 124 65 (20) 45
Alt-A 3,011 1,181 (191) 990 3,662 1,608 (353) 1,255
Total AA Monolines 3,123 1,228 (202) 1,026 3,786 1,673 (373) 1,300

Other Monoline exposure Dec 31, 2012 Dec 31, 2011

Value Value
Notional prior to Fair value Notional prior to Fair value
in € m. amount CVA CVA after CVA amount CVA CVA after CVA
AA Monolines:
TPS-CLO 2,441 575 (101) 474 2,721 786 (201) 585
CMBS 1,092 2 − 2 1,113 26 (3) 23
Corporate single
name/Corporate CDO − − − − − − − −
Student loans 297 29 (3) 26 303 56 (13) 43
Other 882 274 (127) 147 922 305 (111) 194
Total AA Monolines 4,712 880 (231) 649 5,059 1,173 (328) 845
Non Investment Grade
Monolines:
TPS-CLO 455 147 (40) 107 547 199 (89) 110
CMBS 3,377 92 (28) 64 3,539 211 (42) 169
Corporate single
name/Corporate CDO 12 − − − 2,062 2 − 2
Student loans 1,284 534 (170) 364 1,325 587 (189) 398
Other 1,084 185 (66) 119 1,076 213 (89) 124
Total Non Investment Grade
Monolines 6,212 958 (304) 654 8,549 1,212 (409) 803
Total 10,924 1,838 (535) 1,303 13,608 2,385 (737) 1,648

The tables exclude counterparty exposure to monoline insurers that relates to wrapped bonds. A wrapped bond
is one that is insured or guaranteed by a third party. As of December 31, 2012 and December 31, 2011, the
exposure on wrapped bonds related to U.S. residential mortgages was € 11 million and € 52 million, respec-
tively, and the exposure on wrapped bonds other than those related to U.S. residential mortgages was
€ 40 million and € 46 million, respectively. In each case, the exposure represents an estimate of the potential
mark-downs of wrapped assets in the event of monoline defaults.

A proportion of the mark-to-market monoline exposure has been mitigated with CDS protection arranged with
other market counterparties and other economic hedge activity.

As of December 31, 2012 and December 31, 2011 the total Credit Valuation Adjustment held against monoline
insurers was € 737 million and € 1,109 million respectively.

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Special Purpose Entities and Off Balance Sheet Arrangements

We engage in various business activities with certain entities, referred to as special purpose entities (SPEs),
which are designed to achieve a specific business purpose. The principal uses of SPEs are to provide clients
with access to specific portfolios of assets and risk and to provide market liquidity for clients through securitiz-
ing financial assets. SPEs may be established as corporations, trusts or partnerships.

We may or may not consolidate SPEs that we have set up or sponsored or with which we have a contractual
relationship. We will consolidate an SPE when we have the power to govern its financial and operating policies,
generally accompanying a shareholding, either directly or indirectly, of more than half the voting rights. If the
activities of the SPEs are narrowly defined or it is not evident who controls the financial and operating policies
of the SPE we will consider other factors to determine whether we have the majority of the risks and rewards.
We reassess our treatment of SPEs for consolidation when there is a change in the SPE’s arrangements or the
substance of the relationship between us and an SPE changes. For further detail on our accounting policies
regarding consolidation and reassessment of consolidation of SPEs please refer to Note 01 “Significant Ac-
counting Policies” in our consolidated financial statements.

In limited situations we consolidate some SPEs for both financial reporting and German regulatory purposes.
However, in all other cases we hold regulatory capital, as appropriate, against all SPE-related transactions and
related exposures, such as derivative transactions and lending-related commitments and guarantees.

The following sections provide details about the assets (after consolidation eliminations) in our consolidated
SPEs and our maximum unfunded exposure remaining to certain non-consolidated SPEs.

Total Assets in Consolidated SPEs

Dec 31, 2012 Asset type
Financial
assets at Financial
fair value assets Cash and
through available cash
in € m. profit or loss 1 for sale Loans equivalents Other assets Total assets
Category:
Group sponsored ABCP conduits − 79 8,433 12 16 8,540
Group sponsored securitizations 1,889 344 1,100 4 70 3,407
Third party sponsored securitizations 485 − 469 13 132 1,099
Repackaging and investment products 4,287 1,038 84 348 257 6,014
Mutual funds 4,115 − − 493 8 4,616
Structured transactions 357 104 1,151 44 182 1,838
Operating entities 2,638 4,070 3,023 55 3,239 13,025
Other 215 333 499 31 343 1,421
Total 13,986 5,968 14,759 1,000 4,247 39,960
1 Fair value of derivative positions is € 218 million.

Dec 31, 2011 Asset type

Financial
assets at Financial
fair value assets Cash and
through available cash
in € m. profit or loss 1 for sale Loans equivalents Other assets Total assets
Category:
Group sponsored ABCP conduits − 39 10,998 1 33 11,071
Group sponsored securitizations 2,044 191 1,169 3 48 3,455
Third party sponsored securitizations − − 493 14 156 663
Repackaging and investment products 5,032 971 207 606 409 7,225
Mutual funds 3,973 − − 1,934 566 6,473
Structured transactions 2,425 43 3,748 22 334 6,572
Operating entities 2,116 3,879 3,228 102 3,439 12,764
Other 114 239 329 84 548 1,314
Total 15,704 5,362 20,172 2,766 5,533 49,537
1 Fair value of derivative positions is € 580 million.

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Group Sponsored ABCP Conduits

The Group sets up, sponsors and administers asset-backed commercial paper (ABCP) programs. These pro-
grams provide our customers with access to liquidity in the commercial paper market and create investment
products for our clients. As an administrative agent for the commercial paper programs, we facilitate the pur-
chase of non-Deutsche Bank Group loans, securities and other receivables by the commercial paper conduit
(conduit), which then issues to the market high-grade, short-term commercial paper, collateralized by the un-
derlying assets, to fund the purchase. The conduits require sufficient collateral, credit enhancements and li-
quidity support to maintain an investment grade rating for the commercial paper. We are the liquidity provider
to these conduits and therefore exposed to changes in the carrying value of their assets. We consolidate the
majority of our sponsored conduit programs because we have the controlling interest.

Our liquidity exposure to these conduits is to the entire commercial paper issued of € 9.3 billion and € 11.6 bil-
lion as of December 31, 2012 and December 31, 2011, of which we held € 393 million and € 2.5 billion,
respectively.

The collateral in the conduits includes a range of asset-backed loans and securities, including aircraft leasing,
student loans, trust preferred securities and residential- and commercial-mortgage-backed securities. The
collateral in the conduits has decreased due to the repayment of certain transactions and the sale of loans to
other entities within the Group.

Group Sponsored Securitizations

We sponsor SPEs for which we originate or purchase assets. These assets are predominantly commercial and
residential whole loans or mortgage-backed securities. The SPEs fund these purchases by issuing multiple
tranches of securities, the repayment of which is linked to the performance of the assets in the SPE. When we
retain a subordinated interest in the assets that have been securitized, an assessment of the relevant factors is
performed and, if SPEs are controlled by us, they are consolidated. The fair value of our retained exposure in
these securitizations as of December 31, 2012 and December 31, 2011 was € 3.4 billion and € 3.1 billion,
respectively.

Third Party Sponsored Securitizations

In connection with our securities trading and underwriting activities, we acquire securities issued by third party
securitization vehicles that purchase diversified pools of commercial and residential whole loans or mortgage-
backed securities. The vehicles fund these purchases by issuing multiple tranches of securities, the repayment
of which is linked to the performance of the assets in the vehicles. When we hold a subordinated interest in the
SPE, an assessment of the relevant factors is performed and if SPEs are controlled by us, they are consolidat-
ed. The increase in the total assets of these SPEs is mainly due to the consolidation of certain Collateralized
Mortgage Obligations in the period. As of December 31, 2012 and December 31, 2011 the fair value of our
retained exposure in these securitizations was € 1.0 billion and € 0.6 billion, respectively.

Repackaging and Investment Products

Repackaging is a similar concept to securitization. The primary difference is that the components of the re-
packaging SPE are generally securities and derivatives, rather than non-security financial assets, which are
then “repackaged” into a different product to meet specific individual investor needs. We consolidate these
SPEs when we have the majority of risks and rewards inherent in the repackaging entity. Risks and rewards
inherent in the repackaging entity may include price movements of the underlying asset for equity, credit, inter-
est rate and other risks and the potential variability arising from those risks. Our consolidation assessment
considers the exposures that both Deutsche Bank and the investor(s) have in relation to the repackaging entity
via derivatives and other instruments. Investment products offer clients the ability to become exposed to specif-
ic portfolios of assets and risks through purchasing our structured notes. We hedge this exposure by purchas-
ing interests in SPEs that match the return specified in the notes. The decrease in total assets of € 1.2 billion is
mainly driven by the repayment of certain facilities in the period. In addition to the assets of consolidated re-

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packaging vehicles shown in the table the nominal value of the total assets in non-consolidated repackaging
vehicles was € 33 billion and € 35 billion as December 31, 2012 and December 31, 2011 respectively.

Mutual Funds
We offer clients mutual fund and mutual fund-related products which pay returns linked to the performance of
the assets held in the funds. We provide a guarantee feature to certain funds in which we guarantee certain
levels of the net asset value to be returned to investors at certain dates. The risk for us as guarantor is that we
have to compensate the investors if the market values of such products at their respective guarantee dates are
lower than the guaranteed levels. For our investment management service in relation to such products, we
earn management fees and, on occasion, performance-based fees. We are not contractually obliged to support
these funds and have not done so during 2012. During 2012 the amount of assets held in consolidated funds
decreased by € 1.9 billion. This movement was predominantly due to client money outflows during the period.

Structured Transactions
We enter into certain structures which offer clients funding opportunities at favorable rates. The funding is pre-
dominantly provided on a collateralized basis. These structures are individually tailored to the needs of our
clients. We consolidate these SPEs when we hold the controlling interest or we have the majority of the risks
and rewards through a residual interest holding and/or a related liquidity facility. The composition of the SPEs
that we consolidate is influenced by the execution of new transactions and the maturing, restructuring and
exercise of early termination options with respect to existing transactions. The total assets decreased by
€ 4.7 billion during 2012 due to the unwinding of certain trades.

Operating Entities
We establish SPEs to conduct some of our operating business when we benefit from the use of an SPE. These
include direct holdings in certain proprietary investments and the issuance of credit default swaps where our
exposure has been limited to our investment in the SPE. We consolidate these entities when we hold the con-
trolling interest or are exposed to the majority of risks and rewards of the SPE.

Exposure to Non-consolidated SPEs

We do not consolidate all the SPEs that we transact with but we may have exposure to non-consolidated SPEs
through certain arrangements. These arrangements include the provision of sponsorship for commercial paper
conduits, finance-related support to third party conduits, liquidity facilities, repurchase and loan commitments
and guarantees. These arrangements are discussed in greater detail below.

in € bn. Dec 31, 2012 Dec 31, 2011

Maximum unfunded exposure by category:
Group sponsored ABCP conduits 0.8 1.2
Third party ABCP conduits 1.8 1.9
Third party sponsored securitizations
U.S. 1.4 1.6
non-U.S. 1.9 1.4
Guaranteed mutual funds 1 9.5 9.8
Real estate leasing funds 0.7 0.7
1 Notional amount of the guarantees.

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Group Sponsored ABCP Conduits

We sponsor and administer four ABCP conduits, established in Australia, which are not consolidated because
we do not hold the majority of risks and rewards. These conduits provide our clients with access to liquidity in
the commercial paper market in Australia. As of December 31, 2012 and December 31, 2011 they had assets
totaling € 0.6 billion and € 1.0 billion respectively, consisting of securities backed by non-U.S. residential mort-
gages issued by warehouse SPEs set up by the clients to facilitate the purchase of the assets by the conduits.
The minimum credit rating for these securities is AA–. The credit enhancement necessary to achieve the required
credit ratings is ordinarily provided by mortgage insurance extended by third-party insurers to the SPEs.

The weighted average life of the assets held in the conduits is five years. The average life of the commercial
paper issued by these off-balance sheet conduits is one to three months.

Our exposure to these entities is limited to the committed liquidity facilities totaling € 0.8 billion as of Decem-
ber 31, 2012 and € 1.2 billion as of December 31, 2011. None of these facilities have been drawn. The de-
crease in the liquidity facilities has been due to the maturity and reduction of certain facilities during the period.
Advances against the liquidity facilities are collateralized by the underlying assets held in the conduits, and
thus a drawn facility will be exposed to volatility in the value of the underlying assets. Should the assets decline
sufficiently in value, there may not be sufficient funds to repay the advance. As of December 31, 2012 we did not
hold material amounts of commercial paper or notes issued by these conduits.

Third Party ABCP Conduits

In addition to sponsoring our commercial paper programs, we also assist third parties with the formation and
ongoing risk management of their commercial paper programs. We do not consolidate any third party ABCP
conduits as we do not control them.

Our assistance to third party conduits is primarily financing-related in the form of unfunded committed liquidity
facilities and unfunded committed repurchase agreements in the event of disruption in the commercial paper
market. The liquidity facilities and committed repurchase agreements are recorded off-balance sheet unless
a contingent payment is deemed probable and estimable, in which case a liability is recorded. At Decem-
ber 31, 2012 and 2011, the notional amount of undrawn facilities provided by us was € 1.8 billion and € 1.9 bil-
lion, respectively. These facilities are collateralized by the assets in the SPEs and therefore the movement in
the fair value of these assets will affect the recoverability of the amount drawn.

Third Party Sponsored Securitizations

The third party securitization vehicles to which we, and in some instances other parties, provide financing are
third party-managed investment vehicles that purchase diversified pools of assets, including fixed income se-
curities, corporate loans, asset-backed securities (predominantly commercial mortgage-backed securities,
residential mortgage-backed securities and credit card receivables) and film rights receivables. The vehicles
fund these purchases by issuing multiple tranches of debt and equity securities, the repayment of which is
linked to the performance of the assets in the vehicles.

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The notional amount of liquidity facilities with an undrawn component provided by us as of December 31, 2012
and December 31, 2011 was € 7.0 billion and € 8.2 billion, respectively, of which € 3.6 billion and € 5.2 billion
had been drawn and € 3.3 billion and € 3.0 billion were still available to be drawn as detailed in the table. All
facilities are available to be drawn if the assets meet certain eligibility criteria and performance triggers are not
reached. These facilities are collateralized by the assets in the SPEs and therefore the movement in the fair
value of these assets affects the recoverability of the amount drawn.

Mutual Funds
We provide guarantees to funds whereby we guarantee certain levels of the net asset value to be returned to
investors at certain dates. These guarantees do not result in us consolidating the funds; they are recorded on-
balance sheet as derivatives at fair value with changes in fair value recorded in the consolidated statement of
income. The fair value of the guarantees was € 32 million as of December 31, 2012. As of December 31, 2012,
these non-consolidated funds had € 10.9 billion assets under management and provided guarantees of
€ 9.5 billion. As of December 31, 2011, assets of € 10.6 billion and guarantees of € 9.8 billion were reported.

Real Estate Leasing Funds

We provide guarantees to SPEs that hold real estate assets (commercial and residential land and buildings
and infrastructure assets located in Germany) that are financed by third parties and leased to our clients.
These guarantees are only drawn upon in the event that the asset is destroyed and the insurance company
does not pay for the loss. If the guarantee is drawn we hold a claim against the insurance company. We
also write put options to closed-end real estate funds set up by us, which purchase commercial or infrastruc-
ture assets located in Germany and which are then leased to third parties. The put option allows the share-
holders to sell the asset to us at a fixed price at the end of the lease. As of December 31, 2012 and Decem-
ber 31, 2011 the notional amount of the guarantees was € 476 million and € 501 million respectively, and the
notional of the put options was € 228 million and € 239 million respectively. We do not consolidate these SPEs
as we do not hold the majority of their risks and rewards.

For further information on off-balance sheet arrangements, including allowances for off-balance sheet positions,
please refer to the Risk Report. Additional information is also included in Note 30 “Credit related Commitments
and Contingent Liabilities”.

As of January 1, 2013 the Group has adopted the requirements of IFRS 10 “Consolidated Financial State-
ments” and IFRS 12 “Disclosure of Interests in Other Entities.” IFRS 12 requires the Group to provide more
comprehensive disclosures related to the nature, associated risks, and financial effects of interests in subsidi-
aries, joint arrangements, associates and unconsolidated structured entities. As a result the disclosure re-
quirements by IFRS 12 will be made in the notes to the financial statements as of year-end 2013. For further
information, see Note 03 “Recently Adopted and New Accounting Pronouncements”.

Liquidity and Capital Resources

For a detailed discussion of our liquidity risk management, see our Risk Report.

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Long-term Credit Ratings

Maintaining a strong credit quality is a fundamental value driver for our clients, bondholders and shareholders.
In 2012, bank ratings globally continued to decline based on the difficult macroeconomic environment and the
ongoing sovereign debt crisis. Despite these challenges, Deutsche Bank was able to retain its A+ long-term
credit ratings assigned by both Standard and Poor’s and Fitch.

In the first quarter 2012, Moody’s initiated a comprehensive rating review of 114 European banks and 17 banks
and securities firms with global capital markets operations. Upon conclusion of the review, most banks were
subject to a downward rating action of up to three notches. On June 21, 2012, Deutsche Bank AG’s long-term
credit rating was downgraded by two notches to A2 in this context. Moody’s attributed the downgrade to the
bank’s large capital markets business and the resulting challenges for the bank’s risk management in a persist-
ing difficult business environment.

Dec 31, 2012 Dec 31, 2011 Dec 31, 2010

Moody’s Investors Service, New York 1 A2 Aa3 Aa3
Standard & Poor’s, New York 2 A+ A+ A+
Fitch Ratings, New York 3 A+ A+ AA-
1 Moody’s defines A-rated obligations as upper-medium grade obligations which are subject to low credit risk. The numerical modifier 2 indicates a ranking in the
middle of the A category.
2 Standard and Poor’s defines its A rating as somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than
obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong. The plus indicates a ranking
in the higher end of the A category.
3 Fitch Ratings defines it’s A rating as high credit quality. Fitch Ratings uses the A rating to denote expectations of low default risk. According to Fitch Ratings,
A ratings indicate a strong capacity for payment of financial commitments. This capacity may, nevertheless, be more vulnerable to adverse business or economic
conditions than higher ratings. The plus indicates a ranking in the higher end of the A category.

Each rating reflects the view of the rating agency only at the time it gave us the rating, and you should evaluate
each rating separately and look to the rating agencies for any explanations of the significance of their ratings.
The rating agencies can change their ratings at any time if they believe that circumstances so warrant. You
should not view these long-term credit ratings as recommendations to buy, hold or sell our securities.

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Tabular Disclosure of Contractual Obligations

Cash payment requirements outstanding as of December 31, 2012.
Contractual obligations Payment due by period
Less than More than
in € m. Total 1 year 1–3 years 3–5 years 5 years
1
Long-term debt obligations 176,777 42,493 38,131 36,254 59,899
Trust preferred securities 1 14,715 5,367 2,731 2,791 3,826
Long-term financial liabilities designated at fair
value through profit or loss 2 13,539 4,540 2,881 1,702 4,417
Finance lease obligations 57 10 30 7 10
Operating lease obligations 5,051 880 1,369 1,057 1,745
Purchase obligations 2,386 686 1,180 472 48
Long-term deposits1 35,245 − 12,152 7,099 15,994
Other long-term liabilities 5,457 210 194 2,661 2,392
Total 253,227 54,184 58,668 52,043 88,331
1 Includes interest payments.
2 Long-term debt and long-term deposits designated at fair value through profit or loss.

Figures above do not include the revenues of noncancelable sublease rentals of € 190 million on operating
leases. Purchase obligations for goods and services include future payments for, among other things, facility
management, information technology and security settlement services. Some figures above for purchase obli-
gations represent minimum contractual payments and actual future payments may be higher. Long-term de-
posits exclude contracts with a remaining maturity of less than one year. Under certain conditions future
payments for some long-term financial liabilities designated at fair value through profit or loss may occur earlier.
See the following notes to the consolidated financial statements for further information: Note 06 “Net Interest
Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss”, Note 24
“Leases”, Note 28 “Deposits” and Note 32 “Long-Term Debt and Trust Preferred Securities”.

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Events after the Reporting Date

All significant adjusting events that occurred after the reporting date were recognized in our results of opera-
tions, financial position and net assets.

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Risk Report

Introduction

Disclosures in line with IFRS 7 and IAS 1

The following Risk Report provides qualitative and quantitative disclosures about credit, market and other risks
in line with the requirements of International Financial Reporting Standard 7 (IFRS 7) Financial Instruments:
Disclosures, and capital disclosures required by International Accounting Standard 1 (IAS 1) Presentation of
Financial Statements. Information which forms part of and is incorporated by reference into the financial state-
ments of this report is marked by a bracket in the margins throughout this Risk Report.

Disclosures according to Pillar 3 of the Basel Capital Framework

In previous years (since 2008), the Pillar 3 disclosures had been provided in separate Pillar 3 Reports. Starting
with year-end 2012, the risk report also incorporates the Pillar 3 disclosures resulting from the revised interna-
tional capital adequacy standards as recommended by the Basel Committee on Banking Supervision (Basel 2),
including the amendments for trading book and securitization positions as applicable since December 31, 2011
(Basel 2.5). The European Union enacted the Capital Requirements Directive 3, which adopted the Basel 2.5
capital framework in Europe. Germany adopted the Capital Requirements Directive 3 into national law and
revised the disclosure requirements related to Pillar 3 in Section 26a of the German Banking Act (“Kredit-
wesengesetz” or “KWG”) and in Part 5 of the German Regulation on Solvency (“Solvabilitätsverordnung”,
“Solvency Regulation” or “SolvV”).

Per regulation it is not required to audit Pillar 3 disclosures. As such certain Pillar 3 disclosures are labeled
unaudited.

We have applied the revised capital framework for the majority of our risk exposures on the basis of internal
models for measuring credit risk, market risk and operational risk, as approved by the German Federal Finan-
cial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, referred to as “BaFin”). All Pillar 3
relevant disclosures are compiled based upon a set of internally defined principles and related processes as
stipulated in our applicable Pillar 3 disclosure policy.

The following table provides the location of the Pillar 3 disclosure topics in this Risk Report.

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Pillar 3 disclosures in our Financial Report

Pillar 3 Disclosure topic Where to find in our Financial Report
Introduction and Scope of Application of Pillar 3 “Introduction“
Capital Adequacy “Regulatory Capital”
Risk and Capital Management of the Group “Risk Management Executive Summary”, “Risk
Management Principles”, “Risk Strategy and Appe-
tite”, “Risk Inventory”, “Risk Management Tools”,
“Capital Management”, “Balance Sheet Manage-
ment” and “Overall Risk Position”
Counterparty Credit Risk: Strategy and Processes “Credit Risk”, “Asset Quality”, “Counterparty Credit
Counterparty Credit Risk: Regulatory Assessment Risk: Regulatory Assessment” and Note 01 “Signifi-
cant Accounting Policies”
Securitization “Securitization” and Note 01 “Significant Accounting
Policies”
Trading Market Risk “Trading Market Risk”, “Nontrading Market Risk”,
Nontrading Market Risk “Accounting and Valuation of Equity Investments”
and Note 02 “Critical Accounting Estimates – Meth-
ods of Determining Fair Value”
Operational Risk “Operational Risk”
Liquidity Risk “Liquidity Risk”

Disclosures according to principles and recommendations of the Enhanced Disclosure Task Force
(EDTF)
In 2012 the Enhanced Disclosure Task Force (“EDTF”) was established as a private sector initiative under the
auspice of the Financial Stability Board, with the primary objective to develop fundamental principles for en-
hanced risk disclosures and to recommend improvements to existing risk disclosures. As a member of the
EDTF we implemented many of the disclosure recommendations in this Risk Report, with further enhance-
ments being considered for 2013.

General Approach
The sections on qualitative and quantitative risk disclosures provide a comprehensive view on the risk profile of
Deutsche Bank Group. All quantitative information generally reflects Deutsche Bank Group including Postbank
for the reporting dates December 31, 2012 and December 31, 2011.

With the legally enforceable domination agreement between Deutsche Bank and Postbank in place since Sep-
tember 2012, Postbank´s risk management function has been functionally integrated in our risk function, e.g.,
regarding functional reporting lines, joint committee structure and group-wide policies. Statements regarding
risk management hence always refer to the Group including Postbank. In limited instances where differing
approaches remain or where a consolidated view for quantitative information cannot be presented, this is sepa-
rately highlighted.

Scope of Consolidation
The following sections providing quantitative information refer to our financial statements in accordance with
International Financial Reporting Standards. Consequently, the reporting is generally based on the IFRS prin-
ciples of valuation and consolidation. However, in particular for Pillar 3 purposes, regulatory principles of con-
solidation are relevant which differ from those applied for our financial statements and are described in more
detail below. Where the regulatorily relevant scope is used this is explicitly stated.

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Scope of the Regulatory Consolidation

Deutsche Bank Aktiengesellschaft (“Deutsche Bank AG”), headquartered in Frankfurt am Main, Germany, is
the parent institution of the Deutsche Bank group of institutions (the “regulatory group”), which is subject to the
supervisory provisions of the KWG and the SolvV. Under Section 10a KWG, a regulatory group of institutions
consists of a credit institution (also referred to as a “bank”) or financial services institution, as the parent com-
pany, and all other banks, financial services institutions, investment management companies, financial enter-
prises, payment institutions and ancillary services enterprises which are subsidiaries in the meaning of
Section 1 (7) KWG. Such entities are fully consolidated for our regulatory reporting. Additionally certain com-
panies which are not subsidiaries can be included on a pro-rata basis. Insurance companies and companies
outside the finance sector are not consolidated in the regulatory group of institutions.

For financial conglomerates, however, insurance companies are included in an additional capital adequacy
calculation (also referred to as “solvency margin”). We have been designated by the BaFin as a financial con-
glomerate in October 2007.

The regulatory principles of consolidation are not identical to those applied for our financial statements. None-
theless, the majority of subsidiaries according to the KWG are also fully consolidated in accordance with IFRS
in our consolidated financial statements.

The main differences between regulatory and accounting consolidation are:

— Entities which are controlled by us but do not belong to the banking industry, do not form part of the regu-
latory group of institutions, however are included in the consolidated financial statements according to
IFRS.
— Most of our Special Purpose Entities (“SPEs”) consolidated under IFRS do not meet the specific consolida-
tion requirements pursuant to Section 10a KWG and are consequently not consolidated within the regula-
tory group. However, the risks resulting from our exposures to such entities are reflected in the regulatory
capital requirements.
— Some entities included in the regulatory group are not consolidated for accounting purposes but are treat-
ed differently, in particular using the equity method of accounting. There are two entities within our regula-
tory group which are jointly controlled by its owners and consolidated on a pro-rata basis. One entity is
voluntarily consolidated on a pro-rata basis. All three entities are treated according to the equity method of
accounting in our financial statements.

As of year-end 2012, our regulatory group comprised 913 subsidiaries, of which 3 were consolidated on a pro-
rata basis. Our regulatory group comprised 137 credit institutions, 3 payment institutions, 80 financial services
institutions, 514 financial enterprises, 14 investment management companies and 165 ancillary services enter-
prises.

As of year-end 2011, our regulatory group comprised 1,027 subsidiaries, of which 3 were consolidated on a
pro-rata basis. The regulatory group comprised 152 credit institutions, 2 payment institutions, 93 financial ser-
vices institutions, 627 financial enterprises, 14 investment management companies and 139 ancillary services
enterprises.

131 entities were exempted from regulatory consolidation pursuant to Section 31 (3) KWG as per year end
2012 (year end 2011: 102 entities). Section 31 (3) KWG allows the exclusion of small entities in the regulatory
scope of application from consolidated regulatory reporting if either their total assets are below € 10 million or
below 1 % of total assets. None of these entities need to be consolidated in our financial statements in accord-
ance with IFRS. The book values of our participations in their equity were deducted from our regulatory capital,
in total € 31 million as per year end 2012 (year end 2011: €12 million).

The same deduction treatment was applied to a further 267 unconsolidated (in the meaning of regulatory con-
solidation) entities and three immaterial insurance entities, not included in the solvency margin, which we de-

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ducted from our regulatory capital pursuant to Section 10 (6) KWG. Section 10 (6) No. 1, 2, 3 and 5 KWG
requires the deduction of participating interests in unconsolidated banking, financial and insurance entities from
regulatory capital when more than 10 % of the capital is held (in case of insurance entities, 20 % of either the
capital or voting rights unless included in the solvency margin calculation of the financial conglomerate). Since
we are classified as a financial conglomerate, material investments in insurance entities amounting to at least
20 % of capital or voting rights are not deducted from our regulatory capital as they are included in our solvency
calculation at the financial conglomerate level.

Risk Management Executive Summary

The overall focus of Risk and Capital Management in 2012 was on strengthening our capital base and support-
ing our strategic initiatives whilst maintaining our risk profile in line with our risk strategy.

Overall Risk Assessment

Key risk categories for us include credit risk, market risk, operational risk, business risk (including tax and stra-
tegic risk), reputational risk and liquidity risk. We manage the identification, assessment and mitigation of top
and emerging risks through a rigorous governance process and robust risk management tools and processes.
Our proactive approach to identification and impact assessment aims to ensure that we mitigate the impact of
these risks on our financial results, long term strategic goals and reputation.

As part of our regular risk and cross-risk analysis, sensitivities of the key portfolio risks are reviewed through a
bottom-up risk assessment and through a top-down macro-economic and political scenario analysis. This two-
pronged approach allows us to capture risks that have an impact across our risk inventories and business
divisions or those that are relevant only to specific portfolios.

Current portfolio wide risks on which we have been focused in 2012 include: the potential escalation of the
European sovereign debt crisis, the impact of a potential US fiscal austerity shock, a potential slowdown in
Asian growth and the potential risk of a steep oil price increase resulting from a geopolitical shock. These risks
have been a consistent focus throughout recent quarters. The assessment of the potential impacts of these
risks has been made through integration into our group-wide stress tests which assess our ability to absorb
these events should they occur. The results of these tests showed that we currently have adequate capital and
liquidity reserves to absorb the impact of these risks if they were to materialize.

The year 2012 has continued to see increased regulation in the financial services industry. We are also fo-
cused on ensuring that we act proactively to identify potential political and regulatory changes and assess the
possible impact on our business model or processes. We have a dedicated function which oversees and coor-
dinates the proactive identification, assessment and implementation of requirements due to new regulation
including the participation in numerous consultation processes.

As part of our overall capital strategy, assets and portfolios deemed as non strategic or in some cases under-
performing have been moved to a newly created Non-Core Operations Unit (NCOU). This division actively
oversees, manages and drives an accelerated de-risking program aligned with our externally announced stra-
tegic targets. Assets assigned to this unit are managed consistently and in accordance with our risk framework
and principles.

Credit Risk Summary

— Adherence to our core credit principles of proactive and prudent risk management has enabled us to
weather a sustained volatile macro-economic credit environment over 2012 and has contributed to the
containment of loan losses. This has been achieved by application of our existing risk management phi-
losophy of conservative underwriting standards, active concentration risk management and risk mitigation
strategies including collateral, hedging, netting and credit support arrangements.

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— Credit exposure remained diversified by region, industry and counterparty. Regional exposure is evenly
spread across our key markets (Germany 27 %, Rest of Western Europe 28 % and North America 30 %)
and has been stable year on year. Our largest industry exposure is to Banks and Insurances, which consti-
tutes 33 % of overall gross exposures (i.e., before consideration of collateral) and was € 359 billion, a de-
cline of € 17.3 billion from December 31, 2011, when it represented 34 % of gross exposures. These
exposures are predominantly with highly rated counterparties and generally are collateralized. On a coun-
terparty level we remained well diversified with our top ten exposures representing 11 % on a gross basis,
all with highly rated investment-grade counterparties and including structured trades with high risk mitiga-
tion.
— The economic capital usage for credit risk totaled € 12.6 billion at year-end 2012. The decrease of
€ 238 million, or 2 %, compared to € 12.8 billion at year-end 2011, mainly reflected overall exposure reduc-
tion.
— Provision for credit losses decreased in 2012 by € 118 million to € 1.7 billion. This decrease excludes the
effect of Postbank releases related to loan loss allowances recorded prior to consolidation of € 157 million
and € 402 million in 2012 and 2011 respectively. The impact of such releases is reported as interest in-
come on group level. Adjusted for this accounting effect, our provision for credit losses in 2012 would have
been € 1.6 billion reflecting an increase of € 126 million compared to the prior year.
— Our overall loan book as of December 31, 2012 decreased to € 402 billion versus € 417 billion as of De-
cember 31, 2011. Reductions were mainly driven by focused de-risking in the newly established NCOU.
Our single largest industry category loan book is Household mortgages equating to € 142 billion as of De-
cember 31, 2012, with € 112 billion of these in the stable German market. Our corporate loan book, which
accounts for 55 % of the total loan book, is composed 66 % of loans with an investment-grade rating as of
December 31, 2012, increased from 64 % as of December 31, 2011 driven by a heavier weighting of reduc-
tions to non investment-grade counterparties.

Market Risk Summary

— Nontrading market risk economic capital usage totaled € 8.5 billion as of December 31, 2012, which is
€ 1.2 billion, or 17 %, above our economic capital usage at year-end 2011. The increase was largely driv-
en by the extension of nontrading market risk economic capital coverage to include material credit spread
risks from the banking book.
— The economic capital usage for trading market risk was € 4.7 billion at year-end 2012, and decreased by
€ 34 million, or 1 % compared to prior year end. The materially unchanged economic capital usage for
trading market risk reflected offsetting effects of methodology refinements and exposure reductions.
— The average value-at-risk of our trading units was € 57.1 million in 2012, compared to € 72.7 million per
2011. The decrease was driven primarily by a broad risk reduction across most asset classes, but also
partly due to the benefit of lower levels of market data volatility.

Operational Risk Summary

— The economic capital usage for operational risk increased by € 172 million, or 3.5 %, to € 5 billion as of
December 31, 2012. The increase is primarily due to higher industry operational risk loss experience and
the integration of BHF-BANK into our Advanced Measurement Approach (AMA) model in the first quarter
2012. Our regulatory capital continues to include the safety margin applied in our AMA model, which was
implemented in 2011 to cover unforeseen legal risks from the current financial crisis.
— Internal operational risk losses increased in 2012 compared to prior year driven by increased litigation
provisions relating to events over the past decade.

Liquidity Risk Summary

— Liquidity reserves as of December 31, 2012 were € 232.2 billion (now including € 25.9 billion from Post-
bank following integration). Excluding Postbank (which was not included as of December 31, 2011), our li-
quidity reserves decreased by € 16.4 billion over the year. The primary driver of this was a reduction of
€ 40 billion in our discretionary wholesale funding during the year, offset by growth in more stable funding

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sources. Overall our liquidity risk profile remains within our liquidity risk appetite, as confirmed by all year-
end stress tests resulting in a net liquidity surplus.
— Our 2012 issuance activities amounted to € 17.9 billion. This compares to our full year plan of
€ 15-20 billion.
— 62 % of our overall funding came from the most stable funding sources, comprising capital markets and
equity, retail, and transaction banking liabilities.

Capital Management Summary

— The Common Equity Tier 1 capital ratio in accordance with Basel 2.5 amounted to 11.4 % based on Com-
mon Equity Tier 1 capital of € 38.0 billion and risk-weighted assets of € 334 billion. This compares to a
Common Equity Tier 1 capital ratio of 9.5 % at year-end 2011 based on Common Equity Tier 1 capital of
€ 36.3 billion and risk-weighted assets of € 381.2 billion.
— Risk-weighted assets decreased in 2012 by € 47.6 billion to € 334 billion at the end of 2012, reflecting de-
risking activities as well as model and process improvements.
— The newly established NCOU division has contributed to significant de-risking. The overall de-risking
achieved by the NCOU in 2012 resulted in a reduction in total assets adjusted of € 35 billion (27 %) from
€ 130 billion as of December 31, 2011 to € 95 billion as of December 31, 2012.
— The internal capital adequacy ratio, signifying whether the total capital supply is sufficient to cover the
capital demand determined by our risk positions, increased to 160 % as of December 31, 2012, compared
to 159 % as of December 31, 2011.
— As at December 31, 2012, our pro forma, fully loaded Basel 3 Common Equity Tier 1 capital ratio was
7.8 %, comprising € 31 billion Common Equity Tier 1 capital and € 401 billion risk-weighted assets.

Balance Sheet Management Summary

— As of December 31, 2012, our adjusted leverage ratio was 21, unchanged from the level at the end of
2011 and below our target leverage ratio of 25. Our leverage ratio calculated as the ratio of total assets
under IFRS to total equity under IFRS was 37 as of December 31, 2012, a slight decrease compared to
end of 2011.

Risk Management Principles

We actively take risks in connection with our business and as such the following principles underpin risk
management within our group:

— Risk is taken within a defined risk appetite;

— Every risk taken needs to be approved within the risk management framework;
— Risk taken needs to be adequately compensated; and
— Risk should be continuously monitored and managed.

A strong risk culture helps reinforce our resilience by encouraging a holistic approach to the management of
risk and return throughout our organization as well as the effective management of our risk, capital and
reputational profile. The management of risk is the responsibility of all employees. We expect employees to
exhibit behaviors that maintain a strong risk culture and assess them for this as part of the overall performance
and compensation process. Strong risk culture behaviors include:

— Being fully responsible for our risks;

— Being rigorous, forward looking and comprehensive in the assessment of risk;
— Inviting, providing and respecting challenges;
— Trouble shooting collectively; and
— Placing Deutsche Bank and its reputation at the heart of all decisions.

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To reinforce these behaviors we have launched a number of group-wide activities, including mandatory train-
ings on risk awareness. We also have regular communications, including from our Board members, on the
importance of a strong Risk Culture.

Risk Management Framework

The diversity of our business model requires us to identify, measure, aggregate and manage our risks effec-
tively, and to allocate our capital among our businesses appropriately. We operate as an integrated group
through our divisions, business units and infrastructure functions. Risk and capital are managed via a frame-
work of principles, organizational structures and measurement and monitoring processes that are closely
aligned with the activities of the divisions and business units:

— Core risk management responsibilities are embedded in the Management Board and appropriately dele-
gated to senior risk management committees responsible for execution and oversight. The Supervisory
Board regularly monitors the risk and capital profile.
— We operate a three-line of defense risk management model whereby front office functions, risk manage-
ment oversight and assurance roles are played by functions independent of one another.
— Risk strategy is approved by the Management Board on an annual basis and is defined based on the
Group Strategic and Capital Plan and Risk Appetite in order to ensure alignment of risk, capital and per-
formance targets.
— Cross-risk analysis reviews are conducted across the group to validate that sound risk management prac-
tices and a holistic awareness of risk exist.
— All major risk classes are managed in a coordinated manner via risk management processes, including:
credit risk, market risk, operational risk, liquidity risk, business risk, reputational risk and risk concentra-
tions.
— Appropriate monitoring, stress testing tools and escalation processes are in place for key capital and li-
quidity thresholds and metrics. Where applicable modeling and measurement approaches for quantifying
risk and capital demand are implemented across the major risk classes.
— Effective systems, processes and policies are a critical component of our risk management capability.

Risk Governance
From a supervisory perspective, our operations throughout the world are regulated and supervised by relevant
authorities in each of the jurisdictions in which we conduct business. Such regulation focuses on licensing,
capital adequacy, liquidity, risk concentration, conduct of business as well as organisation and reporting
requirements. The BaFin and the Deutsche Bundesbank (the German central bank) act in cooperation as our
primary supervisors to ensure our compliance with the German Banking Act and other applicable laws and
regulations. The German Banking Act and the rules and regulations thereunder implement, in addition, certain
recommendations of the Basel Committee on Banking Supervision, as well as certain European Union
directives relating to banks. German banking regulators assess our capacity to assume risk in several ways,
which are described in more detail in section “Regulatory Capital”.

From an internal governance perspective, we have several layers of robust management to provide strong and
cohesive risk governance:

— The Supervisory Board monitors our risk and capital profile regularly via its designated committee, the Risk
Committee of the Supervisory Board. The chair of the Risk Committee reports on items discussed during
the Risk Committee’s meetings to the Supervisory Board.
— The Risk Committee of the Supervisory Board meets regularly. At these meetings, the Management Board
reports to the Risk Committee on credit, market, country, liquidity, operational, strategic, regulatory as well
as litigation and reputational risks. It also reports on loans requiring a Supervisory Board resolution pursu-
ant to law or the Articles of Association, questions of capital resources and matters of special importance
due to the risks they entail. The Risk Committee deliberates with the Management Board on issues of the
aggregate risk disposition and the risk strategy.

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— Our Management Board provides overall risk and capital management supervision for the consolidated
Group and is exclusively responsible for day-to-day management of the company with the objective of cre-
ating sustainable value in the interest of our shareholders, employees and other stakeholders. The Man-
agement Board is responsible for defining and implementing comprehensive and aligned business and risk
strategies, as well as ensuring well-defined risk management functions and operating processes are in
place to ensure that our overall performance is aligned to our business and risk strategy. The Management
Board has delegated certain functions and responsibilities to relevant senior governance committees to
support the fulfillment of these responsibilities, in particular to the Capital and Risk Committee (“CaR”) and
Risk Executive Committee (“Risk ExCo”) whose roles are described in more detail below.
For further information on how we ensure that our overall performance is aligned to our risk strategy
please refer to section below “Risk Strategy and Appetite”

Chart: Risk Management Governance Structure of the Deutsche Bank Group.

Supervisory Board

Risk Committee of the Supervisory Board

Regular monitoring of Risk and Capital Profile

Management Board

Overall Risk and

Risk Strategy / Appetite / Decisions

Capital Management Supervision

Information

Capital & Risk Committee Risk Executive Committee

Integrated planning and monitoring of Identification, analysis & mitigation of

Deutsche Bank's risk profile and capital risks, risk policy, organisation &
capacity as well as defining the Internal governance of risk management and day-
Capital Adequacy Assessment Process to-day risk and capital management

Specialized sub-committees Specialized sub-committees

The following functional committees are central to the management of Risk in Deutsche Bank:

— The CaR oversees and controls integrated planning and monitoring of our risk profile and capital capacity,
providing an alignment of risk appetite, capital requirements and funding/liquidity needs with Group, divi-
sional and sub-divisional business strategies. It provides a platform to discuss and agree strategic issues
impacting capital, funding and liquidity among Risk Management, Finance and the business divisions. The
CaR initiates appropriate actions and/or makes recommendations to the Management Board. It is also re-
sponsible for monitoring our risk profile against our risk appetite on a regular basis and ensuring appropri-
ate escalation or actions are taken. The CaR monitors the performance of our risk profile against early

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warning indicators and recovery triggers, and provides recommendations to the Management Board to in-
voke defined process and/or actions under the recovery governance framework if required.
— Our Risk ExCo, as the most senior functional committee of our risk management, identifies controls and
manages all risks including risk concentrations at group level, and is a center of expertise concerning all
risk related topics of the business divisions. It is responsible for risk policy, the organization and govern-
ance of risk management and ensures and oversees the execution of risk and capital management includ-
ing identification, analysis and risk mitigation, within the scope of the risk and capital strategy (Risk and
Capital Demand Plan) approved by the Management Board. The Risk ExCo is supported by sub-
committees that are responsible for dedicated areas of risk management, including several policy commit-
tees, the Cross Risk Review Committee (“CRRC”) and the Group Reputational Risk Committee (“GRRC”).
— The CRRC supports the Risk ExCo and the CaR with particular emphasis on the management of group-
wide risk patterns. The CRRC, under a delegation of authority from the CaR has responsibility for the day-
to-day oversight and control of our Internal Capital Adequacy Assessment Process (“ICAAP”). The CRRC
also oversees the inventory of stress tests used for managing our risk appetite, reviews the results and
proposes management action, if required. It monitors the effectiveness of the stress test process and
drives continuous improvement of our stress testing framework. It is supported by a dedicated Stress Test-
ing Oversight Committee which has the responsibility for the definition of the group-wide stress test sce-
narios, ensuring common standards and consistent scenarios across risk types, and reviewing the group-
wide stress test results.

Recovery management governance is part of our overall risk management framework to support that we can
proactively identify and respond to severe stress or the threat of a severe stress. The key elements of the re-
covery management planning and governance include:

— Clear roles and responsibilities which include Management Board oversight;

— A dedicated set of early warning indicators and recovery triggers to monitor potential risks and stimulate
management action;
— An enhanced regime of severe stress tests and defined strategic recovery measures to enable proactive
management of our risk profile; and
— A dedicated sub-committee of the CaR to ensure ongoing monitoring and process readiness.

Multiple members of the CaR are also members of the Risk ExCo which facilitates a constant and comprehen-
sive information flow between the two committees.

Following changes to the structure and composition of our Management Board in 2012, the coverage of risks
has been more widely distributed at the level of the Management Board, as the following risk management
units, which previously had reported directly to the Chief Risk Officer, now report to other Management Board
members: Compliance, Corporate Security & Business Continuity, Government & Regulatory Affairs, Legal and
Treasury. Our Chief Risk Officer (“CRO”), who is a member of the Management Board, remains responsible for
the identification, assessment and reporting of risks arising within operations across all business and all risk
types as well as for the direct management responsibility of the following Risk management divisions: Credit
Risk Management, Market Risk Management, Operational Risk Management and Strategic Risk and Enter-
prise-wide Risk Management. Our governance structure and mechanisms ensure that group wide oversight of
risk continues unchanged.

With respect to the day-to-day management and oversight of risk, there are dedicated Risk and Treasury units
established with the mandate to:

— Ensure that the business conducted within each division is consistent with the risk appetite that the CaR
has set within a framework established by the Management Board;
— Formulate and implement risk and capital management policies, procedures and methodologies that are
appropriate to the businesses within each division;
— Approve credit, market and liquidity risk limits;

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— Conduct periodic portfolio reviews to ensure that the portfolio of risks is within acceptable parameters; and
— Develop and implement risk and capital management infrastructures and systems that are appropriate for
each division.

The Deputy Chief Risk Officer (“DCRO”) leads a Strategic Risk and Enterprise-wide Risk Management function
whose mandate is to provide an increased focus on holistic risk management and comprehensive, cross-risk
oversight to further enhance our risk portfolio steering. The objectives of the Strategic Risk and Enterprise-wide
Risk Management unit are to:

— Drive key strategic cross-risk initiatives and establish greater cohesion between defining portfolio strategy
and governing execution, including regulatory adherence;
— Provide a strategic and forward-looking perspective on the key risk issues for discussion at senior levels
within the bank (risk appetite, stress testing framework);
— Strengthen risk culture in the bank; and
— Foster the implementation of consistent risk management standards.

Our Finance and Audit departments operate independently of both, our business divisions and of our Risk
function. The role of the Finance department is to help quantify and verify the risk that we assume and ensure
the quality and integrity of our risk-related data. Our Audit department performs risk-based reviews of the de-
sign and operating effectiveness of our system of internal controls.

Based on the domination agreement, we have introduced further changes to the governance of the Risk func-
tions across Deutsche Bank and Postbank. The main changes were:

— Functional reporting lines from the Postbank Risk Management to Deutsche Bank Risk Management have
been established. These changes did not affect the disciplinary reporting lines within the Postbank CRO
organization;
— Postbank’s key risk committees were enlarged with voting members from Deutsche Bank from the respec-
tive risk functions and vice versa; and
— Key group risk policies have been implemented at Postbank.

The key risk management committees of Postbank, in all of which Postbank’s Chief Risk Officer as well as
senior risk managers of Deutsche Bank are voting members, are:

— The Bank Risk Committee, which advises Postbank’s Management Board with respect to the determina-
tion of overall risk appetite and risk allocation;
— The Credit Risk Committee, which is responsible for limit allocation and the definition of an appropriate
limit framework;
— The Market Risk Committee, which decides on limit allocations as well as strategic positioning of Post-
bank’s banking and trading book and the management of liquidity risk; and
— The Operational Risk Committee which defines the appropriate risk framework as well as the capital allo-
cation for the individual business areas.

Risk Reporting and Measurement Systems

We have centralized risk data and systems supporting regulatory reporting and external disclosures, as well as
internal management reporting for credit, market, operational and liquidity risk. The risk infrastructure incorpo-
rates the relevant legal entities and business divisions and provides the basis for tailor-made reporting on risk
positions, capital adequacy and limit utilization to the relevant functions on a regular and ad-hoc basis. Estab-
lished units within Finance and Risk assume responsibility for measurement, analysis and reporting of risk
while ensuring sufficient quality and integrity of risk-related data.

The main reports on risk and capital management that are used to provide the central governance bodies with
information relating to Group Risk Exposures are the following:

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— Our Risk and Capital Profile is presented monthly to the CaR and the Management Board and is subse-
quently submitted to the Risk Committee of the Supervisory Board for information. It comprises an over-
view of the current risk, capital and liquidity status of the Group, also incorporating information on
regulatory capital and economic capital adequacy.
— An overview of our capital, liquidity and funding is presented to the CaR by the Group Treasurer every
month. It comprises information on key metrics including Core Tier 1 capital (under Basel 3 Common Equi-
ty Tier 1 capital) and the leverage ratio, as well as an overview of our current funding and liquidity status,
the liquidity stress test results and contingency measures.
— Group-wide macro stress tests are performed quarterly and reported to the CaR. These are supplemented,
as required, by ad-hoc stress tests at Group level.

The above reports are complemented by a suite of other standard and ad-hoc management reports of Risk
and Finance, which are presented to several different senior committees responsible for risk and capital man-
agement at Group level.

Risk Strategy and Appetite

Strategic and Capital Planning Process

We conduct an annual strategic planning process which underpins the development of our future strategic
direction as a group and for our business areas/units. This process consists of a number of different phases.

In a first phase, our risk appetite and key targets for profit and loss (including revenues and costs), capital
supply, and capital demand and the key business areas for the three coming years are discussed in the Group
Executive Committee and approved by the Management Board, based on our global macro-economic outlook
and the expected regulatory framework.

In a second phase, the top-down objectives are substantiated from the bottom-up by detailed business unit
plans, which for the first year consist of a month by month operative plan; years two and three are annual plans
in the appropriate granularity. The proposed bottom-up plans are reviewed and challenged by Finance (Group
Strategic and Capital Planning) and Risk (Strategic Risk and Enterprise-wide Risk Management) and are dis-
cussed individually with business heads. Thereby, the specifics of the business are considered and concrete
targets decided in line with our strategic direction.

The Strategic and Capital Plan is presented to the Group Executive Committee and the Management Board for
discussion and approval before the end of the year. At the beginning of the next year, the final plan is present-
ed to the Supervisory Board.

A dedicated Risk and Capital Demand Plan is an integral part of the Strategic and Capital plan. It is designed
to support our vision of being a leading client-centric global universal bank and aims to ensure:

— balanced risk adjusted performance across business areas and units;

— high risk management standards with focus on risk concentrations;
— compliance with regulatory requirements;
— strong capital and liquidity position; and
— stable funding and liquidity strategy allowing for the business planning within the liquidity risk tolerance and
regulatory requirements.

The Strategic and Capital Planning process allows us to:

— set earnings and key risk and capital adequacy targets considering the bank’s strategic focus and busi-
ness plans;

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— assess our risk-bearing capacity with regard to internal and external requirements (i.e., regulatory and
economic capital); and
— apply an appropriate stress test to assess the impact on capital demand, capital supply and liquidity.

The specific limits are derived from the Strategic and Capital Plan to ensure alignment of risk, capital and per-
formance targets at all levels of the organization.

The targets are monitored on an ongoing basis in appropriate management committees. Any projected shortfall
from targets is discussed together with potential mitigating strategies seeking to ensure that we remain on
track to achieve our targets.

In September 2012, we communicated a new strategic direction “Strategy 2015+”. With our business fran-
chises strengthened, we aspire a strong capital position of above 10 % Common Equity Tier 1 Ratio by first
quarter 2015, under full application of Basel 3 rules. This goal is based on retained earnings assumptions,
reflecting not only strong revenue generation in targeted growth areas but also on the delivery of our an-
nounced Operational Excellence Program to target annual cost savings of € 4.5 billion by 2015, achieving a
cost-income ratio of below 65 % for our core businesses. Our capital ratio target is further supported by risk
reduction measures, notably in our NCOU. Our ambition level for our post-tax RoE is above 15 % for our core
operations and 12 % for the Group.

After achieving a Basel 3 pro-forma fully loaded Common Equity Tier 1 ratio of 7.8 % by year-end 2012, ahead
of our stated target of 7.2 %, we also revised our March 31, 2013 target from above 8.0 % to 8.5 %, primarily
driven by lower capital demand.

Note that like other banks, we are making statements in terms of Basel 3 ratios, which are non-GAAP financial
measures when rules are still being finalized by legislators, and regulatory guidance on implementation is
incomplete. The targets and estimates reflect our current reading of the draft legislation as well as a clear
commitment to meaningful further improvements in our capital ratios.

Risk Profile
Our mix of various business activities implies diverse risk taking by our business divisions. The key risks inher-
ent in their respective business models are best measured through the undiversified Total Economic Capital
metric, which mirrors each business division’s risk profile before cross-risk effects on group level.

Risk profile of our corporate divisons as measured by total economic capital

Dec 31, 2012
Corporate Global Asset & Private & Non-Core Consoli-
Banking & Transaction Wealth Business Operations dation &
Securities Banking Management Clients Unit Adjustments Total
in % (unless
stated otherwise) in € m. in %
Credit Risk 17 5 1 13 8 0 12,574 44
Market Risk 14 1 5 11 10 5 13,185 46
Operational Risk 7 0 2 1 7 − 5,018 17
Diversification
Benefit (5) (0) (1) (2) (6) (0) (4,435) (15)
Business Risk 8 − 0 − − − 2,399 8
Total EC in € m. 11,788 1,434 2,016 6,720 5,452 1,331 28,741 100
in % 41 5 7 23 19 5 100

Corporate Banking & Securities’ (CB&S) risk profile is dominated by its trading activities, in particular market
risk from position taking and credit risk primarily from derivatives exposure. Further credit risks originate from
lending to corporates and financial institutions. The remainder is divided equally between operational risks and
business risk, primarily from potential legal and earnings volatility risks, respectively. Global Transaction Bank-
ing (GTB) has the lowest risk (as measured by economic capital) of all our segments. GTB’s focus on trade

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finance implies that the vast majority of its risk originates from credit with a small portion from market risk main-
ly in derivatives positions.

The main risk driver of Asset & Wealth Management’s (AWM) business are guarantees on investment funds,
which we report as nontrading market risk. Otherwise AWM’s advisory and commission focused business at-
tracts primarily operational risk.

In contrast to this, Private & Business Client’s (PBC) risk profile divides equally between credit risk from retail
and SME lending and nontrading market risk from Postbank's investment portfolio.

Risk Appetite
Risk appetite is an expression of the maximum level of risk that we are prepared to accept in order to achieve
our business objectives. Our risk appetite statement translates our strategy into measurable short to medium
term targets and thresholds across material risk categories and enables intra-year performance monitoring and
management which aims to identify optimal growth options considering the risk involved and the allocation of
available capital resources to drive sustainable performance.

The Management Board reviews and approves the risk appetite on an annual basis to ensure that it is con-
sistent with our Group strategy, business environment and stakeholder requirements. Setting risk appetite aims
to ensure that risk is proactively managed to the level desired and approved by the Management Board. Risk
appetite tolerance levels are set at different trigger levels, with clearly defined escalation requirements which
enable appropriate actions to be defined and implemented as required. In cases where the tolerance levels are
breached, it is the responsibility of the Strategic Risk and Enterprise-wide Risk Management function to bring it
to the attention of the respective risk committees, and ultimately to the Chief Risk Officer and the Management
Board.

Amendments to the risk and capital strategy must be approved by the Chief Risk Officer or the full Manage-
ment Board, depending on significance.

Risk Inventory

We face a variety of risks as a result of our business activities, the most significant of which are described
below. Credit risk, market risk and operational risk attract regulatory capital. As part of our internal capital ade-
quacy assessment process, we calculate the amount of economic capital that is necessary to cover all material
risks generated from our business activities, other than of liquidity risk.

Credit Risk
Credit risk arises from all transactions where actual, contingent or potential claims against any counterparty,
borrower or obligor (which we refer to collectively as “counterparties”) exist, including those claims that we plan
to distribute (see below in the more detailed section Credit Risk). These transactions are typically part of our
traditional nontrading lending activities (such as loans and contingent liabilities), or our direct trading activity
with clients (such as OTC derivatives, FX forwards and Forward Rate Agreements). We distinguish between
three kinds of credit risk:

— Default risk, the most significant element of credit risk, is the risk that counterparties fail to meet contractu-
al obligations in relation to the claims described above;
— Settlement risk is the risk that the settlement or clearance of a transaction may fail. Settlement risk arises
whenever the exchange of cash, securities and/or other assets is not simultaneous leaving us exposed to
a potential loss should the counterparty default;
— Country risk is the risk that we may experience unexpected default or settlement risk and subsequent
losses, in a given country, due to a range of macro-economic or social events primarily affecting counter-

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parties in that jurisdiction including: a material deterioration of economic conditions, political and social up-
heaval, nationalisation and expropriation of assets, government repudiation of indebtedness, or disruptive
currency depreciation or devaluation. Country risk also includes transfer risk which arises when debtors
are unable to meet their obligations owing to an inability to transfer assets to non-residents due to direct
sovereign intervention.

Market Risk
Market risk arises from the uncertainty concerning changes in market prices and rates (including interest rates,
equity prices, foreign exchange rates and commodity prices), the correlations among them and their levels of
volatility. We differentiate between three different types of market risk:

— Trading market risk arises primarily through the market-making activities of the Corporate Banking & Secu-
rities division (CB&S). This involves taking positions in debt, equity, foreign exchange, other securities and
commodities as well as in equivalent derivatives.
— Trading default risk arises from defaults and rating migrations relating to trading instruments.
— Nontrading market risk arises from market movements, primarily outside the activities of our trading units,
in our banking book and from off-balance sheet items. This includes interest rate risk, credit spread risk,
investment risk and foreign exchange risk as well as market risk arising from our pension schemes, guar-
anteed funds and equity compensation. Nontrading market risk also includes risk from the modeling of cli-
ent deposits as well as savings and loan products.

Operational Risk
Operational risk is the potential for failure (including the legal component) in relation to employees, contractual
specifications and documentation, technology, infrastructure failure and disasters, external influences and
customer relationships. Operational risk excludes business and reputational risk.

Liquidity Risk
Liquidity risk is the risk arising from our potential inability to meet all payment obligations when they come due
or only being able to meet these obligations at excessive costs.

Business Risk
Business risk describes the risk we assume due to potential changes in general business conditions, such as
our market environment, client behavior and technological progress. This can affect our results if we fail to
adjust quickly to these changing conditions. In 2012, we introduced an enhanced economic capital model to
improve coverage of strategic risk being a subcategory of business risk.

In addition to the above risks, we face a number of other types of risks, such as reputational risk, insurance-
specific risk and concentration risk. They are substantially related to one or more of the above risk types.

Reputational Risk
Within our risk management processes, we define reputational risk as the risk that publicity concerning a
transaction, counterparty or business practice involving a client will negatively impact the public’s trust in our
organization.

Our reputational risk is governed by the Reputational Risk Management Program (RRM Program). The RRM
Program was established to provide consistent standards for the identification, escalation and resolution of
reputational risk issues that arise from transactions with clients or through different business activities. Primary
responsibility for the identification, escalation and resolution of reputational risk issues resides with the busi-
ness divisions. Each employee is under an obligation, within the scope of his/her activities, to analyse and
assess any imminent or intended transaction in terms of possible risk factors in order to minimise reputational
risks. If a potential reputational risk is identified, it must be referred for further consideration at a sufficiently
senior level within that respective business division. If issues remain, they should then be escalated for discus-

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sion among appropriate senior members of the relevant Business and Control Groups. Reputational risk issues
not addressed to satisfactory conclusion through such informal discussions must then be escalated for further
review and final determination via the established reputational risk escalation process.

As a subcommittee of the Risk ExCo, the Group Reputational Risk Committee (“GRRC”) provides review and
final determinations on all reputational risk issues and new client adoptions, where escalation of such issues is
deemed necessary by senior Business and Regional Management, or required under the Group policies and
procedures.

Insurance Specific Risk

Our exposure to insurance risk relates to Abbey Life Assurance Company Limited and our defined benefit
pension obligations. There is also some insurance-related risk within the Pensions & Insurance Risk Markets
business. In our risk management framework, we consider insurance-related risks primarily as nontrading
market risks. We monitor the underlying assumptions in the calculation of these risks regularly and seek risk
mitigating measures such as reinsurances, if we deem this appropriate. We are primarily exposed to the follow-
ing insurance-related risks.

— Longevity risk: the risk of faster or slower than expected improvements in life expectancy on immediate
and deferred annuity products.
— Mortality and morbidity risks: the risks of a higher or lower than expected number of death or disability
claims on assurance products and of an occurrence of one or more large claims.
— Expenses risk: the risk that policies cost more or less to administer than expected.
— Persistency risk: the risk of a higher or lower than expected percentage of lapsed policies.

To the extent that actual experience is less favorable than the underlying assumptions, or it is necessary to
increase provisions due to more onerous assumptions, the amount of capital required in the insurance entities
may increase.

Risk Concentration
Risk concentrations refer to a loss potential resulting from an unbalanced distribution of dependencies on spe-
cific risk drivers and can occur within specific risk types (i.e., intra-risk concentrations) as well as across differ-
ent risk types (inter-risk concentrations). They are encountered within and across counterparties, businesses,
regions/countries, legal entities, industries and products, impacting the aforementioned risks. The management
of risk concentrations is integrated in the management of the individual risk types and monitored on a regular
basis. The key objective of managing risk concentrations is to avoid any undue concentrations in our portfolio,
which we seek to achieve through a quantitative and qualitative approach, as follows:

— Intra-risk concentrations are assessed and monitored by the individual risk disciplines (Credit, Market,
Operational Risk Management and others). This is supported by limit setting on different levels according
to risk type.
— Inter-risk concentrations are managed by quantitative top-down stress-testing and qualitative bottom-up
reviews identifying and assessing risk themes independent of any risk type and providing a holistic view
across the bank.

The most senior governance body for the oversight of risk concentrations is the Cross Risk Review Committee,
which is a subcommittee of the Capital and Risk Committee (CaR) and the Risk Executive Committee (Risk
ExCo).

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Risk Management Tools

We use a broad range of quantitative and qualitative methodologies for assessing and managing risks. As a
matter of policy, we continually assess the appropriateness and the reliability of our quantitative tools and met-
rics in light of our changing risk environment. Some of these tools are common to a number of risk categories,
while others are tailored to the particular features of specific risk categories. The advanced internal tools and
metrics we currently use to measure, manage and report our risks are:

— RWA equivalent. This is defined as total risk-weighted assets (“RWA”) plus a theoretical amount for specif-
ic allocated Common Equity Tier 1 capital deduction items if these were converted into RWA. RWA form
the key factor in determining the bank’s regulatory Capital Adequacy as reflected in the Common Equity
Tier 1 capital ratio. RWA equivalents are used to set targets for the growth of our businesses and moni-
tored within our management reporting systems. As a general rule, RWA are calculated in accordance with
the currently valid “Basel 2.5” European (CRD) and German legislation (SolvV). However, we also perform
additional RWA equivalent calculations under pro-forma Basel 3 rules to support for use within our forward
looking risk and capital planning processes.
— Expected loss. We use expected loss as a measure of our credit and operational risk. Expected loss is a
measurement of the loss we can expect induced by defaults within a one-year period from these risks as
of the respective reporting date, based on our historical loss experience. When calculating expected loss
for credit risk, we take into account credit risk ratings, collateral, maturities and statistical averaging proce-
dures to reflect the risk characteristics of our different types of exposures and facilities. All parameter as-
sumptions are based on statistical averages of up to nine years based on our internal default and loss
history as well as external benchmarks. We use expected loss as a tool of our risk management process
and as part of our management reporting systems. We also consider the applicable results of the expected
loss calculations as a component of our collectively assessed allowance for credit losses included in our
financial statements. For operational risk we determine the expected loss from statistical averages of our
internal loss history, recent risk trends as well as forward looking estimates.
— Return on risk-weighted assets (“RoRWA”). In times of regulatory capital constraints, RoRWA has become
an important metric to assess our client relationships’ profitability, in particular for credit risk. RoRWA is
currently the primary performance measure and as such attracts more attention than the previously used
RARoC profitability measure based on economic capital.
— Value-at-risk. We use the value-at-risk approach to derive quantitative measures for our trading book mar-
ket risks under normal market conditions. Our value-at-risk figures play a role in both internal and external
(regulatory) reporting. For a given portfolio, value-at-risk measures the potential future loss (in terms of
market value) that, under normal market conditions, is not expected to be exceeded with a defined confi-
dence level in a defined period. The value-at-risk for a total portfolio represents a measure of our diversi-
fied market risk (aggregated, using pre-determined correlations) in that portfolio.
— Economic capital. Economic capital measures the amount of capital we need to absorb very severe unex-
pected losses arising from our exposures. “Very severe” in this context means that economic capital is set
at a level to cover with a probability of 99.98 % the aggregated unexpected losses within one year. We cal-
culate economic capital for the default, transfer and settlement risk elements of credit risk, for market risk
including trading default risk, for operational risk and for business risk.
— Stress testing. Credit, market and operational risk as well as liquidity risk are subject to a program of regu-
lar stress tests. The stress testing framework at Group level comprises regular group-wide stress tests
based on a series of benchmark and more severe macroeconomic global downturn scenarios (provided by
dbResearch) consistently applied across all risk types, annual reverse and capital plan relevant stress test
as well as ad-hoc scenarios. The hot spots of the downturn scenarios are changing over time according to
the changes in economic and political environment around the globe. Prior to the assessment of the stress
impact the scenarios are discussed and approved by the appropriate governance committees. In addition,
since 2012, the stress program feeds into our Living Wills recovery planning project by assessing the
stress impact on specifically defined recovery triggers for a range of near-default scenarios before and af-
ter the application of recovery measures. In detail, we assess a suite of recovery triggers under stress

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(Common Equity Tier 1 (“CET1”) capital ratio, Internal Capital Adequacy (“ICA”) ratio, Net Liquidity Position
(“NLP”) within the regularly performed benchmark and more severe group-wide stress tests and compare
them to the Red-Amber-Green (“RAG”) levels as defined in our risk appetite. The respective RAG levels in
normal, warning, crisis situation are defined for CET1 capital ratio [>6.5 %, 6.5 % … 5 %, <5 %], for ICA
[>135 %, 135 % … 120 %, <120 %] and for NLP [> € 5 bn, € 5 bn … € 0 bn, < € 0 bn]. For all of the above
stress tests, we were able to return to ‘green’ RAG levels for all recovery triggers after the application of
recovery measures.
— We also supplement our risk type specific analysis of credit, market, operational and liquidity risk with
stress testing. For credit risk management purposes, we perform stress tests to assess the impact of
changes in general economic conditions or specific parameters on our credit exposures or parts thereof as
well as the impact on the creditworthiness of our portfolio. For market risk management purposes, we per-
form stress tests because value-at-risk calculations are based on relatively recent historical data, only pur-
port to estimate risk up to a defined confidence level and assume good asset liquidity. Therefore, they
only reflect possible losses under relatively normal market conditions. Stress tests help us determine the
effects of potentially extreme market developments on the value of our market risk sensitive exposures,
both on our highly liquid and less liquid trading positions as well as our investments. The correlations be-
tween market risk factors used in our current stress tests are estimated from historic volatile market condi-
tions and proved to be consistent with those observed during recent periods of market stress. We use
stress testing to determine the amount of economic capital we need to allocate to cover our market risk
exposure under the scenarios of extreme market conditions we select for our simulations. For operational
risk management purposes, we perform stress tests on our economic capital model to assess its sensitivity
to changes in key model components, which include external losses. For liquidity risk management pur-
poses, we perform stress tests and scenario analysis to evaluate the impact of sudden stress events on
our liquidity position.

Credit Risk

We measure and manage our credit risk using the following philosophy and principles:

— Our credit risk management function is independent from our business divisions and in each of our divi-
sions credit decision standards, processes and principles are consistently applied.
— A key principle of credit risk management is client credit due diligence. Prudent client selection is
achieved in collaboration with our business division counterparts who stand as a first line of defence.
— We actively aim to prevent undue concentration and long tail-risks (large unexpected losses) by ensuring a
diversified credit portfolio. Client, industry, country and product-specific concentrations are actively as-
sessed and managed against our risk appetite.
— We maintain conservative underwriting standards and aim to avoid large directional credit risk on a coun-
terparty and portfolio level. In this regard we are cautious in assuming unsecured cash positions and ac-
tively use hedging for risk mitigation purposes. Additionally we strive to secure our derivative portfolio
through collateral agreements and may additionally hedge concentration risks to further mitigate credit
risks from underlying market movements.
— Every extension of credit or material change to a credit facility (such as its tenor, collateral structure or
major covenants) to any counterparty requires credit approval at the appropriate authority level. We assign
credit approval authorities to individuals according to their qualifications, experience and training, and we
review these periodically.
— We measure and consolidate all our credit exposures to each obligor on a global basis that applies across
our consolidated Group, in line with regulatory requirements of the German Banking Act (Kreditwesengesetz).
— We manage credit exposures on the basis of the “one obligor principle”, under which all facilities to a group of
borrowers which are linked to each other (e.g., by one entity holding a majority of the voting rights or capital
of another) are consolidated under one group.

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— We have established within Credit Risk Management – where appropriate – specialized teams for deriving
internal client ratings, analyzing and approving transactions, monitoring the portfolio and covering workout
clients. The credit coverage for assets transferred to the NCOU utilizes the expertise of our credit organiza-
tion.
— Our credit lending activities are governed by our Principles for Managing Credit Risk. These principles define
our general risk philosophy for credit risk and our methods to actively manage this risk. The principles define
key organizational requirements, roles and responsibilities as well as process principles for credit risk man-
agement and are applicable to all lending activities undertaken by us.

Credit Risk Ratings

A basic and key element of the credit approval process is a detailed risk assessment of each credit-relevant
counterparty. When rating a counterparty we apply in-house assessment methodologies, scorecards and for
non-homogeneous portfolios our 26-grade rating scale for evaluating the credit-worthiness of our counterpar-
ties. The majority of our rating methodologies are authorized for use within the advanced internal rating based
approach under applicable Basel rules. Our rating scale enables us to compare our internal ratings with com-
mon market practice and ensures comparability between different sub-portfolios of our institution. Several de-
fault ratings therein enable us to incorporate the potential recovery rate of unsecured defaulted counterparty
exposures. We generally rate our counterparties individually, though certain portfolios of purchased or securit-
ized receivables are rated on a pool basis. Ratings are required to be kept up-to-date and documented.

In our retail business, creditworthiness checks and counterparty ratings of the homogenous portfolio are de-
rived by utilizing an automated decision engine. The decision engine incorporates quantitative aspects (e.g.,
financial figures), behavioral aspects, credit bureau information (such as SCHUFA in Germany) and general
customer data. These input factors are used by the decision engine to determine the creditworthiness of the
borrower and, after consideration of collateral, the expected loss as well as the further course of action required
to process the ultimate credit decision. The established rating procedures we have implemented in our retail
business are based on multivariate statistical methods and are used to support our individual credit decisions
for this portfolio as well as managing the overall retail portfolio.

The algorithms of the rating procedures for all counterparties are recalibrated frequently on the basis of the
default history as well as other external and internal factors and expert judgments.

Postbank makes use of internal rating systems authorized for use within the foundation internal rating based
approach under Basel 2. All internal ratings and scorings are based on a uniform master scale, which assigns
each rating or scoring result to the default probability determined for that class. Risk governance is provided by
a joint risk committee structure with members from both Postbank and Deutsche Bank.

Rating Governance
All of our rating methodologies, excluding Postbank, have to be approved by the Group Credit Policy Commit-
tee (“GCPC”), a sub-committee of the Risk Executive Committee, before the methodologies are used for credit
decisions and capital calculation for the first time or before they are significantly changed. Regulatory approval
may be required in addition. The results of the regular validation processes as stipulated by internal policies
have to be brought to the attention of the GCPC, even if the validation results do not lead to a change. The
validation plan for rating methodologies is presented to GCPC at the beginning of the calendar year and a
status update is given on a quarterly basis.

For Postbank, responsibility for implementation and monitoring of internal rating systems effectiveness rests
with Postbank’s Risk Analytics unit and Postbank’s validation committee, chaired by Postbank’s Chief Credit
Risk Officer. All rating systems are subject to Postbank’s Management Board approval. Effectiveness of rat-
ing systems and rating results are reported to the Postbank Management Board on a regular basis. Via a cross
committee membership of Deutsche Bank senior managers join in Postbank committees and vice versa, a joint
governance is ensured.

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Credit Risk Measures

The key credit risk measures we apply for managing our credit portfolio, including in transaction approval and
the setting of risk appetite, are internal limits and credit exposure under these limits. Credit limits set forth max-
imum credit exposures we are willing to assume over specified periods. In determining the credit limit for a
counterparty, we consider the counterparty’s credit quality by reference to our internal credit rating. Credit limits
and credit exposure are both measured on a gross and net basis where net is derived by deducting hedges
and certain collateral from respective gross figures. For derivatives, we look at current market values and the
potential future exposure over the lifetime of a transaction. We generally also take into consideration the risk-
return characteristics of individual transactions and portfolios.

Credit Approval and Authority

Credit limits are established by the Credit Risk Management function via the execution of assigned credit au-
thorities. Credit approvals are documented by the signing of the credit report by the respective credit authority
holders and retained for future reference.

Credit authority is generally assigned to individuals as personal credit authority according to the individual’s
professional qualification and experience. All assigned credit authorities are reviewed on a periodic basis to
ensure that they are adequate to the individual performance of the authority holder. The results of the review
are presented to the Group Credit Policy Committee.

Where an individual’s personal authority is insufficient to establish required credit limits, the transaction is re-
ferred to a higher credit authority holder or where necessary to an appropriate credit committee such as the
CIB Underwriting Committee. Where personal and committee authorities are insufficient to establish appropri-
ate limits the case is referred to the Management Board for approval.

Credit Risk Mitigation

In addition to determining counterparty credit quality and our risk appetite, we also use various credit risk
mitigation techniques to optimize credit exposure and reduce potential credit losses. Credit risk mitigants,
described more fully below, are applied in the following forms:

— Comprehensive and enforceable credit documentation with adequate terms and conditions.
— Collateral held as security to reduce losses by increasing the recovery of obligations.
— Risk transfers, which shift the probability of default risk of an obligor to a third party including hedging
executed by our Credit Portfolio Strategies Group.
— Netting and collateral arrangements which reduce the credit exposure from derivatives and repo- and
repo-style transactions.

Collateral Held as Security

We regularly agree on collateral to be received from or to be provided to customers in contracts that are sub-
ject to credit risk. Collateral is security in the form of an asset or third-party obligation that serves to mitigate the
inherent risk of credit loss in an exposure, by either substituting the borrower default risk or improving recover-
ies in the event of a default. While collateral can be an alternative source of repayment, it generally does not
replace the necessity of high quality underwriting standards.

We segregate collateral received into the following two types:

— Financial and other collateral, which enables us to recover all or part of the outstanding exposure by liqui-
dating the collateral asset provided, in cases where the borrower is unable or unwilling to fulfil its primary
obligations. Cash collateral, securities (equity, bonds), collateral assignments of other claims or inventory,
equipment (e.g., plant, machinery and aircraft) and real estate typically fall into this category.

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— Guarantee collateral, which complements the borrower’s ability to fulfil its obligation under the legal con-
tract and as such is provided by third parties. Letters of credit, insurance contracts, export credit insurance,
guarantees and risk participations typically fall into this category.

Our processes seek to ensure that the collateral we accept for risk mitigation purposes is high quality. This
includes seeking to have in place legally effective and enforceable documentation for realizable and measure-
able collateral assets which are frequently evaluated by dedicated teams. The assessment of the suitability of
collateral for a specific transaction is part of the credit decision and must be accounted for in a conservative
way, including collateral haircuts that are applied. We have collateral type specific haircuts in place which are
regularly reviewed and approved. In this regard, we strive to avoid “wrong-way” risk characteristics where the
borrower’s counterparty risk is positively correlated with the risk of deterioration in the collateral value. For
guarantee collateral the analysis of the guarantor’s creditworthiness is aligned to the credit assessment pro-
cess for borrowers.

Risk Transfers
Risk transfers to third parties form a key part of our overall risk management process and are executed in
various forms, including outright sales, single name and portfolio hedging, and securitizations. Risk transfers
are conducted by the respective business units and by our Credit Portfolio Strategies Group (CPSG), in ac-
cordance with specifically approved mandates.

CPSG focuses on managing the residual credit risk of loans and lending-related commitments of the interna-
tional investment-grade portfolio; the leveraged portfolio and the medium-sized German companies’ portfolio
within our CB&S Corporate Division.

Acting as a central pricing reference, CPSG provides the respective CB&S Division businesses with an ob-
served or derived capital market rate for loan applications; however, the decision of whether or not the busi-
ness can enter into the credit risk remains exclusively with Credit Risk Management.

CPSG is concentrating on two primary objectives within the credit risk framework to enhance risk management
discipline, improve returns and use capital more efficiently:

— to reduce single-name credit risk concentrations within the credit portfolio and
— to manage credit exposures actively by utilizing techniques including loan sales, securitization via collat-
eralized loan obligations, default insurance coverage and single-name and portfolio credit default swaps.

Netting and Collateral Arrangements for Derivatives

Netting is predominantly applicable to OTC derivative transactions as outlined below. Netting is also applied to
securities financing transactions as far as documentation, structure and nature of the risk mitigation allow netting
with the underlying credit risk.

In order to reduce the credit risk resulting from OTC derivative transactions, where OTC clearing is not available,
we regularly seek the execution of standard master agreements (such as master agreements for derivatives
published by the International Swaps and Derivatives Association, Inc. (ISDA) or the German Master Agree-
ment for Financial Derivative Transactions) with our clients. A master agreement allows the netting of rights
and obligations arising under derivative transactions that have been entered into under such a master agree-
ment upon the counterparty’s default, resulting in a single net claim owed by or to the counterparty (“close-out
netting”). For parts of the derivatives business (e.g., foreign exchange transactions) we also enter into master
agreements under which we set off amounts payable on the same day in the same currency and in respect to
transactions covered by such master agreements (“payment netting”), reducing our settlement risk. In our risk
measurement and risk assessment processes we apply netting only to the extent we have satisfied ourselves
of the legal validity and enforceability of the master agreement in all relevant jurisdictions.

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Also, we enter into credit support annexes (“CSA”) to master agreements in order to further reduce our deriva-
tives-related credit risk. These annexes generally provide risk mitigation through periodic, usually daily, margining
of the covered exposure. The CSAs also provide for the right to terminate the related derivative transactions
upon the counterparty’s failure to honour a margin call. As with netting, when we believe the annex is enforce-
able, we reflect this in our exposure measurement.

Certain CSAs to master agreements provide for rating dependent triggers, where additional collateral must be
pledged if a party’s rating is downgraded. We also enter into master agreements that provide for an additional
termination event upon a party’s rating downgrade. These downgrading provisions in CSAs and master
agreements usually apply to both parties but may seldom apply to us only. We analyze and monitor our
potential contingent payment obligations resulting from a rating downgrade in our stress testing approach for
liquidity risk on an ongoing basis. For an assessment of the quantitative impact of a downgrading of our credit
rating please refer to table “Stress Testing Results” in the section “Liquidity Risk”.

Concentrations within Credit Risk Mitigation

Concentrations within credit risk mitigations taken may occur if a number of guarantors and credit derivative
providers with similar economic characteristics are engaged in comparable activities with changes in economic
or industry conditions affecting their ability to meet contractual obligations.

We use a comprehensive range of quantitative tools and metrics to monitor our credit risk mitigating activities.
These also include monitoring of potential concentrations within collateral types supported by dedicated
stress tests. For more qualitative and quantitative details in relation to the application of credit risk mitigation
and potential concentration effects please refer to the section “Maximum Exposure to Credit Risk”.

Monitoring Credit Risk

Ongoing active monitoring and management of Deutsche Bank’s credit risk positions is an integral part of our
credit risk management framework. The key monitoring focus is on quality trends and on concentrations along
the dimensions of counterparty, industry, country and product-specific risks to avoid undue concentrations of
credit risk. On a portfolio level, significant concentrations of credit risk could result from having material expo-
sures to a number of counterparties with similar economic characteristics, or who are engaged in comparable
activities, where these similarities may cause their ability to meet contractual obligations to be affected in the
same manner by changes in economic or industry conditions.

Our portfolio management framework supports a comprehensive assessment of concentrations within our
credit risk portfolio in order to keep concentrations within acceptable levels.

Counterparty Risk Management

Credit-related counterparties are principally allocated to credit officers within credit teams which are aligned
to types of counterparty (such as financial institution, corporate or private individuals) or economic area
(e.g., emerging markets) and dedicated rating analyst teams. The individual credit officers have the relevant
expertise and experience to manage the credit risks associated with these counterparties and their associated
credit related transactions. For retail clients credit decision making and credit monitoring is highly automated
for efficiency reasons. Credit Risk Management has full oversight of the respective processes and tools used in
the retail credit process. It is the responsibility of each credit officer to undertake ongoing credit monitoring for
their allocated portfolio of counterparties. We also have procedures in place intended to identify at an early
stage credit exposures for which there may be an increased risk of loss.

In instances where we have identified counterparties where problems might arise, the respective exposure is
generally placed on a watch list. We aim to identify counterparties that, on the basis of the application of our
risk management tools, demonstrate the likelihood of problems well in advance in order to effectively manage
the credit exposure and maximize the recovery. The objective of this early warning system is to address poten-

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tial problems while adequate options for action are still available. This early risk detection is a tenet of our cred-
it culture and is intended to ensure that greater attention is paid to such exposures.

Industry Risk Management

To manage industry risk, we have grouped our corporate and financial institutions counterparties into various
industry sub-portfolios. For each of these sub-portfolios an “Industry Batch report” is prepared usually on an
annual basis. This report highlights industry developments and risks to our credit portfolio, reviews concentration
risks, analyzes the risk/reward profile of the portfolio and incorporates an economic downside stress test. Final-
ly, this analysis is used to define the credit strategies for the portfolio in question.

The Industry Batch reports are presented to the Group Credit Policy Committee, a sub-committee of the Risk
Executive Committee and are submitted afterwards to the Management Board. In accordance with an agreed
schedule, a select number of Industry Batch reports are also submitted to the Risk Committee of the Supervisory
Board. In addition to these Industry Batch reports, the development of the industry sub-portfolios is regularly
monitored during the year and is compared to the approved sub-portfolio strategies. Regular overviews are
prepared for the Group Credit Policy Committee to discuss recent developments and to agree on actions where
necessary.

Country Risk Management

Avoiding undue concentrations from a regional perspective is also an integral part of our credit risk manage-
ment framework. In order to achieve this, country risk limits are applied to Emerging Markets as well as select-
ed Higher Risk Developed Markets (based on internal country risk ratings). Emerging Markets are grouped into
regions and for each region, as well as for the Higher Risk Developed Markets, a “Country Batch report” is
prepared, usually on an annual basis. These reports assess key macroeconomic developments and outlook,
review portfolio composition and concentration risks and analyse the risk/reward profile of the portfolio. Based
on this, credit limits and strategies are set for key countries and, where relevant, for the region as a whole.
Country risk limits are approved by either our Management Board or by our Cross Risk Review Committee,
a sub-committee of our Risk Executive Committee and Capital and Risk Committee, pursuant to delegated
authority.

The Country Limit framework covers all major risk categories which are managed by the respective divisions in
Risk:

— Credit Risk: Limits are established for counterparty credit risk exposures in a given country to manage the
aggregate credit risk subject to country-specific economic and political events. These limits include expo-
sures to entities incorporated locally as well as subsidiaries of foreign multinational corporations. Separate
Transfer Risk Limits are established as sub-limits to these counterparty credit limits and apply to Deutsche
Bank’s cross-border exposures.
— Market Risk: Limits are established to manage trading position risk in emerging markets and are set based
on the P&L impact of potential stressed market events on those positions.
— Treasury Risk: Exposures of one Deutsche Bank entity to another (Funding, Capital or Margin) are subject
to limits given the transfer risk inherent in these cross-border positions.
— Gap Risk: Limits established to manage the risk of loss due to intra-country wrong-way risk exposure.

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Our country risk ratings represent a key tool in our management of country risk. They are established by the
independent dbResearch function within Deutsche Bank and include:

— Sovereign rating: A measure of the probability of the sovereign defaulting on its foreign or local currency
obligations.
— Transfer risk rating: A measure of the probability of a “transfer risk event”, i.e., the risk that an otherwise
solvent debtor is unable to meet his obligations due to inability to obtain foreign currency or to transfer as-
sets as a result of direct sovereign intervention.
— Event risk rating: A measure of the probability of major disruptions in the market risk factors relating to a
country (interest rates, credit spreads, etc.). Event risks are measured as part of our event risk scenarios,
as described in the section “Market Risk Monitoring” of this report.

All sovereign and transfer risk ratings are reviewed, at least annually, by the Cross Risk Review Committee,
although more frequent reviews are undertaken when deemed necessary.

We charge our corporate divisions with the responsibility of managing their country risk within the approved
limits. The regional units within Credit Risk Management monitor our country risk based on information provid-
ed by Risk Operations and our Finance function. The Cross Risk Review Committee also reviews data on
transfer risk.

Postbank ratings are reviewed and adjusted if required by means of a rating tool on a monthly basis. Country
risk limits and sovereign risk limits for all relevant countries are approved by the Postbank Management Board
annually.

Product specific Risk Management

Complementary to our counterparty, industry and country risk approach, we focus on product specific risk con-
centrations and selectively set limits where required for risk management purposes. In this context a key focus
is put on underwriting caps. These caps limit the combined risk for transactions where we underwrite commit-
ments with the intention to sell down or distribute part of the risk to third parties. These commitments include
the undertaking to fund bank loans and to provide bridge loans for the issuance of public bonds. The risk is that
we may not be successful in the distribution of the facilities, meaning that we would have to hold more of the
underlying risk for longer periods of time than originally intended. These underwriting commitments are addi-
tionally exposed to market risk in the form of widening credit spreads. We dynamically hedge this credit spread
risk to be within the approved market risk limit framework.

Furthermore, we apply product-specific strategies setting our risk appetite for sufficiently homogeneous portfo-
lios where tailored client analysis is secondary, such as the retail portfolios of mortgages, business and con-
sumer finance products.

Settlement Risk Management

Our trading activities may give rise to risk at the time of settlement of those trades. Settlement risk arises when
Deutsche Bank exchanges a like value of cash or other assets with a counterparty. It is the risk of loss due to
the failure of a counterparty to honour its obligations (to deliver cash or other assets) to us, after we release
payment or delivery of its obligations (of cash or other assets) to the counterparty.

For many types of transactions, we mitigate settlement risk by closing the transaction through a clearing agent,
which effectively acts as a stakeholder for both parties, only settling the trade once both parties have fulfilled
their sides of the contractual obligation.

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Where no such settlement system exists, the simultaneous commencement of the payment and the delivery
parts of the transaction is common practice between trading partners (free settlement). In these cases, we may
seek to mitigate our settlement risk through the execution of bilateral payment netting agreements. We also
participate in industry initiatives to reduce settlement risks. Acceptance of settlement risk on free settlement
trades requires approval from our credit risk personnel, either in the form of pre-approved settlement risk limits,
or through transaction-specific approvals. We do not aggregate settlement risk limits with other credit exposures
for credit approval purposes, but we take the aggregate exposure into account when we consider whether a
given settlement risk would be acceptable.

Credit Risk Tools – Economic Capital for Credit Risk

We calculate economic capital for the default risk, country risk and settlement risk as elements of credit risk. In
line with our economic capital framework, economic capital for credit risk is set at a level to absorb with a prob-
ability of 99.98 % very severe aggregate unexpected losses within one year. Full integration of Postbank into our
economic capital calculation was achieved at the end of 2010.

Our economic capital for credit risk is derived from the loss distribution of a portfolio via Monte Carlo Simulation
of correlated rating migrations. The loss distribution is modeled in two steps. First, individual credit exposures
are specified based on parameters for the probability of default, exposure at default and loss given default. In a
second step, the probability of joint defaults is modeled through the introduction of economic factors, which
correspond to geographic regions and industries. The simulation of portfolio losses is then performed by an
internally developed model, which takes rating migration and maturity effects into account. Effects due to
wrong-way derivatives risk (i.e., the credit exposure of a derivative in the default case is higher than in non
default scenarios) are modeled by applying our own alpha factor when deriving the Exposure at Default for
derivatives and securities financing transactions under the Basel 2 Internal Models Method (“IMM”). The alpha
factor used for the risk-weighted assets calculation is floored at a level of 1.2 according to SolvV, for the inter-
nal economic capital calculation, in contrast, a floor of 1.0 applies. We allocate expected losses and economic
capital derived from loss distributions down to transaction level to enable management on transaction, custom-
er and business level.

Credit Exposures
Counterparty credit exposure arises from our traditional nontrading lending activities which include elements
such as loans and contingent liabilities. Counterparty credit exposure also arises via our direct trading activity
with clients in certain instruments which include OTC derivatives like FX forwards and Forward Rate Agree-
ments. A default risk also arises from our positions in traded credit products such as bonds.

We define our credit exposure by taking into account all transactions where losses might occur due to the fact
that counterparties may not fulfil their contractual payment obligations.

Maximum Exposure to Credit Risk

The maximum exposure to credit risk table shows the direct exposure before consideration of associated col-
lateral held and other credit enhancements (netting and hedges) that do not qualify for offset in our financial
statements for the periods specified. The netting credit enhancement component includes the effects of legally
enforceable netting agreements as well as the offset of negative mark-to-markets from derivatives against
pledged cash collateral. The collateral credit enhancement component mainly includes real estate, collateral in
the form of cash as well as securities related collateral. In relation to collateral we apply internally determined
haircuts and additionally cap all collateral values at the level of the respective collateralized exposure.

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Maximum Exposure to Credit Risk

Dec 31, 2012 Credit Enhancements
Maximum Guarantees
exposure and Credit Total credit
1
to credit risk 2 3
in € m. Netting Collateral derivatives enhancements
Due from banks 27,885 − − 1 1
Interest-earning deposits with banks 119,548 − 2 35 37
Central bank funds sold and securities purchased
under resale agreements 36,570 − 36,341 − 36,341
Securities borrowed 23,947 − 23,308 − 23,308
Financial assets at fair value through profit or
loss 4 1,119,100 657,826 211,397 3,968 873,191
Financial assets available for sale 4 47,110 − 1,287 703 1,990
Loans 5 401,975 − 208,529 37,841 246,370
Other assets subject to credit risk 85,806 69,546 6,653 12 76,211
Financial guarantees and other credit related
contingent liabilities6 68,361 − 7,810 8,444 16,254
Irrevocable lending commitments and other
credit related commitments 6 129,657 − 4,771 10,558 15,329
Maximum exposure to credit risk 2,059,959 727,372 500,098 61,562 1,289,032
1 All amounts at carrying value unless otherwise indicated.
2 Does not include credit derivative notional sold (€ 1,274,960 million) and credit derivative notional bought protection. Interest-earning deposits with banks mainly
relate to Liquidity Reserves.
3 Credit derivatives are reflected with the notional of the underlying.
4 Excludes equities, other equity interests and commodities.
5 Gross loans less (deferred expense)/unearned income before deductions of allowance for loan losses.
6 Financial guarantees, other credit related contingent liabilities and irrevocable lending commitments (including commitments designated under the fair value option)
are reflected at notional amounts.

Dec 31, 2011 Credit Enhancements

Maximum Guarantees
exposure and Credit Total credit
in € m. 1 to credit risk 2 Netting Collateral derivatives 3 enhancements
Due from banks 15,928 − 1 − 1
Interest-earning deposits with banks 162,000 − 3 147 150
Central bank funds sold and securities purchased
under resale agreements 25,773 − 25,232 − 25,232
Securities borrowed 31,337 − 30,107 − 30,107
Financial assets at fair value through profit or
loss 4 1,204,412 724,194 205,210 5,732 935,136
Financial assets available for sale 4 42,296 − 2,392 1,265 3,657
Loans 5 416,676 − 203,364 42,535 245,899
Other assets subject to credit risk 88,221 65,616 9,995 2 75,613
Financial guarantees and other credit related
contingent liabilities6 73,653 − 5,524 7,521 13,045
Irrevocable lending commitments and other
credit related commitments 6 127,995 − 715 6,386 7,101
Maximum exposure to credit risk 2,188,291 789,810 482,543 63,588 1,335,941
1 All amounts at carrying value unless otherwise indicated.
2 Does not include credit derivative notional sold (€ 1,830,104 million) and credit derivative notional bought protection. Interest-earning deposits with banks mainly
relate to liquidity reserves.
3 Credit derivatives are reflected with the notional of the underlying.
4 Excludes equities, other equity interests and commodities.
5 Gross loans less (deferred expense)/unearned income before deductions of allowance for loan losses.
6 Financial guarantees, other credit related contingent liabilities and irrevocable lending commitments (including commitments designated under the fair value option)
are reflected at notional amounts.

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Included in the category of financial assets at fair value through profit or loss as of December 31, 2012, were
€ 125 billion of securities purchased under resale agreements (€ 117 billion as of December 31, 2011) and
€ 28 billion of securities borrowed (€ 27 billion as of December 31, 2011), both with limited net credit risk as a
result of very high levels of collateral, as well as debt securities of € 153 billion (€ 154 billion as of Decem-
ber 31, 2011) that are over 84 % investment grade (over 84 % as of December 31, 2011). The above men-
tioned financial assets available for sale category primarily reflected debt securities of which more than 95 %
were investment grade (more than 93 % as of December 31, 2011).

The decrease in maximum exposure to credit risk for December 31, 2012 was predominantly driven by positive
market values from derivatives (in financial assets at fair value through profit or loss) which decreased by
€ 91 billion to € 768 billion as of December 31, 2012 and interest-earning deposits with banks, which de-
creased by € 42 billion and accounted for € 120 billion exposure as of December 31, 2012.

Credit Enhancements are split in three categories: netting, collateral, and guarantees and credit derivatives. A
prudent approach is taken with respect to haircuts, parameter setting for regular margin calls as well as expert
judgements for collateral to ensure that market developments do not lead to a build-up of uncollateralised
exposures. All categories are monitored and reviewed regularly. Overall credit enhancements received are
diversified and of adequate quality being largely cash, Group of Six government bonds and third-party guaran-
tees mostly from well rated banks and insurance companies (including Monoline insurers which are discussed
in more detail in section “Financial Position – Exposure to Monoline Insurers”).

These financial institutions are mainly domiciled in Western European countries and the United States. Fur-
thermore we obtain collateral pools of highly liquid assets and mortgages (principally consisting of residential
properties mainly in Germany) for the homogeneous retail portfolio.

Credit Quality of Financial Instruments neither Past Due nor Impaired

We generally derive our credit quality from internal ratings and group our exposures into classes as shown
below.

Credit Quality of Financial Instruments neither Past Due nor Impaired

Dec 31, 2012
iCCC
1
in € m. iAAA-iAA iA iBBB iBB iB and below Total
Due from banks 24,957 1,528 989 193 171 47 27,885
Interest-earning deposits with banks 110,051 7,238 1,369 746 79 65 119,548
Central bank funds sold and securities
purchased under resale agreements 1,605 32,560 1,332 877 140 56 36,570
Securities borrowed 14,668 7,322 1,213 438 306 − 23,947
Financial assets at fair value through profit or loss 2 348,329 551,300 98,274 90,853 23,260 7,084 1,119,100
Financial assets available for sale 2 30,077 8,303 4,076 1,913 515 1,964 46,848
Loans 3 51,853 52,568 99,683 129,516 38,935 13,110 385,665
Other assets subject to credit risk 6,469 40,113 2,687 35,128 1,299 110 85,806
Financial guarantees and other
credit related contingent liabilities 4 9,064 19,192 21,304 11,460 4,886 2,455 68,361
Irrevocable lending commitments and other
credit related commitments 4 20,233 37,456 37,754 22,631 10,068 1,515 129,657
Total 617,306 757,580 268,681 293,755 79,659 26,406 2,043,387
1 All amounts at carrying value unless otherwise indicated.
2 Excludes equities, other equity interests and commodities.
3 Gross loans less (deferred expense)/unearned income before deductions of allowance for loan losses.
4 Financial guarantees, other credit related contingent liabilities and irrevocable lending commitments (including commitments designated under the fair value option)
are reflected at notional amounts.

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Dec 31, 2011

iCCC
1
in € m. iAAA-iAA iA iBBB iBB iB and below Total
Due from banks 12,851 1,021 791 1,187 78 − 15,928
Interest-earning deposits with banks 149,285 7,982 1,692 2,747 145 149 162,000
Central bank funds sold and securities
purchased under resale agreements 9,010 11,604 3,994 1,097 60 8 25,773
Securities borrowed 25,323 3,697 1,613 566 138 − 31,337
Financial assets at fair value through profit or loss 2 503,403 492,467 107,143 73,098 14,953 13,348 1,204,412
Financial assets available for sale 2 22,824 8,673 5,407 2,955 528 1,357 41,744
Loans 3 66,822 59,737 97,116 119,631 37,923 18,698 399,927
Other assets subject to credit risk 13,980 22,998 8,100 42,200 556 387 88,221
Financial guarantees and other
credit related contingent liabilities 4 6,535 24,409 21,003 13,986 6,051 1,669 73,653
Irrevocable lending commitments and other
credit related commitments 4 21,152 37,895 36,659 21,066 9,152 2,071 127,995
Total 831,186 670,483 283,518 278,533 69,584 37,687 2,170,991
1 All amounts at carrying value unless otherwise indicated. Numbers for 2011 adjusted.
2 Excludes equities, other equity interests and commodities.
3 Gross loans less (deferred expense)/unearned income before deductions of allowance for loan losses.
4 Financial guarantees, other credit related contingent liabilities and irrevocable lending commitments (including commitments designated under the fair value option)
are reflected at notional amounts.

Financial assets at fair value through profit and loss saw a material fall in gross exposures (i.e., before credit
enhancements) principally driven by a reduction of positive market values of derivatives. On a net basis after
credit enhancements portfolio quality has remained broadly stable and heavily biased towards investment
grade-rated counterparties. Our loan portfolio quality remained robust with a significant reduction to lowest
rated counterparties in “iCCC and below” by 30 % to € 13.1 billion.

Main Credit Exposure Categories

The tables in this section show details about several of our main credit exposure categories, namely loans,
irrevocable lending commitments, contingent liabilities, over-the-counter (“OTC”) derivatives, traded loans,
traded bonds, debt securities available for sale and Repo and repo-style transactions:

— “Loans” are net loans as reported on our balance sheet at amortized cost but before deduction of our al-
lowance for loan losses.
— “Irrevocable lending commitments” consist of the undrawn portion of irrevocable lending-related commit-
ments.
— “Contingent liabilities” consist of financial and performance guarantees, standby letters of credit and others
(mainly indemnity agreements).
— “OTC derivatives” are our credit exposures from over-the-counter derivative transactions that we have
entered into, after netting and cash collateral received. On our balance sheet, these are included in finan-
cial assets at fair value through profit or loss or, for derivatives qualifying for hedge accounting, in other
assets, in either case, before netting and cash collateral received.
— “Traded loans” are loans that are bought and held for the purpose of selling them in the near term, or the
material risks of which have all been hedged or sold. From a regulatory perspective this category principal-
ly covers trading book positions.
— “Traded bonds” include bonds, deposits, notes or commercial paper that are bought and held for the pur-
pose of selling them in the near term. From a regulatory perspective this category principally covers trading
book positions.
— “Debt securities available for sale” include debentures, bonds, deposits, notes or commercial paper, which
are issued for a fixed term and redeemable by the issuer, which we have classified as available for sale.
— “Repo and repo-style transactions” consist of reverse repurchase transactions, as well as securities or
commodities borrowing transactions after application of netting and collateral received.

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Although considered in the monitoring of maximum credit exposures, the following are not included in the de-
tails of our main credit exposure: brokerage and securities related receivables, interest-earning deposits with
banks, cash and due from banks, assets held for sale and accrued interest receivables. Excluded as well are
traditional securitization positions and equity investments, which are dealt with specifically in the sections “Se-
curitization” and “Nontrading Market Risk – Investment Risk” and “Nontrading Market Risk – Equity Invest-
ments Held”, respectively.

Main Credit Exposure Categories by Business Divisions

Dec 31, 2012
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
in € m. Loans 1 commitments 2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
Corporate Banking
& Securities 54,155 100,617 8,741 53,629 14,052 133,519 10,517 189,681 564,911
Global Transaction
Bank 58,882 9,392 51,590 732 827 52 133 2,965 124,573
Asset & Wealth
Management 29,560 3,503 2,824 555 21 7,540 3,044 76 47,123
Private & Business
Clients 209,228 14,503 1,764 1,150 − 80 17,931 20,936 265,592
Non-Core
Operations 49,860 1,451 3,353 6,373 3,250 11,699 12,485 150 88,621
Consolidation &
Adjustments 290 191 89 5 2 64 45 − 686
Total 401,975 129,657 68,361 62,444 18,152 152,954 44,155 213,808 1,091,506
1 Includes impaired loans amounting to € 10.3 billion as of December 31, 2012.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Dec 31, 2011

Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
Loans 1 commitments2 derivatives 3 4
in € m. liabilities Loans Bonds for sale transactions Total
Corporate Banking
& Securities 58,428 99,219 12,412 65,145 12,913 134,394 3,006 180,020 565,537
Global Transaction
Bank 57,876 8,916 52,479 815 436 50 1,025 2,749 124,346
Asset & Wealth
Management 27,638 3,225 3,038 1,042 − 6,991 2,498 627 45,059
Private & Business
Clients 207,653 14,089 2,330 829 − 14 16,563 12,182 253,660
Non-Core
Operations 64,721 2,459 3,345 11,790 4,689 12,839 16,246 6,076 122,165
Consolidation &
Adjustments 360 87 49 3 1 45 43 − 588
Total 416,676 127,995 73,653 79,624 18,039 154,333 39,381 201,654 1,111,355
1 Includes impaired loans amounting to € 10.1 billion as of December 31, 2011.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Our main credit exposure decreased by € 19.8 billion.

— From a divisional perspective, a significant reduction of € 33.5 billion has been achieved by the recently
established NCOU partly offset by an increase in PBC exposure (€ 11.9 billion) mainly driven by Repo and
repo-style transactions due to reduced nettable contracts where excess liquidity has been invested in repo
transactions.
— From a product perspective, exposure reductions have been recorded for Loans (€ 14.7 billion) and OTC
derivatives (€ 17.2 billion) partly offset by an increase in Repo and repo-style transactions (€ 12.2 billion).

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Main Credit Exposure Categories by Industry Sectors

Dec 31, 2012
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
Loans 1 2
derivatives 3 4
in € m. commitments liabilities Loans Bonds for sale transactions Total
Banks and
insurance 27,849 22,083 16,021 32,673 2,720 34,750 15,280 207,476 358,852
Fund management
activities 16,777 6,248 2,063 4,583 536 7,324 1,092 18 38,641
Manufacturing 23,203 30,347 18,899 1,626 2,395 3,545 482 − 80,497
Wholesale and
retail trade 17,026 8,799 6,080 757 546 1,121 149 − 34,478
Households 180,974 12,273 2,593 730 1,380 7 − 45 198,002
Commercial real
estate activities 45,225 2,677 691 1,567 2,355 1,335 68 − 53,918
Public sector 15,378 1,370 107 6,319 318 87,291 25,095 1,027 136,905
Other 75,5435 45,860 21,907 14,189 7,902 17,581 1,989 5,242 190,213
Total 401,975 129,657 68,361 62,444 18,152 152,954 44,155 213,808 1,091,506
1 Includes impaired loans amounting to € 10.3 billion as of December 31, 2012.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.
5 Loan exposures for Other include lease financing.

Dec 31, 2011

Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
Loans 1 2
derivatives 3 4
in € m. commitments liabilities Loans Bonds for sale transactions Total
Banks and insurance 35,308 22,553 17,668 50,657 2,416 38,079 15,887 193,621 376,189
Fund management
activities 24,952 4,931 2,432 8,943 1,008 7,688 1,127 396 51,477
Manufacturing 22,754 31,297 19,608 3,279 1,290 3,205 697 2 82,132
Wholesale and retail
trade 15,045 8,412 5,527 610 392 1,218 251 36 31,491
Households 174,188 10,613 2,706 1,082 2,199 57 − 26 190,871
Commercial real estate
activities 46,143 2,877 2,348 2,187 2,526 508 53 110 56,752
Public sector 16,412 1,479 104 8,625 263 88,036 18,872 740 134,531
Other 81,8745 45,833 23,260 4,241 7,945 15,542 2,494 6,723 187,912
Total 416,676 127,995 73,653 79,624 18,039 154,333 39,381 201,654 1,111,355
1 Includes impaired loans amounting to € 10.1 billion as of December 31, 2011.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.
5 Loan exposures for Other include lease financing.

From an industry perspective, our credit exposure is lower compared to last year in Banks and Insurance
(€ 17.3 billion) and Funds management activities (€ 12.8 billion), partly offset by an increase in Households
(€ 7.1 billion) primarily in Loans, reflecting the overall growth of our retail book.

Loan exposures to the industry sectors banks and insurance, manufacturing and public sector comprise pre-
dominantly investment grade variable rate loans which are held to maturity. The portfolio is subject to the same
credit underwriting requirements stipulated in our Principles for Managing Credit Risk, including various con-
trols according to single name, country, industry and product-specific concentration.

Material transactions, such as loans underwritten with the intention to syndicate, are subject to review by senior
credit risk management professionals and (depending upon size) an underwriting credit committee and/or the
Management Board. High emphasis is placed on structuring such transactions to ensure de-risking is achieved
in a timely and cost effective manner. Exposures within these categories are mostly to good quality borrowers
and also subject to further risk mitigation as outlined in the description of our Credit Portfolio Strategies Group’s
activities.

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Our household loans exposure amounting to € 181 billion as of December 31, 2012 (€ 174 billion as of De-
cember 2011) is principally associated with our PBC portfolio. € 142 billion (78 %) of the portfolio comprises
mortgages, of which € 112 billion are held in Germany. The remaining exposures (€ 39 billion, 22 %) are pre-
dominantly consumer finance business related. Given the largely homogeneous nature of this portfolio, coun-
terparty credit worthiness and ratings are predominately derived by utilizing an automated decision engine.

Mortgage business is principally the financing of owner occupied properties sold by various business channels
in Europe, primarily in Germany but also in Spain, Italy and Poland, with exposure normally not exceeding real
estate value. Consumer finance is divided into personal installment loans, credit lines and credit cards. Various
lending requirements are stipulated, including (but not limited to) maximum loan amounts and maximum tenors
and are adapted to regional conditions and/or circumstances of the borrower (e.g., for consumer loans a max-
imum loan amount taking into account household net income). Interest rates are mostly fixed over a certain
period of time, especially in Germany. Second lien loans are not actively pursued.

The level of credit risk of the mortgage loan portfolio is determined by assessing the quality of the client and
the underlying collateral. The loan amounts are generally larger than consumer finance loans and they are
extended for longer time horizons. Consumer Finance loan risk depends on client quality. Given that they are
uncollateralized, compared to mortgages they are also smaller in value and are extended for shorter time.
Based on our underwriting criteria and processes, diversified portfolio (customers/properties) and low loan-to-
value (LTV) ratios, the mortgage portfolio is categorized as lower risk and consumer finance medium risk.

Our commercial real estate loans are generally originated for distribution as securities (CMBS) or in the bank
syndication market and accounted for as financial assets at fair value through profit and loss, with the excep-
tion of Postbank commercial real estate loans which are generally held to maturity and not sold in the secon-
dary market. Loans are generally secured by first mortgages on the underlying real estate property, and
follow the credit underwriting requirements stipulated in the Principles for Managing Credit Risk noted above
(i.e., rating followed by credit approval based on assigned credit authority) and are subject to additional under-
writing and policy guidelines such as LTV ratios of generally less than 75 %. Additionally given the significance
of the underlying collateral independent external appraisals are commissioned for all secured loans by our
valuation team (part of the independent Credit Risk Management function). Our valuation team is responsible
for reviewing and challenging the reported real estate values.

Excluding the exposures transferred into the NCOU, the Commercial Real Estate Group does not normally
retain mezzanine or other junior tranches of debt, though the Postbank portfolio holds an insignificant sub-
portfolio of junior tranches. Loans originated for securitization are carefully monitored under a pipeline limit.
Securitized loan positions are entirely sold (except where regulation requires retention of economic risk), while
we frequently retain a portion of syndicated bank loans. This hold portfolio, which is held at amortized cost, is
also subject to the aforementioned principles and policy guidelines. We also participate in conservatively un-
derwritten unsecured lines of credit to well-capitalized real estate investment trusts and other public companies
(generally investment grade). In addition, sub-performing and non-performing loans and pools of loans are
generally acquired from other financial institutions at substantial discounts to both the notional amounts and
current collateral values. The underwriting process is stringent and the exposure is managed under a separate
portfolio limit. We provide both fixed rate (generally securitized product) and floating rate loans, with interest
rate exposure subject to hedging arrangements. Commercial real estate property valuations and rental in-
comes can be significantly impacted by macro-economic conditions and underlying properties to idiosyncratic
events. Accordingly, the portfolio is categorized as higher risk and hence subject to the aforementioned tight
restrictions on concentration.

The category Other loans, with exposure of € 76 billion as of December 31, 2012 (€ 82 billion as of Decem-
ber 31, 2011), relates to numerous smaller industry sectors with no individual sector greater than 5 % of
total loans.

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Our credit exposure to our ten largest counterparties accounted for 11 % of our aggregated total credit expo-
sure in these categories as of December 31, 2012 compared to 8 % as of December 31, 2011. Our top ten
counterparty exposures were with well-rated counterparties or otherwise related to structured trades which
show high levels of risk mitigation.

The following two tables present specific disclosures in relation to Pillar 3. Per regulation it is not required to
audit Pillar 3 disclosures.

Residual contract maturity profile of the main credit exposure categories (unaudited)
Dec 31, 2012
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
1 2 3 4
in € m. Loans commitments liabilities derivatives Loans Bonds for sale transactions Total
< 1 year 126,091 30,601 35,777 12,561 3,516 36,043 5,702 211,868 462,159
1 year – 5 years 96,668 82,179 23,996 17,821 8,513 42,794 21,110 1,817 294,898
> 5 years 179,216 16,877 8,588 32,062 6,123 74,117 17,343 123 334,449
Total credit risk
exposure 401,975 129,657 68,361 62,444 18,152 152,954 44,155 213,808 1,091,506
1 Includes impaired loans amounting to € 10.3 billion as of December 31, 2012.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Dec 31, 2011

Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
in € m. Loans 1 commitments2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
< 1 year 135,407 34,414 39,203 14,094 4,384 40,594 6,386 197,434 471,916
1 year – 5 years 102,883 76,998 20,918 21,486 8,695 38,045 14,339 4,136 287,500
> 5 years 178,386 16,583 13,532 44,044 4,960 75,694 18,656 84 351,939
Total credit risk
exposure 416,676 127,995 73,653 79,624 18,039 154,333 39,381 201,654 1,111,355
1 Includes impaired loans amounting to € 10.1 billion as of December 31, 2011.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Average credit risk exposure held over the four quarters (unaudited)
2012
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
1
in € m. Loans commitments 2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
Total average credit
risk exposure 409,002 131,348 68,680 68,334 17,164 162,498 42,529 229,549 1,129,104
Total credit risk
exposure at year-end 401,975 129,657 68,361 62,444 18,152 152,954 44,155 213,808 1,091,506
1 Includes impaired loans amounting to € 10.3 billion as of December 31, 2012.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

2011
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
in € m. Loans 1 commitments 2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
Total average credit
risk exposure 407,212 125,310 68,988 69,490 19,651 174,242 40,797 206,014 1,111,704
Total credit risk
exposure at year-end 416,676 127,995 73,653 79,624 18,039 154,333 39,381 201,654 1,111,355
1 Includes impaired loans amounting to € 10.1 billion as of December 31, 2011.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

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Main credit exposure categories by geographical region

Dec 31, 2012
Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
1
in € m. Loans commitments 2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
Germany 199,280 24,301 14,863 3,159 309 15,960 12,794 24,526 295,192
Western Europe
(excluding Germany) 104,342 33,922 19,279 29,478 5,752 31,529 25,802 50,346 300,450
Eastern Europe 10,187 1,479 1,926 1,075 2,314 4,246 303 380 21,910
North America 52,560 63,302 19,883 18,423 7,386 63,718 2,500 100,779 328,551
Central and South
America 4,747 756 1,343 1,053 518 4,812 57 2,694 15,980
Asia/Pacific 29,120 5,253 10,061 9,165 1,761 31,781 2,699 34,621 124,461
Africa 1,635 587 1,006 17 88 766 − 462 4,561
Other 104 57 − 74 24 142 − − 401
Total 401,975 129,657 68,361 62,444 18,152 152,954 44,155 213,808 1,091,506
1 Includes impaired loans amounting to € 10.3 billion as of December 31, 2012.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Dec 31, 2011

Irrevocable Debt securities Repo and
lending Contingent OTC Traded Traded available repo-style
1
in € m. Loans commitments 2 liabilities derivatives 3 Loans Bonds for sale transactions 4 Total
Germany 199,442 24,448 15,408 5,148 376 17,445 7,848 24,207 294,322
Western Europe
(excluding Germany) 115,782 32,399 19,460 35,932 5,720 29,720 24,910 53,520 317,443
Eastern Europe 9,387 1,357 1,682 135 2,001 2,331 369 548 17,810
North America 54,962 63,318 23,884 28,070 7,482 65,424 5,523 79,014 327,677
Central and South
America 4,775 852 1,803 396 499 4,936 79 2,524 15,864
Asia/Pacific 30,291 4,791 10,425 9,011 1,815 33,836 628 41,417 132,214
Africa 1,502 598 991 888 127 611 7 424 5,148
Other 535 232 − 44 19 30 17 − 877
Total 416,676 127,995 73,653 79,624 18,039 154,333 39,381 201,654 1,111,355
1 Includes impaired loans amounting to € 10.1 billion as of December 31, 2011.
2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting.
4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Our largest concentration of credit risk within loans from a regional perspective was in our home market Ger-
many, with a significant share in households, which includes the majority of our mortgage lending business.
Within the OTC derivatives business our largest concentrations were in Western Europe (excluding Germany)
and North America, with a significant share in highly rated banks and insurance companies for which we con-
sider the credit risk to be limited.

Our largest concentrations of credit risk within tradable assets from a regional perspective were in North Amer-
ica and Western Europe (excluding Germany), with a significant share in public sector and banks and insur-
ance companies. Within the repo and repo-style transactions our largest concentrations were in North America
and Western Europe (excluding Germany), with a significant share in highly rated banks and insurance com-
panies.

Our overall loan book as of December 31, 2012 decreased to € 402 billion versus € 417 billion as of Decem-
ber 31, 2011. The decrease in OTC derivatives (€ 17 billion) is mainly in North America and Western Europe
(excluding Germany). The decrease in loans (€ 15 billion) was mainly in Western Europe (excluding Germany)
and North America with banks and insurance and fund management activities. The increase in repo and repo-
style transactions (€ 12 billion) was primarily in positions with banks and insurance companies within North
America, partly offset with decreases in Asia/Pacific region.

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Credit Risk Exposure to Certain Eurozone Countries

Certain eurozone countries are presented within the tables below due to heightened concerns around sover-
eign risk caused by the wider European sovereign debt crisis as evidenced by widening and volatile credit
default swap spreads. This heightened risk is driven by a number of factors impacting the associated sovereign
including high public debt levels and/or large deficits, limited access to capital markets, proximity of debt re-
payment dates, poor economic fundamentals and outlook (including low gross domestic product growth, weak
competitiveness, high unemployment and political uncertainty). Some of these countries have accepted “bail
out” packages.

For the presentation of our exposure to these certain eurozone countries we apply two general concepts as
follows:

— In our “risk management view”, we consider the domicile of the group parent, thereby reflecting the one
obligor principle. All facilities to a group of borrowers which are linked to each other (e.g., by one entity
holding a majority of the voting rights or capital of another) are consolidated under one obligor. This group
of borrowers is usually allocated to the country of domicile of the respective parent company. As an exam-
ple, a loan to a counterparty in Spain is Spanish risk as per a domicile view but considered a German risk
from a risk management perspective if the respective counterparty is linked to a parent company domiciled
in Germany following the above-mentioned one obligor principle. In this risk management view we also
consider derivative netting and present exposures net of hedges and collateral. The collateral valuations
follow the same stringent approach and principles as outlined separately. Also, in our risk management we
classify exposure to special purpose entities based on the domicile of the underlying assets as opposed to
the domicile of the special purpose entities. Additional considerations apply for structured products. If, for
example, a structured note is issued by a special purpose entity domiciled in Ireland, it will be considered
an Irish risk in a “country of domicile” view, but if the underlying assets collateralizing the structured note
are German mortgage loans, then the exposure would be included as German risk in the ”risk manage-
ment” view.
— In our “country of domicile view” we aggregate credit risk exposures to counterparties by allocating them to
the domicile of the primary counterparty, irrespective of any link to other counterparties, or in relation to
credit default swaps underlying reference assets from, these eurozone countries. Hence we also include
counterparties whose group parent is located outside of these countries and exposures to special purpose
entities whose underlying assets are from entities domiciled in other countries.

Net credit risk exposure with certain eurozone countries – Risk Management View
in € m. Dec 31, 2012 Dec 31, 2011
Greece 646 840
Ireland 1,443 1,570
Italy 19,068 18,064
Portugal 1,187 1,733
Spain 12,664 12,750
Total 35,008 34,957

Net credit risk exposure is up € 51 million since year-end 2011. This was primarily driven by increases in Italy
from higher trading positions, largely offset by reductions in Portugal and Spain related to financial institutions,
exposure in the Postbank portfolio as well as in Greek government bonds mainly due to the participation in the
Greek debt restructuring in March 2012. Cyprus credit exposure is also closely monitored in light of rising
sovereign risk and is currently at a relatively low level of € 38 million (based on a risk management view).

Our above exposure is principally to highly diversified, low risk retail portfolios and small and medium
enterprises in Italy and Spain, as well as stronger corporate and diversified mid-cap clients. Our financial
institutions exposure is predominantly geared towards larger banks in Spain and Italy, typically under collateral
agreements, with the majority of Spanish financial institutions exposure being covered bonds. Sovereign
exposure is moderate and principally in Italy and Spain, where it is driven mainly by our derivatives positions
and participation in government bond auctions.

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The following tables, which are based on the country of domicile view, present our gross position, the included
amount thereof of undrawn exposure and our net exposure to these European countries. The gross exposure
reflects our net credit risk exposure grossed up for net credit derivative protection purchased with underlying
reference assets domiciled in one of these countries, guarantees received and collateral. Such collateral is
particularly held with respect to the retail category, but also for financial institutions predominantly in relation to
derivative margining arrangements, as well as for corporates. In addition the amounts also reflect the allow-
ance for credit losses. In some cases, our counterparties’ ability to draw on undrawn commitments is limited by
terms included within the specific contractual documentation. Net credit exposures are presented after effects
of collateral held, guarantees received and further risk mitigation, but excluding net notional amounts of credit
derivatives for protection sold/(bought). The provided gross and net exposures to certain European countries
do not include credit derivative tranches and credit derivatives in relation to our correlation business which, by
design, is structured to be credit risk neutral. Additionally the tranche and correlated nature of these positions
does not lend itself to a disaggregated notional presentation by country, e.g., as identical notional exposures
represent different levels of risk for different tranche levels.

Gross position, included undrawn exposure and net exposure to certain eurozone countries – Country of Domicile View
Sovereign Financial Institutions Corporates Retail Other Total 2
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
in € m. 2012 2011 1 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Greece
Gross 40 448 715 576 1,501 1,287 9 8 − − 2,265 2,319
Undrawn − − 8 5 160 121 2 2 − − 170 128
Net 39 448 67 105 356 324 3 2 − − 465 879
Ireland
Gross 932 420 1,427 3,472 6,505 8,436 56 61 4,292 3 6,484 3 13,212 18,873
Undrawn − − 14 4 1,581 1,130 2 3 366 3 340 3 1,963 1,477
Net 400 181 1,005 1,755 4,661 6,593 7 9 2,914 3 5,084 3 8,987 13,622
Italy
Gross 3,059 1,811 7,041 5,198 8,706 9,449 20,291 19,842 127 373 39,224 36,673
Undrawn 1 2 809 637 3,162 3,581 261 308 − − 4,233 4,528
Net 2,969 1,767 3,150 2,296 6,619 6,670 7,749 8,480 (73) 173 20,414 19,386
Portugal
Gross 258 165 453 880 1,548 1,502 2,375 2,415 33 36 4,667 4,998
Undrawn − − 52 33 188 130 5 30 − − 245 193
Net 153 (45) 319 519 769 727 501 364 32 36 1,774 1,601
Spain
Gross 1,659 1,322 5,483 7,198 10,301 10,199 11,106 11,487 216 182 28,765 30,388
Undrawn − − 563 313 2,690 3,257 547 593 − − 3,800 4,163
Net 1,659 1,318 3,561 5,740 7,688 7,152 1,789 2,018 144 93 14,841 16,321
Total gross 5,948 4,166 15,119 17,324 28,561 30,873 33,837 33,813 4,668 7,075 88,133 93,251
Total undrawn 1 2 1,446 992 7,781 8,219 817 936 366 340 10,411 10,489
Total net 4 5,220 3,669 8,102 10,415 20,093 21,466 10,049 10,873 3,017 5,386 46,481 51,809
1 Includes impaired available for sale sovereign debt positions in relation to Greece as of December 31, 2011. There are no other sovereign related impaired exposures included.
2 Approximately 77 % of the overall net exposure will mature within the next 5 years.
3 Other exposures to Ireland include exposures to counterparties where the domicile of the group parent is located outside of Ireland as well as exposures to special purpose entities whose
underlying assets are from entities domiciled in other countries.
4 Total net exposure excludes credit valuation reserves for derivatives amounting to € 231 million as of December 31, 2012 and € 240 million as of December 31, 2011.

Total net exposure to the above selected eurozone countries decreased by € 5.3 billion in 2012 driven largely
by reductions in exposure to Ireland, primarily to corporates, but also to Other, as well as by reduced exposure
to financial institutions in Spain.

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Aggregate net credit risk to certain eurozone countries by type of financial instrument
Financial assets
measured at Financial instruments
Financial assets carried at amortized cost fair value at fair value through profit or loss Dec 31, 2012
Loans Loans Financial assets
before loan after loan available
in € m. loss allowance loss allowance Other 1 for sale 2 Derivatives Other Total 3
Greece 324 296 23 5 58 73 455
Ireland 2,188 2,181 2,982 978 1,387 2,922 10,450
Italy 11,345 10,615 3,815 1,585 4,132 (2,312) 17,835
Portugal 939 901 379 202 323 434 2,239
Spain 5,986 5,481 3,269 3,254 591 1,842 14,437
Total 20,782 19,474 10,468 6,024 6,491 2,959 45,416
1 Primarily includes contingent liabilities and undrawn lending commitments.
2 Excludes equities and other equity interests.
3 After loan loss allowances.

Financial assets
measured at Financial instruments
Financial assets carried at amortized cost fair value at fair value through profit or loss Dec 31, 2011
Loans Loans Financial assets
before loan after loan available
in € m. loss allowance loss allowance Other 1 for sale 2 Derivatives Other Total 3
Greece 214 200 38 211 100 255 804
Ireland 4,601 4,592 3,022 1,250 2,693 3,242 14,799
Italy 12,834 12,275 3,712 1,243 3,414 (1,787) 18,857
Portugal 1,227 1,206 223 209 243 439 2,320
Spain 7,346 6,910 3,052 3,371 1,936 1,201 16,470
Total 26,222 25,183 10,047 6,284 8,386 3,350 53,250
1 Primarily includes contingent liabilities and undrawn lending commitments.
2 Excludes equities and other equity interests.
3 After loan loss allowances.

For our credit derivative exposure with these eurozone countries we present the notional amounts for protec-
tion sold and protection bought on a gross level as well as the resulting net notional position and its fair value.

Credit derivative exposure with underlying assets domiciled in certain eurozone countries
Notional amounts Dec 31, 2012
Protection Protection Net protection
in € m. sold bought sold/(bought) Net fair value
Greece 1,396 (1,386) 10 (8)
Ireland 8,280 (9,743) (1,463) 55
Italy 60,638 (58,059) 2,579 145
Portugal 10,744 (11,209) (465) (5)
Spain 30,408 (30,004) 404 (8)
Total 111,466 (110,401) 1,065 179

Notional amounts Dec 31, 2011

Protection Protection Net protection
in € m. sold bought sold/(bought) Net fair value
Greece 8,284 (8,209) 75 (75)
Ireland 11,203 (12,380) (1,177) 51
Italy 59,890 (59,361) 529 32
Portugal 12,744 (13,463) (719) 36
Spain 35,267 (35,416) (149) 68
Total 127,388 (128,829) (1,441) 112

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In line with common industry practice, we use credit default swaps (CDS) as one important instrument to man-
age credit risk in order to avoid any undue concentrations in the credit portfolio. CDS contracts are governed
by standard ISDA documentation which defines trigger events which result in settlement payouts. Examples of
these triggers include bankruptcy of the reference entity, failure of reference entity to meeting contractual obli-
gations (e.g., interest or principal repayment) and debt restructuring of the reference entity. These triggers also
apply to credit default protection contracts sold. Our purchased credit default swap protection acting as a risk
mitigant is predominantly issued by highly rated financial institutions governed under collateral agreements.
While we clearly focus on net risk including hedging/collateral we also very intensively review our gross posi-
tions before any CDS hedging in reflection of the potential risk that a CDS trigger event does not occur as
expected.

The exposures associated with these countries noted above are managed and monitored using the credit
process explained within the credit risk section of this Risk Report including detailed counterparty ratings, on-
going counterparty monitoring as well as our framework for managing concentration risk as documented within
our country risk and industry risk sections as outlined above. This framework is complemented by regular
management reporting including targeted portfolio reviews of these countries, portfolio de-risking initiatives and
stress testing.

For credit protection purposes we strive to avoid any maturity mismatches. However, this depends on the
availability of required hedging instruments in the market. Where maturity mismatches cannot be avoided,
these positions are tightly monitored. We take into account the sensitivities of hedging instrument and underly-
ing asset to neutralize the maturity mismatch.

The stress tests we conducted were mainly focused on assessing potential sensitivities in terms of credit, mar-
ket and liquidity risk in the case of extreme shock events such as a disorderly exit of a eurozone member.
These included indirect exposures and assessed the impact of revaluation events and contagion effects on
certain portfolios outside Greece, Ireland, Italy, Portugal and Spain (the GIIPS countries) deemed most likely to
be indirectly affected by an escalation in the eurozone crisis. In addition, assessments of the potential indirect
impact of such an escalation were carried out on collateral values.

The key input parameters included within these stress tests were based on a number of market-related as-
sumptions, including ones relating to GDP, FX, interest rates and fluctuations in the capital markets. These
assumptions were provided by our internal macro-economic department, ”Deutsche Bank research”. The
stress scenarios were discussed with and signed-off by our Stress Test Oversight Committee, which is the
central governance committee dealing with the Banks Group Wide Stress Test. Key outputs from these stress
tests included credit-relevant metrics, and the stress tests were designed to assess P&L, capital and liquidity
implications for the Bank. These outputs were taken into consideration in defining the required risk-mitigating
actions.

Our internal risk controls have been further enhanced through the establishment of a governance framework
intended to enable adequate preparation for and an ability to manage euro crisis events in terms of risk mitiga-
tion and operational contingency measures. This includes a holistic impact analysis based on the above-
mentioned scenarios, including the domino impact of a worsening crisis, potential revaluations of new curren-
cies in a “euro exit” of specific countries, regular evaluation of redenomination risk and assessment of product,
contractual and jurisdictional specifics in close cooperation with our legal department. However, significant
uncertainties still remain in evaluating these risks, in particular redenomination risk where it is highly uncertain
which assets and liabilities would be impacted and the scale of any losses which would result. Key considera-
tions include (i) the governing law of the relevant obligation; (ii) the location of performance; (iii) whether or not
counterparties default and (iv) the scale of the devaluation of the new currency.

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The above mentioned financial impact analyses are complimented by operational contingency measures that
assess the Bank’s crisis management capabilities (roadmap to respond to a crisis event) as well as operational
readiness such as the introduction of a new currency into the system environment.

Overall, we have actively managed our exposures to GIIPS countries since the early stages of the debt crisis
and believe our credit portfolio to be well-positioned following selective early de-risking focused on sovereign
risk and weaker counterparties.

We have internally analyzed the Bank’s potential redenomination and revaluation risk to selected eurozone
countries under several different assumptions with the total volume of assets and liabilities at risk varying sig-
nificantly depending on which assumptions are made. We believe that a quantification of redenomination and
revaluation risk would need to be interpreted within the context of each individual risk assessment, based on
the internal assumptions we made, but for which we have no ability to predict whether they are more or less
likely to occur. As a result, we believe that quantification would not provide meaningful information for the reader.

Sovereign Credit Risk Exposure to Certain Eurozone Countries

Following the October 26, 2011 Euro Summit Statement and the February 21, 2012 Eurogroup Statement,
on February 24, 2012 the Greek government made an invitation to private sector holders of bonds issued or
guaranteed by the Greek government to participate in a debt exchange offer and/or consent solicitations, re-
ferred to as the Private Sector Involvement (“PSI”). The bonds invited to participate in the PSI had an aggre-
gate outstanding face amount of approximately € 206 billion. The debt exchange offer and consent solicitations
were aimed at maximizing the PSI in the overall support package being offered to Greece, in conjunction with
the support provided by the official sector (IMF, EU, ECB), thereby mitigating the likelihood of Greece default-
ing on its obligations.

In March 2012, we participated in the exchange offer and consent solicitations with all our Greek Government
Bonds (“GGB”) eligible in this respect. Under the PSI, GGB holders received in exchange for their GGBs
(i) new bonds issued by the Greek government having a face amount equal to 31.5 % of the face amount of
their exchanged bonds, (ii) European Financial Stability Facility (“EFSF”) notes with a maturity of two years
or less having a face amount of 15 % of the face amount of their exchanged bonds and (iii) detachable securi-
ties linked to Greece’s gross domestic product issued by the Greek government having a notional amount
equal to the face amount of each holder’s new bonds. The Greek government also delivered short-term EFSF
notes to discharge all unpaid interest accrued up to February 24, 2012 on exchanged bonds.

The bonds that we tendered in the debt exchange were derecognized and the new instruments recognized at
fair value classified as either financial assets available for sale or at fair value through profit or loss.

The information provided below on our sovereign credit risk exposure to certain eurozone Countries includes,
in the figures as of December 31, 2012, the Greek government bonds received as part of the rescheduling.

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Sovereign credit risk exposure to certain eurozone countries

Dec 31, 2012 Dec 31, 2011
Memo Item: Memo Item:
Net Notional Net fair value Net Notional Net fair value
of CDS of CDS of CDS of CDS
Direct referencing referencing Direct referencing referencing
Sovereign sovereign Net sovereign sovereign Sovereign sovereign Net sovereign sovereign
in € m. exposure 1 debt exposure debt 2 exposure 1 debt exposure debt 2
Greece 39 − 39 − 433 15 448 (50)
Ireland 355 45 400 (4) 208 (27) 181 (21)
Italy 847 2,122 2,969 159 176 1,591 1,767 1
Portugal 258 (105) 153 (4) 116 (161) (45) 16
Spain 1,544 115 1,659 (4) 1,026 292 1,318 (13)
Total 3,043 2,177 5,220 147 1,959 1,710 3,669 (67)
1 Includes debt classified as financial assets/liabilities at fair value through profit or loss, available for sale and loans carried at amortized cost.
2 The amounts reflect the net fair value (i.e., counterparty credit risk) in relation to credit default swaps referencing sovereign debt of the respective country.

The above shown amounts reflect a net country of domicile view of our sovereign exposure. With the exception
of Greece, the increase compared to year-end 2011 mainly reflects market making activities as well as fair
value changes from market price movements occurring within 2012. The exposure decrease to Greece reflects
our participation in the aforementioned debt exchange.

The above mentioned direct sovereign exposure included the carrying value of loans held at amortized cost to
sovereigns which, as of December 31, 2012, amounted to € 797 million for Italy and € 591 million for Spain and,
as of December 31, 2011 amounted to € 546 million for Italy and € 752 million for Spain.

Fair value of sovereign credit risk exposure to certain eurozone countries classified as financial assets at fair value through
profit or loss
Dec 31, 2012 Dec 31, 2011
Fair value of Fair value of
derivatives with derivatives with
sovereign Total fair value sovereign Total fair value
Fair value of counterparties of sovereign Fair value of counterparties of sovereign
in € m. sovereign debt (net position) 1 exposures sovereign debt (net position)1 exposures
Greece 24 15 39 197 25 222
Ireland 28 27 55 (32) 7 (25)
Italy (3,974) 2 3,279 (695) (3,325) 2 2,332 (993)
Portugal 150 59 209 81 4 85
Spain 734 29 763 52 28 80
Total (3,038) 3,409 371 (3,027) 2,396 (631)
1 Includes the impact of master netting and collateral arrangements.
2 Short sovereign debt position for Italy predominantly related to structured trades with corresponding credit derivatives offset.

Sovereign credit risk exposure to certain eurozone countries classified as financial assets available for sale
Dec 31, 2012 Dec 31, 2011
Accumulated Accumulated
impairment impairment
losses losses
recognized in recognized in
Fair value of Original carrying net income Fair value of Original carrying net income
in € m. sovereign debt amount (after tax) sovereign debt amount (after tax)
Greece − − − 211 494 (368)
Ireland 300 213 − 232 213 −
Italy 741 720 − 625 724 −
Portugal 48 46 − 31 46 −
Spain 201 194 − 193 194 −
Total 1,290 1,173 − 1,292 1,671 (368)

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Credit Exposure from Lending

Our lending businesses are subject to credit risk management processes, both at origination and on an ongo-
ing basis. An overview of these processes is described in the credit risk section of this Risk Report.

Loan book categories segregated into a lower, medium and higher risk bucket
Dec 31, 2012 Dec 31, 2011 1
thereof: thereof:
in € m. Total Non-Core Total Non-Core
Lower risk bucket:
PBC Mortgages 151,078 8,579 145,511 9,457
Investment-Grade/German Mid-Cap 42,906 3,356 49,657 3,986
GTB 58,882 − 57,876 −
PWM 30,666 1,106 28,832 1,194
PBC small corporates 18,745 1,833 19,116 1,146
Government collateralized/structured transactions 1,149 − 3,615 2,450
Corporate Investments 2,464 2,464 6,707 6,707
Sub-total lower risk bucket 305,890 17,338 311,314 24,940
Moderate risk bucket:
PBC Consumer Finance 20,316 1,303 18,996 1,266
Asset Finance (Deutsche Bank sponsored conduits) 14,786 6,395 17,651 8,365
Collateralized hedged structured transactions 13,176 3,642 15,012 5,136
Financing of pipeline assets 2 4,312 1,316 6,619 1,639
Sub-total moderate risk bucket 52,590 12,656 58,278 16,406
Higher risk bucket:
Commercial Real Estate3 27,285 14,784 28,398 16,473
Leveraged Finance4 5,095 744 5,019 1,318
Other 5 11,115 4,336 13,667 5,584
Sub-total higher risk bucket 43,495 19,864 47,084 23,375
Total loan book 401,975 49,858 416,676 64,721
1 Amounts for December 31, 2011 reflect the new business division structure established in 2012.
2 Thereof vendor financing on loans sold in Leveraged Finance amounting to € 3.0 billion and in Commercial Real Estate amounting to € 1.3 billion as of
December 31, 2012 (€ 5.0 billion and € 1.6 billion as of December 31, 2011, respectively).
3 Includes loans from CMBS securitizations.
4 Loans mainly relate to CPSG.
5 Includes other smaller loans predominately in our CB&S business division.

The majority of our low risk exposures is associated with our PBC retail banking activities. 76 % of our loan
book at December 31, 2012 was in the low risk category, broadly in line with the prior year end.

Our higher risk bucket predominantly relates to commercial real estate exposures. Our credit risk management
approach puts strong emphasis specifically on the portfolios we deem to be of higher risk. Portfolio strategies
and credit monitoring controls are in place for these portfolios. The overall commercial real estate exposures
decreased by € 1.1 billion at December 31, 2012.

Impaired loans and allowance for loan losses for our higher-risk loan bucket
Dec 31, 2012 Dec 31, 2011 1
Total thereof: Non-Core Total thereof: Non-Core
Allowance for Allowance for Allowance for Allowance for
in € m. Impaired loans loan losses Impaired loans loan losses Impaired loans loan losses Impaired loans loan losses
Commercial
Real Estate 2,065 554 1,318 353 2,225 360 1,457 226
Leveraged
Finance 64 81 4 3 158 148 93 85
Other 576 160 539 134 626 180 599 143
Total 2,705 795 1,861 490 3,009 688 2,149 454
1
Amounts for December 31, 2011 reflect the new business division structure established in 2012. 2011 numbers adjusted.

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The above decrease in impaired loans in our higher risk loan bucket was driven by a reduction in larger com-
mercial real estate loans in relation to Postbank which only had small impairment charges due to fair value
adjustments at consolidation.

The increase in allowance for loan losses with regard to commercial real estate was primarily caused by in-
creased provisions for existing impaired loans in relation to Postbank.

Credit Exposure Classification

We also classify our credit exposure under two broad headings: consumer credit exposure and corporate credit
exposure.

— Our consumer credit exposure consists of our smaller-balance standardized homogeneous loans, primarily
in Germany, Italy and Spain, which include personal loans, residential and nonresidential mortgage loans,
overdrafts and loans to self-employed and small business customers of our private and retail business.
— Our corporate credit exposure consists of all exposures not defined as consumer credit exposure.

Corporate Credit Exposure

Main corporate credit exposure categories according to our internal creditworthiness categories of our counterparties.
in € m. Dec 31, 2012
Irrevocable Debt securities
Probability lending Contingent available
1
Ratingband of default Loans commitments 2 liabilities OTC derivatives 3 for sale Total
iAAA-iAA 0.00-0.04 % 48,992 20,233 9,064 23,043 30,054 131,386
iA 0.04-0.11 % 43,047 37,456 19,192 22,308 8,186 130,189
iBBB 0.11-0.5 % 53,804 37,754 21,304 7,713 3,788 124,363
iBB 0.5-2.27 % 45,326 22,631 11,460 5,778 1,749 86,944
iB 2.27-10.22 % 17,739 10,068 4,886 2,415 227 35,335
iCCC and below 10.22-100 % 13,062 1,515 2,455 1,187 151 18,370
Total 221,970 129,657 68,361 62,444 44,155 526,587
1
Includes impaired loans mainly in category CCC and below amounting to € 6.1 billion as of December 31, 2012.
2
Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
3
Includes the effect of netting agreements and cash collateral received where applicable.

in € m. Dec 31, 2011

Irrevocable Debt securities
Probability lending Contingent available
Ratingband of default Loans 1 commitments 2 liabilities OTC derivatives 3 for sale Total
iAAA-iAA 0.00-0.04 % 51,321 21,152 6,535 37,569 22,753 139,330
iA 0.04-0.11 % 45,085 37,894 24,410 17,039 8,581 133,009
iBBB 0.11-0.5 % 59,496 36,659 21,002 12,899 5,109 135,165
iBB 0.5-2.27 % 50,236 21,067 13,986 7,478 2,303 95,071
iB 2.27-10.22 % 17,650 9,152 6,051 3,007 263 36,123
iCCC and below 10.22-100 % 18,148 2,071 1,669 1,632 371 23,891
Total 241,936 127,995 73,653 79,624 39,381 562,589
1
Includes impaired loans mainly in category CCC and below amounting to € 6.3 billion as of December 31, 2011.
2
Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2011.
3
Includes the effect of netting agreements and cash collateral received where applicable.

Our corporate credit exposure has declined by 6 % since December 31, 2011 to € 526.6 billion. Reductions
have been primarily recorded for Loans (€ 20.0 billion) and OTC derivatives (€ 17.2 billion). Overall, the
quality of corporate credit exposure has improved with 73 % rated investment grade compared to 72 % as of
December 31, 2011. The loan exposure shown in the table above does not take into account any collateral,
other credit enhancement or credit risk mitigating transactions. After consideration of such credit mitigants, we
believe that our loan book is well-diversified. The decrease in our OTC derivatives exposure, primarily took
place in relation to investment grade counterparties. The OTC derivatives exposure does not include credit
risk mitigants (other than master agreement netting) or collateral (other than cash). Taking these mitigants into

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account, the remaining current credit exposure was significantly lower, adequately structured, enhanced or well-
diversified and geared towards investment grade counterparties. The increase in our debt securities available for
sale exposure in comparison to December 31, 2011 is mainly to the strongest counterparties in the rating band
iAAA-iAA.

Risk Mitigation for the Corporate Credit Exposure

Our Credit Portfolio Strategies Group (“CPSG”) helps mitigate the risk of our corporate credit exposures. The
notional amount of CPSG’s risk reduction activities decreased by 17 % from € 55.3 billion as of Decem-
ber 31, 2011, to € 45.7 billion as of December 31, 2012, due to a decrease in the notional of loans requiring
hedging and a reduction in hedges used to manage market risk.

As of year-end 2012, CPSG held credit derivatives with an underlying notional amount of € 27.9 billion. The
position totaled € 37.6 billion as of December 31, 2011. The credit derivatives used for our portfolio manage-
ment activities are accounted for at fair value.

CPSG also mitigated the credit risk of € 17.8 billion of loans and lending-related commitments as of Decem-
ber 31, 2012, through synthetic collateralized loan obligations supported predominantly by financial guarantees
and, to a lesser extent, credit derivatives for which the first loss piece has been sold. This position totaled
€ 17.7 billion as of December 31, 2011.

CPSG has elected to use the fair value option under IAS 39 to report loans and commitments at fair value,
provided the criteria for this option are met. The notional amount of CPSG loans and commitments reported at
fair value decreased during the year to € 40.0 billion as of December 31, 2012, from € 48.3 billion as of De-
cember 31, 2011. By reporting loans and commitments at fair value, CPSG has significantly reduced profit and
loss volatility that resulted from the accounting mismatch that existed when all loans and commitments were
reported at amortized cost while derivative hedges are reported at fair value.

Consumer Credit Exposure

In our consumer credit exposure we monitor consumer loan delinquencies in terms of loans that are 90 days or
more past due and net credit costs, which are the annualized net provisions charged after recoveries.

Consumer credit exposure, consumer loan delinquencies and net credit costs
90 days or more past due Net credit costs
Total exposure in € m. as a % of total exposure as a % of total exposure 1
Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
Consumer credit exposure Germany: 139,939 135,069 0.84 % 0.95 % 0.29 % 0.49 %
Consumer and small business financing 20,137 19,805 1.20 % 1.88 % 1.20 % 1.55 %
Mortgage lending 119,802 115,264 0.78 % 0.79 % 0.14 % 0.31 %
Consumer credit exposure outside Germany 40,065 39,672 4.58 % 3.93 % 0.66 % 0.61 %
Consumer and small business financing 13,448 13,878 9.01 % 7.22 % 1.52 % 1.31 %
Mortgage lending 26,617 25,794 2.34 % 2.15 % 0.23 % 0.23 %
Total consumer credit exposure2 180,004 174,741 1.67 % 1.63 % 0.38 % 0.52 %
1 Releases of allowances for credit losses established by consolidated entities prior to their consolidation are not included in the ratio until December 31, 2011 but recorded through net
interest income (for detailed description see next section “Impairment Loss and Allowances for Loan Losses”). Taking such amounts into account, the net credit costs as a percentage of
total exposure would have amounted to 0.42 % as of December 31, 2011. In 2012 releases of our consolidated entities are included in the net credit costs.
2 Includes impaired loans amounting to € 4.2 billion as of December 31, 2012 and € 3.8 billion as of December 31, 2011.

The volume of our total consumer credit exposure increased by € 5.3 billion, or 3.0 %, from year-end 2011 to
December 31, 2012. Postbank contributed a net exposure increase of € 1.0 billion, or 1.3 %, mainly originated
in Germany. The volume excluding Postbank rose by € 4.3 billion, or 4.4 %, mainly driven by our mortgage
lending activities in Germany (up € 4.1 billion). As part of our growth strategy the consumer credit exposure
increased in Poland, mainly mortgage lending, by € 725 million and in India by € 174 million. The volume in
Spain decreased by € 440 million and in Portugal by € 108 million following our ongoing de-risking strategy.

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The 90 days or more past due ratio in Germany declined in 2012 driven mainly by a sale of non-performing
loans, in addition to benefiting from the favourable economic environment. Apart from the economic
development in the rest of Europe the increase in the ratio outside Germany is mainly driven by changes in the
charge-off criteria for certain portfolios in 2009. Loans, which were previously fully charged-off upon reaching
270 days past due (180 days past due for credit cards), are now provisioned based on the level of historical
loss rates, which are derived from observed recoveries of formerly charged off similar loans. This leads to an
increase in 90 days or more past due exposure as the change increased the time until the respective loans are
completely charged-off. Assuming no change in the underlying credit performance, the effect will continue to
increase the ratio until the portfolio has reached a steady state, which is expected approximately 5 years after
the change.

The reduction of net credit costs as a percentage of total exposure is mainly driven by the aforementioned sale
of nonperforming loans, but also due to the favourable economic developments in the German market.

Consumer mortgage lending exposure grouped by loan-to-value buckets 1

Dec 31, 2012
≤ 50 % 71 %
> 50 ≤ 70 % 16 %
> 70 ≤ 90 % 8%
> 90 ≤ 100 % 2%
> 100 ≤ 110 % 1%
> 110 ≤ 130 % 1%
> 130 % 1%
1 When assigning the exposure to the corresponding LTV buckets, the exposure amounts are distributed according to their relative share of the underlying assessed
real estate value.

The LTV expresses the amount of exposure as a percentage of assessed value of real estate.

Our LTV ratios are calculated using the total exposure divided by the current assessed value of the respective
properties. These values are updated on a regular basis. The exposure of transactions that are additionally
backed by liquid collaterals is reduced by the respective collateral values, whereas any prior charges increase
the corresponding total exposure. The LTV calculation includes exposure which is secured by real estate col-
laterals. Any mortgage lending exposure that is collateralized exclusively by any other type of collateral is not
included in the LTV calculation.

The creditor’s creditworthiness, the LTV and the quality of collateral is an integral part of our risk management
when originating loans and when monitoring and steering our credit risks. In general, we are willing to accept
higher LTV’s, the better the creditor’s creditworthiness is. Nevertheless, restrictions of LTV apply for countries
with negative economic outlook or expected declines of real estate values.

As of December 31, 2012, 71 % of our exposure related to the mortgage lending portfolio had a LTV ratio be-
low or equal to 50 %.

Credit Exposure from Derivatives

Exchange-traded derivative transactions (e.g., futures and options) are regularly settled through a central
counterparty, the rules and regulations of which provide for daily margining of all current and future credit risk
positions emerging out of such transactions. To the extent possible, we also use central counterparty clearing
services for OTC derivative transactions (“OTC clearing”); we thereby benefit from the credit risk mitigation
achieved through the central counterparty’s settlement system.

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Both the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) and the European Regulation
(EU) No 548/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”) will introduce
mandatory OTC Clearing for standardized OTC derivative transactions as well as margin requirements for
uncleared OTC derivative transaction. The implementation of DFA and EMIR will further increase our use of
credit risk mitigation.

The notional amount of OTC derivatives settled through central counterparties amounted to € 10.0 trillion as of
December 31, 2012, and to € 10.8 trillion as of December 31, 2011.

Notional amounts and gross market values of derivative transactions

Dec 31, 2012 Notional amount maturity distribution
Positive Negative Net
> 1 and market market market
in € m. Within 1 year ≤ 5 years After 5 years Total value value value
Interest rate related:
OTC 15,419,788 15,366,636 10,478,308 41,264,732 584,620 554,944 29,676
Exchange-traded 2,899,159 1,169,563 4,114 4,072,836 153 144 9
Total Interest rate related 18,318,947 16,536,199 10,482,422 45,337,568 584,773 555,088 29,685
Currency related:
OTC 4,290,214 1,188,952 428,949 5,908,115 94,639 101,738 (7,099)
Exchange-traded 19,381 470 − 19,851 8 7 1
Total Currency related 4,309,595 1,189,422 428,949 5,927,966 94,647 101,745 (7,098)
Equity/index related:
OTC 329,531 261,697 79,088 670,316 22,415 29,027 (6,612)
Exchange-traded 417,334 114,654 3,653 535,641 7,476 6,201 1,275
Total Equity/index related 746,865 376,351 82,741 1,205,957 29,891 35,228 (5,337)
Credit derivatives 499,717 1,914,989 207,623 2,622,329 49,733 46,648 3,085
Commodity related:
OTC 45,284 56,194 5,417 106,895 10,121 10,644 (523)
Exchange-traded 194,470 107,099 1,659 303,228 4,617 4,173 444
Total Commodity related 239,754 163,293 7,076 410,123 14,738 14,817 (79)
Other:
OTC 62,890 23,991 399 87,280 2,887 2,818 69
Exchange-traded 12,533 1,278 5 13,816 18 36 (18)
Total Other 75,423 25,269 404 101,096 2,905 2,854 51
Total OTC business 20,647,424 18,812,459 11,199,784 50,659,667 764,415 745,819 18,596
Total exchange-traded business 3,542,877 1,393,064 9,431 4,945,372 12,272 10,561 1,711
Total 24,190,301 20,205,523 11,209,215 55,605,039 776,687 756,380 20,307
Positive market values after netting
and cash collateral received − − − − 70,054 − −

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Dec 31, 2011 Notional amount maturity distribution

Positive Negative Net
> 1 and market market market
in € m. Within 1 year ≤ 5 years After 5 years Total value value value
Interest rate related:
OTC 17,946,681 17,288,349 12,014,092 47,249,122 595,127 574,791 20,336
Exchange-traded 635,771 179,024 6,282 821,077 101 50 51
Total Interest rate related 18,582,452 17,467,373 12,020,374 48,070,199 595,228 574,841 20,387
Currency related:
OTC 4,357,876 1,201,265 415,234 5,974,375 112,784 116,134 (3,350)
Exchange-traded 7,521 663 7 8,191 140 24 116
Total Currency related 4,365,397 1,201,928 415,241 5,982,566 112,924 116,158 (3,234)
Equity/index related:
OTC 294,563 334,739 88,739 718,041 29,682 35,686 (6,004)
Exchange-traded 206,953 71,092 2,310 280,355 5,764 2,000 3,764
Total Equity/index related 501,516 405,831 91,049 998,396 35,446 37,686 (2,240)
Credit derivatives 673,814 2,473,620 537,723 3,685,157 101,115 92,988 8,127
Commodity related:
OTC 84,681 112,629 4,687 201,997 13,949 14,077 (128)
Exchange-traded 72,321 42,353 673 115,347 2,718 2,636 82
Total Commodity related 157,002 154,982 5,360 317,344 16,667 16,713 (46)
Other:
OTC 77,574 38,746 2,956 119,276 5,516 4,895 621
Exchange-traded 19,704 2,781 22 22,507 247 324 (77)
Total Other 97,278 41,527 2,978 141,783 5,763 5,219 544
Total OTC business 23,435,189 21,449,348 13,063,431 57,947,968 858,173 838,571 19,602
Total exchange-traded business 942,270 295,913 9,294 1,247,477 8,970 5,033 3,937
Total 24,377,459 21,745,261 13,072,725 59,195,445 867,143 843,604 23,539
Positive market values after netting
and cash collateral received − − − − 84,272 − −

The following two tables present specific disclosures in relation to Pillar 3. Per regulation it is not required to
audit Pillar 3 disclosures.

Positive market values or replacement costs of derivative transactions (unaudited)

Dec 31, 2012 Dec 31, 2011
Positive Positive Positive Positive
market values market values market values market values
before netting after netting before netting after netting
and collateral Netting Eligible and collateral and collateral Netting Eligible and collateral
in € m. 1 agreements agreements collateral 2 agreements agreements agreements collateral agreements
Interest rate related 578,128 490,905 61,838 25,384 587,718 502,390 51,645 33,683
Currency related 93,797 71,525 8,091 14,181 112,924 86,403 9,477 17,044
Equity/index related 29,621 19,209 2,061 8,352 35,412 23,368 3,344 8,700
Credit derivatives 49,285 39,677 2,459 7,149 101,113 84,747 6,002 10,364
Commodity related 14,701 8,231 649 5,821 16,648 12,602 809 3,236
Other 2,783 2,244 392 147 5,768 4,743 515 510
Total 768,315 631,791 75,490 61,034 859,583 714,253 71,793 73,537
1 Excludes for derivatives reported as other assets for December 31, 2012, and December 31, 2011, respectively, € 8.4 billion (€ 7.6 billion) positive market values before netting and
collateral or € 791 million (€ 612 million) positive market values after netting and collateral.
2 Includes € 66.5 billion cash collateral and € 9 billion non-cash collateral as of December 31, 2012, and € 61.1 billion cash collateral and € 10.7 billion non-cash collateral as of
December 31, 2011.

The above table shows the positive market values after netting and collateral, which represent only 8 % of the
total IFRS positive market values. Apart from master netting agreements, we have entered into various types of
collateral agreements (such as “CSAs” to master agreements), with the vast majority being bilateral.

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Nominal volumes of credit derivative exposure (unaudited)

Dec 31, 2012
Used for own credit portfolio Acting as intermediary
in € m. Protection bought Protection sold Protection bought Protection sold Total 1
Credit default swaps – single name 38,885 650 779,669 758,427 1,577,631
Credit default swaps – multi name 9,209 168 512,299 509,832 1,031,508
Total return swaps 919 1,759 6,388 4,124 13,190
Total notional amount of credit derivatives 49,013 2,577 1,298,356 1,272,383 2,622,329
1 Includes credit default swaps on indices and nth-to-default credit default swaps.

Dec 31, 2011

Used for own credit portfolio Acting as intermediary
in € m. Protection bought Protection sold Protection bought Protection sold Total 1
Credit default swaps – single name 48,085 844 1,017,110 999,112 2,065,151
Credit default swaps – multi name 604 55 782,384 824,100 1,607,143
Total return swaps 454 927 6,416 5,066 12,863
Total notional amount of credit derivatives 49,143 1,826 1,805,910 1,828,278 3,685,157
1 Includes credit default swaps on indices and nth-to-default credit default swaps.

The tables split the exposure into the part held in the regulatory banking book, which is shown under the head-
ing “used for own credit portfolio” and the part held in the regulatory trading book, referred to as “acting as
intermediary”. The decrease in credit derivatives is primarily related to trade compression, de-risking activities
and reduced volumes in the credit derivatives market.

As the replacement values of derivatives portfolios fluctuate with movements in market rates and with changes
in the transactions in the portfolios, we also estimate the potential future replacement costs of the portfolios
over their lifetimes or, in case of collateralized portfolios, over appropriate unwind periods. We measure the
potential future exposure against separate limits. We supplement the potential future exposure analysis with
stress tests to estimate the immediate impact of extreme market events on our exposures (such as event risk
in our Emerging Markets portfolio).

The potential future exposure measure which we use is generally given by a time profile of simulated positive
market values of each counterparty’s derivatives portfolio, for which netting and collateralization are considered.
For limit monitoring we employ the 95th quantile of the resulting distribution of market values, internally referred
to as potential future exposure (“PFE”). The average exposure profiles generated by the same calculation
process are used to derive the so-called average expected exposure (“AEE”) measure, which we use to reflect
expected future replacement costs within our credit risk economic capital, and the expected positive exposure
(“EPE”) measure driving our regulatory capital requirements. While AEE and EPE are generally calculated with
respect to a time horizon of one year, the PFE is measured over the entire lifetime of a transaction or netting
set for uncollateralized portfolios and over an appropriate unwind period for collateralized portfolios, respective-
ly. We also employ the aforementioned calculation process to derive stressed exposure results for input into
our credit portfolio stress testing.

The PFE profile of each counterparty is compared daily to a PFE limit profile set by the responsible credit of-
ficer. PFE limits are integral part of the overall counterparty credit exposure management in line with other limit
types. Breaches of PFE limits at any one profile time point are highlighted for action within our credit risk man-
agement process. The EPE is directly used in the customer level calculation of the IRBA regulatory capital
under the so-called internal model method (“IMM”), whereas AEE feeds as a loan equivalent into the Group’s
credit portfolio model where it is combined with all other exposure to a counterparty within the respective simu-
lation and allocation process (see Chapter “Monitoring Credit Risk”).

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Credit Exposure from Nonderivative Trading Assets

Composition of nonderivative trading assets
in € m. Dec 31, 2012 Dec 31, 2011
Government paper & agencies 94,597 95,336
Financial institutions & corporates 53,994 56,442
Equities 65,457 59,754
Traded loans 18,152 18,039
Other 13,338 11,353
Total nonderivative trading assets 245,538 240,924

Traded credit products such as bonds in our developed markets’ trading book are managed by a dedicated risk
management unit combining our credit and market risk expertise. We use appropriate portfolio limits and rat-
ings-driven thresholds on single-issuer basis, combined with our market risk management tools to risk manage
such positions.

Asset Quality

This section describes the asset quality of our loans. All loans where known information about possible credit
problems of borrowers causes our management to have serious doubts as to the collectability of the borrower’s
contractual obligations are included in this section.

Overview of performing, renegotiated, past due and impaired loans by customer groups
Dec 31, 2012 Dec 31, 20111
Corporate Consumer Corporate Consumer
in € m. loans loans Total loans loans Total
Loans neither past due, nor renegotiated or impaired 213,591 171,233 384,824 233,097 165,809 398,906
Past due loans, neither renegotiated nor impaired 1,562 4,366 5,928 1,579 5,057 6,636
Loans renegotiated, but not impaired 688 200 888 997 67 1,064
Impaired loans 6,129 4,206 10,335 6,262 3,808 10,070
Total 221,970 180,005 401,975 241,935 174,741 416,676
1 Numbers for 2011 adjusted.

Past Due Loans

Loans are considered to be past due if contractually agreed payments of principal and/or interest remain un-
paid by the borrower, except if those loans are acquired through consolidation. The latter are considered to be
past due if payments of principal and/or interest, which were expected at a certain payment date at the time of
the initial consolidation of the loans, are unpaid by the borrower.

Non-impaired past due loans at amortized cost by past due status

in € m. Dec 31, 2012 Dec 31, 2011
Loans less than 30 days past due 3,898 4,394
Loans 30 or more but less than 60 days past due 967 958
Loans 60 or more but less than 90 days past due 394 420
Loans 90 days or more past due 716 907
Total 5,975 6,678

Non-impaired past due loans at amortized cost by industry

in € m. Dec 31, 2012 Dec 31, 2011
Banks and insurance 3 77
Fund management activities 3 9
Manufacturing 473 233
Wholesale and retail trade 187 439
Households 3,781 4,425
Commercial real estate activities 888 814
Public sector 19 16
Other 621 665
Total 5,975 6,678

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Non-impaired past due loans at amortized cost by region

in € m. Dec 31, 2012 Dec 31, 2011
Germany 3,238 3,749
Western Europe (excluding Germany) 2,141 2,532
Eastern Europe 148 143
North America 397 165
Central and South America 4 14
Asia/Pacific 45 73
Africa 2 2
Other − −
Total 5,975 6,678

Our non-impaired past due loans decreased by € 703 million to € 6.0 billion as of December 31, 2012, largely
due to a reduction in households in Germany and Western Europe (excluding Germany). 65 % of our non-
impaired past due loans were less than 30 days past due and 54 % were with counterparties domiciled in
Germany, while industry concentration was with households (63 %).

Aggregated value of collateral – with the fair values of collateral capped at loan outstandings – held against our non-
impaired past due loans
in € m. Dec 31, 2012 Dec 31, 2011
Financial and other collateral 3,248 3,973
Guarantees received 167 158
Total 3,415 4,131

The reduction of the collateral held for our non-impaired past due loans of € 716 million mainly results from one
customer and from the overall decrease of our non-impaired past due loans, both in Western Europe (exclud-
ing Germany).

Renegotiated Loans and Forbearances

Loans that have been renegotiated in such a way that we, for economic or legal reasons related to the borrow-
er’s financial difficulties, granted a concession to the borrower that we would not otherwise have considered
are disclosed as renegotiated loans. As of December 31, 2012, the level of our renegotiated loans increased
slightly by € 96 million or 4 % to € 2.5 billion compared to prior year-end, of which € 1.6 billion were impaired.
Increases in renegotiated loans considered impaired were only partially compensated by an overall decrease
in renegotiated loans considered non-impaired.

For economic or legal reasons we might close a forbearance agreement with a borrower who faces financial
difficulties in order to ease the contractual obligation for a limited period of time. A case by case approach is
applied for our corporate clients considering each transaction and client specific facts and circumstances. For
consumer loans we offer forbearances for a limited period of time, in which the total or partial outstanding or
future installments are deferred to a later point of time. However, the amount not paid including accrued inter-
est during this period must be re-compensated at a later point of time. Repayment options include distribution
over residual tenor, a one-off payment or a tenor extension. Forbearances are restricted and depending on the
economic situation of the client, our risk management strategies and the local legislation. In case of a forbear-
ance agreement is entered into, an impairment measurement is conducted as described below, an impairment
charge is taken if necessary and the loan is subsequently recorded as impaired. These forbearances are con-
sidered as renegotiations and disclosed accordingly.

Impaired Loans
Credit Risk Management regularly assesses whether there is objective evidence that a loan or group of loans
is impaired. A loan or group of loans is impaired and impairment losses are incurred if:

— there is objective evidence of impairment as a result of a loss event that occurred after the initial recogni-
tion of the asset and up to the balance sheet date (a “loss event”),

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— the loss event had an impact on the estimated future cash flows of the financial asset or the group of
financial assets, and
— a reliable estimate of the loss amount can be made.

Credit Risk Management’s loss assessments are subject to regular review in collaboration with Group
Finance. The results of this review are reported to and approved by an oversight committee comprised of
Group Finance and Risk senior management.

Within consolidations we acquired certain loans for which an impairment had been established previously by
the consolidated entities. These loans were taken onto our balance sheet at their fair values as determined by
their expected cash flows which reflected the credit quality of these loans at the time of acquisition. As long as
our cash flow expectations regarding these loans have not deteriorated since acquisition, they are not consid-
ered impaired loans.

Impairment Loss and Allowance for Loan Losses

If there is evidence of impairment the impairment loss is generally calculated on the basis of discounted ex-
pected cash flows using the original effective interest rate of the loan. If the terms of a loan are renegotiated or
otherwise modified because of financial difficulties of the borrower without qualifying for a derecognition of the
loan, the impairment loss is measured using the original effective interest rate before modification of terms. We
reduce the carrying amount of the impaired loan by the use of an allowance account and recognize the amount
of the loss in the consolidated statement of income as a component of the provision for credit losses. We rec-
ord increases to our allowance for loan losses as an increase of the provision for loan losses in our income
statement. Charge-offs reduce our allowance while recoveries, if any, are credited to the allowance account. If
we determine that we no longer require allowances which we have previously established, we decrease our
allowance and record the amount as a reduction of the provision for loan losses in our income statement.
When it is considered that there is no realistic prospect of recovery and all collateral has been realized or trans-
ferred to us, the loan and any associated allowance for loan losses is charged off (i.e., the loan and the related
allowance for loan losses are removed from the balance sheet).

While we assess the impairment for our corporate credit exposures individually, we assess the impairment of
our smaller-balance standardized homogeneous loans collectively.

Our collectively assessed allowance for non-impaired loans reflects allowances to cover for incurred losses
that have neither been individually identified nor provided for as part of the impairment assessment of smaller-
balance homogeneous loans.

For further details regarding our accounting policies regarding impairment loss and allowance for credit losses
please refer to Note 01 “Significant Accounting Policies”.

Impaired loans, allowance for loan losses and coverage ratios by business division
2012 increase (decrease)
Dec 31, 2012 Dec 31, 20111 from 2011
Impaired loan Impaired loan Impaired loan
Impaired Loan loss coverage Impaired Loan loss coverage Impaired coverage
in € m. loans allowance ratio in % loans allowance ratio in % loans ratio in ppt
Corporate Banking & Securities 1,005 721 72 1,197 930 78 (192) (6)
Global Transaction Banking 1,014 464 46 639 332 52 375 (6)
Asset & Wealth Management 138 33 24 452 29 6 (314) 18
Private & Business Clients 4,188 2,071 49 3,759 1,572 42 429 7
Non-Core Operations Unit 3,990 1,407 35 4,023 1,298 32 (33) 3
Thereof: assets reclassified to loans
and receivables according to IAS 39 1,499 488 33 1,482 444 30 17 3
Total 10,335 4,696 45 10,070 4,162 41 265 4
1 Numbers for 2011 adjusted.

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Impaired loans, allowance for loan losses and coverage ratios by industry
Dec 31, 2012 Impaired Loans Loan loss allowance
Collectively Collectively
assessed assessed
Individually allowance for allowance for Impaired loan
Individually Collectively assessed impaired non-impaired coverage
in € m. assessed assessed Total allowance loans loans Total ratio in %
Banks and insurance 53 − 53 20 − 15 35 67
Fund management activities 127 1 128 1 0 44 45 35
Manufacturing 720 206 926 455 87 63 605 65
Wholesale and retail trade 355 199 554 207 95 34 336 61
Households 562 3,145 3,707 216 1,623 124 1,963 53
Commercial real estate activities 3,087 271 3,358 665 23 23 711 21
Public sector − − − − 0 2 2 −
Other 1,225 384 1,609 702 157 140 999 62
Total 6,129 4,206 10,335 2,266 1,985 445 4,696 45

Dec 31, 20111 Impaired Loans Loan loss allowance

Collectively Collectively
assessed assessed
Individually allowance for allowance for Impaired loan
Individually Collectively assessed impaired non-impaired coverage
in € m. assessed assessed Total allowance loans loans Total ratio in %
Banks and insurance 118 − 118 98 3 13 114 97
Fund management activities 917 − 917 322 − 211 533 58
Manufacturing 669 162 831 364 69 89 522 63
Wholesale and retail trade 330 138 468 164 75 33 272 58
Households 394 3,008 3,402 155 1,320 89 1,565 46
Commercial real estate activities 2,721 224 2,945 424 18 50 492 17
Public sector − − − − − 1 1 −
Other 1,113 276 1,389 484 127 52 663 48
Total 6,262 3,808 10,070 2,011 1,612 538 4,162 41
1 Numbers for 2011 adjusted.

Impaired loans, allowance for loan losses and coverage ratios by region
Dec 31, 2012 Impaired Loans Loan loss allowance
Collectively Collectively
assessed assessed
Individually allowance for allowance for Impaired loan
Individually Collectively assessed impaired non-impaired coverage
in € m. assessed assessed Total allowance loans loans Total ratio in %
Germany 1,822 1,793 3,615 783 817 129 1,729 48
Western Europe (excluding Germany) 3,276 2,200 5,476 1,116 1,012 180 2,308 42
Eastern Europe 137 207 344 53 156 11 220 64
North America 624 2 626 232 0 84 316 50
Central and South America 41 − 41 31 − 5 36 88
Asia/Pacific 229 4 233 51 0 28 79 34
Africa − − − − − 3 3 −
Other − − − − − 5 5 −
Total 6,129 4,206 10,335 2,266 1,985 445 4,696 45

Dec 31, 20111 Impaired Loans Loan loss allowance

Collectively Collectively
assessed assessed
Individually allowance for allowance for Impaired loan
Individually Collectively assessed impaired non-impaired coverage
in € m. assessed assessed Total allowance loans loans Total ratio in %
Germany 1,870 1,851 3,721 832 683 138 1,653 45
Western Europe (excluding Germany) 2,975 1,690 4,665 841 751 204 1,796 38
Eastern Europe 52 189 241 36 172 10 218 90
North America 1,058 75 1,133 193 1 152 345 30
Central and South America 40 0 40 28 − 6 35 87
Asia/Pacific 267 3 270 81 1 24 106 39
Africa 0 0 0 0 − 3 3 −
Other − 0 0 − 4 2 6 −
Total 6,262 3,808 10,070 2,011 1,612 538 4,162 41
1 Numbers for 2011 adjusted.

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Development of Impaired Loans

Dec 31, 2012 Dec 31, 20111
Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total
Balance, beginning of year 6,262 3,808 10,070 3,564 2,749 6,313
Classified as impaired during the year 2 2,860 1,912 4,772 4,497 3,475 7,972
Transferred to not impaired during the year 2 (1,932) (930) (2,862) (1,230) (1,811) (3,041)
Charge-offs (798) (483) (1,281) (553) (512) (1,065)
Disposals of impaired loans (249) (122) (371) (9) (76) (85)
Exchange rate and other movements (14) 21 7 (7) (17) (24)
Balance, end of year 6,129 4,206 10,335 6,262 3,808 10,070
1 Numbers for 2011 adjusted.
2 Includes repayments.

Our impaired loans increased by € 265 million to € 10.3 billion in 2012 as net new impaired loans of
€ 1.5 billion were partly offset by € 1.3 billion charge-offs. The overall increase is mainly attributable to a net
increase of € 398 million in our collectively assessed impaired loans, predominantly relating to households in
Western Europe (excluding Germany). This increase in collectively assessed impaired loans was partly com-
pensated by a € 133 million net decrease in our individually assessed impaired loans, primarily caused by
reductions from de-risking through sale or restructuring of exposures in North America which overcompensated
increases in the commercial real estate sector and households in Western Europe (excluding Germany).

The impaired loan coverage ratio improved from 41 % to 45 % mainly attributable to Postbank. At change of
control, all loans classified as impaired by Postbank were classified as performing by Deutsche Bank and also
initially recorded at fair value. Subsequent increases in provisions at the Postbank level resulted in an impair-
ment of the full loan from a Deutsche Bank consolidated perspective, but with an allowance being built for only
the incremental provision. Due to the sale of larger impaired commercial real estate financings as part of our
de-risking activities the latter effect has been partially reversed. In addition, the overall increased level of our
allowance contributed also to the coverage ratio increase.

Our impaired loans included € 1.5 billion among the loans reclassified to loans and receivables in accordance
with IAS 39. This position is unchanged from prior year, since gross increases of € 0.3 billion were offset by
charge-offs.
Impaired loans, provision for loan losses and recoveries by Industry
Dec 31, 2012 12 months ending Dec 31, 2012 Dec 31, 20111 12 months ending Dec 31, 2011
Provision for Provision for
Total loan losses Total loan losses
impaired before impaired before
in € m. loans recoveries Recoveries loans recoveries Recoveries
Banks and insurances 53 17 1 118 52 1
Fund management activities 128 (20) 1 917 32 0
Manufacturing 926 110 18 831 156 21
Wholesale and retail trade 554 81 7 468 74 9
Households 3,707 742 138 3,402 982 109
Commercial real estate activities 3,358 357 3 2,945 356 5
Public sector − 1 − − 2 0
Other 1,609 633 27 1,389 347 22
Total 10,335 1,922 195 10,070 2,000 168
1 Numbers for 2011 adjusted.

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Our existing commitments to lend additional funds to debtors with impaired loans amounted to € 145 million as
of December 31, 2012 and € 168 million as of December 31, 2011.

Collateral held against impaired loans, with fair values capped at transactional outstandings
in € m. Dec 31, 2012 Dec 31, 2011
Financial and other collateral 4,253 3,714
Guarantees received 401 349
Total collateral held for impaired loans 4,654 4,063

Our total collateral held for impaired loans as of December 31, 2012 increased by € 591 million compared to
prior year. The coverage ratio including collateral increased to 90 % as of December 31, 2012 compared to 82 %
as of December 31, 2011 and was driven by the same factor as the impaired loan coverage ratio which is at-
tributable to Postbank.

Collateral Obtained
We obtain collateral on the balance sheet by taking possession of collateral held as security or by calling upon
other credit enhancements. Collateral obtained is made available for sale in an orderly fashion or through public
auctions, with the proceeds used to repay or reduce outstanding indebtedness. Generally we do not occupy
obtained properties for our business use.

Collateral obtained during the reporting periods

in € m. 2012 2011
Commercial real estate 30 89
Residential real estate 62 40
Other 0 0
Total collateral obtained during the reporting period 92 129

The commercial and residential real estate collateral obtained in 2012 refers to our U.S. and Spain exposures.

The residential real estate collateral obtained, as shown in the table above, excludes collateral recorded as
a result of consolidating securitization trusts under SIC-12 and IAS 27. The year-end amounts in relation to
collateral obtained for these trusts were € 10 million for December 31, 2012 and € 20 million for Decem-
ber 31, 2011.

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Allowance for Credit Losses

Development of allowance for credit losses
Allowance for Loan Losses Allowance for Off-Balance Sheet Positions 2012
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of
year 2,011 2,150 4,162 127 98 225 4,386
Provision for credit
losses 1,115 613 1,728 (7) 0 (7) 1,721
thereof:
(Gains)/Losses from
disposal of impaired
loans 79 (55) 24 − − − 24
Net charge-offs: (762) (324) (1,086) − − − (1,086)
Charge-offs (798) (483) (1,281) − − − (1,281)
Recoveries 36 158 195 − − − 195
Changes in the group of
consolidated companies − − − − − − −
Exchange rate
changes/other (98) (9) (107) (2) (1) (3) (111)
Balance, end of year 2,266 2,430 4,696 118 97 215 4,911

Changes compared to
prior year
Provision for credit
losses
absolute 208 (312) (104) (26) 12 (14) (118)
relative 23 % (34 %) (6 %) (137 %) (103 %) (191 %) (6 %)
Net charge-offs
absolute (249) 61 (189) − − − (189)
relative 49 % (16 %) 21 % − − − 21 %
Balance, end of year
absolute 255 279 534 (9) (1) (10) 524
relative 13 % 13 % 13 % (7 %) (1 %) (4 %) 12 %

In a volatile economic environment our credit standards have kept new provisions for loan losses under control.
This included pro-active management of the homogeneous retail portfolios as well as strict underwriting stand-
ards in CB&S and continued diligent monitoring of higher risk exposures. With the creation of the NCOU, we
have begun actively de-risking higher risk assets, which we intend to continue in 2013.

Our allowance for credit losses was € 4.9 billion as of December 31, 2012, thereof 96 % or € 4.7 billion related
to our loan portfolio and 4 % or € 215 million to off-balance sheet positions (predominantly loan commitments
and guarantees). Our allowance for loan losses as of December 31, 2012 was € 4.7 billion, 52 % of which is
related to collectively assessed and 48 % to individually assessed loan losses. The increase in our allowance
for loan losses of € 534 million mainly relates to € 1.7 billion of additional loan loss provisions partly offset by
€ 1.1 billion of charge-offs. Our allowance for off-balance sheet positions decreased by € 10 million or 4 %
compared to the prior year due to releases of previously established allowances overcompensating new provi-
sions in our portfolio for individually assessed off-balance sheet positions.

Provisions for credit losses recorded in 2012 decreased by € 118 million to € 1.7 billion compared to 2011. The
overall loan loss provisions decreased by € 104 million or 6 % in 2012 compared to 2011. This decrease was
driven by our collectively assessed loan portfolio, where we saw a reduction of € 312 million or 34 % driven by
lower levels of provisioning for non-impaired loans within our NCOU mainly as a result of our de-risking
measures along with lower provisioning in our homogenous Postbank portfolio. The latter decrease however
excludes the effect of Postbank releases related to loan loss allowances recorded prior to consolidation. The
impact of such releases is reported as interest income on a group level. The increase in provisions for our
individually assessed loans of € 208 million or 23 % is related to assets which had been reclassified in ac-
cordance with IAS 39 in North America and United Kingdom now held in the NCOU. Provisions for off-balance

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sheet positions decreased by € 14 million or 191 % driven by our portfolio for individually assessed off-balance
sheet positions, where releases of previously established allowances overcompensated new provisions in
2012.

Net charge-offs increased by € 189 million or 21 % in 2012. Net charge-offs for our individually assessed loans
were up € 249 million mainly related to assets which had been reclassified in accordance with IAS 39.

Allowance for Loan Losses Allowance for Off-Balance Sheet Positions 2011
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of
year 1,643 1,653 3,296 108 110 218 3,514
Provision for credit
losses 907 925 1,832 19 (12) 7 1,839
thereof:
(Gains)/Losses from
disposal of impaired
loans 1 (33) (32) − − − (32)
Net charge-offs: (512) (385) (897) − − − (897)
Charge-offs (553) (512) (1,065) − − − (1,065)
Recoveries 41 127 168 − − − 168
Changes in the group of
consolidated companies − (0) (0) (0) 0 0 −
Exchange rate
changes/other (26) (43) (69) (0) 0 0 (69)
Balance, end of year 2,011 2,150 4,162 127 98 225 4,387

Changes compared to
prior year
Provision for credit
losses
absolute 345 175 520 37 10 46 566
relative 61 % 23 % 40 % (209 %) (45 %) (119 %) 44 %
Net charge-offs
absolute 384 19 403 − − − 403
relative (43 %) (5 %) (31 %) − − − (31 %)
Balance, end of year
absolute 369 497 866 19 (12) 7 873
relative 22 % 30 % 26 % 18 % (11 %) 3% 25 %

At year end 2011, our allowance for credit losses amounted to € 4.4 billion, thereof 95 % or € 4.2 billion related
to our loan portfolio and 5 % or € 225 million to off-balance sheet positions.

Our allowance for loan losses as of December 31, 2011 was € 4.2 billion, a 26 % increase from prior year end.
The increase in our allowance was principally due to increased new provisions following the first full year con-
solidation of Postbank and lower net charge-offs compared to the prior year. Our allowance for off-balance
sheet positions at the end of 2011 was almost on the same level as of the end of 2010.

Provisions for credit losses in 2011 amounted to € 1.8 billion, up € 566 million compared to 2010. Our provision
for loan losses showed an increase of € 520 million or 40 % in 2011, thereof € 345 million or 61 % related to
individually assessed loans, and € 175 million or 23 % related to our collectively assessed loan portfolios. The
rise in individually assessed provision for loan losses was driven by the first time consolidation of Postbank and
furthermore reflected impairment charges taken on a number of exposures in the Americas and in Europe in an
overall challenging global economic credit environment. Reduced provisioning levels for IAS 39 reclassified
assets partly compensated these increases. Loan loss provisions for our collectively assessed loan portfolios,
which increased by 23 % compared to 2010, were also affected by the first time consolidation of Postbank.
Excluding Postbank, the loan loss provision for our collectively assessed exposure was reduced due to our
retail business in Germany which contributed lower provisions, despite the challenging economic environment.

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Our provisions for off-balance sheet positions increased by € 46 million or 119 % compared to 2010 driven by
our portfolio for individually assessed off-balance sheet positions.

Our net charge-offs decreased by € 403 million or 31 % in 2011, almost fully related to our individually as-
sessed loans, where we saw a reduction of € 384 million fully driven by IAS 39 reclassified assets.

Derivatives – Credit Valuation Adjustment

We establish a counterparty Credit Valuation Adjustment (“CVA”) for OTC derivative transactions to cover ex-
pected credit losses. The adjustment amount is determined by assessing the potential credit exposure to a
given counterparty and taking into account any collateral held, the effect of any relevant netting arrangements,
expected loss given default and the credit risk, based on available market information, including CDS spreads.

The CVAs are significant for certain monoline counterparties. For monolines with actively traded CDS, the CVA
is calculated using a full CDS-based valuation model. For monolines without actively traded CDS a model
based approach is used with various input factors, including relevant market driven default probabilities, the
likelihood of an event (either a restructuring or an insolvency), an assessment of any potential settlement in the
event of a restructuring, and recovery rates in the event of either restructuring or insolvency. The monoline CVA
methodology is reviewed on a quarterly basis by management.

We recorded € 737 million in CVAs against our aggregate monoline exposures as of December 31, 2012,
compared to € 1.1 billion as of December 31, 2011.

Treatment of Default Situations under Derivatives

Unlike standard loan assets, we generally have more options to manage the credit risk in our OTC derivatives
when movement in the current replacement costs of the transactions and the behavior of our counterparty
indicate that there is the risk that upcoming payment obligations under the transactions might not be honored.
In these situations, we are frequently able under prevailing contracts to obtain additional collateral or terminate
the transactions or the related master agreement at short notice.

The master agreements executed with our clients usually provide for a broad set of standard or bespoke termi-
nation rights, which allow us to respond swiftly to a counterparty’s default or to other circumstances which
indicate a high probability of failure. When our decision to terminate derivative transactions or the related mas-
ter agreement results in a residual net obligation owed by the counterparty, we restructure the obligation into a
non-derivative claim and manage it through our regular work-out process. As a consequence, for accounting
purposes we typically do not show any nonperforming derivatives.

Wrong way risk occurs when exposure to a counterparty is adversely correlated with the credit quality of that
counterparty. It must be carefully considered together with the correlation between the obligor and risk
mitigants and is actively monitored and reviewed on a regular basis. In compliance with Section 224 (8) and (9)
SolvV we, excluding Postbank, have established a monthly process to monitor specific wrong way risk, where-
by transactions subject to wrong way risk are automatically selected and presented for comment to the re-
sponsible credit officer. In addition, we, excluding Postbank, utilize our established process for calibrating our
own alpha factor (as defined in Section 223 (7) SolvV) to estimate the overall wrong-way risk in our derivatives
and securities financing transaction portfolio. Postbank derivative counterparty risk is immaterial to the Group
and collateral held is typically in the form of cash.

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Counterparty Credit Risk: Regulatory Assessment

The following section on Counterparty Credit Risk: Regulatory Assessment, ending on page 117, present spe-
cific disclosures in relation to Pillar 3. Per regulation it is not required to audit Pillar 3 disclosures. As such this
section is labeled unaudited. Quantitative information presented follows the regulatory scope of consolidation.

General Considerations for the Regulatory Assessment of Counterparty Risk

Generally we apply the advanced IRBA for the majority of our advanced IRBA eligible credit portfolios to calcu-
late the regulatory capital requirements according to the SolvV, based on respective approvals received from
BaFin.

The BaFin approvals obtained as a result of the advanced IRBA audit processes for our counterparty credit
exposures excluding Postbank allow the usage of 63 internally developed rating systems for regulatory capital
calculation purposes out of which 37 rating systems were authorized in December 2007 and a further 26 fol-
lowed until year end 2012. Overall they cover all of our material exposures, excluding Postbank, in the ad-
vanced IRBA eligible exposure classes “central governments”, “institutions”, “corporates”, and “retail”.

Postbank’s retail portfolio is also assigned to the advanced IRBA based on respective BaFin approvals Post-
bank received and the fact that we have an advanced IRBA status. Details of the advanced IRBA and the ad-
vanced IRBA exposures are provided in Sections “Advanced Internal Ratings Based Approach” and “Advanced
IRBA Exposure”.

Moreover, we apply the foundation IRBA for a significant portion of Postbank’s IRBA eligible credit portfolios, in
which Postbank received respective BaFin approvals in recent years. The foundation IRBA and the foundation
IRBA exposures are discussed in Sections “Foundation Internal Ratings Based Approach” and “Foundation
IRBA Exposure”.

The approvals Postbank obtained from the BaFin as a result of its IRBA audit processes for the counterparty
credit exposures allow the usage of 16 internally developed rating systems for regulatory capital calculation
purposes under the IRBA of which eight rating systems were authorized in December 2006 and a further nine
followed by year end 2012. The application of one rating system has been suspended. Overall they cover
Postbank’s material exposures in the advanced IRBA eligible exposure class “retail” as well as Postbank’s
material exposures in the foundation IRBA eligible exposure classes “central governments”, “institutions” and
“corporates”.

For Postbank's exposure classes “institutions” and “corporates” advanced IRBA audits have been conducted
and are pending approval.

We assign a few remaining advanced IRBA eligible portfolios of small size temporarily to the standardized
approach. With regard to these, an implementation plan and approval schedule have been set up and agreed
with the competent authorities, the BaFin and the Bundesbank.

Exposures which we do not treat under the advanced or the foundation IRBA are discussed in the Sec-
tions “Other IRBA Exposure” and “Standardized Approach” respectively.

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Our advanced IRBA coverage ratio, excluding Postbank, exceeds the German regulatory requirement of 92 %
by exposure value (“EAD”) as well as by RWA as of December 31, 2012, using applicable measures according
to Section 67 SolvV. This ratio excludes the exposures permanently assigned to the standardized approach
(according to Section 70 SolvV) which are discussed in Section “Standardized Approach”, other IRBA exposure
(described in Section “Other IRBA Exposure”) as well as securitization positions (please refer to Sec-
tion “Securitization” for further details). The regulatory minimum requirements with regard to the respective
coverage ratio thresholds have been met at all times.

EAD and RWA according to the model approaches applied to our credit risk portfolios
Dec 31, 2012
Advanced IRBA Foundation IRBA Other IRBA Standardized Approach Total
Capital
Require-
in € m. EAD RWA EAD RWA EAD RWA EAD RWA EAD RWA ments
Central
governments 103,199 3,762 112 35 − − 100,612 379 203,923 4,176 334
Institutions 65,856 8,946 22,658 3,156 − − 4,619 230 93,133 12,331 987
Corporates 281,190 81,646 11,936 7,349 17,672 10,957 26,392 18,640 337,191 118,593 9,487
Retail exposures
secured by real
estate property 145,828 20,164 − − − − 6,253 2,728 152,080 22,891 1,831
Qualifying revol-
ving retail
exposures 4,550 623 − − − − − − 4,550 623 50
Other retail
exposures 32,716 15,259 − − − − 10,604 6,564 43,320 21,823 1,746
Other exposures − − − − 9,937 11,635 27,830 22,342 37,767 33,977 2,718
Securitizations 62,549 13,325 − − − − 2,720 1,457 65,269 14,782 1,183
Total 695,887 143,725 34,707 10,539 27,609 22,592 179,030 52,340 937,232 229,196 18,336
Thereof counter-
party credit risk
from 143,190 32,711 8,471 736 726 636 13,485 1,906 165,872 35,989 2,879
Derivatives 87,857 30,870 1,552 595 726 636 10,658 1,696 100,792 33,797 2,704
Securities
financing
transactions 55,333 1,841 6,919 140 − − 2,827 210 65,079 2,191 175

The table above also provides an overview of the model approaches used for our securitization positions.
Please note that the following sections on our exposures in the IRBA and standardized approaches exclude
securitization exposures as they are presented separately in more detail in the section “Securitization”. The line
item “Other exposures” contain predominantly collective investment undertakings, equity exposures and non-
credit obligations treated under the other IRBA as well as remaining exposures classes for the standardized
approach which do not fall under the exposure classes “Central governments”, “Institutions”, “Corporates” or
“Retail”.

Advanced Internal Ratings Based Approach

The advanced IRBA is the most sophisticated approach available under the regulatory framework for credit risk
allowing us to make use of our internal rating methodologies as well as internal estimates of specific other risk
parameters. These methods and parameters represent long-used key components of the internal risk meas-
urement and management process supporting the credit approval process, the economic capital and expected
loss calculation and the internal monitoring and reporting of credit risk. The relevant parameters include the
probability of default (“PD”), the loss given default (“LGD”) driving the regulatory risk-weight and the credit
conversion factor (“CCF”) as part of the regulatory exposure at default (“EAD”) estimation. For most of our
internal rating systems more than seven years of historical information is available to assess these parameters.
Our internal rating methodologies reflect a point-in-time rather than a through-the-cycle rating.

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The probability of default for customers is derived from our internal rating systems. We assign a probability of
default to each relevant counterparty credit exposure as a function of a transparent and consistent 26-grid
master rating scale for all of our exposure excluding Postbank. The borrower ratings assigned are derived on
the grounds of internally developed rating models which specify consistent and distinct customer-relevant
criteria and assign a rating grade based on a specific set of criteria as given for a certain customer. The set of
criteria is generated from information sets relevant for the respective customer segments like general customer
behavior, financial and external data. The methods in use range from statistical scoring models to expert-based
models taking into account the relevant available quantitative and qualitative information. Expert-based models
are usually applied for counterparts in the exposure classes “Central governments”, “Institutions” and “Corpo-
rates” with the exception of small- and medium-sized entities. For the latter as well as for the retail segment
statistical scoring or hybrid models combining both approaches are commonly used. Quantitative rating meth-
odologies are developed based on applicable statistical modelling techniques, such as logistic regression. In
line with Section 118 of SolvV, these models are complemented by human judgment and oversight to review
model-based assignments and to ensure that the models are used appropriately. When we assign our internal
risk ratings, it allows us to compare them with external risk ratings assigned to our counterparties by the major
international rating agencies, where possible, as our internal rating scale has been designed to principally
correspond to the external ratings scales from rating agencies. For quantitative information where we provide
our advanced and foundation IRBA exposure based on a rating grade granularity which corresponds to the
external Standard & Poors rating equivalents please refer to the section “Advanced IRBA Exposure” and
“Foundation IRBA Exposure”.

Although different rating methodologies are applied to the various customer segments in order to properly
reflect customer-specific characteristics, they all adhere to the same risk management principles. Credit pro-
cess policies provide guidance on the classification of customers into the various rating systems. For more
information regarding the credit process and the respective rating methods used within that process, please
refer to Section “Credit Risk Ratings and Rating Governance”.

For our Postbank retail portfolios subject to the advanced IRBA, Postbank assigns a probability of default to
each relevant counterparty credit exposure as a function of an internal rating master scale. The ratings as-
signed are derived on the grounds of internally developed rating models which specify consistent and distinct
customer-relevant criteria. These rating models are statistical scoring methods based on internal and external
information relating to the borrower and use statistical procedures to evaluate a probability of default. The
resulting scores are then mapped to Postbank’s internal rating master scale.

We apply internally estimated LGD factors as part of the advanced IRBA capital requirement calculation as
approved by the BaFin. LGD is defined as the likely loss intensity in case of a counterparty default. It provides
an estimation of the exposure that cannot be recovered in a default event and therefore captures the severity
of a loss. Conceptually, LGD estimates are independent of a customer’s probability of default. The LGD models
ensure that the main drivers for losses (e.g. different levels and quality of collateralization and customer or
product types or seniority of facility) are reflected in specific LGD factors. In our LGD models, except Postbank,
we assign collateral type specific LGD parameters to the collateralized exposure (collateral value after applica-
tion of haircuts). Moreover, the LGD for uncollateralized exposure cannot be below the LGD assigned to collat-
eralized exposure and regulatory minimum parameters (10 % for residential mortgage loans) are applied.

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As part of the application of the advanced IRBA we apply specific CCFs in order to calculate an EAD value.
Conceptually the EAD is defined as the expected amount of the credit exposure to a counterparty at the time of
its default. For advanced IRBA calculation purposes we apply the general principles as defined in Section 100
SolvV to determine the EAD of a transaction. In instances, however, where a transaction outside of Postbank
involves an unused limit a percentage share of this unused limit is added to the outstanding amount in order to
appropriately reflect the expected outstanding amount in case of a counterparty default. This reflects the as-
sumption that for commitments the utilization at the time of default might be higher than the current utilization.
When a transaction involves an additional contingent component (e.g. guarantees) a further percentage share
(usage factor) is applied as part of the CCF model in order to estimate the amount of guarantees drawn in case
of default. Where allowed under the advanced IRBA the CCFs are internally estimated. The calibrations of
such parameters are based on statistical experience as well as internal historical data and consider customer
and product type specifics. As part of the approval process, the BaFin assessed our CCF models and stated
their appropriateness for use in the process of regulatory capital requirement calculations.

Overall Postbank has similar standards in place to apply the advanced IRBA to its retail portfolios using inter-
nally estimated default probabilities, loss rates and conversion factors as the basis for calculating minimum
regulatory capital requirements.

For derivative counterparty exposures as well as securities financing transactions (“SFT”) we, excluding Post-
bank, make use of the internal model method (“IMM”) in accordance with Section 222 et seq. SolvV. In this
respect securities financing transactions encompass repurchase transactions, securities or commodities lend-
ing and borrowing as well as margin lending transactions (including prime brokerage). The IMM is a more
sophisticated approach for calculating EAD for derivatives and SFT, again requiring prior approval from the
BaFin before its first application. By applying this approach, we build our EAD calculations on a Monte Carlo
simulation of the transactions’ future market values. Within this simulation process, interest and FX rates, credit
spreads, equity and commodity prices are modeled by stochastic processes and each derivative and securities
financing transaction is revalued at each point of a pre-defined time grid by our internally approved valuation
routines. As the result of this process, a distribution of future market values for each transaction at each time
grid point is generated. From these distributions, by considering the appropriate netting and collateral agree-
ments, we derive the exposure measures potential future exposure (“PFE”), average expected exposure
(“AEE”) and expected positive exposure (“EPE”) mentioned in Section “Counterparty Credit Risk from Deriva-
tives”. The EPE measure evaluated on regulatory eligible netting sets defines the EAD for derivative counter-
party exposures as well as for securities financing transactions within our regulatory capital calculations for the
great majority of our derivative and SFT portfolio, while applying an own calibrated alpha factor in its calcula-
tion, floored at the minimum level of 1.2. For the small population of transactions for which a simulation cannot
be computed, the EAD used is derived from the current exposure method.

For our derivative counterparty credit risk resulting from Postbank we apply the current exposure method, i.e.,
we calculate the EAD as the sum of the net positive fair value of the derivative transactions and the regulatory
add-ons. As the EAD derivative position resulting from Postbank is less than 1 % in relation to our overall coun-
terparty credit risk position from derivatives we consider Postbank’s derivative position to be immaterial.

Default Definition and Model Validation

A prerequisite for the development of rating methodologies and the determination of risk parameters is a prop-
er definition, identification and storage of the default event of a customer. We apply a default definition in ac-
cordance with the requirements of Section 125 SolvV as confirmed by the BaFin as part of the IRBA approval
process.

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As an important element of our risk management framework we regularly validate our rating methodologies
and credit risk parameters. Whereas the rating methodology validation focuses on the discriminatory power of
the models, the risk parameter validation for PD, LGD and EAD analyzes the predictive power of those param-
eters when compared against historical default experiences.

According to our standards, and in line with the SolvV-defined minimum requirements, the parameters PD,
LGD and EAD are reviewed annually. The validation process for parameters as used by us excluding Postbank
is coordinated and supervised by a validation working group composed of members from Finance, Risk Analyt-
ics and Instruments and Credit Risk Management. Risk parameter validations consist of quantitative analyses
of internal historical data and are enriched by qualitative assessments in case data for validation is not suffi-
cient for getting reliable results. A recalibration of specific parameter settings is triggered based on validation
results if required. In addition to annual validations, ad hoc reviews are performed where appropriate as a
reaction to quality deterioration at an early stage due to systematic changes of input factors (e.g. changes in
payment behavior) or changes in the structure of the portfolio. The reviews conducted in 2012 for advanced
IRBA rating systems triggered recalibrations as shown in the table below. 26 new risk parameters are applied
due to newly approved rating systems or due to increased granularity in existing risk parameter settings. None
of the recalibrations individually nor the impact of all recalibrations in the aggregate materially impacted our
regulatory capital requirements.

Analogously at Postbank the allocation mechanism of the master scale to the probabilities of default as well as
the results of the estimations of the input parameters PD, CCF and LGD are reviewed annually. Postbank’s
model validation committee is responsible for supervising the annual validation process of all models. Via a
cross committee membership Deutsche Bank senior managers join in Postbank committees and vice versa, to
ensure a joint governance.

Validation results for risk parameters used in our advanced IRBA

Dec 31, 2012
PD LGD EAD
Count EAD in % Count EAD in % Count EAD in %
Appropriate 104 91.4 100 89.8 40 79.5
Overly conservative 6 1.8 18 4.1 29 15.9
Progressive 16 6.8 11 6.1 5 4.6
Total 126 100.0 129 100.0 74 100.0

Thereof already recalibrated and introduced in 2012

Overly conservative 1 0.1 17 3.5 24 15.3

Progressive 1 0.1 7 2.0 5 4.6
Total 2 0.2 24 5.5 29 19.9

Above table summarizes the outcome of the model validations for risk parameters PD, LGD and EAD used in
our advanced IRBA including Postbank. Individual risk parameter settings are classified as appropriate if no
recalibration was triggered by the validation and thus the application of the current parameter setting is contin-
ued since still sufficiently conservative. A parameter classifies as overly conservative or progressive if the vali-
dation triggers a recalibration leading to a decrease or increase of the setting, respectively. The breakdown for
PD, LGD and EAD is presented in counts as well as in the relative EAD attached to the respective parameter
as of December 31, 2012.

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The validations largely confirm our PD parameter settings. PDs classified as progressive can be subdivided
into a group of 15 parameters with comparably low exposure and one parameter from Postbank assigned to
approximately 4 % of our total EAD, for which a recalibration is awaiting final approval from BaFin. Similarly,
LGD parameter validations show largely appropriate settings. Progressive LGDs can be subdivided analogous-
ly to PDs with one parameter from Postbank assigned to approximately 4 % of our total EAD, for which a recal-
ibration is awaiting final approval from BaFin. For our EAD parameters, excluding Postbank, an improved and
extended validation and recalibration approach has been implemented after approval from BaFin now taking
into account the exposure changes for each of the twelve months prior to default and not only one year prior to
default. Moreover, the extended time series leads to less variance and thus more stable parameter settings.
These two effects lead to a reduction of a large number of EAD parameter settings.

Out of the 85 risk parameters where a change was suggested by the conducted validation, 55 were already
introduced in 2012. The remaining 30 parameter changes are intended to be implemented in 2013. Some of
these parameter changes require pending approval from BaFin prior to introduction. In addition, 5 recalibrated
LGD parameters were introduced in 2012 based on validation results in 2011.

In addition to the above, the comparison of regulatory expected loss (“EL”) estimates with actual losses rec-
orded also provides some insight into the predictive power of our parameter estimations and, therefore, EL
calculations.

The EL used in this comparison is the forecast credit loss from counterparty defaults of our exposures over a
one year period and is computed as the product of PD, LGD and EAD for performing exposures as of Decem-
ber 31 of the preceding year. The actual loss measure is defined by us as new provisions including recoveries
on newly impaired exposures recorded in our financial statements through profit and loss during the respective
reported years.

While we believe that this approach provides some insight, the comparison has limitations as the two
measures are not directly comparable. In particular, the parameter LGD underlying the EL calculation repre-
sents the loss expectation until finalization of the workout period while the actual loss as defined above repre-
sents the accounting information recorded for one particular financial year. Furthermore, EL is a measure of
expected credit losses for a snapshot of our credit exposure at a certain balance sheet date while the actual
loss is recorded for a fluctuating credit portfolio over the course of a financial year, i.e., including losses in rela-
tion to new loans entered into during the year as well as offsetting releases of allowances for loan losses for
loans considered impaired at time of EL determination.

According to the methodology described above, the following table provides a comparison of EL estimates for
loans, commitments and contingent liabilities as of year-end 2011 till 2007, with actual losses recorded for the
financial years 2012 till 2008, by regulatory exposure class for advanced IRBA exposures. Postbank is firstly
reflected in the comparison of EL estimates as of year end 2010 with actual losses recorded for the financial
year 2011.

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Comparison of EL estimates for loans, commitments and contingent liabilities with actual losses recorded by regulatory
exposure class
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
2011 2012 2010 2011 2009 2010 2008 2009 2007 2008
Expected Actual Expected Actual Expected Actual Expected Actual Expected Actual
in € m. loss loss loss 1 loss 1 loss loss loss loss loss loss 2
Central
governments 1 − 2 − 2 − 2 − 2 −
Institutions 7 14 22 2 16 1 21 16 13 55
Corporates 445 393 449 363 471 358 591 1,665 320 251
Retail exposures secured
by real estate property 294 337 222 359 118 101 120 140 127 125
Qualifying revolving retail
exposures 23 17 2 30 2 5 2 7 2 4
Other retail exposures 418 348 390 301 301 282 311 315 226 223
Total expected loss and
actual loss in the advanced
IRBA 1,188 1,109 1,088 1,055 910 747 1,047 2,143 690 658
1 The 2010 Expected Loss and 2011 Actual Loss figures have been restated to limit disclosure to Postbank’s advanced IRBA exposure only.
2 Losses related to assets reclassified into loans under IAS 39 amendments were excluded from the actual loss for 2008 since, as of December 31, 2007, the related assets were not within
the scope of the corresponding expected loss calculation for loans.

The actual loss in 2012 was 7 % lower than the expected loss and was primarily driven by the lower level of
provisions in our Other retail portfolios.

The increase in expected loss as of December 31, 2011 and as of December 31, 2010 in comparison to De-
cember 31, 2009 as well as the higher actual losses in 2012 and 2011 is primarily related to the inclusion of
Postbank.

In 2010 the actual loss was 18 % below the expected loss as the actual loss and was positively influenced by
lower provisions taken for assets reclassified in accordance with IAS 39.

The decrease of the expected loss for 2010 compared to the expected loss for 2009 reflected the slightly im-
proved economic environment after the financial crisis.

In 2009 actual losses exceeded the expected loss by 104 % driven mainly by material charges taken against a
small number of exposures, primarily concentrated in Leveraged Finance, as well as the further deteriorating
credit conditions not reflected in the expected losses for our corporate exposures at the beginning of the year.

The following table provides a year-to-year comparison of the actual loss by regulatory exposure class. Post-
bank is firstly included in the reporting period 2011.

Year-to-year comparison of the actual loss by IRBA exposure class

in € m. 2012 2011 2010 2009 2008
Central governments − − − − 73
Institutions 14 2 1 16 55
Corporates 393 363 358 1,665 295
Retail exposures secured by real estate property 337 359 101 140 125
Qualifying revolving retail exposures 17 30 5 7 4
Other retail exposures 348 301 282 315 223
Total actual loss by IRBA in the advanced IRBA 1,109 1,055 747 2,143 775

Our actual loss increased by € 54 million or 5 % in 2012 compared to previous year. The drivers of this in-
crease were primarily higher actual losses in the IRBA exposure classes Other retail exposures as well as
Corporates excluding Postbank partly being offset by reduction throughout Postbank’s advanced IRBA expo-
sure classes.

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New provisions established in 2011 were € 308 million higher compared to 2010 primarily due to the first time
inclusion of Postbank in full year reporting.

New provisions established in 2010 were lower by € 1.4 billion compared to 2009, reflecting predominately
significantly reduced provisions required for assets reclassified in accordance with IAS 39. Measures taken on
portfolio and country level led to a reduction in the actual loss for our retail exposures in Spain and India, par-
tially offset by increases in the consumer finance business in Poland. The observed decrease in actual loss
were partially offset by provisions taken relating to the commercial banking activities acquired from ABN AMRO
and Postbank.

The observed increase in actual loss of € 1.4 billion in 2009 compared to 2008 reflected the overall deteriora-
tion in credit conditions, predominantly on our exposure against corporates. Of this increase, 83 % was at-
tributable to assets which had been reclassified in accordance with IAS 39, relating primarily to exposures in
Leveraged Finance. Further provisions against corporate exposures were a result of deteriorating credit condi-
tions, predominantly in Europe and the Americas. Increases recorded for our retail exposures reflected our
strategy to invest in higher margin consumer finance business and were mainly a result of exacerbating eco-
nomic crisis in Spain which adversely affected our mortgage loan and commercial finance portfolios there and
by its consumer finance business in Poland and India.

Advanced IRBA Exposure

The advanced IRBA requires differentiating a bank’s credit portfolio into various regulatory defined exposure
classes, namely central governments, institutions, corporates and retail clients. We identify the relevant
regulatory exposure class for each exposure by taking into account factors like customer-specific characteris-
tics, the rating system used as well as certain materiality thresholds which are regulatory defined.

The tables below show all of our advanced IRBA exposures distributed on a rating scale and separately for
each regulatory IRBA exposure class. The presentation also includes Postbank’s retail portfolios as far as
assigned to the advanced IRBA. The EAD is presented in conjunction with exposures-weighted average PD
and LGD, the risk-weighted assets (“RWA”) and the average risk weight (“RW”) calculated as RWA divided by
EAD net. The information is shown after credit risk mitigation obtained in the form of financial, physical and
other collateral as well as guarantees and credit derivatives. The effect of double default, as far as applicable
outside of Postbank’s retail exposures, is considered in the average risk weight. It implies that for a guaranteed
exposure a loss only occurs if the primary obligor and the guarantor fail to meet their obligations at the same
time.

It should be noted that the EAD gross information for exposures covered by guarantees or credit derivatives is
assigned to the exposure class of the original counterparty respectively whereas the EAD net information as-
signs the exposures to the protection seller. As a consequence the EAD net can be higher than the EAD gross.

The table below also includes our counterparty credit risk position from derivatives and securities financing
transactions (“SFT”) as far as it has been assigned to the advanced IRBA. For the vast majority of these expo-
sures we make use of the IMM to derive the EAD where the appropriate netting and collateral agreements are
already considered resulting in an EAD net of collateral.

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EAD of Advanced IRBA Credit Exposures by PD Grade (including Postbank)

Dec 31, 2012
iB iCCC Delta Total
iAAA – iAA iA iBBB iBB 2.27 – 10.22 – to previous
0.00 – 0.04 % 0.04 – 0.11 % 0.11 – 0.5 % 0.5 – 2.27 % 10.22 % 99.99 % Default 1 Total year

Central Governments
EAD gross in € m. 85,351 4,948 2,804 1,404 732 423 − 95,662 (14,939)
EAD net in € m. 93,599 6,227 2,533 583 207 50 − 103,199 (15,925)
Average PD in % − 0.08 0.30 1.40 5.67 13.05 100.00 0.04 (0.13)ppt
Average LGD in % 49.24 39.44 42.77 11.04 42.70 48.91 5.00 48.26 0.75 ppt
Average RW in % 0.49 23.16 49.88 25.96 165.01 215.08 62.50 3.65 1.47 ppt

Institutions
EAD gross in € m. 15,719 31,913 13,132 2,706 2,251 481 166 66,368 (17,969)
EAD net in € m. 16,636 32,136 11,890 2,356 2,191 481 166 65,856 (24,116)
Average PD in % 0.04 0.07 0.25 1.08 3.00 21.77 100.00 0.64 0.31 ppt
Average LGD in % 31.64 27.03 19.44 21.83 4.59 5.51 13.43 25.70 (0.32)ppt
Average RW in % 5.54 11.10 22.18 53.91 16.29 30.79 25.55 13.58 (0.56)ppt

Corporates
EAD gross in € m. 76,225 65,701 66,759 50,632 21,795 5,753 7,598 294,463 (41,477)
EAD net in € m. 78,535 64,830 62,096 45,023 18,351 4,993 7,361 281,190 (40,521)
Average PD in % 0.03 0.07 0.24 1.17 4.70 23.56 100.00 3.61 0.12 ppt
Average LGD in % 32.63 34.72 30.90 24.84 22.79 16.78 28.19 30.44 1.09 ppt
Average RW in % 9.50 17.86 31.06 49.72 79.28 92.15 24.14 29.04 (2.24)ppt

Retail Exposures Secured by Real Estate Property

EAD gross in € m. 2,766 9,976 45,086 67,241 12,762 5,432 2,680 145,943 10,613
EAD net in € m. 2,766 9,976 45,078 67,203 12,730 5,410 2,665 145,828 10,615
Average PD in % 0.03 0.08 0.29 1.05 4.70 21.24 100.00 3.58 (0.11)ppt
Average LGD in % 12.13 15.18 10.40 12.21 9.69 8.85 17.99 11.04 0.14 ppt
Average RW in % 1.36 4.88 5.72 16.50 31.73 53.92 14.53 13.89 0.00 ppt

Qualifying Revolving Retail Exposures

EAD gross in € m. 176 1,012 1,863 1,080 292 91 35 4,550 (580)
EAD net in € m. 176 1,012 1,863 1,080 292 91 35 4,550 (580)
Average PD in % 0.04 0.08 0.24 1.04 4.77 19.86 100.00 1.98 0.10 ppt
Average LGD in % 44.30 45.49 45.67 44.63 47.92 48.20 48.33 47.12 (13.81)ppt
Average RW in % 1.26 2.46 6.03 18.44 59.70 140.05 7.33 16.22 (12.45)ppt

Other Retail Exposures

EAD gross in € m. 257 1,436 6,920 12,256 6,477 2,310 2,792 32,448 1,546
EAD net in € m. 294 1,625 7,053 12,272 6,497 2,278 2,697 32,716 1,612
Average PD in % 0.03 0.08 0.30 1.15 4.83 19.96 100.00 11.13 3.91 ppt
Average LGD in % 41.61 46.82 43.50 44.91 49.81 46.43 48.51 45.81 0.05 ppt
Average RW in % 4.77 9.99 23.91 49.52 77.41 114.21 6.60 47.22 2.38 ppt

Total IRBA Exposures

EAD gross in € m. 180,494 114,986 136,564 135,320 44,308 14,490 13,271 639,433 (62,805)
EAD net in € m. 192,006 115,806 130,514 128,517 40,267 13,304 12,924 633,338 (68,915)
Average PD in % 0.02 0.07 0.26 1.14 4.58 21.96 100.00 3.08 0.41 ppt
Average LGD in % 40.46 31.75 25.83 19.89 22.03 18.25 30.12 29.36 (0.51)ppt
Average RW in % 4.64 15.22 23.61 32.41 59.49 78.67 17.38 20.61 (0.85)ppt
1 The relative low risk weights in the column “Default” reflect the fact that capital requirements for defaulted exposures are principally considered as a deduction from regulatory capital
equal to the difference in expected loss and allowances.

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iB iCCC
iAAA – iAA iA iBBB iBB 2.27 – 10.22 –
0.00 – 0.04 % 0.04 – 0.11 % 0.11 – 0.5 % 0.5 – 2.27 % 10.22 % 99.99 % Default 1 Total

Central Governments
EAD gross in € m. 102,638 2,712 2,280 1,669 759 380 163 110,601
EAD net in € m. 113,128 2,716 2,023 818 276 0 163 119,124
Average PD in % 0.00 0.07 0.27 1.37 5.28 21.82 100.00 0.17
Average LGD in % 48.01 42.12 46.68 11.14 35.45 50.00 5.00 47.51
Average RW in % 0.27 23.36 45.71 33.39 124.98 289.48 62.50 2.17

Institutions
EAD gross in € m. 27,831 36,188 15,543 4,227 182 230 136 84,337
EAD net in € m. 29,482 43,156 13,539 3,287 148 224 136 89,972
Average PD in % 0.04 0.06 0.25 0.99 4.65 21.89 100.00 0.33
Average LGD in % 23.65 29.18 22.81 20.29 29.75 14.55 10.01 26.02
Average RW in % 7.10 11.75 26.28 48.34 98.72 84.20 61.08 14.15

Corporates
EAD gross in € m. 98,278 69,659 74,786 50,666 24,246 10,784 7,519 335,939
EAD net in € m. 97,813 70,082 69,951 45,518 21,159 10,019 7,169 321,711
Average PD in % 0.03 0.07 0.24 1.14 4.65 23.14 100.00 3.49
Average LGD in % 26.79 35.86 31.83 26.35 25.94 14.25 26.58 29.35
Average RW in % 9.72 18.51 32.57 56.93 92.11 78.46 29.02 31.27

Retail Exposures Secured by Real Estate Property 2

EAD gross in € m. 12,114 13,125 33,803 57,341 11,743 4,463 2,740 135,329
EAD net in € m. 12,114 13,125 33,795 57,303 11,706 4,443 2,726 135,213
Average PD in % 0.03 0.08 0.28 1.06 4.64 20.66 100.00 3.69
Average LGD in % 11.43 11.47 10.81 11.89 10.56 11.08 14.00 11.18
Average RW in % 1.18 2.40 5.77 16.22 33.95 62.86 0.83 13.89

Qualifying Revolving Retail Exposures 2

EAD gross in € m. 277 1,285 1,863 1,175 383 92 53 5,129
EAD net in € m. 277 1,285 1,863 1,175 383 92 53 5,129
Average PD in % 0.03 0.09 0.27 1.15 4.79 15.17 100.00 1.89
Average LGD in % 40.27 62.76 62.20 61.73 60.52 59.95 42.37 60.94
Average RW in % 1.10 3.73 8.94 27.42 74.83 139.51 6.95 28.67

Other Retail Exposures 2

EAD gross in € m. 384 1,480 7,974 12,026 5,417 2,160 1,462 30,902
EAD net in € m. 408 1,545 8,128 12,051 5,481 2,118 1,373 31,104
Average PD in % 0.03 0.08 0.29 1.13 4.61 21.75 100.00 7.23
Average LGD in % 39.51 41.39 50.40 45.98 47.44 36.78 49.74 45.77
Average RW in % 4.71 9.58 27.24 50.12 73.03 86.19 2.32 44.84

Total IRBA Exposures 2

EAD gross in € m. 241,523 124,448 136,249 127,104 42,731 18,109 12,074 702,238
EAD net in € m. 253,222 131,909 129,299 120,151 39,153 16,898 11,621 702,253
Average PD in % 0.02 0.07 0.25 1.13 4.62 22.33 100.00 2.67
Average LGD in % 36.02 32.61 27.73 21.63 24.42 16.34 26.79 29.86
Average RW in % 4.88 15.31 26.00 37.99 71.51 75.48 23.90 21.46
1 The relative low risk weights in the column “Default” reflect the fact that capital requirements for defaulted exposures are principally considered as a deduction
from regulatory capital equal to the difference in expected loss and allowances.
2 The 2011 amounts for the retail exposure classes have been adjusted in order to reflect predominantly the integration of the Postbank retail IRBA exposures which
were disclosed separately in prior year.

The decrease in the segments corporate and institutes are largely driven by exposure decrease in derivative
and security financing transactions as a result of our portfolio de-risking activities. The decrease in the central
governments segment is primarily due to reduction in interest earning deposits with central banks.

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The tables below show our advanced IRBA exposures excluding counterparty credit risk exposures from deriv-
atives and SFT for central governments, institutions and corporates, distributed on our internal rating scale,
showing also the PD range for each grade. Our internal ratings correspond to the respective external Stand-
ard & Poor’s rating equivalents. The EAD net is presented in conjunction with exposures-weighted average PD
and LGD, the RWA and the average RW. The information is shown after credit risk mitigation obtained in the
form of financial, physical and other collateral as well as guarantees and credit derivatives. The effect of double
default, as far as applicable to exposures outside of Postbank is considered in the average risk weight. It im-
plies that for a guaranteed exposure a loss only occurs if the primary obligor and the guarantor fail to meet their
obligations at the same time.

EAD net for Advanced IRBA non-retail Credit Exposures by PD Grade with Central Governments (excluding derivatives
and SFTs)
in € m.
(unless stated otherwise) Dec 31, 2012
PD range Average Average Average
Internal rating in % EAD net PD in % LGD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 88,889 0.00 49.65 181 0.20
iAA+ > 0.01 ≤ 0.02 627 0.02 30.00 28 4.53
iAA > 0.02 ≤ 0.03 221 0.03 30.47 14 6.49
iAA- > 0.03 ≤ 0.04 81 0.04 30.20 11 13.36
iA+ > 0.04 ≤ 0.05 345 0.05 49.51 49 14.32
iA > 0.05 ≤ 0.07 1,413 0.07 49.53 448 31.71
iA- > 0.07 ≤ 0.11 1,783 0.09 48.79 582 32.65
iBBB+ > 0.11 ≤ 0.18 308 0.14 47.94 61 19.66
iBBB > 0.18 ≤ 0.30 616 0.23 37.91 241 39.16
iBBB- > 0.30 ≤ 0.50 1,048 0.39 48.72 589 56.23
iBB+ > 0.50 ≤ 0.83 24 0.64 44.10 24 100.70
iBB > 0.83 ≤ 1.37 100 1.07 11.89 26 25.93
iBB- > 1.37 ≤ 2.27 343 1.76 1.48 15 4.40
iB+ > 2.27 ≤ 3.75 42 2.92 45.08 57 133.24
iB > 3.75 ≤ 6.19 78 4.82 39.01 127 163.31
iB- > 6.19 ≤ 10.22 42 7.95 41.84 67 159.36
iCCC+ > 10.22 ≤ 16.87 48 13.00 49.08 103 214.37
iCCC > 16.87 ≤ 27.84 0 22.00 11.38 0 70.77
iCCC- > 27.84 ≤ 99.99 0 31.00 3.30 0 503.75
Default 100.00 − 100.00 5.00 − 62.50
Total − 96,008 0.03 49.13 2,624 2.73

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EAD net for Advanced IRBA non-retail Credit Exposures by PD Grade with Institutions (excluding derivatives and SFTs)
in € m.
(unless stated otherwise) Dec 31, 2012
PD range Average Average Average
Internal rating in % EAD net PD in %1 LGD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 806 0.02 45.55 62 7.74
iAA+ > 0.01 ≤ 0.02 187 0.03 36.23 21 10.99
iAA > 0.02 ≤ 0.03 2,836 0.03 41.91 131 4.62
iAA- > 0.03 ≤ 0.04 3,961 0.04 38.79 278 7.03
iA+ > 0.04 ≤ 0.05 3,277 0.05 41.19 420 12.81
iA > 0.05 ≤ 0.07 5,013 0.07 36.60 635 12.67
iA- > 0.07 ≤ 0.11 3,486 0.09 33.68 534 15.32
iBBB+ > 0.11 ≤ 0.18 750 0.14 29.67 178 23.76
iBBB > 0.18 ≤ 0.30 645 0.23 25.74 195 30.24
iBBB- > 0.30 ≤ 0.50 3,052 0.39 27.33 1,060 34.72
iBB+ > 0.50 ≤ 0.83 505 0.64 17.29 138 27.22
iBB > 0.83 ≤ 1.37 1,115 1.07 13.89 382 34.26
iBB- > 1.37 ≤ 2.27 113 1.76 19.78 46 40.89
iB+ > 2.27 ≤ 3.75 2,071 2.92 4.31 319 15.40
iB > 3.75 ≤ 6.19 29 4.80 7.02 7 22.54
iB- > 6.19 ≤ 10.22 17 7.95 5.61 4 24.13
iCCC+ > 10.22 ≤ 16.87 11 13.00 14.84 8 67.92
iCCC > 16.87 ≤ 27.84 217 22.00 5.72 65 30.02
iCCC- > 27.84 ≤ 99.99 0 31.00 20.44 0 121.97
Default 100.00 148 100.00 14.98 42 28.45
Total − 28,241 1.07 32.34 4,525 16.02
1 Higher average PD in % than defined for the internal rating scales iAAA and iAA+ results for Institutions and Corporates exposure subject to a PD floor of 3 basis
points.

EAD net for Advanced IRBA non-retail Credit Exposures by PD Grade with Corporates (excluding derivatives and SFTs)
in € m.
(unless stated otherwise) Dec 31, 2012
PD range Average Average Average
Internal rating in % EAD net PD in %1 LGD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 6,209 0.03 21.99 332 5.35
iAA+ > 0.01 ≤ 0.02 4,018 0.03 31.40 290 7.23
iAA > 0.02 ≤ 0.03 6,406 0.03 19.20 333 5.19
iAA- > 0.03 ≤ 0.04 12,073 0.04 27.36 939 7.78
iA+ > 0.04 ≤ 0.05 12,553 0.05 30.89 1,543 12.29
iA > 0.05 ≤ 0.07 14,201 0.07 30.99 2,152 15.16
iA- > 0.07 ≤ 0.11 20,571 0.09 37.20 4,503 21.89
iBBB+ > 0.11 ≤ 0.18 18,108 0.14 32.92 4,676 25.82
iBBB > 0.18 ≤ 0.30 19,811 0.23 27.15 5,121 25.85
iBBB- > 0.30 ≤ 0.50 13,699 0.39 29.28 4,939 36.06
iBB+ > 0.50 ≤ 0.83 10,284 0.64 28.43 4,966 48.29
iBB > 0.83 ≤ 1.37 10,388 1.07 24.13 5,331 51.32
iBB- > 1.37 ≤ 2.27 13,386 1.76 23.01 6,191 46.25
iB+ > 2.27 ≤ 3.75 6,154 2.92 20.14 3,743 60.83
iB > 3.75 ≤ 6.19 5,305 4.82 19.46 3,673 69.23
iB- > 6.19 ≤ 10.22 3,362 7.95 19.71 2,731 81.26
iCCC+ > 10.22 ≤ 16.87 1,485 13.00 16.16 1,210 81.47
iCCC > 16.87 ≤ 27.84 682 22.00 24.09 972 142.56
iCCC- > 27.84 ≤ 99.99 1,612 31.00 6.88 637 39.53
Default 100.00 7,141 100.00 28.73 1,664 23.30
Total − 187,450 4.94 27.98 55,958 29.85
1 Higher average PD in % than defined for the internal rating scales iAAA and iAA+ results for Institutions and Corporates exposure subject to a PD floor of 3 basis
points.

The majority of these exposures in all exposure classes is assigned to investment-grade customers. The expo-
sures in the lower rating classes are largely collateralized.

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The table below shows our undrawn commitment exposure treated within the advanced IRBA, including the
respective retail portfolios from Postbank. It is broken down by regulatory exposure class and also provides the
corresponding exposure-weighted credit conversion factors and resulting EADs.

Undrawn commitment exposure within the advanced IRBA by regulatory exposure class (including Postbank)
Dec 31, 2012 Dec 31, 2011
Exposure Exposure
Weighted value Weighted value
Credit for undrawn Credit for undrawn
Undrawn Conversion commitments Undrawn Conversion commitments
commitments Factor (CCF) (EAD) commitments Factor (CCF) (EAD)
in € m. in % in € m. in € m. in % in € m.
Central governments 847 84 712 802 90 720
Institutions 1,885 51 955 1,575 44 700
Corporates 135,850 40 53,868 133,928 43 57,452
Retail exposures secured by real estate property1 6,755 77 5,210 5,415 82 4,421
Qualifying revolving retail exposures 1 5,726 66 3,799 5,858 73 4,270
Other retail exposures 1 7,357 52 3,830 7,716 57 4,416
Total EAD of undrawn commitments
in the advanced IRBA 1 158,420 43 68,375 155,295 46 71,979
1 The 2011 amounts for the retail exposure classes have been adjusted in order to reflect predominantly the integration of the Postbank retail IRBA exposures which were disclosed
separately in prior year.

The sub-class “Qualifying revolving retail exposure” in the above table mainly represents overdrafts or personal
loans to individuals for our exposure excluding Postbank and overdrafts to business clients for Postbank expo-
sure. Postbank’s overdrafts to private client exposure are treated under the standardized approach. The infor-
mation is shown after credit risk mitigation obtained in the form of financial, physical and other collateral as well
as guarantees and credit derivatives.

A year on year comparison provides a stable view on exposure values.

Foundation Internal Ratings Based Approach

We apply the foundation IRBA for the majority of our foundation IRBA eligible credit portfolios at Postbank. The
foundation IRBA is an approach available under the regulatory framework for credit risk allowing institutions to
make use of their internal rating methodologies while using pre-defined regulatory values for all other risk pa-
rameters. Parameters subject to internal estimates include the probability of default (“PD”) while the loss given
default (“LGD”) and the credit conversion factor (“CCF”) are defined in the regulatory framework.

For the exposure classes central governments, institutions and corporates respective foundation IRBA rating
systems have been developed. A probability of default is assigned to each relevant counterparty credit expo-
sure as a function of a transparent and consistent rating master scale. The borrower ratings assigned are de-
rived on the grounds of internally developed rating models which specify consistent and distinct customer-
relevant criteria and assign a rating grade based on a specific set of criteria as given for a certain customer.
The set of criteria is generated from information sets relevant for the respective customer segments like gen-
eral customer behavior, financial and external data. The methods in use are based on statistical analyses and
for specific portfolio segments amended by expert-based assessments while taking into account the relevant
available quantitative and qualitative information. The rating systems consider external long-term ratings from
the major rating agencies (i.e., Standard & Poor’s, Moody’s and Fitch Ratings).

For the foundation IRBA a default definition is applied in accordance with the requirements of Sec-
tion 125 SolvV as confirmed by the BaFin as part of its IRBA approval process.

We regularly validate our rating methodologies and credit risk parameters at Postbank. Whereas the rating
methodology validation focuses on the discriminatory power of the models, the risk parameter validation for PD
analyzes its predictive power when compared against historical default experiences.

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For the seven foundation IRBA relevant rating systems of Postbank, four were validated as appropriate and
three were validated as progressive. The PD level for two rating systems was already adjusted in 2012 and the
amended PD level of the remaining rating system is scheduled for 2013.

For derivative counterparty exposure treated under the foundation IRBA the current exposure method is ap-
plied. The current exposure method calculates the exposure at default as the sum of the positive fair value of
derivative transactions and the respective regulatory add-on.

Foundation IRBA Exposure

Within the Postbank portfolios we assign our exposures to the relevant regulatory exposure class by taking into
account factors like customer-specific characteristics and the rating system used. The following tables also
consider Postbank’s counterparty credit risk position resulting from derivatives and SFTs as far as they are
assigned to the foundation IRBA.

The table presents the EAD in conjunction with exposures-weighted average risk weights (“RW”) including the
counterparty credit risk position from derivatives and securities financing transactions (SFT). The information is
shown after credit risk mitigation obtained in the form of financial, physical and other collateral as well as guar-
antees and credit derivatives. EAD gross information for exposures covered by guarantees or credit derivatives
are assigned to the exposure class of the original counterparty whereas the EAD net information assigns the
exposure to the protection seller.

Foundation IRBA exposures for each regulatory IRBA exposure class by rating scale
Dec 31, 2012
iAAA to iAA iA iBBB iBB to iCCC
0.000 – 0.045 % 0.045 – 0.125 % 0.125 – 0.475 % > 0,475 % Default Total

Central Governments
EAD gross in € m. − 78 23 − − 101
EAD net in € m. − 89 23 − − 112
thereof: undrawn commitments − − − − − −
Average RW in % − 22.06 64.85 − − 30.80

Institutions
EAD gross in € m. 1,611 14,701 6,000 226 56 22,594
EAD net in € m. 1,611 14,777 6,000 214 56 22,658
thereof: undrawn commitments − − 5 − − 5
Average RW in % 14.37 10.94 20.50 35.43 − 13.92

Corporates
EAD gross in € m. 50 1,589 6,817 3,234 552 12,242
EAD net in € m. 50 1,646 6,614 3,074 552 11,936
thereof: undrawn commitments − 233 1,336 375 10 1,954
Average RW in % 16.10 30.58 53.43 107.43 − 61.56

Total
EAD gross in € m. 1,661 16,368 12,840 3,460 608 34,937
EAD net in € m. 1,661 16,512 12,637 3,288 608 34,706
thereof: undrawn commitments − 233 1,341 375 10 1,959
Average RW in % 14.42 12.96 37.81 102.75 − 30.36

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iAAA to iAA iA iBBB iBB to iCCC
0.000 – 0.045 % 0.045 – 0.125 % 0.125 – 0.475 % > 0,475 % Default Total

Central Governments
EAD gross in € m. 80 − 46 − 571 697
EAD net in € m. 80 − 46 − 571 697
thereof: undrawn commitments 1 − − − − 1
Average RW in % 18.75 − 47.83 − − 5.31

Institutions
EAD gross in € m. 1,052 18,226 9,860 144 110 29,392
EAD net in € m. 1,064 18,390 9,737 144 110 29,445
thereof: undrawn commitments − − 7 − − 7
Average RW in % 11.18 11.67 16.94 88.89 − 13.73

Corporates
EAD gross in € m. 439 2,352 7,763 2,552 802 13,908
EAD net in € m. 439 2,239 7,529 2,089 802 13,098
thereof: undrawn commitments 40 386 1,524 203 28 2,181
Average RW in % 12.98 29.34 52.90 114.60 − 54.14

Total
EAD gross in € m. 1,571 20,578 17,669 2,696 1,483 43,997
EAD net in € m. 1,583 20,629 17,312 2,233 1,483 43,240
thereof: undrawn commitments 41 386 1,531 203 28 2,189
Average RW in % 12.07 13.59 32.66 112.90 − 25.83

The tables below show our foundation IRBA exposures excluding counterparty credit risk exposures from de-
rivatives and SFT for central governments, institutions and corporates, distributed on our internal rating scale,
showing also the PD range for each grade. The internal ratings correspond to the respective external Stand-
ard & Poors rating equivalents. The EAD net is presented in conjunction with risk-weighted assets calculated
and the average RW. The information is shown after credit risk mitigation obtained in the form of financial,
physical and other collateral as well as guarantees and credit derivatives.

EAD net for Foundation IRBA Credit Exposures by PD Grade for Central Governments
in € m. (unless stated otherwise) Dec 31, 2012
PD range Average Average
Internal rating in % EAD net PD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 − − − −
iAA+ > 0.01 ≤ 0.02 − − − −
iAA > 0.02 ≤ 0.03 − − − −
iAA- > 0.03 ≤ 0.04 − − − −
iA+ > 0.04 ≤ 0.05 − − − −
iA > 0.05 ≤ 0.07 89 0.06 20 22.06
iA- > 0.07 ≤ 0.11 − − − −
iBBB+ > 0.11 ≤ 0.18 − − − −
iBBB > 0.18 ≤ 0.30 − − − −
iBBB- > 0.30 ≤ 0.50 23 0.38 15 64.85
iBB+ > 0.50 ≤ 0.83 − − − −
iBB > 0.83 ≤ 1.37 − − − −
iBB- > 1.37 ≤ 2.27 − − − −
iB+ > 2.27 ≤ 3.75 − − − −
iB > 3.75 ≤ 6.19 − − − −
iB- > 6.19 ≤ 10.22 − − − −
iCCC+ > 10.22 ≤ 16.87 − − − −
iCCC > 16.87 ≤ 27.84 − − − −
iCCC- > 27.84 ≤ 99.99 − − − −
Default 100.00 − − − −
Total − 112 0.13 35 30.80

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EAD net for Foundation IRBA Credit Exposures by PD Grade for Institutions (excluding derivative positions and SFTs)
in € m. (unless stated otherwise) Dec 31, 2012
PD range Average Average
Internal rating in % EAD net PD in % RWA RW in %
iAAA >0.00 ≤ 0.01 − − − −
iAA+ > 0.01 ≤ 0.02 − − − −
iAA > 0.02 ≤ 0.03 917 0.03 140 15.31
iAA- > 0.03 ≤ 0.04 447 0.04 81 18.21
iA+ > 0.04 ≤ 0.05 − − − −
iA > 0.05 ≤ 0.07 895 0.06 169 18.95
iA- > 0.07 ≤ 0.11 6,489 0.09 1,044 16.09
iBBB+ > 0.11 ≤ 0.18 2,452 0.15 529 21.57
iBBB > 0.18 ≤ 0.30 3,029 0.23 609 20.09
iBBB- > 0.30 ≤ 0.50 186 0.38 52 27.98
iBB+ > 0.50 ≤ 0.83 200 0.69 60 30.10
iBB > 0.83 ≤ 1.37 − − − −
iBB- > 1.37 ≤ 2.27 9 2.06 11 122.67
iB+ > 2.27 ≤ 3.75 − − − −
iB > 3.75 ≤ 6.19 − − − −
iB- > 6.19 ≤ 10.22 − − − −
iCCC+ > 10.22 ≤ 16.87 − − − −
iCCC > 16.87 ≤ 27.84 6 18.00 5 82.11
iCCC- > 27.84 ≤ 99.99 − − − −
Default 100.00 56 100.00 − −
Total − 14,686 0.52 2,700 18.38

EAD net for Foundation IRBA Credit Exposures by PD Grade for Corporates (excluding derivative positions and SFTs)
in € m. (unless stated otherwise) Dec 31, 2012
PD range Average Average
Internal rating in % EAD net PD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 − − − −
iAA+ > 0.01 ≤ 0.02 − − − −
iAA > 0.02 ≤ 0.03 37 0.03 6 15.31
iAA- > 0.03 ≤ 0.04 13 0.04 2 18.44
iA+ > 0.04 ≤ 0.05 − − − −
iA > 0.05 ≤ 0.07 225 0.06 50 22.12
iA- > 0.07 ≤ 0.11 1,341 0.10 427 31.86
iBBB+ > 0.11 ≤ 0.18 1,194 0.15 469 39.30
iBBB > 0.18 ≤ 0.30 2,938 0.23 1,481 50.41
iBBB- > 0.30 ≤ 0.50 2,226 0.38 1,447 64.99
iBB+ > 0.50 ≤ 0.83 1,796 0.69 1,536 85.53
iBB > 0.83 ≤ 1.37 634 1.23 663 104.64
iBB- > 1.37 ≤ 2.27 291 2.06 357 122.63
iB+ > 2.27 ≤ 3.75 − − − −
iB > 3.75 ≤ 6.19 77 3.78 115 149.52
iB- > 6.19 ≤ 10.22 45 7.26 78 174.28
iCCC+ > 10.22 ≤ 16.87 10 12.76 19 198.09
iCCC > 16.87 ≤ 27.84 160 18.00 452 282.66
iCCC- > 27.84 ≤ 99.99 − − − −
Default 100.00 551 100.00 − −
Total − 11,538 5.48 7,102 61.55

Other IRBA Exposure

As an IRBA institution, we are required to treat equity investments, collective investment undertakings (“CIU”)
and other non-credit obligation assets generally within the IRBA. For these exposure types typically regulatory-
defined IRBA risk weights are applied.

We use the simple risk-weight approach according to Section 98 SolvV for our investments in equity positions
entered into since January 1, 2008. It distinguishes between exposure in equities which are non-exchange
traded but sufficiently diversified, exchange-traded and other non-exchange-traded and then uses the regulato-
ry-defined risk weights of 190 %, 290 % or 370 %, respectively.

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For certain CIU exposures we apply the “look through”-treatment which constitutes a decomposition of the CIU
into its underlying investments. If such decomposition is performed the underlying investment components are
assigned to their respective exposure class – either within the IRBA or standardized approaches – as if they
were directly held. A sub-portion of our CIU exposures resulting from Postbank is covered within the standard-
ized approach by applying risk weights provided by third parties in line with Section 83 (5) SolvV. More details
on Postbank’s CIU exposures covered in the standardized approach are provided in Section “Standardized
Approach”. For the remaining collective investment undertakings the simple risk weight of 370 % is applied and
assigned to the exposure class “equity investments”.

Exposures which are assigned to the exposure class “other non-credit obligation assets” receive an IRBA risk
weight of 0 % in case of cash positions or 100 %.

The following table summarizes on an EAD basis our IRBA exposure for equities, CIUs and other non-credit
obligation assets, where regulatory risk weights are applied. Credit risk mitigation techniques have not been
applied. The decreases mainly result from pension assets, which are reported under the standardized ap-
proach following a change in the methodology applied, as well as asset disposals.

EAD of equity investments, CIUs and other non-credit obligation assets by risk weight
in € m. Dec 31, 2012 Dec 31, 2011
0% 2,182 1,912
100 % 6,180 7,366
190 % 109 210
290 % 218 350
370 % 1,248 2,186
1250 % 1 − 794
Total EAD of equity investments, CIUs and other non-credit obligation assets 9,936 12,818
1 Decrease results from method change being applied to pension assets.

The table below summarizes on an EAD basis our IRBA exposure for specialized lending. The exposures
comprise commercial loans for residential construction, loans to property developers, operator models, real
estate and equipment leasing, real estate located outside Germany, and private mortgage loans financing the
construction of properties with more than ten residential units as well as project finance exposures. For the
calculation of minimum capital requirements regulatory risk weights are applied where potential risk mitigating
factors are already considered in the assignment of a risk weight to a specific structure. Additional credit risk
mitigation techniques have not been applied.

The increase primarily relates to Deutsche Bank positions formerly being calculated under the Standardized
Approach.

Other IRBA exposure for specialized lending by risk weight

in € m. Dec 31, 2012 Dec 31, 2011
Risk weight category 1 (strong) 14,008 12,328
Risk weight category 2 (good) 1,443 1,033
Risk weight category 3 (satisfactory) 477 811
Risk weight category 4 (weak) 177 329
Risk weight category 5 (defaulted) 1,568 1,960
Total EAD of specialized lending 17,673 16,461

Standardized Approach
We treat a subset of our credit risk exposures within the standardized approach. The standardized approach
measures credit risk either pursuant to fixed risk weights, which are predefined by the regulator, or through the
application of external ratings.

We assign certain credit exposures permanently to the standardized approach in accordance with Section 70
SolvV. These are predominantly exposures to the Federal Republic of Germany and other German public sec-
tor entities as well as exposures to central governments of other European Member States that meet the re-

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quired conditions. These exposures make up more than half of the exposures carried in the standardized ap-
proach and receive predominantly a risk weight of zero percent. For internal purposes, however, these expo-
sures are assessed via an internal credit assessment and fully integrated in the risk management and
economic capital processes.

In line with Section 66 SolvV, we assign further – generally IRBA eligible – exposures permanently to the
standardized approach. This population comprises several small-sized portfolios, which are considered to be
immaterial on a stand-alone basis for inclusion in the IRBA.

Other credit exposures which are small in size are temporarily assigned to the standardized approach and we
plan to transfer them to the IRBA over time. The prioritization and the corresponding transition plan is dis-
cussed and agreed with the competent authorities, the BaFin and the Bundesbank.

Equity positions entered into before January 1, 2008 are subject to the transitional arrangement to exempt
them from the IRBA and a risk weight of 100 % is applied according to the standardized approach treatment.

In order to calculate the regulatory capital requirements under the standardized approach, we use eligible
external ratings from Standard & Poor’s, Moody’s, Fitch Ratings and in some cases from DBRS. DBRS ratings
are applied in the standardized approach for a small number of exposures since 2009. Ratings are applied to
all relevant exposure classes in the standardized approach. If more than one rating is available for a specific
counterparty, the selection criteria as set out in Section 44 SolvV are applied in order to determine the relevant
risk weight for the capital calculation. Moreover, given the low volume of exposures covered under the stand-
ardized approach and the high percentage of (externally rated) central government exposures therein, we do
not infer borrower ratings from issuer ratings.

Our exposure values in the standardized approach by risk weight is shown before and after credit risk mitiga-
tion obtained in the form of eligible financial collateral, guarantees and credit derivatives excluding Postbank’s
CIU exposures assigned to the standardized approach which are displayed in the table “EAD of CIUs of
Postbank in the Standardized Approach by Risk Weight” thereafter, and excluding exposure subject to settle-
ment risk.

The overall decrease is mainly driven by reductions in central banks related exposures as well as due to
changes in model approvals partially offset by inclusion of our pension assets which formally have been calcu-
lated under the advanced IRBA.

Exposure values in the standardized approach by risk weight

Dec 31, 2012 Dec 31, 2011
Before credit risk After credit risk Before credit risk After credit risk
in € m. mitigation mitigation mitigation mitigation
0% 100,714 103,605 115,572 118,762
5% − − − −
10 % 46 46 983 983
20 % 2,002 2,278 2,509 4,265
22 % − − − −
35 % 2,616 2,608 4,059 4,046
50 % 4,219 4,308 5,242 5,388
55 % 1,018 1,018 − −
75 % 30,450 25,125 17,897 14,705
100 % 31,187 21,419 41,009 25,680
110 % − − − −
150 % 1,055 999 1,411 1,401
Total EAD in the standardized approach 173,307 161,406 188,683 175,230

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EAD of CIUs of Postbank in the standardized approach by Risk Weight

in € m. Dec 31, 2012 Dec 31, 2011
Bonds in CIUs
0% − 80
11 % − 87
22 % 312 234
55 % 432 416
110 % 596 747
200 % 65 7
300 % 393 512
EAD for bonds in CIUs 1,798 2,083
CIUs with risk weight calculated by third parties
< 22 % 594 621
> 22 % < 110 % 189 −
> 110 % 18 −
EAD for CIUs with risk weight calculated by third parties 801 621
Total EAD for CIUs in the standardized approach 2,599 2,704

The table above comprises bonds in the form of collective investment undertakings assigned to the standard-
ized approach based on a “look through”-treatment as well as the exposure values for collective investment
undertakings with risk weights calculated by third parties in the standardized approach by risk weight. Credit
risk mitigation techniques have not been applied.

Regulatory Application of Credit Risk Mitigation Techniques

Risk-weighted assets and regulatory capital requirements can be managed actively by credit risk mitigation
techniques. As a prerequisite for recognition in regulatory calculations, we must adhere to certain minimum
requirements as stipulated in the SolvV regarding collateral management, monitoring processes and legal
enforceability.

The range of collateral being eligible for regulatory recognition is dependent predominantly on the regulatory
capital calculation method used for a specific risk position. The principle is that a higher degree of sophistica-
tion with regard to the underlying methodology generally leads to a wider range of admissible collateral and
options to recognize protection via guarantees and credit derivatives. However, also the minimum require-
ments to be adhered to and the mechanism available to reflect the risk mitigation benefits are predominantly a
function of the regulatory calculation method applied.

The advanced IRBA generally accepts all types of financial collateral, as well as real estate, collateral assign-
ments and other physical collateral. In our application of the advanced IRBA, there is basically no limitation to
the range of accepted collateral as long as we can demonstrate to the competent authorities that reliable esti-
mates of the collateral values can be generated and that basic requirements are fulfilled.

The same principle holds true for taking benefits from guarantee and credit derivative arrangements. Within the
advanced IRBA, again there are generally no limitations with regard to the range of eligible collateral providers
as long as some basic minimum requirements are met. However, collateral providers’ credit quality and other
relevant factors are incorporated through our internal models.

In our advanced IRBA calculations financial and other collateral is generally considered through an adjustment
to the applicable LGD as the input parameter for determining the risk weight. For recognizing protection from
guarantees and credit derivatives, generally a PD substitution approach is applied, i.e., within the advanced
IRBA risk-weight calculation the PD of the borrower is replaced by the protection seller’s or guarantor’s PD.
However, for certain guaranteed exposures and certain protection providers the so-called double default treat-
ment is applicable. The double default effect implies that for a guaranteed exposure a loss only occurs if the
originator and the guarantor fail to meet their obligations at the same time.

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Advanced IRBA exposure values before and after credit risk mitigation
Dec 31, 2012 Dec 31, 2011
Eligible Eligible
advanced Guarantees advanced Guarantees
IRBA and credit Total EAD IRBA and credit Total EAD
in € m. Total EAD collateral derivatives collateralized1 Total EAD collateral derivatives collateralized 1
Central governments 95,662 1,742 2,037 3,779 110,601 4,611 1,977 6,588
Institutions 66,368 21,677 3,639 25,316 84,337 22,212 4,190 26,402
Corporates 294,4632 79,870 31,045 110,915 335,9392 112,101 36,443 148,543
Retail 182,940 128,8393 709 129,548 171,361 118,6183 682 119,300
Total 639,433 232,128 37,431 269,558 702,238 257,541 43,292 300,833
1
Excludes collateralization which is reflected in the EPE measure.
2
Includes exposure subject to dilution risk of € 793 million per end 2012 and € 1.1 billion per year end 2011.
3
Due to changes in methodology collateral values from BHW are now included in the segment retail which are € 25.4 billion per year 2012 and € 25.3 billion per
year end 2011.

The foundation IRBA sets stricter limitations with regard to the eligibility of credit risk mitigation compared to the
advanced IRBA but allows for consideration of financial collateral, guarantees and credit derivates as well as
other foundation IRBA-eligible collateral like mortgages and security assignments.

The financial collateral recognised in the foundation IRBA essentially comprises cash, bonds and other securi-
ties related to repo lending.

Collateralized counterparty credit risk exposure in the Foundation IRBA by exposure class
Dec 31,2012
Financial Other Guarantees and Total EAD
in € m. Total EAD collateral collateral credit derivatives collateralized
Central governments 101 − − − −
Institutions 22,594 6,919 − 62 6,981
Corporates 12,242 − − 511 511
Total 34,937 6,919 − 573 7,492

Dec 31,2011
Financial Other Guarantees and Total EAD
in € m. Total EAD collateral collateral credit derivatives collateralized
Central governments 697 − − − −
Institutions 29,392 9,983 − 221 10,204
Corporates 13,908 − − 835 835
Total 43,997 9,983 − 1,056 11,039

In the standardized approach, collateral recognition is limited to eligible financial collateral, such as cash, gold
bullion, certain debt securities, equities and CIUs, in many cases only with their volatility-adjusted collateral
value. In its general structure, the standardized approach provides a preferred (lower) risk-weight for “claims
secured by real estate property”. Given this preferred risk-weight real estate is not considered a collateral item
under the standardized approach. Further limitations must be considered with regard to eligible guarantee and
credit derivative providers.

In order to reflect risk mitigation techniques in the calculation of capital requirements we apply the financial
collateral comprehensive method since the higher sophistication of that method allows a broader range of
eligible collateral. Within this approach, financial collateral is reflected through a reduction in the exposure
value of the respective risk position, while protection taken in the form of guarantees and credit derivatives is
considered by means of a substitution, i.e., the borrower’s risk weight is replaced by the risk weight of the
protection provider.

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Exposure values in the standardized approach by exposure class

Dec 31,2012 Dec 31,2011

Guarantees Guarantees
Financial and credit Total EAD Financial and credit Total EAD
in € m. Total EAD collateral derivatives collateralized Total EAD collateral derivatives collateralized
Central governments 75,051 55 1,811 1,866 93,867 246 2 248
Regional governments and local authorities 19,253 0 122 122 18,340 60 – 60
Other public sector entities 3,219 4 565 569 2,607 534 – 534
Multilateral development banks 578 − − − 270 – – –
International organizations 411 − − − 249 – – –
Institutions 4,480 123 104 227 3,967 365 106 471
Covered bonds issued by credit institutions 52 − − − 983 – – –
Corporates 27,454 7,770 134 7,904 34,131 9,801 1,253 11,054
Retail 12,341 1,852 − 1,852 17,899 1,302 1,892 3,194
Claims secured by real estate property 6,253 15 − 15 7,540 22 – 22
Collective investment undertakings 1 2,599 − − − 2,704 – – –
Equity investments 3,517 − − − 7,163 3,641 – 3,641
Other items 19,390 − − − 99 – – –
Past due items 1,325 15 − 15 1,569 13 5 17
Total 175,923 9,834 2,736 12,570 191,387 15,984 3,258 19,241
1
Includes Postbank’s CIU exposures assigned to the standardized approach.

The decreases in EAD are primarily driven by exposure decreases in overnight loans for central banks in the
segment central governments and by decreases in derivative exposure in the segment corporates. The pre-
dominant part of the EAD in the segment retail is shifted to advanced IRBA due to newly approved IRBA rating
systems.

Securitization

The following section on Securitization, ending on page 134, presents specific disclosures in relation to Pillar 3.
Per regulation it is not required to audit Pillar 3 disclosures. As such this section is labeled unaudited. Quantita-
tive information presented follows the regulatory scope of consolidation.

Overview of our Securitization Activities

We engage in various business activities that use securitization structures. The main purposes of this are to
provide clients with access to risk and returns related to specific portfolios of assets, to provide clients with
access to funding and to manage our credit risk exposure.

A participant in the securitization market can typically adopt three different roles: as originator, sponsor or in-
vestor. An originator is an institution which is involved, either itself or through its related entities, directly or
indirectly, in the origination or purchase of the securitized exposures. In a sponsorship role, an institution estab-
lishes and manages an asset-backed commercial paper program (“ABCP”) or other securitization transaction,
but has neither originated nor taken the purchased assets on its balance sheet. All other securitization posi-
tions entered into by us are assumed in the capacity as an investor. In order to achieve our business objectives
we act in all three roles on the securitization markets.

Banking Book Securitizations

As an originator, we use securitizations primarily as a strategy to reduce credit risk, mainly through the Credit
Portfolio Strategies Group (“CPSG”). It uses, among other means, synthetic securitizations to manage the
credit risk of loans and lending-related commitments of the international investment-grade portfolio, leveraged
portfolio, and the medium-sized German companies’ portfolio within the CB&S corporate division. The credit
risk is predominantly transferred to counterparties through synthetic collateralized loan obligations mainly in the
form of financial guarantees and, to a lesser extent, as credit derivatives providing first loss protection.

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The overall volume of credit risk transfer as originator showed a moderate reduction for PBC during 2012, and
decreased more significantly for GTB and CB&S. This resulted mainly from the termination and regulatory de-
recognition of credit risk coverage on European assets related to small and medium entities (“SME”) and Euro-
pean and American assets related to large entities and institutions. On the other hand, the Global Markets
business division of CB&S entered into two new synthetic re-securitisations of its own trading book securities in
the amount of € 590 million. While in both transactions the mezzanine tranches were sold into the market, we
hold the retained tranches in the regulatory banking book.

On a limited basis we have entered into securitization transactions as part of an active liquidity risk manage-
ment strategy during 2008 and 2009. These transactions do not transfer credit risk and are therefore not in-
cluded in the quantitative part of this section.

We set up, sponsor and administer a number of ABCP programs through which we securitize assets acquired
from third parties. These programs provide customers with access to funding in the commercial paper (“CP”)
market and create investment products for clients. Each program consists of a commercial paper issuing spe-
cial purpose entity (the so-called “conduit”) and one or more supporting SPEs through which the assets are
purchased. The conduits and the SPEs are organized as limited liability companies or in an equivalent legal
form. The assets securitized through the ABCP programs include auto loans, auto leases, auto dealer floor
plan receivables, student loans, credit card receivables, trade receivables, capital call receivables, residential
and commercial mortgage loans, future flows and other assets. As administrative agent for the CP programs,
we facilitate the purchase of non-Deutsche Bank Group loans, securities and other receivables by the CP
conduit (“conduit”), which then issues to the market high-grade, short-term CP, collateralized by the underlying
assets, to fund the purchase. The conduits require sufficient collateral, credit enhancements and liquidity sup-
port to maintain an investment grade rating for the CP. We are acting as provider of liquidity and credit en-
hancement to these conduits with facilities recorded in our regulatory banking book. There are also instances
in which we will face the conduit on foreign exchange and interest rate swaps which are recorded in the
trading book.

Furthermore, we act as an investor in third party securitizations through the purchase of third party-issued
securitizations or tranches, or provide liquidity/credit support, to which we – and in some instances other par-
ties – provide financing. Additionally, we assist third party securitizations by providing derivatives related to
securitization structures. These include currency, interest rate, equity and credit derivatives.

Nearly half of our securitization book in 2012 relates to origination activity, predominantly through transactions
for CPSG, i.e., from de-risking activity for our existing loan portfolio. Of the remainder, for approximately two
thirds we assumed the investor role, and for the rest we acted as sponsor.

During 2012 the total securitization book decreased by € 12 billion to € 65 billion. Main drivers were the termi-
nation/regulatory de-recognition of credit risk coverage mentioned above, and the ongoing de-risking strategy
pursued throughout the year. Approximately two thirds of this reduction relate to loans to Corporates and SMEs.

Overall, the securitization positions are exposed to the performance of diverse asset classes, including primari-
ly corporate senior loans or unsecured debt, consumer debt such as auto loans or student loans, as well as
residential- or commercial 1st and 2nd lien mortgages. We are active across the entire capital structure with an
emphasis on the more senior tranches. The subset of re-securitization is predominantly backed by US residen-
tial mortgage-backed mezzanine securities.

Primary recourse for securitization exposures lies with the underlying assets. The related risk is mitigated by
credit enhancement typically in the form of overcollateralization, subordination, reserve accounts, excess inter-
est, or other support arrangements. Additional protection features include performance triggers, financial cove-
nants and events of default stipulated in the legal documentation which, when breached, provide for the
acceleration of repayment, rights of foreclosure and/or other remediation.

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All securitization exposures are subject to regular performance reviews which include checks of the periodic
servicer reports against any performance triggers/covenants in the loan documentation, as well as the overall
performance trend in the context of economic, geographic, sector and servicer developments. Monitoring of the
re-securitization subset takes into consideration the performance of the securitized tranches’ underlying assets,
to the extent available.

For longer-term lending-related commitments an internal rating review is required at least annually. Significant
negative (or positive) changes in asset performance can trigger an earlier review date. Full credit reviews also
are required annually, or, for highly rated exposures, every other year. Furthermore, there is a separate, usually
quarterly, watch list process for exposures identified to be at a higher risk of loss, which requires a separate
assessment of asset and servicer performance. It includes a review of the exposure strategy and identifies
next steps to be taken to mitigate loss potential. There is no difference in approach for re-securitization trans-
actions.

Securitization activities have an impact on our liquidity activity. On one hand, we have entered into securitiza-
tion transactions as part of an active liquidity risk management strategy during 2008 and 2009, as mentioned
before. On the other hand, we are exposed to potential drawdown under liquidity backstop facilities supporting
the Deutsche Bank-sponsored asset-backed commercial paper or other revolving commitments. This liquidity
risk is monitored by our Treasury department and is included in our liquidity planning and regular stress testing.

Evaluation of structural integrity is another important component of risk management for securitization, focus-
ing on the structural protection of a securitization as defined in the legal documentation (e.g., perfection of
security interest, segregation of payment flows, and rights to audit). The evaluation for each securitization is
performed by a dedicated team who engages third-party auditors, determines audit scopes, and reviews the
results of such external audits. The results of these risk reviews and assessments complement the credit and
rating review process performed by Credit Risk Management.

We have identified part of the existing book of securitization transactions as “legacy book” earmarked for de-
risking. Although such a non-core book was introduced earlier for Securitisation it now forms part of our NCOU.
De-risking generally means that existing transactions are either partially or completely sold into the market, as
far as adequate prices can be achieved. During the remaining hold period these positions benefit from reduc-
tion through amortization, where applicable. In 2012, this legacy book experienced a net decrease by
€ 6.8 billion to € 18.7 billion.

Hedging requirements for securitization exposures are mandated in the context of each individual credit ap-
proval, and are re-visited at each internal credit or rating review. However, credit risk management is conduct-
ed mostly through avoidance of undue risk concentration on borrower, servicer and asset class levels. Higher
initial underwritings are de-risked to a final hold mandated in the credit approval mainly through syndication, or
sales in the secondary market. Success of de-risking is being monitored and reported regularly to senior man-
agement. There is only very limited credit hedging activity in the banking book.

Furthermore, in the context of structuring securitization transactions, hedging usually takes place to insulate
the SPE from interest rate and cross-currency risk – as far as required depending on the assets being included.
When this hedging is provided by us, the related counterparty risk to the securitization structure is included in
the Credit Risk Management review process and reported below as part of the banking book exposure despite
effectively being part of our trading book. If this hedging is not provided by us, it is largely conducted with large
international financial institutions with strong financials. Such indirect counterparty risk is reported to the hedg-
ing counterparty’s credit officer to become part of his/her credit evaluation.

Trading Book Securitizations

In the trading book, we act as originator, sponsor and investor. In the role of investor, our main objective is to
serve as a market maker in the secondary market. The market making function consists of providing two way
markets (buy and sell) to generate flow trading revenues and provide liquidity for customers. In the role of

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originator, we predominately engage in short synthetic single tranche CDOs (SST-CDOs) backed by loans to
corporates or SMEs. Also in our role as originator, we finance loans to be securitized; in the current market
environment our role in financing loans to be securitized is predominantly being performed in the commercial
real estate business. Trading book activities where we have the role of a sponsor (i.e. excluding activities de-
rived from multi-seller originator transactions) are minimal.

We hold a portfolio of asset backed securities (“ABS”) correlation trades within the NCOU portfolio that is in the
process of being wound down. Other than de-risking the position, no new activity is being performed. The
positions are being actively risk managed and are part of Market Risk Management’s Governance Framework
(described below).

Our securitization desks trade assets across all capital structures, from senior bonds with large subordination
to first loss subordinate tranches, across both securitizations and re-securitizations. Our exposure to re-
securitizations in the trading book is € 858 million comprised mostly of collateralized loan obligations (including
a bucket of securitization) and a median rating of A-. The varying degrees of risk along the capital structure are
reflected by the price in which the asset trades; this is because the market requires minimum loss adjusted
returns on their investments. Securitization positions consist mostly of residential mortgage backed securities
(“RMBS”) and commercial mortgage backed securities (“CMBS”) backed by first and second lien loans, collat-
eralized loan obligations (“CLOs”) backed by corporate senior loans and unsecured debt and consumer ABS
backed by secured and unsecured credit.

Securitized trading volume is linked to global growth. A slowdown can lead to decreased liquidity and lower
trading volumes, as observed in the second half of 2011. Investor demand strengthened in 2012 for securities
products as global economies stabilized and liquidity returned to the market. Other potential risks that exist in
securitized assets are prepayment, default and severity uncertainty and servicer performance risk. Note that
trading book assets are marked to market and the previous mentioned risks are reflected in the position’s price.

Our Market Risk Management Governance Framework applies to all securitization positions held within the
trading book. The Risk Governance Framework applied to securitization includes policies and procedures with
respect to new product approvals and new transaction approvals as well as inventory management systems
and trade entry. The Risk Governance Framework applied to securitization also includes policies and proce-
dures with respect to risk models and measurements. All securitization positions are captured and measured
within value-at-risk, stressed value-at-risk, and economic capital. The measurements are dependent upon
internal and external models and processes, which includes the use of third-party assessments of risks associ-
ated with the underlying collateral. Furthermore the Risk Governance Framework includes risk reporting and
limits, at the global, regional and product levels. All securitization positions held within the trading book are
captured, reported and limited within this framework and changes in credit and market risks are reported.
The limit structure includes value-at-risk and market value product specific limits. Under the limit framework,
asset class market value limits are based on seniority/rating where lower rated positions are given a lower
trading limit. The limit monitoring system captures exposures and flags any threshold breaches. Market Risk
Management approval is required for any trades over the limit. The processes for securitization and re-
securitizations are similar.

Our Traded Credit Positions (“TCP”) process captures the issuer risk for securitization positions in the trading
book. TCP-Securitization manages concentration risks and sets position level limits based on asset class and
rating. Positions with lower ratings are assigned lower trading limits. Limit management reports are produced
to ensure position level limit compliance and to detect any potential limit breaches. When positions exceed the
respective market value limits on a global basis, TCP approval is required. In addition collateral level stress
testing and performance monitoring is incorporated into the risk management process. The Traded Credit
Positions process covers both securitizations and re-securitizations.

The securitization desks incorporate a combination of macro and position level hedges to mitigate credit, inter-
est rate and certain tail risks on the entire securitization portfolio. Duration and credit sensitivities (DV01s and

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CS01s) are the primary risk sensitivity measures used to calculate appropriate hedges. Some of the hedging
products utilized include vanilla interest rate swaps, US Treasury bonds and product specific liquid indices. The
market risks of the hedges (both funded and unfunded) are incorporated and managed within our Market Risk
Management Governance Framework as described above; and, the counterparty risks of the hedges (both
funded and unfunded), which are comprised primarily of major global financial institutions, are managed and
approved through a formalized risk management process performed by Credit Risk Management.

Accounting and Valuation Policies for Securitizations

Our accounting policies are included in Note 01 “Significant Accounting Policies”. The most relevant accounting
policies for the securitisation programmes originated by us, and where we hold assets purchased with the
intent to securitize, are “Principles of Consolidation”, “Financial Assets and Financial Liabilities” and
“Derecognition of Financial Assets and Financial Liabilities”, see also Note 15 “Financial Instruments carried at
Fair Value”.

Types of Special Purposes Entities used by Deutsche Bank as Sponsor of Securitizations

We establish and administer as sponsor asset-backed commercial paper (“ABCP”) programs through which we
securitize assets acquired from third parties. Each program consists of a commercial paper issuing special
purpose entity (the so-called “conduit”) and one or more supporting SPE through which the assets are pur-
chased. The conduits and the SPEs are organized as limited liability companies or in an equivalent legal form.
The assets securitized through the ABCP programs include auto loans, auto leases, auto dealer floor plan
receivables, student loans, credit card receivables, trade receivables, capital call receivables, residential and
commercial mortgage loans, future flows and other assets.

We assume both on-balance sheet exposure and off-balance sheet exposure which stems from liquidity facili-
ties granted to the SPEs or the related conduit, letters of credit, total return swaps or similar credit enhance-
ments, interest rate and foreign exchange related derivatives and commercial papers.

Occasionally, on a transaction by transaction basis, we assist special purpose entities in acquiring third party
assets where we, considering our overall contribution e.g., our influence on selecting the securitized assets
and structuring the tranches, qualify as sponsor. This type of transactions may include multi-seller securitiza-
tions where a small portion of the securitized assets were originated by us, e.g., performing and non-
performing residential and commercial mortgage loans. We assume on-balance sheet exposure and off-
balance sheet exposure including first loss tranches or interest rate and foreign exchange related derivatives.

We as originator or sponsor of a securitization transaction sell ABCPs and other securitization tranches (or
arrange for such sale through mandated market making institutions) solely on an “execution only” basis and
only to sophisticated operative corporate clients that rely on their own risk assessment. In the ordinary course
of business, we do not offer such tranches to operative corporate clients to which, at the same time, we offer
investment advisory services.

Regulatory Securitization Framework

Section 1b of the German Banking Act (Kreditwesengesetz – KWG) defines which types of transactions and
positions must be classified as securitization transactions and securitization positions for regulatory reporting.

Securitization transactions are basically defined as transactions in which the credit risk of a securitized portfolio
is divided into at least two securitization tranches and where the payments to the holders of the tranches de-
pend on the performance of the securitized portfolio. The different tranches are in a subordinate relationship
that determines the order and the amount of payments or losses assigned to the holders of the tranches (wa-
terfall). Loss allocations to a junior tranche will not already lead to a termination of the entire securitization
transaction, i.e., senior tranches survive loss allocations to subordinate tranches.

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Securitization positions can be acquired in various forms including investments in securitization tranches, de-
rivative transactions for hedging interest rate and currency risks included in the waterfall, liquidity facilities,
credit enhancements, unfunded credit protection or collateral for securitization tranches.

The approach for the calculation of the regulatory capital requirements for banking book and trading book
securitization positions is prescribed by the German solvency regulation (Solvabilitätsverordnung – “SolvV”).

Calculation of Regulatory Capital Requirements for Banking Book Securitizations

The regulatory capital requirements for the credit risk of banking book securitizations are determined based on
the securitization framework pursuant to Sections 225 to 268 SolvV, which distinguishes between credit risk
standardized approach (“CRSA”)-securitization positions and internal ratings based approach (“IRBA”)-
securitization positions. The classification of securitization positions as either CRSA- or IRBA-securitization
positions depends on the nature of the securitized portfolio. Basically, CRSA-securitization positions are those
where the securitized portfolio predominantly includes credit risk exposures, which would qualify as CRSA-
exposures under the credit risk framework if they would be held by us directly. Otherwise, if the majority of the
securitized portfolio would qualify as IRBA-exposures, the securitization positions qualify as IRBA-securitization
positions.

The risk weights of CRSA-securitization positions are derived from their relevant external ratings, when appli-
cable. External ratings must satisfy certain eligibility criteria for being used in the risk weight calculation. Eligi-
ble external ratings are taken from Standard & Poor’s, Moody’s, Fitch Ratings and DBRS. If more than one
eligible rating is available for a specific securitization position, the relevant external rating is determined as the
second best eligible rating in accordance with the provisions set forth in Sections 236 to 237 SolvV. CRSA-
securitization positions with no eligible external rating are deducted from liable capital unless they qualify for
the application of the risk concentration approach pursuant to Section 243 (2) SolvV which might lead to a risk
weight below 1250 %.

The risk weight of IRBA-securitization positions is determined according to the following hierarchy:

— If one or more eligible external ratings exist for the IRBA-securitization position, or if an external rating can
be inferred from an eligible external rating of a benchmark securitization position, the risk weight is derived
from the relevant external rating (ratings based approach).
— Otherwise, if no eligible external rating exists or can be inferred, the risk weight of the IRBA-securitization
position will generally be determined based on the supervisory formula approach pursuant to Section 258
SolvV or the internal assessment approach pursuant to Section 259 SolvV.
— If neither of the aforementioned approaches can be applied, the position is deducted from liable capital.

The ratings based approach applies to the largest part of our IRBA- and CRSA-securitization positions, largely
in the lower (better) risk weight bands. We use mainly the external ratings of Standard & Poor’s, Moody’s and
Fitch Ratings and DBRS only to a lesser extent. The majority of securitization positions with an eligible external
or inferred external credit assessment are retained positions of our synthetic securitizations or securitization
positions held as investor. The risk concentration approach is applied to a few CRSA-securitization exposures
that are small compared to the total amount of our banking book securitization exposures. The scope of appli-
cation of the supervisory formula approach and of the internal assessment approach is described below.

There is no securitization position for which we have applied the special provisions for originators of securitiza-
tion transactions which include an investor’s interest to be recognized by the originator pursuant to Section 245
et seq. respectively Section 262 et seq. SolvV.

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Supervisory Formula Approach and Internal Assessment Approach

The risk weight of securitization positions subject to the supervisory formula approach (“SFA”) is determined
based on a formula which takes as input the capital requirement of the securitized portfolio and the seniority of
the securitization position in the waterfall, amongst others. When applying the SFA, we estimate the risk pa-
rameters PD and LGD for the assets included in the securitized portfolio, by using internally developed rating
systems approved for such assets. We continue to develop new rating systems for homogenous pools of as-
sets to be applied to assets that have not been originated by us. The rating systems are based on historical
default and loss information from comparable assets. The risk parameters PD and LGD are derived on risk
pool level.

Approximately 40 % of the total banking book securitization positions are subject to the SFA. This approach is
predominantly used to rate positions backed by corporate loans, auto-related receivables and commercial real
estate.

For unrated IRBA-securitization positions which are related to ABCP programs and which are not asset backed
commercial paper, the risk weight is calculated based on the internal assessment approach (“IAA”). Apart from
using this concept for regulatory purposes, the internal rating is used for expected loss and economic capital
calculations and plays a significant role in the credit decision and monitoring process.

We have received approval from BaFin to apply the IAA to approximately 85 % of our ABCP conduit securitiza-
tion exposure.

Asset classes subject to IAA are governed by a specific and detailed set of rules per asset class. These asset
class write-ups (“ACW”) have been established in cooperation between all relevant departments of the bank
including Credit Risk Management, Risk Analytics and Instruments and the Front Office. They are reviewed
and approved in a formal internal process, and subject to an at least annual review. For BaFin approved asset
classes, the ACW require re-approval by the regulator in case of significant changes during the review process.

BaFin approval for IAA has been received for currently 13 different asset classes in both consumer and com-
mercial assets. The stress factors are different per asset class and rating level; they are established based on
criteria set by the “dominant” external rating agency which forms the basis of the internal qualitative and quanti-
tative rating analysis. The stress factor multiples indicate how much credit enhancement is required to obtain a
specific rating. It is specified as a multiple of the expected loss.

The following tables summarize (a) the Stress Factor Multiples per rating level, or (b) key stress testing meth-
odology for those without defined Stress Factor Multiples, based on the methodology published by the respec-
tive dominant rating agencies:

Stress Factor Multiples per Rating Level by dominant Rating Agencies

Comm. Lease
Asset Class Auto Loans CDO & Loan Consumer Loans Credit Cards Trade Receivable
Dominant Rating Agency S&P Moody’s S&P S&P S&P S&P
AAA 3.75–5 1.95 5 4–5 3–6.6 2.5
AA 3–4 1.8–1.76 4 3–4 2.5–5 2.25
A 2–3 1.73–1.69 3 2–3 2–3.75 2
BBB 1.75–2 1.67–1.63 2 1.5–2 1.5–2.5 1.5
BB 1.5–1.75 1.5–1.2 1–1.5 1.25–1.5

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Summary of Rating agency Stress Factor Methodologies without defined Stress Factor Multiples
Capital MV RMBS RMBS RMBS Structured Student Loans
Asset Class Calls CDO Australia Europe US Settlements FFELP
Dominant
Rating Agency Moody’s S&P S&P S&P S&P S&P Moody’s
Comment Methodology Methodology of Methodology Methodology Stress-testing by Generating a Applying rating-
relies on con- both S&P and uses default & uses default & applying S&P probability distri- level specific
servative as- Moody's is using loss assumptions loss assumptions default and loss bution of potential stresses including
sumptions Advance rates per rating level, per rating level, assumptions per default rates at defined cumula-
regarding debtor instead of Stress based on based on rating level on each rating level tive default rates,
ratings and Factor Multiples, benchmark pools benchmark pools each individual for the portfolio voluntary pre-
recovery rates; which are availa- with adjustments with adjustments loan in the pool using industry- payment rates,
supported by ble on their appropriate for appropriate for specific recovery servicer reject
conservative respective web- the respective the respective rates. Additional rates and bor-
correlation criteria sites pool being com- pool being com- stress tests rower benefit
pared pared regarding Largest rates
Obligor and
Largest Industry
Defaults
Information based on methodology published by the respective Dominant Rating Agencies, which may be amended from time to time.

The underlying cash flow models per asset class are also subject to the regular review process. For securitiza-
tions in these asset classes we utilize external credit assessment institutions, namely Standard & Poor’s and
Moody’s as outlined in the tables above.

Calculation of Regulatory Capital Requirements for Trading Book Securitizations

The regulatory capital requirements for the market risk of trading book securitizations are determined based on
a combination of internal models and regulatory standard approaches pursuant to Section 314 et seq. SolvV.

The capital requirement for the general market risk of trading book securitization positions is determined as the
sum of (i) the value-at-risk based capital requirement for general market risk and (ii) the stressed value-at-risk
based capital requirement for general market risk.

The capital requirement for the specific market risk of trading book securitization positions depends on whether
the positions are assigned to the regulatory correlation trading portfolio (“CTP”) or not.

For securitization positions that are not assigned to the CTP, the capital requirement for specific market risk is
calculated based on the market risk standardized approach (“MRSA”). The MRSA risk weight for trading book
securitization positions is generally calculated by using the same methodologies which apply to banking book
securitization positions. The only difference relates to the use of the SFA for trading book securitization posi-
tions, where the capital requirement of the securitized portfolio is determined by making use of risk parameters
(probability of default and loss given default) that are based on the incremental risk charge model. The MRSA
based capital requirement for specific risk is determined as the higher of the capital requirements for all net
long and all net short securitization positions outside of the CTP. The securitization positions included in the
MRSA calculations for specific risk are additionally included in the value-at-risk and stressed value-at-risk cal-
culations for specific risk.

Trading book securitizations subject to MRSA treatment include various asset classes differentiated by the
respective underlying collateral types:

— Residential mortgage backed securities (“RMBS”);

— Commercial mortgage backed securities (“CMBS”);
— Collateralized loan obligations (“CLO”);
— Collateralized debt obligations (“CDO”); and
— Consumer asset backed securities (incl. credit cards, auto loans and leases, student loans, equipment
loans and leases, dealer floorplan loans, etc).

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They also include synthetic credit derivatives and commonly-traded indices based on the above listed instru-
ments.

Conversely, the capital requirement for the specific market risk of securitization positions which are assigned to
the CTP is determined as the sum of (i) the value-at-risk based capital requirement for specific risk, (ii) the
stressed value-at-risk based capital requirement for specific risk and (iii) the capital requirement for specific risk
as derived from the comprehensive risk measurement (“CRM”) model. The CRM based capital requirement is
subject to a floor equal to 8 % of the higher of the specific risk capital requirements for all net long and all net
short securitization positions under the MRSA.

The CTP includes all securitization positions and nth-to-default credit derivatives held for the purpose of trading
correlation that satisfy the following requirements:

— all reference instruments are either single-name instruments, including single-name credit derivatives for
which a liquid two-way market exists, or commonly-traded indices based on those reference entities;
— the positions are neither re-securitization positions, nor options on a securitization tranche, nor any other
derivatives of securitization exposures that do not provide a pro-rata share in the proceeds of a securitiza-
tion tranche; and
— the positions do not reference a claim on a special purpose entity, claims or contingent claims on real
estate property or retail.

The CTP also comprises hedges to the securitization and nth-to-default positions in the portfolio, provided a
liquid two-way market exists for the instrument or its underlying. Typical products assigned to the CTP are
synthetic CDOs, nth-to-default credit default swaps (“CDS”), and index and single name CDS. For details on
the CRM covering the regulatory CTP please also refer to the Section “Trading Market Risk”.

Regulatory Good Practice Guidelines

The European Banking Federation, the Association for Financial Markets in Europe (formerly London Invest-
ment Banking Association), the European Savings Banks Group and the European Association of Public Banks
and Funding Agencies published the “Industry good practice guidelines on Pillar 3 disclosure requirements for
securitization” in December 2008, which were slightly revised in 2009/2010. Our Pillar 3 disclosures are in
compliance with the spirit of these guidelines as far as they have not been superseded by revised regulations
in light of Basel 2.5.

Securitization Details
The amounts reported in the following tables provide details of our securitization exposures separately for the
regulatory banking and trading book. The presentation of the banking and trading book exposures is in line
with last year’s disclosure. The details of our trading book securitization positions subject to the MRSA are
included in this chapter, while details of the trading book securitization positions covered under the Compre-
hensive Risk Measure (“CRM”) are described in Chapter “Trading Market Risk”.

Overall, the amounts presented in this chapter differ from, and are not directly comparable to, the amounts
reported in the section “Special Purpose Entities”, in particular due to the differences in the respective consoli-
dation principles between IFRS accounting and regulatory consolidation frameworks, as described above.

Outstanding Exposures Securitized

We are only exposed to credit or market risks related to the exposures securitized, as shown below, to the
extent that we have retained or purchased any of the related securitization positions. The risk of the retained or
purchased positions depends on the relative position in the payment waterfall structure of the securitization
transaction. For disclosure purposes, we are deemed to be Originator and additionally Sponsor in case of
multi-seller securitisations, which is reflected in the disclosure of the total outstanding exposures securitized in
the Sponsor column and our share of those exposures in the Originator column.

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The following table details the total banking book outstanding exposure, i.e., the overall pool size, we have
securitized in our capacity as either originator or sponsor through traditional or synthetic securitization transac-
tions split by exposure type. Within the originator columns the table provides information of the underlying
securitized asset pool which was either originated from our balance sheet or acquired from third parties. The
amounts reported are either the carrying values as reported in our consolidated financial statements for on-
balance sheet exposures in synthetic securitizations or the principal notional amount for traditional securitiza-
tions and off-balance sheet exposures in synthetic transactions. Of the € 53 billion total outstanding securitized
exposure reported as of December 31, 2012 in the table below as “Originator”, the amount retained was
€ 31 billion reflecting a decrease in both outstanding securitized as well as retained exposure which for De-
cember 31, 2011 were € 76 billion and € 40 billion respectively.

For sponsor relationships, the total outstanding exposure securitized reported in the table below represents the
principal notional amount of outstanding exposures of the entities issuing the securities and other receivables.
As of December 31, 2012, our retained or repurchased exposure of the € 117 billion total outstanding exposure
securitized shown in the “Sponsor” columns including multi-seller transactions was € 17 billion. The remaining
exposure is held by third parties. As of December 31, 2011, our maximum exposure with regard to the
€ 131 billion total outstanding exposure securitized resulted from sponsoring activities including multi-seller
transactions amounted to € 21 billion. The decrease in our maximum exposure resulted primarily from a man-
agement decision to reduce the securitization book in the current weaker markets. The total reported outstand-
ing exposure securitized is derived using information received from servicer reports of the third parties with
whom the conduits have relationships.

Outstanding Exposures Securitized by Exposure Type (Overall Pool Size) within the Banking Book
Dec 31, 2012 Dec 31, 2011
Originator Sponsor 1 Originator Sponsor 1
in € m. Traditional Synthetic Traditional Synthetic Traditional Synthetic Traditional Synthetic
Residential mortgages 10,954 3,516 4,276 − 14,018 4,124 18,131 –
Commercial mortgages 13,682 − 7,991 − 16,569 – 4,990 –
Credit card receivables − − 1,742 − – – 5,577 –
Leasing − − 5,967 − – – 6,390 –
Loans to corporates or SMEs
(treated as corporates) 2 2,772 20,014 21,256 781 6,657 27,105 26,698 1,045
Consumer loans − − 17,932 − – – 15,356 –
Trade receivables − − − − – – – –
Securitizations (re-securitizations) 1,642 590 3,467 − 7,830 – 1,022 –
Other assets − − 53,166 − 97 – 51,851 –
Total outstanding exposures securitized 3 29,050 24,120 115,797 781 45,171 31,229 130,015 1,045
1 As of December 31, 2012 included under “Sponsor” is the amount € 17 billion of multi-seller related securitized exposures, of which we have originated € 8 billion, and therefore have also
included this amount under “Originator”. For December 31, 2011 the amounts were € 18 billion and € 10 billion respectively.
2 SMEs are small- or medium-sized entities.
3 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the banking book see table “Banking Book Securitization Positions Retained or Purchased
by Risk Weight Band”.

The table below provides the total outstanding exposure securitized in relation to securitization positions held in
our regulatory trading book separately for originator and sponsor activities and further broken down into tradi-
tional and synthetic transactions. Short synthetic single tranche CDOs have been reflected as originator posi-
tions for which the synthetic pool size was determined as the maximum pool size of the position sets
referencing a given synthetic pool. The total outstanding exposure securitized as shown in the table below
does not reflect our risk as it includes exposures not retained by us, does not consider the different positioning
in the waterfall of related positions and – most notably – does not reflect hedging other than that in identical
tranches. Compared to last year, the pool of outstanding exposures securitized reduced significantly for tradi-
tional and synthetic securitizations.

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Outstanding Exposures Securitized by Exposure Type (Overall Pool Size) within the Trading Book
Dec 31, 2012 Dec 31, 2011
Originator Sponsor 1 Originator Sponsor 1
in € m. Traditional Synthetic Traditional Synthetic Traditional Synthetic Traditional Synthetic
Residential mortgages 7,545 − 7,105 − 13,591 − 4,586 −
Commercial mortgages 29,185 − 50,308 − 39,885 5,295 55,551 −
Credit card receivables − − − − − − − −
Leasing − − − − − − − −
Loans to corporates or SMEs
(treated as corporates) 2 1,902 234,619 3,805 − 2,063 274,7463 4,126 −
Consumer loans − − − − − − − −
Trade receivables − − − − − − − −
Securitizations (re-securitizations) 3,543 − 117 − 9,663 − − −
Other assets 1,189 − − − 633 − 1,367 −
Total outstanding exposures securitized 4 43,364 234,619 61,335 − 65,835 280,041 65,630 −
1 As of December 31, 2012 included under “Sponsor” is the amount € 57 billion of multi-seller related securitized exposures, of which we have originated € 23 billion, and therefore have
also included this amount under “Originator”. For December 31, 2011 the amounts were € 63 billion and € 28 billion respectively.
2 SMEs are small- or medium-sized entities.
3 Outstanding Exposures Securitized was restated reflecting additional 14 short synthetic single tranche CDOs not identified last year.
4 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the trading book see table “Trading Book Securitization Positions Retained or Purchased by
Risk Weight Band subject to the MRSA”. Includes securitized exposure as originator amounting to € 17 billion and as sponsor amounting to € 11 billion already reflected in table
“Outstanding Exposures Securitized by Exposure Type (Overall Pool Size) within the Banking Book”.

The following table provides details of the quality of the underlying asset pool of outstanding exposures securit-
ized for which we are an Originator and hold positions in the regulatory banking book. An exposure is reported
as past due when it has the status past due for 30 days or more and has not already been included as im-
paired. For our originated synthetic securitizations, impaired and past due exposure amounts are determined
through our internal administration, while for our originated traditional securitizations, impaired and past due
exposure amounts are primarily derived from investor reports of underlying exposures.

Separately, the table details losses we recognized in 2012 and 2011 for retained or purchased securitization
positions as originator by exposure type. The losses are those reported in the consolidated statement of in-
come. The amounts are the actual losses in the underlying asset pool to the extent that these losses are allo-
cated to the retained or purchased securitization positions held by us after considering any eligible credit
protection. This applies to both traditional and synthetic transactions.

Impaired and Past Due Exposures Securitized and Losses Recognized by Exposure Type (Overall Pool Size) as Originator
Dec 31, 2012 2012 Dec 31, 2011 2011
Impaired/ Impaired/
in € m. past due 1 Losses past due 1 Losses
Residential mortgages 3,639 14 4,831 28
Commercial mortgages 79 − 227 −
Credit card receivables − − − −
Leasing − − − −
Loans to corporates or SMEs (treated as corporates) 2 256 11 1,191 35
Consumer loans − − − −
Trade receivables − − − −
Securitizations (re-securitizations) 368 5 361 5
Other assets − − − −
Total impaired and past due exposures
securitized and losses recognized3 4,342 30 6,610 68
1 Includes the impaired and past due exposures in relation to the overall pool of multi-seller securitizations which could reflect more than our own originated portion.
2 SMEs are small- or medium-sized entities.
3 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the banking book see table “Banking Book Securitization Positions
Retained or Purchased by Risk Weight Band”.

The total impaired or past due exposure securitized decreased by € 2.3 billion in 2012. The reduction is at-
tributed to the exposure types “Residential mortgages”, “Commercial mortgages” and “Loans to corporates or
SMEs”. Losses recorded by us in 2012 decreased across all exposure types to € 30 million compared to
€ 68 million in 2011.

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The following table provides details of existing banking and trading book outstanding exposures split by expo-
sure type for which there is a management intention to securitize them in either an existing or new securitiza-
tion transaction in the near future. Outstanding exposures awaiting securitization do not include assets due for
securitization without risk transfer i.e., those securitizations where we will keep all tranches.

Outstanding Exposures Awaiting Securitization

Dec 31, 2012 Dec 31, 2011
in € m. Banking Book Trading Book Banking Book Trading Book
Residential mortgages – − – −
Commercial mortgages – 1,783 243 788
Credit card receivables – − – −
Leasing – − – −
Loans to corporates or SMEs
(treated as corporates) 1 6,358 − 1,154 −
Consumer loans – − – −
Trade receivables – − – −
Securitizations (re-securitizations) – 372 – −
Other assets – − – −
Outstanding exposures awaiting securitization 6,358 2,155 1,397 788
1
SMEs are small- or medium-sized entities.

The majority of the outstanding exposures awaiting securitization are “Loans to corporates or SMEs”, which
are subject to securitizations of the CPSG.

Securitization Positions Retained or Purchased

For securitization positions retained or purchased the reported amounts for the banking book are regulatory
exposure values prior to the application of credit risk mitigation. The securitization positions in the regulatory
trading book are reported based on the exposure definition in Section 299 SolvV which states that identical or
closely matched securities and derivatives are offset to a net position.

Securitization Positions Retained or Purchased by Exposure Type

Dec 31, 2012
Banking Book Trading Book
Off-balance, Off-balance,
derivative derivative
On-balance and SFT On-balance and SFT
securitization securitization securitization securitization
in € m. positions positions Total positions positions Total
Residential mortgages 5,484 3,331 8,815 1,553 92 1,645
Commercial mortgages 2,712 934 3,646 2,263 3,319 5,582
Credit card receivables – 920 920 46 – 46
Leasing 2,227 1,291 3,518 0 – 0
Loans to corporates or SMEs
(treated as corporates) 1 25,568 4,791 30,359 272 4,526 4,798
Consumer loans 2,818 2,470 5,288 109 – 109
Trade receivables – – – 0 – 0
Securitizations (re-securitizations) 1,593 2,398 3,991 729 56 785
Other assets 5,044 3,887 8,931 1,099 33 1,132
Total securitization positions
retained or purchased 2 45,446 20,022 65,468 6,071 8,026 14,097
1
SMEs are small- or medium-sized entities.
2
For a regulatory assessment of our exposure to credit risk in relation to securitization activities see table “Banking Book Securitization Positions Retained or
Purchased by Risk Weight Band” and table “Trading Book Securitization Positions Retained or Purchased by Risk Weight Band subject to MRSA”.

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Dec 31, 2011

Banking Book Trading Book
Off-balance, Off-balance,
derivative derivative
On-balance and SFT On-balance and SFT
securitization securitization securitization securitization
in € m. positions positions Total positions positions Total
Residential mortgages 7,278 3,540 10,818 1,766 79 1,845
Commercial mortgages 4,245 1,154 5,399 1,832 1,010 2,842
Credit card receivables 613 671 1,284 101 32 133
Leasing 1,443 1,546 2,989 0 – 0
Loans to corporates or SMEs
(treated as corporates) 1 32,465 5,746 38,211 227 5,837 6,064
Consumer loans 2,650 3,484 6,134 60 – 60
Trade receivables – – – 3 – 3
Securitizations (re-securitizations) 2,313 2,574 4,887 688 31 719
Other assets 2,263 5,659 7,922 1,768 251 2,019
Total securitization positions
retained or purchased 2 53,270 24,374 77,644 6,445 7,240 13,685
1
SMEs are small- or medium-sized entities.
2
For a regulatory assessment of our exposure to credit risk in relation to securitization activities see table “Banking Book Securitization Positions Retained or Purchased by Risk Weight
Band” and table “Trading Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the MRSA.

On a year to year comparison, resulting from an active de-risking strategy pursued throughout the year 2012,
the banking book securitization positions retained or purchased decreased across most exposure types. Re-
tained or purchased securitization positions are reduced mainly in the exposure type “Loans to corporates or
SMEs” following a termination and a regulatory de-recognition of single synthetic securitizations in 2012. Within
the trading book, the significant reduction of securitized exposures from the exposure type “Loans to corpo-
rates or SMEs” is offset by increases from the exposure types “Commercial mortgages”, “Consumer loans” and
“Securitizations” resulting in a slight overall increase.

Securitization Positions Retained or Purchased by Region

Dec 31, 2012 Dec 31, 2011
in € m. Banking Book Trading Book Banking Book Trading Book
Europe 28,601 3,699 35,956 2,526
Americas 33,158 9,198 38,605 10,149
Asia/Pacific 3,616 979 3,031 876
Other 93 221 52 134
Total securitization positions retained or purchased 1 65,468 14,097 77,644 13,685
1
For a regulatory assessment of our exposure to credit risk in relation to securitization activities see table “Banking Book Securitization Positions Retained or
Purchased by Risk Weight Band” and table “Trading Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the MRSA”.

The amounts shown in the table above are based on the country of domicile of the obligors of the exposures
securitized. The aforementioned termination or regulatory de-recognition of synthetic securitizations resulted in
a reduction in banking book securitization positions retained or purchased from across Europe and Americas
which were partially offset by newly issued securitizations. In addition, decreases in exposures by € 3.4 billion
were attributed to sponsoring and investor activities respectively, again largely resulting from the management
decision to reduce the overall size of securitization positions.

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Banking Book Securitization Exposure

Banking Book Securitization Positions Retained or Purchased in the regulatory banking book by Risk Weight Band
Dec 31, 2012 Dec 31, 2011
Capital Capital
Capital requirements Capital requirements
Exposure requirements standardized Exposure requirements standardized
in € m. amount IRBA 1 approach amount IRBA approach
≤ 10 % 40,929 206 − 39,796 180 −
> 10 ≤ 20 % 5,900 73 14 9,876 118 −
> 20 ≤ 50 % 9,816 395 20 15,401 386 27
> 50 ≤ 100 % 3,666 98 75 4,007 222 63
> 100 ≤ 350 % 1,167 90 8 2,001 208 32
> 350 ≤ 650 % 364 118 − 498 142 25
> 650 < 1250 % 337 86 − 179 86 10
1250 %/Deduction 3,289 1,174 94 5,886 2,894 589
Total securitization positions retained or purchased 65,468 2,240 211 77,644 4,236 746
1 After considering value adjustments according to Sections 253 (3) and 268 (2) SolvV.

The amounts shown in the table above are prior to application of credit risk mitigation. Exposure reductions are
observable in most risk weight bands following the de-risking strategy of the bank. The increase in the expo-
sure amount in the risk weight band “> 650 < 1250 %” is mainly attributed to a downgrading of two securities.
Exposures subject to capital deduction declined by 45 % as positions are either terminated, sold, restructured
or externally rated BB- or better. Overall, the capital requirements for banking book securitizations were re-
duced by 51 %.

The largest portion for IRBA eligible banking book securitization exposures are either treated according to the
Ratings Based Approach (“RBA”) or the Supervisory Formula Approach (“SFA”). For the remaining IRBA eligi-
ble banking book exposures we use the Internal Assessment Approach (“IAA”) predominantly for our ABCP
sponsor activity.

Banking Book Securitization Positions Retained or Purchased by Risk Weight Bands subject to the IRBA-Rating Based
Approach (RBA)
Dec 31, 2012 Dec 31, 2011
Exposure amount Capital requirements, IRBA-RBA 1 Exposure amount Capital requirements, IRBA-RBA 1
Re- Re- Re- Re-
in € m. Securitization Securitization Securitization Securitization Securitization Securitization Securitization Securitization
≤ 10 % 10,558 − 52 − 15,140 − 50 −
> 10 ≤ 20 % 2,939 − 51 − 4,548 − 88 −
> 20 ≤ 50 % 2,163 3,545 212 96 2,339 3,975 107 102
> 50 ≤ 100 % 1,481 610 48 26 1,650 162 179 2
> 100 ≤ 350 % 694 159 43 20 912 356 80 52
> 350 ≤ 650 % 266 79 84 27 344 84 109 29
> 650 < 1250 % 278 58 53 33 35 119 18 62
1250 %/Deduction 2,748 294 925 127 3,313 1,791 1,808 933
Total securitization positions
retained or purchased 21,127 4,745 1,468 329 28,281 6,487 2,439 1,180
1 After considering value adjustments according to Sections 253 (3) and 268 (2) SolvV. Including capital requirements for maturity mismatch of synthetic securitizations.

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Banking Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the IRBA-Internal
Assessment Approach (IAA)
Dec 31, 2012 Dec 31, 2011
Exposure amount Capital requirements, IRBA-IAA 1 Exposure amount Capital requirements, IRBA-IAA 1
Re- Re- Re- Re-
in € m. Securitization Securitization Securitization Securitization Securitization Securitization Securitization Securitization
≤ 10 % 4,948 − 31 − 5,752 − 35 −
> 10 ≤ 20 % 1,783 − 18 − 1,878 − 19 −
> 20 ≤ 50 % 2,291 1,093 52 32 2,785 1,828 78 54
> 50 ≤ 100 % 191 119 12 5 225 427 13 21
> 100 ≤ 350 % 17 80 1 10 237 276 45 30
> 350 ≤ 650 % − 4 − 2 − − − −
> 650 < 1250 % − − − − − − − −
1250 %/Deduction 20 − 20 – − 135 – 135
Total securitization positions
retained or purchased 9,250 1,296 134 49 10,877 2,666 190 240
1 After considering value adjustments according to Sections 253 (3) and 268 (2) SolvV.

Banking Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the IRBA-Supervisory
Formular Approach (SFA)
Dec 31, 2012 Dec 31, 2011
Exposure amount Capital requirements, IRBA-SFA 1 Exposure amount Capital requirements, IRBA-SFA 1
Re- Re- Re- Re-
in € m. Securitization Securitization Securitization Securitization Securitization Securitization Securitization Securitization
≤ 10 % 25,423 − 123 − 18,904 − 95 −
> 10 ≤ 20 % 340 − 4 − 809 − 10 −
> 20 ≤ 50 % 165 − 4 − 2,813 − 46 −
> 50 ≤ 100 % 130 − 7 − 123 − 6 −
> 100 ≤ 350 % 127 − 15 − 4 − 1 −
> 350 ≤ 650 % 13 − 5 − 12 − 5 −
> 650 < 1250 % 1 − 1 − 11 − 6 −
1250 %/Deduction 70 62 40 62 58 − 17 –
Total securitization positions
retained or purchased 26,269 62 199 62 22,734 − 186 –
1 After considering value adjustments according to Sections 253 (3) and 268 (2) SolvV.

The Credit Risk Standardized Approach (“CRSA”) is used for securitization positions where the underlying
portfolio predominantly concerns credit risk exposures, which would qualify for application of the CRSA if these
exposures would be directly held by us.

Banking Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the Credit Risk Standardized
Approach (CRSA)
Dec 31, 2012 Dec 31, 2011
Exposure amount Capital requirements, SA Exposure amount Capital requirements, SA
Re- Re- Re- Re-
in € m. Securitization Securitization Securitization Securitization Securitization Securitization Securitization Securitization
≤ 10 % − − − − − − − −
> 10 ≤ 20 % 839 − 13 − 2,641 − − −
> 20 ≤ 50 % 295 263 12 8 1,385 276 18 9
> 50 ≤ 100 % 1,137 − 75 − 1,420 − 63 −
> 100 ≤ 350 % 91 − 8 − 218 − 33 −
> 350 ≤ 650 % 1 − 0 − 1 55 − 24
> 650 < 1250 % − − − − − 14 − 10
1250 %/Deduction 25 69 25 69 589 − 589 –
Total securitization positions
retained or purchased 2,388 332 133 77 6,254 345 703 43

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Trading Book Securitization Exposure

For trading book securitization positions not assigned to the correlation trading portfolio, the capital require-
ment for specific market risk is calculated based on the MRSA. The MRSA risk weight calculation for trading
book securitization positions is generally based on the same methodologies which apply to banking book secu-
ritization positions. More details on this approach are provided in Section “Regulatory Securitization Frame-
work” as well as in Section “Trading Market Risk”.

Trading Book Securitization Positions Retained or Purchased by Risk Weight Band subject to the Market Risk
Standardized Approach (“MRSA”)
Dec 31, 2012 Dec 31, 2011
Exposure amount Capital requirements, MRSA Exposure amount Capital requirements, MRSA
Re- Re- Re- Re-
in € m. Securitization Securitization Securitization Securitization Securitization Securitization Securitization Securitization
≤ 10 % 5,298 − 30 − 6,292 − 36 −
> 10 ≤ 20 % 4,637 − 53 − 1,541 − 20 −
> 20 ≤ 50 % 1,175 309 28 10 1,895 149 44 5
> 50 ≤ 100 % 958 170 61 12 733 29 48 2
> 100 ≤ 350 % 494 80 72 12 346 121 62 20
> 350 ≤ 650 % 182 33 68 14 166 77 61 34
> 650 < 1250 % 102 21 56 12 61 32 34 19
1250 %/Deduction 392 245 392 245 1,571 672 1,571 672
Total securitization positions
retained or purchased 13,239 858 761 305 12,605 1,080 1,876 752

Re-securitization Positions
Trading book re-securitization exposure is reduced by 71 % as a result of hedging being recognized according
to section 299 SolvV.

Re-Securitization Positions Retained or Purchased

Dec 31, 2012 Dec 31, 2011
Banking Book Trading Book Banking Book Trading Book
Exposure amount Exposure amount Exposure amount Exposure amount
Before After Before After Before After Before After
hedging/ hedging/ hedging/ hedging/ hedging/ hedging/ hedging/ hedging/
in € m. insurances insurances insurances insurances insurances insurances insurances insurances
Re-
Securitization
Positions 6,435 6,434 2,910 858 9,498 9,498 3,340 1,080

Risk mitigation in the form of financial guarantees has not been applied to our re-securitization positions in
either the banking or the trading book.

Securitization Activities
The 2012 yearend amounts in the tables below show an increase in 2012 of our securitization sponsor activity
compared to 2011. The new activities are dominated by two transactions outside of our conduit business. Their
associated exposures securitized are higher than the renewal of support for existing ABCP conduit transac-
tions where we act as a sponsor. An increase as of year-end 2012 of our securitization originator activity pre-
dominately concerned the exposure type “Loans to corporates or SMEs” dominated by the synthetic
transactions executed by the Credit Portfolio Strategies Group (CPSG) as well as one new securitization
transaction within our Global Transaction Banking.

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Securitization Activity – Total Outstanding Exposures Securitized (i.e., the underlying pools) by Exposure Type within the
Banking Book
Originator Sponsor
Dec 31, 2012 2012 Dec 31, 2012
Realized
gains (losses)
from sales/
in € m. Traditional Synthetic liquidations Traditional Synthetic
Residential mortgages − − − − −
Commercial mortgages 260 − 1 1,416 −
Credit card receivables − − − − −
Leasing − − − 234 −
Loans to corporates or SMEs (treated as corporates) 1 108 3,566 − 1,460 −
Consumer loans − − − 251 −
Trade receivables − − − − −
Securitizations (re-securitizations) − 590 − 2,107 −
Other assets 2 − − − 702 −
Total Outstanding Exposures Securitized3 368 4,156 1 6,170 −
1
SMEs are small- or medium-sized entities.
2
Excludes a restructuring activity as Sponsor where one security was transferred between two of our conduits. Respective Outstanding Exposure Securitized of this
security is reported in table “Outstanding Exposures Securitized by Exposure Type (Overall Pool Size) within the Banking Book”.
3
For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the banking book see table “Banking Book Securitization Positions
Retained or Purchased by Risk Weight Band”.

Originator Sponsor 1
Dec 31, 2011 2011 Dec 31, 2011
Realized
gains (losses)
from sales/
in € m. Traditional Synthetic liquidations Traditional Synthetic
Residential mortgages − − − 1,339 −
Commercial mortgages 968 − 27 1,650 −
Credit card receivables − − − 173 −
Leasing − − − 751 −
Loans to corporates or SMEs (treated as corporates) 2 − 2,996 − 209 −
Consumer loans − − − 214 −
Trade receivables − − − − −
Securitizations (re-securitizations) − − − − −
Other assets − − − 299 −
Total Outstanding Exposures Securitized3 968 2,996 27 4,635 −
1 Included under “Sponsor” is the amount € 1.6 billion exposures securitized, of which we originated € 0.6 billion, also included under “Originator”.
2 SMEs are small- or medium-sized entities.
3 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the banking book see table “Banking Book Securitization Positions
Retained or Purchased by Risk Weight Band”.

The main increase of the 2012 yearend amounts compared to 2011 in the tables below for securitization
originator activity resulted from one synthetic single tranche CDO contract comprising outstanding exposures
securitized of €13 billion.

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Securitization Activity – Total Outstanding Exposures Securitized by Exposure Type within the Trading Book
Originator Sponsor 1
Dec 31, 2012 2012 Dec 31, 2012
Realized
gains (losses)
from sales/
in € m. Traditional Synthetic liquidations Traditional Synthetic
Residential mortgages − − − 2,115 −
Commercial mortgages 3,908 − 170 6,823 −
Credit card receivables − − − − −
Leasing − − − − −
Loans to corporates or SMEs (treated as corporates) 2 − 16,284 − − −
Consumer loans − − − − −
Trade receivables − − − − −
Securitizations (re-securitizations) 1,033 − 85 − −
Other assets − − − − −
Total Outstanding Exposures Securitized3 4,941 16,284 255 8,938 −
1 Included under “Sponsor” is the amount € 7 billion exposures securitized, of which we originated € 3 billion, also included under “Originator”.
2 SMEs are small- or medium-sized entities.
3 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the trading book see table “Trading Book Securitization Positions
Retained or Purchased by Risk Weight Band subject to the MRSA”.

Originator Sponsor 1
Dec 31, 2011 2011 Dec 31, 2011
Realized
gains (losses)
from sales/
in € m. Traditional Synthetic liquidations Traditional Synthetic
Residential mortgages − − − 2,247 −
Commercial mortgages 3,193 − 95 4,088 −
Credit card receivables − − − − −
Leasing − − − − −
Loans to corporates or SMEs (treated as corporates) 2 − 2,660 − − −
Consumer loans − − − − −
Trade receivables − − − − −
Securitizations (re-securitizations) − − − − −
Other assets − − − − −
Total Outstanding Exposures Securitized3 3,193 2,660 95 6,335 −
1 Included under “Sponsor” is the amount € 4.1 billion exposures securitized, of which we originated € 1.7 billion, also included under “Originator”.
2 SMEs are small- or medium-sized entities.
3 For a regulatory assessment of our exposure to credit risk in relation to securitization activity in the trading book see table “Trading Book Securitization Positions
Retained or Purchased by Risk Weight Band subject to the MRSA”.

Trading Market Risk

The vast majority of our businesses are subject to market risk, defined as the potential for change in the mar-
ket value of our trading and investing positions. Risk can arise from adverse changes in interest rates, credit
spreads, foreign exchange rates, equity prices, commodity prices and other relevant parameters, such as
market volatility and market implied default probabilities.

The primary objective of Market Risk Management, a part of our independent Risk function, is to ensure that
our business units optimize the risk-reward relationship and do not expose us to unacceptable losses outside
of our risk appetite. To achieve this objective, Market Risk Management works closely together with risk takers
(“the business units”) and other control and support groups.

We distinguish between three substantially different types of market risk:

— Trading market risk arises primarily through the market-making activities of the CB&S Division. This in-
volves taking positions in debt, equity, foreign exchange, other securities and commodities as well as in
equivalent derivatives.
— Traded default risk arising from defaults and rating migrations relating to trading instruments.

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— Nontrading market risk arises from market movements, primarily outside the activities of our trading units, in
our banking book and from off-balance sheet items. This includes interest rate risk, credit spread risk, invest-
ment risk and foreign exchange risk as well as market risk arising from our pension schemes, guaranteed
funds and equity compensation. Nontrading market risk also includes risk from the modeling of client deposits
as well as savings and loan products.

Trading Market Risk Management Framework

Market Risk Management governance is designed and established to ensure oversight of all market risks,
including trading market risk, traded default risk and nontrading market risk, effective decision-making and
timely escalation to senior management.

Market Risk Management defines and implements a framework to systematically identify, assess, monitor and
report our market risk and supports management and mitigation. Market risk managers identify existing and
potential future market risks through active portfolio analysis and engagement with the business areas.

Market Risk Measurement and Assessment

Market Risk Management aims to accurately measure all types of market risks by a comprehensive set of risk
metrics reflecting economic and regulatory requirements.

In accordance with economic and regulatory requirements, we measure market and related risks by thirteen
key risk metrics:

— Value-at-risk and stressed value-at-risk

— Three metrics for specific risks: Incremental Risk Charge, Comprehensive Risk Measure, and Market Risk
Standardised Approach (MRSA)
— Three types of stress tests: Portfolio Stress Testing, business-level stress testing, and event risk scenarios
— Market Risk economic capital, including traded default risk
— Sensitivities
— Market value/Notional (concentration risk)
— Loss given default

These measures are viewed as complementary to each other and in aggregate define the Market Risk frame-
work, by which all businesses can be measured and monitored.

Market Risk Monitoring

Our primary instrument to manage trading market risk is the application of our limit framework. Our Manage-
ment Board supported by Market Risk Management, sets group-wide value-at-risk, economic capital and
portfolio stress testing (extreme) limits for market risk in the trading book. Market Risk Management sub-
allocates this overall limit to our Corporate Divisions and individual business units within CB&S (e.g. Global
Rates and Credit, Equity, etc.) based on anticipated business plans and risk appetite. Within the individual
business units, the business heads establish business limits, by allocating the limit down to individual portfoli-
os or geographical regions.

In practice, Market Risk Management sets key limits, which tend to be global in nature, to capture an expo-
sure to a particular risk factor. Business limits are specific to various factors, including a particular geograph-
ical region or specific portfolio.

Value-at-risk, stressed value-at-risk and economic capital limits are used for managing all types of market risk
at an overall portfolio level. As an additional and complementary tool for managing certain portfolios or risk
types, Market Risk Management performs risk analysis and stress testing. Limits are also set on sensitivity and
concentration/liquidity, portfolio stress tests, business-level stress testing and event risk scenarios.

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Business units are responsible for adhering to the limits against which exposures are monitored and reported.
The market risk limits set by Market Risk Management are monitored on a daily, weekly and monthly basis.
Where limits are exceeded, Market Risk Management is responsible for identifying and escalating those ex-
cesses on a timely basis.

To manage the exposures inside the limits, the business units apply several risk mitigating measures, most
notably the use of:

— Portfolio management: Risk diversification arises in portfolios which consist of a variety of positions. Since
some investments are likely to rise in value when others decline, diversification can help to lower the over-
all level of risk profile of a portfolio.
— Hedging: Hedging involves taking positions in related financial assets, such as futures and swaps, and
includes derivative products, such as futures, swaps and options. Hedging activities may not always pro-
vide effective mitigation against losses due to differences in the terms, specific characteristics or other ba-
sis risks that may exist between the hedge instrument and the exposure being hedged.

Market Risk Reporting

Market Risk Management reporting creates transparency on the risk profile and facilitates the understanding of
core market risk drivers to all levels of the organization. The Management Board and Senior Governance
Committees receive regular reporting, as well as ad hoc reporting as required, on market risk, regulatory capi-
tal and stress testing. Senior Risk Committees receive risk information at a number of frequencies, including
weekly or monthly.

Additionally, Market Risk Management produces daily and weekly Market Risk specific reports and daily limit
excess reports for each asset class.

Market Risk Measurement

Value-at-Risk at Deutsche Bank Group (excluding Postbank)
Value-at-risk is a quantitative measure of the potential loss (in value) of trading positions due to market move-
ments that will not be exceeded in a defined period of time and with a defined confidence level.

Our value-at-risk for the trading businesses is based on our own internal model. In October 1998, the German
Banking Supervisory Authority (now the BaFin) approved our internal value-at-risk model for calculating the
regulatory market risk capital for our general and specific market risks. Since then the model has been contin-
ually refined and approval has been maintained.

We calculate value-at-risk using a 99 % confidence level and a one day holding period. This means we esti-
mate there is a 1 in 100 chance that a mark-to-market loss from our trading positions will be at least as large as
the reported value-at-risk. For regulatory purposes, the holding period is ten days.

We use one year of historical market data to calculate value-at-risk. The calculation employs a Monte Carlo
Simulation technique, and we assume that changes in risk factors follow a well-defined distribution, e.g. normal,
lognormal, or non-normal (t, skew-t, Skew-Normal). To determine our aggregated value-at-risk, we use ob-
served correlations between the risk factors during this one year period.

Our value-at-risk model is designed to take into account a comprehensive set of risk factors across all asset
classes. Key risk factors are swap/government curves, index and issuer-specific credit curves, funding spreads,
single equity and index prices, foreign exchange rates, commodity prices as well as their implied volatilities. To
ensure completeness in the risk coverage also second order risk factors, e.g. CDS index vs. constituent basis,
money market basis, implied dividends, option-adjusted spreads and precious metals lease rates are consid-
ered in the value-at-risk calculation.

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For each business unit a separate value-at-risk is calculated for each risk class, e.g. interest rate, equity, for-
eign exchange and commodity. For each risk class this is achieved by assigning the sensitivities to the relevant
risk class and then simulating changes in the associated risk drivers. Diversification effect reflects the fact that
the total value-at-risk on a given day will be lower than the sum of the value-at-risk relating to the individual risk
classes. Simply adding the value-at-risk figures of the individual risk classes to arrive at an aggregate value-at-
risk would imply the assumption that the losses in all risk categories occur simultaneously.

The model incorporates both linear and, especially for derivatives, nonlinear effects through a combination of
sensitivity-based and full revaluation approach on a fixed price-implied volatility grid.

The value-at-risk measure enables us to apply a consistent measure across all of our trading businesses and
products. It allows a comparison of risk in different businesses, and also provides a means of aggregating and
netting positions within a portfolio to reflect correlations and offsets between different asset classes. Further-
more, it facilitates comparisons of our market risk both over time and against our daily trading results.

When using value-at-risk estimates a number of considerations should be taken into account. These include:

— The use of historical market data may not be a good indicator of potential future events, particularly those
that are extreme in nature. This “backward-looking” limitation can cause value-at-risk to understate risk (as
in 2008), but can also cause it to be overstated.
— Assumptions concerning the distribution of changes in risk factors, and the correlation between different
risk factors, may not hold true, particularly during market events that are extreme in nature. The one day
holding period does not fully capture the market risk arising during periods of illiquidity, when positions
cannot be closed out or hedged within one day.
— Value-at-risk does not indicate the potential loss beyond the 99th quantile.
— Intra-day risk is not captured.
— There may be risks in the trading book that are partially or not captured by the value-at-risk model.

We are committed to the ongoing development of our proprietary risk models, and we allocate substantial
resources to reviewing and improving them. Additionally, we have further developed and improved our process
of systematically capturing and evaluating risks currently not captured in our value-at-risk model. An assess-
ment is made to determine the level of materiality of these risks and material risks are prioritized for inclusion in
our internal model. All risks-not-in-VaR are monitored and assessed on a regular basis.

During 2012, improvements were made to the value-at-risk calculation, with the inclusion of following risks in
our internal model:

— Sovereign CDS quanto basis;

— Cash-derivatives basis for Agency RMBS; and
— Precious metals lease rate basis.

Additionally, market data granularity was increased further by:

— number of issuer specific credit spread curves and number of issuer-specific equity prices to improve accu-
racy;
— proxy funding spreads per region to extend coverage for CDS-bond basis;
— extended coverage for index basis time series to include on/off-the-run index basis; and
— CDS-based credit spread benchmarks to improve modeling of CDS-Bond basis.

Finally, an additional methodology refinement was introduced to capture full correlation within the credit specific
risk model.

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We continually analyze potential weaknesses of our value-at-risk model using statistical techniques, such as
backtesting, and also rely on risk management experience. We compare the daily profits and losses under the
buy-and-hold assumption (in accordance with German regulatory requirements) with the estimates from our
value-at-risk model. In addition to the standard backtesting analysis at the value-at-risk quantile, the value-at-
risk model performance is further verified by analyzing the distributional fit across the whole of the distribution
(full distribution backtesting).

The Global Backtesting Committee, with participation from Market Risk Management, Market Risk Operations,
Risk Analytics and Instruments, and Finance, meets on a regular basis to review backtesting results as a whole
and of individual businesses. The committee analyzes performance fluctuations and assesses the predictive
power of our value-at-risk model, which allows us to improve and adjust the risk estimation process accordingly.

An independent model validation team reviews all quantitative aspects of our value-at-risk model on a regular
basis. The review covers, but is not limited to, the appropriateness of distribution assumptions of risk factors,
recalibration approaches for risk parameters, and model assumptions. Validation results and remediation
measures are presented to senior management and are tracked to ensure adherence to deadlines.

Holistic VaR Validation process

The Holistic VaR Validation (HVV) process ensures continuous controls around value-at-risk by providing a
comprehensive top-down assessment of the value-at-risk model and framework across five control areas:
Limits, Backtesting, Process, Model Validation, and Risks-not-in-VaR. HVV runs on a quarterly basis and pro-
vides a detailed report for each of the control areas (HVV Control Packs) as well as an HVV Dashboard indi-
cating the health of each control area. In addition the Quarterly Business Line Review (QBLR) provides an
overview of the business line trading strategy and the corresponding risk return profile. The associated formal
quarterly HVV governance framework is as follows:

— Level 1: A series of asset-class level HVV Control Pack Review meetings (chaired by the respective Mar-
ket Risk Management Asset Class Head), at which the HVV Control Pack is reviewed and the HVV Dash-
board status is agreed
— Level 2: The HVV Governance Committee (chaired by the Global Head of Market Risk Management), at
which the QBLRs are presented and the overall HVV Dashboard is agreed
— Level 3: Top-level HVV governance is achieved via a series of senior management briefings including to
the CB&S Executive Committee, the Capital and Risk Committee, the Management Board and the Super-
visory Board. The briefings provide an executive summary of the quality and control of value-at-risk across
the business, an overview of the CB&S business trading strategy and the corresponding risk management
strategy.

On December 20, 2012, the BaFin reduced our value-at-risk multiplier and stressed value-at-risk multiplier
from 5.5 to 4.0. The key factor in the reduction of the multiplier was the implementation of the new HVV pro-
cess.

Market Risk Stress Testing

Stress testing is a key risk management technique, which evaluates the potential effects of extreme market
events and extreme movements in individual risk factors. It is one of the core quantitative tools used to assess
the market risk of Deutsche Bank’s positions and its primary application is within our economic capital frame-
work. The scenario-based approach in stress testing is complementary to statistical model approaches, such
as value-at-risk. Market Risk Management performs several types of stress testing to capture the variety of
risks: portfolio stress testing, individual business-level stress tests, event risk scenarios, and group-wide stress
testing.

Portfolio stress testing measures the profit and loss impact of potential market events based on pre-defined
scenarios, which are either historical or hypothetical and defined at a macro level. A set of common shocks and
business-specific stress tests is applied to all trading books and at different severity levels. With portfolio stress

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testing, Market Risk Management completes its perspective on risk provided by other metrics, given that the
range of portfolio stress tests fills the gap between the most extreme scenarios (economic capital) and poten-
tial daily losses (value-at-risk). Besides several dynamic scenarios, we have three static scenarios, which are
calculated and monitored on a weekly basis.

For individual business-level stress tests, market risk managers identify relevant risk factors and develop real-
istic and credible stress scenarios relating either to macro-economic or business-specific developments. Busi-
ness-level stress tests capture idiosyncratic and basis risks.

Event risk scenario measures the profit and loss impact of historically observable events of hypothetical situa-
tions on trading positions for specific emerging market countries and regions. The entire bank’s exposure to an
individual country is stressed under a single scenario, which replicates market movements across that country
in times of significant market crisis and reduced liquidity.

Besides these market-risk specific stress test, Market Risk Management participates in group-wide stress
testing, where macro-economic scenarios are defined and translated into simultaneous stresses of the underly-
ing risk drivers. This includes credit, market and operational risks. Results are reviewed by the Stress Testing
Oversight Committee.

Tail risk or the potential for extreme loss events beyond reported value-at risk is captured via stressed value-at-
risk, economic capital, incremental risk charge and comprehensive risk measure. It is also captured via stress
testing.

Basel 2.5 Trading Market Risk Requirements

In December 2011 we received model approvals, from the BaFin, for the stressed value-at-risk, incremental
risk charge and comprehensive risk measure models. These are additional methods we use to measure mar-
ket risk exposures.

— Stressed value-at-risk: calculates a stressed value-at-risk measure based on a continuous 1 year period of
significant market stress.
— Incremental Risk Charge: captures default and credit migration risks in addition to the risks already cap-
tured in value-at-risk for credit-sensitive positions in the trading book.
— Comprehensive Risk Measure: captures incremental risk for the credit correlation trading portfolio calculat-
ed using an internal model subject to qualitative minimum requirements as well as stress testing require-
ments.
— Market Risk Standardized Approach: calculates regulatory capital for securitisations and nth-to-default
credit derivatives.

Stressed value-at-risk, incremental risk charge and the comprehensive risk measure are calculated for all
relevant portfolios. The results from the models are used in the day-to-day risk management of the bank, as
well as for defining regulatory capital.

Stressed Value-at-Risk
We calculate a stressed value-at-risk measure using a 99 % confidence level and a holding period of one day.
For regulatory purposes, the holding period is ten days.

Our stressed value-at-risk calculation utilizes the same systems, trade information and processes as those
used for the calculation of value-at-risk. The only difference is that historical market data from a period of signif-
icant financial stress (i.e. characterized by high volatilities) is used as an input for the Monte Carlo Simulation.
The time window selection process for the stressed value-at-risk calculation is based on the identification of a
time window characterized by high levels of volatility and extreme movements in the top value-at-risk contribu-
tors. The results from these two indicators (volatility and number of outliers) are combined using chosen
weights to ensure qualitative aspects are also taken into account (e.g. inclusion of key crisis periods).

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Incremental Risk Charge

The incremental risk charge is based on our own internal model and is intended to complement the value-at-
risk modeling framework. It represents an estimate of the default and migration risks of unsecuritized credit
products over a one-year capital horizon at a 99.9 % confidence level, taking into account the liquidity horizons
of individual positions or sets of positions. We use a Monte Carlo Simulation for calculating incremental risk
charge as the 99.9 % quantile of the portfolio loss distribution and for allocating contributory incremental risk
charge to individual positions. The model captures the default and migration risk in an accurate and consistent
quantitative approach for all portfolios.

We calculate the incremental risk charge on a weekly basis. The charge is determined as the higher of the
most recent 12 week average of incremental risk charge and the most recent incremental risk charge. The
market and position data are collected from front office systems and are subject to strict quality control. The
incremental risk charge figures are closely monitored and play a significant role in the management of the
covered portfolios. Additionally, the incremental risk charge provides information on the effectiveness of the
hedging positions which is reviewed by the risk managers.

The contributory incremental risk charge of individual positions, which is calculated by expected shortfall allo-
cation, provides the basis for identifying risk concentrations in the portfolio and designing strategies to reduce
the overall portfolio risk.

We use our credit portfolio model, a core piece of our economic capital methodology, to calculate the incre-
mental risk charge. Important parameters for the incremental risk charge calculation are exposures, recovery
rates and default probabilities, ratings migrations, maturity, and liquidity horizons of individual positions.

Liquidity horizons are conservatively set to the time required to sell a position or to hedge all material relevant
price risks in a stressed market. Liquidity horizons are specified at product level and reflect our actual practice
and experience during periods of systematic and idiosyncratic stresses. We have defined the sets of positions
used for applying liquidity horizons in a way that meaningfully reflects the differences in liquidity for each set.
Market risk managers who specialize in each product type determine liquidity horizons, with a liquidity horizon
floor of 3-months. Liquidity horizons are regularly reviewed with regard to the size of positions, market activity,
market structure, credit rating, location of issuer, and maturity so that the act of selling or hedging, in itself,
would not materially affect the price. Additionally, there are regular reviews of position size at the issuer level to
determine if liquidity horizons need to be adjusted for concentration risk. Any experience of selling a position
that indicates a liquidity horizon is not sufficiently conservative is taken into account in determining the liquidity
horizon for similar products. Default and rating migration probabilities are defined by rating migration matrices
which are calibrated on historical external rating data. Taking into account the trade-off between granularity of
matrices and their stability we apply a global corporate matrix and a sovereign matrix comprising the seven
main rating bands. Accordingly, issue or issuer ratings from the rating agencies Moody’s, S&P and Fitch are
assigned to each position.

To quantify a loss due to rating migration, a revaluation of a position is performed under the new rating. The
probability of joint rating downgrades and defaults is determined by the migration and rating correlations of the
incremental risk charge model. These correlations are specified through systematic factors that represent geo-
graphical regions and industries and are calibrated on historical rating migration and equity time series. The
simulation process incorporates a rollover strategy that is based on the assumption of a constant level of risk.
This assumption implies that positions that have experienced default or rating migration over their liquidity
horizon are re-balanced at the end of their liquidity horizon to attain the initial level of risk. Correlations between
positions with different liquidity horizons are implicitly specified by the dependence structure of the underlying
systematic and idiosyncratic risk factors, ensuring that portfolio concentrations are identified across liquidity
horizons. In particular, differences between liquidity horizons and maturities of hedges and hedged positions
are recognized.

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All parameters are recalibrated or validated on an annual or ad hoc basis. Apart from regular recalibrations
there have been no significant model changes in 2012.

Direct validation of the incremental risk charge through back-testing methods is not possible. The charge is
subject to validation principles such as the evaluation of conceptual soundness, ongoing monitoring, process
verification and benchmarking and outcome analysis. The validation of the incremental risk charge methodolo-
gy is embedded in the validation process for our credit portfolio model, with particular focus on the incremental
risk charge specific aspects. Model validation relies more on indirect methods including stress tests and sensi-
tivity analyses. Relevant parameters are included in the annual validation cycle established in the current regu-
latory framework. The incremental risk charge is part of the quarterly group-wide stress test using the stress
testing functionality within our credit engine. Stressed incremental risk charge figures are reported on group
level and submitted to the Stress Testing Oversight Committee and Cross Risk Review Committee.

Comprehensive Risk Measure

The comprehensive risk measure for the correlation trading portfolio is based on our own internal model. We
calculate the comprehensive risk measure based on a Monte Carlo Simulation technique to a 99.9 % confi-
dence level and a capital horizon of 1 year. Our model is applied to the eligible correlation trading positions
where typical products include collateralized debt obligations, nth-to-default credit default swaps, and index-
and single-name credit default swaps. Re-securitizations or products which reference retail claims or real es-
tate exposures are not eligible. Furthermore, trades subject to the comprehensive risk measure have to meet
minimum liquidity standards to be eligible. The model incorporates concentrations of the portfolio and nonlinear
effects via a full revaluation approach.

Comprehensive risk measure is designed to capture defaults as well as the following risk drivers: interest rates,
credit spreads, recovery rates, foreign exchange rates and base correlations, index-to-constituent and base
correlation basis risks.

Comprehensive risk measure is calculated on a weekly basis. Initially, the eligible trade population within the
correlation trading portfolio is identified. Secondly, the risk drivers of the P&L are simulated over a one year
time horizon. The trade population is then re-valued under the various Monte Carlo scenarios and the 99.9 %
quantile of the loss distribution is extracted.

The market and position data are collected from front office systems and are subject to strict quality control.
The comprehensive risk measure figures are closely monitored and play a significant role in the management
of the correlation trading portfolio. We use historical market data to estimate the risk drivers to the comprehen-
sive risk measure with a history of up to three years.

In our comprehensive risk measure model the liquidity horizon is set to 12 months, which equals the capital
horizon.

In order to maintain the high quality of our comprehensive risk measure model we continually monitor the po-
tential weaknesses of this model. Backtesting of the trade valuations and the propagation of single risk factors
is carried out on a monthly basis and a quarterly recalibration of parameters is performed. In addition, a series
of stress tests have been defined on the correlation trading portfolio where the shock sizes link into historical
distressed market conditions.

Model validation is performed by an independent team and reviews, but is not limited to, the above mentioned
backtesting, the models which generate risk factors, appropriateness and completeness of risk factors, the
Monte Carlo stability, and performs sensitivity analyses.

During 2012 we have improved our comprehensive risk measure model as follows:

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— Extension of the liquidity horizon from 6 months to 12 months to improve the explanatory ability of the
CRM quantile;
— Removal of a conservative adjustment to the comprehensive risk measure capital definition such that it
fully aligns with regulation; and
— Enhancement of the methodology to simulate recovery rates such as to improve the backtesting.

Market Risk Standardized Approach

The specific MRSA is used to determine the regulatory capital charge for the non-correlation trading portfolio
securitization products and nth-to-default credit swaps. Market Risk Management monitors exposures and
addresses risk issues and concentrations.

Longevity risk is the risk of adverse changes in life expectancies resulting in a loss in value on longevity linked
policies and transactions. Regulatory capital charge for longevity risk is determined using the MRSA as set out
in SolvV regulations. For risk management purposes, stress testing and economic capital allocations are also
used to monitor and manage longevity risk.

Validation of Front Office models

Market Risk Management validates front office models that are used for official pricing and risk management of
trading positions. New Model Approval, Ongoing Model Approval and Model Risk assessment are the team’s
key activities and they include:

— Verification of the mathematical integrity of the models and their implementation;

— Periodic review of the models to ensure that the models stay valid in different market conditions;
— Assessment of Model suitability for the intended business purposes; and
— Establishment of Controls that enforce appropriate use of models across businesses.

Trading Market Risk Management Framework at Postbank

Market risk arising from Postbank has been included in our reporting since 2010. Since the domination agree-
ment between Deutsche Bank and Postbank became effective in September 2012, aggregate market risk limits
for Postbank are set by Deutsche Bank according to our market risk limit framework. Postbank’s Head of Mar-
ket Risk Management has a functional reporting line into our Market Risk Management organization and acts
based upon delegated authority with respect to monitoring, reporting and managing market risk exposure ac-
cording to market risk limits allocated to Postbank.

Sub limits are allocated by the Postbank Market Risk Committee to the individual operating business units.
Deutsche Bank’s Head of Market Risk Management for Germany is member of the Postbank Market Risk
Committee. The risk economic capital limits allocated to specific business activities define the level of market
risk that is reasonable and desirable for Postbank from an earnings perspective.

Market risk at Postbank is monitored on a daily basis using a system of limits based on value-at-risk. In addi-
tion, Postbank’s Market Risk Committee has defined sensitivity limits for the trading and banking book as well
as for key sub-portfolios. Postbank also performs scenario analyses and stress tests in addition to the value-at-
risk calculations. The assumptions underlying the stress tests are reviewed and validated on an ongoing basis.

Value-at-Risk at Postbank
Postbank also uses the value-at-risk concept to quantify and monitor the market risk it assumes. Value-at-risk
is calculated using a Monte Carlo Simulation. The risk factors taken into account in the value-at-risk include
interest rates, equity prices, foreign exchange rates, and volatilities, along with risks arising from changes in
credit spreads. Correlation effects between the risk factors are derived from equally-weighted historical data.

Postbank’s trading book value-at-risk is currently not consolidated into the value-at-risk of the remaining Group.
However, it is shown separately in the internal value-at-risk report.

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Economic Capital for Market Risk

Economic capital for market risk measures the amount of capital needed to absorb very severe, unexpected
losses arising from our exposures over the period of one year. “Very severe” in this context means that eco-
nomic capital is set at a level which covers, with a probability of 99.98 %, all unexpected losses over a one
year time horizon.

Our economic capital model comprises two core components, the “Common Risk” component covering risk
drivers across all businesses and the suite of Business Specific Stress Tests (BSSTs) which enriches the
Common Risk component. Both components are calibrated to historically observed severe market shocks.

One of the main components of our wider “Market Risk Framework” initiative has been the transition of the
“Common Risk” component into a modified version of our regulatory Stressed value-at-risk approach. This
transition went live in November 2012. The new Stressed value-at-risk-based economic capital has following
modifications:

— The volatilities of risk factors are increased in order to capture the risk from longer liquidity horizons than
value-at-risk; and
— The confidence level is increased to 99.98 % in line with our standard definition of economic capital, com-
pared to our 99 % quantile for value-at-risk.

This model change has provided a number of benefits:

— Improved risk accuracy: Since our Stressed value-at-risk methodology has a high coverage of basis risks,
a number of BSSTs are no longer required and the related risk is instead modeled more accurately within
the comprehensive correlation framework of Stressed value-at-risk.
— Reduction of operational complexity: The new Common Risk component aligns the methodology, the mar-
ket data, risk factors and sensitivities with the value-at-risk framework. As a result, changes to value-at-risk
and Stressed value-at-risk are fully reconcilable to economic capital.

There has been an additional change to our economic capital measure relating to the liquidity horizon. The
liquidity horizon is an assumption of how quickly management intervention would be taken to unwind or mate-
rially hedge our risk positions during times of severe market stress. Liquidity horizons have historically been
based on our experience of de-risking portfolios during a single period of stress. However, based on recent
regulatory opinion and our understanding of the latest market convention, economic capital is now required to
capture the effect of multiple periods of stress within a one year time window. We have chosen to reflect this by
extending the liquidity horizon, albeit not necessarily to a full one year due to hedging activities. We have there-
fore introduced a floor to the liquidity horizon of 3 months for all asset classes.

The calculation of economic capital for market risk from the trading units is performed weekly. The model in-
corporates the following risk factors: interest rates, credit spreads, equity prices, foreign exchange rates, com-
modity prices and correlations.

We also continuously assess and refine our BSSTs in an effort to ensure they capture material risks as well as
reflect possible extreme market moves. Additionally, risk managers use their expert judgment to define worst
case scenarios based upon the knowledge of past extreme market moves. It is possible however, for our mar-
ket risk positions to lose more value than our economic capital estimates since all downside scenarios cannot
be predicted and simulated.

Economic capital for traded default risk represents an estimate of the default and migration risks of credit prod-
ucts at a 99.98 % confidence level, taking into account the liquidity horizons of the respective sub-portfolios. It
covers the following positions:

— Fair value assets in the banking book;

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— Unsecuritized credit products in the trading book excluding correlation trading portfolio;
— Securitized products in the trading book excluding correlation trading portfolio; and
— Correlation trading portfolio.

The traded default risk economic capital for the correlation trading portfolio is calculated using the comprehen-
sive risk measure. For all other positions the calculation of traded default risk economic capital is based on our
credit portfolio model. Traded default risk captures the credit exposures across our trading books and it is
monitored via single name concentration and portfolio limits which are set based upon rating, size and liquidity.
In addition, a traded default risk economic capital limit is set within the Market Risk economic capital framework
while the incremental risk charge monitors the regulatory capital requirements associated with these positions.
In order to capture diversification and concentration effects we perform a joint calculation for traded default risk
economic capital and credit risk economic capital. Important parameters for traded default risk are exposures,
recovery rates and default probabilities as well as maturities. Exposures, recovery rates and default probabili-
ties are derived from market information and external ratings for the trading book and internal assessments for
the banking book as for credit risk economic capital. Rating migrations are governed by migration matrices,
which are obtained from historical rating time series from rating agencies and internal observations. The prob-
ability of joint rating downgrades and defaults is determined by the default and rating correlations of the portfo-
lio model. These correlations are specified through systematic factors that represent countries, geographical
regions and industries.

Validation of the market risk economic capital model is performed by an independent team. The regular review
covers, but is not limited to, the appropriateness of risk factors, the calibration techniques, the parameter set-
tings, and model assumptions.

Balance Sheet and Trading Book Assets

The table below presents those parts of our balance sheet which constitute trading or banking book assets
from a regulatory point of view.

Regulatory Trading Book Assets as part of the Balance Sheet

Dec 31, 2012
in € m. Balance Sheet Trading Book Banking Book 1
Assets − − −
Cash and due from banks 27,885 163 27,722
Interest earning deposits with banks 119,548 2,905 116,643
Central banks funds sold and securities purchased under resale agreements 2 36,570 18,872 17,698
Securities borrowed 23,947 23,845 102
Financial assets at fair value through profit or loss 1,200,881 1,152,793 48,088
Trading Assets 3 245,538 229,070 16,468
Positive market values from derivative financial instruments 768,316 754,792 13,524
Financial assets designated at fair value through profit or loss 187,027 168,931 18,096
Financial assets available for sale 49,379 − 49,379
Equity method investments 3,577 − 3,577
Loans 397,279 2,175 395,104
Property and equipment 4,963 − 4,963
Goodwill and other intangible assets 14,219 − 14,219
Other assets 4 123,973 47,708 76,265
Assets for current tax 2,390 − 2,390
Deferred tax assets 7,718 − 7,718
Total Assets 2,012,329 1,248,461 763,868
1
Includes exposure in relation to non regulatory consolidated entities.
2
Only includes securities purchased under resale agreement as of December 31, 2012.
3
The regulatory Banking Book primarily includes debt securities as part of our liquidity portfolio as well as Traded Loans which do not fulfill the criteria for being
allocated to the regulatory Trading Book.
4
Regulatory Trading Book positions mainly include brokerage receivables and derivatives qualifying for hedge accounting.

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Value-at-Risk Metrics of Trading Units of Deutsche Bank Group Trading (excluding Postbank)
The table below presents the value-at-risk metrics calculated with a 99 % confidence level and a one-day hold-
ing period for our Trading Units.

Value-at-Risk of our Trading Units by Risk Type

in € m. Dec 31, 2012 Dec 31, 2011
Interest rate risk 53.9 53.8
Equity price risk 11.6 13.6
Foreign exchange risk 15.3 25.6
Commodity price risk1 21.7 21.0
Diversification effect (44.4) (63.7)
Total value-at-risk 58.1 50.4
1
Includes value-at-risk from gold positions.

The following table shows the average, maximum, and minimum value-at-risk (with a 99 % confidence level
and a one-day holding period) of our trading units for the periods specified.

Value-at-Risk of our Trading Units in the Reporting Period

Foreign Commodity
Total Diversification effect Interest rate risk Equity price risk exchange risk price risk 1
in € m. 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Average 57.1 72.7 (61.1) (65.4) 58.4 70.8 14.6 20.5 24.5 32.6 20.7 14.2
Maximum 80.1 94.8 (85.1) (88.1) 75.8 109.1 27.4 37.6 43.4 64.9 31.8 24.3
Minimum 43.3 45.4 (35.3) (41.1) 44.3 45.6 7.5 12.7 9.4 14.3 9.1 7.0
1
Includes value-at-risk from gold positions.

The € 15.6 million or 21 % decrease in average value-at-risk observed in 2012 compared to the prior year was
driven primarily by a broad risk reduction across most asset classes, but also partly due to the benefit of lower
levels of volatility within the one year of historical market data used in the calculation during 2012.

Basel 2.5 Regulatory Trading Market Risk Measures

As discussed under “Basel 2.5 Regulatory Trading Market Risk Requirements”, the following table shows the
stressed value-at-risk (with a 99 % confidence level and a one-day holding period) of the trading units of our
Trading.

Stressed Value-at-Risk by Risk Type

in € m. Dec 31, 2012 Dec 31, 2011
Interest rate risk 157.7 117.3
Equity price risk 16.0 23.0
Foreign exchange risk 27.5 51.8
Commodity price risk 43.8 34.2
Diversification effect (98.7) (113.7)
Total stressed value-at-risk of trading units 146.3 112.6

Average, Maximum and Minimum Stressed Value-at-Risk by Risk Type

2012 2011
in € m. Average Maximum Minimum Average 1 Maximum 1 Minimum 1
Interest rate risk 142.0 178.9 110.2 131.6 163.5 106.2
Equity price risk 19.8 47.8 7.7 22.3 64.7 15.2
Foreign exchange risk 38.1 67.9 14.5 51.2 105.4 23.0
Commodity price risk 36.5 61.0 11.1 29.2 35.8 19.6
Diversification effect (115.8) (163.7) (73.9) (108.0) (149.7) (75.8)
Total stressed value-at-risk of trading units 120.6 152.2 91.0 126.3 172.7 102.0
1
Average, Maximum and Minimum have been calculated for the period from October 1, 2011 to December 31, 2011.

For regulatory reporting purposes, the incremental risk charge for the respective reporting dates represents the
higher of the spot value at the reporting dates, and their preceding 12-week average calculation. In contrast to
this, the incremental risk charge presented for the reporting dates below is the spot values and the average,

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maximum and minimum values for the 12-week period preceding these reporting dates. The NCOU incremen-
tal risk charge for 2012 is due to the hedges within the underlying portfolios.

In light of our restructuring in the fourth quarter of 2012 we have reallocated the credit risk sensitive positions of
our trading book to the new structure and have restated amounts disclosed for the prior reporting date and
period year accordingly.

Incremental Risk Charge of Trading Units (with a 99.9 % confidence level and one-year capital horizon)
in € m. Dec 31, 2012 Dec 31, 2011
Global Finance and Foreign Exchange 70.8 81.4
Rates and Credit Trading 441.3 485.2
NCOU (20.9) 32.0
Emerging Markets – Debt 224.6 140.9
Other (3.0) (1.4)
Total incremental risk charge 712.8 738.1

Average, Maximum and Minimum Incremental Risk Charge of Trading Units (with a 99.9 % confidence level and one-year
capital horizon)
2012 2011
Weighted Weighted
average average
liquidity liquidity
horizon horizon
in € m. in month Average 1 Maximum 1 Minimum 1 in month Average 1 Maximum 1 Minimum 1
Global Finance and Foreign Exchange 6.0 107.4 139.3 70.1 6.0 49.6 81.4 7.8
Rates and Credit Trading 6.0 482.2 579.6 406.1 6.0 624.2 795.4 485.2
NCOU 6.0 (23.0) 29.1 (120.9) 6.0 (4.3) 32.0 (18.3)
Emerging Markets – Debt 6.0 197.2 273.5 150.0 6.0 90.0 140.9 23.9
Other 6.0 (3.1) 0.6 (6.1) 6.0 (1.3) 2.2 (5.5)
Total incremental risk charge of
trading units 6.0 760.7 821.5 705.9 6.0 758.1 846.3 697.0
1
Average, Maximum and Minimum have been calculated for the 12-week period ending December 31.

Based on 52 weeks, the annual average of our total incremental risk charge was € 760 million for the year
2012. The maximum and minimum of the incremental risk charge for the year 2012 was € 878 million and
€ 673 million respectively.

For regulatory reporting purposes, the comprehensive risk measure for the respective reporting dates repre-
sents the higher of the spot value at the reporting dates, their preceding 12-week average calculation, and the
floor, where the floor is equal to 8 % of the equivalent capital charge under the securitisation framework. In
contrast to this, the comprehensive risk measure presented for the reporting dates below is the spot values
and the average, maximum and minimum values have been calculated for the 12 weeks period preceding
these reporting dates.

Comprehensive Risk Measure of Trading Units (with a 99.9 % confidence level and one-year capital horizon)
in € m. Dec 31, 2012 Dec 31, 2011
Correlation trading 543.8 855.7

Average, Maximum and Minimum Comprehensive Risk Measure of Trading Units (with a 99.9 % confidence level and one-
year capital horizon)
2012 2011
Weighted Weighted
average average
liquidity liquidity
horizon horizon
in € m. in month Average 1 Maximum 1 Minimum 1 in month Average 1 Maximum 1 Minimum 1
Correlation trading 12.0 613.4 650.9 562.8 6.0 993.2 1,026.2 937.9
1
Average, Maximum and Minimum have been calculated for the 12-week period ending December 31.

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Based on 52 weeks, the annual average of our total comprehensive risk measure was € 693 million for the
year 2012. The maximum and minimum of comprehensive risk measure for the year 2012 was € 884 million
and € 418 million respectively.

As of December 31, 2012, the securitization positions using the market risk standardized approach generated
risk weighted-assets of € 5.5 billion and capital deduction items of € 0.6 billion capital charge. As of Decem-
ber 31, 2011 the securitization positions amounted to € 5.0 billion and € 2.2 billion respectively.

As of December 31, 2012, the capital charge for longevity risk was € 32 million corresponding to risk weighted-
assets of € 403 million. As of December 31, 2011, the capital charge for longevity risk was € 32 million corre-
sponding to risk-weighted assets of € 401 million.

Value-at-Risk at Postbank
Value-at-Risk of Postbank trading book (with a 99 % confidence level and a one-day holding period)
in € m. Dec 31, 2012 Dec 31, 2011
Interest rate risk 1.2 3.9
Equity price risk 0.1 −
Foreign exchange risk 0.2 0.0
Commodity price risk − −
Diversification effect (0.3) (0.0)
Total value-at-risk of Postbanks trading book 1.2 3.9

The decrease in Postbank’s value-at-risk to € 1.2 million at year end 2012 from € 3.9 million at year end 2011
is largely due to further reduction of overall position taking and transfer of positions into the regulatory banking
book. “Diversification effect” reflects the fact that the total value-at-risk on a given day will be lower than the
sum of the value-at-risk relating to the individual risk classes. Simply adding the value-at-risk figures of the
individual risk classes to arrive at an aggregate value-at-risk would imply the assumption that the losses in all
risk categories occur simultaneously.

Average, Maximum and Minimum Value-at-Risk of Postbank trading book (with a 99 % confidence level and a one-day
holding period)
Foreign Commodity
Total Diversification effect Interest rate risk Equity price risk exchange risk price risk
in € m. 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Average 3.4 3.2 (0.2) (0.2) 3.4 3.2 0.1 0.1 0.1 0.1 − −
Maximum 5.9 8.2 (0.0) (0.0) 6.0 8.1 0.2 0.4 0.7 0.5 − −
Minimum 0.9 1.1 (1.0) (0.8) 0.9 1.1 (0.0) − 0.0 0.0 − −

Regulatory Backtesting of Trading Market Risk

Backtesting is a procedure used to verify the predictive power of the value-at-risk calculations involving the
comparison of hypothetical daily profits and losses under the buy-and-hold assumption with the estimates from
the value-at-risk model. An outlier is a hypothetical buy-and-hold trading loss that exceeds our value-at-risk
estimate. On average, we would expect a 99 percent confidence level to give rise to two to three outliers in any
one year. In 2012, we observed two global outliers, one in April and one in December, compared to three in
2011. In both instances the outliers resulted from significant market moves those days that were in excess of
our 99 % confidence level. We continue to believe that our value-at-risk model will remain an appropriate
measure for our trading market risk under normal market conditions.

The following graph shows the daily buy-and-hold trading results in comparison to the value-at-risk as of the
close of the previous business day for the trading days of the reporting period. Figures are shown in millions of
euro and exclude contributions from Postbank’s trading book which is calculated on a stand-alone basis.

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Buy-and-hold income of Trading Units and Value-at-Risk in 2012

in € m.

100

50

(50)

(100)
1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12

Buy-and-hold income of Trading Units

Value-at-Risk

Daily Income of our Trading Units

The following histogram shows the distribution of daily income of our trading units in 2012 (excluding Post-
bank). It displays the number of trading days on which we reached each level of trading income shown on the
horizontal axis in millions of euro.

Income of Trading Units in 2012

Days

30

20

10

0
(50) to (45)
(45) to (40)
(40) to (35)
(35) to (30)
(30) to (25)
(25) to (20)
(20) to (15)
(15) to (10)
(10) to (5)
in € Million

Below (50)

5 to 10
(5) to 0

10 to 15

45 to 50

Over 150
15 to 20
20 to 25
25 to 30
30 to 35
35 to 40
40 to 45

50 to 55
55 to 60
60 to 65
65 to 70
70 to 75
75 to 80
80 to 85
85 to 90
90 to 95
95 to 100
100 to 105
105 to 110
110 to 115
115 to 120
120 to 125
125 to 130
130 to 135
135 to 140
140 to 145
145 to 150
0 to 5

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Our trading units achieved a positive actual income for 96 % of the trading days in 2012 (versus 88 % in 2011).

Economic Capital Usage for our Trading Market Risk

The economic capital usage for trading market risk was € 4.7 billion at year-end 2012, materially unchanged
from year-end 2011. Our trading market risk economic capital usage decreased by € 34 million, or 1 %. The
stable risk figure reflects offsetting effects of methodology refinements and exposure reductions.

Postbank’s contribution to the economic capital usage for our trading market risk was minimal.

Valuation of Market Risk Positions

For details about our methods for determining fair value see the respective section in Note 02 “Critical Account-
ing Estimates” of our financial statements.

Nontrading Market Risk

Nontrading market risk arises from market movements, primarily outside the activities of our trading units, in
our banking book and from off-balance sheet items. Significant market risk factors the bank is exposed to and
are overseen by risk management groups in that area are:

— Interest rate risk (including model risk from embedded optionality and from modeling behavioral assump-
tions for certain product types), credit spread risk, foreign exchange risk, equity risk (including investments
in public and private equity as well as real estate, infrastructure and fund assets).
— Market risks from off-balance sheet items such as pension schemes and guarantees as well as structural
foreign exchange risk and equity compensation risk.

The market risk component of our nontrading activities is overseen by dedicated groups within our risk man-
agement organization. Due to the variety of businesses and initiatives subject to nontrading market risk expo-
sure, coverage is split into three main areas:

— Market Risk Management – covering market risks arising in the business units PBC, GTB, AWM and
Treasury and NCOU activities, such as structural foreign exchange risks & equity compensation risks, as
well as pension risks.
— CRM Principal Investments – specializing in the risk-related aspects of our nontrading alternative asset
activities and performing regular reviews of the risk profile of the banks alternative asset portfolios.
— CRM Asset Management Risk – specializing in the risk related aspects of our asset and fund management
business in the AWM Corporate Division. Key risks in this area arise from performance and/or principal
guarantees and reputational risk related to managing client funds.

The Risk Executive Committee and the Capital and Risk Committee supervise nontrading market risk expo-
sures. Investment proposals for strategic investments are analyzed by the Group Investment Committee. De-
pending on the size, strategic investments may require approval from the Group Investment Committee, the
Management Board or the Supervisory Board. The development of strategic investments is monitored by the
Group Investment Committee on a regular basis. Multiple members of the Capital and Risk Committee & Risk
Executive Committee are also members of the Group Investment Committee, ensuring a close link between
these committees.

An independent team in Risk validates the models for nontrading market risk. In general the validation includes
a review of the appropriateness of risk factors, parameters, parameter calibration and model assumptions.
Validation results are presented to senior management and appropriate remediating actions are taken by Mar-
ket Risk Management Methodology to improve the specific model used for the various risk types.

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Assessment of Market Risk in Nontrading Portfolios

The majority of market risk in our nontrading portfolios is quantified through the use of stress testing proce-
dures. We use stress tests that are specific to each risk class and which consider, among other factors, large
historically observed market moves, the liquidity of each asset class, and changes in client behavior in rela-
tion to deposit products. This assessment forms the basis of the economic capital calculations which enable
us to actively monitor, aggregate and manage our nontrading market risk exposure. The most significant
addition to our nontrading market risk economic capital coverage in 2012 was the inclusion of credit spread
risk for Postbank’s banking book investment portfolio following additional regulatory specifications to include
material credit spread risk, irrespective of the accounting category. The economic capital charge for the credit
spread risk of the portfolio is in addition to credit risk economic capital allocated to the portfolio for risks aris-
ing from credit default and rating migrations.

Interest Rate Risk in the Banking Book

The majority of our interest rate risk arising from nontrading asset and liability positions, with the exception of
some entities and portfolios, has been transferred through internal transactions to the CB&S division. This
internally transferred interest rate risk is managed on the basis of value-at-risk, as reflected in trading portfolio
figures. The treatment of interest rate risk in our trading portfolios and the application of the value-at-risk model
is discussed in the “Trading Market Risk” section of this document.

The most notable exceptions from the aforementioned paragraph are in the PBC Corporate Division in Germa-
ny including Postbank and the AWM mortgage business in the U.S. Unit. These entities manage interest rate
risk separately through dedicated Asset and Liability Management departments subject to banking book value-
at-risk limits set and monitored by Market Risk Management. The measurement and reporting of interest rate
risk managed by these dedicated Asset and Liability functions is performed daily in the PBC division and on a
weekly basis for AWM. The global interest rate in the banking book is reported on a monthly basis.

The changes of present values of the banking book positions when applying the regulatory required parallel
yield curve shifts of (200) and +200 basis points was below 1 % of our total regulatory capital at Decem-
ber 31, 2012. Consequently, outright interest rate risk in the banking book is considered immaterial for us.

Our PBC, GTB and AWM businesses are subject to model risk with regard to client deposits as well as savings
and loan products. Measuring interest rate risks for these product types in the banking book is based upon
assumptions with respect to client behavior, future availability of deposit balances and sensitivities of deposit
rates versus market interest rates resulting in a longer than contractual effective duration. Those parameters
are subject to stress testing within our Economic Capital framework. Additionally, consideration is made regard-
ing early prepayment behavior for loan products. The parameters are based on historical observations, statisti-
cal analyses and expert assessments. If the future evolution of balances, rates or client behavior differs from
these assumptions, then this could have an impact on our interest rate risks in the banking book.

Foreign Exchange Risk

Foreign exchange risk arises from our nontrading asset and liability positions, denominated in currencies
other than the functional currency of the respective entity. The majority of this foreign exchange risk is trans-
ferred through internal hedges to trading books within CB&S and is therefore reflected and managed via the
value-at-risk figures in the trading books. The remaining foreign exchange risks that have not been trans-
ferred are mitigated through match funding the investment in the same currency, therefore only residual risk
remains in the portfolios. Small exceptions to above approach follow the general MRM monitoring and report-
ing process, as outlined for the trading portfolio.

The bulk of nontrading foreign exchange risk is related to unhedged structural foreign exchange exposure,
mainly in our U.S., U.K. and China entities. Structural foreign exchange exposure arises from local capital
(including retained earnings) held in the Bank’s consolidated subsidiaries and branches and from investments

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accounted for at equity. Change in foreign exchange rates of the underlying functional currencies result in
revaluation of capital and retained earnings and are recognized in other comprehensive income booked as
Currency Translation Adjustments (“CTA”).

The primary objective for managing our structural foreign exchange exposure is to stabilize consolidated capi-
tal ratios from the effects of fluctuations in exchange rates. Therefore the exposure remains unhedged for a
number of core currencies with considerable amounts of risk-weighted assets denominated in that currency in
order to avoid volatility in the capital ratio for the specific entity and the group as a whole.

Investment Risk
Nontrading market risk from investment exposure is predominantly the equity risk arising from our non-
consolidated investment holdings in the banking book categorized into strategic and alternative investment
assets.

Strategic investments typically relate to acquisitions made by us to support our business franchise and are
undertaken with a medium to long-term investment horizon. Alternative assets are comprised of principal in-
vestments and other non-strategic investment assets. Principal investments are direct investments in private
equity (including leveraged buy-out fund commitments and equity bridge commitments), real estate (including
mezzanine debt) and venture capital, undertaken for capital appreciation. In addition, principal investments are
made in hedge funds and mutual funds in order to establish a track record for sale to external clients. Other
non-strategic investment assets comprise of assets recovered in the workout of distressed positions or other
legacy investment assets in private equity and real estate of a non-strategic nature. The majority of the non-
strategic investment portfolio has been moved to the newly created NCOU and its mandate to achieve accel-
erated de-risking and capital relief.

Pension Risk
Deutsche Bank is exposed to market risk from a number of defined benefit pension schemes for past and
current employees. The ability of the pension schemes to meet the projected pension payments, is maintained
through investments and ongoing plan contributions. Market risk materializes due to a potential decline in the
market value of the assets or an increase in the liability of each of the pension plans. Market Risk Management
monitors and reports all market risks both on the asset and liability side of our defined benefit pension plans
including interest rate risk, inflation risk, credit spread risk, equity risk and longevity risk. For details on our
defined benefit pension obligation see Additional Note 34 “Employee Benefits”.

Other Risks
In addition to the above risks, Market Risk Management has the mandate to monitor and manage market risks
that arise from capital and liquidity risk management activities of our treasury department. Besides the struc-
tural foreign exchange capital hedging process this includes market risks arising from our equity compensation
plans.

Market risks in our asset management activities in AWM, primarily results from principal guaranteed funds, but
also from co-investments in our funds.

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Economic Capital Usage for Our Nontrading Market Risk Portfolios per Business Area
Economic Capital Usage of Nontrading Portfolios by Business Division
2012 increase (decrease) from 2011
in € m. Dec 31, 2012 Dec 31, 2011 in € m. in %
Corporate Banking & Securities 818 443 375 85
Global Transaction Banking 136 87 49 56
Asset & Wealth Management 1,235 1,257 (22) (2)
Private & Business Clients 3,162 2,143 1,019 48
Non-Core Operations Unit 2,336 1,836 500 27
Consolidation & Adjustments 808 1,512 (704) (47)
Total 8,495 7,278 1,217 17

Nontrading market risk economic capital usage totaled € 8.5 billion as of December 31, 2012, which is
€ 1.2 billion, or 17 %, above our economic capital usage at year-end 2011.

The increase was largely driven by the extension of nontrading market risk economic capital coverage to in-
clude material credit spread risks in the banking book and a higher capital charge for the guaranteed funds
portfolio, partially offset by higher diversification benefit with other risk types as well as lower economic capital
usage due to various asset disposals.

The increase in CB&S nontrading market risk economic capital was mainly driven by an increase of economic
capital for guaranteed funds.

The increase in economic capital usage for PBC and the NCOU was caused by the inclusion of credit spread
risk exposure of Postbank’s banking book investment portfolio into the coverage of the nontrading economic
capital framework.

The major change in Consolidation & Adjustments was the decrease in economic capital for structural foreign
exchange risk following a methodological extension to capture further diversification benefits with other com-
ponents of our ICAAP framework.

Carrying Value and Economic Capital Usage for Nontrading Market Risk Portfolios
Carrying Value and Economic Capital Usage for Nontrading Portfolios
Carrying value Economic capital usage
in € bn. Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
Strategic Investments 3.0 2.9 1.2 1.2
Alternative Assets 5.7 6.9 2.0 2.2
Principal Investments 2.1 2.6 0.9 0.9
Other Non Strategic Investment Assets 3.6 4.3 1.1 1.3
Other nontrading market risks 1 N/A N/A 5.3 3.9
Total 8.7 9.8 8.5 7.3
1 N/A indicates that the risk is mostly related to off-balance sheet and liabilities items.

The total economic capital figures for nontrading market risk currently do not take into account diversification
benefits between the different asset categories except for those of equity compensation, structural foreign
exchange risk, pension risk and banking book credit spread risks.

— Strategic Investments. Economic capital usage was mainly driven by our participation in Hua Xia Bank
Company Limited.
— Alternative assets. The nontrading market risk economic capital decreased during 2012 mainly driven from
further de-risking initiatives within the alternative assets portfolio.
— Other nontrading market risks:
— Interest Rate Risk. Besides the allocation of economic capital to residual outright interest rate risk in the
nontrading market risk portfolio, a main component in this category is the maturity transformation of

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contractually short term deposits. The effective duration of contractually short term deposits is based
upon observable client behavior, elasticity of deposit rates to market interest rates (“DRE”), volatility of
deposit balances and Deutsche Bank’s own credit spread. Economic capital is derived by stressing
modelling assumptions in particular the DRE – for the effective duration of overnight deposits. Behav-
ioral and economic characteristics are taken into account when calculating the effective duration and
optional exposures from our mortgages businesses. In total the economic capital usage for Decem-
ber 31, 2012 was € 1.4 billion predominantly driven by PBC including Postbank, BHW and Deutsche
Bank Bauspar, versus € 1.5 billion as of December 31, 2011.
— Credit Spread Risk. Economic capital charge for portfolios in the banking book subject to material credit
spread risk. Economic capital usage was € 1.6 billion as of December 31, 2012.
— Equity Compensation Risk. Risk arising from structural short position in our own share price arising from
restricted equity units. The economic capital usage was € (303) million as of December 31, 2012 on a
diversified basis, compared to € (101) million as of December 31, 2011. The negative contribution to our
diversified economic capital was derived from the fact that a reduction of our share price in a downside
scenario as expressed by economic capital calculation methodology would reduce the negative impact
on our capital position from the equity compensation liabilities.
— Pension Risk. Risk arising from our defined benefit obligations, including interest rate risk and inflation
risk, credit spread risk, equity risk and longevity risk. The economic capital usage was € 340 million and
€ 191 million as of December 31, 2012 and December 31, 2011 respectively.
— Structural foreign exchange risk. Our foreign exchange exposure arising from unhedged capital and
retained earnings in non-euro currencies in certain subsidiaries. Our economic capital usage was
€ 828 million as of December 31, 2012 on a diversified basis versus € 1.5 billion as of Decem-
ber 31, 2011.
— Guaranteed Funds. The increase in economic capital usage to € 1.4 billion as of December 31, 2012
was triggered predominately by the higher capital charge for long duration guarantee funds as a result
of the persistent low interest rate environment as well as asset allocation adjustments. As of Decem-
ber 31, 2011 the economic capital amounted to € 931 million.

Accounting and Valuation of Equity Investments

Outside of trading, equity investments which are neither consolidated for regulatory purposes nor deducted
from our regulatory capital are held as equity positions in the regulatory banking book. In our consolidated
balance sheet, these equity investments are either classified as “Financial assets available for sale (“AFS”)” or
“Equity method investments”. Only an immaterial amount of financial assets designated at fair value through
profit and loss which are equity interests is included in the banking book. These investments are not addressed
in this section.

For details on our accounting and valuation policies related to AFS equity instruments and investments in as-
sociates and joint ventures please refer to Notes 01 “Significant Accounting Policies”, 15 “Financial Instruments
carried at Fair Value” and 18 “Equity Method Investments”.

Equity Investments Held

The following section on Equity Investments Held, ending on page 154, presents specific disclosures in relation
to Pillar 3. Per regulation it is not required to audit Pillar 3 disclosures. As such this section is labeled unaudited.

The tables below present IFRS classifications and the gains (losses) for equity investments held. These equity
investments principally constitute equity positions in the regulatory banking book or capital deductions accord-
ing to Section 10 (6) KWG. However, the following aspects need to be considered when comparing the equity
investments held – presented below – with the equity position in the regulatory banking book:

— Equity investments held by entities, which are consolidated for IFRS purposes but not consolidated for
regulatory purposes, are included in the tables.
— Entities holding equity investments which are considered for regulatory purposes but not consolidated
according to IFRS, do not provide IFRS balance sheet and profit or loss information, and are excluded

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from these tables. The regulatory exposure value (“EAD”) of these excluded equity investments amounted
to € 246 million as of December 31, 2012, and € 116 million as of December 31, 2011.
— Other positions like equity underlyings resulting from derivative transactions or certain subordinated bonds
which from a regulatory point of view are also assigned to the exposure class “Equity in the banking book”
are excluded from the tables. Their EAD amounted to € 217 million as of December 31, 2012, and
€ 327 million as of December 31, 2011.
— The regulatory equity position includes € 3.2 billion EAD as of December 31, 2012, and € 2.5 billion EAD
as of December 31, 2011, in respect of equity investments which are Group-internal from an IFRS per-
spective.
— “Non-exchange-traded positions” combine the two regulatory equity classes “Non-exchange-traded, but
belonging to an adequately diversified equity portfolio” and “Other equity positions” according to Sec-
tion 78 SolvV.

Equity Investments According to IFRS Classification

Carrying value
in € m. Dec 31, 2012 Dec 31, 2011
Financial assets available for sale equity instruments 1,102 1,591
Exchange-traded positions 468 345
Non-exchange-traded positions 634 1,246
Equity method investments 3,735 3,813
Exchange-traded positions 2,395 2,227
Non-exchange-traded positions 1,340 1,586
Total equity investments 4,837 5,404

A difference between the carrying value of the investment positions and their fair value was only observable for
the exchange-traded equity method investments, which had a carrying value of € 2.4 billion and a fair value of
€ 1.8 billion as of December 31, 2012.

Realized Gains (Losses) in the Reporting Period and Unrealized Gains (Losses) at Year-end from Equity Investments
in € m. 2012 2011
Gains and losses on disposal 360 204
Impairments (411) (625)
Pro-rata share of net income (loss) 397 222
Total realized gains (losses) from equity investments 346 (199)

Dec 31, 2012 Dec 31, 2011

Unrealized revaluation gains (losses) 335 450
Difference between carrying value and fair value (568) (152)
Total unrealized gains (losses) from equity investments (233) 298

For AFS equity investments, the components considered are realized gains and losses from sales and liquida-
tions as well as unrealized revaluation gains and losses and impairments. For equity method investments, the
gain and loss elements consist of realized gains and losses from sales and liquidations, pro-rata share of net
income (loss), impairments and unrealized revaluation gains (losses) in form of the differences between carry-
ing amounts and fair values. In this respect, the realized gains (losses) on disposals, the impairments and the
pro-rata share of net income (loss) are referring to the reporting period 2012 and 2011 whereas the unrealized
revaluation gains (losses) as well as the difference between the carrying values and the fair values for the at
equity investments represent the amounts as of December 31, 2012, and December 31, 2011.

The valuation gains (losses) presented are in relation to equity investments. Overall the unrealized gains
(losses) on listed securities as to be determined for regulatory purposes were € 122 million as of Decem-
ber 31, 2012, 45 % of which was included in Tier 2 capital, and € 155 million as of December 31, 2011,
45 % of which was included in Tier 2 capital.

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Operational Risk

Definition of Operational Risk

Operational risk is the potential for failure (incl. the legal component) in relation to employees, contractual
specifications and documentation, technology, infrastructure failure and disasters, external influences and
customer relationships.

Particular prominent examples of operational risks are the following:

— Fraud Risk arises from an intentional act or omission involving dishonesty, for personal and/or business
gain or to avoid personal and/or business loss such as falsification and/or alteration of records and/or re-
ports, facilitation, breach of trust, intentional omission, misrepresentation, concealment, misleading, and
abuse of position in order to obtain personal gain, business advantage and/or conceal improp-
er/unauthorized activity.
— Business Continuity Risk is the risk of incurring losses resulting from the interruption of normal business
activities. Interruptions can be caused by: deliberate acts such as sabotage, terrorism, bomb threats,
strikes, riots and assaults on the bank’s staff; natural calamities such as hurricanes, snow storms, floods,
and earthquakes; or other unforeseen incidents such as accidents, fires, explosions, utility outrages, and
political unrest.
— Regulatory Compliance Risk is the potential that we may incur regulatory sanctions (such as restrictions on
business activities or enhanced reporting requirements), financial and/or reputational damage arising from
its failure to comply with applicable laws, rules and regulations.
— Information Technology Risk is the risk that our Information Technology will lead to quantifiable losses. This
comes from inadequate information technology and processing in terms of manageability, exclusivity, in-
tegrity, controllability, and continuity.
— Outsourcing (Vendor) Risk arises from adverse events and risk concentrations due to failures in vendor
selection, insufficient controls and oversight over a vendor and/or services provided by a vendor and other
impacts to the vendor which could not happen to us by nature, severity or frequency.

Legal Risk can materialize in any of the above risk categories. This is due to the fact that in each category we
may be the subject of a claim or proceedings alleging non-compliance with legal or statutory responsibilities
and/or losses allegedly due to inaccurately drafted contracts.

Operational risk excludes business and reputational risk.

Organizational Structure
The Head of Operational Risk Management (“ORM”) chairs the Operational Risk Management Committee
(“ORMC”), which is a permanent sub-committee of the Risk Executive Committee and is composed of the
operational risk officers from our business divisions and our infrastructure functions. It is the main decision-
making committee for all operational risk management matters.

While the day-to-day operational risk management lies with our business divisions and infrastructure functions,
the Operational Risk Management function manages the cross divisional and cross regional operational risk as
well as risk concentrations and promotes a consistent application of our operational risk management strategy
across the bank. Based on this Business Partnership Model we aim to maintain close monitoring and high
awareness of operational risk.

Managing Our Operational Risk

We manage operational risk based on a group-wide consistent framework that enables us to determine our
operational risk profile in comparison to our risk appetite and systematically identify operational risk themes
and concentrations to define risk mitigating measures and priorities. The global operational risk framework is
applicable to all risk types included in the definition for operational risk and thus also applies to each of the

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above defined individual risk types. The newly established business division NCOU fully applies our global
operational risk framework.

In order to cover the broad range of operational risk as outlined in the definition of operational risk, our frame-
work applies a number of techniques. These aim to efficiently manage the operational risk in our business and
are used to identify, assess and mitigate operational risk.

The applied techniques are:

— The continuous collection of operational risk loss events is a prerequisite for operational risk management
including detailed analyses, definition of mitigating actions and timely information to senior management.
We collect all losses above € 10,000 in our “db-Incident Reporting System” (“dbIRS”).
— Our Lessons Learned process is required for events, including near misses, above € 1 million. This pro-
cess includes but is not limited to:
— systematic risk analyses including a description of the business environment in which the loss occurred,
including previous events, near misses and event specific Key Risk Indicators (“KRI”),
— consideration of any risk management decisions in respect of the specific risk taken,
— root cause analyses,
— identification of control improvements and other actions to prevent and/or mitigate recurrence, and
— assessment of the residual operational risk exposure.
The Lessons Learned process serves as an important mean to identify inherent areas of risk and to define
appropriate risk mitigating actions. All corrective actions are captured and monitored for resolution via ac-
tions plans in our tracking system “dbTrack”. Performance of all corrective actions and their resolution sta-
tus is reported on a monthly basis to senior management via the ORMC.
— We systematically utilize information on external events occurring in the banking industry to prevent similar
incidents from happening to us, e. g. by particular deep dive analysis or risk profile reviews.
— In addition to internal and external loss information, scenarios are utilized and actions are derived from
them. The set of scenarios consists of relevant external scenarios provided by a public database and in-
ternal scenarios. The latter are generated to complete our risk profile.
— Regular operational risk profile reports at group level for our business divisions, the countries in which we
operate and our infrastructure functions are reviewed and discussed with the department’s senior man-
agement. The regular performance of the risk profile reviews enables us to detect changes to the business
unit’s risk profiles as well as risk concentrations across the Group early and to take corrective actions.
— We assess and approve the impact of changes to our risk profile as a result of new products, outsourcings,
strategic initiatives and acquisitions and divestments.
— Once operational risks are identified, mitigation is required following the “as low as reasonably practicable
(ALARP)” principle by balancing the cost of mitigation with the benefits thereof and formally accepting the
residual operational risk. Risks which contravene applicable national or international regulations and legis-
lation cannot be accepted; once identified, such risks must always be mitigated.
— We monitor risk mitigating measures identified via operational risk management techniques for resolution
within our tracking tool “dbTrack”. Higher than important residual operational risks need to be accepted by
the ORMC.
— We perform top risk analyses in which the results of the aforementioned activities are considered. The Top
Risk Analyses are a primary input for the annual operational risk management strategy and planning pro-
cess. Besides the operational risk management strategic and tactical planning we define capital and ex-
pected loss targets which are monitored on a regular basis within a quarterly forecasting process.
— KRIs are used to monitor the operational risk profile and alert the organization to impending problems in a
timely fashion. They allow via our tool “dbScore” the monitoring of the bank’s control culture and business
environment and trigger risk mitigating actions. KRIs facilitate the forward looking management of opera-
tional risk based on early warning signals returned by the KRIs.
— In our bottom-up Self Assessment (“SA”) process, which is conducted at least annually, areas with high
risk potential are highlighted and risk mitigating measures to resolve issues are identified. In general, it is

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performed in our tool “dbSAT”. On a regular basis we conduct risk workshops aiming to evaluate risks
specific to countries and local legal entities we are operating in and take appropriate risk mitigating actions.

Additional methodologies and tools implemented by the responsible divisions are utilized to complement the
global operational risk framework and specifically address the individual risk types. These include but are not
limited to:

— Legal Risk Lessons Learned process: The Legal Department is responsible for managing the legal and
reputational risk associated with the bank’s litigation and regulatory enforcement matters. The Legal De-
partment discharges this responsibility through the management and supervision of these matters by the
litigation and regulatory enforcement attorneys (“LRAs”) assigned to them, and the regional and global su-
pervision of those LRAs within the Legal Department. The LRAs day-to-day management and oversight of
litigation and regulatory enforcement matters may provide a unique perspective on historical practices,
possible legal and reputational risk that may result from such historical practices and possible steps that
may be taken to mitigate such future risks. Within the operational risk management framework a specific
Lessons Learned process for Legal losses is conducted to consider the lessons learned from litigation and
regulatory enforcement actions. This includes permanent involvement of Legal, ORM and the Divisional
Operational Risk Officers (“DOROs”).
— The operational risk in Outsourcing Risk is managed by the Internal Relocation and Outsourcing (“IRO”)
Process and documented in the IRO database. The outsourcing risk is assessed and managed for all out-
sourcing arrangements individually following the Smartsourcing Risk Management Policy and the overall
ORM framework. A broad governance structure is established to promote appropriate risk levels.
— Fraud Risk is managed based on section 25a of the German Banking Act as well as other legal and regu-
latory requirements on a risk based approach, governed by the Global Anti Fraud Policy and correspond-
ing Compliance and Anti-Money-Laundering (AML) framework. In line with regulatory requirements a
global risk assessment is performed on a regular basis. Within the general management of operational
risks dedicated Fraud Risk relevant aspects are part of the Self Assessments.
— We manage Business Continuity (“BC”) Risk with our Business Continuity Management (“BCM”) Program,
which outlines core procedures for the relocation or the recovery of operations in response to varying lev-
els of disruption. Within this program each of our core businesses functions and infrastructure groups insti-
tute, maintain and periodically test business continuity plans (“BC Plans”) to promote continuous and
reliable service. The BCM Program has defined roles and responsibilities, which are documented in corpo-
rate standards. Compliance with these standards is monitored regionally by dedicated business continuity
teams. Reporting to the Group Resiliency Steering Committee (the delegated authority from the Manage-
ment Board) is a quarterly requirement. Furthermore, key information of the established BCM control envi-
ronment is used within the general operational risk management for KRIs.
— The operational risk in Technology Risk is managed within the technology area following international
standards for IT management. Applications and IT infrastructure are catalogued and assessed on a regular
basis and stability monitoring is established. Key outcomes of the established assessment and control en-
vironment are used within the general management or operational risks for KRIs and SAs.

Measuring Our Operational Risks

We calculate and measure the regulatory and economic capital for operational risk using the internal Advanced
Measurement Approach (“AMA”) methodology. Our AMA capital calculation is based upon the loss distribution
approach (“LDA”). Gross losses from historical internal and external loss data (Operational Riskdata eXchange
Association (“ORX”) consortium data), adjusted for direct recoveries, and external scenarios from a public
database complemented by internal scenario data are used to estimate the risk profile (that is, a loss frequency
and a loss severity distribution). Thereafter, the frequency and severity distributions are combined in a Monte
Carlo simulation to generate losses over a one year time horizon. Finally, the risk mitigating benefits of insur-
ance are applied to each loss generated in the Monte Carlo simulation. Correlation and diversification benefits
are applied to the net losses in a manner compatible with regulatory requirements to arrive at a net loss distri-
bution at the Group level covering expected and unexpected losses. Capital is then allocated to each of the
business divisions and both a qualitative adjustment (“QA”) and an expected loss deduction are made.

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The qualitative adjustment reflects the effectiveness and performance of the day-to-day operational risk man-
agement activities via KRIs and Self Assessment scores focusing on the business environment and internal
control factors. The qualitative adjustment is applied as a percentage adjustment to the final capital number.
This approach makes qualitative adjustment transparent to the management of the businesses and provides
feedback on their risk profile as well as on the success of their management of operational risk. It thus provides
incentives for the businesses to continuously improve the management of operational risks in their areas.

The expected loss (“EL”) for operational risk is based on historical loss experience and expert judgment con-
sidering business changes denoting the expected cost of operational losses for doing business. To the extent it
is considered in the divisional business plans it is deducted from the AMA capital figure. The unexpected losses
per business division (after QA and expected loss) are aggregated to produce the Group AMA capital figure.

Economic capital is derived from the 99.98 % percentile and allocated to the business divisions and used in
performance measurement and resource allocation, providing an incentive to manage operational risk, optimiz-
ing economic capital utilization. The regulatory capital operational risk applies the 99.9 % percentile.

Since December 2007, we have maintained approval by the BaFin to use the AMA. In 2012, the integration of
Postbank into our group-wide framework was finalized. We are waiting for regulatory approval to integrate
Postbank into our regulatory capital calculation.

The economic capital usage for operational risk increased by € 172 million, or 3.5 %, to € 5 billion as of De-
cember 31, 2012.

Economic Capital Usage for Operational Risk by Business Division

2012 increase (decrease) from 2011
in € m. Dec 31, 2012 Dec 31, 2011 in € m. in %
Corporate Banking & Securities 2,049 2,710 (661) (24)
Global Transaction Banking 38 64 (26) (41)
Asset & Wealth Management 559 544 15 3
Private & Business Clients 227 239 (12) (5)
Non-Core Operations Unit 2,145 1,289 856 66
Total economic capital usage for operational risk 5,018 4,846 172 4

The increase is primarily due to higher industry operational risk loss experience, the integration of BHF-BANK
into our AMA model in the first quarter 2012, as well as a model refinement in the second quarter 2012. The
capital continues to include the safety margin applied in our AMA model, which was implemented in 2011 to
cover unforeseen legal risks from the current financial crisis.

At the beginning of 2012, the sub-allocation methodology within CB&S was changed and increased the capital
for the part that was later merged into NCOU.

Our Operational Risk Management Stress Testing Concept

We conduct stress testing on a regular basis and separate from our AMA methodology to analyze the impact of
extreme situations on our capital and the profit-and-loss account. In 2012, Operational Risk Management took
part in all firm-wide stress test scenarios and assessed and contributed the Operational Risk impact to the
various stress levels of the scenarios. The Operational Risk impact to stress test scenarios has been moderate
and remained in the expected range in regards to capital, but intense for simulated low-frequency high-impact
event hits to the Consolidated Statement of Income.

Our AMA Model Validation and Quality Assurance Review Concept

We independently validate all our AMA model components such as but not limited to scenario analysis, KRIs
and Self Assessments, Expected Loss and internal loss data individually. The results of the validation exercise
are summarized in validation reports and issues identified are followed up for resolution. This promotes en-

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hancement of the methodologies. The validation activities performed in 2012 showed that our AMA model
components are valid and regulatory compliant.

Quality Assurance Reviews are performed for management decisions as well as AMA components requiring
data input provided by business divisions and result in capital impact. The AMA components data and docu-
mentation is challenged and compared across business divisions to help us maintain consistency and adequa-
cy for any capital calculation.

Role of Corporate Insurance/Deukona

The definition of our insurance strategy and supporting insurance policy and guidelines is the responsibility of
our specialized unit Corporate Insurance/Deukona (CI/D). CI/D is responsible for our global corporate insur-
ance policy which is approved by our Management Board.

CI/D is responsible for acquiring insurance coverage and for negotiating contract terms and premiums. CI/D
also has a role in the allocation of insurance premiums to the businesses. CI/D specialists assist in devising the
method for reflecting insurance in the capital calculations and in arriving at parameters to reflect the regulatory
requirements. They validate the settings of insurance parameters used in the AMA model and provide respec-
tive updates. CI/D is actively involved in industry efforts to reflect the effect of insurance in the results of the
capital calculations.

We buy insurance in order to protect ourselves against unexpected and substantial unforeseeable losses. The
identification, definition of magnitude and estimation procedures used are based on the recognized insurance
terms of “common sense”, “state-of-the-art” and/or “benchmarking”. The maximum limit per insured risk takes
into account the reliability of the insurer and a cost/benefit ratio, especially in cases in which the insurance
market tries to reduce coverage by restricted/limited policy wordings and specific exclusions.

We maintain a number of captive insurance companies, both primary and re-insurance companies. However,
insurance contracts provided are only considered in the modeling/calculation of insurance-related reductions of
operational risk capital requirements where the risk is re-insured in the external insurance market.

The regulatory capital figure includes a deduction for insurance coverage amounting to € 474 million as of
December 31, 2012. Currently, no other risk transfer techniques beyond insurance are recognized in the
AMA model.

CI/D selects insurance partners in strict compliance with the regulatory requirements specified in the Solvency
Regulations and the Operational Risks Experts Group recommendation on the recognition of insurance in
advanced measurement approaches. The insurance portfolio, as well as CI/D activities, is audited by Group
Audit on a risk-based approach.

Liquidity Risk

Liquidity risk is the risk arising from our potential inability to meet all payment obligations when they come due
or only being able to meet these obligations at excessive costs.

Our liquidity risk management framework has been an important factor in maintaining adequate liquidity and in
managing our funding profile during 2012. As of year end 2012, Postbank’s liquidity risk management frame-
work is now integrated within that of the overall Deutsche Bank Group, and as such we no longer include a
separate discussion of Liquidity Risk at Postbank (see 2011 Financial Report/Risk Report). Postbank is there-
fore reflected within the following sections on a consistent basis with all other group entities.

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Liquidity Risk Management Framework

The Management Board defines our liquidity risk strategy, and in particular our tolerance for liquidity risk based
on recommendations made by Treasury and the Capital and Risk Committee. At least once every year the Man-
agement Board will review and approve the limits which are applied to the Group to measure and control liquidity
risk as well as our long-term funding and issuance plan.

Our Treasury function is responsible for the management of our liquidity and funding risk globally as defined in
the liquidity risk strategy. Our liquidity risk management framework is designed to identify, measure and manage
our liquidity risk position. Our overall liquidity and funding is being reported to the Management Board at least
weekly via a Liquidity Scorecard. Our liquidity risk management approach starts at the intraday level (operational
liquidity) managing the daily payments queue, forecasting cash flows and factoring in our access to Central
Banks. It then covers tactical liquidity risk management dealing with access to secured and unsecured funding
sources. Finally, the strategic perspective comprises the maturity profile of all assets and liabilities (Funding
Matrix) and our issuance strategy.

Our cash-flow based reporting system provides daily liquidity risk information to global and local management.

Stress testing and scenario analysis plays a central role in our liquidity risk management framework. This also
incorporates an assessment of asset liquidity, i.e., the characteristics of our asset inventory, under various stress
scenarios as well as contingent funding requirements from off-balance-sheet commitments. The monthly stress
testing results are used to calibrate our short-term wholesale funding profile limits (both unsecured and secured)
and thereby ensure we remain within the Board’s overall liquidity risk tolerance.

Short-term Liquidity and Wholesale Funding

Our group-wide reporting system tracks all contractual cash flows from wholesale funding sources on a daily
basis over a 12-month horizon. We consider as wholesale funding for this purpose unsecured liabilities raised
primarily by our Global Markets Finance business as well as secured liabilities primarily raised by our Global
Markets Finance and Equities businesses. Such liabilities primarily come from corporates, banks and other
financial institutions, governments and sovereigns. Wholesale funding profile limits, which are calibrated against
our stress testing results and are approved by the Management Board according to internal governance, ex-
press our maximum tolerance for liquidity risk. The wholesale funding limits apply to the respective cumulative
global cash outflows as well as the total volume of unsecured wholesale funding and are monitored on a daily
basis. Our Liquidity Reserves are the primary mitigant against stresses in short-term wholesale funding markets.
At an individual entity level we may set liquidity outflow limits across a broader range of cash flows where this is
considered to be meaningful or appropriate.

Funding Diversification
Diversification of our funding profile in terms of investor types, regions, products and instruments is an important
element of our liquidity risk management framework. Our most stable funding sources are capital markets and
equity, retail, and transaction banking clients. Other customer deposits and borrowing from wholesale clients are
additional sources of funding. Discretionary wholesale funding represents unsecured wholesale liabilities
sourced primarily by our Global Markets Finance business. Given the relatively short-term nature of these liabili-
ties, they are primarily used to fund cash and liquid trading assets.

To ensure the additional diversification of our refinancing activities, we hold a Pfandbrief license allowing us to
issue mortgage Pfandbriefe.

In 2012 we continued to focus on increasing our most stable funding components, and we have seen increases
of € 12.2 billion (4.4 %) and € 21.4 billion (12.4 %) from retail and transaction banking clients respectively. We
maintain access to short-term wholesale funding markets, on both a secured and unsecured basis.

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Discretionary wholesale funding comprises a range of unsecured products e.g. Certificates of Deposit (CDs),
Commercial Paper (CP) as well as term, call and overnight deposits across tenors primarily up to one year. In
addition, included within Financing Vehicles, is € 8.6 billion of asset-backed commercial paper (ABCP) issued
through conduits.

The overall volume of discretionary wholesale funding and secured funding fluctuated between reporting dates
based on our underlying business activities. Higher volumes, primarily in secured funding transactions, are
largely driven by increased client related securities financing activities as well as intra quarter growth in liquid
trading inventories. We reduced the volume of discretionary wholesale funding during the year by € 40.0 billion.
This reduction was a consequence of the increase in more stable funding sources combined with a decrease, on
a like for like basis, in Liquidity Reserves.

To avoid any unwanted reliance on these short-term funding sources, and to ensure a sound funding profile at
the short end, which complies with the defined risk tolerance, we have implemented limit structures (across
tenor) to these funding sources, which are derived from our stress testing analysis.

The following chart shows the composition of our external funding sources that contribute to the liquidity risk
position as of December 31, 2012 and December 31, 2011, both in EUR billion and as a percentage of our total
external funding sources.

Composition of external funding sources

In € bn.

300
291
279

225
213
202 194 202
193
173
150
133
109 110
93
75

18 23
0
18% 19% 26% 24% 18% 15% 10% 10% 8% 12% 18% 18% 2% 2%
Capital Markets Retail Transaction Other Discretionary Secured Funding Financing
and Equity Banking Customers1 Wholesale and Shorts Vehicles2

December 31, 2012: total € 1,101 billion

December 31, 2011: total € 1,133 billion
1Other includes fiduciary, self-funding structures (e.g. X-markets), margin / Prime Brokerage cash balances (shown on a net basis)
2Includes ABCP-Conduits.
Reference: Reconciliation to total balance sheet: Derivatives & settlement balances € 786 billion (€ 899 billion), add-back for netting effect for
Margin & Prime Brokerage cash balances (shown on a net basis) € 70 billion (€ 73 billion), other non-funding liabilities € 54 billion
(€ 59 billion) for December 31, 2012 and December 31, 2011 respectively; figures may not add up due to rounding.

The following table shows the contractual maturity of our short-term wholesale funding (comprising discretion-
ary wholesale funding plus asset-backed commercial paper), as well as our capital markets issuance (of which
33 % is to retail customers).

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Maturity of wholesale funding and capital markets issuance

Dec 31, 2012
Over 1 month Over 3 months Over 6 months Over 1 year
Not more but not more but not more but not more Sub-total less but not more
in € m. than 1 month than 3 months than 6 months than 1 year than 1 year than 2 years Over 2 years Total
Deposits from banks 24,627 5,820 2,542 870 33,859 25 214 34,098
Deposits from other customers 20,776 1,996 779 465 24,015 185 294 24,495
CDs and CP 9,978 14,880 5,329 3,625 33,812 283 183 34,277
ABCP 4,552 3,721 376 − 8,649 − − 8,649
Senior unsecured vanilla debt 1,972 4,921 5,101 4,489 16,483 6,929 37,419 60,832
Senior unsecured structured
debt 969 1,271 1,331 2,640 6,210 4,611 21,184 32,005
Covered bonds/ABS 1,501 1,120 − 11 2,631 3,555 25,316 31,502
Subordinated liabilities 2,180 4,704 1,750 1,262 9,898 1,069 11,940 22,906
Other 7 33 12 6 58 18 227 303
Total 1 66,563 38,465 17,220 13,368 135,616 16,675 96,777 249,068
Of which secured 6,053 4,841 376 11 11,281 3,555 25,316 40,152
Of which unsecured 60,509 33,625 16,844 13,357 124,335 13,120 71,461 208,917
1
Liabilities with call features are shown at earliest legally exercisable call date. No assumption is made as to whether such calls would be exercised.

The total volume (€ 135.6 billion) of maturing wholesale liabilities and capital markets issuance maturing within
one year should be viewed in the context of our total Liquidity Reserves of € 232.2 billion.

Funding Matrix
We map all funding-relevant assets and all liabilities into time buckets corresponding to their economic maturities
to compile a maturity profile (funding matrix). Given that trading assets are typically more liquid than their con-
tractual maturities suggest, we determine individual liquidity profiles reflecting their relative liquidity value. We
take assets and liabilities from the retail bank (mortgage loans and retail deposits) that show a behavior of
being renewed or prolonged regardless of capital market conditions and assign them to time buckets reflecting
the expected prolongation. Wholesale banking products are included with their contractual maturities.

The funding matrix identifies the excess or shortfall of assets over liabilities in each time bucket, facilitating
management of open liquidity exposures. The funding matrix analysis together with the strategic liquidity planning
process, which forecasts the funding supply and demand across business units, provides the key input param-
eter for our annual capital market issuance plan. Upon approval by the Management Board the capital market
issuance plan establishes issuing targets for securities by tenor, volume and instrument. As of the year-end
2012, we were long funded in each of the annual time buckets of the funding matrix (>1 year to >10 year).

Funding Markets and Capital Markets Issuance

Credit markets over 2012 continued to be marked by overall macro-economic developments and the eurozone
sovereign crisis. Our 5 year CDS traded within a range of 92 – 222 bps, peaking in July. Since then, the spread
has declined and as of year-end was trading close to its lows for the year. The spreads on our bonds exhibited
similar volatility. For example, our 5 year EUR benchmark (5.125 % coupon, maturing in August 2017) traded
in a range of 40 – 163 bps, also closing the year close to its lows.

Our 2012 funding plan of € 15.0 – 20.0 billion, comprising debt issuance with an original maturity in excess of
one year, was completed in early September and we concluded 2012 having raised € 17.9 billion in term fund-
ing. This funding was broadly spread across the following funding sources: unsecured benchmark issuance
(€ 3.1 billion), unsecured retail-targeted issuance (€ 5.9 billion), unsecured private placements (€ 6.8 billion)
and covered bond or Pfandbrief issuance (€ 2.0 billion). Of the € 17.9 billion total, the majority was in EUR
(€ 10.2 billion). We also issued € 6.2 billion in USD and smaller amounts in JPY and GBP. In addition to direct
issuance, we use long-term cross currency swaps to manage our funding needs outside of EUR. Our investor
base comprised retail customers (33 %), banks (25 %), asset managers and pension funds (15 %), insurance
companies (6 %) and other, including institutional investors (21 %). The geographical distribution was split
between Germany (28 %), Rest of Europe (31 %), US (21 %), Asia Pacific (16 %) and Other (4 %). Of our total

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capital markets issuance outstanding as of December 31, 2012, approximately 80 % was issued on an unse-
cured basis.

The average spread of our issuance over the relevant floating index (e.g., Libor) was 64 bps for the full year
with an average tenor of 4.2 years. Our issuance activities were evenly spread over the first three quarters with
volumes reducing in the fourth quarter as we completed our plan. We issued the following volumes over each
quarter: € 5.7 billion, € 4.8 billion, € 5.5 billion and € 1.9 billion, respectively.

In 2013, our funding plan is up to € 18.0 billion which we plan to cover by accessing the above four sources,
without being overly dependent on any one source. We also plan to raise a portion of this funding in USD and
may enter into cross currency swaps to manage any residual requirements. We have total capital markets
maturities, excluding legally exercisable calls of approximately € 24.0 billion in 2013.

For information regarding the maturity profile of our wholesale funding and capital markets issuance please
refer to the previous table.

Transfer Pricing
We operate a transfer pricing framework that applies to all businesses and ensures pricing of (i) assets in ac-
cordance with their underlying liquidity risk, (ii) liabilities in accordance with their funding maturity and (iii) con-
tingent liquidity exposures in accordance with the cost of providing for commensurate liquidity reserves to fund
unexpected cash requirements.

Within this transfer pricing framework we allocate funding and liquidity risk costs and benefits to the firm’s busi-
ness units and set financial incentives in line with the firm’s liquidity risk guidelines. Transfer prices are subject
to liquidity (term) premiums depending on market conditions. Liquidity premiums are set by Treasury and
picked up by a segregated liquidity account. The Treasury liquidity account is the aggregator of long-term liquidity
costs. The management and cost allocation of the liquidity account is the key variable for transfer pricing funding
costs within Deutsche Bank.

Liquidity Reserves
Liquidity Reserves comprise available cash and cash equivalents, highly liquid securities (includes government,
agency and government guaranteed) as well as other unencumbered central bank eligible assets. The volume
of the Liquidity Reserves is a function of the expected stress result, both at an aggregate level as well as at an
individual currency level. To the extent we receive incremental short-term wholesale liabilities which attract a
high stress roll-off, we will largely keep the proceeds of such liabilities in cash or highly liquid securities as a
stress mitigant. As such, the total volume of Liquidity Reserves will fluctuate according to the level of short-term
wholesale liabilities held, although this has no material impact on our overall liquidity position under stress.
Liquidity Reserves only include assets that are freely transferable within the group, or can be applied against
local entity stress outflows. These reserves are held across major currencies and key locations in which the
bank is active. The vast majority of our Liquidity Reserves are centrally held at our parent level or at our foreign
branches. Size and composition are subject to regular senior management review. The haircuts applied reflect
our assumption of the actual liquidity value that could be obtained, primarily through secured funding, and take
into account the experience observed in secured funding markets at times of stress.

The following table presents the composition of our Liquidity Reserves for the dates specified. As of Decem-
ber 31, 2012, Liquidity Reserves were € 232 billion (now including Postbank with € 26 billion following integra-
tion). The December 31, 2011 comparative amounts do not include Postbank. Excluding Postbank, we saw a
decrease in our Liquidity Reserves of € 16 billion. The primary driver of this was a reduction of € 40 billion in
our discretionary wholesale funding during the year, offset by growth in more stable funding sources. Excluding
Postbank, our average Liquidity Reserves during the year were € 211 billion.

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Composition of our liquidity reserves by parent company (including branches) and subsidiaries
Dec 31, 2012 Dec 31, 2011
in € bn. Carrying Value Liquidity Value Carrying Value
Available cash and cash equivalents (held primarily at central banks) 128 128 140 1
Parent (incl. foreign branches) 112 112 133
Subsidiaries 16 16 7
Highly liquid securities
(includes government, government guaranteed and agency securities) 91 82 65
Parent (incl. foreign branches) 56 52 56
Subsidiaries 35 30 9
Other unencumbered central bank eligible securities 13 10 18
Parent (incl. foreign branches) 12 9 18
Subsidiaries 1 1 0
Total liquidity reserves 232 220 223 1
Parent (incl. foreign branches) 180 173 207
Subsidiaries 52 47 16
1 Amounts previously disclosed for December 31, 2011 have been adjusted to include also liquidity reserves which cannot be freely transferred across the group,
but which are available to mitigate stress outflows in the entities in which they are held.

The above represents those assets that are unencumbered and which could most readily be used as a source
of liquidity over a short-term stress horizon. Carrying value represents market value of Liquidity Reserves.
Liquidity value represents the value we give to our Liquidity Reserves, post haircut, under our combined stress
scenario assumptions. For an analysis of the pledged assets on the balance sheet, please refer to Note 22
“Assets Pledged and Received as Collateral”.

Stress Testing and Scenario Analysis

We use stress testing and scenario analysis to evaluate the impact of sudden and severe stress events on our
liquidity position. The scenarios we apply have been based on historic events, such as the 1987 stock market
crash, the 1990 U.S. liquidity crunch and the September 2001 terrorist attacks, liquidity crisis case studies and
hypothetical events, as well as the lessons learned from the latest financial markets crisis.

They include the prolonged term money-market and secured funding freeze, collateral repudiation, reduced
fungibility of currencies, stranded syndications as well as other systemic knock-on effects. The scenario types
cover institution-specific events (e.g. rating downgrade), market related events (e.g. systemic market risk) as
well as a combination of both, which links a systemic market shock with a multi-notch rating downgrade. We
apply stress scenarios to selected significant currencies and entities. Those scenarios are subject to regular
reviews and reappraisal.

Under each of these scenarios we assume a high degree of rollovers of maturing loans to non-wholesale cus-
tomers (in order to support franchise value) whereas the rollover of liabilities will be partially or fully impaired
resulting in a funding gap. In this context wholesale funding from the most risk sensitive sources (including
unsecured funding from commercial banks, money market mutual funds, as well as asset backed commercial
paper) is assumed to contractually roll off in the acute phase of stress. In addition we analyze the potential
funding requirements from contingent risks which could materialize under stress. Those include drawings of
credit facilities, increased collateral requirements under derivative agreements as well as outflows from depos-
its with a contractual rating trigger. We then model the steps we would take to counterbalance the resulting net
shortfall in funding. Countermeasures would include our Liquidity Reserves, as well as potential further asset
liquidity from other unencumbered securities. Stress testing is conducted at a global and individual country
level and across significant non-eurozone currencies. We review stress-test assumptions at least annually and
have increased the severity of a number of these assumptions through the course of 2012.

Stress testing is fully integrated in our liquidity risk management framework. For this purpose we use the con-
tractual wholesale cash flows per currency and product over an eight-week horizon (which we consider the
most critical time span in a liquidity crisis) and apply the relevant stress case to all potential risk drivers from

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on balance sheet and off balance sheet products. Beyond the eight week time horizon we analyze on a
monthly basis the impact of a more prolonged stress period extending out to twelve months. The liquidity
stress testing provides the basis for the bank’s contingency funding plan which is approved by the Manage-
ment Board.

Our stress testing analysis assesses our ability to generate sufficient liquidity under extreme conditions and is
a key input when defining our target liquidity risk position. The analysis is performed monthly. The following
table shows stress testing results as of December 31, 2012. For each scenario, the table shows what our cu-
mulative funding gap would be over an eight-week horizon after occurrence of the triggering event, how much
counterbalancing liquidity we could generate via different sources as well as the resulting net liquidity position.

Stress Testing Results

Net Liquidity
in € bn. Funding Gap 1 Gap Closure 2 Position
Systemic market risk 39 217 178
Emerging markets 15 216 201
1 notch downgrade (DB specific) 45 222 177
Downgrade to A-2/P-2 (DB specific) 215 262 47
Combined 3 227 255 28
1 Funding gap caused by impaired rollover of liabilities and other projected outflows.
2 Based on liquidity generation through Liquidity Reserves (after haircuts) and other countermeasures.
3 Combined impact of systemic market risk and downgrade to A-2/P-2.

The table below presents the amount of additional collateral required in the event of a one- or two-notch down-
grade by rating agencies.

Additional Contractual Obligations

Dec 31, 2012
One-notch Two-notch
in € m.
downgrade downgrade
Contractual derivatives funding or margin requirements 3,593 6,912
Other contractual funding or margin requirements 544 1,080

With the increasing importance of liquidity management in the financial industry, we maintain an active dia-
logue with central banks, supervisors, rating agencies and market participants on liquidity risk-related topics.
We participate in a number of working groups regarding liquidity and support efforts to create industry-wide
standards to evaluate and manage liquidity risk at financial institutions. In addition to our internal liquidity man-
agement systems, the liquidity exposure of German banks is regulated by the Banking Act and regulations
issued by the BaFin.

Maturity Analysis of Assets and Financial Liabilities

Treasury manages the maturity analysis of assets and liabilities. Modeling of assets and liabilities is necessary
in cases where a product has no contractual maturity or the contractual maturity does not adequately reflect
the liquidity risk position. The most significant example in this context would be deposits from retail and trans-
action banking customers which generally have no contractual maturity, yet have consistently displayed high
stability throughout even the most severe financial crises.

The modeling profiles are part of the overall liquidity risk management framework (see section “Stress Test” for
short-term liquidity positions ≤1yr and section “Funding Matrix” for long-term liquidity positions >1yr) which is
defined and approved by the Management Board.

The following table presents a maturity analysis of our total assets based on carrying value and upon earliest
legally exercisable maturity as of December 31, 2012.

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Maturity analysis of the earliest contractual maturity of assets

Dec 31, 2012
On demand Over
to no more 3 months Sub-total Over 1 year Over 2 years
than but no more less but not more but no more
in € m. On demand 3 months than 1 year than 1 year than 2 years than 5 years Over 5 years Total
Cash and deposits with banks 136,491 8,726 1,955 147,173 22 65 173 147,433
Central bank funds sold − − − − − − − −
Securities purchased under resale
5,333 21,735 9,382 36,450 27 93 − 36,570
agreements
with banks 1,979 17,802 8,977 28,757 − 93 − 28,850
with customers 3,355 3,933 405 7,693 27 − − 7,720
Retail 18 − − 18 − − − 18
Corporates and other customers 3,337 3,933 405 7,675 27 − − 7,702
Securities borrowed 23,740 111 − 23,851 96 − − 23,947
with banks 2,760 39 − 2,800 − − − 2,800
with customers 20,980 71 − 21,051 96 − − 21,147
Retail 0 0 − 0 − − − 0
Corporates and other customers 20,980 71 − 21,051 96 − − 21,147
Financial assets at fair value through
1,032,422 125,654 13,202 1,171,279 4,831 10,227 14,545 1,200,881
profit or loss – trading
Trading assets 245,538 − − 245,538 − − − 245,538
Fixed-income securities and loans 171,106 − − 171,106 − − − 171,106
Equitites and other variable-income
65,457 − − 65,457 − − − 65,457
securities
Other trading assets 8,975 − − 8,975 − − − 8,975
Positive market values from derivative
768,315 − − 768,315 − − − 768,315
financial instruments
Financial assets designated at fair value
18,569 125,654 13,202 157,425 4,831 10,227 14,545 187,027
through profit or loss
Securites purchased under resale
10,256 107,589 5,798 123,643 880 339 126 124,987
agreements
Securities borrowed 8,166 15,373 4,765 28,304 − − − 28,304
Fixed-income securities and loans 146 2,687 1,363 4,196 2,890 6,665 9,418 23,169
Equities and other variable-income
− − 22 22 1,013 2,978 4,906 8,919
securities
Other financial assets designated at
− 5 1,255 1,261 47 245 95 1,648
fair value through profit or loss
Positive market values from derivative
financial instruments qualifying for − 58 233 291 285 2,201 5,594 8,370
hedge accounting
Financial assets available for sale 6 5,404 3,859 9,269 4,491 16,891 18,729 49,380
Fixed-income securities and loans 6 5,404 3,859 9,269 3,501 16,885 17,453 47,109
Equitites and other variable-income
− − − − 990 5 1,275 2,271
securities
Loans 29,414 58,129 37,940 125,483 26,769 64,749 180,277 397,279
to banks 1,996 6,968 6,205 15,169 2,957 6,755 2,239 27,120
to customers 27,419 51,161 31,735 110,314 23,813 57,994 178,038 370,158
Retail 5,194 12,688 8,075 25,957 7,396 19,603 129,379 182,335
Corporates and other customers 22,224 38,473 23,660 84,357 16,417 38,391 48,659 187,824
Other financial assets 100,815 751 321 101,887 2,619 162 1,365 106,033
Total financial assets 1,328,222 220,567 66,893 1,615,682 39,141 94,387 220,682 1,969,892
Other assets 20,471 − − 20,471 329 727 20,910 42,437
Total assets 1,348,693 220,567 66,893 1,636,153 39,469 95,114 241,593 2,012,329

The following table presents a maturity analysis of our financial liabilities, off-balance sheet loan commitments
and financial guarantees based upon an undiscounted cash flow analysis detailing the earliest contractual
maturity or first call for all financial liabilities as of December 31, 2012, and 2011.

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Maturity Analysis of the earliest contractual undiscounted cash flows of Financial Liabilities
Dec 31, 2012
Due between
Due within 3 and 12 Due between Due after
in € m. On demand 3 months months 1 and 5 years 5 years
Noninterest bearing deposits 143,920 − − − −
Interest bearing deposits 136,607 234,048 35,496 19,035 16,005
Trading liabilities 1 54,914 − − − −
Negative market values from derivative financial
instruments 1 752,706 − − − −
Financial liabilities designated at fair value
through profit or loss 56,277 79,238 6,741 4,864 5,309
Investment contract liabilities 2 − 53 788 1,225 5,666
Negative market values from derivative financial
instruments qualifying for hedge accounting 3 89 123 92 178 3,192
Central bank funds purchased 2,585 631 252 − −
Securities sold under repurchase agreements 22,950 8,796 1,230 − −
Securities loaned 3,110 40 − − 33
Other short-term borrowings 18,611 41,761 8,775 − −
Long-term debt 857 15,157 27,188 73,950 59,841
Trust preferred securities − 2,956 2,410 5,522 3,818
Other financial liabilities 132,620 4,262 235 584 114
Off-balance sheet loan commitments 94,006 − − − −
Financial guarantees 4,470 − − − −
Total 4 1,423,723 387,065 83,207 105,358 93,978
1 Trading liabilities and derivatives not qualifying for hedge accounting balances are recorded at fair value. We believe that this best represents the cash flow that
would have to be paid if these positions had to be closed out. Trading liabilities and derivatives not qualifying for hedge accounting balances are shown within “on
demand” which management believes most accurately reflects the short-term nature of trading activities. The contractual maturity of the instruments may however
extend over significantly longer periods.
2 These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value. See Note 39 “Insurance and Investment
Contracts” for more detail on these contracts.
3 Derivatives designated for hedge accounting are recorded at fair value and are shown in the time bucket at which the hedged relationship is expected to terminate.
4 The balances in the table do not agree to the numbers in our balance sheet as the cash flows included in the table are undiscounted. This analysis represents the
worst case scenario for us if we were required to repay all liabilities earlier than expected. We believe that the likelihood of such an event occurring is remote.

Dec 31, 2011

Due between
Due within 3 and 12 Due between Due after
in € m. On demand 3 months months 1 and 5 years 5 years
Noninterest bearing deposits 99,047 − − − −
Interest bearing deposits 163,620 277,462 30,600 21,736 16,008
Trading liabilities 1 63,886 − − − −
Negative market values from derivative financial
instruments 1 838,817 − − − −
Financial liabilities designated at fair value
through profit or loss 99,182 45,211 6,204 6,695 9,189
Investment contract liabilities 2 − 604 840 1,338 4,643
Negative market values from derivative financial
instruments qualifying for hedge accounting 3 452 135 11 1,018 3,170
Central bank funds purchased 2,866 2,050 − − −
Securities sold under repurchase agreements 24,781 4,975 1,022 − 19
Securities loaned 7,643 38 − − 451
Other short-term borrowings 48,879 15,471 1,330 − −
Long-term debt 3,608 9,691 26,100 83,610 68,256
Trust preferred securities − 167 3,163 5,966 6,359
Other financial liabilities 143,375 3,788 345 660 47
Off-balance sheet loan commitments 87,433 − − − −
Financial guarantees 23,684 − − − −
Total 4 1,607,273 359,592 69,615 121,025 108,142
1 Trading liabilities and derivatives not qualifying for hedge accounting balances are recorded at fair value. We believe that this best represents the cash flow that
would have to be paid if these positions had to be closed out. Trading liabilities and derivatives not qualifying for hedge accounting balances are shown within “on
demand” which management believes most accurately reflects the short-term nature of trading activities. The contractual maturity of the instruments may however
extend over significantly longer periods.
2 These are investment contracts where the policy terms and conditions result in their redemption value equalling fair value. See Note 39 “Insurance and Investment
Contracts” for more detail on these contracts.
3 Derivatives designated for hedge accounting are recorded at fair value and are shown in the time bucket at which the hedged relationship is expected to terminate.
4 The balances in the table do not agree to the numbers in our balance sheet as the cash flows included in the table are undiscounted. This analysis represents the
worst case scenario for us if we were required to repay all liabilities earlier than expected. We believe that the likelihood of such an event occurring is remote.

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Capital Management

Our Treasury function manages our capital at Group level and locally in each region. The allocation of financial
resources, in general, and capital, in particular, favors business portfolios with the highest positive impact on
our profitability and shareholder value. As a result, Treasury periodically reallocates capital among business
portfolios.

Treasury implements our capital strategy, which itself is developed by the Capital and Risk Committee and
approved by the Management Board, including the issuance and repurchase of shares. We are committed to
maintain our sound capitalization. Overall capital demand and supply are constantly monitored and adjusted, if
necessary, to meet the need for capital from various perspectives. These include book equity based on IFRS
accounting standards, regulatory capital and economic capital as well as specific capital requirements of rating
agencies.

Regional capital plans covering the capital needs of our branches and subsidiaries are prepared on an annual
basis and presented to the Group Investment Committee. Most of our subsidiaries are subject to legal and
regulatory capital requirements. Local Asset and Liability Committees attend to those needs under the
stewardship of regional Treasury teams. Local Asset and Liability Committees further safeguard compliance
with requirements such as restrictions on dividends allowable for remittance to Deutsche Bank AG or on the
ability of our subsidiaries to make loans or advances to the parent bank. In developing, implementing and
testing our capital and liquidity, we take such legal and regulatory requirements into account.

Our core currencies are euro, U.S. dollar and pound sterling. Treasury manages the sensitivity of our capital
ratios against swings in core currencies. The capital invested into our foreign subsidiaries and branches in non-
core currencies is largely hedged against foreign exchange swings, except for the Chinese yuan that we
currently do not hedge. Treasury determines which currencies are to be hedged, develops suitable hedging
strategies and finally executes these hedges.

Treasury is represented on the Investment Committee of the largest Deutsche Bank pension fund which sets
the investment guidelines. This representation ensures that pension assets are aligned with pension liabilities,
thus protecting our capital base.

Treasury constantly monitors the market for liability management trades. Such trades represent an anticyclical
opportunity to create Common Equity Tier 1 capital by buying back our issuances below par.

Since the first quarter 2012, we used a changed methodology for allocating average active equity to the
business segments and to Consolidation & Adjustments. The total amount allocated continues to be
determined based on the higher of our overall economic risk exposure or regulatory capital demand. However,
to reflect the further increased regulatory requirements under Basel 3, the internal demand for regulatory
capital was derived by assuming a Common Equity Tier 1 ratio of 9.0 % (previously, this was calculated based
on a Tier 1 capital ratio of 10 %). As a result, the amount of capital allocated to the segments has increased.
From 2013 onwards, it is envisaged that the internal demand for regulatory capital will be derived based on a
Common Equity Tier 1 ratio of 10 % at a Group level and assuming full implementation of Basel 3 rules, to
further align the allocation of capital with our communicated capital and return on equity targets.

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During the period from the 2011 Annual General Meeting (May 26, 2011) until the 2012 Annual General
Meeting (May 31, 2012), we repurchased 42.3 million of our common shares, thereof none via derivatives.
38.9 million of the shares repurchased were used for equity compensation purposes and 3.4 million shares
were used to increase our Treasury position for future equity compensation. We repurchased 14.9 million
shares from January 1, 2012 until May 31, 2012, none of which via derivatives. In addition, we purchased
13.9 million physically settled call options in 2012 to hedge existing equity compensation awards, of which
10.6 million call options had an initial maturity of more than 18 months. As of the 2012 Annual General Meeting,
the number of shares held in Treasury from buybacks totaled 10.9 million.

The 2012 Annual General Meeting granted our management board the authority to buy back up to 92.9 million
shares before November 30, 2016. Thereof 46.5 million shares can be purchased by using derivatives. These
authorizations replaced the authorizations of the 2011 Annual General Meeting. During the period from the
2012 Annual General Meeting until December 31, 2012, a total of 2.5 million shares were purchased, thereof
none via derivatives. In the same period 13.4 million shares were used for equity compensation purposes. The
number of shares held in Treasury from buybacks was less than 1 million as of December 31, 2012.

The 2012 Annual General Meeting further granted our Management Board the authority to create conditional
capital by issuing 90 million shares with a face value of € 230.4 million within the next five years. The total face
value of available conditional capital amounts to € 691.2 million (270 million shares). In addition, the authorized
capital available to the Management Board has a total face value of € 1.2 billion (450 million shares).

Total outstanding hybrid Tier 1 capital (substantially all noncumulative trust preferred securities) as of
December 31, 2012, amounted to € 12.5 billion compared to € 12.7 billion as of December 31, 2011. This
decrease was mainly due to the foreign exchange effects of the weaker U.S. dollar on the U.S. dollar
denominated hybrid Tier 1 capital. In 2012, we neither raised nor redeemed any hybrid Tier 1 capital.

In 2012, we did not issue any lower Tier 2 capital (qualified subordinated liabilities). Profit participation rights
amounted to € 1.1 billion as of December 31, 2012, compared to € 1.2 billion as of December 31, 2011. Total
lower Tier 2 capital as of December 31, 2012, amounted to € 8.0 billion compared to € 9.4 billion as of
December 31, 2011. Cumulative preferred securities amounted to € 0.3 billion as of December 31, 2012,
unchanged from December 31, 2011.

Capital management at Postbank has been integrated into our group-wide capital management process.

Capital Adequacy
Since 2008, we have calculated and published consolidated capital ratios for the Deutsche Bank group of
institutions pursuant to the Banking Act and the Solvency Regulation (“Solvabilitätsverordnung”), which imple-
mented the revised capital framework of the Basel Committee from 2004 (“Basel 2”) into German law. Starting
with December 31, 2011, the calculation of our capital ratios incorporates the amended capital requirements for
trading book and securitization positions pursuant to the “Basel 2.5” framework, as implemented by the Capital
Requirements Directive 3 and transposed into German law by the German Banking Act and the Solvency Reg-
ulation, representing the legal basis for our capital adequacy calculations also as of December 31, 2012.

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Although the pending Capital Requirements Directive 4 (“CRD 4”) legislation and the related Regulation on
prudential requirements for credit institutions and investment firms (“Capital Requirements Regulation”, short
“CRR”), implementing the “Basel 3” framework into European law, have not yet entered into force, we make
use of the terms from the Basel 3 framework in the following section and tables on capital adequacy and regu-
latory capital. Nevertheless the numbers disclosed are still based on the Basel 2.5 framework. This section
refers to the capital adequacy of the group of institutions consolidated for banking regulatory purposes that
does not include insurance companies or companies outside the finance sector. Our insurance companies are
included in an additional capital adequacy (also “solvency margin”) calculation under the Solvency Regulation
for Financial Conglomerates. Our solvency margin as a financial conglomerate remains dominated by our
banking activities.

In light of the regulations given above the following information are based on the regulatory principles of con-
solidation.

The Total regulatory capital pursuant to the effective regulations as of year-end 2012 consists of Tier 1, Tier 2
and Tier 3 capital. Tier 3 capital will no longer be allowed under the coming Basel 3 based regulations. Tier 1
capital consists of Common Equity Tier 1 capital (formerly referred to as Core Tier 1 capital) and Additional
Tier 1 capital. Common Equity Tier 1 capital consists primarily of common share capital including related share
premium accounts, retained earnings and other comprehensive income, adjusted by deduction of goodwill and
other intangible assets. Other regulatory adjustments entail the exclusion of capital from entities outside the
group of institutions and the reversal of capital effects under the fair value option on financial liabilities due to
own credit risk.

The following items must be deducted (according to Basel 2.5, half from Tier 1 and half from Tier 2 capital):
investments in unconsolidated banking, financial and insurance entities where a bank holds more than 10 % of
the capital (in case of insurance entities at least 20 % either of the capital or of the voting rights unless included
in the solvency margin calculation of the financial conglomerate), the amount by which the expected loss for
exposures to central governments, institutions and corporate and retail clients as measured under the bank’s
internal ratings based approach (“IRBA”) model exceeds the value adjustments and provisions for such expo-
sures, the expected losses for certain equity exposures, securitization positions not included in the risk-
weighted assets and the value of securities delivered to a counterparty plus any replacement cost to the extent
the required payments by the counterparty have not been made within five business days after delivery provid-
ed the transaction has been allocated to the bank’s trading book.

Additional Tier 1 capital consists of hybrid capital components such as noncumulative trust preferred securities.
Hybrid capital components that are not compliant with the coming Basel 3 requirements for such instruments
will be progressively phased out in their consideration for Additional Tier 1 capital under the coming
Basel 3-based regulations.

Tier 2 capital primarily comprises cumulative trust preferred securities, certain profit participation rights and
long-term subordinated debt, as well as 45 % of unrealized gains on certain listed securities. The amount of
long-term subordinated debt that may be included as Tier 2 capital is limited to 50 % of Tier 1 capital. Total
Tier 2 capital is limited to 100 % of Tier 1 capital.

The following table presents the Tier 1- and Tier 2- components of our Total regulatory capital (no Tier 3 capital
is included in our regulatory capital base) as well as our risk-weighted assets (comprising credit risk-, market
risk- and operational risk-exposure) and the respective capital ratios, excluding transitional items pursuant to
section 64h (3) German Banking Act:

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Regulatory Capital, RWA and Capital Ratios

in € m. Dec 31, 2012 Dec 31, 2011
Common Equity Tier 1 capital: instruments and reserves
Capital instruments and the related share premium accounts 26,098 25,252
Retained earnings (excluding interim profits) 28,961 25,987
Accumulated other comprehensive income (1,293) (1,981)
Noncontrolling interests 124 999
Independently reviewed interim profits net of any foreseeable charge or dividend (460) 3,435
Common Equity Tier 1 capital before regulatory adjustments 53,430 53,692

Common Equity Tier 1 capital: regulatory adjustments

Intangible assets (net of related tax liability) (11,579) (12,909)
Negative amounts resulting from the calculation of expected loss amounts (440) −
Gains or losses on liabilities designated at fair value resulting from changes in own credit standing (2) (128)
Direct holdings by an institution of own Common Equity Tier 1 capital instruments 1 − −
Direct holdings by the institution of the Common Equity Tier 1 capital instruments of relevant entities where the
institution has a significant investment in those entities (1,493) (1,332)
Exposure amount of the following items which qualify for a RW of 1250 %, where the institution opts for the
deduction alternative (953) (3,372)
of which: securitization positions (953) (2,863)
of which: free deliveries − −
Other, including consolidation and regulatory adjustments (748) (486)
Regulatory adjustments relating to unrealized gains and losses (259) 847
Amount to be deducted from or added to Common Equity Tier 1 capital with regard to additional filters and
deductions required pre CRR − −
Total regulatory adjustments to Common Equity Tier 1 capital (15,473) (17,379)
Common Equity Tier 1 capital 37,957 36,313

Additional Tier 1 capital: instruments

Capital instruments and the related share premium accounts 13,025 12,734
Additional Tier 1 capital before regulatory adjustments 13,025 −

Additional Tier 1 capital: regulatory adjustments

Direct holdings by an institution of own Additional Tier 1 capital instruments (499) −
Additional Tier 1 capital 12,526 12,734
Tier 1 capital2 50,483 49,047

Tier 2 capital: instruments and provisions

Capital instruments and the related share premium accounts 11,852 10,883
Tier 2 capital before regulatory adjustments 11,852 10,883

Tier 2 capital: regulatory adjustments

Direct holdings by an institution of own Tier 2 capital instruments and subordinated loans (152) −
Amortization (2,283) −
Items to be partly deducted from Tier 2 capital pursuant to Section 10 (6) and (6a) KWG (2,885) (4,703)
Tier 2 capital 6,532 6,179
Total Regulatory capital 57,015 55,226

Total risk-weighted assets 333,605 381,246

Credit risk 228,952 262,460
Market risk 53,058 68,091
Operational risk 51,595 50,695
Capital ratios and buffers
Common Equity Tier 1 capital (as a percentage of risk-weighted assets) 11.4 9.5
Tier 1 capital (as a percentage of risk-weighted assets) 15.1 12.9
Total Regulatory capital (as a percentage of risk-weighted assets) 17.1 14.5
1
Excludes Holdings that are already considered in the accounting base of Common Equity.
2
Included € 20 million silent participation as of December 31, 2012 and December 31, 2011.

The following table details the main changes in our Common Equity Tier 1 (formerly: Core Tier 1) capital, Addi-
tional Tier 1 and Tier 2 capital from the beginning to the end of the years 2012 and 2011:

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Development of regulatory capital

in € m. Dec 31, 2012 Dec 31, 2011
Common Equity Tier 1 Capital 37,957 36,313
Opening amount 36,313 29,972
Common shares, net effect/(+) issued (–) retirement − −
Additional paid-in capital 83 181
Retained earnings (232) 4,834
Therein: Actuarial gains (losses) rel. to defined benefit plans, net of tax/CTA (452) 666
Therein: Net income attributable to Deutsche Bank Shareholders 237 4,132
Common shares in treasury, net effect/(+) sales (–) purchase 763 (373)
Movements in accumulated other comprehensive income (423) 1,166
Foreign currency translation, net of tax (423) 1,166
Dividend accrual (697) (697)
Removal of gains/losses resulting from changes in own credit standing in liabilities designated at fair
value (net of tax) 126 (76)
Goodwill and other intangible assets (deduction net of related tax liability) 1,330 (518)
Noncontrolling interest (875) 72
Deductible investments in banking, financial and insurance entities (161) (381)
Securitization positions not included in risk-weighted assets 1,911 1,987
Excess of expected losses over risk provisions 69 (81)
Other, including regulatory adjustments (250) 227
Closing amount 37,957 36,313
Additional Tier 1 Capital 12,526 12,734
Opening amount 12,734 12,593
New Additional Tier 1 eligible capital issues − −
Buybacks − −
Other, including regulatory adjustments (208) 141
Closing amount 12,526 12,734
Tier 1 capital 50,483 49,047
Tier 2 capital: 6,532 6,179
Opening amount 6,179 6,123
New Tier 2 eligible capital issues − −
Buybacks (179) (251)
Amortization (1,071) (747)
Other, including regulatory adjustments 1,603 1,054
Closing amount 6,532 6,179
Total Regulatory capital 57,015 55,226

The increase of € 1.6 billion in Common Equity Tier 1 capital in the year 2012 was primarily the result of a
€ 1.9 billion reduction of the capital deduction item for securitization positions not included in risk-weighted
assets. Another positive impact of € 0.8 billion resulted from the reduced position of Common shares in treas-
ury, partially offset by a negative impact of € 0.4 billion from foreign currency translation. The positive change of
€ 1.3 billion shown under the deduction-item “Goodwill and other intangible assets” is primarily the result of
Common Equity Tier 1 capital-neutral impairments in the fourth quarter of 2012 which are offset by correspond-
ing effects in our Retained earnings.

Common shares consist of Deutsche Bank AG’s common shares issued in registered form without par value.
Under German law, each share represents an equal stake in the subscribed capital. Therefore, each share has
a nominal value of € 2.56, derived by dividing the total amount of share capital by the number of shares. As of
December 31, 2012, 929,499,640 shares were issued and fully paid, of which we held 315,742 shares, leaving
929,183,898 shares outstanding. There are no issued ordinary shares that have not been fully paid. Related
share premium is included in additional paid-in capital.

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The following two tables present specific disclosures in relation to Pillar 3. Per regulation it is not required to
audit Pillar 3 disclosures.

Terms and Conditions of outstanding Additional Tier 1 Capital Instruments (unaudited)

Step-up clauses or
other early
Amount redemption-
Issuer in m. Currency Interest payment obligations Termination right of Issuer incentives
DB Capital Trust I 318 USD • Until March 30, 2009: Since March 30, 2009 and on yes, see interest
3-Month LIBOR plus 1.7 % March 30 of each fifth year payment
From March 30, 2009: 5-Year thereafter with period of 90 days. obligations
U.S. Dollar Swap Rate plus 2.7 %
DB Capital Trust II 20,000 JPY • Until April 27, 2029: 5.2 % p.a. At the earliest April 27, 2029 yes, see interest
From April 27, 2029: 5-Year with period of 90 days. payment
Japanese Yen Swap Rate plus obligations
1.62 %
DB Capital Trust III 113 USD • Until June 30, 2014: 3-Month At the earliest June 30, 2014 yes, see interest
LIBOR plus 1.9 % with period of 90 days. payment
From June 30, 2014: 5-Year U.S. obligations
Dollar Swap Rate plus 2.9 %
DB Capital Trust IV 153 USD • Until June 30, 2011: 3-Month Since June 30, 2011: on June 30 yes, see interest
LIBOR plus 1.8 % of each fifth year thereafter payment
From June 30, 2011: 5-Year U.S. with period of 90 days. obligations
Dollar Swap Rate plus 2.8 %
DB Capital Trust V 147 USD • Until June 30, 2010: 3-Month Since June 30, 2010: on June 30 yes, see interest
LIBOR plus 1.8 % of each fifth year thereafter payment
From June 30, 2010: 5-Year U.S. with period of 90 days. obligations
Dollar Swap Rate plus 2.8 %
DB Capital Funding Trust I 625 USD • Until June 30, 2009: 7.872 % p.a. Since June 30, 2009: every yes, see interest
From June 30, 2009: 3-Month 3 months thereafter with period payment
LIBOR plus 2.97 % of 30 days. obligations
DB Capital Funding 1,000 EUR • Until September 19, 2013: At the earliest September 19, yes, see interest
Trust IV 5.33 % p.a. 2013 payment
From September 19, 2013: with period of 30 days. obligations
3-Month EURIBOR plus 1.99 %
DB Capital Funding Trust V 300 EUR • 6.15 % p.a. Since December 2, 2009: none
every 3 months thereafter
with period of 30 days.
DB Capital Funding 900 EUR • Until January 28, 2010: 6 % p.a. Since January 28, 2010: on none
Trust VI From January 28, 2010: Four January 28 of each year
times the difference between thereafter with period of
10-Year- and 2-Year-CMS-Rate, 30 days.
capped at 10 % and floored at
3.5 %
DB Capital Funding 800 USD • Until January 19, 2016: At the earliest January 19, 2016 yes, see interest
Trust VII 5.628 % p.a. with period of 30 days. payment
From January 19, 2016: obligations
5.628 % p.a. plus 100 bps
DB Capital Funding 600 USD • 6.375 % p.a. Since October 18, 2011: every none
Trust VIII 3 months thereafter with period
of 30 days.
DB Capital Funding Trust IX 1,150 USD • 6.625 % p.a. Since August 20, 2012 none
with period of 30 days.
DB Capital Funding Trust X 805 USD • 7.350 % p.a. Since December 15, 2012 none
with period of 30 days.
DB Capital Funding Trust XI 1,300 EUR • 9.5 % p.a. At the earliest March 31, 2015 none
with period of 30 days.
DB Contingent Capital 800 USD • 6.55 % p.a. At the earliest May 23, 2017 none
Trust II with period of 30 days.
DB Contingent Capital 1,975 USD • 7.6 % p.a. At the earliest February 20, 2018 none
Trust III with period of 30 days.
DB Contingent Capital 1,000 EUR • 8.0 % p.a. At the earliest May 15, 2018 none
Trust IV with period of 30 days.
DB Contingent Capital 1,385 USD • 8.05 % p.a. At the earliest June 30, 2018 none
Trust V with period of 30 days.
Deutsche Postbank 300 EUR • Until December 2, 2005: Since December 2, 2010 none
Funding Trust I 6 % p.a. at each subsequent coupon date.
From December 2, 2005:
10-Year EUR Swap Rate plus
0.025 %, max. 8 %

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Step-up clauses or
other early
Amount redemption-
Issuer in m. Currency Interest payment obligations Termination right of Issuer incentives
Deutsche Postbank 500 EUR • Until December 23, 2009: Since December 23, 2009 none
Funding Trust II 6 % p.a. at each subsequent coupon date.
From December 23, 2009:
Four times difference between
10-Year and 2-Year CMS-Rate,
with min. CMS-Rate 3.75 % and
max. CMS-Rate 10 %
Deutsche Postbank 300 EUR • Until June 7, 2008: 7 % p.a. Since June 7, 2011 none
Funding Trust III From June 7, 2008: 10-Year at each subsequent coupon date.
EUR Swap Rate plus 0.125 %,
max. 8 %
Deutsche Postbank 500 EUR • Until June 29, 2017: 5.983 % p.a. At the earliest June 29, 2017 yes, see interest
Funding Trust IV From June 29, 2017: 3-Month at each subsequent coupon date. payment
EURIBOR plus 2.07 % obligations
Deutsche Postbank AG 10 EUR • 8.15 % p.a. Fixed maturity December 31, none
– silent participation 2018
Deutsche Postbank AG 10 EUR • 8.15 % p.a. Fixed maturity December 31, none
– silent participation 2018

Of the € 12.5 billion Additional Tier 1 capital € 8.8 billion have no step-up clauses or other early redemption-
incentives. No instrument has the option to be converted into ordinary shares. All Additional Tier 1 capital in-
struments qualify as Tier 1 capital according to Section 64m (1) KWG. In the event of the initiation of insolvency
proceedings or of liquidation, they will not be repaid until all creditors have been satisfied.

Our Tier 2 capital instruments qualify as regulatory capital according to Section 10 (5) and (5a) KWG, except
for the profit participation rights issued by Deutsche Postbank AG which all were issued before Decem-
ber 31, 2010 and qualify as Tier 2 capital according to Section 64m (1) KWG. Accordingly, all Tier 2 capital
instruments have a minimum original maturity of 5 years. The majority of the volume of our Tier 2 instruments,
however, has an original maturity of 10 years or more and call rights for the issuer after 5 years or more. In the
last two years before the maturity of an instrument only 40 % of the paid-in capital qualifies as regulatory capi-
tal.

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The several hundred individual Tier 2 capital instruments can be clustered as follows:

Terms and Conditions of the outstanding Tier 2 Capital Instruments (unaudited)

Maturity Notional Type of Tier 2 capital Interest payment

Issuer (year) in € m. Currency instrument Early redemption-option obligations
Deutsche Bank Capital perpetual 300 EUR Cumulative Trust preferred At the earliest on June 27, Fixed interest rate during
Finance Trust I securities 2015 and thereafter on each first five periods of interest
yearly coupon-payment date payments at 7 % p.a.,
(June 27) with period of 30 thereafter ten times the
days. difference between 10 year-
and 2 year-CMS-Rate,
capped at 10 year-CMS
and floored at 1.75 %
Deutsche Postbank AG 2014 100 EUR Profit Participation Rights No 6.00 % (fix) – 6.26 % (fix)
Deutsche Postbank AG 2015 197 EUR Profit Participation Rights No 5.13 % (fix) – 5.65 % (fix)
Deutsche Postbank AG 2016 676 EUR Profit Participation Rights No 4.40 % (fix) – 4.72 % (fix)
Deutsche Postbank AG 2017 21 EUR Profit Participation Rights No 5.12 % (fix)
Deutsche Postbank AG 2018 91 EUR Profit Participation Rights No 5.14 % (fix) – 5.53 % (fix)
Deutsche Postbank AG 2020 14 EUR Profit Participation Rights No 5.10 % (fix)
Deutsche Postbank AG 2021 24 EUR Profit Participation Rights No 4.53 % (fix) – 4.73 % (fix)
Deutsche Postbank AG 2023 10 EUR Profit Participation Rights No 5.50 % (fix)
Deutsche Postbank AG 2027 20 EUR Profit Participation Rights No 5.25 % (fix)
Bankers Trust 2015 141 USD Subordinated Liabilities No 7.50 % (fix)
Corporation - New York
BHF-BANK AG 2015 50 EUR Subordinated Liabilities No 4.46 % (fix)
BHF-BANK AG 2019 50 EUR Subordinated Liabilities No 4.80 % (fix)
BHF-BANK AG 2020 57 EUR Subordinated Liabilities no 4.59 % (fix) – 4.63 % (fix)
BHF-BANK AG 2025 47 EUR Subordinated Liabilities no 4.75 % (fix)
Deutsche Bank AG 2013 1,175 EUR Subordinated Liabilities no 5.10 % (fix) – 5.98 % (fix)
Deutsche Bank AG 2013 6,000 JPY Subordinated Liabilities no 1.07 % (var.)
Deutsche Bank AG 2014 245 AUD Subordinated Liabilities Early redemption at the 5.36 % (var.)
issuer’s option since 2009 at
each coupon-date
Deutsche Bank AG 2014 1,081 EUR Subordinated Liabilities 1,061 mn.: Early redemption 1.09 % (var.) – 4.16 % (fix)
at the issuer’s option since
2009 at each coupon-date
Deutsche Bank AG 2014 3,000 JPY Subordinated Liabilities Early redemption at the 0.94 % (var.)
issuer’s option since 2009 at
each coupon-date
Deutsche Bank AG 2014 214 NZD Subordinated Liabilities Early redemption at the 3.56 % (var.)
issuer’s option since 2009 at
each coupon-date
Deutsche Bank AG 2015 710 EUR Subordinated Liabilities Early redemption at the 0.88 % (var.) – 1.02 % (var.)
issuer’s option since 2010 at
each coupon-date
Deutsche Bank AG 2015 190 GBP Subordinated Liabilities Early redemption at the 1.41 % (var.)
issuer’s option since 2010 at
each coupon-date
Deutsche Bank AG 2015 335 USD Subordinated Liabilities Early redemption at the 1.11 % (var.)
issuer’s option since 2010 at
each coupon-date
Deutsche Bank AG 2016 220 CAD Subordinated Liabilities Early redemption at the 2.03 % (var.)
issuer’s option since 2011
Deutsche Bank AG 2016 442 EUR Subordinated Liabilities Early redemption at the 0.98 % (var.)
issuer’s option since 2011
Deutsche Bank AG 2017 509 EUR Subordinated Liabilities 489 mn.: Early redemption at 0.95 % (var.) – 5.82 % (fix)
the issuer’s option since 2012
Deutsche Bank AG 2018 100 EUR Subordinated Liabilities 10 mn.: Early redemption at 5.50 % (fix) – 6.50 % (var.)
the issuer’s option in 2013
Deutsche Bank AG 2019 249 EUR Subordinated Liabilities 238 mn.: Early redemption at 5.00 % (fix) – 6.00 % (fix)
the issuer’s option in 2014
Deutsche Bank AG 2020 1,235 EUR Subordinated Liabilities 85 mn.: Early redemption at 4.00 % (var.) – 5.00 % (fix)
the issuer’s option in 2015

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Maturity Notional Type of Tier 2 capital Interest payment

Issuer (year) in € m. Currency instrument Early redemption-option obligations
Deutsche Bank AG 2024 20 EUR Subordinated Liabilities no 5.10 % (fix)

Deutsche Bank AG 2033 5 EUR Subordinated Liabilities Early redemption at the 6.30 % (fix)
issuer’s option in 2013
Deutsche Bank AG 2035 50 EUR Subordinated Liabilities Early redemption at the 3.00 % (var.)
issuer’s option since 2010 at
each coupon-date
Deutsche Bank Financial 2015 778 USD Subordinated Liabilities No 5.38 % (fix)
Inc.
Deutsche Bank S.A.E., 2013 41 EUR Subordinated Liabilities No 3.72 % (var.)
Barcelona
Deutsche Bank S.A.E., 2014 40 EUR Subordinated Liabilities No 5.72 % (var.)
Barcelona
Deutsche Bank S.p.A., 2018 500 EUR Subordinated Liabilities Early redemption at the 0.22 % (var.)
Mailand issuer’s option in 2013
Deutsche Bank Morgan perpetual 6 USD Subordinated Liabilities Early redemption at the 1.00 % (var.)
Grenfell Group PLC issuer’s option since 1991 at
each coupon-date with
minimum period of 30 days
BHW Bausparkasse 2013 91 EUR Subordinated Liabilities no 4.90 % (fix) – 5.80 % (fix)
BHW Bausparkasse 2014 55 EUR Subordinated Liabilities no 2.56 % (var.) – 5.60 % (fix)
BHW Bausparkasse 2017 5 EUR Subordinated Liabilities no 5.69 % (fix)
BHW Bausparkasse 2018 6 EUR Subordinated Liabilities no 6.08 % (fix)
BHW Bausparkasse 2019 48 EUR Subordinated Liabilities no 4.27 % (fix) – 5.83 % (fix)
BHW Bausparkasse 2023 40 EUR Subordinated Liabilities no 5.45 % (fix) – 6.13 % (fix)
BHW Bausparkasse 2024 10 EUR Subordinated Liabilities no 5.64 % (fix)
Deutsche Postbank AG 2013 227 EUR Subordinated Liabilities no 4.78 % (fix) – 6.00 % (fix)
Deutsche Postbank AG 2014 83 EUR Subordinated Liabilities no 4.50 % (fix) – 6.00 % (fix)
Deutsche Postbank AG 2015 508 EUR Subordinated Liabilities 500 mn.: Early redemption at 1.00 % (var.) – 5.50 % (fix)
the issuer’s option since 2011
at each coupon-date
Deutsche Postbank AG 2016 30 EUR Subordinated Liabilities no 4.92 % (fix) – 5.01 % (fix)
Deutsche Postbank AG 2017 60 EUR Subordinated Liabilities no 5.21 % (fix) – 5.83 % (fix)
Deutsche Postbank AG 2018 313 EUR Subordinated Liabilities no 5.19 % (fix) – 6.63 % (fix)
Deutsche Postbank AG 2019 65 EUR Subordinated Liabilities no 5.14 % (fix) – 5.46 % (fix)
Deutsche Postbank AG 2022 15 EUR Subordinated Liabilities no 4.63 % (fix)
Deutsche Postbank AG 2023 98 EUR Subordinated Liabilities no 5.60 % (fix) – 6.01 % (fix)
Deutsche Postbank AG 2024 43 EUR Subordinated Liabilities no 5.15 % (fix) – 5.45 % (fix)
Deutsche Postbank AG 2027 13 EUR Subordinated Liabilities no 6.50 % (fix)
Deutsche Postbank AG 2036 24,000 JPY Subordinated Liabilities no 2.76 % (fix) – 2.84 % (fix)

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Reconciliation of shareholders’ equity to regulatory capital

in € m. Dec 31, 2012 Dec 31, 2011
Total shareholders’ equity per accounting balance sheet 54,003 53,390
Common shares 2,380 2,380
Additional paid-in capital 23,778 23,695
Retained earnings 29,198 30,119
Therein: Actuarial gains (losses) rel. to defined benefit plans, net of tax/CTA 198 650
Therein: Net income attributable to Deutsche Bank Shareholders 237 4,132
Common shares in treasury, at cost (60) (823)
Equity classified as obligation to purchase common shares − −
Accumulated other comprehensive income, net of tax (1,293) (1,981)

Prudential filters (261) 719

Own credit spread of liabilities designated at fair value (2) (128)
Unrealized gains and losses (259) 847

Regulatory adjustments to accounting basis (15,785) (17,796)

Dividend accrual (697) (697)
Goodwill (8,583) (10,156)
Per balance sheet (9,297) (10,973)
Goodwill from at-equity investments (30) (29)
Goodwill relating to non-regulatory consolidation circle 745 846
Intangibles (2,996) (2,753)
Per balance sheet (4,922) (4,829)
Deferred tax liability 583 676
Intangibles relating to non-regulatory consolidation circle 1,343 1,399
Noncontrolling interests 124 999
Per balance sheet 407 1,270
Noncontrolling interests relating to non-regulatory consolidation circle (283) (271)
Securitization positions (953) (2,863)
Shortfall of provisions to expected loss (440) (508)
Free-deliveries outstanding − −
Significant investments in the capital of financial sector entities (1,493) (1,332)
Other, including consolidation and regulatory adjustments (748) (486)

Common Equity Tier 1 capital 37,957 36,313

Additional Tier 1 capital 12,526 12,734

Hybrid capital securities 12,526 12,734
Per balance sheet 12,091 12,344
Regulatory adjustments 435 390
Deductions from Additional Tier 1 capital − −

Tier 1 capital 50,483 49,047

− −
Tier 2 capital 6,532 6,179
Subordinated debt 9,362 10,813
Per balance sheet 11,282 12,083
Amortization (2,283) (1,213)
Regulatory adjustments 364 (57)
Deductions from Tier 2 capital (2,885) (4,703)
Other 55 70

Total Regulatory capital 57,015 55,226

Regulatory Capital Requirements

Under the Basel framework, overall capital requirements have to be calculated and compared with the regula-
tory capital described above. The overall capital requirements are frequently expressed in risk-weighted asset
terms whereby total capital requirements are 8 % of risk-weighted assets. The information presented below is
based on the regulatory principles of consolidation.

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Since December 31, 2011, the calculation of our RWAs and capital ratios has incorporated the amended capi-
tal requirements for trading book and securitization positions pursuant to the “Basel 2.5” framework, as imple-
mented by the Capital Requirements Directive 3 and transposed into German law by the German Banking Act
and the Solvency Regulation.

The Basel 2.5 framework introduced the model based risk measures stressed value-at-risk, incremental risk
charge and comprehensive risk within market risk for banks applying an internal model approach:

— Stressed Value-at-Risk: calculates a stressed value-at-risk measure based on a continuous one year peri-
od of significant market stress.
— Incremental Risk Charge (“IRC”): captures default and migration risks in addition to the risks already cap-
tured in value-at-risk for credit-sensitive positions in the trading book.
— Comprehensive Risk Measure (“CRM”): captures incremental risk for the credit correlation trading portfolio
calculated using an internal model subject to qualitative minimum requirements as well as stress testing
requirements. The CRM must be calculated weekly and is determined as the higher of the latest weekly
CRM charge from the model, the twelve weeks average CRM charge, and the MRSA charge for the credit
correlation portfolio, the so-called CRM Floor.

In addition, Basel 2.5 regulations require as part of the market risk capital charge the calculation of the specific
market risk of securitization trading positions and nth-to-default credit derivatives, which are not eligible for the
comprehensive risk measure, based on the market risk standardized approach.

Against this background, we calculate our RWA based on the following approaches:

In December 2007 the BaFin approved the use of the advanced IRBA for the majority of our counterparty credit
risk positions which excludes the exposures consolidated from Postbank. Additional advanced IRBA-related
BaFin approvals have been obtained during the period 2008 to 2012. The advanced IRBA constitutes the most
sophisticated approach available under the Basel regime. Postbank has BaFin approval for the IRBA to be
applied to the retail business, which is assigned to the advanced IRBA for consolidation on Group level, and
the foundation IRBA for a significant portion of the other counterparty credit risk exposures.

The remaining IRBA eligible exposures are covered within the standardized approach either temporarily (where
we are seeking regulatory approval for some remaining small portfolios) or permanently (where exposures are
treated under the standardized approach in accordance with Section 70 SolvV). More details on this topic are
provided in the Section “Counterparty Credit Risk: Regulatory Assessment”.

The capital requirement for securitization positions is calculated substantially using the IRBA approach; only
minor exposures are captured under the standardized approach. The introduction of Basel 2.5 requires identi-
fying re-securitization positions in the banking and trading book which receive an increased risk-weighting and
result in higher capital charges for credit risk and market risk, respectively. More details on the treatment of
securitization positions can be found in the Section “Securitization”.

For equity investments entered into before January 1, 2008, we use the transitional arrangement to exempt
these positions from an IRBA treatment and apply the grandfathering rule, using a 100 % risk weighting. For
investments in equity positions entered into since January 1, 2008, we apply the simple risk weight approach
within the IRBA for our exposures. For more details regarding equity investments please refer to the Sections
“Nontrading Market Risk – Investment Risk” and “Nontrading Market Risk – Equity Investments Held”.

The calculation of regulatory market risk capital requirements is generally based on an internal value-at-risk
model, which was approved by the BaFin in October 1998 for our market risk exposures. In December 2011
we received model approvals from BaFin for the stressed value-at-risk, incremental risk charge and compre-
hensive risk measure. Our regulatory capital calculation for the specific interest rate risk of trading book securit-
izations and nth-to-default credit derivatives which are not eligible for the comprehensive risk measure is based

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on the market risk standardized approach. Further market risk positions covered under the standardized ap-
proach include for example exposures in relation to Postbank. More details on the aforementioned internal
models are provided in the Section “Trading Market Risk”.

In December 2007, we obtained approval to apply the advanced measurement approach (“AMA”) to determine
our regulatory operational risk capital requirements, the approval does not apply to Postbank. Details on the
respective AMA model are given in the Section “Operational Risk”. As of December 31, 2010, Postbank also
obtained the approval to apply the advanced measurement approach. Capital requirements for operational risk
are still displayed for the Group excluding Postbank, and separately for Postbank as we are waiting for regula-
tory approval to integrate Postbank into our regulatory capital calculation.

Risk-weighted Assets by Model Approach and Business Division

Dec 31, 2012
Consolidation &
Corporate Ban- Global Trans- Asset & Wealth Private & Non-Core Adjustments
in € m. king & Securities action Bank Management Business Clients Operations Unit and Other Total
Credit Risk 70,590 26,398 6,134 67,511 40,329 18,235 229,196
Advanced IRBA 63,727 18,464 2,823 38,637 19,501 573 143,725
Central Governments 2,440 818 11 76 266 151 3,762
Institutions 5,686 1,607 93 200 1,333 27 8,946
Corporates 49,258 15,610 2,589 2,796 10,999 395 81,646
Retail 217 20 130 34,529 1,150 0 36,046
Other 6,125 409 1 1,037 5,753 0 13,325
Foundation IRBA − − − 8,726 1,813 − 10,539
Central Governments − − − 32 2 − 35
Institutions − − − 2,217 939 − 3,156
Corporates − − − 6,477 872 − 7,349
Retail − − − − − − −
Other − − − − − − 0
Other IRBA 2,487 261 455 9,042 8,027 2,321 22,592
Central Governments − − − − − − −
Institutions − − − − − − −
Corporates 1,341 240 − 5,574 3,802 − 10,957
Retail − − − − − − −
Other 1,146 20 455 3,467 4,225 2,321 11,635
Standardized Approach 4,376 7,673 2,856 11,105 10,988 15,340 52,340
Central Governments 2 68 0 87 222 1 379
Institutions 13 16 9 112 77 3 230
Corporates 3,070 7,125 1,038 2,733 4,273 401 18,640
Retail 16 392 134 5,991 2,758 1 9,292
Other 1,275 73 1,675 2,183 3,658 14,935 23,799
Market Risk 35,656 365 1,166 360 15,512 − 53,058
Internal Model Approach 31,280 365 1,166 − 13,761 − 46,571
Standardized Approach 4,376 − − 360 1,751 − 6,487
Operational Risk 19,221 331 4,904 4,530 22,609 − 51,595
Advanced measurement
approach 19,221 331 4,904 4,530 22,609 − 51,595
Total 124,939 27,093 12,451 72,695 80,295 16,377 333,849

Within credit risk, the line item “Other” in Advanced IRBA predominately reflects RWA from securitization posi-
tions in the banking book. The Other IRBA mainly contains equity positions as well as non-credit obligation
assets in the category “Other”. Within the Standardized Approach, about half of the line item “Other” includes
RWAs from banking book securitizations with the remainder being exposures assigned to the further exposure
classes in the Standardized Approach apart from central governments, institutions, corporate and retail.

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Regulatory Capital Requirements and Risk-weighted Assets

Dec 31, 2012 Dec 31, 2011
Capital Capital
in € m. requirements RWA requirements RWA
Counterparty credit risk
Advanced IRBA
Central governments 301 3,762 207 2,586
Institutions 716 8,946 1,018 12,727
Corporates 6,532 81,646 8,049 100,609
Retail (excluding Postbank) 1,727 21,583 1,718 21,480
Retail (Postbank) 1,157 14,462 912 11,405
Other non-credit obligation assets 343 4,283 1,144 14,304
Total advanced IRBA 10,775 134,683 13,049 163,112
Foundation approach
Central governments 3 35 3 37
Institutions 252 3,156 323 4,044
Corporates 1,465 18,306 1,391 17,382
Other non-credit obligation assets 152 1,897 228 2,850
Total foundation approach 1,872 23,394 1,945 24,312
Standardized approach
Central governments 0 1 1 15
Regional governments and local authorities 4 55 8 100
Other public sector entities 26 323 52 654
Multilateral development banks − − − −
International organizations − − − −
Institutions 18 230 47 583
Covered bonds issued by credit institutions 1 8 8 98
Corporates 1,491 18,640 1,840 22,998
Retail 525 6,564 882 11,029
Claims secured by real estate property 218 2,728 252 3,152
Collective investment undertakings 196 2,444 220 2,755
Other items 1,176 14,702 8 94
Past due items 130 1,625 156 1,944
Total standardized approach 3,786 47,320 3,474 43,424
Risk from securitization positions
Securitizations (IRBA) 1,066 13,325 1,340 16,753
Securitizations (standardized approach) 117 1,457 157 1,961
Total risk from securitization positions 1,183 14,782 1,497 18,714
Risk from equity positions
Equity positions (grandfathered) 281 3,517 282 3,522
Equity positions (IRBA simple risk-weight approach) 436 5,455 760 9,503
Exchange-traded 51 632 81 1,016
Non-exchange-traded 369 4,616 647 8,088
Non-exchange-traded but sufficiently diversified 17 207 32 399
Total risk from equity positions 718 8,971 1,042 13,024
Settlement risk 4 46 14 178
Total counterparty credit risk 18,336 229,196 21,021 262,764
Market risk in the trading book
Internal model approach 3,726 46,571 4,819 60,241
VaR 761 9,510 972 12,150
Stressed VaR 1,641 20,518 2,151 26,892
Incremental Risk Charge 761 9,509 758 9,475
Comprehensive Risk Measurement (Correlation Trading) 563 7,035 938 11,724
Standardized approach 519 6,487 628 7,854
Interest rate risk – Non-Securitization 2 26 142 1,780
Interest rate risk – Securitization and nth-to-default derivatives 443 5,533 399 4,986
Equity risk − − − −
FX risk 42 524 55 688
Commodity risk − − − −
Other market risk 32 404 32 401
Total market risk in the trading book 4,245 53,058 5,448 68,095
Operational risk
Advanced measurement approach (excluding Postbank) 3,866 48,325 3,772 47,148
Advanced measurement approach (Postbank) 262 3,270 284 3,547
Total operational risk 4,128 51,595 4,056 50,695
Total regulatory capital requirements and RWA 26,708 333,849 30,524 381,554

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The table below provides an analysis of key drivers for RWA movements on a Basel 2.5 basis observed for
credit and market risk in the reporting period.

Development of Risk-weighted Assets for Credit Risk and Market Risk

Dec 31, 2012
thereof:
derivatives and
Counterparty repo-style
in € m. credit risk transactions
Credit risk RWA balance, beginning of year 262,764 50,973
Book Quality/Growth 3,400 3,283
Operating Model Improvements (13,534) (12,800)
Advanced Model Roll out (7,325) (4,180)
Asset Sale/Hedging (14,470) (1,567)
Foreign exchange movements (1,639) (436)
Credit risk RWA balance, end of year 229,196 35,274

in € m. Dec 31, 2012

Market risk RWA balance, beginning of year 68,095
Movement in risk levels (322)
Market data changes and recalibrations (2,577)
Model updates (707)
Methodology and policy (11,215)
Acquisitions and disposals −
Foreign exchange movements (216)
Market risk RWA balance, end of year 53,058

The decrease in RWA for counterparty credit risk by 13 % since December 31, 2011 mainly reflects the suc-
cessful RWA reduction efforts focusing on de-risking as well as model and process enhancements.

The category Asset Sale/Hedging mainly includes de-risking activities through disposals, restructuring and
additional hedging. Regular process and data enhancements including further migration of derivatives into the
internal model method as well as continuing usage of master netting and collateral agreements are considered
in the category Operating Model improvements. The Advanced Model Roll-out category primarily shows the
impact from BaFin approvals received for certain advanced IRBA models which we continued to roll out in light
of the German regulatory requirement to achieve an IRBA coverage ratio of 92 % on an EAD- and RWA-basis
by December 31, 2012. The category Book Quality/Growth includes organic changes in the book size as well
as the effects from portfolio rating migrations.

The analysis for market risk covers movements in our internal models for value-at-risk, stressed value-at-risk,
incremental risk charge and comprehensive risk measure as well as results from the market risk standardized
approach, e.g. for trading securitizations and nth-to-default derivatives or trading exposures for Postbank.

The 22 % RWA decrease for market risk since December 31, 2011 is mainly due to the significant reduction of
our BaFin-defined, internal model multiplier from 5.5 to 4.0 for value-at-risk and stressed value-at-risk resulting
from model enhancements and process improvements. The impact is reflected exclusively in the “Methodology
and policy” category which provides regulatory-driven changes to our market risk RWA models. The market
risk RWA movements due to changes in market data levels, volatilities, correlations, liquidity and ratings are
included under the market data changes category. In 2012 we saw a benefit in market risk RWA due to lower
levels of volatility within the historical market data used in the calculation. Changes to our market risk RWA
internal models, such as methodology enhancements or risk scope extensions, are included in the category of
“Model updates”. Further details on the market risk methodologies and their refinements are provided in the
section “Trading Market Risk – Market Risk Measurement”. Market risk RWA movements in Risk levels are
interpreted as organic changes in portfolio size and composition resulting from the normal course of business.
In this category we also consider re-allocations between the regulatory trading and banking book which occur
in rare cases. Significant new businesses and disposals would be assigned to the line item Acquisition and
disposal, which was not applicable in this reporting period.

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Regulatory Capital Ratios

The KWG and the SolvV reflect the capital adequacy rules of Basel 2.5 and require German banks to maintain
an adequate level of capital in relation to their regulatory capital requirements comprising counterparty credit
risk, operational risk and market risk. Counterparty credit risk and operational risk must be covered with Tier 1
capital and Tier 2 capital (together “regulatory banking capital”). Market risk must be covered with regulatory
banking capital (to the extent not required to cover counterparty credit and operational risk) or Tier 3 capital
(together with regulatory banking capital, “own funds”).

The following table shows our eligible regulatory capital, including transitional items pursuant to Section 64h (3)
KWG, available to cover the minimum capital requirements by risk type:

Coverage of Minimum Capital Requirements

Dec 31, 2012 Dec 31, 2011
Regulatory Available Regulatory Available
capital regulatory capital regulatory
in € m. requirements capital requirements capital
Counterparty credit risk and operational risk 22,464 57,251 25,077 55,545
Market risk 4,245 34,787 5,448 30,468

As of each of December 31, 2012, and December 31, 2011, we held regulatory capital well above the required
minimum standards. The increase of regulatory capital in 2012 of € 1.7 billion, thereof € 1.4 billion in the form
of Tier 1 capital, reflected primarily reduced capital deduction items.

The German Banking Act and Solvency Regulation rules required us to cover our market risk as of Decem-
ber 31, 2012 with € 4,2 billion of total regulatory capital (Tier 1 + 2 + 3) compared to € 5.4 billion as of Decem-
ber 31, 2011. We met this requirement entirely with Tier 1 and Tier 2 capital that was not required for the
minimum coverage of credit and operational risk.

Basel 2.5 requires the deduction of goodwill from Tier 1 capital. However, for a transitional period the partial
inclusion of certain goodwill components in Tier 1 capital is allowed pursuant to German Banking Act Section
64h (3).

As of December 31, 2012, the transitional item amounted to € 236 million compared to € 319 million as of
December 31, 2011. In our reporting to the German regulatory authorities, this amount is included in the Tier 1
capital, total regulatory capital and the total risk-weighted assets, as shown in the tables above. Correspond-
ingly, our Tier 1 and total capital ratios reported to the German regulatory authorities including this item were
15.2 % and 17.1 %, respectively, on December 31, 2012 compared to 12.9 % and 14.6 %, respectively, on
December 31, 2011.

As of December 31, 2012, regulatory capital ratios on a standalone basis for Deutsche Bank AG and for its
subsidiaries Deutsche Bank Privat- und Geschäftskunden AG, norisbank GmbH, DWS Finanz-Service GmbH,
Deutsche Bank Europe GmbH and Sal. Oppenheim jr. & Cie. AG & Co.KGaA are not disclosed as these com-
panies have applied the exemptions codified in Section 2a KWG. As a result, they are exempted from the obli-
gation to comply with certain regulatory requirements of the Banking Act on a standalone basis, including
solvency calculations and reporting of regulatory capital ratios. These exemptions can only be applied if,
among other things, there is no material practical or legal impediment to the prompt transfer of own funds or
repayment of liabilities from Deutsche Bank AG to the respective subsidiaries or from all subsidiaries in the
Group to Deutsche Bank AG.

Deutsche Postbank AG, which we have consolidated since December 3, 2010, is considered a significant
subsidiary of the Group. Here, “significant” is defined as an entity whose relative individual contribution to our
risk-weighted assets exceeds 5 % of our overall RWA. In December 2012 Deutsche Postbank AG has issued a
waiver notification in accordance with Section 2a KWG to the German Supervisory Authority, the application of
which is currently under discussion between Deutsche Postbank AG and the Supervisory Authority. Notwith-

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standing, the Tier 1 capital ratio as of December 31, 2012 and the total capital ratio for the Deutsche Postbank
Group including Deutsche Postbank AG with goodwill components allowed pursuant to Section 64h (3) KWG
amounted to 12.0 % and 15.9 %, and 10.8 % and 14.9 % as of December 31, 2011, respectively.

Failure to meet minimum capital requirements can result in orders to suspend or reduce dividend payments or
other profit distributions on regulatory capital and discretionary actions by the BaFin that, if undertaken, could
have a direct material effect on our businesses. We complied with the regulatory capital adequacy require-
ments in 2012. Our subsidiaries which are not included in the regulatory consolidation did not report any capital
deficiencies in 2012.

Balance Sheet Management

We manage our balance sheet on a Group level and, where applicable, locally in each region. In the alloca-
tion of financial resources we favor business portfolios with the highest positive impact on our profitability and
shareholder value. We monitor and analyze balance sheet developments and track certain market-observed
balance sheet ratios. Based on this we trigger discussion and management action by the Capital and Risk
Committee. While we monitor IFRS balance sheet developments, our balance sheet management is principally
focused on adjusted values as used in our adjusted leverage ratio, which is calculated using adjusted total
assets and adjusted total equity figures.

Leverage Ratio: We calculate our leverage ratio as a non-GAAP financial measure by dividing total assets by
total equity. We disclose an adjusted leverage ratio for which the following adjustments are made to the report-
ed IFRS assets and equity:

— Total assets under IFRS are adjusted to reflect additional netting provisions to obtain total assets adjusted.
Under IFRS offsetting of financial assets and financial liabilities is required when an entity, (1) currently
has a legally enforceable right to set off the recognized amounts; and (2) intends either to settle on a net
basis, or to realize the asset and settle the liability simultaneously. IFRS specifically focuses on the inten-
tion to settle net in the ordinary course of business, irrespective of the rights in default. As most derivative
contracts covered by a master netting agreement do not settle net in the ordinary course of business they
must be presented gross under IFRS. Repurchase and reverse repurchase agreements are also present-
ed gross, as they also do not settle net in the ordinary course of business, even when covered by a mas-
ter netting agreement. It has been industry practice in the U.S. to net the receivables and payables from
unsettled regular way trades. This is not permitted under IFRS.
— Total equity under IFRS is adjusted to reflect pro-forma fair value gains and losses on our own debt (post-
tax, estimate assuming that substantially all of our own debt was designated at fair value), to obtain total
equity adjusted. The tax rate applied for this calculation is a blended uniform tax rate of 35 %.

We apply these adjustments in calculating the adjusted leverage ratio to improve comparability with competi-
tors. The definition of the adjusted leverage ratio is used consistently throughout the Group in managing the
business. There will still be differences in the way competitors calculate their leverage ratios compared to our
definition of the adjusted leverage ratio. Therefore our adjusted leverage ratio should not be compared to other
companies’ leverage ratios without considering the differences in the calculation. Our adjusted leverage ratio is
not likely to be identical to, nor necessarily indicative of, what our leverage ratio would be under any current or
future bank regulatory leverage ratio requirement.

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Leverage ratio
in € bn. (unless stated otherwise) Dec 31, 2012 Dec 31, 2011
Total assets (IFRS) 2,012 2,164
Adjustment for additional derivatives netting (705) (782)
Adjustment for additional pending settlements netting (82) (105)
Adjustment for additional reverse repo netting (26) (10)
Total assets (adjusted) 1,199 1,267

Total equity (IFRS) 54.4 54.7

Adjustment for pro-forma fair value gains (losses) on own debt (post-tax)1 1.7 4.5
Total equity (adjusted) 56.1 59.2

Leverage Ratio in % (IFRS) 37 40

Leverage Ratio in % (adjusted) 21 21
1 The estimated cumulative tax effect on pro-forma fair value gains (losses) on such own debt was € (0.9) billion and € (2.4) billion at December 31, 2012 and
December 31, 2011, respectively.

As of December 31, 2012, on a consolidated basis our adjusted leverage ratio was materially unchanged
compared to the prior year-end, and is well below our leverage ratio target of 25. Our leverage ratio calcula-
ted as the ratio of total assets under IFRS to total equity under IFRS was 37 as of December 31, 2012, a
slight decrease compared to end of 2011.

Overall Risk Position

Economic Capital
To determine our overall (nonregulatory) risk position, we generally consider diversification benefits across risk
types except for business risk, which we aggregate by simple addition.

Overall risk position as measured by economic capital usage

2012 increase (decrease)
from 2011
in € m. Dec 31, 2012 Dec 31, 2011 in € m. in %
Credit risk 12,574 12,812 (238) (2)
Market Risk 13,185 12,003 1,182 10
Trading market risk 4,690 4,724 (34) (1)
Nontrading market risk 8,495 7,278 1,216 17
Operational risk 5,018 4,846 171 4
Diversification benefit across credit, market and operational risk (4,435) (4,264) (171) 4
Sub-total credit, market and operational risk 26,342 25,397 945 4
Business risk 2,399 980 1,419 145
Total economic capital usage 28,741 26,377 2,364 9

As of December 31, 2012, our economic capital usage totaled € 28.7 billion, which is € 2.4 billion, or 9 %,
above the € 26.4 billion economic capital usage as of December 31, 2011. The higher overall risk position
mainly reflected introduction of the new strategic risk model for business risk and extension of nontrading mar-
ket risk coverage to banking book credit spread risk.

The economic capital usage as of December 31, 2012 included € 5.3 billion in relation to Postbank, which is
€ 1.0 billion, or 23 % higher than the € 4.3 billion economic capital usage as of December 31, 2011. The in-
crease was largely driven by the inclusion of credit spread risk exposure of Postbank’s banking book invest-
ment portfolio into the coverage of the nontrading economic capital framework, partially offset by reduced
economic capital usage for business risk.

Our economic capital usage for credit risk totaled € 12.6 billion as of December 31, 2012. The decrease of
€ 238 million, or 2 %, mainly reflected overall exposure reduction compensated for by the effects from regular
recalibrations of credit risk parameters and methodology updates.

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The economic capital usage for market risk increased by € 1.2 billion, or 10 %, to € 13.2 billion as of Decem-
ber 31, 2012 and was driven by € 1.2 billion, or 17 %, higher nontrading market risk. The increase was primari-
ly due to the extension of nontrading market risk coverage to banking book credit spread risk mentioned above
as well as higher economical capital usage for our guaranteed funds portfolio, partially offset by methodology
updates in relation to structural foreign exchange risk, higher diversification benefit with trading market risk and
lower economic capital usage due to asset sales. Our trading market risk economic capital usage decreased
by € 34 million, or 1 %. The materially unchanged economic capital usage for trading market risk reflected
offsetting effects of methodology refinements and exposure reductions.

The economic capital usage for operational risk increased by € 171 million, or 4 %, to € 5.0 billion as of De-
cember 31, 2012. The increase is primarily due to higher industry loss experience, the integration of BHF-
BANK into our AMA model in the first quarter 2012, as well as a model refinement in the second quarter 2012.
The capital continues to include the safety margin applied in our AMA model, which was implemented in 2011
to cover unforeseen legal risks from the current financial crisis.

Our business risk economic capital usage, consisting of a strategic risk and a tax risk component, totaled
€ 2.4 billion as of December 31, 2012, which is € 1.4 billion or 145 % higher than the € 1.0 billion economic
capital usage as of December 31, 2011. The increase was driven by a new, significantly improved model to
calculate the economic capital for strategic risk, which was implemented in the fourth quarter 2012. The new
model replaced our former scenario approach by a full simulation of the Group and business unit earnings and
links in more closely with the Group’s strategic planning process.

The diversification effect of the economic capital usage across credit, market and operational risk increased by
€ 171 million, or 4 %, as of December 31, 2012, corresponding to the higher risk position considered for diver-
sification.

Relative measure of each risk type as measured by economic capital usage of our business Divisions
in € m. Dec 31, 2012 Dec 31, 2011
Corporate Banking & Securities 11,788 8,729
Global Transaction Banking 1,434 1,294
Asset & Wealth Management 2,016 1,647
Private & Business Clients 6,720 6,508
Non-Core Operations Unit 5,452 6,806
Consolidation & Adjustments 1,331 1,393
Total economic capital requirement 28,741 26,377

Internal Capital Adequacy Assessment Process

The lnternal Capital Adequacy Assessment Process (“ICAAP”) requires banks to identify and assess risks,
maintain sufficient capital to face these risks and apply appropriate risk-management techniques to ensure
adequate capitalization on an ongoing and forward looking basis, i.e., internal capital supply to exceed internal
capital demand (figures are described in more detail in the section “Internal Capital Adequacy”).

We, at a group level, maintain compliance with the lCAAP as required under Pillar 2 of Basel 2 and its local
implementation in Germany, the Minimum Requirements for Risk Management (MaRisk), through a group-wide
risk management and governance framework, methodologies, processes and infrastructure.

In line with MaRisk and Basel requirements, the key instruments to ensure our adequate capitalization on an
ongoing and forward looking basis are:

— A strategic planning process which aligns risk strategy and appetite with commercial objectives;
— A continuous monitoring process against approved risk and capital targets set;
— Frequent risk and capital reporting to management; and
— An economic capital and stress testing framework which also includes specific stress tests to underpin our
Recovery monitoring processes.

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More information on risk management organized by major risk category can be found in section “Risk Man-
agement Principles – Risk Governance”.

Internal Capital Adequacy

As the primary measure of our Internal Capital Adequacy Assessment Process, we assess our internal capital
adequacy based on our “gone concern approach” as the ratio of our total capital supply divided by our total
capital demand as shown in the table below. During 2011 we revised our capital supply definition for deferred
tax assets, fair value adjustments and noncontrolling interests in accordance with regulatory guidance. In the
fourth quarter of 2012 shareholders’ equity replaced adjusted active book equity as the starting point for capital
supply calculation to make it more transparent. The prior year comparison information has been adjusted ac-
cordingly.

Internal Capital Adequacy

in € m.
(unless stated otherwise) Dec 31, 2012 Dec 31, 2011
Capital Supply
Shareholders’ Equity 54,003 53,390
Unrealized net gains/losses 1 220 125
Deferred Tax Assets (7,718) (8,737)
Fair Value adjustments for financial assets reclassified to loans 2 (1,992) (3,323)
Noncontrolling Interests 3 − 694
Hybrid Tier 1 capital instruments 12,526 12,734
Tier 2 capital instruments 4 11,646 12,044
Capital Supply 68,685 66,927

Capital Demand
Economic Capital Requirement 28,741 26,377
Intangibles 14,219 15,802
Capital Demand 42,960 42,179

Internal Capital Adequacy Ratio 160 % 159 %

1 Includes unrealized net gains (losses) on cash flow hedges, net of tax and deduction of fair value gains on own credit-effect relating to own liabilities designated
under the fair value option.
2 Includes fair value adjustments for assets reclassified in accordance with IAS 39 and for banking book assets where no matched funding is available.
3 Includes noncontrolling interest up to the economic capital requirement for each subsidiary.
4 Tier 2 capital instruments excluding items to be partly deducted from Tier 2 capital pursuant to Section 10 (6) and (6a) KWG, unrealized gains on listed securities
(45 % eligible) and certain haircut-amounts that only apply under regulatory capital assessment.

A ratio of more than 100 % signifies that the total capital supply is sufficient to cover the capital demand deter-
mined by the risk positions. This ratio was 160 % as of December 31, 2012, compared to 159 % as of Decem-
ber 31, 2011. The increase in capital supply, driven by higher shareholders’ equity and reduced deduction
items, outweighed the increase in the observed capital demand and determined the development in favor of
the ratio. The shareholders’ equity increase by € 613 million mainly reflected unrealized gains on financial
assets available for sale and net income of the year, partially offset by foreign currency translation effects. The
decrease in the noncontrolling interest by € 694 million was due to effects from the conclusion of the aforemen-
tioned domination and profit and loss transfer agreement with Postbank. The increase in capital demand was
driven by higher economic capital requirement, explained in the section “Overall Risk Position”, which was
partially offset by the impairments of goodwill and other intangible assets in the fourth quarter 2012.

The above capital adequacy measures apply for the consolidated group as a whole (including Postbank) and
form an integral part of our Risk and Capital Management framework, further described in the other sections of
this report.

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Internal Control over Financial Reporting

General
Management of Deutsche Bank and its consolidated subsidiaries is responsible for establishing and maintain-
ing adequate internal control over financial reporting (“ICOFR”). Our internal control over financial reporting is a
process designed under the supervision of our Co-Chief Executive Officers and our Chief Financial Officer to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of the firm’s
consolidated financial statements for external reporting purposes in accordance with International Financial
Reporting Standards (IFRS). ICOFR includes our disclosure controls and procedures to prevent misstatements.

Risks in financial reporting

The main risks in financial reporting are that either financial statements do not present a true and fair view due
to inadvertent or intentional errors (fraud) or the publication of financial statements is not done on a timely basis.
These risks may reduce investor confidence or cause reputational damage and may have legal consequenc-
es including banking regulatory interventions. A lack of fair presentation arises when one or more financial
statement amounts or disclosures contain misstatements (or omissions) that are material. Misstatements are
deemed material if they could individually or collectively, influence economic decisions that users make on the
basis of the financial statements.

To confine those risks of financial reporting, management of the Group has established ICOFR to provide rea-
sonable but not absolute assurance against material misstatements. The design of the ICOFR is based on
internal control framework established in Internal Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (“COSO”). COSO recommends the establishment of
specific objectives to facilitate the design and evaluate adequacy of a control system. As a result in establishing
ICOFR, management has adopted the following financial statement objectives:

— Existence – assets and liabilities exist and transactions have occurred.

— Completeness – all transactions are recorded, account balances are included in the financial statements.
— Valuation – assets, liabilities and transactions are recorded in the financial reports at the appropriate
amounts.
— Rights and Obligations and ownership – rights and obligations are appropriately recorded as assets and
liabilities.
— Presentation and disclosures – classification, disclosure and presentation of financial reporting is
appropriate.
— Safeguarding of assets – unauthorized acquisitions, use or disposition of assets is prevented or detected
in a timely manner.

However, any internal control system, including ICOFR, no matter how well conceived and operated, can pro-
vide only reasonable, but not absolute assurance that the objectives of that control system are met. As such,
disclosure controls and procedures or systems for ICOFR may not prevent all errors and fraud. Further, the
design of a control system must reflect the fact that there are resource constraints, and the benefits of con-
trols must be considered relative to their costs.

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Organization of the Internal Control System

Functions involved in the system of internal control over financial reporting
Controls within the system of ICOFR are performed by all business functions and infrastructure functions with
an involvement in assuring the reliability of these books and records that underlie the financial statements. As a
result, the operation of ICOFR involves staff based mainly in the following functions: Finance, Group Technolo-
gy and Operations, Risk, and Group Tax.

Finance is responsible for the periodic preparation of the financial statements and operates independently from
the businesses. Within Finance, different departments have control responsibilities which contribute to the
overall preparation process:

— Finance specialists for businesses or entities – responsible for assuring the quality of financial data by
performing validation and control. They are in close contact with business, infrastructure and legal entity
management and employ their specific knowledge to address financial reporting issues arising on products
and transactions, as well as validating reserving and other judgmental adjustments. Entity and business
related specialists add the perspective of legal entities to the business view and sign-off on the financial
reporting of their entities.
— Finance-Group Reporting – responsible for Group-wide activities which include the preparation of group
financial and management information, forecasting and planning, and risk reporting. Finance-Group Re-
porting set the reporting timetables, perform the consolidation and aggregation processes, effect the elimi-
nation entries for inter and intra group activities, control the period end and adjustment processes, compile
the Group financial statements, and consider and incorporate comments as to content and presentation
made by senior and external advisors.
— Accounting Policy and Advisory Group (“APAG”) – responsible for developing the Group’s interpretation of
International Financial Reporting Standards and their consistent application within the Group. APAG pro-
vides accounting advice and consulting services to Finance and the wider business, and ensures the timely
resolution of corporate and transaction-specific accounting issues.
— Global Valuation Oversight Group (“GVO”) and business aligned valuation specialists – responsible for
developing policies and minimum standards for valuation, providing related implementation guidance when
undertaking valuation control work, and challenging and validating valuation control results. They act as
the single point of contact on valuation topics for external parties (such as regulators and external auditors).

The operation of ICOFR is also importantly supported by Group Technology and Operations, Risk and Group
Tax. Although these functions are not directly involved in the financial preparation process, they contribute
significantly to the production of financial information:

— Group Technology and Operations (“GTO”) – responsible for confirming transactions with counterparties,
and performing reconciliations both internally and externally of financial information between systems, de-
pots and exchanges. GTO also undertakes all transaction settlement activity on behalf of the Group and
performs reconciliations of nostro account balances.
— Risk – responsible for developing policies and standards for managing credit, market, legal, liquidity and
operational risks. Risk identifies and assesses the adequacy of credit, legal and operational provisions.
— Group Tax – responsible for producing income tax related financial data in conjunction with Finance, cov-
ering the assessment and planning of current and deferred income taxes and the collection of tax related
information. Group Tax monitors the income tax position and controls the provisioning for tax risks.

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Controls to minimize the risk of financial reporting misstatement

The system of ICOFR consists of a large number of internal controls and procedures to minimize the risk of
misstatement of the financial statements. Such controls are integrated into the operating process and include
those which:

— are ongoing or permanent in nature such as supervision within written policies and procedures or segrega-
tion of duties,
— operate on a periodic basis such as those which are performed as part of the annual financial statement
preparation process.
— are preventative or detective in nature.
— have a direct or indirect impact on the financial statements themselves. Controls which have an indirect
effect on the financial statements include IT general controls such as system access and deployment con-
trols whereas a control with a direct impact could be, for example, a reconciliation which directly supports a
balance sheet line item.
— feature automated and/or manual components. Automated controls are control functions embedded within
system processes such as application enforced segregation of duty controls and interface checks over the
completeness and accuracy of inputs. Manual internal controls are those operated by an individual or
group of individuals such as authorization of transactions.

The combination of individual controls encompasses all of the following aspects of the system of ICOFR:

— Accounting policy – design and implementation. Controls to ensure the consistent recording and reporting
of the Group’s business activities on a global basis in accordance with authorized accounting policies.
— Reference data. Controls over reference data in relation to the general ledger and on and off-balance
sheet transactions including product reference data.
— Transaction approval, capture and confirmation. Controls to ensure the completeness and accuracy of
recorded transactions as well as appropriate authorization. Such controls include transaction confirmations
which are sent to and received from counterparties to ensure that trade details are corroborated.
— Reconciliation controls, both externally and internally. Inter-system reconciliations are performed between
relevant systems for all trades, transactions, positions or relevant parameters. External reconciliations include
nostro account, depot and exchange reconciliations.
— Valuation including the independent price verification process (“IPV”). Finance performs IPV controls at least
monthly, in order to gain comfort as to the reasonableness of the front office valuation. The results of the
IPV processes are assessed on a monthly basis by the Valuation Control Oversight Committee. Business
aligned valuation specialists focus on valuation approaches and methodologies for various asset classes and
perform IPV for complex derivatives and structured products.
— Taxation. Controls to ensure that tax calculations are performed properly and that tax balances are appro-
priately recorded in the financial statements.
— Reserving and judgmental adjustments. Controls to ensure reserving and other judgmentally based ad-
justments are authorized and reported in accordance with the approved accounting policies.
— Balance Sheet substantiation. Controls relating to the substantiation of balance sheet accounts to ensure
the integrity of general ledger account balances based on supporting evidence.
— Consolidation and other period end reporting controls. At period end, all businesses and regions submit
their financial data to the Group for consolidation. Controls over consolidation include the validation of ac-
counting entries required to eliminate the effect of inter and intra company activities. Period end reporting
controls include general ledger month end close processes and the review of late adjustments.
— Financial Statement disclosure and presentation. Controls over compilation of the financial statements
themselves including preparation of disclosure checklists and compliance with the requirements thereof,
and review and sign-off of the financial statements by senior Finance management. The financial state-
ments are also subject to approval by the Management Board, and the Supervisory Board and its Audit
Committee.

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Measuring effectiveness of internal control

Each year, management of the Group undertakes a formal evaluation of the adequacy and effectiveness of the
system of ICOFR. This evaluation incorporated an assessment of the effectiveness of the control environment
as well as individual controls which make up the system of ICOFR taking into account:

— The financial misstatement risk of the financial statement line items, considering such factors as materiality
and the susceptibility of the particular financial statement item to misstatement.
— The susceptibility of identified controls to failure, considering such factors as the degree of automation,
complexity, risk of management override, competence of personnel and the level of judgment required.

These factors, in aggregate, determine the nature and extent of evidence that management requires in order to
be able to assess whether or not the operation of the system of ICOFR is effective. The evidence itself is gen-
erated from procedures integrated with the daily responsibilities of staff or from procedures implemented spe-
cifically for purposes of the ICOFR evaluation. Information from other sources also forms an important
component of the evaluation since such evidence may either bring additional control issues to the attention of
management or may corroborate findings. Such information sources include:

— Reports on audits carried out by or on behalf of regulatory authorities

— External Auditor reports
— Reports commissioned to evaluate the effectiveness of outsourced processes to third parties

In addition, Group Audit provides assurance over the design and operating effectiveness of ICOFR by perform-
ing periodic and ad-hoc risk-based audits. Reports are produced summarizing the results from each audit
performed which are distributed to the responsible managers for the activities concerned. These reports, to-
gether with the evidence generated by specific further procedures that Group Audit performs also provide evi-
dence to support the annual evaluation by management of the overall operating effectiveness of the ICOFR.

As a result of the evaluation, management has concluded that ICOFR is appropriately designed and operating
effectively as of December, 31 2012.

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Information pursuant to Section 315 (4) of the German

Commercial Code and Explanatory Report
Structure of the Share Capital
As of December 31, 2012, Deutsche Bank’s issued share capital amounted to € 2,379,519,078.40 consisting of
929,499,640 ordinary shares without par value. The shares are fully paid up and in registered form. Each share
confers one vote.

Restrictions on Voting Rights or the Transfer of Shares

Under Section 136 of the German Stock Corporation Act the voting right of the affected shares is excluded by
law. As far as the bank held own shares as of December 31, 2012 in its portfolio according to Section 71b of the
German Stock Corporation Act no rights could be exercised. We are not aware of any other restrictions on
voting rights or the transfer of shares.

Shareholdings which Exceed 10 % of the Voting Rights

The German Securities Trading Act (Wertpapierhandelsgesetz) requires any investor whose share of voting
rights reaches, exceeds or falls below certain thresholds as the result of purchases, disposals or otherwise,
must notify us and the German Federal Financial Supervisory Authority (BaFin) thereof. The lowest threshold is
3 %. We are not aware of any shareholder holding directly or indirectly 10 % or more of the voting rights.

Shares with Special Control Rights

Shares which confer special control rights have not been issued.

System of Control of any Employee Share Scheme where the Control Rights are not Exercised
Directly by the Employees
The employees, who hold Deutsche Bank shares, exercise their control rights as other shareholders in accord-
ance with applicable law and the Articles of Association (Satzung).

Rules Governing the Appointment and Replacement of Members of the Management Board
Pursuant to the German Stock Corporation Act (Section 84) and the Articles of Association of Deutsche Bank
(Section 6) the members of the Management Board are appointed by the Supervisory Board. The number of
Management Board members is determined by the Supervisory Board. According to the Articles of Association,
the Management Board has at least three members. The Supervisory Board may appoint one or two mem-
bers of the Management Board as Chairpersons of the Management Board. Members of the Management
Board may be appointed for a maximum term of up to five years. They may be re-appointed or have their term
extended for one or more terms of up to a maximum of five years each. The German Co-Determination Act
(Mitbestimmungsgesetz; Section 31) requires a majority of at least two thirds of the members of the Superviso-
ry Board to appoint members of the Management Board. If such majority is not achieved, the Mediation Com-
mittee shall give, within one month, a recommendation for the appointment to the Management Board. The
Supervisory Board will then appoint the members of the Management Board with the majority of its members. If
such appointment fails, the Chairperson of the Supervisory Board shall have two votes in a new vote. If a re-
quired member of the Management Board has not been appointed, the Local Court (Amtsgericht) in Frankfurt
am Main shall, in urgent cases, make the necessary appointments upon motion by any party concerned (Sec-
tion 85 of the Stock Corporation Act).

Pursuant to the German Banking Act (Kreditwesengesetz) evidence must be provided to the German Federal
Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank that the member of the Management
Board has adequate theoretical and practical experience of the businesses of the Bank as well as managerial
experience before the member is appointed (Sections 24 (1) No. 1 and 33 (2) of the Banking Act).

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The Supervisory Board may revoke the appointment of an individual as member of the Management Board or
as Chairperson of the Management Board for good cause. Such cause includes in particular a gross breach of
duties, the inability to manage the Bank properly or a vote of no-confidence by the shareholders’ meeting
(Hauptversammlung, referred to as the General Meeting), unless such vote of no-confidence was made for
obviously arbitrary reasons.

The BaFin may appoint a special representative and transfer to such special representative the responsibility
and powers of individual members of the Management Board if such members are not trustworthy or do not
have the required competencies or if the credit institution does not have the required number of Management
Board members. If members of the Management Board are not trustworthy or do not have the required expertise
or if they have missed a material violation of the principles of sound management or if they have not addressed
identified violations, the BaFin may transfer to the special representative the responsibility and powers of the
Management Board in its entirety. In any such case, the responsibility and powers of the Management Board
members concerned are suspended (Section 45c (1) through (3) of the Banking Act).

If the discharge of a bank’s obligations to its creditors is endangered or if there are valid concerns that effective
supervision of the bank is not possible, the BaFin may take temporary measures to avert that risk. It may also
prohibit members of the Management Board from carrying out their activities or impose limitations on such
activities (Section 46 (1) of the Banking Act). In such case, the Local Court Frankfurt am Main shall, at the
request of the BaFin appoint the necessary members of the Management Board, if, as a result of such prohibi-
tion, the Management Board does no longer have the necessary number of members in order to conduct the
business (Section 46 (2) of the Banking Act).

Rules Governing the Amendment of the Articles of Association

Any amendment of the Articles of Association requires a resolution of the General Meeting (Section 179 of the
Stock Corporation Act). The authority to amend the Articles of Association in so far as such amendments mere-
ly relate to the wording, such as changes of the share capital as a result of the issuance of authorized capital,
has been assigned to the Supervisory Board by the Articles of Association of Deutsche Bank (Section 20 (3)).
Pursuant to the Articles of Association, the resolutions of the General Meeting are taken by a simple majority of
votes and, in so far as a majority of capital stock is required, by a simple majority of capital stock, except where
law or the Articles of Association determine otherwise (Section 20 (1)). Amendments to the Articles of Associa-
tion become effective upon their entry in the Commercial Register (Section 181 (3) of the Stock Corporation
Act).

Powers of the Management Board to Issue or Buy Back Shares

The Management Board is authorized to increase the share capital by issuing new shares for cash and in
some circumstances noncash consideration. As of December 31, 2012, Deutsche Bank AG had authorized but
unissued capital of € 1,152,000,000 which may be issued in whole or in part until April 30, 2016. Further details
are governed by Section 4 of the Articles of Association.

Authorized capital Consideration Pre-emptive rights Expiration date

€ 230,400,000 Cash May be excluded pursuant to Section 186 (3) sentence 4 of the Stock April 30, 2016
Corporation Act
€ 230,400,000 Cash or noncash May be excluded if the capital increase is for noncash consideration with April 30, 2016
the intent of acquiring a company or holdings in a company
€ 691,200,000 Cash May not be excluded April 30, 2016

The Management Board is authorized to issue once or more than once, participatory notes that are linked with
conversion rights or option rights and/or convertible bonds and/or bonds with warrants. The participatory notes,
convertible bonds or bonds with warrants may also be issued by affiliated companies of Deutsche Bank AG.
For this purpose share capital was increased conditionally upon exercise of these conversion and/or exchange
rights or upon mandatory conversion.

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Expiration date for the

issuance of conversion
Contingent capital and/or option rights
€ 230,400,000 April 30, 2015
€ 230,400,000 April 30, 2016
€ 230,400,000 April 30, 2017

The Annual General Meeting of May 27, 2010 authorized the Management Board pursuant to Section 71 (1)
No. 7 of the Stock Corporation Act to buy and sell, for the purpose of securities trading, own shares of
Deutsche Bank AG on or before November 30, 2014, at prices which do not exceed or fall short of the average
of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable
successor system on the Frankfurt Stock Exchange) on the respective three preceding stock exchange trading
days by more than 10 %. In this context, the shares acquired for this purpose may not, at the end of any day,
exceed 5 % of the share capital of Deutsche Bank AG.

The Annual General Meeting of May 31, 2012 authorized the Management Board pursuant to Section 71 (1)
No. 8 of the Stock Corporation Act to buy, on or before November 30, 2016, own shares of Deutsche Bank AG
in a total volume of up to 10 % of the present share capital. Together with own shares acquired for trading
purposes and/or for other reasons and which are from time to time in the company’s possession or attributable
to the company pursuant to Sections 71a et seq. of the Stock Corporation Act, the own shares purchased on
the basis of this authorization may not at any time exceed 10 % of the company’s share capital. The own
shares may be bought through the stock exchange or by means of a public purchase offer to all shareholders.
The countervalue for the purchase of shares (excluding ancillary purchase costs) through the stock exchange
may not be more than 10 % higher or lower than the average of the share prices (closing auction prices of the
Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Ex-
change) on the last three stock exchange trading days before the obligation to purchase. In the case of a pub-
lic purchase offer, it may not be more than 10 % higher or lower than the average of the share prices (closing
auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the last three stock exchange trading days before the day of publication of the
offer. If the volume of shares offered in a public purchase offer exceeds the planned buyback volume, ac-
ceptance must be in proportion to the shares offered in each case. The preferred acceptance of small quanti-
ties of up to 50 of the company’s shares offered for purchase per shareholder may be provided for.

The Management Board has also been authorized to dispose of the purchased shares and of any shares pur-
chased on the basis of previous authorizations pursuant to Section 71 (1) No. 8 of the Stock Corporation Act in
a way other than through the stock exchange or by an offer to all shareholders, provided this is done against
contribution-in-kind and excluding shareholders’ pre-emptive rights for the purpose of acquiring companies or
shareholdings in companies. In addition, the Management Board has been authorized, in case it disposes of
such own shares by offer to all shareholders, to grant to the holders of the option rights, convertible bonds and
convertible participatory rights issued by the company and its affiliated companies pre-emptive rights to the
extent to which they would be entitled to such rights if they exercised their option and/or conversion rights.
Shareholders’ pre-emptive rights are excluded for these cases and to this extent.

The Management Board has also been authorized with the exclusion of shareholders’ pre-emptive rights to use
such own shares to issue staff shares to employees and retired employees of the company and its affiliated
companies or to use them to service option rights on shares of the company and/or rights or duties to purchase
shares of the company granted to employees or members of executive or non-executive management bodies
of the company and of affiliated companies.

Furthermore, the Management Board has been authorized with the exclusion of shareholders’ pre-emptive
rights to sell such own shares to third parties against cash payment if the purchase price is not substantially
lower than the price of the shares on the stock exchange at the time of sale. Use may only be made of this
authorization if it has been ensured that the number of shares sold on the basis of this authorization does not
exceed 10 % of the company’s share capital at the time this authorization becomes effective or – if the amount

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is lower – at the time this authorization is exercised. Shares that are issued or sold during the validity of this
authorization with the exclusion of pre-emptive rights, in direct or analogous application of Section 186 (3)
sentence 4 Stock Corporation Act, are to be included in the maximum limit of 10 % of the share capital. Also to
be included are shares that are to be issued to service option and/or conversion rights from convertible bonds,
bonds with warrants, convertible participatory rights or participatory rights, if these bond or participatory rights
are issued during the validity of this authorization with the exclusion of pre-emptive rights in corresponding
application of Section 186 (3) sentence 4 Stock Corporation Act.

The Management Board has also been authorized to cancel shares acquired on the basis of this or a preced-
ing authorization without the execution of this cancellation process requiring a further resolution by the General
Meeting.

The Annual General Meeting of May 31, 2012 authorized the Management Board pursuant to Section 71 (1)
No. 8 of the Stock Corporation Act to execute the purchase of shares under the resolved authorization also
with the use of put and call options or forward purchase contracts. The company may accordingly sell to third
parties put options based on physical delivery and buy call options from third parties if it is ensured by the
option conditions that these options are fulfilled only with shares which themselves were acquired subject to
compliance with the principle of equal treatment. All share purchases based on put or call options are limited to
shares in a maximum volume of 5 % of the actual share capital at the time of the resolution by the General
Meeting on this authorization. The maturities of the options must end no later than on November 30, 2016.

The purchase price to be paid for the shares upon exercise of the put options or upon the maturity of the for-
ward purchase may not exceed more than 10 % or fall below 10 % of the average of the share prices (closing
auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the last three stock exchange trading days before conclusion of the respective
option transaction in each case excluding ancillary purchase costs but taking into account the option premium
received or paid. The call option may only be exercised if the purchase price to be paid does not exceed by
more than 10 % or fall below 10 % of the average of the share prices (closing auction prices of the Deutsche
Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the
last three stock exchange trading days before the acquisition of the shares.

To the sale and cancellation of shares acquired with the use of derivatives the general rules established by the
General Meeting apply.

Significant Agreements which Take Effect, Alter or Terminate upon a Change of Control of the
Company Following a Takeover Bid
Significant agreements which take effect, alter or terminate upon a change of control of the company following
a takeover bid have not been entered into.

Agreements for Compensation in Case of a Takeover Bid

If a member of the Management Board leaves the bank within the scope of a change of control, he receives a
one-off compensation payment described in greater detail in the following Compensation Report.

If the employment relationship with certain executives with global or strategically important responsibility is
terminated within a defined period within the scope of a change of control, without a reason for which the exec-
utives are responsible, or if these executives terminate their employment relationship because the company has
taken certain measures leading to reduced responsibilities, the executives are entitled to a severance payment.
The calculation of the severance payment is, in principle, based on 1.5 times to 2.5 times the total annual re-
muneration (base salary as well as variable – cash and equity-based – compensation) granted before change
of control. Here, the development of total remuneration in the three calendar years before change of control is
taken into consideration accordingly.

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Compensation Report

Introduction

The Compensation Report in prior years provided information on the underlying principles and the amount of
compensation of only the members of the Management Board of Deutsche Bank AG. For the 2012 financial
year, however, in order to promote greater transparency with regards to overall Group compensation, the in-
formation and disclosures required under the German regulation on the supervisory requirements for compen-
sation systems of banks (“InstitutsVergV”) have been consolidated into the report.

The full report now comprises the following sections:

— Group compensation overview and disclosure

— Management Board report and disclosure
— Senior Management Group
— Employees regulated under the InstitutsVergV
— Compensation System for Supervisory Board Members

The report complies with the requirements of Section 314 (1) No. 6 of the German Commercial Code (“HGB”),
the German Accounting Standard No. 17 “Reporting on Executive Body Remuneration”, the InstitutsVergV and
the recommendations of the German Corporate Governance Code.

Group compensation overview and disclosure

The evolution of compensation practices and culture was placed firmly at the forefront of our commitments
during 2012. It is widely perceived that certain aspects of compensation across the financial services industry
should be addressed in the context of the current regulatory and macroeconomic environment, including im-
pacts and lessons learned from the 2007 financial crisis. During the Investor Day in September 2012, we
committed to taking specific and innovative actions in this regard which we have initiated, and in some instanc-
es already delivered, during the intervening period. For the first time we have asked senior professionals from
outside the industry to assist us with their expertise and independent view in order to further improve our com-
pensation practices. More information on the Independent Compensation Review Panel (ICRP) and how they
have influenced compensation practices can be found in the subsequent sections of the report.

Our compensation governance structure, principles and policies have been the focus of continuous improve-
ment in recent years. Many of these enhancements have been aligned with the introduction and oversight of
new specific compensation regulations. In 2012, however, we have consciously taken the decision to step
away from and go beyond the existing requirements with the clear intention to lead what is hoped will be a
cultural change across the industry. These enhancements are addressed in the following report.

This section focuses on our compensation philosophy, policy and governance structures at a Group level and
addresses the Section 7 group disclosure requirements under the InstitutsVergV. Specific information and
disclosures with respect to the Management Board and other defined employee populations is included in
subsequent sections.

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Independent Compensation Review Panel

In September 2012 we announced our intention to convene an independent panel comprised of senior, highly
regarded professionals with extensive experience from both industry and high public office. The clear intention
was to seek an objective view of our existing compensation policies and processes, assess how these com-
pared to industry best practice and formulate core principles and minimum standards for future structures and
practices. Furthermore, we sought assistance in defining appropriate levels of transparency and disclosure in
relation to compensation.

In October 2012 membership of the panel was announced.

Dr. Jürgen Hambrecht (Chair) – former CEO of BASF

Michael Dobson – CEO of Schroders

Morris W. Offit – Chairman of Offit Capital and Independent Director of AIG

Dr. Michael Otto – Chairman of the Supervisory Board of Otto Group

Dr. Theo Waigel – former Federal Minister of Finance for Germany

The panel followed a specific work plan leading up to the end of 2012 and continuing in 2013, working strin-
gently towards their objectives and final recommendations. Preliminary conclusions are evident in the Com-
pensation Report, particularly with regards to increased levels of transparency and disclosure but also the
recommendation to adjust slightly the focus of compensation structures for the most senior employees and
work towards more competitive levels of compensation deferred. The full recommendations from the panel will
be finalised in 2013. Specific references to the panel recommendations are made in the following sections
where applicable.

Compensation Philosophy and Principles

Deutsche Bank is a truly global organization operating in all regions across the world. We operate and strongly
support a “One Bank” approach in relation to compensation to ensure employees are globally governed under
the same principles, policy and procedures. This ensures a fully transparent, balanced and equitable approach
to compensation.

The following core remuneration principles which were already introduced in 2010 apply globally and form the
backbone of our compensation practices:

— align compensation to shareholder interests and sustained firm-wide profitability, taking account of risk and
the cost of capital;
— comply with regulatory requirements;
— maximize employee and firm performance;
— attract and retain the best talents;
— calibrate to different divisions and levels of responsibility;
— have simple and transparent compensation design.

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The principles are fully aligned with and build on our following core values which underpin and shape the work
we do:

— Performance;
— Trust;
— Teamwork;
— Innovation;
— Client Focus.

Complete focus on and dedication to clients is an imperative for building on and maintaining our success. Cus-
tomers must be placed at the centre of our activities and drive all that we seek to achieve. Looking forward in
2013, this key objective will play an even greater role and will form one of the core principles reflected in new
performance standards. Our Passion to Perform is driven by dedicated Client Focus and reinforced through
delivering excellence and building long-term trusted relationships.

Within this wider context, we strongly believe that defined standards for compensation help to establish a direct
relationship between the incentives for performance and the longer-term success of the firm. Compensation
should reflect the success of the Bank as a whole but equally also account for the contributions made at a
divisional and individual level. Discouragement of excessive risk taking forms an integral part of our compensa-
tion policy and this is both accompanied and supported by a management culture which is built on and guided
by strong risk management, sound judgment, stable processes and effective controls.

We continually seek to reform and improve our compensation policies, practices and cultural direction through
ongoing review processes. Our compensation policy is framed by the specific requirements of our home regu-
lator, the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”). In particular, the InstitutsVergV which came
into effect in 2010 is the primary compensation regulation requirement applicable to us on a Group-wide basis.

We are also subject to specific local regulations in certain jurisdictions and continue to pro-actively engage with
regulators to ensure compliance with these to the extent they differ from the InstitutsVergV. A consistent global
approach to compensation regulation appears unlikely in the near future, however, we continue to promote the
merits of a level playing field across the industry in this respect. Strong, purposeful and targeted regulation is
important to underpin sound risk management policies by firms.

Governance Structure
We operate a Global Reward Governance Structure within the German Two Tier Board Structure which over-
sees all aspects of compensation and compliance with the global regulatory requirements. For the Manage-
ment Board, the Governance Structure is led solely by the Supervisory Board. The Senior Executive
Compensation Committee (“SECC”) oversees compensation related decisions for all other employees in the
Group. The SECC is specifically tasked by the Management Board to:

— develop sustainable compensation principles and prepare recommendations on compensation and bonus
levels including allocation to employees;
— ensure appropriate compensation governance and oversight.

The SECC is co-chaired by Stefan Krause (Chief Financial Officer) and Dr. Stephan Leithner (Chief Executive
Officer Europe (except Germany and UK), Human Resources, Legal & Compliance, Government & Regulatory
Affairs), both of whom are members of the Management Board, and also includes senior employees from Risk,
Finance and Human Resources. No employees aligned to any of our business divisions are members of the
SECC in order to ensure its independence.

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Global Reward Governance Structure

Supervisory Board

Management Board

Senior Executive
Compensation Committee (SECC)

Group Compensation Divisional Group Compensation

Oversight Committee (GCOC) Compensation Committees (DCC) Review Committee (GCRC)

Compensation Administration Investment Impairment Review

Operating Council (COC) Committee (AC) Committee (IC) Control Committee (IRCC)

The SECC is supported by two sub-committees, each responsible for specific aspects of our governance re-
quirements.

The Group Compensation Oversight Committee (“GCOC”) reviews divisional compensation frameworks and
ensures that the frameworks and practices comply with both our compensation principles and policies and all
external regulatory requirements. This compliance includes taking into account sound measurements and
metrics on: the financial performance of the Group and the respective divisions, the inherent risk profiles based
on the different types of risk (i.e. operational, market, liquidity, reputational, regulatory and credit risk) and ad-
herence to Compliance policies.

The GCOC has made a number of enhancements to the requirements it places upon the divisional compensa-
tion committees during 2012. These include the requirement, where applicable, for sub-divisional compensa-
tion frameworks in order to further integrate the use of business specific metrics and information into the
compensation decision making process. Furthermore, the written documentation requirements required of
senior managers to support Variable Compensation decisions have been significantly enhanced.

The Group Compensation Review Committee’s (“GCRC”) main responsibilities include operating an effective
framework of compensation components and policies, approving new plans and changes to existing plans and
reviewing our current and future liabilities related to compensation plans, in particular with regards to equity or
equity-based components.

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Fundamental Compensation Structure and Components

We operate a Total Compensation philosophy for all staff globally. Total Compensation is made up of fixed
(salary and any applicable allowances) and Variable Compensation. Variable Compensation awards are gen-
erally discretionary and are determined in accordance with the performance of the employee, their respective
division and the Group as a whole.

Variable Compensation is used as a tool to incentivize and reward high performing employees and furthermore,
through the deferral of awards, ensure part of the compensation of senior employees is aligned to their own
and the Group’s future performance. A Group-wide matrix is operated in order to determine the amount of any
Variable Compensation that is deferred.

As an interim recommendation, the Independent Compensation Review Panel indicated that we should focus
on deferral of Variable Compensation for our most senior employees and where possible reduce overall defer-
rals, thus reducing the compensation cost for future years. The deferral threshold was set at € 100,000 from
which point 50 % of Variable Compensation was deferred. The overall amount deferred increased as the value
of Variable Compensation increased.

As part of the focus on aligning senior employee compensation to future performance, 100 % of any Variable
Compensation award above € 1 million was deferred. As a result of this and the overall deferral matrix, the
maximum immediate cash payment was limited to € 300,000.

Increasing the deferral threshold to € 100,000 whilst retaining an overall cash cap ensured we achieved our
objective of focusing on senior employees. More junior employees were subject to lower deferrals than 2011
whilst our most senior employees were still subject to a cash cap and deferral levels remained high in compari-
son to the majority of industry peers.

In accordance with the InstitutsVergV 50 % of the non-deferred Variable Compensation for any employees
covered by this regulation (in the following referred to as “Regulated Employees”) is required to be awarded in
equity and subject to a retention period. On this basis, Regulated Employees with Variable Compensation of
€ 1 million or above were subject to a minimum effective deferral rate of 85 % and cash payment cap of
€ 150,000. This deferral rate is considerably higher than the requirements under the Capital Requirements
Directive III and the InstitutsVergV. Furthermore, at this time there is no requirement to put a maximum limit
on the amount of the non-deferred Variable Compensation. Both measures have been voluntarily implemented
by us.

Deferral structures and vehicles

Whilst we operate a global compensation policy, it is important that specific employee populations can be iden-
tified, and where necessary steps taken to structure certain aspects of compensation accordingly. The illustra-
tion below identifies the four main categories of employees at Deutsche Bank Group who have received a
deferred compensation award for 2012. Further detailed information on the Management Board, Senior Man-
agement Group and further Regulated Employees is set out in subsequent sections of the report.

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Groups of employees with deferred Variable Compensation awards

Number
of individuals

Management
Board
7

Senior Management
Group
119

further Regulated
Employees
1,089

non-regulated employees with

a deferred award
circa 3,500

Full population regulated pursuant to InstitutsVergV („Regulated Employees“)

All employees with a 2012 deferred Variable Compensation award received 50 % of the deferred award in the
form of equity and 50 % in deferred cash.

Restricted Equity Awards

The portion of deferred Variable Compensation that is equity-based is granted in the form of a conditional enti-
tlement to the future delivery of shares (a Restricted Equity Award “REA”). REAs are governed by the
Deutsche Bank Equity Plan, under which employees are granted the right to receive Deutsche Bank shares
after a specified period of time. The value of the REAs is subject to the performance of the Deutsche Bank
share price over the pre-defined vesting and (where applicable) retention period and is thus linked to the sus-
tained development of long-term value. Participants in the Deutsche Bank Equity Plan are not entitled to re-
ceive actual dividends until the shares are delivered to them.

The vesting period and forfeiture provisions for the REA vary across the different groups of employees in the
diagram above. The Management Board and Senior Management Group are subject to a newly introduced
four and a half year cliff vesting period followed by a further six-month retention period (during which time the
shares cannot be sold). All other Regulated Employees are subject to a three-year pro rata vesting period with
a further six-month retention period following the vesting of each tranche. All remaining employees with a de-
ferred award are subject to a three year pro rata vesting period. A 5 % premium award is applicable for all
employees (excluding the Senior Management Group and Management Board) to reflect the fact that the
award does not attract dividends during the vesting period. A dividend equivalent based on the dividend
paid and share price on the dividend payment date applies to the Management Board and Senior Manage-
ment Group.

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Restricted Incentive Awards

The non equity based portion of deferred Variable Compensation is granted as deferred cash compensation
(Restricted Incentive Award “RIA”). RIAs are granted on the basis of the Deutsche Bank Restricted Incentive
Plan. The RIA is subject to a minimum three-year pro-rata vesting period during which time specific forfeiture
provisions apply. A 2 % premium award is applicable for all beneficiaries in recognition that the award does not
attract interest.

Equity Upfront Awards

As per REAs, Equity Upfront Awards (“EUA”) are granted and governed under the Deutsche Bank Equity Plan.
Accordingly, EUAs represent a conditional entitlement to the future delivery of shares. The value of the EUA is
subject to the performance of the Deutsche Bank share price over the pre-defined retention period and is thus
linked to a sustained development. Participants in the Deutsche Bank Equity Plan are not entitled to receive
actual dividends until the shares are delivered to them. As required under the InstitutsVergV, for all Regulated
Employees, 50 % of the remaining non-deferred Variable Compensation (after the percentage deferred is cal-
culated) is awarded in the form of EUA and subject to a retention period of six months (three years for Man-
agement Board members). A dividend equivalent based on the dividend paid and share price on the dividend
payment date applies during the retention period.

Compensation structure for non-regulated employees with

Compensation structure for Regulated Employees a deferred award

Variable Compensation Variable Compensation

total total

max. 60 % min. 40 %
immediate payment or Upfront Deferred
payment or delivery deferred (and if
delivery after immediate payment payment or delivery deferred
applicable after retention period)
retention period

thereof thereof thereof

max. min. max. min.

100 % 50 % 50 %
50 % 50 % 50 % 50 % Upfront Cash RIA REA
Upfront Cash EUA RIA REA

payment or delivery of at
least 70 % at later dates

cash equity-based cash equity-based cash cash equity-based

retention period deferred deferred deferred deferred
retention period

EUA = Equity Upfront Awards

RIA = Restricted Incentive Awards
REA = Restricted Equity Awards

A consolidated summary of the vesting periods for each award type across the employee populations identified
is set out below. Further detailed information is provided in the specific sections addressing compensation for
the Management Board, Regulated Employees and Senior Management Group.

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Vesting periods for each award type and population

1st 2nd 3rd 4th 5th

subsequent subsequent subsequent subsequent subsequent
Grant year year year year year year

100% 100% 100% 100%

Upfront Cash

100% 100% 100%

Equity Upfront Awards (nb 1)
Restricted Incentive Awards 25% 33% 33% 33% 25% 33% 33% 33% 25% 33% 33% 33% 25% 25%

100% 100%
Restricted Equity Awards (nb 2) 33% 33% 33% 33% 33% 33%

Management Board 100%

Senior Management Group
Further Regulated Employees
Non-regulated employees with a deferred award

Nb 1: The Equity Upfront Awards are subject to a six-month retention period (with the exception of the Man-
agement Board for whom a three-year retention period applies). The shares are released after this period.
Nb 2: The full number of Restricted Equity Awards granted to the members of the Management Board and the
Senior Management Group is delivered after five years. This comprises a four and a half year vesting period
and a six-month retention period. For further Regulated Employees a six-month retention period applies follow-
ing the vesting of each tranche after which the shares are released.

Compensation and Risk Management

We are acutely aware of the importance of ensuring Variable Compensation pools are subject to appropriate
risk adjustment measures.

Risk adjustment measures

Ex-ante Risk Adjustments Ex-post Risk Adjustments

Quantitative Qualitative Explicit Implicit

Quantitative performance
Group/Divisional/Employee
Economic Capital metrics based on group and
Performance
divisional performance

Risk-adjusted Net Income Share price movements for up

Individual performance
before Bonus and Income Control Function input to 5 year vesting/retention
forfeiture clawback
Taxes period

Individual policy/regulatory
Value at Risk Red Flag reports
breaches

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Ex-ante risk adjustment measures

To achieve appropriate ex-ante risk adjustments, we use an Economic Capital Model developed within the
Risk function which is our primary method of calculating the degree of future potential risk to which we may
be exposed.

The model measures the amount of capital the Group would need in order to absorb very severe unexpected
losses arising from the Group’s exposures. “Very severe” in this context means that economic capital is set at a
level to cover, with a probability of 99.98 %, the aggregated unexpected losses within one year.

Ex-ante risk adjustment is initially employed at the Group level and is designed to reflect our risk exposure at
the time of Variable Compensation allocation. Risk is considered by reviewing risk-adjusted profit and loss prior
to distributing divisional Variable Compensation pools. As the risk profile of the organization increases, the
economic capital charge also increases, thereby driving down Group-wide economic profitability and, by exten-
sion, the amount of Variable Compensation awarded. After adjusting Net Income before Bonus and Income
Taxes for economic capital at the Group-wide level, we determine risk adjusted bonus eligible Net Income
before Bonus and Income Taxes as a basis for allocating Variable Compensation pools. Therefore, adjust-
ments made at the Group-wide level are reflected in allocations made at all levels of the organization.

As a general rule, we capture all material risks within the four prime risk types of our economic capital frame-
work (Credit, Market, Operational, and Business Risk). Other risks are mapped into the appropriate overarch-
ing risk type. Specific examples of risks captured within each of the sub-risk types are as follows:

Credit Risk
— counterparty risk, transfer risk, settlement risk;

Market Risk
— trading default risk, trading market risk, nontrading market risk;

Operational Risk
— legal risk, IT risk, staff risk, business continuity risk, vendor risk, transaction processing risk, financial re-
porting/recording risk, fiduciary service risk, real estate risk, security risk;

Business Risk
— strategic risk, tax risk.

Ex-post risk adjustment measures

Clawback provisions, pursuant to which we are entitled to forfeit compensation components previously award-
ed, represent a crucial aspect our governance process and act as a mechanism for ensuring that a substantial
portion of Variable Compensation for senior employees remains subject to both future performance and con-
duct. We have utilized clawback provisions for a number of years and have once again enhanced the depth of
the measures attached to 2012 deferred Variable Compensation awards.

The clawback provisions below have been applied to 2012 deferred Variable Compensation awards. The fol-
lowing table outlines which of the provisions apply to the specific employee populations. Where necessary,
further information on the application of the clawbacks is provided in the sections addressing the Management
Board, Regulated Employees and Senior Management Group.

— Group clawback
This clawback utilises positive Group Net Income Before Income Taxes as a performance condition for
vesting in the full value of the REA and RIA granted for 2012. The performance condition is met only if
Group Net Income Before Income Taxes is zero or greater. If Group Net Income Before Income Taxes is
negative for any year during the vesting period, the performance condition will not be met and 100 % of the
REA and RIA tranches due to vest in respect of that year will be forfeited. For the Management Board and

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Senior Management Group subject to the five year REA cliff vesting, if for any year during the vesting
period the Group Net Income before Taxes is negative, 20 % of the award will be forfeited in respect of
that year.

— Divisional clawback
This clawback utilises positive divisional Net Income before Income Taxes as a performance condition for
vesting in the full value of the REA and RIA granted for 2012. The performance condition is met for indi-
vidual employees only if their respective divisional Net Income before Income Taxes is not negative. If Net
Income before Income Taxes is negative for any division during any year of the vesting period, the perfor-
mance condition will not be met and 100 % of the REA and RIA tranches due to vest in respect of that year
will be forfeited by all employees in the applicable division. For the Senior Management Group subject to
the five-year REA cliff vesting, if for any year during the vesting period the divisional Net Income before In-
come Taxes is negative, 20 % of the award will be forfeited in respect of that year. The divisional clawback
measure does not apply to the Management Board or employees working in Regional Management or In-
frastructure divisions.

— Performance Forfeiture clawback

This clawback puts an employee’s RIA and REA at risk into the future and allows us to determine whether
adjustments may be necessary based on actual outcomes. Up to 100 % of an employee’s unvested
awards can be clawed back in the event that we discover that the original award value was inappropriate
because a performance measure is later deemed to be materially inaccurate or if a deal, trade or transac-
tion considered to be attributable to the employee has a significant adverse effect on any Group entity, any
Corporate Division or the Group. This clawback has been applied for the first time to REAs granted in re-
spect of 2012 and represents an important governance enhancement.

— Policy/Regulatory Breach clawback

All of our long-term compensation plans contain a behavioral clawback, which includes provisions provid-
ing for the forfeiture of all unvested and unpaid compensation if an employee is terminated for misconduct,
including but not limited to, dishonesty, fraud, misrepresentation or breach of trust. An award may be
clawed back for an internal policy or procedure breach or breach of any applicable laws or regulations im-
posed other than by us. Specific tranches of an award may also be forfeited where it is determined that a
policy breach has occurred, however the disciplinary sanctions fall short of termination for Cause.

Application of clawbacks to different employee populations

Performance Policy/Regulatory
Group clawback Divisional clawback Forfeiture clawback Breach clawback
Management Board   
Senior Management Group  1  
further Regulated Employees  1  
non-regulated employees with a deferred award  
1 Only applies for employees working in front office business divisions.

In addition to these specific clawbacks, a number of other provisions are included in the relevant plan rules
which facilitate the forfeiture of deferred awards for all employees. These include (but are not limited to):

— voluntary termination of employment;

— termination for Cause;
— solicitation of customers, clients or Deutsche Bank Group employees;
— disclosure or usage of proprietary information;
— provision of similar, related or competitive services to other financial services companies following retire-
ment, career retirement or public service retirement.

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Hedging
All employees with deferred awards are not permitted to limit or cancel out the risk in connection with their
compensation through hedging or other countermeasures. Any such action is deemed a breach of policy and
will result in the full forfeiture of awards.

Compensation Disclosure pursuant to Section 7 InstitutsVergV

2012 Variable Compensation awards (which exclude charges for prior year deferrals but include current year
awards vesting in the future) were € 3.166 billion in total. With regards to the underlying award structures we
refer to the detailed descriptions provided in this report. The Group-wide deferral ratio was 47 % compared to
61 % in 2011.

Variable Compensation and deferral rates

in € bn. in %

5 100
4.8
- 33 %
2,7
4.3
4 2,2 80

3.6
1,4 - 11 %
3.2
3 61 % 1,7 60
49 %

43 % 47 %

2
2,1 2,1 2,2 40

1,5
1 20

0 0
2009 2010 2011 2012

Cash
Deferred
Deferral rate (i.e. the proportion of the total Variable Compensation that is delivered in deferred awards)

2012 2011
in € m. (unless stated otherwise) 1 CB&S GTB AWM PBC NCOU Group Total Group Total
Total Compensation 4,890 936 1,424 2,685 255 10,191 10,455
thereof:
Fixed Compensation 2,698 697 1,013 2,424 194 7,025 6,895
Variable Compensation 2,192 240 411 262 61 3,166 3,560
# of employees 28,659 10,022 11,562 45,493 2,483 98,219 100,996
1 Comprises the number of employees as well as the discretionary part of the Variable Compensation of Postbank.

All figures in the above table include the allocation of Infrastructure related compensation or number of em-
ployees according to our established cost allocation key.

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Amortisation of deferred variable compensation awards

As of December 31, 2012, including awards granted in early February 2013, unamortized deferred variable
compensation costs amount to approximately € 2.8 billion.

Actual P&L charge 1 Projected P&L charge 2

total
in € m. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2013 - 2018
Cash awards granted
before January 1, 2013 705 945 1,092 415 171 47 0 − − 633
Share-based awards
granted before
January 1, 2013 1,057 1,164 1,045 429 150 20 1 − − 600
Cash awards granted
in early 2013 − − − 321 231 106 26 − − 684
Share-based awards
granted in early 2013 − − − 473 232 112 36 12 1 866
Total 1,762 2,109 2,137 1,638 3 784 285 63 12 1 2,783
1 Includes severance and restructuring expense covering the acceleration of deferred compensation awards not yet amortized due to the discontinuation of employment.
2 Excludes future grants and forfeitures.
3 Thereof € 893 million in the first half of 2013.

Management Board Report and Disclosure

Management
Board

Senior Management
Group

further Regulated
Employees

Principles of the Compensation System for Management Board Members

In May 2012 the compensation system was presented and approved by a majority vote of 94 % at the Annual
General Meeting on the basis of the Compensation Report applicable at the time. However, as part of their
mandate the ICRP is also reviewing the current compensation system with the endorsement of the Super-
visory Board.

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Responsibility
The Supervisory Board is responsible for determining the individual amounts of compensation for the Manage-
ment Board members. The Chairman’s Committee supports the Supervisory Board in the process. It advises
the Supervisory Board on all issues in connection with the compensation of the members of the Management
Board and prepares all of the resolutions on the compensation system and on the determination of the individ-
ual compensation of each Management Board members.

The Chairman’s Committee of the Supervisory Board comprises a total of four members, of which two are
representatives of the Group´s employees. The Chairman’s Committee held regular meetings in 2012 and
continues to do so in 2013. Most recently it prepared the decision on how the amount of the Variable Compen-
sation for the members of the Management Board for the financial year 2012 is to be assessed.

Principles
The compensation structure for the members of the Management Board takes into account all of the applicable
statutory and regulatory requirements. As divergent requirements have been established around the world,
numerous aspects must be considered, and therefore the requirements placed on such a system are increas-
ingly extensive and complex.

When designing the structure of the compensation system, determining compensation amounts and structuring
its delivery, the focus is set on ensuring a close link between the interests of both the Management Board
members and shareholders. This is achieved through the utilization of specific key financial figures which have
a connection to the performance of the Deutsche Bank share price and granting compensation elements that
are equity-based. The equity-based compensation components are directly linked to the performance of the
Deutsche Bank share price and only become eligible for payment over a period of several years. Our perfor-
mance compared with other companies in the market is a further important criterion for the structuring and
determination of compensation.

Furthermore, the compensation system is aligned with performance and success targets. Particular emphasis
is attached to our long-term focus, as well as appropriateness and sustainability measures. The compensation
system is structured to ensure members of the Management Board are motivated to avoid unreasonably high
risks, to achieve the objectives set out in our strategies and to continuously work towards the positive devel-
opment of the Group.

Compensation for the Management Board members is determined on the basis of several criteria. These in-
clude our overall results as well as the relative performance of the Deutsche Bank share price in comparison to
selected peer institutions. Within the framework, the Supervisory Board specifically takes into account risk
aspects and contributions to our success by the respective organizational unit as well as by the individual
Management Board members themselves. Both financial and non-financial parameters are considered when
assessing performance. This procedure also fulfils regulatory requirements by going beyond a purely formula-
based assessment. Most of the Variable Compensation components are determined on the basis of a multi-
year assessment in order to avoid limiting the assessment of business performance to a single year only.

The Supervisory Board regularly reviews the compensation framework for Management Board members with
due consideration to market trends and changing legal and regulatory requirements. If the Supervisory Board
considers a change to be required, it will adjust the framework accordingly. In the context of this review and the
determination of the Variable Compensation, the Supervisory Board uses the expertise of independent external
compensation and, if necessary, legal consultants.

Compensation Structure
The compensation structure approved by the Supervisory Board for the individual Management Board mem-
bers is reflected in their contractual agreements. The compensation is divided into both non-performance-
related and performance-related components.

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Non-Performance-Related Components
The non-performance-related components primarily comprise the base salary, which is paid in twelve equal
monthly payments. In 2012, the annual base salary of the ordinary Management Board members remained
unchanged to the previous year. The last adjustment to the base salaries of the two Co-Chairmen took effect
as of June 1, 2012. The annual amounts are as follows:

in € January – May June – December

Base salary
Chairman1/Co-Chairmen 1,650,000 2,300,000
Ordinary Board Members 1,150,000 1,150,000
1 Refers to Dr. Ackermann until May 2012.

Additional non-performance-related components include other benefits, which comprise the monetary value of
non-cash benefits such as company cars and driver, insurance premiums, expenses for company-related so-
cial functions and security measures including payments, if applicable, of taxes on these benefits as well as
taxable reimbursements of expenses.

Performance-Related Components (Variable Compensation)

Variable Compensation is performance-related. It consists of two components; a bonus and a Long-Term Per-
formance Award. Effective from June 2012 and in line with the appointment of Mr. Jain as Co-Chairman of the
Management Board, his entitlement to receive the Division Incentive compensation component related to his
responsibility for the CB&S was removed.

Bonus
The total bonus is determined on the basis of two components (bonus components 1 and 2). Their levels de-
pend on the development of the return on equity (based on income before income tax), which is a key factor
influencing the share price performance. The first component of the bonus is determined through a comparison
of the planned and actually achieved return on equity. The second component of the bonus is based on the
actually achieved return on equity. The two components are each assessed over a two-year period: the year
for which the bonus is determined and the preceding year. This ensures that the assessment is based not just
on a short-term development of the return on equity.

The total bonus to be granted is calculated on the basis of a total target figure. In connection with the new
composition of the Management Board effective from June 1, 2012 the total target figures were amended. The
individual annual total target figures for an ordinary Management Board member and for the Management
Board Chairman/Co-Chairmen in 2012 are as follows:

in € January – May June – December

Bonus Target (total)
Chairman/Co-Chairmen 4,000,000 2,300,000
Ordinary Board Members 1,150,000 1,150,000

The total target figure is divided in half into the two components specified above (target figures 1 and 2). The
target figures 1 and 2 are each multiplied with an annually calculated factor (factors 1 and 2) to calculate the
respective bonus components 1 and 2.

The calculated total bonus is determined as follows.

Bonus component 1 Bonus component 2

Total Bonus = +
Target figure 1 x factor 1 Target figure 2 x factor 2

The level of factor 1, which is used for calculating bonus component 1, is determined on the basis of the actu-
ally achieved return on equity of a given year as a ratio of the plan figure defined for that year. The ratio result-

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ing from this is the level of achievement, which is calculated as described above for two consecutive years. If
the actually achieved return on equity is negative for a given year, the level of achievement is set to zero. Fac-
tor 1 is the average of the levels of achievement calculated for the two years. The average of the levels of
achievement for the two years being assessed must come to at least 50 %. If it falls below this minimum level,
the factor is set to zero and bonus component 1 is not granted. Bonus component 1 is linked to the level of
factor 1, resulting in a corresponding linear increase or decrease starting from the target figure. There is an
upper limit that is set at 150 % of the target figure.

Factor 2 is determined on the basis of the actually achieved return on equity over a two-year period. The initial
basis is an annual return on equity of 18 %. If this figure is achieved, it is linked to a multiplier of 1.0. For each
percentage point of deviation, upwards or downwards, the multiplier is increased or reduced in steps of 0.05; in
the process, intermediate values are calculated as well. The multiplier can amount to a maximum of 1.5, which
corresponds to a return on equity of 28 % or more. In contrast, if the return on equity falls below a minimum
level of 4 %, the multiplier is zero. To determine factor 2, the average is formed from the multipliers of the two
assessment years and has to amount to a minimum of 0.5.

The two bonus components are added together, resulting in a total bonus. If, for example, the factors for the
two bonus components are 1.0 each, the total bonus amounts to the respective total target figure. The calcu-
lated total bonus is capped at 1.5 times the total target figure. If defined minimum levels are not reached for
both of the bonus components, as described above, no bonus is paid.

The Supervisory Board carries out an additional assessment that can result in an increase or reduction of the
calculated total bonus amount. The objective is to adequately take additional quantitative and qualitative fac-
tors into account, for example, revenue contributions, the individual contributions to performance, or risk-
related factors in light of regulatory requirements. Until May 31, 2012, the exercised discretion was limited to an
increase or reduction by up to 50 % of the calculated total bonus amount for all Management Board members.
With effect from June 1, 2012, the Supervisory Board revised the rules governing discretion allowing them to
sanction an increase or reduction of up to 50 % of the calculated total bonus amount for an ordinary Manage-
ment Board member and an increase of up to 150 % or reduction of up to 100 % for the Management Board
Co-Chairmen. As a result, under the most favorable conditions effective from June 1, 2012, the total bonus can
amount to a maximum of 2.25 times the total target figure for an ordinary Management Board member and of
3.75 for the Management Board Co-Chairmen.

The following chart shows the level of factor 1 depending on the level of achievement calculated according to
the method described above and the respective target level achievement in 2012 and 2011.

Bonus component 1

Factor

1.5

1.0

2011 (factor = 0.6107)

0.5
2012 (level of achievement = 48.96 %)1)

2012 (factor = 0) 2011 (level of achievement = 61.07 %)

0
0 10 30 50 70 90 110 130 150 170 Level of achievement
(actual/plan comparison) in %
(2-year average)
1) The 2012 level of achievement is below 50 % and so the factor is set to zero.

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The following chart shows the level of the multiplier depending on the actually achieved return on equity for a
given year and the respective target level achievement in 2012 and 2011.

Bonus component 2

Multiplier

1.5

1.0

2011 (0.6370)

0.5
2012 (0.3340)

0
0 4 8 12 16 20 24 28 32 36 Actual RoE of a year in %

For compensation purposes the Supervisory Board decided to adjust the 2012 return on equity (RoE) by ex-
cluding significant goodwill and intangible impairment charges that were incurred in that year. However, as a
result the calculated factors for both bonus components were below the relevant threshold of 0.5 each; accord-
ingly no bonus was to be granted for the 2012 financial year. In this respect there was also no basis for any
discretion to be exercised by the Supervisory Board.

Factor 1 for bonus component 1 and factor 2 for bonus component 2 were determined as follows:

Metric for factor 1: 2-year average of Actual RoE versus Plan RoE 2011/2012

Actual RoE 2011 Actual RoE 2012

+
Plan RoE 2011 Plan RoE 2012
= 0.4896 (2011: 0.6107)
2

Metric for factor 2: 2-year average of Actual RoE for 2011/2012

Multiplier derived from Actual RoE 2011 + Multiplier derived from Actual RoE 2012
= 0.4855 (2011: 0.6368)
2

Long-Term Performance Award

The level of the Long-Term Performance Award (LTPA) is tied to the total shareholder return of Deutsche Bank
in relation to the average total shareholder returns of a select group of six comparable leading banks (calculat-
ed in Euro). The result thereof is the Relative Total Shareholder Return (RTSR). The LTPA is calculated from
the average of the annual RTSR for the last three financial years (reporting year and the two preceding years).
The criteria used to select the peer group are generally comparable business activities, size and international
presence.

The six leading banks are:

— Banco Santander and BNP Paribas (both from the eurozone),
— Barclays and Credit Suisse (both from Europe outside the eurozone), as well as
— JPMorgan Chase and Goldman Sachs (both from the US).

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The LTPA for the Management Board members is determined on the basis of a pre-defined target figure multi-
plied by a percentage based on the achieved RTSR. The annual target figures for a Management Board mem-
ber and for the Management Board Chairman/Co-Chairmen are as follows:

in € January – May June – December

LTPA Target (total)
Chairman/Co-Chairmen 4,800,000 4,350,000
Ordinary Board Members 2,175,000 2,175,000

Like the bonus, the LTPA also has an upper limit (cap). If the three-year average of the RTSR is greater than
100 %, then the value of the LTPA increases proportionately to an upper limit of 125 % of the target figure. If
the three-year average of the RTSR is lower than 100 %, however, the value declines disproportionately, as
follows. If the RTSR is calculated to be between 90 % and 100 %, the value is reduced for each lower percent-
age point by three percentage points. The value is reduced by another two percentage points for each lower
percentage point between 70 % and 90 %; and by another three percentage points for each percentage point
under 70 %. If the three-year average does not exceed 60 %, no LTPA is granted.

This relation can be seen in the following chart.

Long-Term Performance Award

Factor

1.5

2011 (1.01)
1.0

2012 (0.88)

0.5

2012 (96%) 2011 (101%)

0
0 10 20 30 40 50 60 70 80 90 100 110 120 130 RTSR in %
(3 -year average)

The Relative Total Shareholder Return as the basis for the calculation of the LTPA in the year 2012 was about
86 % (2011: 111 %, 2010: 93 %). Thus, the average of the last three years (2010 until 2012) was about 96 %.
Accordingly, the 2012 RTSR of rounded 96 % leads to a percentage factor of 88 %.

Division Incentive
For the business year 2012 Mr. Jain waived his contractual entitlement to payment of the Division Incentive
which was approved by the Supervisory Board.

Long-Term Incentive/Sustainability
The total amount of the bonus and LTPA is granted primarily on a deferred basis and spread out over several
years. This ensures a long-term incentive effect over a multi-year period.

According to the requirements of the InstitutsVergV at least 60 % of the total Variable Compensation must be
granted on a deferred basis. Not less than half of this deferred portion comprises equity-based compensation
components, while the remaining portion is granted as deferred cash compensation. Both compensation com-
ponents are deferred over a multi-year period and subsequently followed by retention periods for the equity-
based compensation components. During the period until payment or delivery, the compensation portions

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awarded on a deferred basis may be forfeited. A maximum of 40 % of the total Variable Compensation is
granted on a non-deferred basis. However, at least half of this consists of equity-based compensation compo-
nents and only the remaining portion is paid out directly in cash. Of the entire Variable Compensation, no more
than a maximum of 20 % is paid out in cash immediately, while at least 80 % is paid or delivered at a later date.

The following chart shows the required structure of the Variable Compensation components according to the
InstitutsVergV.

Split / structure of Variable Compensation for the Management Board

Variable Compensation
total

max. 40 % min. 60 %
immediate payment or delivery after
payment or delivery deferred (and if applicable after retention period)
retention period

thereof thereof

max. 50 % min. 50 % max. 50 % min. 50 %

Upfront Cash EUA RIA REA

payment or delivery of at least 80 % at later dates

cash equity-based cash equity-based

retention period deferred deferred
retention period

EUA = Equity Upfront Awards

RIA = Restricted Incentive Awards
REA = Restricted Equity Awards

Restricted Equity Awards

At least 50 % of the deferred Variable Compensation is comprised of an REA.

The 2012 REA vest in one tranche (cliff vest) approximately four and a half years after grant and are immedi-
ately subject to an additional retention period of six months. Accordingly, Management Board members are first
permitted to dispose of the equities after approximately five years. Introducing a cliff rather than pro rata vest-
ing schedule ensures the full award for each employee is subject to potential forfeiture throughout the entire
vesting period rather than the potential forfeitable amount reducing after each annual tranche vesting.

The 2011 REA vest in four equal tranches. The first tranche vests approximately one and a half years after the
granting of the awards in February 2012. The remaining tranches each subsequently vest in regular intervals of
one additional year. After the individual tranches vest, they are subject to an additional retention period. The
additional retention period of the first tranche is three years, two years for the second tranche, and one year for
the third and fourth tranches.

Restricted Incentive Awards

The RIA comprise a maximum 50 % of the deferred Variable Compensation and vest in four equal tranches.
The first tranche vests approximately one and a half years after it is granted and the remaining tranches each

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subsequently vest in intervals of one year. Payment takes place upon vesting. The deferred cash compensa-
tion is thus stretched out over a period of approximately four and a half years.

Upfront Awards
The Upfront Awards amount to a maximum of 40 % of the total Variable Compensation. However, no more
than half of this is paid out in cash immediately (Upfront Cash). The remaining portion is granted as equity-
based compensation in the form of an EUA and subject to a retention period of three years. Only after this
retention period has ended may the awards be sold.

The following chart shows the payment date for the immediate cash compensation and the time period for the
payment or the delivery of the other Variable Compensation components in the five consecutive years following
the grant year.

Timeframe for payment or delivery and non-forfeiture for the Management Board

1st 2nd 3rd 4th 5th

subsequent subsequent subsequent subsequent subsequent
Grant year year year year year year

100%
Upfront Cash

100% 100%
Equity Upfront Awards
25%
25%
25%
Restricted Incentive Awards 25%
25% 25%
25% 25%
25% 25%
Restricted Equity Awards
(granted for the financial year 2011) 25% 25%
25% 25%
Restricted Equity Awards 100% 100%
(granted for the financial year 2012)

Vesting and/or non-forfeiture, aligned with payment or delivery

Vesting followed by a retention period until delivery; subject to individual forfeiture conditions during the retention period

As RIA do not bear interest prior to payment, a one-time premium is added upon grant (2012: 2 %, 2011: 5 %).

Equity-based awards (EUA and REA) granted for the financial year 2011 do not bear any entitlement to divi-
dends until their delivery, so a one-time premium of 5 % was added upon grant.

In respect of the equity-based awards (EUA and REA) granted for the financial year 2012, the award premium
has been replaced with a dividend equivalent to further align the Management Board’s interests to those of
shareholders. The dividend equivalent is determined according to the following formula.

Actual dividend x Number of share awards

Deutsche Bank share price on date dividend is paid

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Forfeiture Conditions
Because some of the compensation components are deferred or spread out over several years (Restricted
Equity Awards, Restricted Incentive Awards and Equity Upfront Awards) certain forfeiture conditions are appli-
cable until vesting or the end of the retention periods. Awards may be fully or partially forfeited, for example,
due to individual misconduct (including a breach of regulations) or to an extraordinary termination, and, with
regard to Restricted Equity Awards and Restricted Incentive Awards, also due to a negative Group result or to
individual negative contributions to results. The forfeiture conditions are an essential aspect of the awards and
ensure they are aligned with the long-term performance of both the Group and the individuals.

Limitations in the event of exceptional developments

In the event of exceptional developments (for example, the sale of large investments), the total compensation
for each Management Board member is limited to a maximum amount. A payment of Variable Compensation
elements will not take place if the payment of Variable Compensation components is prohibited or restricted by
the German Federal Financial Supervisory Authority in accordance with existing statutory requirements.

Management Board Compensation

Base Salary
In 2012, the annual base salary of an ordinary Management Board member was € 1,150,000. The annual base
salary of the Management Board Chairman was € 1,650,000 until May 31, 2012. The annual base salary of the
Management Board Co-Chairmen was € 2,300,000 each from June 1, 2012.

Variable Compensation
The Supervisory Board, based on the proposal of the Chairman’s Committee, determined the Variable Com-
pensation for the members of the Management Board for the 2012 financial year. The amounts of the bonuses
and LTPAs were determined for all Management Board members on the basis of the existing compensation
system.

Compensation (collectively and individually)

In accordance with the provisions of German Accounting Standard No. 17, the members of the Management
Board collectively received in the 2012 financial year compensation for their service on the Management Board
totaling € 23,681,498 (2011: € 27,323,672). Thereof, € 9,599,999 (2011: € 8,550,000) was for base salaries,
€ 1,402,936 (2011: € 879,591) for other benefits, € 11,396,439 (2011: € 17,194,081) for performance-related
components with long-term incentives and € 1,282,124 (2011: € 700,000) for performance-related components
without long-term incentives.

According to the German Accounting Standard No. 17, the Management Board members individually received
the following compensation components for their service on the Management Board for or in the years 2012
and 2011.

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Non-perfor-
Members of the Management mance-related
Board components Performance-related components
without long-term
incentives with long-term incentives
cash-based share-based
Restricted Equity
Restricted Equity Upfront Award(s)
Incentive Award(s) (deferred with
immediately Award(s) (with retention additional
in € Base salary paid out paid period) retention period) Total
1
Dr. Josef Ackermann 2012 687,500 150,000 699,347 150,000 730,000 2,416,847
2011 1,650,000 100,000 693,139 105,000 3,750,075 6,298,214
Dr. Hugo Bänziger 1 2012 479,167 134,812 97,572 134,812 263,938 1,110,301
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Jürgen Fitschen 2012 1,820,833 150,000 273,122 150,000 1,365,250 3,759,205
2011 1,150,000 100,000 72,530 105,000 1,424,884 2,852,414
Anshuman Jain 2012 1,820,833 150,000 1,342,968 150,000 1,365,250 4,829,051
2011 1,150,000 100,000 248,885 105,000 4,207,384 5,811,269
Stefan Krause 2012 1,150,000 150,000 309,829 150,000 807,000 2,566,829
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Hermann-Josef Lamberti1 2012 479,167 134,812 97,572 134,812 263,938 1,110,301
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Dr. Stephan Leithner 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Stuart Lewis 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Rainer Neske 2012 1,150,000 150,000 279,279 150,000 807,000 2,536,279
2011 1,150,000 100,000 72,530 105,000 1,424,884 2,852,414
Henry Ritchotte 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Total 2012 9,599,999 1,282,124 3,099,689 1,282,124 7,014,626 22,278,562
Total 2011 8,550,000 700,000 1,377,202 735,000 15,081,879 26,444,081
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

The following should be noted with regard to the Restricted Incentive Awards in the presentation of the com-
pensation amounts.

In accordance with German Accounting Standard 17, the Restricted Incentive Awards, as a deferred, non-
equity-based compensation component subject to certain (forfeiture) conditions, must be recognized in the
total compensation for the year of their payment (i.e. in the financial year in which the unconditional payment
takes place) and not in the year they are originally granted. This means that the total compensation amounts
presented only include the second tranche of the Restricted Incentive Awards (including an adjustment linked
to our return on equity) granted in 2010 for the financial year 2009 totaling € 1,389,536 and the first tranche of
the Restricted Incentive Awards granted in 2011 for the financial year 2010 totaling € 1,710,153. With respect
to the previous year this means that the total compensation amounts presented above only include the first
tranche of the Restricted Incentive Awards (including an adjustment linked to our return on equity) granted in
2010 for the financial year 2009 totaling € 1,377,202.

The following table provides details on the Restricted Incentive Awards, i.e. the cash-based awards, on an
individualized basis awarded to the members in active service on the Management Board in 2012. The infor-
mation shown presents the amounts paid in the financial year as well as the amounts originally granted along
with the respective financial year the amounts were awarded for.

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Members of the Management Board

Allocation over Amount paid Amount paid
Amounts in € Year 1 periods/tranches 2 Amount awarded out in 2012 3 out in 2011 3
4
Dr. Josef Ackermann 2012 2014 to 2017 / 4 744,600 − −
2011 2013 to 2016 / 4 3,750,075 − −
2010 2012 to 2015 / 4 2,534,089 − −
2009 2011 to 2013 / 3 1,925,000 699,347 693,139
Dr. Hugo Bänziger 4 2012 2014 to 2017 / 4 269,217 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 824,399 − −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Jürgen Fitschen 2012 2014 to 2017 / 4 1,392,555 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 799,770 199,943 −
2009 2011 to 2013 / 3 201,431 73,179 72,530
Anshuman Jain 2012 2014 to 2017 / 4 1,392,555 − −
2011 2013 to 2016 / 4 4,207,383 − −
2010 2012 to 2015 / 4 4,367,413 1,091,853 −
2009 2011 to 2013 / 3 691,210 251,115 248,885
Stefan Krause 2012 2014 to 2017 / 4 823,140 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 849,029 212,257 −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Hermann-Josef Lamberti4 2012 2014 to 2017 / 4 269,217 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 799,770 − −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Dr. Stephan Leithner 5 2012 2014 to 2017 / 4 480,165 − −
Stuart Lewis 5 2012 2014 to 2017 / 4 480,165 − −
Rainer Neske 2012 2014 to 2017 / 4 823,140 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 824,399 206,100 −
2009 2011 to 2013 / 3 201,431 73,179 72,530
Henry Ritchotte 5 2012 2014 to 2017 / 4 480,165 − −
Total 2012 2014 to 2017 / 4 7,154,919 – –
2011 2013 to 2016 / 4 15,081,873 – –
2010 2012 to 2015 / 4 10,998,869 1,710,153 –
2009 2011 to 2013 / 3 3,824,797 1,389,536 1,377,202
1 Financial year the award was originally issued for (in regard to the service on the Management Board).
2 Number of equal tranches.
3 The Restricted Incentive Awards awarded for the 2009 financial year contain a variable component (RoE-linked adjustment) so that the disbursal, i.e. the amount
paid out, in the context of the first two tranches differs from the amount originally awarded.
4 Member of the Management Board until May 31, 2012.
5 Member of the Management Board from June 1, 2012.

To add full transparency on the total awards granted to the Management Board members for the 2012 financial
year the table below shows – in a deviation from the disclosure according to the German Accounting Standard
No. 17 presented above – the compensation components determined by the Supervisory Board for the service
of the Management Board members for the years 2012 and 2011.

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Non-perfor-
Members of the Management mance-related
Board components Performance-related components
without long-term
incentives with long-term incentives
cash-based share-based
Restricted Equity
Restricted Equity Upfront Award(s)
Incentive Award(s) (deferred with
immediately Award(s) (with retention additional
in € Base salary paid out granted period) retention period) Total
1
Dr. Josef Ackermann 2012 687,500 150,000 744,600 150,000 730,000 2,462,100
2011 1,650,000 100,000 3,750,075 105,000 3,750,075 9,355,150
Dr. Hugo Bänziger 1 2012 479,167 134,812 269,217 134,812 263,938 1,281,946
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Jürgen Fitschen 2012 1,820,833 150,000 1,392,555 150,000 1,365,250 4,878,638
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Anshuman Jain 2012 1,820,833 150,000 1,392,555 150,000 1,365,250 4,878,638
2011 1,150,000 100,000 4,207,383 105,000 4,207,384 9,769,767
Stefan Krause 2012 1,150,000 150,000 823,140 150,000 807,000 3,080,140
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Hermann-Josef Lamberti1 2012 479,167 134,812 269,217 134,812 263,938 1,281,946
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Dr. Stephan Leithner 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Stuart Lewis 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Rainer Neske 2012 1,150,000 150,000 823,140 150,000 807,000 3,080,140
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Henry Ritchotte 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Total 2012 9,599,999 1,282,124 7,154,919 1,282,124 7,014,626 26,333,792
Total 2011 8,550,000 700,000 15,081,873 735,000 15,081,879 40,148,752
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

The number of share awards in the form of Equity Upfront Awards (EUA) and Restricted Equity Awards (REA)
granted in 2013 for the year 2012 to each member of the Management Board was determined by dividing the
respective euro amounts by € 38.525, the XETRA closing price of a Deutsche Bank share on February 1, 2013
(prior year: € 34.04 on February 1, 2012).

As a result, the number of share awards granted was as follows (rounded).

Members of the Management Board

Restricted Equity Award(s)
Equity Upfront Award(s) (deferred with additional
Units Year (with retention period) retention period)
Dr. Josef Ackermann 1 2012 3,893 18,948
2011 3,084 110,166
Dr. Hugo Bänziger 1 2012 3,499 6,851
2011 3,084 41,859
Jürgen Fitschen 2012 3,893 35,438
2011 3,084 41,859
Anshuman Jain 2012 3,893 35,438
2011 3,084 123,601
Stefan Krause 2012 3,893 20,947
2011 3,084 41,859
Hermann-Josef Lamberti1 2012 3,499 6,851
2011 3,084 41,859
Dr. Stephan Leithner 2 2012 2,271 12,219
Stuart Lewis 2 2012 2,271 12,219
Rainer Neske 2012 3,893 20,947
2011 3,084 41,859
Henry Ritchotte 2 2012 2,271 12,219
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

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The following table shows the non-performance-related other benefits for the 2012 and 2011 financial years.

Members of the Management Board Other benefits

in € 2012 2011
Dr. Josef Ackermann 1 88,372 176,256
Dr. Hugo Bänziger 1 36,959 50,535
Jürgen Fitschen 240,044 151,700
Anshuman Jain 614,588 63,214
Stefan Krause 102,301 228,878
Hermann-Josef Lamberti1 42,664 103,485
Dr. Stephan Leithner 2 72,601 −
Stuart Lewis 2 71,187 −
Rainer Neske 127,543 105,523
Henry Ritchotte 2 6,677 −
Total 1,402,936 879,591
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

Management Board members do not receive any compensation for mandates on boards of our subsidiaries.

Pension and transitional benefits

The Supervisory Board generally allocates an entitlement to the Management Board members to pension plan
benefits. These entitlements involve a defined contribution pension plan. Under this pension plan, a personal
pension account has been set up for each participating member of the Management Board after appointment
to the Management Board. A contribution is made annually into this pension account. This annual contribution
is calculated using an individual contribution rate on the basis of each member’s base salary and total bonus
up to a defined ceiling and accrues interest credited in advance, determined by means of an age-related factor,
at an average rate of 6 % per year up to the age of 60. From the age of 61 onwards, the pension account is
credited with an annual interest payment of 6 % up to the date of retirement. The annual payments, taken
together, form the pension amount which is available to pay the future pension benefit. Under defined condi-
tions the pension may also become due for payment before a regular pension event (age limit, disability or
death) has occurred. The pension right is vested from the beginning.

Dr. Ackermann, Dr. Bänziger and Mr. Lamberti are entitled to transition payments of 100 % of the sum of salary
and total bonus (last total target figure) pro rata temporis for a period of six months after leaving office. Subse-
quently, Dr. Ackermann is entitled to a further transition payment of 75 % of the sum of salary and total bonus
(last total target figure) for a period of 12 months. Based on the above entitlements, the transition payments
made in 2012 were € 928,125 for Dr. Ackermann and € 575,000 each for Dr. Bänziger and Mr. Lamberti. Fur-
ther amounts are due in 2013 and also for Dr. Ackermann in 2014.

Based on former contractual commitments Dr. Ackermann and Mr. Lamberti are entitled to a monthly pension
payment of € 29,400 each after the end of the respective transition payment period.

The following table shows the annual service costs for pension benefits and transition payments for the years
2012 and 2011 and the corresponding defined benefit obligations each as of December 31, 2012 and Decem-
ber 31, 2011 for the individual members of the Management Board. The different sizes of the balances are due
to the different lengths of service on the Management Board, the respective age-related factors, the different
contribution rates as well as the individual pensionable compensation amounts and the previously mentioned
additional individual entitlements.

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Members of the Management Board

Present value of the defined
Service cost for pension benefit obligation for pension
benefits and transition benefits and transition
in € payments, in the year payments, end of year
Dr. Josef Ackermann 1 2012 405,581 −2
2011 876,760 18,753,007
Dr. Hugo Bänziger 1 2012 303,183 −2
2011 508,011 2,786,879
Jürgen Fitschen 2012 327,364 1,093,915
2011 222,585 565,984
Anshuman Jain 2012 412,524 412,524
Stefan Krause 2012 550,439 2,564,927
2011 470,827 1,345,800
Hermann-Josef Lamberti1 2012 180,193 −2
2011 486,920 12,463,973
Dr. Stephan Leithner 3 2012 210,469 210,469
Stuart Lewis 3 2012 209,385 209,385
Rainer Neske 2012 560,153 2,179,771
2011 462,655 1,066,022
Henry Ritchotte 3 2012 206,692 206,692
1 Member of the Management Board until May 31, 2012.
2 The respective obligations are part of the provisions for pension obligations to former members of the Management Board.
3 Member of the Management Board from June 1, 2012.

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a special contribution into
their individual pension account. The amount of this contribution was € 688,422 for Dr. Bänziger and
€ 560,112 for Mr. Lamberti.

Other benefits upon premature termination

The Management Board members are in principle entitled to receive a severance payment upon a premature
termination of their appointment at the bank’s initiative, provided the bank is not entitled to revoke the appoint-
ment or give notice under the contractual agreement for cause. The severance payment, as a rule, will not
exceed the lesser of two annual compensation amounts and the claims to compensation for the remaining term
of the contract. The calculation of the compensation is based on the annual compensation for the previous
financial year.

If a Management Board member leaves office in connection with a change of control, they are also, under
certain conditions, entitled in principle to a severance payment. The severance payment, as a rule, will not
exceed the lesser of three annual compensation amounts and the claims to compensation for the remaining
term of the contract. The calculation of the compensation is based again on the annual compensation for the
previous financial year.

The severance payment mentioned above is determined by the Supervisory Board subject to its sole discretion.
In principle, the disbursement of the severance payment takes place in two installments; the second install-
ment is subject to certain forfeiture conditions until vesting.

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a severance payment
based on a severance agreement concluded. The severance payment is € 7,756,000 for Dr. Bänziger and
€ 7,729,000 for Mr. Lamberti. In both cases the payment of the severance takes place in two installments, the
second installment being subject to certain forfeiture conditions until vesting on May 31, 2013.

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Expense for Long-Term Incentive Components

The following table presents the compensation expense recognized in the respective years for long-term incen-
tive components of compensation not vested immediately, granted for service on the Management Board.

Members of the Management Board Amount expensed for

share-based compensation cash-based compensation
components components
in € 2012 2011 2012 2011
Dr. Josef Ackermann 1 5,093,773 2,020,850 4,688,524 2,152,404
Dr. Hugo Bänziger 1 2,314,873 440,182 1,989,185 386,704
Jürgen Fitschen 967,516 309,459 819,851 359,601
Anshuman Jain 2,738,231 1,471,955 3,092,210 1,818,626
Stefan Krause 981,775 364,503 824,961 395,591
Hermann-Josef Lamberti1 2,485,906 434,736 1,974,270 377,816
Rainer Neske 969,746 314,911 827,875 368,488
1 Member of the Management Board until May 31, 2012.

Management Board Share Ownership

As of March 28, 2013 and February 17, 2012 respectively, the current members of our Management Board
held the following numbers of Deutsche Bank shares and share awards.

Number of Number of
Members of the Management Board shares share awards 1
Jürgen Fitschen 2013 183,759 146,472
2012 181,907 110,978
Anshuman Jain 2013 572,701 344,875
2012 552,697 346,703
Stefan Krause 2013 − 141,148
2012 − 116,307
Dr. Stephan Leithner 2013 24,632 180,348
Stuart Lewis 2013 20,480 77,706
Rainer Neske 2013 73,940 132,905
2012 51,088 111,902
Henry Ritchotte 2013 134,082 144,944
Total 2013 1,009,594 1,168,398
Total 2012 785,692 685,890
1 Including the share awards received in connection with employment prior to the appointment to the Management Board, if applicable.

The current members of our Management Board held an aggregate of 1,009,594 of our shares on Febru-
ary 22, 2013 amounting to approximately 0.11 % of Deutsche Bank shares issued on that date.

The number of Deutsche Bank shares delivered in 2012 to the members of the Management Board active in
2012 from deferred compensation awards granted in prior years amounted to 439,722.

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Senior Management Group

Management
Board

Senior Management
Group

further Regulated
Employees

It is imperative that the senior management of any financial institution is collectively committed to building a
long-term sustainable business. Compensation structures should reflect this and ensure the employees have a
vested interest in the future performance of the firm.

As communicated during the Investor Day in September 2012, we have taken the decision to identify a popula-
tion of our most senior employees. This population comprises 126 (119 excluding the Management Board)
individuals and includes the Group Executive Committee and the most senior employees from each of our
business divisions, Regional Management and Infrastructure functions. All of the employees identified are also
Regulated Employees under the InstitutsVergV, however, we have voluntarily sought to identify this further sub-
set of Regulated Employees in order to apply more stringent compensation provisions.

Restricted Equity Award

In order to further align the compensation of this population with the long-term sustainability of the Group, the
decision has been taken to extend the collective deferral and retention period of the REA to five years. Provid-
ing the performance conditions are met, the full amount of shares will not be released to employees until the
end of the five-year period (rather than on a pro-rata basis).

The awards are subject to the full list of clawback provisions as outlined in the overview of ex-post risk adjust-
ment measures. If for any year during the five-year vesting period either the Group or the employee’s Divisional
NIBT is negative, 20 % of the award will be forfeited in respect of that year.

It is our intention to give specific focus to the compensation arrangements of the most senior employees in the
Group. In addition to lengthening the vesting period for REA, the cash cap in place ensures high deferral levels
for this population. On average, the Senior Management Group is subject to Variable Compensation deferral
levels in excess of 90 %. Both the deferral rate and five-year vesting period go beyond the typical industry
standards and regulatory requirements. It is a voluntary decision by us and one that may prove to be challeng-
ing from a competitive standpoint, however we believe strongly that it supports and demonstrates the increas-
ing alignment between compensation and long-term performance requirements.

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Employees regulated under the InstitutsVergV

Management
Board

Senior Management
Group

further Regulated
Employees

In accordance with the InstitutsVergV we are required to identify all employees whose work is deemed to have
a major influence on the overall risk profile of the Group. The SECC has overseen the identification process in
respect of 2012 which incorporated both qualitative and quantitative analysis. The process identified the follow-
ing employee populations:

— Management Board, Group Executive Committee, Regional Management and Board Executive
(“Geschäftsleiter”) of significant Group Subsidiaries;
— Senior Management responsible for day to day management of front office businesses and large country
hubs;
— staff responsible for independent control functions and members of global Infrastructure Committees;
— all Managing Directors in CB&S (excluding Research and German MidCaps);
— if not already identified, all other employees with similar remuneration to those captured under the above
criteria.

On a global basis, 1,215 employees were identified as Regulated Employees, spanning 36 countries. This
represents a reduction compared to 2011 primarily as a result of identifying fewer Managing Directors in CB&S
and an overall reduction in Variable Compensation. Despite this, we expect the number to remain significantly
higher than the majority of our principle competitors, both from an absolute level and percentage of the total
employee population.

Compensation Structures for Regulated Employees

Regulated Employees are subject to the same deferral matrix as the general employee population, save for the
requirement that at least 40 % of Variable Compensation must be deferred. If a Regulated Employee’s Variable
Compensation does not trigger 40 % deferral under the Group’s global matrix then the matrix is overridden to
ensure the regulatory obligations are met. On average, however, Regulated Employees are subject to deferral
rates in excess of 70 % of their total Variable Compensation awards. This is well in excess of the minimum
40 % – 60 % regulatory requirements and is a voluntary decision by us.

All Regulated Employees receive 50 % of their deferred Variable Compensation in the form of an REA and 50 %
as an RIA. Upon the vesting of each REA tranche, a further minimum six-month retention period applies during
which time employees are not permitted to sell the shares. Whilst the specific performance clawback condi-

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tions outlined in the Group disclosure section do not apply during the retention period, employees can still
forfeit the award if they are subject to termination for Cause.

In accordance with Section 5 InstitutsVergV regulations, 50 % of the upfront award (the remaining portion after
the deferred percentage is calculated) is also awarded in equity (EUA). At award, the equity is subject to a
minimum six-month retention period during which time the shares cannot be sold. Adding the EUA to the de-
ferred portion of the award means that on average Regulated Employees received less than 15 % of their 2012
Variable Compensation as an immediate cash payment (i.e. deferral rates in excess of 85 %).

EUAs are subject to the Breach of Policy conditions during the retention period and will also be forfeited if
employees leave the Group voluntarily.

Compensation Disclosure pursuant to Section 8 InstitutsVergV

As described above, we have developed and refined a structured and comprehensive approach in order to
identify Regulated Employees in accordance with the InstitutsVergV requirements. The collective compensa-
tion elements for this population of employees are detailed in the table below. All Management Board members
and Board members of our other "significant institutions" per Section 1 InstitutsVergV are included in the
Geschäftsleiter column.

2012
Geschäftsleiter
in € m. (Significant Group
(unless stated otherwise) 1 CB&S GTB AWM PBC Institutions) NCOU Total
Total Compensation 1,375 44 84 25 75 16 1,618
number of employees 1,086 26 42 15 36 10 1,215
thereof Fixed Compensation 339 9 15 5 20 3 391
thereof Variable Compensation 1,036 35 68 19 56 13 1,227
Variable Compensation
thereof Deferred Awards 779 28 57 15 47 10 936
thereof Deferred Equity 390 14 28 8 23 5 468
thereof Upfront Awards 257 7 12 4 9 2 290
thereof Upfront Equity2 125 3 6 2 4 1 141
thereof Awards subject to clawback 904 31 62 17 51 11 1,077
thereof Awards subject to sustained performance
metrics 779 28 57 15 47 10 936
Sign On payments 3, 4 34 − − − − − 34
number of beneficiaries 25 − − − − − 26
Termination payments 22 − 15 − 25 − 61
number of beneficiaries 91 − 7 − 3 − 101
1 Excluding Postbank.
2 Upfront equity portion of Upfront Awards may be less than 50 % due to the impact of local legal requirements and tax legislation.
3 Including guarantees.
4 Sign-on payments have been disclosed collectively for the Group with the exception of CB&S in order to safeguard employee confidentiality due to the low number of recipients.

All figures in the above table include the allocation of Infrastructure-related compensation or number of em-
ployees according our established cost allocation key. The table contains marginal rounding differences.

Our management structure and personnel was subject to significant change during 2012. All payments made
to senior employees on the termination of their employment were made in recognition of their sustained com-
mitment and personal contribution to the success of the Group over a period of time. Of the total value of ter-
mination settlements published above, the largest single award was approximately € 10.4 million (based on the
foreign exchange rate on the date of payment) which represented a former contractual obligation.

All deferred awards and the EUA are subject to clawback following a policy or regulatory breach by the em-
ployee. In addition, all deferred awards are subject to clawback provisions linked to the performance of the
employee, the respective corporate division and the Group as a whole. During the course of 2012, no clawback
was applied towards Regulated Employees.

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Compensation System for Supervisory Board Members

The principles of the compensation of the Supervisory Board members are set forth in our Articles of Associa-
tion, which our shareholders amend from time to time at the Annual General Meeting. Such compensation
provisions were last amended at our Annual General Meeting on May 24, 2007.

The following provisions apply: compensation consists of a fixed remuneration of € 60,000 per year and a
dividend-based bonus of € 100 per year for every full or fractional € 0.01 increment by which the dividend we
distribute to our shareholders exceeds € 1.00 per share. Each member of the Supervisory Board also receives
annual remuneration linked to our long-term profits of € 100 for each € 0.01 by which the average earnings
per share (diluted), reported in our financial statements in accordance with the accounting principles to be
applied in each case on the basis of the net income figures for the three previous financial years, exceed the
amount of € 4.00.

These amounts are increased by 100 % for every membership in a committee of the Supervisory Board. Com-
mittee chairpersons receive an increase of 200 %. These provisions do not apply to the Mediation Committee
formed pursuant to Section 27 (3) of the Co-Determination Act. The Supervisory Board Chairman is paid four
times the base compensation of a regular member, and does not receive incremental increases for committee
work. The deputy to the Supervisory Board Chairman is paid one and a half times the base compensation of a
regular member. In addition, the members of the Supervisory Board receive a meeting fee of € 1,000 for each
Supervisory Board and committee meeting they attend. Furthermore, in our interest, the members of the Su-
pervisory Board will be included in any financial liability insurance policy held to an appropriate value by us,
with the corresponding premiums being paid by us.

We also reimburse members of the Supervisory Board for all cash expenses and any value added tax
(Umsatzsteuer, at present 19 %) they incur in connection with their roles as members of the Supervisory Board.
Employee representatives on the Supervisory Board also continue to receive their employee benefits. For
Supervisory Board members who served for only part of the year, we pay a portion of the total compensation
based on the number of months they served, rounding up to whole months.

The members of the Nomination Committee, which was first formed after the Annual General Meeting in 2008,
waived all remuneration, including the meeting fee, for their Nomination Committee work for 2009 and the
following years.

Supervisory Board Compensation for Fiscal Year 2012

We compensate our Supervisory Board members after the end of each fiscal year. In January 2013, we paid
each Supervisory Board member the fixed portion of their remuneration and meeting fees for services in 2012.
In addition, we will in principle pay each Supervisory Board member after the General Meeting in May 2013 a
remuneration for their services in 2012 linked to our long-term performance as well as a dividend-based bo-
nus, as defined in our Articles of Association. Assuming that the Annual General Meeting in May 2013 ap-
proves the proposed dividend of € 0.75 per share, the Supervisory Board will receive a total remuneration of
€ 2,335,000 (2011: € 2,608,600).

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2012 Compensation Report
Compensation Report

Individual members of the Supervisory Board received the following compensation for the 2012 financial year
(excluding statutory value added tax).

Members of the Supervisory Board Compensation for fiscal year 2012 Compensation for fiscal year 2011
in € Fixed Variable Meeting fee Total Fixed Variable 8 Meeting fee Total
Dr. Paul Achleitner 1 160,000 − 13,000 173,000 − − − −
Dr. Clemens Börsig 2 100,000 − 12,000 112,000 240,000 28,800 23,000 291,800
Karin Ruck 210,000 − 19,000 229,000 210,000 25,200 17,000 252,200
Wolfgang Böhr 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Dr. Karl-Gerhard Eick 180,000 − 13,000 193,000 180,000 21,600 12,000 213,600
Katherine Garrett-Cox3 60,000 − 6,000 66,000 40,000 4,800 3,000 47,800
Alfred Herling 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Gerd Herzberg2 25,000 − 4,000 29,000 60,000 7,200 6,000 73,200
Sir Peter Job 4 − − − − 75,000 12,600 8,000 95,600
Prof. Dr. Henning Kagermann 120,000 − 12,000 132,000 120,000 14,400 12,000 146,400
Peter Kazmierczak 5 − − − − 50,000 6,000 6,000 62,000
Martina Klee 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Suzanne Labarge 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Maurice Lévy 2 25,000 − 3,000 28,000 60,000 7,200 5,000 72,200
Peter Löscher 1 40,000 − 2,000 42,000 − − − −
Henriette Mark 120,000 − 13,000 133,000 120,000 14,400 12,000 146,400
Gabriele Platscher 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Dr. Theo Siegert 2 75,000 − 8,000 83,000 145,000 17,400 13,000 175,400
Rudolf Stockem 6 35,000 − 2,000 37,000 − − − −
Dr. Johannes Teyssen 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Marlehn Thieme 120,000 − 13,000 133,000 120,000 14,400 11,000 145,400
Tilman Todenhöfer 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Prof. Dr. Klaus Rüdiger
Trützschler 1 80,000 − 7,000 87,000 − − − −
Stefan Viertel 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Renate Voigt 7 60,000 − 6,000 66,000 10,000 1,200 − 11,200
Werner Wenning 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Total 2,130,000 − 205,000 2,335,000 2,150,000 261,600 197,000 2,608,600
1 Member since May 31, 2012.
2 Member until May 31, 2012.
3 Member since May 26, 2011.
4 Member until May 26, 2011.
5 Member until October 25, 2011.
6 Member since June 1, 2012.
7 Member since November 30, 2011.
8 Variable compensation 2011 for a regular member of € 7,200 is made up of a dividend-based amount of € 0 and an amount of € 7,200 linked to the long-term
performance of the company.

With the exception of Mr. Stockem, all employee-elected members of the Supervisory Board are employed by
us. In addition, Dr. Börsig was employed by us as a member of the Management Board until April 2006. The
aggregate compensation we and our consolidated subsidiaries paid to such members as a group during the
year ended December 31, 2012 for their services as employees or status as former employees (retirement,
pension and deferred compensation) was € 1.6 million.

We do not provide the members of the Supervisory Board with any benefits upon termination of their service
on the Supervisory Board, though members who are or were employed by us are entitled to the benefits as-
sociated with their termination of such employment. During 2012, we set aside € 0.08 million for pension,
retirement or similar benefits for the members of the Supervisory Board who are or were employed by us.

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Corporate Responsibility

Corporate Responsibility
2012 was a year of transition for us. The new management announced our Strategy 2015+. Culture change is
one of the core levers of this strategy. The change program is building on the strength of the past while focus-
ing ever more on needs of clients and partnership. Intensifying our efforts to make our business sustainable
has to be an integral part of this change, and not just in the economic sense. The social and environmental
dimensions have to play a vital role as well.

To effect true change will take time but the message is clear: our performance culture has to be synchronized
with a culture of responsibility. We understand Corporate Responsibility as providing value with values for all
our stakeholders, our clients, employees, investors and society at large. Our objective is to deliver shared
value by incorporating environmental, social and governance issues throughout our businesses. At the same
time, we create shared value by creating opportunities in the communities we operate in, enable their talents
and foster their creativity. The traditional “philanthropically” motivated approach has shifted to an agenda tar-
geted at building social capital.

However, we make our greatest contribution by applying our expertise and financial services as a global finan-
cial player to the needs of our clients in order to maintain and grow their businesses. We offer more than finan-
cial support. More than ever before, our employees around the world invest their time, effort, and experience to
effect positive change in their local community or to help build capacities in start-up non-profit organizations.

We are aware that the expectations and interest of shareholders, clients, employees and the general public
might be contradictory. This implies that we have to consider and weigh the impact of our businesses, and
balance financial returns with benefits for our stakeholders and social acceptance. In 2012 some of our bank-
ing activities have again attracted criticism, including issues around food speculations, the production of cluster
munitions and transactions in the energy sector. We take the concerns seriously and will adapt our governance
framework and business practices wherever necessary, following dialog with stakeholder and thorough analy-
sis of facts. For example, after a period of intensive consultation and reflection we have not found convincing
evidence that the growth of agricultural-based financial products has led to either higher or more volatile prices.
Therefore we have lifted our temporary halt on launching new exchange-traded products based on agricultural
staples. And in the future when new products are launched, our approval process will make sure that the in-
vestment strategies which underpin our investor products do not facilitate price spikes.

Responsible business
To address the increasing relevance of environmental and social risks we introduced an Environmental and
Social Risk Framework in 2011. The Framework is being gradually rolled out across our organization and sig-
nificant progress was achieved in 2012. It involves environmental and social due diligence as integral part of
the approval process for all transactions. In the initial phase of implementation, special emphasis has been
placed on transactions originated in sensitive sectors such as extractive industry, agriculture, and forestry or
utilities by our Corporate Banking & Securities and Global Transaction Banking divisions. Within the Frame-
work and with the support of the Group Reputational Risk Committee, guidance was drawn up for our activities
in a variety of sectors cover, for example palm oil and nuclear power. Our clients expect from us advice which
is balanced with regard to risk and opportunities which serve their needs. We introduced a Responsible Busi-
ness Initiative in our PBC business, setting minimum standards for products.

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Asset under Management that integrates environmental, social and governance (ESG) criteria remained un-
changed on a high level with € 2.5 billion in 2012. This includes thematic funds in the area of climate change.
We extended ESG integration in our mainstream analysis with a series of upgrades of our internal investment
portal. Improvements included adding carbon ratings and a carbon reporting tool to the fixed income part of our
investment portal and extended ESG ratings to the Corporate and Sovereign fixed income research platform
for developed and emerging markets. We also launched the U.S. $ 100 million Global Commercial Micro-
finance Consortium II fund.

Sustainable operations
Our thought leadership and our responsibility as a global player coincide when it comes to actions to contain
the impact of climate change. We set the target to make our operations carbon neutral (relative to the 2007
baseline) by year-end 2012. We accomplished this by the year-end of 2012. We invested in energy efficiency
projects, purchased and generated on-site renewable electricity and purchased and retired UN carbon credits
via the bank’s carbon trading desk for our inevitable emissions. Our broad basket of climate change related
activities earned us for the first time a spot in the Carbon Disclosure Leadership Index as one of 33 companies
worldwide.

Society
With a total investment of € 82.7 million in 2012 as compared to € 83.1 million in 2011, we and our foundations
are again among the world’s most active corporate citizens. Our commitment focuses on education, social
investments, art and music. 20,000 people (1,000 more than in 2011), representing 24 % of our employees
around the world, supported community projects as Corporate Volunteers.

Corporate Responsibility includes sound performance management, remuneration practices and the respect
for a diverse workforce. More information is provided on the following pages.

Read more about our Corporate Responsibility program in our CR Report 2012 or on the CR Portal
(www.db.com/responsibility).

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Employees

Employees
As of December 31, 2012 we employed a total of 98,219 staff members as compared to 100,996 as of Decem-
ber 31, 2011. We calculate our employee figures on a full-time equivalent basis, meaning we include propor-
tionate numbers of part-time employees.

The following table shows our numbers of full-time equivalent employees as of December 31, 2012, 2011 and
2010.

Employees1 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Germany 46,308 47,323 49,265
Europe (outside Germany), Middle East and Africa 23,873 24,187 23,806
Asia/Pacific 17,709 18,351 17,779
North America2,3 9,787 10,610 10,722
Latin America 542 525 490
Total employees3 98,219 100,996 102,062
1 Full-time equivalent employees; in 2012, the employees of Mexico previously shown in North America were assigned to Latin America; numbers for 2011 (90
employees) and 2010 (89 employees) have been reclassified to reflect this. In 2012, the change of FTE definition regarding “Mobile Sales Forces” in India resulted
in a decrease of 300 (status as of December 31, 2011, prior periods not restated); in 2011, Deutsche Postbank aligned its FTE definition to Deutsche Bank which
reduced the Group number as of December 31, 2011 by 260 (prior periods not restated). In 2011, 257 FTE of Sal Oppenheim Germany have been assigned
directly to Austria, Luxembourg and Switzerland (Europe outside Germany).
2 Primarily the United States.
3 The nominal headcount of The Cosmopolitan of Las Vegas is 4,371 as of December 31, 2012 compared to 4,256 as of December 31, 2011 and compared to
4,147 as of December 31, 2010. The headcount number is composed of full time and part time employees and is not part of the full time equivalent employees
figures.

The number of our employees decreased in 2012 by 2,777 or 2.7 % due to the following factors:

— The number of staff in Corporate Banking & Securities decreased by 1,390 primarily due to tough markets
and as a result of the measures initiated in the third quarter 2012.
— In Global Transaction Banking, the number of employees remained almost on the 2011 level.
— The number of our staff in Asset & Wealth Management decreased by 473 due to market development
and the integration of Asset Management and Wealth Management.
— The number of Private & Business Clients staff declined by 1,073 mainly due to further progress made with
the integration of Deutsche Postbank.
— The number of staff in areas assigned to the Non-Core Operations Unit declined by 326.
— In our Infrastructure operations, employee headcount increased by 398 primarily due to regulatory re-
quirements and the further build out of our service centers.

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Employees

Employees
in %

50

41.5 41.4 42.7

40
36.4
35.0 33.5

30

20

10.4 10.5
10 9.3
6.7 7.0 6.9
4.6 4.4 4.4
1.5 1.8 2.0
0
Corporate Banking Global Transaction Asset and Wealth Private & Business Non-Core Infrastructure /
& Securities Banking Management Clients Operations Unit Regional Management

2012
2011
2010
Note Infrastructure areas of Postbank (still) completely assigned to Private & Business Clients

Labor Relations
In Germany, labor unions and employers’ associations generally negotiate collective bargaining agreements on
salaries and benefits for employees below the management level. Many companies in Germany, including
ourselves and our material German subsidiaries, are members of employers’ associations and are bound by
collective bargaining agreements.

Each year, our employers’ association, the Arbeitgeberverband des privaten Bankgewerbes e.V., ordinarily
renegotiates the collective bargaining agreements that cover many of our employees. The current agreement
reached in June 2012 includes a single payment of € 350 in June 2012 (apprentices € 100) and a pay raise of
2.9 % from July 2012 and a second pay rise of 2.5 % from June 2013 on. The agreement so far terminates on
April 30, 2014. Also concluded by the agreement are a declaration on the importance of health protection
measures in companies, a commitment for starting negotiations on an extension of the early retirement
agreement and a commitment for starting negotiations on new rules for work on Saturdays in 2012/2013,
which should be finished before renegotiations of this agreement will start in 2014.

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Our employers’ association negotiates with the following unions:

— ver.di (Vereinigte Dienstleistungsgewerkschaft), a union formed in July 2001 resulting from the merger of
five unions, including the former bank unions Deutsche Angestellten Gewerkschaft and Gewerkschaft
Handel, Banken und Versicherungen
— Deutscher Bankangestellten Verband (DBV – Gewerkschaft der Finanzdienstleister)
— Deutscher Handels- und Industrieangestellten Verband (DHV – Die Berufsgewerkschaft)
— Komba Gewerkschaft (public service union, only relevant for Postbank)
— DPVKom – Die Kommunikationsgewerkschaft (only relevant for Postbank)

German law prohibits us from asking our employees whether they are members of labor unions. Therefore, we
do not know how many of our employees are union members. Approximately 15 % of the employees in the
German banking industry are unionized. We estimate that less than 15 % of our employees in Germany are
unionized (excluding Postbank, which itself has traditionally had a significantly higher unionization rate of ap-
proximately 60 %). On a worldwide basis, we estimate that approximately 15 % of our employees are members
of labor unions (including Postbank, less than 25 %).

As of December 31, 2012, approximately 33 % of Postbank staff members are civil servants.

Post-Employment Benefit Plans

We sponsor a number of post-employment benefit plans on behalf of our employees, both defined contribution
plans and defined benefit plans.

In our globally coordinated accounting process covering defined benefit plans with a defined benefit obligation
exceeding € 2 million our global actuary reviews the valuations provided by locally appointed actuaries in each
country.

By applying our global principles for determining the financial and demographic assumptions we ensure that
the assumptions are unbiased and mutually compatible and that they follow the best estimate and ongoing
plan principles.

For a further discussion on our employee benefit plans see Note 34 “Employee Benefits” to our consolidated
financial statements.

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A new Performance Management approach

In 2011, with the endorsement of the Group Executive Committee, committed to building and strengthening our
performance culture based on a set of very clear principles:

— Everyone knows what is expected of them.

— We let our people know where they stand.
— We differentiate performance.

2012, we took this a step further by implementing a new approach to performance management. The new
approach requires an employee’s performance to be reviewed on two components:

— What business objectives have been achieved by the employee?

— How the objectives were achieved?

To measure the “how” component, we introduced Performance Standards. These define the desired behaviors
for all employees, to ensure sustainable high performance in line with the values of the bank.

This new performance assessment approach is supported by the implementation of a new performance man-
agement tool, db Perform, for the majority of our divisions.

Compensation as part of the cultural change initiative

We identified compensation as part of our culture change initiative and as key focus point during 2012. Our
engagement and the long term alignment to this topic include various activities, which we describe in detail in
the compensation report beginning on page 195 of this report.

Deutsche Bank People Survey and cultural assessment as yardstick for cultural change

Through the annual group-wide DB People Survey, in which 2012 some 52,000 employees – more than half of
our staff – participated, we received valuable feedback about the process of cultural change we pursue follow-
ing the transition at Top Management level and the subsequent strategy review. The results confirmed many
areas of excellence in our current culture. The Commitment Index, which measures the overall loyalty to the
company remains at high levels. It has increased by 1 % to 73 % in 2012. The commitment of our employees
is significant even during times of extreme changes for the industry.

The DB People Survey was supplemented by a cultural assessment this year involving approximately 20 % of
our staff, randomly chosen from all hierarchy levels, divisions and regions. The feedback received provides us
with reliable information about how our employees perceive our vision, strategy, values and culture, how they
experience the implementation of this strategy in their day-to-day professional activities and how well they
believe we can react to and reposition ourselves in this social environment. Under the direct leadership of the
Group Executive Committee members the work on cultural change will continue.

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Commitment Index
Index ceiling = 100 / %

80
77
74 74
72 71 76
70 70
68 68 68 73 73 72 73
67 67
66

60

50
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Deutsche Bank Commitment Index Score

Deutsche Bank Commitment % Agreement Score

Note: In 2011 Deutsche Bank moved away from analyzing Index scores towards analyzing % Agreement scores.

Diversity

Diverse teams are the more successful teams as success depends on a variety of perspectives. It is only by
living according to our diversity philosophy that we can successfully respond to the great variety of client re-
quirements and develop innovative solutions.

Under the voluntary self-commitment we signed along with the other DAX 30 companies, our aim is to increase
the ratio of female senior executives at the Managing Director and Director level to 25 % and the proportion of
female management staff at the Managing Director, Director, Vice President, Assistant Vice President and
Associate level to 35 % by the end of 2018, subject to applicable laws.

Since 2010, we increased the ratio of female senior executives from 16.2 % to 18.0 % and the percentage of
female management staff from 29.3 % to 30.8 %.

Our ATLAS program (Accomplished Top Leaders Advancement Strategy) – through which we offer tailored
training and senior management sponsorship for a selected group of female Managing Directors since 2009 -
won the Global Award at the “Opportunity Now Excellence in Practice Awards 2012” in the United Kingdom.

Through our “Women on Boards” initiative launched in 2011, we succeeded in adding ten women to Superviso-
ry Boards of our subsidiaries, which increased the proportion of female membership by 56 %. On our Regional
Advisory Boards we can report an increase of 1.5 %.

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Outlook
The Global Economy
The global economy is expected to grow moderately in the first half of 2013. Both the recession in the euro-
zone and concerns surrounding the U.S. debt ceiling debate should have a dampening effect. In the second
half of the year, however, we anticipate a moderate upturn in the global economy, with growth gradually reach-
ing its trend level. We expect an annual average of 3.2 % in global GDP in 2013. Our forecast for global infla-
tion in 2013 is 3.2 % on an annualized average, slightly less than in the previous year. At the beginning of the
year inflation in the industrialized countries should decrease slightly on account of unexploited capacities. In
the course of the year, we expect inflation to rise again as the expected recovery sets in both in the industrial-
ized countries and in the emerging markets. For 2014, the upturn in the global economy is likely to continue,
reaching growth of 4.0 %. We expect global inflation to increase to 3.5 %.

The moderate acceleration of global economic growth in 2013 (as an annualized average) is a result of the
relatively low growth rates in industrialized countries as compared with emerging markets. We expect that the
industrialized countries’ contribution to growth will only be around 20 % in 2013 and about 25 % in 2014. The
economic recovery could well be stagnating, particularly in the eurozone.

Fears that the eurozone could break apart have been significantly allayed both by the ECB’s announcement
that, subject to conditionality, it would make unlimited purchases of sovereign bonds on the secondary market
(Outright Monetary Transactions) as well as the clear political will of the eurozone member countries to hold
together. We expect that fiscal policy will be less restrictive in 2013 than in the previous year, and also that
monetary policy will remain expansive and that credit conditions will improve. The sovereign debt crisis should
gradually become less severe. In addition, the year is likely to see positive impulses come from the recovery in
the U.S. and increasing foreign trade demand from the emerging markets. Since the eurozone will probably be
in recession in the winter months of 2012/2013, GDP in the eurozone is likely to contract by 0.3 % for the year
as a whole in spite of the recovery expected later in the year. Germany will probably be the only larger country
in the eurozone to actually see its economy expand. For the countries of southern Europe, we expect GDP to
fall again in 2013, though not as strongly as in the previous year. For 2014, we expect a continued recovery for
the eurozone and GDP growth of 1.1 %. Germany’s economy should grow by 1.5 %.

For the U.S., we are projecting that GDP growth will accelerate over the course of the year. In the first six
months, growth will probably be dampened by concerns over resolving the deficit reduction and debt ceiling
issues. Assuming that a viable compromise is found, we expect growth to increase to approximately 3 % by the
end of 2013. Based on slow growth at the end of 2012 and a relatively weak first half of 2013, we expect annu-
alized GDP growth of 2.0 %, which is slightly below the 2.3 % of the previous year. The recovery on the real
estate market is likely to accelerate, and the situation on the employment market should gradually further im-
prove. In 2014, we expect 2.9 % growth in the U.S. economy.

The Japanese economy is expected to stabilize in the spring of 2013, following the recession in the second
half of 2012. Over the course of 2013, the increase in world trade in conjunction with the weaker yen should
see demand for exports rise. In addition, economic stimulus packages and an expansive monetary policy are
likely to provide growth impulses. Japanese GDP will probably increase by 1.2 % in 2013 and 0.7 % 2014.

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In emerging markets, we expect growth of 5.5 % in 2013 and 6.0 % in 2014. The emerging markets should
therefore remain the global economy’s engines of growth. Based on rising domestic demand and stronger
order flows from industrialized countries, growth should rise steadily. However, there are clear differences in
growth between the individual regions. Asia (excluding Japan) is expected to show relatively strong growth of
6.7 % in 2013 and 7.5 % in 2014, driven by China. The economic expansion should accelerate over the year,
particularly due to the rise in foreign demand and urbanization-driven investment, with growth reaching its
trend level in the second half of the year. We expect China´s real GDP to increase by 8.2 % in 2013 and 8.9 %
in 2014 on the back of stabilizing external demand and helped by rebalancing policy to support domestic con-
sumption. India’s growth is also poised to rebound to 6.8 % in 2013 and 7.1 % in 2014 as investment activity
will benefit from a better global backdrop and more liberal foreign investment regime in a few sectors. Growth
in Latin America will probably be less dynamic. We expect GDP to rise there by 3.5 % in 2013 and 3.9 % in
2014. Brazil’s real GDP growth is projected to accelerate to 3.5 % in 2013 and 4.2 % in 2014. Main drivers are
improving global economic conditions, very low domestic interest rates and continued efforts by the authorities
to raise economic growth, not least in view of the 2014 presidential elections.

The economic outlook could be impacted primarily by uncertainties arising in the U.S. and Europe. The U.S.
financial markets could face significant upheavals, if, in light of the political deadlock, no agreement is reached
on raising the debt ceiling or implementing spending cuts. In Europe, attention should be focused on the elec-
tion in Italy and negotiations on the first rescue package for Cyprus. In addition, all forecasts for the region are
based on the assumption that foreign demand will pick up – which in turn depends on a self-reinforcing recov-
ery of world trade. Should the anticipated gradual economic recovery fail to materialize, the markets could lose
their faith in European countries’ commitment to carry out structural reforms. In addition, the conflict in the
Middle East could intensify and cause oil prices to rise sharply.

The Banking Industry

Over the next two years, the banking industry in most of the industrialized countries may see a further normali-
zation of its business environment, with only moderate economic growth as well as significantly more expan-
sive and rigorous regulation.

In Europe, 2013 could bring about a turning point for the better for banks, following a period of multiple burdens
in previous years caused by the financial, economic and debt crises and the adjustments necessary to comply
with a stricter regulatory environment. While a return to sustainable earnings growth will hardly be possible
before 2014, the banking industry is likely to intensify its efforts to establish a leaner cost structure and achieve
efficiency gains, which should lead to lower operating expenses. The pressure to increase capital ratios should
slowly ease in light of the recent progress made in this regard, and banks should therefore gradually gain more
leeway to invest in new business. However, raising profitability to an acceptable level should continue to be a
major challenge.

At least a stabilization of the European lending business as a whole may be possible this year – although mar-
gin pressure is likely to increase in light of the very low interest rates. An upturn is more likely to occur in lend-
ing to companies rather than to private households, which in many countries are still suffering from continued
high levels of debt, overvalued real estate markets and high unemployment. Deposit growth will probably re-
main low in 2013, but should benefit from an economic upturn in the following year. The recent increase in loan
defaults should remain limited thanks to the low interest charges for many borrowers – assuming that there will
be a gradual recovery of the European economy without any new negative shocks.

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On the regulatory side, actions by the European Commission in 2013 will include proposals for structural
changes to the banking industry along the lines of the Liikanen Commission Report. As a part of that, the intro-
duction of elements of a split banking system for commercial and investment banking activities is under dis-
cussion. This could have profound effects not only for EU banks and the established universal banking model,
but also for banks’ clients and financial stability. Individual member states, notably Germany and the UK, are
also pushing for structural changes.

In the course of 2013, the Basel 3 reforms will most probably be codified into European law, which, as far as
the revision of the Capital Requirements Directive is concerned, would be followed by implementation in the
individual member states. The passage of the revised European Deposit Insurance Directive is also scheduled
for 2013. The possible introduction of a financial transaction tax in a number of EU countries poses a particular
risk to the European capital markets. Finally, the European Commission is also due to present a legislative
proposal for a European bank resolution regime, which could have far-reaching consequences for banks and
their creditors.

In the U.S., a major task for banks will be to maintain the very strong profitability levels they have reached
again. A moderate recovery in the lending business should facilitate this, although almost no further momentum
can be expected from declining loan losses. In addition, the extremely low interest rates could, in the medium
term, turn out to be a serious problem for the interest margin. For the same reason, and due to the expiry of a
portion of the previously existing deposit guarantees, the previously strong growth in deposit volume will prob-
ably let up noticeably. Furthermore, banks’ revenues and profits could also be impacted by measures designed
to slow the rise in public debt levels.

With respect to new regulation, Basel 3 (including transitional provisions) will probably also be introduced in the
U.S. for major banks in 2013. Passage could yet be delayed, though, by calls for another impact study. At the
same time, work will continue on the implementation of standards introduced by the Dodd-Frank Act. For for-
eign credit institutions operating in the US, recent calls for local incorporation, with accompanying local capital
requirements, pose substantial issues.

In investment banking, overall global revenues in 2013 should remain at about the same level as in the previ-
ous years. A slightly weaker activity in the markets for debt instruments may be largely balanced by a slightly
better development in the origination and trading of equity securities (following a very weak result in 2012). At
the same time, banks will probably continue in 2013 and 2014 their efforts to achieve a leaner cost base and
some institutions could further reduce their range of products and services, which means that the gradual in-
crease in the market concentration already observed in recent years could continue.

Asset and wealth management businesses’ performance may again be determined to a large part by capital
market developments. As these are facing a cautiously optimistic outlook due to receding fiscal and macroeco-
nomic concerns in Europe and the U.S., assets under management could grow moderately over 2013 and
2014, with flows by asset category reversing some trends of the past few years: equity funds might benefit
from increased risk appetite, while bond funds may perform less well following significant recent price increas-
es. Revenues may be negatively impacted, on the other hand, by competitive pressures which remain intense
and by margins likely to shrink further, the latter being reinforced by a prolonged very low-yield environment.

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Finally, numerous banks will continue to be faced with accusations of unlawful behavior and improper business
practices. This may lead to (further) considerable financial charges as well as long-term reputational damage
for the entire industry.

The Deutsche Bank Group

In September 2012 we published our strategic and financial aspirations for 2015 in our Strategy 2015+. For the
Group our financial objectives for 2015 include

— a post-tax return on average active equity of at least 12 %,

— fully loaded Basel 3 Core Tier 1 target ratio of more than 10 %,
— a cost/income ratio of below 65 % and
— annual cost savings of € 4.5 billion.

Corporate Banking & Securities targets in 2015 a post-tax return on average active equity of approximately
15 %, a cost/income ratio of less than 65 % and a RWA equivalent of less than € 200 billion. Global Transaction
Banking and Asset & Wealth Management aim to double income before income taxes to approximately
€ 2.4 billion and € 1.7 billion, respectively. Private & Business Clients targets an income before income taxes of
approximately € 3.0 billion and a cost/income ratio of less than 60 %. For these businesses including Consolida-
tion & Adjustments in total we aim to achieve a post-tax return on average active equity of at least 15 %.

Our aspirations are based on a number of key assumptions, including normalization/stabilization of asset valua-
tions, revenue growth in line with the market, the absence of fundamental changes to current regulatory frame-
works on capital or separation of business activities, global GDP growth in the range of 2 % to 4 % per annum
over the period, a EUR/USD exchange rate of approximately 1.30 and the achievement of selective consolida-
tion-driven market share gains.

To support the aspirations of our Strategy 2015+ a number of strategic initiatives were launched which include
the establishment of a dedicated Non-Core Operations Unit, targeted de-risking activities as well as a specific
program to increase our operational excellence.

We reaffirm our commitment to the universal banking model and to our four business segments. Additionally, in
order to accelerate our deleveraging activities we set up a dedicated Non-Core Operations Unit in 2012. As a
distinct division, the unit will be transparent, fully accountable, and empowered to manage and sell non-core
assets in the most efficient manner for the Bank and our shareholders. Its key objective is reducing Basel 3
equivalent RWAs to approximately € 90 billion by the end of the first quarter 2013 and to less than € 80 billion in
total by December 31, 2013.

We remain committed to managing our capital to comply with all regulatory thresholds even in stress scenarios.
The Core Tier 1 capital ratio stays a management priority. Given our excellent progress on de-risking, we have
increased our planned de-risking from € 90 billion to over € 100 billion to be achieved by March 2013. According-
ly, we have now raised our fully loaded Basel 3 Core Tier 1 target ratio to 8.5 % as of March 31, 2013, and con-
tinue to expect more than 10 % as of March 31, 2015.

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We aim to secure our long-term competitiveness by achieving operational excellence with major reductions in
costs, duplication and complexity in the years ahead. In context of our Operational Excellence Program (OpEx)
we plan to invest approximately € 4 billion with the aim of achieving full run rate annual cost savings of
€ 4.5 billion in 2015.

Targeted
Targeted Incremental
in € bn. Investments Savings
2012 0.6 0.4
2013 1.7 1.2
2014 1.6 1.4
2015 0.2 1.5
Total 1 4.0 4.5
1 Numbers may not add up due to rounding.

In 2012, we have already invested € 0.5 billion and achieved savings of € 0.4 billion.

Of the planned OpEx savings in 2015, nearly 40 %, or € 1.7 billion, relate to the infrastructure areas, including
investing in new integrated IT platforms, rationalizing regional back-office activities and centralizing procure-
ment. Some initiatives within the scope of the businesses are a new and more cost-efficient IT platform in PBC,
streamlined AWM business, more efficient sourcing and a move to more cost-efficient locations. We further
plan to consolidate our real-estate footprint by putting properties up for sale. Based upon activities in 2012, we
have already identified cost savings of € 800 million in 2013. Currently a small portion of identified and submit-
ted initiatives is still under review. Depending on the final decision on the initiatives, there is a risk that the
overall cost to achieve demand is higher than originally envisioned and that the overall saving target is not
reached.

The implementation of our initiatives or the realization of the anticipated benefits might be negatively impacted
by certain factors. Economic factors that might impact us are the continuation of the European sovereign debt
crisis, the recurrence of extreme turbulence in the markets in which we are active, weakness of global, regional
and national economic conditions and increased competition for business. Additionally, regulatory changes
might increase our costs or restrict our activities as capital requirements are in focus and different authorities
are pushing for structural changes. Given the fact that these governmental initiatives are all subject to discus-
sions, we cannot quantify any future impact as of today. Due to the nature of our business, we are involved in
litigation, arbitration and regulatory proceedings in jurisdictions around the world and such matters are subject
to many uncertainties. Whilst we have resolved a number of important legal matters and made progress on
others, we expect the litigation environment to continue to be challenging.

Corporate Banking & Securities

For 2013 and 2014, we anticipate the investment banking industry will remain susceptible to uncertainty sur-
rounding the macroeconomic and political environment, as discussed in the previous section. Industry chal-
lenges and opportunities likely to impact performance include the changing regulatory environment and the
transformation of the competitive landscape, as polarization drives increased consolidation. We expect the
return to stronger growth at the end of 2013 to bring about a reduction in central bank intervention and market
influence, versus the elevated levels seen in 2012. Core bond yields are anticipated to gradually increase in
2013, but in an orderly process that reflects the underlying economic recovery and more positive macro envi-
ronment. Despite a strong rally in 2012, equities are expected to remain strong, underpinned by a decline in
macro risk, lower uncertainty around economic policy, and relatively low global cash and bond yields.

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Deutsche Bank is well positioned to take advantage of the increased industry consolidation, and will begin to
realize the benefits from the strategic plan laid out in September 2012. Corporate Banking & Securities (CB&S)
will continue to leverage its strengths in fixed income flow through further platform integration, while scaling
back higher risk, capital and regulatory intensive products. Geographically we will continue to streamline the
business and ensure that resources are appropriately allocated to market opportunities. Together, these areas
of focus will assist us in achieving our 2015 strategic targets of a post-tax return on average active equity of
approximately 15 % on a Basel 3 fully loaded basis and a cost income ratio of less than 65 %. However there
remain a number of risks and uncertainties, including; potential slowdown in activity due to protracted sover-
eign debt crisis and contagion risk; the impact of potential regulatory changes; potential margin compression
and increased competition in products with lower capital requirements; outcome of litigation cases; risk of
OpEx benefits not being fully realized; and a potential delay in execution of risk mitigation strategies.

In Sales & Trading, we expect revenues from fixed income flow products to remain strong in some markets,
such as foreign exchange. Cash equities flow revenues may trend higher in the medium term as the global
recovery takes hold. Margins are expected to be elevated from current levels as a result of market consolida-
tion and capital pressure, potentially offset by the impact of regulatory change.

In Corporate Finance, we expect a modest medium term increase in fee pools. Debt issuance is expected to
remain robust, particularly if the low interest rate environment persists. We expect M&A to be sustained at
current levels; while the environment is generally attractive given low valuations and high cash levels, compa-
nies are likely to remain unwilling to commit to deals in the medium term given the uncertain environment. We
anticipate Equity Capital Markets issuance will remain subdued as long as macro uncertainty persists.

Despite the challenging market conditions seen in recent years, and the continued uncertain outlook, by re-
affirming focus, scale and efficiency and consolidating on previous success, CB&S is well positioned to face
the potential challenges and opportunities the future environment may present.

Global Transaction Banking

The outlook for transaction banking over the next two years will likely be influenced by a number of critical
factors. The comparatively low interest rate levels seen in most markets during the last years are likely to per-
sist in 2013 and 2014. Economic recovery may be starting slow in 2013, with a recession in the eurozone, but
could be counterbalanced somewhat by a robust economic development in Emerging Markets and stabilization
in the U.S. and Japan. Based on the assumption of increasing foreign demand, the GDP growth could acceler-
ate in 2014. Significantly more expansive and rigorous regulation, including potential structural changes, as
well as pressures on margins, costs and from litigations will continue to pose challenges to the overall banking
industry.

Deutsche Bank’s Global Transaction Banking (GTB) business will be impacted by these challenges. The sus-
tained momentum of profitable growth and client acquisition in the underlying business in recent years, togeth-
er with its high quality and innovative products, leaves GTB well-placed to cope with these challenges and
even grow its client base. Trade Finance may benefit from the global economic development, increased foreign
trade and the expected stabilization of the lending business. In Trust and Securities Services, the outlook for
increased origination activities in 2013 and a trend to concentrate investment banking services could provide
growth opportunities. For Cash Management, the increased level of global activities is a potential positive fac-
tor whilst deposit growth may remain low in 2013 but could potentially recover in 2014. The business is focus-
ing on deepening its client relationships with complex Corporates and Institutional Clients in existing regions as
well as pushing further growth in certain Emerging Markets. Closer co-operation with other areas of the bank
should ensure that a wider range of clients will benefit from GTB’s products and services.

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Beyond the next two years, GTB’s aspiration is to grow its income before income taxes to € 2.4 billion by 2015,
predominantly in the aforementioned focus areas. Additionally, investing in solutions, platforms and operational
excellence while maintaining strict cost, risk and capital discipline supports this growth. The continuation and
successful completion of the turnaround of the commercial banking activities in the Netherlands, which com-
menced during the fourth quarter of 2012, should as well be an integral part to achieve GTB’s strategic target.

Asset & Wealth Management

In the near term, the asset and wealth management industry will continue to be challenged by market instability
arising from sovereign indebtedness, particularly in Europe and the U.S., and the persistent low-yield environ-
ment in many developed markets. We expect that uncertainty in the investment climate – characterized by high
allocations to fixed income and cash products, which are relatively low margin – will put further pressure on
industry profitability. This should be compounded by higher compliance-related costs resulting from new regu-
lation. Thus, there is a continuing need for scale and efficiency. In our view, a select group of large managers
should increasingly dominate the industry, gathering the majority of new assets. Asset and wealth managers
stand to benefit this year from an improvement in equity markets and increased client activity, which should
support revenue growth from commissions and performance fees.

As part of the strategic review, we announced the establishment of a newly integrated Asset & Wealth Man-
agement (AWM). AWM combines Deutsche Bank’s former asset management and private wealth management
units, as well as the third-party alternative assets and passive businesses that were part of CB&S. Thus, AWM
offers all client types a comprehensive product suite, spanning key growth areas such as alternative invest-
ments (including hedge funds, real estate and private equity) and passives (including exchange-traded funds).
With € 944 billion of assets under management as of December 31, 2012, AWM ranks among the ten largest
bank-owned global asset and wealth managers.

AWM has defined a strategy that positions AWM well to benefit from the longer term trends, the development
of the industry and the competitive landscape. AWM has targeted doubling IBIT to € 1.7 billion by 2015,
through revenue initiatives of € 0.3 billion and cost savings of € 0.7 billion.

AWM will enhance its presence in selected markets – particularly in emerging markets – by leveraging strong
DB Group footprint. We will actively participate in emerging markets where rapid growth is driving wealth crea-
tion and in turn raising the demand for asset and wealth management services. Accordingly, AWM aims to
grow revenues in Asia/Pacific and Latin America by 20-25 % through 2015 while the envisaged growth highly
depends on the continuation of economic growth in these regions.

We will continue to target the ultra-high net worth client segment globally and should increase the client rela-
tionships in this segment by 50 % until 2015 by enhancing our product offering and solutions platform and by a
dedicated coverage team. In this segment, the competition for clients and top talent is particularly intense.
Furthermore, AWM anticipates a continued shift toward alternative investments across the client spectrum, as
well as an increased demand for retirement products, as a consequence of demographic trends. We should be
able to grow the invested assets in these products by more than 10 % by 2015 by expanding the product set
and continued cooperation with external managers. Furthermore, we expect a global increase in allocations to
passive investments, which we anticipate will lead to continued growth of exchange-traded funds in particular.
AWM should be able to grow the invested assets in ETFs by 50 % until 2015 while leveraging our market posi-
tion and expanding in Americas.

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The substantial scale of the division, combined with targeted investment in the platform, should enable us to
achieve significant operational efficiencies, which we believe will be crucial as margins come under further
pressure, while continuing to invest in high-growth opportunities. AWM expects to derive cost and revenue
synergies by optimizing our business model with respect to manufacturing (investment), coverage (sales) and
infrastructure. Key initiatives in meeting those aims include integrating coverage globally and creating a unified
investment platform. Efficiency should be achieved by: removing duplications of business lines, products and
services, and technology; rationalizing infrastructure; and streamlining infrastructure supporting our business.
This should enable us to improve our gross margin; a significant effort has already been initiated in this respect,
with solid results in 2012. The timing on some of the envisaged optimization projects is dependent on a num-
ber of execution risk factors, which may delay or reduce the envisaged plan benefits.

Private & Business Clients

For countries in which Private & Business Clients (PBC) operates the overall macro-economic outlook is mixed.
GDP growth in the home market Germany has a slightly positive outlook for 2013 and an even better outlook
for 2014, while the GDP outlook for most of the European countries in which PBC is present is rather slightly
negative. The economy in Asia is expected to show relatively strong growth in 2013 and 2014.

PBC is expected to continue on its growth path towards its about € 3 billion income before income taxes ambi-
tion for 2015 and to achieve a targeted revenue base beyond € 10 billion with a cost/income ratio target of
approximately 60 %. Strategically, we focus on being amongst Europe’s leading retail banks with a strong
advisory business in our home market Germany – benefitting from the full integration of Postbank – and in
international sweet spots such as other important European markets and key Asian countries. Furthermore, we
will leverage our relative strength to grow our credit business at attractive margins and maintain a strong posi-
tion with being a Top 5 deposit taker among Europe’s leading retail banks.

In Advisory Banking Germany, we expect to be able to reinforce our market position, continuing our success in
deposit gathering and low-risk mortgage production as well as strengthening our investment and insurance
product business. With the organizational realignment, we will seek to further enhance our value proposition
and improve our delivery on customer preferences.

In Advisory Banking International we are capitalizing on our advisory strength in Europe and intend to further
develop PBC’s profitable franchise as an affluent proposition with a focus on wealthy regions to be among
Europe’s leading retail banks. PBC’s Asian growth option will be leveraged by the 19.99 % stake in Hua Xia
Bank in China coupled with intensified cooperation, as well as further organic growth in India.

Consumer Banking will further pursue its growth path in Germany while further aligning its business and reduc-
ing costs via the implementation of organizational measures. Deutsche Bank and Postbank together are ex-
pected to continue their successful realization of synergies on the revenue and cost side. The integration of
Postbank and the final conclusion of the domination and profit and loss transfer agreement in 2012 should
enable PBC to fully achieve the synergies. Our new joint platform Magellan with integrated services, innovative
tools and an end-to-end process model will drive PBC’s efficiency. While Postbank related cost-to-achieve (CtA)
have peaked in 2012 in line with our integration plan, we forecast CtA related to our OpEx to increase com-
pared to 2012. We expect our costs to further improve in 2013 – not at least thanks to growing synergies relat-
ed to Powerhouse and initial savings related to OpEx.

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However, in our German Advisory Banking and Consumer Banking business there are risks related to the
Postbank integration process. On the cost side, there is a risk that synergies are not realized or are realized
later than foreseen. Additionally, there is a risk that the costs to achieve the synergies are higher than expected.
These risks are mitigated to the extent possible by a bottom up revalidation of synergy measures with ongoing
tracking and reporting to senior management.

PBC may continue to face uncertainties in its operating environment, such as a risk of a significant decline in
economic growth, which in turn would result in higher unemployment rates and could lead to increasing credit
loss provisions and lower business growth, mainly outside Germany. The development of investment product
markets and the respective revenues depend especially on the further development of the European macro-
economic environment. Additionally, the continued low interest rates may further negatively impact PBC’s de-
posit margins. However, PBC will aim to strengthen its German credit business and expand margins, especially
outside Germany in the coming years while maintaining strict risk discipline and carefully optimizing capital
demand.

Non-Core Operations Unit

The Non-Core Operations Unit (NCOU) is expected to contribute significantly to the Group’s published capital
roadmap and target a reduction of Basel 3 equivalent RWAs to approximately € 90 billion by the end of the first
quarter 2013 and to less than € 80 billion in total by December 31, 2013.

The reduction in non-core assets and their associated capital demand to the end of the first quarter 2013 will
be achieved by sales of highly capital intensive assets in the portfolio. Going forward, the pace of reduction in
assets and associated capital demand is anticipated to decline and the NCOU will continually evaluate the
rationale of exit versus hold, to take advantage of market conditions and to optimize and protect shareholder
value.

In the current market environment, where many of our competitors are also seeking to dispose of assets to
improve their capital ratios, this strategy may prove difficult and unfavorable business or market conditions may
also diminish our ability to sell such assets.

In addition, the NCOU includes significant investments in individual companies and carries other assets that
are not part of our core business such as our stake in The Cosmopolitan of Las Vegas. These investments and
assets are exposed to the opportunities and risks arising from their specific economic environment and make
the timeline during which we divest our investments less certain.

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Consolidated Financial
Financial Statements
Statements
Consolidated Statement of Income – 243
Consolidated Statement of Comprehensive Income – 244
Consolidated Balance Sheet – 245
Consolidated Statement of Changes in Equity – 246
Consolidated Statement of Cash Flows – 248
Notes to the Consolidated Financial Statements including Table of Content – 249

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Financial Report2012
2012 Consolidated Statement
Consolidated Statementof Income
of Income

Consolidated Statement of Income

in € m. Notes 2012 2011 2010

Interest and similar income 6 32,242 34,878 28,779
Interest expense 6 16,351 17,433 13,196
Net interest income 6 15,891 17,445 15,583
Provision for credit losses 20 1,721 1,839 1,274
Net interest income after provision for credit losses 14,170 15,606 14,309
Commissions and fee income 7 11,510 11,544 10,669
Net gains on financial assets/liabilities
at fair value through profit or loss 6 5,599 3,058 3,354
Net gains (losses) on financial assets available for sale 8 301 123 201
Net income (loss) from equity method investments 18 159 (264) (2,004)
Other income (loss) 9 281 1,322 764
Total noninterest income 17,850 15,783 12,984
Compensation and benefits 34 13,526 13,135 12,671
General and administrative expenses 10 15,016 12,657 10,133
Policyholder benefits and claims 414 207 485
Impairment of intangible assets 25 1,886 − 29
Restructuring activities 11 394 − −
Total noninterest expenses 31,236 25,999 23,318
Income before income taxes 784 5,390 3,975
Income tax expense 35 493 1,064 1,645
Net income 291 4,326 2,330
Net income attributable to noncontrolling interests 54 194 20
Net income attributable to Deutsche Bank shareholders 237 4,132 2,310

Earnings per Share

in € Notes 2012 2011 2010

Earnings per share: 1 12
Basic € 0.25 € 4.45 € 3.07
Diluted 2 € 0.25 € 4.30 € 2.92
Number of shares in million: 1
Denominator for basic earnings per share –
weighted-average shares outstanding 934.1 928.0 753.3
Denominator for diluted earnings per share –
adjusted weighted-average shares after assumed conversions 959.9 957.3 790.8
1 The number of average basic and diluted shares outstanding has been adjusted for all periods before October 6, 2010 to reflect the effect of the bonus element of
the subscription rights issue in connection with the capital increase.
2 Includes numerator effect of assumed conversions. For further detail please see Note 12 “Earnings per Share”.

The accompanying notes are an integral part of the Consolidated Financial Statements.

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Statements 244 244
Financial Report
Financial Report2012
2012 Consolidated Statement
Consolidated Statementof Comprehensive Income
of Comprehensive Income

Consolidated Statement of Comprehensive Income

in € m. 2012 2011 2010

Net income recognized in the income statement 291 4,326 2,330
Other comprehensive income
Actuarial gains (losses) related to defined benefit plans, before tax 1 (854) 707 135
Unrealized net gains (losses) on financial assets available for sale:2
Unrealized net gains (losses) arising during the period, before tax 1,875 (697) 83
Net (gains) losses reclassified to profit or loss, before tax (162) (11) 39
Unrealized net gains (losses) on derivatives hedging variability of cash flows: 2
Unrealized net gains (losses) arising during the period, before tax 42 (141) (78)
Net (gains) losses reclassified to profit or loss, before tax 45 3 4
Unrealized net gains (losses) on assets classified as held for sale, before tax 3 − 25 (25)
Foreign currency translation: 2
Unrealized net gains (losses) arising during the period, before tax (534) 1,291 920
Net (gains) losses reclassified to profit or loss, before tax 5 − (6)
Unrealized net gains (losses) from equity method investments (38) (5) (26)
Tax on net gains (losses) in other comprehensive income (47) 75 211
Other comprehensive income, net of tax 332 1,247 1,257
Total comprehensive income, net of tax 623 5,573 3,587
Attributable to:
Noncontrolling interests 149 155 4
Deutsche Bank shareholders 474 5,418 3,583
1 In the Consolidated Statement of Comprehensive Income, actuarial gains (losses) related to defined benefit plans, before tax are disclosed within other
comprehensive income (loss) starting 2011. The corresponding deferred taxes are included in the position tax on net gains (losses) in other comprehensive
income. The prior periods were adjusted accordingly. In the Consolidated Balance Sheet, actuarial gains (losses) related to defined benefit plans, net of tax, are
recognized in retained earnings.
2 Excluding unrealized net gains (losses) from equity method investments.
3 Please refer to Note 26 “Non-current Assets and Disposal Groups Held for Sale” for additional information.

The accompanying notes are an integral part of the Consolidated Financial Statements.

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FinancialStatements
Statements 245245
Financial Report
Financial Report2012
2012 Consolidated Balance
Consolidated Balance Sheet
Sheet

Consolidated Balance Sheet

in € m. Notes Dec 31, 2012 Dec 31, 2011

Assets:
Cash and due from banks 27,885 15,928
Interest-earning deposits with banks 119,548 162,000
Central bank funds sold and securities purchased under resale agreements 21, 22 36,570 25,773
Securities borrowed 21, 22 23,947 31,337
Financial assets at fair value through profit or loss
Trading assets 245,538 240,924
Positive market values from derivative financial instruments 768,316 859,582
Financial assets designated at fair value through profit or loss 187,027 180,293
Total financial assets at fair value through profit or loss
of which € 89 billion and € 87 billion were pledged to creditors and can be sold or 13, 15, 21, 22,
repledged at December 31, 2012, and 2011, respectively 36 1,200,881 1,280,799
Financial assets available for sale
of which € 0 billion and € 9 billion were pledged to creditors and can be sold or
repledged at December 31, 2012, and 2011, respectively 17, 21, 22 49,379 45,281
Equity method investments 18 3,577 3,759
Loans
of which € 2 billion and € 3 billion were pledged to creditors and can be sold or
repledged each year ending December 31, 2012 and 2011, respectively 19, 20, 21, 22 397,279 412,514
Property and equipment 23 4,963 5,509
Goodwill and other intangible assets 25 14,219 15,802
Other assets 26, 27 123,973 154,794
Assets for current tax 35 2,390 1,870
Deferred tax assets 35 7,718 8,737
Total assets 2,012,329 2,164,103

Liabilities and equity:

Deposits 28 577,202 601,730
Central bank funds purchased and securities sold under repurchase agreements 21, 22 36,144 35,311
Securities loaned 21, 22 3,109 8,089
Financial liabilities at fair value through profit or loss 13, 15, 36
Trading liabilities 54,914 63,886
Negative market values from derivative financial instruments 752,706 838,817
Financial liabilities designated at fair value through profit or loss 109,166 118,318
Investment contract liabilities 7,732 7,426
Total financial liabilities at fair value through profit or loss 924,518 1,028,447
Other short-term borrowings 31 69,060 65,356
Other liabilities 26, 27 169,544 187,816
Provisions 20, 29 5,110 2,621
Liabilities for current tax 35 1,589 2,524
Deferred tax liabilities 35 1,455 1,789
Long-term debt 32 158,097 163,416
Trust preferred securities 32 12,091 12,344
Total liabilities 1,957,919 2,109,443
Common shares, no par value, nominal value of € 2.56 33 2,380 2,380
Additional paid-in capital 23,778 23,695
Retained earnings 29,198 30,119
Common shares in treasury, at cost 33 (60) (823)
Accumulated other comprehensive income, net of tax (1,293) (1,981)
Total shareholders’ equity 54,003 53,390
Noncontrolling interests 407 1,270
Total equity 54,410 54,660
Total liabilities and equity 2,012,329 2,164,103

The accompanying notes are an integral part of the Consolidated Financial Statements.

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Financial Report2012
2012 Consolidated Statement
Consolidated Statementof Changes in Equity
of Changes in Equity

Consolidated Statement of Changes in Equity

Equity
Common classified as
shares in obligation to
Common shares Additional Retained treasury, purchase
in € m. (no par value) paid-in capital earnings 1 at cost common shares
Balance as of December 31, 2009 1,589 14,830 24,056 (48) −
Total comprehensive income, net of tax 2 − − 2,286 − −
Common shares issued 791 9,413 − − −
Cash dividends paid − − (465) − −
Actuarial gains (losses) related to defined benefit plans, net of tax − − 94 − −
Net change in share awards in the reporting period − (296) − − −
Treasury shares distributed under share-based compensation plans − − − 1,439 −
Tax benefits related to share-based compensation plans − (11) − − −
Additions to Equity classified as obligation to purchase common shares − − − − (93)
Deductions from Equity classified as obligation to purchase common shares − − − − 93
Option premiums and other effects from options on common shares − (115) − − −
Purchases of treasury shares − − − (15,366) −
Sale of treasury shares − − − 13,525 −
Net gains (losses) on treasury shares sold − − − − −
Other − (306) 4 − −
Balance as of December 31, 2010 2,380 23,515 25,975 (450) −
Total comprehensive income, net of tax 2 − − 4,132 − −
Common shares issued − − − − −
Cash dividends paid − − (691) − −
Actuarial gains (losses) related to defined benefit plans, net of tax − − 666 − −
Net change in share awards in the reporting period − 153 − − −
Treasury shares distributed under share-based compensation plans − − − 1,108 −
Tax benefits related to share-based compensation plans − (76) − − −
Additions to Equity classified as obligation to purchase common shares − − − − −
Deductions from Equity classified as obligation to purchase common shares − − − − −
Option premiums and other effects from options on common shares − (131) − − −
Purchases of treasury shares − − − (13,781) −
Sale of treasury shares − − − 12,300 −
Net gains (losses) on treasury shares sold − (32) − − −
Other − 266 37 − −
Balance as of December 31, 2011 2,380 23,695 30,119 (823) −
Total comprehensive income, net of tax 2 − − 237 − −
Common shares issued − − − − −
Cash dividends paid − − (689) − −
Actuarial gains (losses) related to defined benefit plans, net of tax − − (452) − −
Net change in share awards in the reporting period − (342) − − −
Treasury shares distributed under share-based compensation plans − − − 1,481 −
Tax benefits related to share-based compensation plans − 2 − − −
Additions to Equity classified as obligation to purchase common shares − − − − (4)
Deductions from Equity classified as obligation to purchase common shares − − − − 4
Option premiums and other effects from options on common shares − (63) − − −
Purchases of treasury shares − − − (12,152) −
Sale of treasury shares − − − 11,434 −
Net gains (losses) on treasury shares sold − 77 − − −
Other − 409 (17) − −
Balance as of December 31, 2012 2,380 23,778 29,198 (60) −
1 The initial acquisition accounting for ABN AMRO, which was finalized at March 31, 2011, resulted in a retrospective adjustment of retained earnings of € (24) million for December 31, 2010.
2 Excluding actuarial gains (losses) related to defined benefit plans, net of tax.

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2012 Consolidated Statement
Consolidated Statementof Changes in Equity
of Changes in Equity

Unrealized net Unrealized net

gains (losses) on gains (losses) on Unrealized net Unrealized net
financial assets derivatives gains (losses) on gains (losses) Accumulated
available for sale, hedging variability assets classified Foreign currency from equity other Total
net of applicable of cash flows, as held for sale, translation, method comprehensive shareholders’ Noncontrolling
tax and other3 net of tax3 net of tax net of tax 3 investments income, net of tax 2 equity interests Total equity
(186) (134) − (3,521) 61 (3,780) 36,647 1,322 37,969
73 (45) (11) 1,188 (26) 1,179 3,465 (8) 3,457
− − − − − − 10,204 − 10,204
− − − − − − (465) − (465)
− − − − − − 94 12 106
− − − − − − (296) − (296)
− − − − − − 1,439 − 1,439
− − − − − − (11) − (11)
− − − − − − (93) − (93)
− − − − − − 93 − 93
− − − − − − (115) − (115)
− − − − − − (15,366) − (15,366)
− − − − − − 13,525 − 13,525
− − − − − − − − −
− − − − − − (302) 223 (79)
(113) (179) (11) (2,333) 35 (2,601) 48,819 1,549 50,368
(504) (47) 11 1,167 (7) 620 4,752 162 4,914
− − − − − − − − −
− − − − − − (691) − (691)
− − − − − − 666 (7) 659
− − − − − − 153 − 153
− − − − − − 1,108 − 1,108
− − − − − − (76) − (76)
− − − − − − − − −
− − − − − − − − −
− − − − − − (131) − (131)
− − − − − − (13,781) − (13,781)
− − − − − − 12,300 − 12,300
− − − − − − (32) − (32)
− − − − − − 303 (434) (131)
(617) (226) − (1,166) 28 (1,981) 53,390 1,270 54,660
1,082 67 − (423) (38) 688 925 153 1,078
− − − − − − − − −
− − − − − − (689) (5) (694)
− − − − − − (452) (4) (456)
− − − − − − (342) − (342)
− − − − − − 1,481 − 1,481
− − − − − − 2 − 2
− − − − − − (4) − (4)
− − − − − − 4 − 4
− − − − − − (63) − (63)
− − − − − − (12,152) − (12,152)
− − − − − − 11,434 − 11,434
− − − − − − 77 − 77
− − − − − − 392 (1,007) (615)
465 (159) − (1,589) (10) (1,293) 54,003 407 54,410
3 Excluding unrealized net gains (losses) from equity method investments.

The accompanying notes are an integral part of the Consolidated Financial Statements.

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Consolidated Statementof Cash Flows
of Cash Flows

Consolidated Statement of Cash Flows

in € m. 2012 2011 2010

Net income 291 4,326 2,330
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses 1,721 1,839 1,274
Restructuring activities 394 − −
Gain on sale of financial assets available for sale, equity method investments, and other (626) (841) (363)
Deferred income taxes, net 720 (387) 315
Impairment, depreciation and other amortization, and accretion 3,235 3,697 4,255
Share of net income from equity method investments (397) (222) (457)
Income adjusted for noncash charges, credits and other items 5,338 8,412 7,354
Adjustments for net change in operating assets and liabilities:
Interest-earning time deposits with banks 1,279 (53,427) (34,806)
Central bank funds sold, securities purchased under resale agreements, securities borrowed (3,393) (8,202) 26,368
Financial assets designated at fair value through profit or loss (6,561) (11,582) (24,502)
Loans 11,715 (7,092) (2,823)
Other assets 32,254 (17,962) (5,894)
Deposits (25,994) 66,168 22,656
Financial liabilities designated at fair value through profit or loss and investment contract liabilities (9,365) (8,389) 53,450
Central bank funds purchased, securities sold under repurchase agreements, securities loaned (4,235) 12,622 (40,709)
Other short-term borrowings 3,616 1,689 18,509
Other liabilities (14,017) 21,476 2,851
Senior long-term debt (4,776) (5,991) (3,457)
Trading assets and liabilities, positive and negative market values
from derivative financial instruments, net1 (7,627) 10,558 (17,664)
Other, net (2,681) (478) (5,009)
Net cash provided by (used in) operating activities (24,447) 7,802 (3,676)
Cash flows from investing activities:
Proceeds from:
Sale of financial assets available for sale 7,478 21,948 10,652
Maturities of financial assets available for sale 12,922 10,635 4,181
Sale of equity method investments 163 336 250
Sale of property and equipment 197 101 108
Purchase of:
Financial assets available for sale (22,170) (19,606) (14,087)
Equity method investments (14) (602) (145)
Property and equipment (614) (794) (873)
Net cash received in (paid for) business combinations/divestitures 96 348 8,580
Other, net (703) (451) (1,189)
Net cash provided by (used in) investing activities (2,645) 11,915 7,477
Cash flows from financing activities:
Issuances of subordinated long-term debt 61 76 1,341
Repayments and extinguishments of subordinated long-term debt (708) (715) (229)
Issuances of trust preferred securities 17 37 90
Repayments and extinguishments of trust preferred securities (30) (45) (51)
Capital increase − − 10,060
Purchases of treasury shares (12,152) (13,781) (15,366)
Sale of treasury shares 11,418 12,229 13,519
Dividends paid to noncontrolling interests (5) (4) (7)
Net change in noncontrolling interests (271) (266) 200
Cash dividends paid (689) (691) (465)
Net cash provided by (used in) financing activities (2,359) (3,160) 9,092
Net effect of exchange rate changes on cash and cash equivalents 40 (964) 1,911
Net increase (decrease) in cash and cash equivalents (29,411) 15,593 14,804
Cash and cash equivalents at beginning of period 81,946 66,353 51,549
Cash and cash equivalents at end of period 52,535 81,946 66,353
Net cash provided by (used in) operating activities include
Income taxes paid (received), net 1,280 1,327 784
Interest paid 16,518 17,743 13,740
Interest and dividends received 32,644 35,216 29,456
Cash and cash equivalents comprise
Cash and due from banks 27,885 15,928 17,157
Interest-earning demand deposits with banks (not included: time deposits of € 94,898 m. as of
December 31, 2012, and € 95,982 m. and € 43,181 m. as of December 31, 2011 and 2010) 24,650 66,018 49,196
Total 52,535 81,946 66,353
1 The initial acquisition accounting for ABN AMRO, which was finalized at March 31, 2011, resulted in a retrospective adjustment of retained earnings of
€ (24) million for December 31, 2010.

The accompanying notes are an integral part of the Consolidated Financial Statements.

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Notes to the Consolidated Financial Statements

Notes to the Consolidated Financial Statements

01 – Significant Accounting Policies – 250
02 – Critical Accounting Estimates – 274
03 – Recently Adopted and New Accounting Pronouncements – 278
04 – Acquisitions and Dispositions – 282
05 – Business Segments and Related Information – 294
Notes to the Consolidated Income Statement
06 – Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss – 303
07 – Commissions and Fee Income – 304
08 – Net Gains (Losses) on Financial Assets Available for Sale – 305
09 – Other Income – 305
10 – General and Administrative Expenses – 306
11 – Restructuring – 306
12 – Earnings per Share – 307
Notes to the Consolidated Balance Sheet
13 – Financial Assets/Liabilities at Fair Value through Profit or Loss – 308
14 – Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets” – 309
15 – Financial Instruments carried at Fair Value – 311
16 – Fair Value of Financial Instruments not carried at Fair Value – 321
17 – Financial Assets Available for Sale – 323
18 – Equity Method Investments – 324
19 – Loans – 326
20 – Allowance for Credit Losses – 326
21 – Transfers of Financial Assets – 327
22 – Assets Pledged and Received as Collateral – 329
23 – Property and Equipment – 330
24 – Leases – 331
25 – Goodwill and Other Intangible Assets – 332
26 – Non-Current Assets and Disposal Groups Held for Sale – 340
27 – Other Assets and Other Liabilities – 343
28 – Deposits – 343
29 – Provisions – 344
30 – Credit related Commitments and Contingent Liabilities – 349
31 – Other Short-Term Borrowings – 350
32 – Long-Term Debt and Trust Preferred Securities – 350
Additional Notes
33 – Common Shares – 351
34 – Employee Benefits – 352
35 – Income Taxes – 359
36 – Derivatives – 362
37 – Related Party Transactions – 364
38 – Information on Subsidiaries – 366
39 – Insurance and Investment Contracts – 368
40 – Current and Non-Current Assets and Liabilities – 370
41 – Events after the Reporting Date – 372
42 – Supplementary Information to the Consolidated Financial Statements according to Section 315a HGB – 373
43 – Shareholdings – 375

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01 –
Significant Accounting Policies

Basis of Accounting
Deutsche Bank Aktiengesellschaft (“Deutsche Bank” or the “Parent”) is a stock corporation organized under the
laws of the Federal Republic of Germany. Deutsche Bank together with all entities in which Deutsche Bank has
a controlling financial interest (the “Group”) is a global provider of a full range of corporate and investment
banking, private clients and asset management products and services. For a discussion of the Group’s busi-
ness segment information, see Note 05 “Business Segments and Related Information”.

The accompanying consolidated financial statements are stated in euros, the presentation currency of the
Group. All financial information presented in million euros has been rounded to the nearest million. The consol-
idated financial statements have been prepared in accordance with International Financial Reporting Stand-
ards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and endorsed by the European
Union (“EU”). The Group’s application of IFRS results in no differences between IFRS as issued by the IASB
and IFRS as endorsed by the EU.

Risk disclosures under IFRS 7, “Financial Instruments: Disclosures” about the nature and extent of risks arising
from financial instruments are incorporated herein by reference to the portions marked by a bracket in the margins
of the Risk Report. This is also applicable for capital disclosures as required under IAS 1, “Presentation of Finan-
cial Statements.

The preparation of financial statements under IFRS requires management to make estimates and assumptions
for certain categories of assets and liabilities. Areas where this is required include the fair value of certain finan-
cial assets and liabilities, the reclassification of financial assets, the impairment of loans and provision for off-
balance-sheet positions, the impairment of other financial assets and non-financial assets, the recognition and
measurement of deferred tax assets, and the accounting for legal and regulatory contingencies and uncertain
tax positions. These estimates and assumptions affect the reported amounts of assets and liabilities and dis-
closure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from management’s estimates. Refer to
Note 02 “Critical Accounting Estimates” for a description of the critical accounting estimates and judgments
used in the preparation of the financial statements.

Discount Rate for Defined Benefit Pension Plans

In 2012 the Group decided to broaden and hence stabilize the underlying bond portfolio relating to the dis-
count rate applied in the eurozone for defined benefit pension plans by including high quality covered bonds
and to refine the curve extrapolation by adjusting the underlying bond portfolio while retaining the overall AA-
credit quality of the curve. The refinement resulted in an increase in the discount rate of 70 basis points and
consequently reduced the actuarial losses flowing through other comprehensive income by approximately
€ 700 million before tax in the year 2012.

Credit Valuation Adjustment (CVA) and Debt Valuation Adjustment (DVA)

In the fourth quarter 2012, the Group’s valuation methodology for incorporating the impact of own credit risk in
the fair value of derivative contracts was refined (commonly referred to as Debt Valuation Adjustment). Previ-
ously the Group had calculated the effect of own credit risk on derivative liabilities using historic default levels.
The refinement in methodology has moved DVA to a market based approach. The impact of the refinement in
DVA methodology was a € 517 million income which has been recognized in the Consolidated Statement of
Income. In addition, during the fourth quarter 2012 the Group made refinements to its CVA methodology as
greater transparency of the market value of counterparty credit became possible. The impact of this refinement
in CVA methodology is a € 288 million loss which has been recognized in the Consolidated Statement of In-
come.

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Valuation Approach for Collateralized Derivative Contracts

In the second quarter 2011, the Group’s valuation approach for substantially all of its collateralized derivative
contracts moved to using the overnight indexed swap (OIS) curve in order to more consistently manage the
interest rate and funding risks associated with collateralized derivatives in line with their pricing. This change in
approach to OIS did not have a material impact on the Group’s consolidated financial statements in 2011 and
2012.

Assignment of Revenue Components in PBC

The presentation of PBC product revenues was modified in the first quarter 2011 following a review of the
assignment of specific revenue components to the product components. In order to facilitate comparability,
revenues of € 73 million were transferred from credit products to deposits and payment services in 2010.
This adjustment had no impact on PBC’s total revenues.

Allowance for Loan Losses

The Group applies estimates in determining the allowance for loan losses in its homogeneous loan portfolio
which use statistical models based on historical experience. On a regular basis the Group performs procedures
to align input parameters and model assumptions with historically evidenced loss levels. Alignment of input
parameters and model assumptions in 2010 led to a lower level of provisions for credit losses of € 28 million in
2010. No such alignments were made in 2011 and 2012.

Significant Accounting Policies

The following is a description of the significant accounting policies of the Group. Other than as previously de-
scribed, these policies have been consistently applied for 2010, 2011 and 2012.

Principles of Consolidation
The financial information in the consolidated financial statements includes that for the parent company,
Deutsche Bank AG, together with its subsidiaries, including certain special purpose entities (“SPEs”), present-
ed as a single economic unit.

Subsidiaries
The Group’s subsidiaries are those entities which it controls. The Group controls entities when it has the power
to govern the financial and operating policies of the entity, generally accompanying a shareholding, either di-
rectly or indirectly, of more than one half of the voting rights. The existence and effect of potential voting rights
that are currently exercisable or convertible are considered in assessing whether the Group controls an entity.

The Group sponsors the formation of SPEs and interacts with non-sponsored SPEs for a variety of reasons,
including allowing clients to hold investments in separate legal entities, allowing clients to invest jointly in
alternative assets; for asset securitization transactions; and for buying or selling credit protection. When
assessing whether to consolidate an SPE, the Group evaluates a range of factors, including whether (1) the
activities of the SPE are being conducted on behalf of the Group according to its specific business needs so
that the Group obtains the benefits from the SPE’s operations, (2) the Group has decision-making powers to
obtain the majority of the benefits, (3) the Group obtains the majority of the benefits of the activities of the SPE,
or (4) the Group retains the majority of the residual ownership risks related to the assets in order to obtain the
benefits from its activities.

The consolidation assessment considers the exposures that both the Group and third parties have in relation to
the SPE via derivatives, debt and equity instruments and other instruments. The Group consolidates an SPE if
an assessment of the relevant factors indicates that it controls the SPE.

Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer
consolidated from the date that control ceases.

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The Group reassesses consolidation status at least at every quarterly reporting date. Therefore, any changes
in structure are considered when they occur. This includes changes to any contractual arrangements the
Group has, including those newly executed with the entity, and is not only limited to changes in ownership.

The Group reassesses its treatment of SPEs for consolidation when there is an overall change in the SPE’s
arrangements or when there has been a substantive change in the relationship between the Group and an
SPE. The circumstances that would indicate that a reassessment for consolidation is necessary include, but
are not limited to, the following:

— substantive changes in ownership of the SPE, such as the purchase of more than an insignificant addi-
tional interest or disposal of more than an insignificant interest in the SPE;
— changes in contractual or governance arrangements of the SPE;
— additional activities undertaken in the structure, such as providing a liquidity facility beyond the terms es-
tablished originally or entering into a transaction with an SPE that was not contemplated originally;
— changes in the financing structure of the entity.

In addition, when the Group concludes that the SPE might require additional support to continue in business,
and such support was not contemplated originally, and, if required, the Group would provide such support for
reputational or other reasons, the Group reassesses the need to consolidate the SPE.

The reassessment of control over the existing SPEs does not automatically lead to consolidation or deconsoli-
dation. In making such a reassessment, the Group may need to change its assumptions with respect to loss
probabilities, the likelihood of additional liquidity facilities being drawn in the future and the likelihood of future
actions being taken for reputational or other purposes. All currently available information, including current
market parameters and expectations (such as loss expectations on assets), which would incorporate any
market changes since inception of the SPE, is used in the reassessment of consolidation conclusions.

All intercompany transactions, balances and unrealized gains on transactions between Group companies are
eliminated on consolidation. Consistent accounting policies are applied throughout the Group for the purposes
of consolidation. Issuances of a subsidiary’s stock to third parties are treated as noncontrolling interests.

At the date that control of a subsidiary is lost, the Group a) derecognizes the assets (including attributable
goodwill) and liabilities of the subsidiary at their carrying amounts, b) derecognizes the carrying amount of any
noncontrolling interests in the former subsidiary (including any components in accumulated other comprehen-
sive income attributable to the subsidiary), c) recognizes the fair value of the consideration received and any
distribution of the shares of the subsidiary, d) recognizes any investment retained in the former subsidiary at its
fair value and e) recognizes any resulting difference of the above items as a gain or loss in the income
statement. Any amounts recognized in prior periods in other comprehensive income in relation to that sub-
sidiary would be reclassified to the consolidated statement of income at the date that control is lost.

Assets held in an agency or fiduciary capacity are not assets of the Group and are not included in the Group’s
consolidated balance sheet.

Business Combinations and Noncontrolling Interests

The Group uses the acquisition method to account for business combinations. At the date the Group obtains
control of the subsidiary, the cost of an acquisition is measured at the fair value of the consideration given, in-
cluding any cash or non cash consideration (equity instruments) transferred, any contingent consideration, any
previously held equity interest in the acquiree and liabilities incurred or assumed. The excess of the aggregate
of the cost of an acquisition and any noncontrolling interest in the acquiree over the Group’s share of the fair
value of the identifiable net assets acquired is recorded as goodwill. If the aggregate of the acquisition cost and
any noncontrolling interest is below the fair value of the identifiable net assets (negative goodwill), a gain may
be reported in other income. Acquisition-related costs are recognized as expenses in the period in which they
are incurred.

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The accounting at the acquisition date may be based on provisional amounts. Adjustments to the provisional
amounts are made by the Group if new information about facts and circumstances that existed at the acquisi-
tion date is obtained within one year (referred to as the measurement period) which, if known, would have
affected the amounts initially recognized. Where a measurement period adjustment is identified, the Group
adjusts the fair values of identifiable assets and liabilities and goodwill in the measurement period as if the
accounting for the business combination had been completed at the acquisition date. Comparative information
for prior periods presented in financial statements is revised accordingly if the acquisition date relates to prior
reporting periods. The effects of measurement period adjustments may also cause changes in depreciation
and amortization recognized in prior periods.

In business combinations achieved in stages (“step acquisitions”), a previously held equity interest in the acquiree
is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit or
loss. Amounts recognized in prior periods in other comprehensive income associated with the previously held
investment would be reclassified to the consolidated statement of income at the date that control is obtained, as
if the Group had disposed of the previously held equity interest.

Noncontrolling interests are shown in the consolidated balance sheet as a separate component of equity, which
is distinct from the Group’s shareholders’ equity. The net income attributable to noncontrolling interests is
separately disclosed on the face of the consolidated statement of income. Changes in the ownership interest in
subsidiaries which do not result in a change of control are treated as transactions between equity holders and
are reported in additional paid-in capital (APIC).

Associates and Jointly Controlled Entities

An associate is an entity in which the Group has significant influence, but not a controlling interest, over the
operating and financial management policy decisions of the entity. Significant influence is generally presumed
when the Group holds between 20 % and 50 % of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered in assessing whether the Group has
significant influence. Among the other factors that are considered in determining whether the Group has
significant influence are representation on the board of directors (supervisory board in the case of German
stock corporations) and material intercompany transactions. The existence of these factors could require the
application of the equity method of accounting for a particular investment even though the Group’s investment
is less than 20 % of the voting stock.

A jointly controlled entity exists when the Group has a contractual arrangement with one or more parties to
undertake activities through entities which are subject to joint control.

Investments in associates and jointly controlled entities are accounted for under the equity method of accounting.
The Group’s share of the results of associates and jointly controlled entities is adjusted to conform to the
accounting policies of the Group and are reported in the consolidated statement of income as net income (loss)
from equity method investments. The Group’s share in the associate’s profits and losses resulting from inter-
company sales is eliminated on consolidation.

If the Group previously held an equity interest in an entity (for example, as available for sale) and subsequently
gained significant influence, the previously held equity interest is remeasured to fair value and any gain or loss
is recognized in the consolidated statement of income. Any amounts previously recognized in other com-
prehensive income associated with the equity interest would be reclassified to the consolidated statement of
income at the date the Group gains significant influence, as if the Group had disposed of the previously held
equity interest.

Under the equity method of accounting, the Group’s investments in associates and jointly controlled entities are
initially recorded at cost including any directly related transaction costs incurred in acquiring the associate, and
subsequently increased (or decreased) to reflect both the Group’s pro-rata share of the post-acquisition net
income (or loss) of the associate or jointly controlled entity and other movements included directly in the equity

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of the associate or jointly controlled entity. Goodwill arising on the acquisition of an associate or a jointly con-
trolled entity is included in the carrying value of the investment (net of any accumulated impairment loss). As
goodwill is not reported separately it is not specifically tested for impairment. Rather, the entire equity method
investment is tested for impairment.

At each balance sheet date, the Group assesses whether there is any objective evidence that the investment
in an associate or jointly controlled entity is impaired. If there is objective evidence of impairment, an impair-
ment test is performed by comparing the investment’s recoverable amount, which is the higher of its value in
use and fair value less costs to sell, with its carrying amount. An impairment loss recognized in prior periods is
only reversed if there has been a change in the estimates used to determine the investment’s recoverable
amount since the last impairment loss was recognized. If this is the case the carrying amount of the investment
is increased to its higher recoverable amount. That increase is a reversal of an impairment loss.

Equity method losses in excess of the Group’s carrying value of the investment in the entity are charged against
other assets held by the Group related to the investee. If those assets are written down to zero, a determination
is made whether to report additional losses based on the Group’s obligation to fund such losses.

At the date that the Group ceases to have significant influence over the associate or jointly controlled entity
the Group recognizes a gain or loss on the disposal of the equity method investment equal to the difference
between the sum of the fair value of any retained investment and the proceeds from disposing of the associate
and the then carrying amount of the investment. Amounts recognized in prior periods in other comprehensive
income in relation to the associate or jointly controlled entity would be reclassified to the consolidated state-
ment of income.

Any retained investment is accounted for as a financial instrument as described in the section entitled “Finan-
cial Assets and Liabilities” as follows.

Non-Current Assets Held for Sale and Discontinued Operations

Individual non-current non-financial assets (and disposal groups) are classified as held for sale if they are
available for immediate sale in their present condition subject only to the customary sales terms of such as-
sets (and disposal groups) and their sale is considered highly probable. For a sale to be highly probable,
management must be committed to a sales plan and actively looking for a buyer. Furthermore, the assets
(and disposal groups) must be actively marketed at a reasonable sales price in relation to their current fair
value and the sale should be expected to be completed within one year. Non-current non-financial assets
(and disposal groups) which meet the criteria for held for sale classification are measured at the lower of their
carrying amount and fair value less costs to sell and are presented within “Other assets” and “Other liabilities”
in the balance sheet. The comparatives are not re-presented when non-current assets (and disposal groups)
are classified as held for sale. If the disposal group contains financial instruments, no adjustment to their
carrying amounts is permitted.

Discontinued operations are presented separately in the income statement if an entity or a component of an
entity has been disposed of or is classified as held for sale and (a) represents a separate major line of busi-
ness or geographical area of operations, (b) is part of a single coordinated plan to dispose of a separate ma-
jor line of business or geographical area of operations, or (c) is a subsidiary acquired exclusively with a view
to resale. Net income (loss) from discontinued operations includes the net total of net income (loss) before tax
from discontinued operations and discontinued operations tax expense. Similarly the net cash flows attributa-
ble to the operating, investing and financing activities of discontinued operations have to be presented sepa-
rately. The comparative income statement and cash flow information is re-presented for discontinued
operations.

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Foreign Currency Translation

The consolidated financial statements are prepared in euro, which is the presentation currency of the Group.
Various entities in the Group use a different functional currency, being the currency of the primary economic
environment in which the entity operates.

An entity records foreign currency revenues, expenses, gains and losses in its functional currency using the
exchange rates prevailing at the dates of recognition.

Monetary assets and liabilities denominated in currencies other than the entity’s functional currency are trans-
lated at the period end closing rate. Foreign exchange gains and losses resulting from the translation and
settlement of these items are recognized in the consolidated statement of income as net gains (losses) on
financial assets/liabilities at fair value through profit or loss in order to align the translation amounts with those
recognized from foreign currency related transactions (derivatives) which hedge these monetary assets and
liabilities.

Nonmonetary items that are measured at historical cost are translated using the historical exchange rate at the
date of the transaction. Translation differences on nonmonetary items which are held at fair value through profit
or loss are recognized in profit or loss. Translation differences on available for sale nonmonetary items (equity
securities) are included in other comprehensive income. Once the available for sale nonmonetary item is sold,
the related cumulative translation difference is transferred to the consolidated statement of income as part of
the overall gain or loss on sale of the item.

For purposes of translation into the presentation currency, assets, liabilities and equity of foreign operations are
translated at the period end closing rate and items of income and expense are translated into euros at the
rates prevailing on the dates of the transactions, or average rates of exchange where these approximate actual
rates. The exchange differences arising on the translation of a foreign operation are included in other compre-
hensive income. For foreign operations that are subsidiaries, the amount of exchange differences attributable
to any noncontrolling interest is recognized in noncontrolling interests.

Upon disposal of a foreign subsidiary and associate (which results in loss of control or significant influence over
that operation) the total cumulative exchange differences recognized in other comprehensive income are re-
classified to profit or loss.

Upon partial disposal of a foreign operation that is a subsidiary and which does not result in loss of control, the
proportionate share of cumulative exchange differences is reclassified from other comprehensive income to
noncontrolling interests as this is deemed a transaction with equity holders. For a partial disposal of an associ-
ate which does not result in a loss of significant influence, the proportionate share of cumulative exchange
differences is reclassified from other comprehensive income to profit or loss.

Interest, Fees and Commissions

Revenue is recognized when the amount of revenue and associated costs can be reliably measured, it is
probable that economic benefits associated with the transaction will be realized and the stage of completion of
the transaction can be reliably measured. This concept is applied to the key revenue generating activities of the
Group as follows.

Net Interest Income – Interest from all interest-bearing assets and liabilities is recognized as net interest in-
come using the effective interest method. The effective interest rate is a method of calculating the amortized
cost of a financial asset or a financial liability and of allocating the interest income or expense over the relevant
period using the estimated future cash flows. The estimated future cash flows used in this calculation include
those determined by the contractual terms of the asset or liability, all fees that are considered to be integral to
the effective interest rate, direct and incremental transaction costs and all other premiums or discounts.

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Once an impairment loss has been recognized on a loan or available for sale debt security financial asset,
although the accrual of interest in accordance with the contractual terms of the instrument is discontinued,
interest income is recognized based on the rate of interest that was used to discount future cash flows for the
purpose of measuring the impairment loss. For a loan this would be the original effective interest rate, but a
new effective interest rate would be established each time an available for sale debt security is impaired as
impairment is measured to fair value and would be based on a current market rate.

Commission and Fee Income – The recognition of fee revenue (including commissions) is determined by the
purpose of the fees and the basis of accounting for any associated financial instruments. If there is an asso-
ciated financial instrument, fees that are an integral part of the effective interest rate of that financial instrument
are included within the effective yield calculation. However, if the financial instrument is carried at fair value
through profit or loss, any associated fees are recognized in profit or loss when the instrument is initially recog-
nized, provided there are no significant unobservable inputs used in determining its fair value. Fees earned
from services that are provided over a specified service period are recognized over that service period. Fees
earned for the completion of a specific service or significant event are recognized when the service has been
completed or the event has occurred.

Loan commitment fees related to commitments that are not accounted for at fair value through profit or loss are
recognized in commissions and fee income over the life of the commitment if it is unlikely that the Group will
enter into a specific lending arrangement. If it is probable that the Group will enter into a specific lending ar-
rangement, the loan commitment fee is deferred until the origination of a loan and recognized as an adjustment
to the loan’s effective interest rate.

Performance-linked fees or fee components are recognized when the performance criteria are fulfilled.

The following fee income is predominantly earned from services that are provided over a period of time: invest-
ment fund management fees, fiduciary fees, custodian fees, portfolio and other management and advisory fees,
credit-related fees and commission income. Fees predominantly earned from providing transaction-type ser-
vices include underwriting fees, corporate finance fees and brokerage fees.

Expenses that are directly related and incremental to the generation of fee income are presented net in Com-
missions and Fee Income.

Arrangements involving multiple services or products – If the Group contracts to provide multiple products,
services or rights to a counterparty, an evaluation is made as to whether an overall fee should be allocated to
the different components of the arrangement for revenue recognition purposes. Structured trades executed by
the Group are the principal example of such arrangements and are assessed on a transaction by transaction
basis. The assessment considers the value of items or services delivered to ensure that the Group’s continuing
involvement in other aspects of the arrangement are not essential to the items delivered. It also assesses the
value of items not yet delivered and, if there is a right of return on delivered items, the probability of future
delivery of remaining items or services. If it is determined that it is appropriate to look at the arrangements as
separate components, the amounts received are allocated based on the relative value of each component.

If there is no objective and reliable evidence of the value of the delivered item or an individual item is required
to be recognized at fair value then the residual method is used. The residual method calculates the amount to
be recognized for the delivered component as being the amount remaining after allocating an appropriate
amount of revenue to all other components.

Financial Assets and Liabilities

The Group classifies its financial assets and liabilities into the following categories: financial assets and liabili-
ties at fair value through profit or loss, loans, financial assets available for sale (“AFS”) and other financial
liabilities. The Group does not classify any financial instruments under the held-to-maturity category. Appro-

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priate classification of financial assets and liabilities is determined at the time of initial recognition or when
reclassified in the consolidated balance sheet.

Financial instruments classified at fair value through profit or loss and financial assets classified as AFS are
recognized on trade date, which is the date on which the Group commits to purchase or sell the asset or issue
or repurchase the financial liability. All other financial instruments are recognized on a settlement date basis.

Financial Assets and Liabilities at Fair Value through Profit or Loss

The Group classifies certain financial assets and financial liabilities as either held for trading or designated at
fair value through profit or loss. They are carried at fair value and presented as financial assets at fair value
through profit or loss and financial liabilities at fair value through profit or loss, respectively. Related realized
and unrealized gains and losses are included in net gains (losses) on financial assets/liabilities at fair value
through profit or loss. Interest on interest earning assets such as trading loans and debt securities and divi-
dends on equity instruments are presented in interest and similar income for financial instruments at fair value
through profit or loss.

Trading Assets and Liabilities – Financial instruments are classified as held for trading if they have been origi-
nated, acquired or incurred principally for the purpose of selling or repurchasing them in the near term, or they
form part of a portfolio of identified financial instruments that are managed together and for which there is evi-
dence of a recent actual pattern of short-term profit-taking. Trading assets include debt and equity securities,
derivatives held for trading purposes, commodities and trading loans. Trading liabilities consist primarily of
derivative liabilities and short positions. Also included in this category are physical commodities held by the
Group’s commodity trading business, at fair value less costs to sell.

Financial Instruments Designated at Fair Value through Profit or Loss – Certain financial assets and liabilities
that do not meet the definition of trading assets and liabilities are designated at fair value through profit or loss
using the fair value option. To be designated at fair value through profit or loss, financial assets and liabilities
must meet one of the following criteria: (1) the designation eliminates or significantly reduces a measurement
or recognition inconsistency; (2) a group of financial assets or liabilities or both is managed and its performance
is evaluated on a fair value basis in accordance with a documented risk management or investment strategy;
or (3) the instrument contains one or more embedded derivatives unless: (a) the embedded derivative does not
significantly modify the cash flows that otherwise would be required by the contract; or (b) it is clear with little or
no analysis that separation is prohibited. In addition, the Group allows the fair value option to be designated
only for those financial instruments for which a reliable estimate of fair value can be obtained. Financial assets
and liabilities which are designated at fair value through profit or loss, under the fair value option, include re-
purchase and reverse repurchase agreements, certain loans and loan commitments, debt and equity securities
and structured note liabilities.

Loan Commitments
Certain loan commitments are designated at fair value through profit or loss under the fair value option. As
indicated under the discussion of “Derivatives and Hedge Accounting”, some loan commitments are classified
as financial liabilities at fair value through profit or loss. All other loan commitments remain off-balance sheet.
Therefore, the Group does not recognize and measure changes in fair value of these off-balance sheet loan
commitments that result from changes in market interest rates or credit spreads. However, as specified in the
discussion “Impairment of loans and provision for off-balance sheet positions”, these off-balance sheet loan
commitments are assessed for impairment individually and where appropriate, collectively.

Loans
Loans include originated and purchased non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market and which are not classified as financial assets at fair value through
profit or loss or financial assets AFS. An active market exists when quoted prices are readily and regularly

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available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those
prices represent actual and regularly occurring market transactions on an arm’s length basis.

Loans not acquired in a business combination or in an asset purchase are initially recognized at their trans-
action price, which is the cash amount advanced to the borrower. In addition, the net of direct and incremen-
tal transaction costs and fees are included in the initial carrying amount of loans. These loans are subsequently
measured at amortized cost using the effective interest method less impairment.

Loans which have been acquired as either part of a business combination or as an asset purchase are initially
recognized at fair value at the acquisition date. This includes loans for which an impairment loss had been
established by the acquiree before their initial recognition by the Group. The fair value at the acquisition date
incorporates expected cash flows which consider the credit quality of these loans including any incurred losses
and becomes the new amortized cost basis. Interest income is recognized using the effective interest method.
Subsequent to the acquisition date the Group assesses whether there is objective evidence of impairment in
line with the policies described in the section entitled “Impairment of Loans and Provisions for Off Balance
Sheet Positions”. If the loans are determined to be impaired then a loan loss allowance is recognized with a
corresponding charge to the provision for credit losses line in the consolidated statement of income. Releases
of such loan loss allowances established after their initial recognition are included in our provision for credit
losses line. Subsequent improvements in the credit quality of such loans for which no loss allowance had been
recorded are recognized immediately through an adjustment to the current carrying value and a corresponding
gain is recognized in interest income.

Financial Assets Classified as Available for Sale

Financial assets that are not classified as at fair value through profit or loss or as loans are classified as AFS.
A financial asset classified as AFS is initially recognized at its fair value plus transaction costs that are directly
attributable to the acquisition of the financial asset. The amortization of premiums and accretion of discount are
recorded in net interest income. Financial assets classified as AFS are carried at fair value with the changes in
fair value reported in other comprehensive income, unless the asset is subject to a fair value hedge, in which
case changes in fair value resulting from the risk being hedged are recorded in other income. For monetary
financial assets classified as AFS (debt instruments), changes in carrying amounts relating to changes in for-
eign exchange rate are recognized in the consolidated statement of income and other changes in carrying
amount are recognized in other comprehensive income as indicated above. For financial assets classified as
AFS that are nonmonetary items (equity instruments), the gain or loss that is recognized in other comprehen-
sive income includes any related foreign exchange component.

Financial assets classified as AFS are assessed for impairment as discussed in the section entitled “Impairment
of financial assets classified as Available for Sale”. Realized gains and losses are reported in net gains (losses)
on financial assets available for sale. Generally, the weighted-average cost method is used to determine the
cost of financial assets. Unrealized gains and losses recorded in other comprehensive income are transferred
to the consolidated statement of income on disposal of an available for sale asset and reported in net gains
(losses) on financial assets available for sale.

Financial Liabilities
Except for financial liabilities at fair value through profit or loss, financial liabilities are measured at amortized
cost using the effective interest method.

Financial liabilities include long-term and short-term debt issued which are initially measured at fair value, which
is the consideration received, net of transaction costs incurred. Repurchases of issued debt in the market are
treated as extinguishments and any related gain or loss is recorded in the consolidated statement of income.
A subsequent sale of own bonds in the market is treated as a reissuance of debt.

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Reclassification of Financial Assets

The Group may reclassify certain financial assets out of the financial assets at fair value through profit or loss
classification (trading assets) and the AFS classification into the loans classification. For assets to be reclassi-
fied there must be a clear change in management intent with respect to the assets since initial recognition and
the financial asset must meet the definition of a loan at the reclassification date. Additionally, there must be an
intent and ability to hold the asset for the foreseeable future at the reclassification date. There is no single specific
period that defines foreseeable future. Rather, it is a matter requiring management judgment. In exercising this
judgment, the Group established the following minimum requirements for what constitutes foreseeable future.
At the time of reclassification,

— there must be no intent to dispose of the asset through sale or securitization within one year and no inter-
nal or external requirement that would restrict the Group’s ability to hold or require sale; and
— the business plan going forward should not be to profit from short-term movements in price.

Financial assets proposed for reclassification which meet these criteria are considered based on the facts and
circumstances of each financial asset under consideration. A positive management assertion is required after
taking into account the ability and plausibility to execute the strategy to hold.

In addition to the above criteria the Group also requires that persuasive evidence exists to assert that the
expected repayment of the asset exceeds the estimated fair value and the returns on the asset will be opti-
mized by holding it for the foreseeable future.

Financial assets are reclassified at their fair value at the reclassification date. Any gain or loss already recognized
in the consolidated statement of income is not reversed. The fair value of the instrument at reclassification date
becomes the new amortized cost of the instrument. The expected cash flows on the financial instruments are
estimated at the reclassification date and these estimates are used to calculate a new effective interest rate for
the instruments. If there is a subsequent increase in expected future cash flows on reclassified assets as a result
of increased recoverability, the effect of that increase is recognized as an adjustment to the effective interest rate
from the date of the change in estimate rather than as an adjustment to the carrying amount of the asset at the
date of the change in estimate. If there is a subsequent decrease in expected future cash flows the asset would
be assessed for impairment as discussed in the section entitled “Impairment of Loans and Provision for Off-Balance
Sheet Positions”. Any change in the timing of the cash flows of reclassified assets which are not deemed impaired
are recorded as an adjustment to the carrying amount of the asset.

For instruments reclassified from AFS to loans, any unrealized gain or loss recognized in other comprehensive
income is subsequently amortized into interest income using the effective interest rate of the instrument. If the
instrument is subsequently impaired, any unrealized loss which is held in accumulated other comprehensive
income for that instrument at that date is immediately recognized in the consolidated statement of income as a
loan loss provision.

To the extent that assets categorized as loans are repaid, restructured or eventually sold and the amount re-
ceived is less than the carrying value at that time, then a loss would be recognized in the consolidated statement
of income as a component of the provision for credit losses, if the loan is impaired, or otherwise in other income,
if the loan is not impaired.

Determination of Fair Value

Fair value is defined as the price at which an asset or liability could be exchanged in an arm’s length transac-
tion between knowledgeable, willing parties, other than in a forced or liquidation sale. The fair value of instru-
ments that are quoted in active markets is determined using the quoted prices where they represent those at
which regularly and recently occurring transactions take place. The Group uses valuation techniques to estab-
lish the fair value of instruments where prices quoted in active markets are not available. Therefore, where
possible, parameter inputs to the valuation techniques are based on observable data derived from prices of
relevant instruments traded in an active market. These valuation techniques involve some level of management

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estimation and judgment, the degree of which will depend on the price transparency for the instrument or mar-
ket and the instrument’s complexity. Refer to Note 02 “Critical Accounting Estimates” section “Fair Value Esti-
mates – Methods of Determining Fair Value” for further discussion of the accounting estimates and judgments
required in the determination of fair value.

Recognition of Trade Date Profit

If there are significant unobservable inputs used in the valuation technique, the financial instrument is recog-
nized at the transaction price and any profit implied from the valuation technique at trade date is deferred.
Using systematic methods, the deferred amount is recognized over the period between trade date and the date
when the market is expected to become observable, or over the life of the trade (whichever is shorter). Such
methodology is used because it reflects the changing economic and risk profile of the instrument as the market
develops or as the instrument itself progresses to maturity. Any remaining trade date deferred profit is recog-
nized in the consolidated statement of income when the transaction becomes observable or the Group enters
into off-setting transactions that substantially eliminate the instrument’s risk. In the rare circumstances that a
trade date loss arises, it would be recognized at inception of the transaction to the extent that it is probable that
a loss has been incurred and a reliable estimate of the loss amount can be made. Refer to Note 02 “Critical
Accounting Estimates” section “Fair Value Estimates – Methods of Determining Fair Value” for further discus-
sion of the estimates and judgments required in assessing observability of inputs and risk mitigation.

Derivatives and Hedge Accounting

Derivatives are used to manage exposures to interest rate, foreign currency, credit and other market price risks,
including exposures arising from forecast transactions. All freestanding contracts that are considered derivatives
for accounting purposes are carried at fair value on the consolidated balance sheet regardless of whether they
are held for trading or nontrading purposes.

The changes in fair value on derivatives held for trading are included in net gains (losses) on financial as-
sets/liabilities at fair value through profit or loss.

The Group makes commitments to originate loans it intends to sell. Such positions are classified as financial
assets/liabilities at fair value through profit or loss and related gains and losses are included in net gains
(losses) on financial assets/liabilities at fair value through profit or loss. Loan commitments that can be settled
net in cash or by delivering or issuing another financial instrument are classified as derivatives. Market value
guarantees provided on specific mutual fund products offered by the Group are also accounted for as de-
rivatives and carried at fair value, with changes in fair value recorded in net gains (losses) on financial as-
sets/liabilities at fair value through profit or loss.

Embedded Derivatives
Some hybrid contracts contain both a derivative and a non-derivative component. In such cases, the derivative
component is termed an embedded derivative, with the non-derivative component representing the host
contract. If the economic characteristics and risks of embedded derivatives are not closely related to those of
the host contract and the hybrid contract itself is not carried at fair value through profit or loss, the embedded
derivative is bifurcated and reported at fair value, with gains and losses recognized in net gains (losses) on
financial assets/liabilities at fair value through profit or loss. The host contract will continue to be accounted for
in accordance with the appropriate accounting standard. The carrying amount of an embedded derivative is
reported in the same consolidated balance sheet line item as the host contract. Certain hybrid instruments
have been designated at fair value through profit or loss using the fair value option.

Hedge Accounting
For accounting purposes there are three possible types of hedges: (1) hedges of changes in the fair value of
assets, liabilities or unrecognized firm commitments (fair value hedges); (2) hedges of the variability of future
cash flows from highly probable forecast transactions and floating rate assets and liabilities (cash flow hedges);
and (3) hedges of the translation adjustments resulting from translating the functional currency financial

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statements of foreign operations into the presentation currency of the parent (hedges of net investments in
foreign operations).

When hedge accounting is applied, the Group designates and documents the relationship between the hedging
instrument and the hedged item as well as its risk management objective and strategy for undertaking the
hedging transactions and the nature of the risk being hedged. This documentation includes a description of
how the Group will assess the hedging instrument’s effectiveness in offsetting the exposure to changes in the
hedged item’s fair value or cash flows attributable to the hedged risk. Hedge effectiveness is assessed at in-
ception and throughout the term of each hedging relationship. Hedge effectiveness is always assessed, even
when the terms of the derivative and hedged item are matched.

Hedging derivatives are reported as other assets and other liabilities. In the event that a derivative is sub-
sequently de-designated from a hedging relationship, it is transferred to financial assets/liabilities at fair value
through profit or loss.

For hedges of changes in fair value, the changes in the fair value of the hedged asset, liability or unrecognized
firm commitment, or a portion thereof, attributable to the risk being hedged, are recognized in the consolidated
statement of income along with changes in the entire fair value of the derivative. When hedging interest rate
risk, any interest accrued or paid on both the derivative and the hedged item is reported in interest income or
expense and the unrealized gains and losses from the hedge accounting fair value adjustments are reported in
other income. When hedging the foreign exchange risk of an AFS security, the fair value adjustments related to
the security’s foreign exchange exposures are also recorded in other income. Hedge ineffectiveness is reported
in other income and is measured as the net effect of changes in the fair value of the hedging instrument and
changes in the fair value of the hedged item arising from changes in the market rate or price related to the
risk(s) being hedged.

If a fair value hedge of a debt instrument is discontinued prior to the instrument’s maturity because the derivative
is terminated or the relationship is de-designated, any remaining interest rate-related fair value adjustments
made to the carrying amount of the debt instrument (basis adjustments) are amortized to interest income or
expense over the remaining term of the original hedging relationship. For other types of fair value adjustments
and whenever a fair value hedged asset or liability is sold or otherwise derecognized, any basis adjustments
are included in the calculation of the gain or loss on derecognition.

For hedges of variability in future cash flows, there is no change to the accounting for the hedged item and the
derivative is carried at fair value, with changes in value reported initially in other comprehensive income to the
extent the hedge is effective. These amounts initially recorded in other comprehensive income are subsequently
reclassified into the consolidated statement of income in the same periods during which the forecast transaction
affects the consolidated statement of income. Thus, for hedges of interest rate risk, the amounts are amortized
into interest income or expense at the same time as the interest is accrued on the hedged transaction.

Hedge ineffectiveness is recorded in other income and is measured as changes in the excess (if any) in the
absolute cumulative change in fair value of the actual hedging derivative over the absolute cumulative change
in the fair value of the hypothetically perfect hedge.

When hedges of variability in cash flows attributable to interest rate risk are discontinued, amounts remaining
in accumulated other comprehensive income are amortized to interest income or expense over the remaining
life of the original hedge relationship, unless the hedged transaction is no longer expected to occur in which
case the amount will be reclassified into other income immediately. When hedges of variability in cash flows
attributable to other risks are discontinued, the related amounts in accumulated other comprehensive income
are reclassified into either the same consolidated statement of income caption and period as profit or loss from
the forecast transaction, or into other income when the forecast transaction is no longer expected to occur.

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For hedges of the translation adjustments resulting from translating the functional currency financial statements
of foreign operations (hedges of net investments in foreign operations) into the functional currency of the par-
ent, the portion of the change in fair value of the derivative due to changes in the spot foreign exchange rates
is recorded as a foreign currency translation adjustment in other comprehensive income to the extent the
hedge is effective; the remainder is recorded as other income in the consolidated statement of income.

Changes in fair value of the hedging instrument relating to the effective portion of the hedge are subsequently
recognized in profit or loss on disposal of the foreign operations.

Impairment of Financial Assets

At each balance sheet date, the Group assesses whether there is objective evidence that a financial asset or
a group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment
losses are incurred if:

— there is objective evidence of impairment as a result of a loss event that occurred after the initial recogni-
tion of the asset and up to the balance sheet date (“a loss event”);
— the loss event had an impact on the estimated future cash flows of the financial asset or the group of fi-
nancial assets and
— a reliable estimate of the loss amount can be made.

Impairment of Loans and Provision for Off-Balance Sheet Positions

The Group first assesses whether objective evidence of impairment exists individually for loans that are indi-
vidually significant. It then assesses collectively for loans that are not individually significant and loans which
are significant but for which there is no objective evidence of impairment under the individual assessment.

To allow management to determine whether a loss event has occurred on an individual basis, all significant
counterparty relationships are reviewed periodically. This evaluation considers current information and events
related to the counterparty, such as the counterparty experiencing significant financial difficulty or a breach of
contract, for example, default or delinquency in interest or principal payments.

If there is evidence of impairment leading to an impairment loss for an individual counterparty relationship, then
the amount of the loss is determined as the difference between the carrying amount of the loan(s), including
accrued interest, and the present value of expected future cash flows discounted at the loan’s original effective
interest rate or the effective interest rate established upon reclassification to loans, including cash flows that
may result from foreclosure less costs for obtaining and selling the collateral. The carrying amount of the loans
is reduced by the use of an allowance account and the amount of the loss is recognized in the consolidated
statement of income as a component of the provision for credit losses.

The collective assessment of impairment is principally to establish an allowance amount relating to loans
that are either individually significant but for which there is no objective evidence of impairment, or are not indivi-
dually significant but for which there is, on a portfolio basis, a loss amount that is probable of having occurred
and is reasonably estimable. The loss amount has three components. The first component is an amount for
transfer and currency convertibility risks for loan exposures in countries where there are serious doubts about
the ability of counterparties to comply with the repayment terms due to the economic or political situation pre-
vailing in the respective country of domicile. This amount is calculated using ratings for country risk and trans-
fer risk which are established and regularly reviewed for each country in which the Group does business. The
second component is an allowance amount representing the incurred losses on the portfolio of smaller-
balance homogeneous loans, which are loans to individuals and small business customers of the private
and retail business. The loans are grouped according to similar credit risk characteristics and the allow-
ance for each group is determined using statistical models based on historical experience. The third com-
ponent represents an estimate of incurred losses inherent in the group of loans that have not yet been
individually identified or measured as part of the smaller-balance homogeneous loans. Loans that were found

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not to be impaired when evaluated on an individual basis are included in the scope of this component of the
allowance.

Once a loan is identified as impaired, although the accrual of interest in accordance with the contractual terms
of the loan is discontinued, the accretion of the net present value of the written down amount of the loan due to
the passage of time is recognized as interest income based on the original effective interest rate of the loan.

At each balance sheet date, all impaired loans are reviewed for changes to the present value of expected
future cash flows discounted at the loan’s original effective interest rate. Any change to the previously rec-
ognized impairment loss is recognized as a change to the allowance account and recorded in the consoli-
dated statement of income as a component of the provision for credit losses.

When it is considered that there is no realistic prospect of recovery and all collateral has been realized or
transferred to the Group, the loan and any associated allowance is charged off (the loan and the related
allowance are removed from the balance sheet). Individually significant loans where specific loan loss provi-
sions are in place are evaluated at least quarterly on a case-by-case basis. For this category of loans, the
number of days past due is an indicator for a charge-off but is not a determining factor. A charge-off will only
take place after considering all relevant information, such as the occurrence of a significant change in the
borrower’s financial position such that the borrower can no longer pay the obligation, or the proceeds from
the collateral are insufficient to completely satisfy the current carrying amount of the loan.

For collectively assessed loans, which are primarily mortgages and consumer finance loans, the timing of a
charge-off depends on whether there is any underlying collateral and the Group’s estimate of the amount
collectible. For mortgage loans, the portion of the loan which is uncollateralized is charged off when the
mortgage becomes 840 days past due, at the latest. For consumer finance loans, any portion of the balance
which the Bank does not expect to collect is written off at 180 days past due for credit card receivables, and
270 days past due for other consumer finance loans.

Subsequent recoveries, if any, result in a reduction in the allowance account and are recorded in the consol-
idated statement of income as a component of the provision for credit losses.

The process to determine the provision for off-balance sheet positions is similar to the methodology used for
loans. Any loss amounts are recognized as an allowance in the consolidated balance sheet within provisions
and charged to the consolidated statement of income as a component of the provision for credit losses.

If in a subsequent period the amount of a previously recognized impairment loss decreases and the decrease
is due to an event occurring after the impairment was recognized, the impairment loss is reversed by reducing
the allowance account accordingly. Such reversal is recognized in profit or loss.

Impairment of Financial Assets Classified as Available for Sale

For financial assets classified as AFS, management assesses at each balance sheet date whether there is
objective evidence that an individual asset is impaired.

In the case of equity investments classified as AFS, objective evidence includes a significant or prolonged
decline in the fair value of the investment below cost. In the case of debt securities classified as AFS, impair-
ment is assessed based on the same criteria as for loans.

If there is evidence of impairment, any amounts previously recognized in other comprehensive income are
recognized in the consolidated statement of income for the period, reported in net gains (losses) on financial
assets available for sale. This amount is determined as the difference between the acquisition cost (net of any
principal repayments and amortization) and current fair value of the asset less any impairment loss on that
investment previously recognized in the consolidated statement of income.

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When an AFS debt security is impaired, any subsequent decreases in fair value are recognized in the con-
solidated statement of income as it is considered further impairment. Any subsequent increases are also rec-
ognized in the consolidated statement of income until the asset is no longer considered impaired. When the fair
value of the AFS debt security recovers to at least amortized cost it is no longer considered impaired and sub-
sequent changes in fair value are reported in other comprehensive income.

Reversals of impairment losses on equity investments classified as AFS are not reversed through the consoli-
dated statement of income; increases in their fair value after impairment are recognized in other comprehensive
income.

Derecognition of Financial Assets and Liabilities

Financial Asset Derecognition
A financial asset is considered for derecognition when the contractual rights to the cash flows from the financial
asset expire, or the Group has either transferred the contractual right to receive the cash flows from that asset,
or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria.

The Group derecognizes a transferred financial asset if it transfers substantially all the risks and rewards of
ownership.

The Group enters into transactions in which it transfers previously recognized financial assets but retains sub-
stantially all the associated risks and rewards of those assets; for example, a sale to a third party in which the
Group enters into a concurrent total return swap with the same counterparty. These types of transactions are
accounted for as secured financing transactions.

In transactions in which substantially all the risks and rewards of ownership of a financial asset are neither
retained nor transferred, the Group derecognizes the transferred asset if control over that asset is not retained,
i.e., if the transferee has the practical ability to sell the transferred asset. The rights and obligations retained in
the transfer are recognized separately as assets and liabilities, as appropriate. If control over the asset is re-
tained, the Group continues to recognize the asset to the extent of its continuing involvement, which is deter-
mined by the extent to which it remains exposed to changes in the value of the transferred asset.

The derecognition criteria are also applied to the transfer of part of an asset, rather than the asset as a whole,
or to a group of similar financial assets in their entirety, when applicable. If transferring a part of an asset, such
part must be a specifically identified cash flow, a fully proportionate share of the asset, or a fully proportionate
share of a specifically-identified cash flow.

If an existing financial asset is replaced by another asset from the same counterparty on substantially different
terms, or if the terms of the financial asset are substantially modified, the existing financial asset is derecog-
nized and a new asset is recognized. Any difference between the respective carrying amounts is recognized in
the consolidated statement of income.

Securitization
The Group securitizes various consumer and commercial financial assets, which is achieved via the transfer of
these assets to an SPE, which issues securities to investors to finance the acquisition of the assets. Financial
assets awaiting securitization are classified and measured as appropriate under the policies in the “Financial
Assets and Liabilities” section. The transferred assets may qualify for derecognition in full or in part, under the
policy on derecognition of financial assets. Synthetic securitization structures typically involve derivative finan-
cial instruments for which the policies in the “Derivatives and Hedge Accounting” section would apply. Those
transfers that do not qualify for derecognition may be reported as secured financing or result in the recognition
of continuing involvement liabilities. The investors and the securitization vehicles generally have no recourse to
the Group’s other assets in cases where the issuers of the financial assets fail to perform under the original
terms of those assets.

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Interests in the securitized financial assets may be retained in the form of senior or subordinated tranches,
interest only strips or other residual interests (collectively referred to as “retained interests”). Provided the
Group’s retained interests do not result in consolidation of an SPE, nor in continued recognition of the trans-
ferred assets, these interests are typically recorded in financial assets at fair value through profit or loss and
carried at fair value. Consistent with the valuation of similar financial instruments, the fair value of retained
tranches or the financial assets is initially and subsequently determined using market price quotations where
available or internal pricing models that utilize variables such as yield curves, prepayment speeds, default rates,
loss severity, interest rate volatilities and spreads. The assumptions used for pricing are based on observable
transactions in similar securities and are verified by external pricing sources, where available. Where observa-
ble transactions in similar securities and other external pricing sources are not available, management judg-
ment as described in the section entitled “Fair Value Estimates” must be used to determine fair value. The
Group may also periodically hold interests in securitized financial assets and record them at amortized cost.

In situations where the Group has a present obligation (either legal or constructive) to provide financial support
to an unconsolidated securitization SPE a provision will be created if the obligation can be reliably measured
and it is probable that there will be an outflow of economic resources required to settle it.

When an asset is derecognized a gain or loss equal to the difference between the consideration received and
the carrying amount of the transferred asset is recorded. When a part of an asset is derecognised, gains or
losses on securitization depend in part on the carrying amount of the transferred financial assets, allocated
between the financial assets derecognized and the retained interests based on their relative fair values at the
date of the transfer.

Derecognition of Financial Liabilities

A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires.
If an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of the existing liability are substantially modified, such an exchange or modification is treated as a
derecognition of the original liability and the recognition of a new liability, and the difference in the respective
carrying amounts is recognized in the consolidated statement of income.

Repurchase and Reverse Repurchase Agreements

Securities purchased under resale agreements (“reverse repurchase agreements”) and securities sold under
agreements to repurchase (“repurchase agreements”) are treated as collateralized financings and are recognized
initially at fair value, being the amount of cash disbursed and received, respectively. The party disbursing the
cash takes possession of the securities serving as collateral for the financing and having a market value equal
to, or in excess of the principal amount loaned. The securities received under reverse repurchase agreements
and securities delivered under repurchase agreements are not recognized on, or derecognized from, the balance
sheet, unless the risks and rewards of ownership are obtained or relinquished. Securities delivered under
repurchase agreements which are not derecognized from the balance sheet and where the counterparty has
the right by contract or custom to sell or repledge the collateral are disclosed as such on the face of the con-
solidated balance sheet.

The Group has chosen to apply the fair value option to certain repurchase and reverse repurchase portfolios
that are managed on a fair value basis.

The Group offsets reverse repurchase agreements and repurchase agreements with the same counterparty,
maturity, currency and central securities depository (“CSD”) and where there is a legally enforceable right to set
off.

Interest earned on reverse repurchase agreements and interest incurred on repurchase agreements is reported
as interest income and interest expense, respectively.

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Securities Borrowed and Securities Loaned

Securities borrowed transactions generally require the Group to deposit cash with the securities lender. In a
securities loaned transaction, the Group generally receives either cash collateral, in an amount equal to or in
excess of the market value of securities loaned, or securities. The Group monitors the fair value of securities
borrowed and securities loaned and additional collateral is disbursed or obtained, if necessary.

The amount of cash advanced or received is recorded as securities borrowed and securities loaned, respectively.

The securities borrowed are not themselves recognized in the financial statements. If they are sold to third
parties, the obligation to return the securities is recorded as a financial liability at fair value through profit or loss
and any subsequent gain or loss is included in the consolidated statement of income in net gain (loss) on financial
assets/liabilities at fair value through profit or loss. Securities lent to counterparties are also retained on the
consolidated balance sheet.

Fees received or paid are reported in interest income and interest expense, respectively. Securities lent to
counterparties which are not derecognized from the consolidated balance sheet and where the counterparty
has the right by contract or custom to sell or repledge the collateral are disclosed as such on the face of the
consolidated balance sheet.

Offsetting Financial Instruments

Financial assets and liabilities are offset, with the net amount presented in the consolidated balance sheet, only
if the Group holds a currently enforceable legal right to set off the recognized amounts and there is an intention
to settle on a net basis or to realize an asset and settle the liability simultaneously. In all other situations they
are presented gross. When financial assets and financial liabilities are offset in the consolidated balance sheet,
the associated income and expense items will also be offset in the consolidated statement of income, unless
specifically prohibited by an applicable accounting standard.

Property and Equipment

Property and equipment includes own-use properties, leasehold improvements, furniture and equipment and
software (operating systems only). Own-use properties are carried at cost less accumulated depreciation and
accumulated impairment losses. Depreciation is generally recognized using the straight-line method over the
estimated useful lives of the assets. The range of estimated useful lives is 25 to 50 years for property and 3 to
10 years for furniture and equipment (including initial improvements to purchased buildings). Leasehold im-
provements are capitalized and subsequently depreciated on a straight-line basis over the shorter of the term
of the lease and the estimated useful life of the improvement, which generally ranges from 3 to 10 years. De-
preciation of property and equipment is included in general and administrative expenses. Maintenance and
repairs are also charged to general and administrative expenses. Gains and losses on disposals are included
in other income.

Property and equipment are tested for impairment at each quarterly reporting date and an impairment charge
is recorded to the extent the recoverable amount, which is the higher of fair value less costs to sell and value in
use, is less than its carrying amount. Value in use is the present value of the future cash flows expected to be
derived from the asset. After the recognition of impairment of an asset, the depreciation charge is adjusted in
future periods to reflect the asset’s revised carrying amount. If an impairment is later reversed, the depreciation
charge is adjusted prospectively.

Properties leased under a finance lease are capitalized as assets in property and equipment and depreciated
over the terms of the leases.

Investment Property
The Group generally uses the cost model for valuation of investment property, and the carrying value is included
on the consolidated balance sheet in other assets. When the Group issues liabilities that are backed by invest-

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ment property, which pay a return linked directly to the fair value of, or returns from, specified investment prop-
erty assets, it has elected to apply the fair value model to those specific investment property assets. The Group
engages, as appropriate, external real estate experts to determine the fair value of the investment property by
using recognized valuation techniques.

Goodwill and Other Intangible Assets

Goodwill arises on the acquisition of subsidiaries, associates and jointly controlled entities and represents the
excess of the aggregate of the cost of an acquisition and any noncontrolling interest in the acquiree over the
fair value of the identifiable net assets acquired at the date of the acquisition.

For the purpose of calculating goodwill, fair values of acquired assets, liabilities and contingent liabilities are
determined by reference to market values or by discounting expected future cash flows to present value. This
discounting is either performed using market rates or by using risk-free rates and risk-adjusted expected future
cash flows. Any noncontrolling interest in the acquiree is measured either at fair value or at the noncontrolling
interest’s proportionate share of the acquiree’s identifiable net assets (this is determined for each business
combination).

Goodwill on the acquisition of subsidiaries is capitalized and reviewed for impairment annually or more fre-
quently if there are indications that impairment may have occurred. For the purposes of impairment testing,
goodwill acquired in a business combination is allocated to cash-generating units (“CGUs”), which are the
smallest identifiable groups of assets that generate cash inflows largely independent of the cash inflows from
other assets or groups of assets and that are expected to benefit from the synergies of the combination and
considering the business level at which goodwill is monitored for internal management purposes. In identifying
whether cash inflows from an asset (or a group of assets) are largely independent of the cash inflows from
other assets (or groups of assets) various factors are considered, including how management monitors the
entity’s operations or makes decisions about continuing or disposing of the entity’s assets and operations.

If goodwill has been allocated to a CGU and an operation within that unit is disposed of, the attributable good-
will is included in the carrying amount of the operation when determining the gain or loss on its disposal.

Certain non-integrated investments are not allocated to a CGU. Impairment testing is performed individually for
each of these assets.

Goodwill on the acquisition of associates and jointly controlled entities is not disclosed separately, but instead
included in the cost of the investments. The entire carrying amount of the equity method investment is re-
viewed for impairment quarterly, or more frequently if there is an indication that impairment may have occurred.

Intangible assets are recognized separately from goodwill when they are separable or arise from contractual or
other legal rights and their fair value can be measured reliably. Intangible assets that have a finite useful life
are stated at cost less any accumulated amortization and accumulated impairment losses. Customer-related
intangible assets that have a finite useful life are amortized over periods of between 1 and 25 years on a
straight-line basis based on their expected useful life. Mortgage servicing rights are carried at cost and amor-
tized in proportion to, and over the estimated period of, net servicing revenue. These assets are tested for
impairment and their useful lives reaffirmed at least annually.

Certain intangible assets have an indefinite useful life and hence are not amortized, but are tested for impair-
ment at least annually or more frequently if events or changes in circumstances indicate that impairment may
have occurred.

Costs related to software developed or obtained for internal use are capitalized if it is probable that future eco-
nomic benefits will flow to the Group and the cost can be measured reliably. Capitalized costs are amortized
using the straight-line method over the asset’s useful life which is deemed to be either three, five or ten years.
Eligible costs include external direct costs for materials and services, as well as payroll and payroll-related

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costs for employees directly associated with an internal-use software project. Overhead costs, as well as costs
incurred during the research phase or after software is ready for use, are expensed as incurred. Capitalized
software costs are tested for impairment either annually if still under development or when there is an indica-
tion of impairment once the software is in use.

On acquisition of insurance businesses, the excess of the purchase price over the acquirer’s interest in the net
fair value of the identifiable assets, liabilities and contingent liabilities is accounted for as an intangible asset.
This intangible asset represents the present value of future cash flows over the reported liability at the date of
acquisition. This is known as value of business acquired (“VOBA”).

The VOBA is amortized at a rate determined by considering the profile of the business acquired and the ex-
pected depletion in its value. The VOBA acquired is reviewed regularly for any impairment in value and any
reductions are charged as an expense to the consolidated statement of income.

Financial Guarantees
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with
the terms of a debt instrument.

The Group has chosen to apply the fair value option to certain written financial guarantees that are managed
on a fair value basis. Financial guarantees that the Group has not designated at fair value are recognized
initially in the financial statements at fair value on the date the guarantee is given. Subsequent to initial recogni-
tion, the Group’s liabilities under such guarantees are measured at the higher of the amount initially recognized,
less cumulative amortization, and the best estimate of the expenditure required to settle any financial obligation
as of the balance sheet date. These estimates are determined based on experience with similar transactions
and history of past losses, and management’s determination of the best estimate.

Any increase in the liability relating to guarantees is recorded in the consolidated statement of income in provi-
sion for credit losses.

Leasing Transactions
The Group enters into lease contracts, predominantly for premises, as a lessee. The terms and conditions of
these contracts are assessed and the leases are classified as operating leases or finance leases according to
their economic substance at inception of the lease.

Assets held under finance leases are initially recognized on the consolidated balance sheet at an amount equal
to the fair value of the leased property or, if lower, the present value of the minimum lease payments. The
corresponding liability to the lessor is included in the consolidated balance sheet as a finance lease obligation.
The discount rate used in calculating the present value of the minimum lease payments is either the interest
rate implicit in the lease, if it is practicable to determine, or the incremental borrowing rate. Contingent rentals
are recognized as an expense in the periods in which they are incurred.

Operating lease rentals payable are recognized as an expense on a straight-line basis over the lease term,
which commences when the lessee controls the physical use of the property. Lease incentives are treated as a
reduction of rental expense and are also recognized over the lease term on a straight-line basis. Contingent
rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

Sale-Leaseback Arrangements
If a sale-leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying
amount of the asset is not immediately recognized as income by a seller-lessee but is deferred and amortized
over the lease term.

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If a sale-leaseback transaction results in an operating lease, the timing of the profit recognition is a function of
the difference between the sales price and fair value. When it is clear that the sales price is at fair value, the
profit (the difference between the sales price and carrying value) is recognized immediately. If the sales price
is below fair value, any profit or loss is recognized immediately, except that if the loss is compensated for by
future lease payments at below market price, it is deferred and amortized in proportion to the lease payments
over the period the asset is expected to be used. If the sales price is above fair value, the excess over fair
value is deferred and amortized over the period the asset is expected to be used.

Employee Benefits
Pension Benefits
The Group provides a number of pension plans. In addition to defined contribution plans, there are retirement
benefit plans accounted for as defined benefit plans. The assets of all the Group’s defined contribution plans
are held in independently administered funds. Contributions are generally determined as a percentage of salary
and are expensed based on employee services rendered, generally in the year of contribution.

All retirement benefit plans accounted for as defined benefit plans are valued using the projected unit-credit
method to determine the present value of the defined benefit obligation and the related service costs. Under
this method, the determination is based on actuarial calculations which include assumptions about demographics,
salary increases and interest and inflation rates. Actuarial gains and losses are recognized in shareholders’
equity and presented in the consolidated statement of comprehensive income in the period in which they occur.
The majority of the Group’s benefit plans are funded.

Other Post-Employment Benefits

In addition, the Group maintains unfunded contributory post-employment medical plans for a number of current
and retired employees who are mainly located in the United States. These plans pay stated percentages of
eligible medical and dental expenses of retirees after a stated deductible has been met. The Group funds the-
se plans on a cash basis as benefits are due. Analogous to retirement benefit plans these plans are valued
using the projected unit-credit method. Actuarial gains and losses are recognized in full in the period in which
they occur in shareholders’ equity and presented in the consolidated statement of comprehensive income.

Refer to Note 34 “Employee Benefits” for further information on the accounting for pension benefits and other
post-employment benefits.

Termination benefits
Termination benefits arise when employment is terminated by the Group before the normal retirement date or
whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes
termination benefits as a liability and an expense if the Group is demonstrably committed to a detailed formal
plan without realistic possibility of withdrawal. In the case of an offer made to encourage voluntary redundancy,
termination benefits are measured based on the number of employees expected to accept the offer. Benefits
falling due more than twelve months after the end of the reporting period are discounted to their present value.
The discount rate is determined by reference to market yields on high-quality corporate bonds.

Share-Based Compensation
Compensation expense for awards classified as equity instruments is measured at the grant date based on the
fair value of the share-based award. For share awards, the fair value is the quoted market price of the share
reduced by the present value of the expected dividends that will not be received by the employee and adjusted
for the effect, if any, of restrictions beyond the vesting date. In case an award is modified such that its fair value
immediately after modification exceeds its fair value immediately prior to modification, a remeasurement takes
place and the resulting increase in fair value is recognized as additional compensation expense.

The Group records the offsetting amount to the recognized compensation expense in additional paid-in capital
(“APIC”). Compensation expense is recorded on a straight-line basis over the period in which employees per-

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form services to which the awards relate or over the period of the tranches for those awards delivered in
tranches. Estimates of expected forfeitures are periodically adjusted in the event of actual forfeitures or for
changes in expectations. The timing of expense recognition relating to grants which, due to early retirement
provisions, include a nominal but nonsubstantive service period are accelerated by shortening the amortization
period of the expense from the grant date to the date when the employee meets the eligibility criteria for the
award, and not the vesting date. For awards that are delivered in tranches, each tranche is considered a sepa-
rate award and amortized separately.

Compensation expense for share-based awards payable in cash is remeasured to fair value at each balance
sheet date and recognized over the vesting period in which the related employee services are rendered. The
related obligations are included in other liabilities until paid.

Obligations to Purchase Common Shares

Forward purchases of Deutsche Bank shares, and written put options where Deutsche Bank shares are the
underlying, are reported as obligations to purchase common shares if the number of shares is fixed and physical
settlement for a fixed amount of cash is required. At inception the obligation is recorded at the present value
of the settlement amount of the forward or option. For forward purchases and written put options of Deutsche
Bank shares, a corresponding charge is made to shareholders’ equity and reported as equity classified as an
obligation to purchase common shares.

The liabilities are accounted for on an accrual basis, and interest costs, which consist of time value of money
and dividends, on the liability are reported as interest expense. Upon settlement of such forward purchases
and written put options, the liability is extinguished and the charge to equity is reclassified to common shares
in treasury.

Deutsche Bank common shares subject to such forward contracts are not considered to be outstanding for
purposes of basic earnings per share calculations, but are for dilutive earnings per share calculations to the
extent that they are, in fact, dilutive.

Put and call option contracts with Deutsche Bank shares as the underlying where the number of shares is fixed
and physical settlement is required are not classified as derivatives. They are transactions in the Group’s equity.
All other derivative contracts in which Deutsche Bank shares are the underlying are recorded as financial assets
or liabilities at fair value through profit or loss.

Income Taxes
The Group recognizes the current and deferred tax consequences of transactions that have been included in
the consolidated financial statements using the provisions of the respective jurisdictions’ tax laws. Current and
deferred taxes are charged or credited to other comprehensive income if the tax relates to items that are charged
or credited directly to other comprehensive income.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differ-
ences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases, unused tax losses and unused tax credits. Deferred tax assets are recognized only to the extent
that it is probable that sufficient taxable profit will be available against which those unused tax losses, unused
tax credits and deductible temporary differences can be utilized.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period
that the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted at the balance sheet date.

Current tax assets and liabilities are offset when (1) they arise from the same tax reporting entity or tax group
of reporting entities, (2) the legally enforceable right to offset exists and (3) they are intended to be settled net
or realized simultaneously.

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Deferred tax assets and liabilities are offset when the legally enforceable right to offset current tax assets and
liabilities exists and the deferred tax assets and liabilities relate to income taxes levied by the same taxing
authority on either the same tax reporting entity or tax group of reporting entities.

Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries,
branches and associates and interests in joint ventures except when the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that the difference will not reverse in the foreseeable
future. Deferred income tax assets are provided on deductible temporary differences arising from such invest-
ments only to the extent that it is probable that the differences will reverse in the foreseeable future and sufficient
taxable income will be available against which those temporary differences can be utilized.

Deferred tax related to fair value re-measurement of AFS investments, cash flow hedges and other items,
which are charged or credited directly to other comprehensive income, is also credited or charged directly to other
comprehensive income and subsequently recognized in the consolidated statement of income once the under-
lying gain or loss to which the deferred tax relates is realized.

For share-based payment transactions, the Group may receive a tax deduction related to the compensation
paid in shares. The amount deductible for tax purposes may differ from the cumulative compensation expense
recorded. At any reporting date, the Group must estimate the expected future tax deduction based on the
current share price. If the amount deductible, or expected to be deductible, for tax purposes exceeds the
cumulative compensation expense, the excess tax benefit is recognized directly in equity. If the amount deduct-
ible, or expected to be deductible, for tax purposes is less than the cumulative compensation expense, the
shortfall is recognized in the Group’s consolidated statement of income for the period.

The Group’s insurance business in the United Kingdom (Abbey Life Assurance Company Limited) is subject to
income tax on its policyholder’s investment returns (policyholder tax). This tax is included in the Group’s income
tax expense/benefit even though it is economically the income tax expense/benefit of the policyholder, which
reduces/increases the Group’s liability to the policyholder.

Provisions
Provisions are recognized if the Group has a present legal or constructive obligation as a result of past events,
if it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can
be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

If the effect of the time value of money is material, provisions are discounted and measured at the present
value of the expenditure expected to be required to settle the obligation, using a pre-tax rate that reflects the
current market assessments of the time value of money and the risks specific to the obligation. The increase
in the provision due to the passage of time is recognized as interest expense.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party (for example, because the obligation is covered by an insurance policy), an asset is recognized if it
is virtually certain that reimbursement will be received.

Consolidated Statement of Cash Flows

For purposes of the consolidated statement of cash flows, the Group’s cash and cash equivalents include highly
liquid investments that are readily convertible into cash and which are subject to an insignificant risk of change
in value. Such investments include cash and balances at central banks and demand deposits with banks.

The Group’s assignment of cash flows to the operating, investing or financing category depends on the business
model (“management approach”). For the Group the primary operating activity is to manage financial assets

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and financial liabilities. Therefore, the issuance and management of long-term borrowings is a core operating
activity which is different than for a non-financial company, where borrowing is not a principal revenue producing
activity and thus is part of the financing category.

The Group views the issuance of senior long-term debt as an operating activity. Senior long-term debt comprises
structured notes and asset-backed securities, which are designed and executed by CB&S business lines and
which are revenue generating activities. The other component is debt issued by Treasury, which is considered
interchangeable with other funding sources; all of the funding costs are allocated to business activities to es-
tablish their profitability.

Cash flows related to subordinated long-term debt and trust preferred securities are viewed differently than
those related to senior-long term debt because they are managed as an integral part of the Group’s capital,
primarily to meet regulatory capital requirements. As a result they are not interchangeable with other operating
liabilities, but can only be interchanged with equity and thus are considered part of the financing category.

The amounts shown in the consolidated statement of cash flows do not precisely match the movements in the
consolidated balance sheet from one period to the next as they exclude non-cash items such as movements
due to foreign exchange translation and movements due to changes in the group of consolidated companies.

Movements in balances carried at fair value through profit or loss represent all changes affecting the carrying
value. This includes the effects of market movements and cash inflows and outflows. The movements in balances
carried at fair value are usually presented in operating cash flows.

Insurance
The Group’s insurance business issues two types of contracts:

Insurance Contracts – These are annuity and universal life contracts under which the Group accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specific
uncertain future event adversely affects the policyholder. Such contracts remain insurance contracts until all
rights and obligations are extinguished or expire. As allowed by IFRS, the Group retained the accounting poli-
cies for insurance contracts which it applied prior to the adoption of IFRS (U.S. GAAP) as described further
below.

Non-Participating Investment Contracts (“Investment Contracts”) – These contracts do not contain significant
insurance risk or discretionary participation features. These are measured and reported consistently with other
financial liabilities, which are classified as financial liabilities at fair value through profit or loss.

Financial assets held to back annuity contracts have been classified as AFS. Financial assets held for other
insurance and investment contracts have been designated as fair value through profit or loss under the fair
value option.

Insurance Contracts
Premiums for single premium business are recognized as income when received. This is the date from which
the policy is effective. For regular premium contracts, receivables are recognized at the date when payments
are due. Premiums are shown before deduction of commissions. When policies lapse due to non-receipt of
premiums, all related premium income accrued but not received from the date they are deemed to have lapsed,
net of related expense, is offset against premiums.

Claims are recorded as an expense when incurred, and reflect the cost of all claims arising during the year,
including policyholder profit participations allocated in anticipation of a participation declaration.

The aggregate policy reserves for universal life insurance contracts are equal to the account balance, which
represents premiums received and investment returns credited to the policy, less deductions for mortality costs

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and expense charges. For other unit-linked insurance contracts the policy reserve represents the fair value of
the underlying assets.

For annuity contracts, the liability is calculated by estimating the future cash flows over the duration of the in
force contracts discounted back to the valuation date allowing for the probability of occurrence. The assump-
tions are fixed at the date of acquisition with suitable provisions for adverse deviations (“PADs”). This calculat-
ed liability value is tested against a value calculated using best estimate assumptions and interest rates based
on the yield on the amortized cost of the underlying assets. Should this test produce a higher value, the liability
amount would be reset.

Aggregate policy reserves include liabilities for certain options attached to the Group’s unit-linked pension
products. These liabilities are calculated based on contractual obligations using actuarial assumptions.

Liability adequacy tests are performed for the insurance portfolios on the basis of estimated future claims, costs,
premiums earned and proportionate investment income. For long duration contracts, if actual experience
regarding investment yields, mortality, morbidity, terminations or expenses indicates that existing contract
liabilities, along with the present value of future gross premiums, will not be sufficient to cover the present value
of future benefits and to recover deferred policy acquisition costs, then a premium deficiency is recognized.

The costs directly attributable to the acquisition of incremental insurance and investment business are deferred
to the extent that they are expected to be recoverable out of future margins in revenues on these contracts.
These costs will be amortized systematically over a period no longer than that in which they are expected to be
recovered out of these future margins.

Investment Contracts
All of the Group’s investment contracts are unit-linked. These contract liabilities are determined using current
unit prices multiplied by the number of units attributed to the contract holders as of the balance sheet date.

As this amount represents fair value, the liabilities have been classified as financial liabilities at fair value through
profit or loss. Deposits collected under investment contracts are accounted for as an adjustment to the invest-
ment contract liabilities. Investment income attributable to investment contracts is included in the consolidated
statement of income. Investment contract claims reflect the excess of amounts paid over the account balance
released. Investment contract policyholders are charged fees for policy administration, investment manage-
ment, surrenders or other contract services.

The financial assets for investment contracts are recorded at fair value with changes in fair value, and offsetting
changes in the fair value of the corresponding financial liabilities, recorded in profit or loss.

Reinsurance
Premiums ceded for reinsurance and reinsurance recoveries on policyholder benefits and claims incurred are
reported in income and expense as appropriate. Assets and liabilities related to reinsurance are reported on a
gross basis when material. Amounts ceded to reinsurers from reserves for insurance contracts are estimated in
a manner consistent with the reinsured risk. Accordingly, revenues and expenses related to reinsurance agree-
ments are recognized in a manner consistent with the underlying risk of the business reinsured.

All new material reinsurance arrangements are subject to local Board approval. Once transacted they are
subject to regular credit risk review including an assessment of the full exposure and any lending and collateral
provision. Impairment is determined in accordance with the Group’s accounting policy “Impairment of Financial
Assets”.

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02 –
Critical Accounting Estimates

Certain of the accounting policies described in Note 01 “Significant Accounting Policies” require critical accounting
estimates that involve complex and subjective judgments and the use of assumptions, some of which may be
for matters that are inherently uncertain and susceptible to change. Such critical accounting estimates could
change from period to period and may have a material impact on the Group’s financial condition, changes in
financial condition or results of operations. Critical accounting estimates could also involve estimates where
management could have reasonably used another estimate in the current accounting period. The Group has
identified the following significant accounting policies that involve critical accounting estimates.

Fair Value Estimates

Fair value is defined as the price at which an asset or liability could be exchanged in an arm’s length transac-
tion between knowledgeable, willing parties, other than in a forced or liquidation sale.

In reaching estimates of fair value, management judgment needs to be exercised. The areas requiring significant
management judgment are identified, documented and reported to senior management as part of the valuation
control framework and the standard monthly reporting cycle. The Group’s specialist model validation and
valuation groups focus attention on the areas of subjectivity and judgment.

The level of management judgment required in establishing fair value of financial instruments for which there
is a quoted price in an active market is minimal. Similarly there is little subjectivity or judgment required for
instruments valued using valuation models that are standard across the industry and where all parameter
inputs are quoted in active markets.

The level of subjectivity and degree of management judgment required is more significant for those instruments
valued using specialized and sophisticated models and those where some or all of the parameter inputs are
not observable. Management judgment is required in the selection and application of appropriate parameters,
assumptions and modeling techniques. In particular, where data are obtained from infrequent market trans-
actions extrapolation and interpolation techniques must be applied. In addition, where no market data are
available, parameter inputs are determined by assessing other relevant sources of information such as historical
data, fundamental analysis of the economics of the transaction and proxy information from similar transactions
with appropriate adjustments to reflect the terms of the actual instrument being valued and current market
conditions. Where different valuation techniques indicate a range of possible fair values for an instrument,
management has to establish what point within the range of estimates best represents fair value. Further,
some valuation adjustments may require the exercise of management judgment to achieve fair value.

Methods of Determining Fair Value

A substantial percentage of the Group’s financial assets and liabilities carried at fair value are based on, or
derived from, observable prices or inputs. The availability of observable prices or inputs varies by product and
market, and may change over time. For example, observable prices or inputs are usually available for: liquid
securities; exchange traded derivatives; over-the-counter (OTC) derivatives transacted in liquid trading markets
such as interest rate swaps, foreign exchange forward and option contracts in G7 currencies; and equity swap
and option contracts on listed securities or indices. If observable prices or inputs are available, they are utilized
in the determination of fair value and, as such, fair value can be determined without significant judgment. This
includes instruments for which the fair value is derived from a valuation model that is standard across the
industry and the inputs are directly observable. This is the case for many generic swap and option contracts.

In other markets or for certain instruments, observable prices or inputs are not available, and fair value is
determined using valuation techniques appropriate for the particular instrument. For example, instruments
subject to valuation techniques include: trading loans and other loans or loan commitments designated at fair
value through profit or loss, under the fair value option; new, complex and long-dated OTC derivatives; trans-

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actions in immature or limited markets; distressed debt securities and loans; private equity securities and retained
interests in securitizations of financial assets. The application of valuation techniques to determine fair value
involves estimation and management judgment, the extent of which will vary with the degree of complexity and
liquidity in the market. Valuation techniques include industry standard models based on discounted cash flow
analysis, which are dependent upon estimated future cash flows and the discount rate used. For more complex
products, the valuation models include more complex modeling techniques, parameters and assumptions,
such as volatility, correlation, prepayment speeds, default rates and loss severity. Management judgment is
required in the selection and application of the appropriate parameters, assumptions and modeling techniques.
Because the objective of using a valuation technique is to establish the price at which market participants would
currently transact, the valuation techniques incorporate all factors that the Group believes market participants
would consider in setting a transaction price.

Valuation adjustments are an integral part of the fair value process that requires the exercise of judgment. In
making appropriate valuation adjustments, the Group follows methodologies that consider factors such as bid-
offer spread valuation adjustments, liquidity, and credit risk (both counterparty credit risk in relation to financial
assets and the Group’s own credit risk in relation to financial liabilities which are at fair value through profit or
loss).

Under IFRS, if there are significant unobservable inputs used in the valuation technique as of the trade date
the financial instrument is recognized at the transaction price and any trade date profit is deferred. Management
judgment is required in determining whether there exist significant unobservable inputs in the valuation technique.
Once deferred the decision to subsequently recognize the trade date profit requires a careful assessment of
the then current facts and circumstances supporting observability of parameters and/or risk mitigation.

The Group has established internal control procedures over the valuation process to provide assurance over
the appropriateness of the fair values applied. If fair value is determined by valuation models, the assumptions
and techniques within the models are independently validated by a specialist group. Price and parameter
inputs, assumptions and valuation adjustments are subject to verification and review processes. If the price
and parameter inputs are observable, they are verified against independent sources.

If prices and parameter inputs or assumptions are not observable, the appropriateness of fair value is subject
to additional procedures to assess its reasonableness. Such procedures include performing revaluations using
independently generated models, assessing the valuations against appropriate proxy instruments, performing
sensitivity analysis and extrapolation techniques, and considering other benchmarks. Assessment is made as
to whether the valuation techniques yield fair value estimates that are reflective of the way the market operates
by calibrating the results of the valuation models against market transactions. These procedures require the
application of management judgment.

Other valuation controls include review and analysis of daily profit and loss, validation of valuation through
close out profit and loss and Value-at-Risk back-testing.

Fair Value Estimates Used in Disclosures

Under IFRS, the financial assets and liabilities carried at fair value are required to be disclosed according to the
valuation method used to determine their fair value. Specifically, segmentation is required between those
valued using quoted market prices in an active market (level 1), valuation techniques based on observable
parameters (level 2) and valuation techniques using significant unobservable parameters (level 3). This disclo-
sure is provided in Note 15 “Financial Instruments carried at Fair Value”. Management judgment is required in
determining the category to which certain instruments should be allocated. This specifically arises when the
valuation is determined by a number of parameters, some of which are observable and others are not. Further,
the classification of an instrument can change over time to reflect changes in market liquidity and therefore
price transparency.

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In addition to the fair value hierarchy disclosure in Note 15 “Financial Instruments carried at Fair Value”, the
Group provides a sensitivity analysis of the impact upon the level 3 financial instruments of using a reasonably
possible alternative for the unobservable parameter. The determination of reasonably possible alternatives
requires significant management judgment.

For financial instruments measured at amortized cost (which includes loans, deposits and short and long term
debt issued) the Group discloses the fair value. This disclosure is provided in Note 16 “Fair Value of Financial
Instruments not carried at Fair Value”. Generally there is limited or no trading activity in these instruments and
therefore the fair value determination requires significant management judgment.

Reclassification of Financial Assets

The Group classifies financial assets into the following categories: financial assets at fair value through profit or
loss, financial assets AFS or loans. The appropriate classification of financial assets is determined at the time
of initial recognition. In addition, under the amendments to IAS 39 and IFRS 7, “Reclassification of Financial
Assets” which were approved by the IASB and endorsed by the EU in October 2008, it is permissible to reclassify
certain financial assets out of financial assets at fair value through profit or loss (trading assets) and the AFS
classifications into the loans classification. For assets to be reclassified there must be a clear change in manage-
ment intent with respect to the assets since initial recognition and the financial asset must meet the definition of
a loan at the reclassification date. Additionally, there must be an intent and ability to hold the asset for the
foreseeable future at the reclassification date. There is no ability for subsequent reclassification back to the
trading or AFS classifications. Refer to Note 14 “Amendments to IAS 39 and IFRS 7, ‘Reclassification of
Financial Assets’” for further information on the assets reclassified by the Group.

Significant management judgment and assumptions are required to identify assets eligible under the amendments
for which expected repayment exceeds estimated fair value. Significant management judgment and assumptions
are also required to estimate the fair value of the assets identified (as described in “Fair Value Estimates”) at
the date of reclassification, which becomes the amortized cost base under the loan classification. The task
facing management in both these matters can be particularly challenging in the highly volatile and uncertain
economic and financial market conditions such as those which existed in the third and fourth quarters of 2008.
The change of intent to hold for the foreseeable future is another matter requiring significant management
judgment. The change in intent is not simply determined because of an absence of attractive prices nor is
foreseeable future defined as the period until the return of attractive prices. Refer to Note 01 “Significant
Accounting Policies” section “Reclassification of Financial Assets” for the Group’s minimum requirements for
what constitutes foreseeable future.

Impairment of Loans and Provision for Off-Balance Sheet Positions

The accounting estimates and judgments related to the impairment of loans and provision for off-balance sheet
positions is a critical accounting estimate for the Corporate Banking & Securities (CB&S) and Private & Business
Clients (PBC) Corporate Divisions because the underlying assumptions used for both the individually and collec-
tively assessed impairment can change from period to period and may significantly affect the Group’s results of
operations.

In assessing assets for impairment, management judgment is required, particularly in circumstances of economic
and financial uncertainty, such as those of the recent financial crisis, when developments and changes to ex-
pected cash flows can occur both with greater rapidity and less predictability.

The determination of the impairment allowance required for loans which are deemed to be individually significant
often requires the use of considerable management judgment concerning such matters as local economic
conditions, the financial performance of the counterparty and the value of any collateral held, for which there
may not be a readily accessible market. In certain situations, such as for certain leveraged loans, the Group may
assess the enterprise value of the borrower to assess impairment. This requires use of considerable management
judgment regarding timing of exit and the market value of the borrowing entity. The actual amount of the future

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cash flows and their timing may differ from the estimates used by management and consequently may cause
actual losses to differ from the reported allowances.

The impairment allowance for portfolios of smaller-balance homogenous loans, such as those to individuals
and small business customers of the private and retail business, and for those loans which are individually
significant but for which no objective evidence of impairment exists, is determined on a collective basis. The
collective impairment allowance is calculated on a portfolio basis using statistical models which incorporate
numerous estimates and judgments. The Group performs a regular review of the models and underlying data
and assumptions. The probability of defaults, loss recovery rates, and judgments concerning the ability of
borrowers in foreign countries to transfer the foreign currency necessary to comply with debt repayments,
among other things, are all taken into account during this review. For further discussion of the methodologies
used to determine the Group’s allowance for credit losses, see Note 01 “Significant Accounting Policies”. The
quantitative disclosures are provided in Note 19 “Loans” and Note 20 “Allowance for Credit Losses”.

Impairment of Other Financial Assets

Equity method investments and financial assets classified as AFS are evaluated for impairment on a quarterly
basis, or more frequently if events or changes in circumstances indicate that these assets are impaired. If there
is objective evidence of an impairment of an associate or jointly-controlled entity, an impairment test is per-
formed by comparing the investment’s recoverable amount, which is the higher of its value in use and fair value
less costs to sell, with its carrying amount. In the case of equity investments classified as AFS, objective evidence
of impairment would include a significant or prolonged decline in fair value of the investment below cost. It
could also include specific conditions in an industry or geographical area or specific information regarding the
financial condition of the company, such as a downgrade in credit rating. In the case of debt securities classified
as AFS, impairment is assessed based on the same criteria as for loans. If information becomes available after
the Group makes its evaluation, the Group may be required to recognize impairment in the future. Because the
estimate for impairment could change from period to period based upon future events that may or may not occur,
the Group considers this to be a critical accounting estimate. For additional information see Note 08 “Net Gains
(Losses) on Financial Assets Available for Sale” and Note 18 “Equity Method Investments”.

Impairment of Non-financial Assets

Non-financial assets are generally subject to impairment review at each quarterly reporting date. Goodwill
and other intangible assets with an indefinite useful life are tested for impairment at least on an annual basis
irrespective of whether indicators of impairment exist, or more frequently if events or changes in circumstanc-
es, such as an adverse change in business climate, indicate that these assets may be impaired. The Group
records impairment losses on assets in this category when the Group believes that their carrying value may
not be recoverable. At each reporting date the Group assesses whether there is an indication that a previous-
ly recognized impairment loss has reversed. If there is such an indication and the recoverable amount of the
impaired asset subsequently increases, then the reversal of an impairment loss (excluding goodwill) is recog-
nized immediately.

The determination of the recoverable amount in the impairment assessment requires estimates based on
quoted market prices, prices of comparable businesses, present value or other valuation techniques, or a
combination thereof, necessitating management to make subjective judgments and assumptions. Because
these estimates and assumptions could result in significant differences to the amounts reported if underlying
circumstances were to change, the Group considers this estimate to be critical.

The quantitative disclosures are provided in Note 25 “Goodwill and Other Intangible Assets”.

Deferred Tax Assets

In determining the amount of deferred tax assets, the Group uses historical tax capacity and profitability infor-
mation and, if relevant, forecasted operating results based upon approved business plans, including a review of
the eligible carry-forward periods, available tax planning opportunities and other relevant considerations. Each

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quarter, the Group re-evaluates its estimate related to deferred tax assets, including its assumptions about future
profitability.

The Group believes that the accounting estimate related to the deferred tax assets is a critical accounting esti-
mate because the underlying assumptions can change from period to period and requires significant manage-
ment judgment. For example, tax law changes or variances in future projected operating performance could result
in a change of the deferred tax asset. If the Group was not able to realize all or part of its net deferred tax assets
in the future, an adjustment to its deferred tax assets would be charged to income tax expense or directly to equity
in the period such determination was made. If the Group was to recognize previously unrecognized deferred tax
assets in the future, an adjustment to its deferred tax asset would be credited to income tax expense or directly to
equity in the period such determination was made.

For further information on the Group’s deferred taxes (including quantitative disclosures on recognized deferred
tax assets) see Note 35 “Income Taxes”.

Legal and Regulatory Contingencies and Uncertain Tax Positions

The Group conducts its business in many different legal, regulatory and tax environments, and, accordingly,
legal claims, regulatory proceedings or uncertain income tax positions may arise.

The use of estimates is important in determining provisions for potential losses that may arise from litigation,
regulatory proceedings and uncertain income tax positions. The Group estimates and provides for potential
losses that may arise out of litigation, regulatory proceedings and uncertain income tax positions to the extent
that such losses are probable and can be estimated, in accordance with IAS 37, “Provisions, Contingent
Liabilities and Contingent Assets” or IAS 12, “Income Taxes”, respectively. Significant judgment is required in
making these estimates and the Group’s final liabilities may ultimately be materially different.

Contingencies in respect of legal matters are subject to many uncertainties and the outcome of individual matters
is not predictable with assurance. Significant judgment is required in assessing probability and making estimates
in respect of contingencies, and the Group’s final liability may ultimately be materially different. The Group’s
total liability in respect of litigation, arbitration and regulatory proceedings is determined on a case-by-case
basis and represents an estimate of probable losses after considering, among other factors, the progress of
each case, the Group’s experience and the experience of others in similar cases, and the opinions and views
of legal counsel. Predicting the outcome of the Group’s litigation matters is inherently difficult, particularly in
cases in which claimants seek substantial or indeterminate damages. See Note 29 “Provisions” for information
on the Group’s judicial, regulatory and arbitration proceedings.

03 –
Recently Adopted and New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The following are those accounting pronouncements which are relevant to the Group and which have been
adopted during 2012 in the preparation of these consolidated financial statements.

IFRS 7
In October 2010, the IASB issued amendments to IFRS 7, “Disclosures – Transfers of Financial Assets”.
The amendments comprise additional disclosures on transfer transactions of financial assets (for example,
securitizations), including possible effects of any risks and rewards that may remain with the transferor of the
assets. Additional disclosures are also required if a disproportionate amount of transfer transactions are under-
taken around the end of a reporting period. The amendments were effective for annual periods beginning on or
after July 1, 2011. The adoption of the amendments in the 2012 year-end financial statements did not have a
material impact on the Group’s consolidated financial statements.

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The following accounting pronouncements were not effective as of December 31, 2012 and therefore have not
been applied in preparing these financial statements.

IAS 1
In June 2011, the IASB issued amendments to IAS 1, “Presentation of Financial Statements” to require com-
panies to group together items within other comprehensive income (“OCI”) that may be reclassified to the
statement of income. The amendments also reaffirm existing requirements that items in OCI and profit or loss
should be presented as either a single statement or two separate statements. The amendments are effective
for annual periods beginning on or after July 1, 2012. The standard has been endorsed by the EU. The adop-
tion of the amendments is not expected to have a material impact on the presentation of other comprehensive
income in the Group’s consolidated financial statements.

IFRS 10, IFRS 11, IFRS 12, IAS 27 and IAS 28

In May 2011, the IASB issued IFRS 10, “Consolidated Financial Statements”, IFRS 11, “Joint Arrangements”,
IFRS 12, “Disclosure of Interests in Other Entities”, a revised version of IAS 27, “Separate Financial
Statements”, and a revised version of IAS 28, “Investment in Associates and Joint Ventures” which have been
amended for conforming changes based on the issuance of IFRS 10 and IFRS 11. In June 2012, the IASB
issued amendments to the transition guidance for IFRS 10-12 which provides relief from all but the prior year
comparative periods which need to be restated. Additionally, for IFRS 12, no comparatives are required for
disclosures relating to unconsolidated structured entities.

IFRS 10 replaces IAS 27, “Consolidated and Separate Financial Statements” and SIC-12, “Consolidation –
Special Purpose Entities”, and establishes a single control model that applies to all entities, including those that
were previously considered special purpose entities under SIC-12. An investor controls an investee when it has
power over the relevant activities, exposure to variable returns from the investee, and the ability to affect those
returns through its power over the investee. The assessment of control is based on all facts and circumstances
and the conclusion is reassessed if there is an indication that there are changes in facts and circumstances.

IFRS 11 supersedes IAS 31, “Interests in Joint Ventures” and SIC-13, “Jointly-controlled Entities – Non-
monetary Contributions by Venturers”. IFRS 11 classifies joint arrangements as either joint operations or joint
ventures and focuses on the nature of the rights and obligations of the arrangement. IFRS 11 requires the use
of the equity method of accounting for joint arrangements by eliminating the option to use the proportionate
consolidation method, which is not applied by the Group.

IFRS 12 requires an entity to disclose the nature, associated risks, and financial effects of interests in
subsidiaries, joint arrangements, associates and unconsolidated structured entities. IFRS 12 requires more
comprehensive disclosure in comparison to IAS 27 or SIC-12.

Each of the standards are effective for annual periods beginning on or after January 1, 2013, with earlier
application permitted as long as each of the other standards are also applied early. However, entities are
permitted to include any of the disclosure requirements in IFRS 12 into their consolidated financial statements
without early adoption of IFRS 12. According to the EU endorsement entities shall apply each of the standards ,
at the latest, for annual periods beginning on or after January 1, 2014. The Group will apply each of the
standards in 2013. While approved by the IASB, the transition guidance for IFRS 10-12 has yet to be endorsed
by the EU. The adoption of IFRS 10, IFRS 11 and IFRS 12 is not expected to have a material impact on the
Group’s consolidated financial statements.

IAS 19
In June 2011, the IASB issued amendments to IAS 19, “Employee Benefits” (“IAS 19 R”) effective for annual
periods beginning on or after January 1, 2013. IAS 19 R introduces the net interest approach which is based
on the discount rate used to measure the defined benefit obligation multiplied by the net defined benefit as-

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set/liability recognized on the balance sheet, both as determined at the start of the reporting period and adjust-
ed for expected changes in the net defined benefit asset/liability due to contributions and benefit payments
during the year. This measure of net interest cost replaces the interest cost on the defined benefit obligation
and the expected return on plan assets. The standard also requires immediate recognition of re-measurement
effects associated with all post-employment benefits through other comprehensive income such as actuarial
gains and losses and any deviations between the actual return on plan assets and the return implied by the net
interest cost, which is already consistent with the Group’s existing accounting policy. In addition, IAS 19 R
requires immediate recognition of any past service cost and will enhance the disclosure requirements for de-
fined benefit plans. The standard has been endorsed by the EU. As required, the Group will adopt the new
standard retrospectively for annual periods beginning on or after January 1, 2013. The adoption of the
amendments to IAS 19 R is not expected to have a material impact on the consolidated financial statements.

IFRS 13
In May 2011, the IASB issued IFRS 13, “Fair Value Measurement” which establishes a single source of guid-
ance for fair value measurement under IFRS. IFRS 13 provides a revised definition of fair value and guidance
on how it should be applied where its use is already required or permitted by other standards within IFRS and
introduces more comprehensive disclosure requirements on fair value measurement. IFRS 13 is effective for
annual periods beginning on or after January 1, 2013. The standard has been endorsed by the EU. The impact
of IFRS 13 is not material to the Group.

Improvements to IFRS 2009-2011 Cycle

In May 2012, the IASB issued amendments to IFRS, which resulted from the IASB’s annual improvement
project. They comprise amendments that result in accounting changes for presentation, recognition or meas-
urement purposes as well as terminology or editorial amendments related to a variety of individual IFRS
standards. The amendments are effective for annual periods beginning on or after January 1, 2013. The
amendments have been endorsed by the EU. The adoption of the amendments will not have a material im-
pact on the Group’s consolidated financial statements.

IAS 32 and IFRS 7

In December 2011, the IASB issued amendments to IAS 32, “Offsetting Financial Assets and Financial Liabili-
ties” (“IAS 32 R”) to clarify the requirements for offsetting financial instruments. IAS 32 R clarifies (a) the mean-
ing of an entity’s current legally enforceable right of set-off; and (b) when gross settlement systems may be
considered equivalent to net settlement. The amendments are effective for annual periods beginning on or
after January 1, 2014, with earlier application permitted.

In December 2011, the IASB also issued amendments to IFRS 7, “Disclosures – Offsetting Financial Assets
and Financial Liabilities” (“IFRS 7 R”) requiring extended disclosures to allow investors to better compare fi-
nancial statements prepared in accordance with IFRS or U.S. GAAP. The amendments are effective for annual
periods beginning on or after January 1, 2013 but also interim periods thereafter.

The Group is currently evaluating the potential impact that the adoption of the amendments will have on its
consolidated financial statements.

IFRS 9 (2009) and IFRS 9 (2010)

IFRS 9 (2009) – In November 2009, the IASB issued IFRS 9, “Financial Instruments”, as a first step in its
project to replace IAS 39, “Financial Instruments: Recognition and Measurement”. IFRS 9 (2009) introduces
new requirements for how an entity should classify and measure financial assets that are in the scope of
IAS 39. The standard requires all financial assets to be classified on the basis of the entity’s business model for
managing the financial assets, and the contractual cash flow characteristics of the financial asset. A financial
asset is measured at amortized cost if two criteria are met: (a) the objective of the business model is to hold the
financial asset for the collection of the contractual cash flows, and (b) the contractual cash flows under the in-
strument solely represent payments of principal and interest. Even if a financial asset meets the criteria to be

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measured at amortized cost, it can be designated at fair value through profit or loss under the fair value option,
if doing so would significantly reduce or eliminate an accounting mismatch. If a financial asset does not meet
the business model and contractual terms criteria to be measured at amortized cost, then it is subsequently
measured at fair value. IFRS 9 (2009) also removes the requirement to separate embedded derivatives from
financial asset hosts. It requires a hybrid contract with a financial asset host to be classified in its entirety at
either amortized cost or fair value. IFRS 9 (2009) requires reclassifications when the entity’s business model

changes, which is expected to be an infrequent occurrence; in this case, the entity is required to reclassify
affected financial assets prospectively. There is specific guidance for contractually linked instruments that
create concentrations of credit risk, which is often the case with investment tranches in a securitization. In
addition to assessing the instrument itself against the IFRS 9 (2009) classification criteria, management
should also ‘look through’ to the underlying pool of instruments that generate cash flows to assess their charac-
teristics. To qualify for amortized cost, the investment must have equal or lower credit risk than the weighted-
average credit risk in the underlying pool of instruments, and those instruments must meet certain criteria. If a
‘look through’ is impracticable, the tranche must be classified at fair value through profit or loss. Under IFRS 9
(2009), all equity investments should be measured at fair value. However, management has an option to pre-
sent in other comprehensive income unrealized and realized fair value gains and losses on equity investments
that are not held for trading. Such designation is available on initial recognition on an instrument-by-instrument
basis and is irrevocable. There is no subsequent recycling of fair value gains and losses to profit or loss; how-
ever, dividends from such investments will continue to be recognized in profit or loss.

IFRS 9 (2010) – In October 2010, the IASB issued a revised version of IFRS 9, “Financial Instruments” (“IFRS
9 (2010)”). The revised standard adds guidance on the classification and measurement of financial liabilities.
IFRS 9 (2010) requires entities with financial liabilities designated at fair value through profit or loss to recog-
nize changes in the fair value due to changes in the liability’s credit risk in other comprehensive income. How-
ever, if recognizing these changes in other comprehensive income creates an accounting mismatch, an entity
would present the entire change in fair value within profit or loss. There is no subsequent recycling of the
amounts recorded in other comprehensive income to profit or loss, but accumulated gains or losses may be
transferred within equity.

Based on the amendments to IFRS 9 (2009), IFRS 9 (2010) and IFRS 7, “Mandatory Effective Date and
Transition Guidance” issued by the IASB in December 2011, IFRS 9 (2009) and IFRS 9 (2010) are effective
for annual periods beginning on or after January 1, 2015, with earlier application permitted. Once adopted,
IFRS 9 should be applied to all financial instruments outstanding as of the effective date, as if the classifica-
tion and measurement under IFRS 9 had always applied, but comparative periods do not need to be restated.

For annual periods beginning before January 1, 2015, an entity may elect to apply either IFRS 9 (2009) or
IFRS 9 (2010). While approved by the IASB, both IFRS 9 (2009) and IFRS 9 (2010) have yet to be endorsed
by the EU.

In November 2012, the IASB issued an Exposure Draft proposing limited modifications to IFRS 9 (2009) and
IFRS 9 (2010). It is unclear at this time what modifications will actually be adopted or if this could impact the
effective date and EU endorsement.

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04 –
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Business Combinations completed in 2012

In 2012, the Group did not undertake any acquisitions accounted for as business combinations.

Business Combinations completed in 2011

In 2011, the Group completed several acquisitions that were accounted for as business combinations. Of these
transactions none were individually significant and they are therefore presented as an aggregate in the follow-
ing table.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
in € m.
Cash consideration transferred 13
Fair value of call option held to acquire outstanding interests 10
Fair value of contingent consideration 3
Fair value of pre-existing stakes 12
Total purchase consideration, including fair value of the Group’s equity interest held before the business combination 38

Recognized amounts of identifiable assets acquired and liabilities assumed: 1

Cash and cash equivalents 1
Interest-earning time deposits with banks 2
Financial assets at fair value through profit or loss 2
All other assets 21
Long-term debt 10
All other liabilities 2
Total identifiable net assets 14
Goodwill 25
Negative goodwill 1
Total identifiable net assets and goodwill acquired, less negative goodwill 38
1 By major class of assets acquired and liabilities assumed.

Among these transactions was the step-acquisition of the outstanding interests in Deutsche UFG Capital Man-
agement (“DUCM”), one of Russia’s largest independent asset management companies. The transaction
closed on November 11, 2011, following the exercise of a purchase option on the remaining 60 % stake.
DUCM was allocated to Asset & Wealth Management (AWM).

Since acquisition, the aggregated contribution in 2011 to the Group’s net revenues and net profit or loss after
tax related to these businesses amounted to € 2 million and less than € (1) million, respectively. Had these
acquisitions all been effective on January 1, 2011, their impact on the Group’s net revenues and net profit or
loss after tax for 2011 would have amounted to € 4 million and less than € (1) million, respectively.

Business Combinations completed in 2010

Deutsche Postbank
Following the successful conclusion of the voluntary public takeover offer (“PTO”) by Deutsche Bank to the
shareholders of Deutsche Postbank AG (“Postbank”), the PTO settled on December 3, 2010 (“closing date”).
Together with Postbank shares already held before the PTO, the Group gained control by holding 113.7 million
Postbank shares, equal to 51.98 % of all voting rights in Postbank. Accordingly, the Group commenced con-
solidation of Postbank Group as of December 3, 2010. Taking into account certain financial instruments on
Postbank shares held by the Group prior to the closing, as of December 3, 2010, the consolidation of Postbank
was based on a total equity interest of 79.40 %.

The following paragraphs provide detailed disclosures on the Postbank acquisition, specifically: a description of
Postbank’s business activities and the expected impact from their integration on the Group; the takeover offer;
the Deutsche Bank capital increase; the treatment of the Group’s equity investment and other financial instruments

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on Postbank shares held at the closing date; a domination and profit and loss transfer agreement with Postbank;
the purchase price allocation and other acquisition-related information.

Description of Postbank’s business activities and the expected impact from their integration on the Group.
Postbank Group is one of the major providers of banking and other financial services in Germany. Its business
activities comprise retail banking, business with corporate customers, capital markets activities as well as home
savings loans (via the BHW Group which is part of the Postbank Group). In its Transaction Banking division,
Postbank offers back office services for other financial services providers. Its business focuses on Germany
and is complemented by selected engagements, principally in Western Europe and North America.

The Group’s previous Management Agenda Phase 4 provided for a focus on core businesses in the former
Private Clients and Asset Management Group Division (PCAM) and home market leadership. In this context,
the majority shareholding in Postbank further strengthened the PCAM Group Division, in particular the PBC
Corporate Division, and enabled the Group to strengthen and expand its leading position in the German home
market. The combination of Deutsche Bank and Postbank offered significant cost and revenue synergy poten-
tial and growth opportunities. Furthermore, the inclusion of Postbank businesses in the Group’s consolidated
results increased the level of retail banking earnings and strengthened and diversified the Group’s refinancing
basis due to the increased volumes in retail customer deposits.

Takeover Offer. The price per Postbank share offered in the PTO amounted to € 25.00. The acceptance period
under the PTO commenced with the publication of the offer document on October 7, 2010 and ended with expiry
of the additional acceptance period on November 24, 2010. The offer was accepted for 48.2 million Postbank shares,
corresponding to 22.03 % of the Postbank share capital and voting rights. Therefore, the total cash consideration
paid on December 3, 2010 for the Postbank shares acquired in the PTO amounted to € 1,205 million.

Deutsche Bank announced on November 30, 2010 that it had sold 0.5 million Postbank shares, and on
December 3, 2010 that it had sold a further 3.9 million Postbank shares both to a third party for a consideration
of € 23.96 and € 21.75 per Postbank share, respectively. The sale, which was intended to avoid a delayed
completion of the PTO that would have resulted from U.S. merger control proceedings, led to an intermediate
legal shareholding of less than 50 % in Postbank. Along with the sale, Deutsche Bank concluded forward
purchase contracts corresponding to the aforementioned number of Postbank shares with this third party for a
cash consideration of € 23.96 and € 21.75 per Postbank share, respectively, plus a transaction fee of approxi-
mately € 0.03 and € 0.015 per share, respectively. The forward purchase contracts settled on December 10, 2010,
following satisfaction of U.S. antitrust review and bank regulatory approval requirements. As a result, the Group
increased its shareholding in Postbank to 51.98 % (equal to 113.7 million Postbank shares), the ultimate level
achieved through the PTO. Although the shares had been legally sold to a third party, the Group retained the
risks and rewards of those shares. It was deemed to be virtually certain that U.S. antitrust approval would be
obtained so that the potential voting rights from those shares were included in the consolidation analysis for
financial reporting purposes. Accordingly, the date of acquisition of the Postbank Group was determined as
December 3, 2010.

Capital Increase of Deutsche Bank. In close coordination with the PTO, Deutsche Bank also implemented a
capital increase from authorized capital against cash contributions. The capital increase was completed on
October 6, 2010. In total, 308.6 million new registered no-par value shares (common shares) were issued,
resulting in gross proceeds of € 10.2 billion. The net proceeds of € 10.1 billion raised from the issuance (after
expenses of about € 0.1 billion net of tax) were primarily intended to cover the capital consumption from the con-
solidation of the Postbank Group, and, in addition, to support the existing capital base.

Treatment of the Group’s equity investment and other financial instruments on Postbank held at the closing date.
Prior to obtaining control, the Group directly held 29.95 % of the shares and voting rights of Postbank, giving it
the ability to significantly influence Postbank’s financial and operating policies. Accordingly, this investment was
accounted for using the equity method.

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In addition, the Group had subscribed to a mandatory exchangeable bond (“MEB”) issued by Deutsche Post.
The MEB was acquired by Deutsche Bank in February 2009 as part of a wider acquisition agreement with
Deutsche Post regarding Postbank shares. According to the acquisition agreement, the MEB was to be fully
exchanged in 2012 for 60 million Postbank shares, or a 27.42 % stake. For accounting purposes, the MEB
constituted an equity investment with risk and reward characteristics substantially similar to an ownership inter-
est in the Postbank shares and therefore was included as part of the equity method investment. Upon recogni-
tion of the MEB, the equity method investment also contained an embedded derivative related to a profit
sharing agreement with Deutsche Post on Deutsche Bank shares issued which were received as consideration
by Deutsche Post. The embedded derivative was bifurcated as the risks and rewards from the profit sharing
were not clearly and closely related to the host contract. The initial fair value of the embedded derivative was
€ 201 million which reduced the cost of the equity method investment in Postbank. Subsequent changes in
the fair value of the options were reflected in profit or loss. The final value of the receivable arising from the
embedded derivative, which was no longer remeasured since Deutsche Post sold all Deutsche Bank shares
received as consideration for the initial acquisition of 50 million Postbank shares, amounted to € 677 million.
The receivable was reported separately in other assets and, upon maturity of the MEB in February 2012, was
offset with the corresponding collateral received (liability).

During the third quarter 2010, the carrying amount of the equity method investment had been adjusted for a
charge of approximately € 2.3 billion recognized in the Group’s income statement within the line item “Net in-
come (loss) from equity method investments”. Since the Group had a clearly documented intention to gain
control over Postbank and to commence consolidation in the fourth quarter 2010, this had to be reflected in the
determination of the value in use of the equity method investment. Therefore, the charge had been determined
based on the carrying amount of the Group’s equity method investment in Postbank as of September 30, 2010
and an assumed fair value of the Postbank shares equal to the price of € 25.00 offered by Deutsche Bank in the
PTO. This charge was allocated to the former Corporate Investments Group Division (CI).

On December 3, 2010, the date when control over Postbank was obtained, the Group remeasured to fair
value its existing equity method investment in Postbank in accordance with IFRS 3 R. The fair value of the
equity method investment was determined on the basis of the offer price of € 25.00, totaling an acquisition-
date fair value of € 3,139 million. Considering the net share of profits attributable to the existing Postbank
investment in the fourth quarter 2010, the balance of the equity method investment had increased by approxi-
mately € 22 million. Accordingly, as of the closing date, the remeasurement resulted in a corresponding loss of
€ 22 million recognized in the Group’s income statement of the fourth quarter 2010 within the line item “Net in-
come (loss) from equity method investments”. In accordance with IFRS 3 R, net losses recognized in other
comprehensive income of € 6 million attributable to the Group’s equity method investment in Postbank up to
the closing date have been reclassified to the Group’s income statement of the fourth quarter 2010. These
effects were allocated to the former CI Group Division.

Along with the MEB, Deutsche Bank and Deutsche Post had also entered into put and call options for another
26.4 million Postbank shares held by Deutsche Post (12.07 % stake) which were exercisable between Febru-
ary 2012 and February 2013. The put and call options were reported as a derivative financial instrument
measured at fair value through profit or loss.

Upon consolidation, the put and call option structure with Deutsche Post on Postbank shares was reclassified
to an equity instrument due to the fact that it became a physically settled derivative on shares in a consolidated
subsidiary settled for a fixed amount of cash. Therefore, its fair value of € 560 million (derivative liability) was
reclassified into equity (additional paid-in capital). Correspondingly, for the respective shares under the put and
call option structure, a liability was recognized at the present value of the expected purchase price, due to the
requirement to purchase these shares under the put option agreement. The liability to purchase of € 1,286 million
was recognized with a corresponding debit to equity (additional paid-in capital).

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Direct Shareholding, MEB and Noncontrolling Interests held in Postbank as of the Acquisition Date
Number of
Postbank shares Stake
(in million) in %
Direct shareholding in Postbank before the PTO 65.5 29.95
Shares acquired in PTO 48.2 22.03
Total direct ownership 113.7 51.98
MEB 60.0 27.42
Total Group equity interest 173.7 79.40
Noncontrolling interests in Postbank 45.1 20.60
Total Postbank shares 218.8 100.00

With the subsequent conversion of the MEB on February 27, 2012, the Group further increased its direct inter-
est in Postbank by 60 million shares or 27.42 ppt. Because the MEB had already been considered as an equity
investment in the first place, its conversion did not result in any change in the Group’s consolidated Postbank
stake and therefore had no impact on the Group’s total equity and profit or loss. With the exercise of Deutsche
Post’s put option on February 28, 2012, the Group’s direct interest and consolidated stake in Postbank further
increased by 26.4 million shares or 12.07 ppt. Upon exercise, the recognized liability to purchase Postbank
shares was settled. The exercise of the option did not have a material impact on the Group’s total equity.

Domination and profit and loss transfer agreement. Following the approval at the Annual General Meeting of
Postbank on June 5, 2012 and entry into the commercial register on June 20, 2012, a domination and profit and
loss transfer agreement (“domination agreement”) according to Section 291 Aktiengesetz (“AktG”), the German
Stock Corporation Act, between Postbank as dependent company and DB Finanz-Holding GmbH (a wholly-
owned subsidiary of Deutsche Bank AG) as controlling company came into force in the second quarter 2012.
The domination agreement was irrevocably validated through an order issued by the Higher Regional Court in
Cologne on September 11, 2012. The profit and loss transfer had retroactive effect as of January 1, 2012.

According to the domination agreement, the minority shareholders of Postbank are entitled to receive either a
cash settlement pursuant to section 305 AktG of € 25.18 per Postbank share tendered or a compensation pay-
ment pursuant to section 304 AktG for each full fiscal year of currently € 1.66 (after corporate income taxes,
before individual income taxes on the level of the shareholder) per Postbank share. The initial two month settle-
ment period to tender the shares is extended until the conclusion of pending award proceedings
(“Spruchverfahren”) to examine the adequacy of the compensation and settlement payments. The exact length
and outcome of this court procedure cannot be predicted.

In concluding the domination agreement in the second quarter 2012, Deutsche Bank had derecognized from the
Group’s total equity the noncontrolling interest in Postbank (€ 248 million) as the minority shareholders ceased
to have access to the risks and rewards of ownership of the Postbank shares. Correspondingly, the Group had
recorded a liability for the obligation to purchase shares under the cash settlement offer (initial amount of
€ 338 million), which also equalled the net present value of the future compensation payments payable to the
minority shareholders of Postbank. The liability had been recognized through derecognition of noncontrolling
interests and a balancing entry in shareholders’ equity (additional paid-in capital). Accordingly, the Group com-
menced to fully attribute Postbank’s results to Deutsche Bank shareholders.

Through December 31, 2012, a total of 481,595 Postbank shares (equal to approximately 0.22 % of total Post-
bank shares outstanding) were tendered by minority shareholders to Deutsche Bank, thereby increasing the
Group’s shareholding in Postbank to approximately 94.1 %. In connection with this stake increase, the Group
recorded an adjustment to the initial amount of the obligation to purchase Postbank shares, reducing the liability
by approximately € 12 million to € 326 million. Starting from the date of entry into the commercial register and in
revaluing the liability, as of the reporting date the Group also accrued approximately € 11 million for the expected
compensation payments as part of interest expense.

Purchase Price Allocation and Other Acquisition-related Information. Due to closing of the acquisition shortly
before year-end 2010 and given its complexity, the initial acquisition accounting for Postbank had not been

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finalized at December 31, 2010. In completing the acquisition accounting in the fourth quarter 2011, the
“Purchase Price Allocation and Other Acquisition-related Information” as of the closing date, which were pre-
viously disclosed for Postbank, had been updated to reflect adjustments existing at the acquisition date and
identified during the measurement period under IFRS 3 R.

The following table summarizes the final acquisition-date status of the consideration transferred and the fair
value of the Postbank equity method investment held before the business combination. In considering certain
adjustments made during the measurement period, it also details, as of December 3, 2010, the final fair value
amounts of assets acquired and liabilities assumed for the Postbank Group, a noncontrolling interest and
goodwill acquired in the business combination. The measurement period adjustments reflected refinements of
the initial fair value of certain assets acquired and liabilities assumed. They are based on facts and circum-
stances existing as of the acquisition date and did not result from intervening events subsequent to the acquisi-
tion date. The adjustments were mainly a result of updated information concerning expected cash flows and
parameters used for the valuation of the acquired loan portfolio as well as for long-term debt assumed, refined
parameters applied in the intangible asset valuation and the finalization of the fair valuation of the derivatives
portfolio, with the latter resulting in a nearly proportional increase of financial assets and liabilities at fair value
through profit or loss.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
Measurement
Provisional Period Final
in € m. Amounts 1 Adjustments Amounts
Consideration transferred
Cash consideration transferred for PTO settlement 1,205 − 1,205
Deduction for settlement of pre-existing relationship 176 (73) 103
Net consideration transferred 1,029 73 1,102
Fair value of the Group’s equity interests in Postbank
held before the business combination
Equity method investment (excluding embedded derivative) 2 3,139 − 3,139
Total purchase consideration 4,168 73 4,241

Recognized amounts of identifiable assets acquired and

liabilities assumed 3
Cash and cash equivalents 8,752 − 8,752
Financial assets at fair value through profit or loss 36,961 850 37,811
Financial assets available for sale 33,716 16 33,732
Loans 129,300 577 129,877
Intangible assets 1,557 (200) 1,357
All other assets 27,840 (52) 27,788
Deposits 139,859 − 139,859
Financial liabilities at fair value through profit or loss 31,983 857 32,840
Long-term debt 38,577 754 39,331
All other liabilities 24,813 (363) 24,450
Total identifiable net assets 2,894 (57) 2,837
Noncontrolling interest in Postbank 599 (12) 587
Deduction for settlement of pre-existing relationship 176 (73) 103
Total identifiable net assets attributable to Deutsche Bank shareholders 2,119 28 2,147
Goodwill acquired by the Group 2,049 45 2,094
Total identifiable net assets and goodwill acquired
attributable to Deutsche Bank shareholders 4,168 73 4,241
1 Provisional amounts as previously reported in Note 04 “Acquisitions and Dispositions” of Deutsche Bank’s 2010 report.
2 Included a 29.95 % direct shareholding and the MEB which were both accounted for under the equity method.
3 By major class of assets acquired and liabilities assumed.

In finalizing the purchase price allocation during the measurement period, the Group reduced the initial acquisi-
tion-date fair values of Postbank’s net assets by € 57 million. The net decrease mainly related to measurement
period adjustments made to the acquisition-date fair values of derivative financial instruments classified as
financial assets and liabilities at fair value through profit or loss, certain liabilities classified as long-term debt,
the acquired loan and securities portfolio and separately identified intangible assets. Accordingly, the initial
amount of goodwill recognized at December 31, 2010 of € 2,049 million increased by € 45 million to

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€ 2,094 million and the noncontrolling interest in Postbank was reduced by € 12 million. During 2011 and in
connection with these adjustments, the Group recorded income before income taxes of € 6 million.

Major Classes of Receivables Acquired from Postbank on December 3, 2010 that the Group Classified as Loans as of the
Acquisition Date
in € m.
Contractually required cash flows including interest (undiscounted) 153,499
Less: Best estimate at the acquisition date of such contractual cash flows not expected to be collected 3,370
Cash flows expected to be collected 1 150,129
1 Represents undiscounted expected principal and interest cash flows upon acquisition.

The acquisition-date fair value corresponding to these acquired receivables as derived by the Group amounted
to € 129.9 billion, comprising both loans and advances to customers and to banks. This amount also includes
investment securities which the Group classified as loans with a fair value of € 22.5 billion.

As part of the final purchase price allocation, the Group recognized intangible assets of approximately
€ 1.4 billion included in the fair value of identifiable net assets acquired. These amounts represented both
intangible assets included in the balance sheet of Postbank as well as those intangible assets which were
ultimately identified in the purchase price allocation. The intangible assets mainly comprised customer relation-
ships (€ 588 million), the Postbank trademark (€ 411 million) as well as software (€ 282 million).

Goodwill arising from the acquisition of Postbank was determined under the proportionate interest approach
(“partial goodwill method”) pursuant to IFRS 3 R. The goodwill largely reflects the value from revenue and cost
synergies expected from the acquisition of Postbank. The goodwill, which had been fully assigned to PBC, is
not deductible for tax purposes.

Included in all other liabilities of the opening balance sheet is the acquisition-date fair value of contingent liabili-
ties recognized for certain obligations identified in the purchase price allocation. Their aggregated final amount
totaled € 109 million, compared to the initial amount of € 110 million recorded at year-end 2010. The timing
and actual amount of outflow are uncertain. It is expected that the majority of the liabilities will be settled over
the next four years. During 2011 and in relation to a settlement, the respective obligation was reduced and
therefore an amount of € 66 million of these contingent liabilities was reversed to the income statement. The
Group continues to analyze the development of these obligations and the potential timing of outflows.

The noncontrolling interests of € 587 million presented in the table of fair value of assets acquired and liabilities
assumed above were determined at their proportionate share of Postbank’s identifiable net assets (“partial
goodwill method”) measured at fair value as of the closing date.

Before the business combination, Deutsche Bank and Postbank were parties to certain transactions considered
as pre-existing relationships. Among these transactions were various financial instruments included in the
course of the parties’ regular interbank and hedging activities, certain bonds issued by the Group or by
Postbank which were held by the other party and specific payment services provided to the Group by Post-
bank. All of these instruments were eliminated upon consolidation of Postbank. The aggregated acquisition-
date fair value of the financial instruments totaled € 103 million, which was considered as a deduction in the
determination of the consideration transferred and its allocation to Postbank’s net assets acquired. The set-
tlement of certain of these financial instruments issued by Deutsche Bank and held by Postbank resulted in an
extinguishment loss of € 1 million, which was included in other income of the Group’s consolidated income
statement of the fourth quarter 2010.

In addition, the Group and Postbank were parties to a comprehensive, mutually beneficial cooperation agree-
ment. The agreement was entered into in 2008 in context of the acquisition of a noncontrolling interest in Post-
bank and encompassed financing and investment products, business banking and commercial loans as well
as customer-oriented services. The agreement also covered areas such as sourcing and IT-infrastructure.

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Acquisition-related costs borne by the Group as the acquirer amounted to € 12 million which were recognized
in general and administrative expenses in the Group’s income statement for 2010.

For the year 2011, Postbank contributed net revenues and net income after tax (including amortization of fair
value adjustments from the final purchase price allocation) of € 4.8 billion and € 798 million, respectively, to the
Group’s income statement. Refinements relating to the amortization of the initial fair value adjustments from the
purchase price allocation resulted in income before income taxes of € 166 million recorded in 2011. Net reve-
nues contributed in 2011 included impairment charges of € 465 million related to Greek government bonds,
which resulted in a negative € 326 million impact on net income after tax.

Following consolidation commencing on December 3, 2010, for the year 2010 Postbank had contributed net
revenues and net income after tax (including amortization of fair value adjustments from the purchase price
allocation) of € 423 million and € 62 million, respectively, to the Group’s income statement. Considering certain
transaction and integration costs of € 48 million recorded on the Group level, the Postbank consolidation im-
pact on PBC’s income before income taxes attributable to Deutsche Bank shareholders in 2010 had amounted
to € 30 million.

If consolidation had been effective as of January 1, 2010, Postbank’s pro-forma contribution to the Group’s net
revenues and net income after tax in 2010 would have been € 3.8 billion and € 138 million, respectively. This
pro-forma performance information was determined on the basis of Postbank’s stand-alone results for the year
2010 and did not include any notional amortization of fair value adjustments from the purchase price alloca-
tion for the period January 1, 2010 through December 31, 2010, any consolidation adjustments or the revalu-
ation charge which the Group had actually recorded in the third and fourth quarter of 2010 on its previous
equity method investment in Postbank.

ABN AMRO
On April 1, 2010, Deutsche Bank had completed the acquisition of parts of ABN AMRO Bank N.V.’s (“ABN
AMRO”) commercial banking activities in the Netherlands for an initial consideration of € 700 million paid in
cash in the second quarter 2010. The amount of the consideration was reduced in the fourth quarter 2010 by
€ 13 million to € 687 million, following preliminary adjustments made to the closing balance sheet of the ac-
quired businesses. The closing of the acquisition followed the approval by the European Commission (EC) and
other regulatory bodies. As of the closing date, Deutsche Bank obtained control over the acquired businesses
and accordingly commenced consolidation in the second quarter 2010. The acquisition was a key element in
Deutsche Bank’s strategy of further expanding its classic banking businesses.

The acquisition included 100 % of the voting equity interests in the acquired businesses and encompassed the
following activities:

— two corporate client units in Amsterdam and Eindhoven, serving large corporate clients,
— 13 commercial branches that serve small and medium-sized enterprises,
— Rotterdam-based bank Hollandsche Bank Unie N.V. (“HBU”), and
— IFN Finance B.V., the Dutch part of ABN AMRO’s factoring unit IFN Group.

The two corporate client units, the 13 branches and HBU were included in a separate legal entity prior to the
acquisition which was renamed as Deutsche Bank Nederland N.V. immediately after the acquisition. Both
Deutsche Bank Nederland N.V. and IFN Finance B.V. have become direct subsidiaries of Deutsche Bank. The
acquired businesses are using the Deutsche Bank brand name and are part of the Group’s Global Transaction
Banking Corporate Division (GTB).

At year-end 2010, the initial acquisition accounting for the business combination had not been finalized, in
particular pending the finalization of fair value adjustments for certain parts of the opening balance sheet of the
acquired businesses. The allocation of the consideration transferred to the acquisition-date fair value of net
assets acquired had resulted in preliminary negative goodwill of € 216 million which was recognized in the

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Group’s income statement for 2010. The main reason that had led to the recognition of negative goodwill was
the divestiture of parts of ABN AMRO’s Dutch commercial banking business and factoring services as required
by the EC, following the acquisition of ABN AMRO Holding N.V. by a consortium of The Royal Bank of Scotland,
Fortis Bank and Banco Santander in October 2007. The gain recognized was tax-exempt.

Finalization of the initial acquisition accounting for the business combination in the first quarter 2011 resulted in
a reduction of € 24 million in the acquisition-date fair value of net assets acquired. Accordingly, the preliminary
negative goodwill of € 216 million was reduced to € 192 million. Pursuant to IFRS 3, the finalization of the pur-
chase price allocation had to be applied retrospectively as of the acquisition date. Therefore, retained earnings
as of December 31, 2010 were reduced by € 24 million.

The final summary computation of the consideration transferred and its allocation to net assets acquired as of
the acquisition date is presented below.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
in € m.
Consideration transferred
Cash consideration transferred 700
Purchase price adjustment (13)
Total purchase consideration 687

Recognized amounts of identifiable assets acquired and liabilities assumed1

Cash and cash equivalents 113
Interest-earning time deposits with banks 71
Financial assets at fair value through profit or loss 779
Loans 9,802
Intangible assets 168
All other assets 810
Deposits 8,211
Financial liabilities at fair value through profit or loss 895
All other liabilities 1,758
Total identifiable net assets 879
Negative goodwill 192
Total identifiable net assets acquired, less negative goodwill 687
1 By major class of assets acquired and liabilities assumed.

As part of the purchase price allocation, customer relationships of € 168 million were identified as amortizing
intangible assets. Furthermore, under the terms and conditions of the acquisition, ABN AMRO is providing
initial credit risk coverage for 75 % of ultimate credit losses of the acquired loan portfolio (excluding IFN Fi-
nance B.V.). The maximum credit risk coverage is capped at 10 % of the portfolio volume. As of the acquisition
date, the fair value of the guarantee totaled € 544 million, subject to amortization over the expected average
life-time of the underlying portfolio. In connection with measures initiated in the fourth quarter 2012 to turna-
round the acquired commercial banking activities in the Netherlands, the Group settled the credit protection
received from the seller.

Financial Assets Acquired from ABN AMRO on April 1, 2010 that the Group Classified as Loans as of the Acquisition Date
in € m.
Contractually required cash flows including interest (undiscounted) 11,503
Less: Best estimate at the acquisition date of such contractual cash flows not expected to be collected 245
Cash flows expected to be collected 1 11,258
1 Represents undiscounted expected principal and interest cash flows upon acquisition.

In respect of acquisition-related costs, € 15 million were recognized in general and administrative expenses in
the Group’s income statement for 2010, and € 8 million were incurred and recognized in 2009 and 2008.

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For the year 2011, ABN AMRO accounted for net revenues and a net loss after tax of € 554 million and
€ 153 million, respectively, in the Group’s income statement. This included the amortization of fair value adjust-
ments from the purchase price allocation and an adjustment to the amortization of the upfront premium includ-
ed in the purchase consideration representing credit protection to be provided by the seller. The latter
adjustment was reflected in noninterest expenses and included charges of € 53 million related to the year 2010
(within segment reporting assigned to Consolidation & Adjustments (C&A)) and € 34 million related to the first
half of 2011 (in segment reporting recorded in GTB). The respective amortization expense for the second half
of 2011 amounted to € 88 million.

Since the acquisition and excluding the above gain recognized from negative goodwill, for the year 2010 the
acquired businesses contributed net revenues and net income after tax of € 405 million and € 35 million, re-
spectively, to the Group’s income statement. If the acquisition had been effective as of January 1, 2010, the
effect on the Group’s net revenues and net income after tax in 2010 (excluding the above mentioned gain from
negative goodwill) would have been € 501 million and € 77 million, respectively.

Sal. Oppenheim
On March 15, 2010, Deutsche Bank closed the acquisition of 100 % of the voting equity interests in Luxem-
bourg-based Sal. Oppenheim jr. & Cie. S.C.A. (“Sal. Oppenheim S.C.A.”), the holding company of the Sal. Op-
penheim Group, for a total purchase price of € 1,261 million paid in cash. Of the purchase price, € 275 million
was paid for BHF Asset Servicing GmbH (“BAS”), which, at the date of acquisition, had already been classified
as asset held for sale and therefore was treated as a separate transaction distinct from the remaining Sal.
Oppenheim Group. As all significant legal and regulatory approvals had been obtained by January 29, 2010,
the date of acquisition was set at that date and, accordingly, the Group commenced consolidation of Sal.
Oppenheim in the first quarter 2010. As of the reporting date, the acquisition-date fair value of the total con-
sideration transferred for the Sal. Oppenheim Group and BAS amounted to € 1,261 million. According to the
framework agreement reached in the fourth quarter 2009, the former shareholders of Sal. Oppenheim S.C.A.
have the option of acquiring a long-term shareholding of up to 20 % in the German subsidiary Sal. Oppenheim
jr. & Cie. AG & Co. KGaA. As of the reporting date, the acquisition-date fair value of the option is zero.

The acquisition enabled the Group to strengthen its asset and wealth management activities among high-net-
worth private clients, family offices and trusts in Europe and especially in Germany. Sal. Oppenheim Group’s
independent wealth management activities are being expanded under the established brand name of the tradi-
tional private bank, while preserving its private bank character. Its integrated asset management concept for
private and institutional clients is to be retained.

As a result of the acquisition, the Group obtained control over Sal. Oppenheim S.C.A., which subsequently
became a wholly-owned subsidiary of Deutsche Bank. All Sal. Oppenheim Group operations, including all of its
asset and wealth management activities, the investment bank, BHF-BANK Group (“BHF-BANK”), BAS and the
private equity fund of funds business managed in the separate holding Sal. Oppenheim Private Equity Partners
S.A. were transferred to Deutsche Bank. Upon the acquisition, all of the Sal. Oppenheim Group businesses
were integrated into the Group’s AWM Corporate Division, except that BHF-BANK and BAS initially became
part of the former CI Group Division. During the second quarter 2010, BHF-BANK and BAS were also trans-
ferred to the Corporate Division AWM . For information on the subsequent business designation of BHF-BANK
in 2011, please refer to Note 05 “Business Segments and Related Information”.

The sale of BAS to Bank of New York Mellon was consummated in August 2010. Also, as part of the Sal. Op-
penheim Group, the Group had acquired Services Généraux de Gestion S.A. and its subsidiaries, which were
on-sold in the first quarter 2010. Over the course of 2010, Sal. Oppenheim Group discontinued most of its
investment banking activities via sale or wind-down. The Equity Trading & Derivatives and Capital Markets
Sales and Research units were acquired by Australia’s Macquarie Group in the second quarter 2010. In De-
cember 2010, Deutsche Bank had announced exclusive negotiations with Liechtenstein’s LGT Group concern-
ing the contemplated sale of BHF-BANK. Accordingly, the Group had classified BHF-BANK as a disposal group

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held for sale as of December 31, 2010. For information on the further development in 2012, please also refer to
the Note 26 “Non-Current Assets and Disposal Groups Held for Sale”.

As of the reporting date, the acquisition-date fair value of the total consideration transferred for the Sal. Op-
penheim Group and BAS was € 1,261 million. According to the framework agreement reached with the former
shareholders of Sal. Oppenheim S.C.A., the purchase price might increase by up to € 476 million net payable
in 2015, provided that certain risk positions (in particular legal and credit risk) do not materialize through 2015.
As of the reporting date, the fair value estimate of the contingent consideration is zero.

The final fair value amounts recognized for the Sal. Oppenheim Group (excluding BAS) as of the acquisition
date were as follows:

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
in € m.
Consideration transferred
Cash consideration transferred 986
Fair value of contingent consideration −
Total purchase consideration 986

Recognized amounts of identifiable assets acquired and liabilities assumed1

Cash and cash equivalents 2,638
Interest-earning time deposits with banks 3,298
Central bank funds sold and securities purchased under resale agreements 889
Financial assets at fair value through profit or loss 6,626
Financial assets available for sale 6,174
Loans 5,609
Intangible assets 162
Assets classified as held for sale 1,884
All other assets 2,677
Deposits 18,461
Central bank funds purchased and securities sold under repurchase agreements 796
Financial liabilities at fair value through profit or loss 5,443
Long-term debt 1,737
Liabilities classified as held for sale 1,836
All other liabilities 1,534
Total identifiable net assets 150
Noncontrolling interests in Sal. Oppenheim Group 8
Total identifiable net assets attributable to Deutsche Bank shareholders 142
Goodwill 844
Total identifiable net assets and goodwill acquired attributable to Deutsche Bank shareholders 986
1 By major class of assets acquired and liabilities assumed.

The acquisition resulted in the recognition of goodwill of € 844 million which largely consisted of synergies
expected by combining certain operations in the asset and wealth management areas as well as an increased
market presence in these businesses in Germany, Luxembourg, Switzerland and Austria. The goodwill was
not deductible for tax purposes. Intangible assets included in the identifiable net assets acquired mainly rep-
resented software, customer relationships and the Sal. Oppenheim trademark. As part of the acquisition ac-
counting, Deutsche Bank recognized a contingent liability of € 251 million for a large population of items
relating to certain businesses acquired from Sal. Oppenheim Group. The timing and actual amount of outflow
are uncertain. It is expected that these obligations will be settled over the next three years. In 2012, the amount
of the liability declined to € 174 million, mainly as a result of the reassessment of inherent obligations. The
Group continues to analyze the risks and the potential timing of outflows.

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Financial Assets Acquired from Sal. Oppenheim that the Group Classified as Loans as of the Acquisition Date
in € m.
Contractually required cash flows including interest (undiscounted) 6,940
Less: Best estimate at the acquisition date of such contractual cash flows not expected to be collected 1,187
Cash flows expected to be collected 1 5,753
1 Represents undiscounted expected principal and interest cash flows upon acquisition.

Following the acquisition but on the date of closing, Deutsche Bank had made a capital injection of
€ 195 million into the new subsidiary Sal. Oppenheim S.C.A. This amount did not form part of the purchase
consideration and accordingly was not included in the aforementioned goodwill calculation.

In respect of acquisition-related costs, € 2 million were recognized in general and administrative expenses in
the Group’s income statement for 2010. In addition, € 11 million were incurred and recognized in 2009.

Following the acquisition, for the year 2010 the Sal. Oppenheim Group (excluding BAS) contributed net reve-
nues and a net loss after tax of € 568 million and € 308 million, respectively, to the Group’s income statement.
If the acquisition had been effective as of January 1, 2010, the contribution to the Group’s net revenues and net
income in 2010 would have been € 599 million and a loss of € 336 million, respectively.

Other Business Combinations completed in 2010

Other business combinations, not being individually material, which were finalized in 2010, included the step-
acquisition of an additional 47.5 % interest in an existing associate domiciled in the Philippines. The acquisition
resulted in a controlling ownership interest of 95 % and the consolidation of the investment in the first quarter
2010. The total consideration of € 6 million paid in cash was allocated to net assets acquired (including liabilities
assumed) of € 10 million, resulting in negative goodwill of € 4 million which was recognized in other income in
the Group’s income statement of the first quarter 2010. The investment was integrated into CB&S.

Also in 2010, the Group acquired 100 % of the voting rights of a U.S. based investment advisor company for a
total consideration of € 2 million which was fully allocated to goodwill. Consolidation of the company commenced
in the fourth quarter 2010. The investment was integrated into CB&S.

The fair value amounts recognized for these business combinations as of the acquisition date were as follows.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
in € m.
Total purchase consideration, including fair value of the Group’s equity interest held before the business combination 8

Recognized amounts of identifiable assets acquired and liabilities assumed: 1

Cash and cash equivalents 3
Financial assets available for sale 14
All other assets 1
Long-term debt 7
All other liabilities 1
Total identifiable net assets 10
Noncontrolling interests −
Total identifiable net assets attributable to Deutsche Bank shareholders 10
Goodwill 2
Negative goodwill 4
Total identifiable net assets and goodwill acquired attributable to Deutsche Bank shareholders, less negative goodwill 8
1 By major class of assets acquired and liabilities assumed.

Since the acquisition, these businesses had collectively contributed net revenues and net income after tax of
€ 2 million each to the Group’s income statement for the year 2010. If the acquisitions had been effective as of
January 1, 2010, the effect on the Group’s net revenues and net income after tax in 2010 also would have
been € 2 million each.

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Acquisitions and Dispositions of Noncontrolling Interests while Retaining Control

During 2012 and 2011, the Group completed acquisitions and dispositions of noncontrolling interests related
to its investments in subsidiaries where the Group is not the sole owner and which did not result in the loss
of control over the respective subsidiaries. In accordance with IAS 27 R, they were accounted for as equity
transactions between the Group and outside shareholders with no gain or loss recognized in the Group’s
income statement. The total consideration transferred in 2012 and 2011 on these transactions amounted
to € 1,371 million and € 77 million, respectively. The carrying amounts of the related controlling and
noncontrolling interests were adjusted to reflect the changes regarding the Group’s interests in these sub-
sidiaries. Any difference between the fair values of the consideration transferred or received and the
amounts by which the noncontrolling interests were adjusted is recognized directly in shareholders’ equity.

The following table summarizes the aggregated effect of changes in the Group’s ownership interests recorded
for these subsidiaries during 2011 and 2012. Ownership changes during this period mainly related to the con-
solidated interest in Postbank. Subsequent to the step-acquisition in December 2010, the Group had raised its
direct shareholdings in Postbank through the conversion of the MEB and the exercise of the put and call op-
tions on Postbank shares in February 2012 as well as through additional shares purchased in the market. In
concluding the domination agreement in the second quarter 2012, Deutsche Bank had derecognized from the
Group’s total equity the remaining noncontrolling interest of € 248 million in Postbank as the minority sharehold-
ers ceased to have access to the risks and rewards of ownership of the Postbank shares. Through Decem-
ber 31, 2012, a total of 481,595 Postbank shares (equal to approximately 0.22 % of total Postbank shares
outstanding) were tendered by minority shareholders to Deutsche Bank under the domination agreement, there-
by increasing the Group’s direct shareholding to approximately 94.1 %.

in € m. 2012 2011
Deutsche Bank’s ownership interests as of beginning of the period 4,448 6,363
Net increase in Deutsche Bank’s ownership interests 753 56
Deutsche Bank’s share of net income or loss 803 822
Deutsche Bank’s share of other comprehensive income 1,030 (427)
Deutsche Bank’s share of other equity changes (207) 375
Deutsche Bank’s ownership interests at the end of the period 6,827 7,189

Dispositions
During 2012, 2011 and 2010, the Group finalized several dispositions of subsidiaries/businesses. These disposals
mainly included several businesses the Group had previously classified as held for sale, among them the sale
of Postbank’s Indian subsidiary Deutsche Postbank Home Finance Ltd. in the first quarter 2011 and BHF Asset
Servicing GmbH in the third quarter 2010, a business already classified held for sale as part of the acquisition
of the Sal. Oppenheim Group in the first quarter 2010. The total cash consideration received for these disposi-
tions in 2012, 2011 and 2010 was € 99 million, € 368 million and € 281 million, respectively. The table below
includes the assets and liabilities that were included in these disposals.

in € m. 2012 2011 2010

Cash and cash equivalents − 21 45
All remaining assets 1,937 1,383 2,180
Total assets disposed 1,937 1,404 2,225
Total liabilities disposed 1,592 1,039 1,932

Also included in these dispositions completed in 2011 and 2010 were several divestitures in which the Group
retained noncontrolling interests in the former subsidiaries. None of these disposal transactions were individu-
ally significant. The interests retained in the former subsidiaries were recognized initially at fair value as of the
date when control was lost, on which date these interests were subsequently accounted for under the equity
method. While there was no gain or loss on these dispositions in 2011, the resulting net gain recognized on
these divestitures in 2010 totaled € 15 million, and is included in other income. Of that net gain recognized in
2010, € 5 million were related to the remeasurement to fair value of the interests retained in these former sub-
sidiaries.

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The following segment information has been prepared in accordance with the “management approach”, which
requires presentation of the segments on the basis of the internal management reports of the entity which are
regularly reviewed by the chief operating decision maker, which is the Deutsche Bank Management Board, in
order to allocate resources to a segment and to assess its financial performance.

Business Segments
Following a strategic review the Bank announced in September 2012 changes to the composition of its busi-
ness segments. Effective in the fourth quarter 2012, the management responsibility for the passive and third-
party alternatives businesses, such as exchange traded funds (“ETF’s”), was transferred from CB&S to the
newly integrated AWM. Additionally, a NCOU was set up which represents a distinct corporate division besides
CB&S, GTB, AWM and PBC and into which non-core assets, liabilities and businesses from CB&S, AWM and
PBC, and the entirety of the former CI Group Division, have been assigned. Following further integration of
CB&S and GTB activities, a refinement was made to the allocation of coverage costs between both corporate
divisions. Prior periods were restated to reflect these changes.

Restating of comparative financial information generally requires some assumptions and judgments. When
setting up the NCOU and presenting how the business segments would have looked had the new structure
been in place in prior periods, the following assumptions were applied. For businesses and portfolios of assets
and liabilities that had already been run as legacy or non-core activities for the prior periods, all associated
revenues and costs were extracted and moved into the NCOU, even when parts of the portfolio had already
been sold before the date at which the NCOU was established. When restating for certain individual assets
and liabilities, which were embedded within larger portfolios previously not treated as run-off or legacy, all rev-
enues and costs associated with the transferred positions were allocated to the NCOU. The financials of similar
individual assets and liabilities, which hypothetically would have qualified for the NCOU, have not been trans-
ferred to the NCOU if the positions were already disposed of before the date at which the NCOU was estab-
lished.

The following business segments represent the Group’s organizational structure as reflected in its internal
management reporting systems as of December 31, 2012.

Corporate Banking & Securities (CB&S) comprises the Markets and Corporate Finance business divisions.
These businesses offer capital markets and financial products worldwide, ranging from sales and trading, mer-
gers and acquisitions advice and the underwriting of stocks and bonds to the tailoring of structured solutions
for companies’ complex financial requirements. CB&S serves corporate and institutional clients, ranging from
multinational corporations to banks and sovereign organizations.

Global Transaction Banking (GTB) consists of the business divisions Trade Finance and Cash Management
Corporates as well as Trust & Securities Services and Cash Management Financial Institutions. It delivers
commercial banking products and services to its clients, including domestic and cross-border payments, fi-
nancing for international trade, as well as the provision of trust, agency, depositary, custody and related ser-
vices. GTB serves corporate and institutional clients, ranging from medium-sized enterprises to multinational
corporations, financial institutions and sovereign organizations.

Asset & Wealth Management (AWM) combines former Private Wealth Management (PWM) and Asset Man-
agement (AM) business divisions as well as passive and third-party alternatives businesses for which
management responsibility was transferred from CB&S to AWM at the end of 2012 following the strategic
review. The integrated division is based on two pillars: Investment Platform and Coverage/Advisory. The In-
vestment Platform offers capabilities across a diverse array of asset classes and provides securities invest-
ment management and investment management of third party portfolios including a closed book life insurance

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business. Additionally, it provides access to passive investment and a wide range of alternatives businesses.
Furthermore, the Investment Platform also offers customized wealth management solutions and private bank-
ing services including lending and discretionary portfolio management. Coverage/Advisory is focusing on con-
necting and engaging with clients. Beside the coverage of Institutional and Key Clients, Coverage/Advisory
serves high-net-worth clients and ultra-high-net-worth individuals and family offices by providing customized
advice including risk management. Furthermore, a regional dimension of the organization ensures that local
characteristics and opportunities are being taken into account in order to define and provide optimal regional
client strategies and solutions.

Private & Business Clients (PBC) consist of three business divisions: Advisory Banking Germany, which com-
prises all of PBC’s activities in Germany excluding Postbank, Advisory Banking International, which covers
PBC’s European activities outside Germany and PBC’s activities in Asia including the stake in and partnership
with Hua Xia Bank, and Consumer Banking Germany which mainly comprises the contribution of Postbank
Group to the consolidated results of Deutsche Bank. PBC offers a full range of retail banking products and
services throughout Europe and Asia, including portfolio/fund management and brokerage services and loan
and deposit services, as well as traditional current accounts, savings accounts and time deposits. PBC serves
retail and affluent clients as well as small corporate customers.

Non-Core Operations Unit (NCOU) manages activities which are no longer considered to be part of the
Group’s core business activities and which are therefore subject to targeted de-risking. The NCOU comprises
the following major components.

— Credit correlation trading positions, securitization assets, exposures to monoline insurers and assets re-
classified under IAS 39, which were assigned from CB&S.
— Non-core assets from Sal. Oppenheim, predominantly mortgages and loans, real estate funds and partici-
pations in private equity investment funds along with other minor investments assigned from AWM.
— Non-core portfolios within Consumer Banking Germany (Postbank), mainly non-strategic home loans,
savings and deposits and other liabilities (e.g., legacy bonds issued by Postbank, unsecured bonds), that
were assigned from PBC.
— The Structured Credit Portfolio (“SCP”), GIIPS bonds, selected Commercial Real Estate loans outside of
Germany, and the non-strategic reverse repo portfolio, all from Consumer Banking (Postbank), which were
assigned from PBC.
— Advisory Banking non-core, which contains for the most part retail loans already in run-off that are primarily
originated outside of Germany, was assigned from PBC.
— The former Group Division CI became part of the NCOU.

The following describes other changes in management responsibilities with a significant impact on segmental
reporting:

— Effective in the fourth quarter 2012, the management responsibility for the passive and third-party alterna-
tives businesses, such as ETF’s, was transferred from CB&S to the newly integrated AWM.
— Following further integration of CB&S and GTB activities, a refinement was made effective in the fourth
quarter to the allocation of coverage costs between both corporate divisions.
— Effective August 15, 2012, Postbank’s Asset Management activities were sold to DWS Group and there-
fore transferred from the Corporate Division PBC to the Corporate Division AWM.
— Effective January 1, 2011, BHF-BANK was transferred from the former Business Division PWM within the
Corporate Division AWM back to the former Group Division CI. In the second quarter 2010, the BHF-BANK
operations had been transferred from the former Group Division CI to the former Business Division PWM.
— Effective January 1, 2011, the exposure in Actavis Group was transferred from the Corporate Division
CB&S to the former Group Division CI.
— With effect from July 1, 2010, an integrated management structure for the whole of the former CIB Group
Division was implemented following changes in the Management Board, and in the responsibility for Cor-
porate Finance and GTB. During the third quarter 2011, the former Capital Markets Sales business unit

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within the Corporate Division GTB was transferred to the Corporate Division CB&S. In addition, a portfolio
consisting of short-term lending transactions with German mid-cap clients was transferred from the Corpo-
rate Division CB&S to the Corporate Division GTB in order to leverage the adjacencies between the cash
management, trade financing and short-term lending activities with these clients.

Acquisitions and divestitures with significant impact on the Group’s segment operations are described below:

— On October 31, 2012, the Group exited the exposure to Actavis, the generic pharmaceuticals company,
upon completion of Watson Pharmaceuticals’ acquisition of Actavis.
— On November 11, 2011, the Group completed the step-acquisition of Deutsche UFG Capital Management
(“DUCM”), one of Russia’s largest independent asset management companies. The transaction followed
Deutsche Bank’s exercise of a purchase option on the remaining 60 % stake. Deutsche Bank now fully
controls the acquiree, which was previously accounted for under the equity method. DUCM was allocated
to the Corporate Division AWM.
— On December 3, 2010, the Group consolidated Deutsche Postbank AG for the first time following the suc-
cessful conclusion and settlement of a voluntary public takeover offer. As of that date, the investment in
Postbank is included in the Corporate Division PBC.
— On April 1, 2010, the Group completed the acquisition of parts of the commercial banking activities of ABN
AMRO Bank N.V. (“ABN AMRO”) in the Netherlands. These are included in the Corporate Division GTB.
— On March 15, 2010, the Group acquired the Sal. Oppenheim Group, which was included in the Corporate
Division AWM, with the exception of its BHF-BANK operations, which were included in the Group Division
CI.

Measurement of Segment Profit or Loss

Segment reporting requires a presentation of the segment results based on management reporting methods,
including a reconciliation between the results of the business segments and the consolidated financial state-
ments, which is presented in the “Reconciliation of Segmental Results of Operations to Consolidated Results
of Operations” section of this note. The information provided about each segment is based on the internal
management reporting about segment profit or loss, assets and other information which is regularly reviewed
by the chief operating decision maker.

Management reporting for the Group is generally based on IFRS. Non-IFRS compliant accounting methods are
rarely used and represent either valuation or classification differences. The largest valuation differences relate
to measurement at fair value in management reporting versus measurement at amortized cost under IFRS (for
example, for certain financial instruments in the Group’s treasury books in CB&S and PBC) and to the recogni-
tion of trading results from own shares in revenues in management reporting (mainly in CB&S) and in equity
under IFRS. The major classification difference relates to noncontrolling interest, which represents the net
share of minority shareholders in revenues, provision for credit losses, noninterest expenses and income tax
expenses. Noncontrolling interest is reported as a component of pre-tax income for the businesses in man-
agement reporting (with a reversal in C&A) and a component of net income appropriation under IFRS.

Revenues from transactions between the business segments are allocated on a mutually-agreed basis. Inter-
nal service providers, which operate on a non-profit basis, allocate their noninterest expenses to the recipient
of the service. The allocation criteria are generally based on service level agreements and are either deter-
mined based upon “price per unit”, “fixed price” or “agreed percentages”. Since the Group’s business activities
are diverse in nature and its operations are integrated, certain estimates and judgments have been made to
apportion revenue and expense items among the business segments. In 2012, the Group ceases to disclose a
split of the net revenues between revenues from external customers and intersegment revenues, which was
previously presented in the section “Segmental Results of Operations”, as this information is not provided to
and not reviewed by the chief operating decision maker within the internal management reporting. The change
in approach has also been reflected in the information for the comparative years 2011 and 2010.

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ConsolidatedFinancial Statements
Financial Statements
05 –– Business
05 Business Segments
SegmentsandandRelated
RelatedInformation
Information

The management reporting systems follow a “matched transfer pricing concept” in which the Group’s external
net interest income is allocated to the business segments based on the assumption that all positions are fund-
ed or invested via the wholesale money and capital markets. Therefore, to create comparability with those
competitors who have legally independent units with their own equity funding, the Group allocates a net no-
tional interest credit on its consolidated capital (after deduction of certain related charges such as hedging of
net investments in certain foreign operations) to the business segments, in proportion to each business seg-
ment’s allocated average active equity.

When implementing the changes to the Group’s business segments in the fourth quarter 2012, a review of the
information provided to and reviewed by the chief operating decision maker was conducted. Segment assets
are presented in the Group’s internal management reporting based on a consolidated view, i.e. the amounts do
not include intersegment balances. This consolidated view is deemed more appropriate, especially for the
NCOU, as it improves external transparency on the Group’s non-core positions (e.g. assets) and on progress
of targeted de-risking activities. The presentation of segment assets in this note has been changed accordingly.
Segment assets for the comparative years 2011 and 2010 were restated.

Management uses certain measures for equity and related ratios as part of its internal reporting system be-
cause it believes that these measures provide it with a useful indication of the financial performance of the
business segments. The Group discloses such measures to provide investors and analysts with further insight
into how management operates the Group’s businesses and to enable them to better understand the Group’s
results. These measures include:

— Average Active Equity: The Group uses average active equity to calculate several ratios. However, active
equity is not a measure provided for in IFRS and therefore the Group’s ratios based on average active
equity should not be compared to other companies’ ratios without considering the differences in the calcu-
lation. The items for which the average shareholders’ equity is adjusted to calculate average active equity
consist of average accumulated other comprehensive income (loss) excluding foreign currency translation
(all components net of applicable taxes) and average dividends, for which a proposal is accrued on
a quarterly basis and which are paid after the approval by the Annual General Meeting following each year.
Tax rates applied in the calculation of average active equity are those used in the financial statements for
the individual items and not an average overall tax rate. In the first quarter 2011, the Group changed the
methodology used for allocating average active equity to the business segments and to C&A in proportion
to their regulatory requirements. Under the new methodology, economic capital as the basis for allocation
is substituted by risk-weighted assets and certain regulatory capital deduction items. All other items of the
capital allocation framework remained unchanged. The total amount allocated is determined based on the
higher of the Group’s overall economic risk exposure or regulatory capital demand. Starting 2012, the
Group derives its internal demand for regulatory capital assuming a Core Tier 1 ratio of 9.0 %, reflecting
increased regulatory requirements (previously, this was calculated based on a Tier 1 ratio of 10.0 %).
The average active equity for 2011 was adjusted accordingly. The year 2010 was not adjusted based on
the grounds that the 9 % Core Tier 1 target was communicated only over the course of 2011 for Decem-
ber 31, 2011, but did not exist in and for 2010. As a result, the amount of capital allocated to the segments
has increased, predominantly in CB&S. For management reporting purposes goodwill and other intangible
assets with indefinite useful lives are explicitly assigned to the respective divisions. If the Group’s average
active equity exceeds the higher of the overall economic risk exposure or the regulatory capital demand,
this surplus is assigned to C&A.
— Return on Average Active Equity in % is defined as income (loss) before income taxes less pre-tax
noncontrolling interest as a percentage of average active equity. These returns, which are based on aver-
age active equity, should not be compared to those of other companies without considering the differences
in the calculation of such ratios.

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SegmentsandandRelated
RelatedInformation
Information

Segmental Results of Operations

The following tables present the results of the business segments, including the reconciliation to the consoli-
dated results under IFRS, for the years ended December 31, 2012, 2011 and 2010, respectively.

2012
Corporate Global Asset & Private & Non-Core Total
in € m. Banking & Transaction Wealth Business Operations Management
(unless stated otherwise) Securities Banking Management Clients Unit Reporting
Net revenues 1 15,648 4,006 4,466 4 9,541 1,058 34,719
Provision for credit losses 121 168 18 781 634 1,721
Total noninterest expenses 12,637 3,169 4,288 7,221 3,305 30,619
therein:
Depreciation, depletion and amortization 5 0 0 (0) 2 8
Severance payments 167 24 43 249 3 487
Policyholder benefits and claims − − 414 − − 414
Impairment of intangible assets 1,174 73 202 15 421 1,886
Restructuring activities 246 40 104 − 3 394
Noncontrolling interests 17 − 0 16 33 66
Income (loss) before income taxes 2,874 669 160 1,524 (2,914) 2,313
Cost/income ratio 81 % 79 % 96 % 76 % N/M 88 %
Assets 2,3 1,475,090 77,378 68,408 282,603 97,265 2,000,744
Expenditures for additions to long-lived assets 15 1 1 140 − 157
Risk-weighted assets 124,939 27,093 12,451 72,695 80,295 317,472
Average active equity 18,236 3,012 5,888 11,865 10,189 49,191
Pre-tax return on average active equity 16 % 22 % 3% 13 % (29) % 5%
1 Includes:
Net interest income 5,368 1,805 946 6,116 1,533 15,767
Net income (loss) from equity method investments 131 5 6 312 (299) 155
2 Includes:
Equity method investments 751 46 131 2,303 307 3,538
N/M – Not meaningful
3 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
4 Includes Abbey Life insurance revenues of € 420 million with the related policyholder benefits and claims offset in total noninterest expenses.

2011
Corporate Global Asset & Private & Non-Core Total
in € m. Banking & Transaction Wealth Business Operations Management
(unless stated otherwise) Securities Banking Management Clients Unit Reporting
Net revenues 1 14,109 3,608 4,277 4 10,393 879 33,266
Provision for credit losses 90 158 22 1,185 385 1,840
Total noninterest expenses 10,341 2,411 3,313 7,128 2,554 25,746
therein:
Depreciation, depletion and amortization 36 6 25 165 272 504
Severance payments 79 14 29 220 60 403
Policyholder benefits and claims − − 207 − − 207
Impairment of intangible assets − − − − − −
Restructuring activities − − − − − −
Noncontrolling interests 21 − 0 178 14 213
Income (loss) before income taxes 3,657 1,039 942 1,902 5 (2,074) 5,466
Cost/income ratio 73 % 67 % 77 % 69 % N/M 77 %
Assets 2,3 1,591,863 85,751 68,848 270,086 134,712 2,151,260
Expenditures for additions to long-lived assets 44 7 37 181 98 367
Risk-weighted assets 155,302 26,986 14,626 78,637 103,810 379,362
Average active equity 14,389 3,068 5,656 12,081 11,405 46,599
Pre-tax return on average active equity 25 % 34 % 17 % 16 % (18) % 12 %
1 Includes:
Net interest income 5,949 1,744 805 6,592 2,152 17,242
Net income (loss) from equity method investments 23 2 40 140 (471) (266)
2 Includes:
Equity method investments 731 43 154 2,043 751 3,722
N/M – Not meaningful
3 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
4 Includes Abbey Life insurance revenues of € 178 million with the related policyholder benefits and claims offset in total noninterest expenses.
5 Includes a net positive impact of € 236 million related to the stake in Hua Xia Bank (PBC).

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Financial Statements
05 –– Business
05 Business Segments
SegmentsandandRelated
RelatedInformation
Information

2010
Corporate Global Asset & Private & Non-Core Total
in € m. Banking & Transaction Wealth Business Operations Management
(unless stated otherwise) Securities Banking Management Clients Unit Reporting
Net revenues 1 16,282 3,379 4 4,520 5 6,048 (1,285) 6 28,944
Provision for credit losses 19 113 14 550 577 1,273
Total noninterest expenses 10,920 2,386 3,905 4,408 1,690 23,308
therein:
Depreciation, depletion and amortization 41 6 46 73 73 238
Severance payments 189 71 60 33 61 414
Policyholder benefits and claims − − 486 − − 486
Impairment of intangible assets − 29 − − − 29
Restructuring activities − − − − − −
Noncontrolling interests 21 − (2) 8 (4) 24
Income (loss) before income taxes 5,321 880 603 1,082 (3,548) 4,339
Cost/income ratio 67 % 71 % 86 % 73 % N/M 81 %
Assets 2,3 1,314,556 67,621 66,334 276,878 168,397 1,893,785
Expenditures for additions to long-lived assets 52 1 11 67 776 907
Risk-weighted assets 139,216 26,996 15,051 87,031 75,228 343,522
Average active equity 13,320 2,416 5,277 3,174 9,318 33,505
Pre-tax return on average active equity 40 % 36 % 11 % 34 % (38) % 13 %
1 Includes:
Net interest income 7,434 1,387 751 3,671 2,283 15,526
Net income (loss) from equity method investments (83) 1 18 (12) (1,934) (2,010)
2 Includes:
Equity method investments 1,659 41 208 34 616 2,558
N/M – Not meaningful
3 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
4 Includes a gain from the recognition of negative goodwill related to the acquisition of parts of ABN AMRO’s commercial banking activities in the Netherlands of € 208 million as reported in

the second quarter 2010.

5 Includes Abbey Life insurance revenues of € 511 million with the related policyholder benefits and claims offset in total noninterest expenses.
6 Includes a charge related to the investment in Deutsche Postbank AG of € 2,338 million.

Reconciliation of Segmental Results of Operations to Consolidated Results of Operations

The following table presents a reconciliation of the total results of operations and total assets of the Group’s
business segments under management reporting systems to the consolidated financial statements for the years
ended December 31, 2012, 2011 and 2010, respectively.

2012 2011 2010

Total Consoli- Total Consoli- Total Consoli-
Management dation & Total Management dation & Total Management dation & Total
in € m. Reporting Adjustments Consolidated Reporting Adjustments Consolidated Reporting Adjustments Consolidated
Net revenues 1 34,719 (978) 33,741 33,266 (38) 33,228 28,944 (377) 28,567
Provision for credit
losses 1,721 0 1,721 1,840 (1) 1,839 1,273 0 1,274
Noninterest expenses 30,619 617 31,236 25,746 253 25,999 23,308 10 23,318
Noncontrolling
interests 66 (66) − 213 (213) − 24 (24) −
Income (loss)
before income taxes 2,313 (1,529) 784 5,466 (77) 5,390 4,339 (363) 3,975
Assets 2 2,000,744 11,585 2,012,329 2,151,260 12,843 2,164,103 1,893,785 11,844 1,905,630
Risk-weighted assets 317,472 16,133 333,605 379,362 1,884 381,246 343,522 2,683 346,204
Average active equity 3 49,191 5,929 55,120 46,599 3,850 50,449 33,505 7,848 41,353
1 Net interest income and noninterest income.
2 Starting 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
3 The increase in Average Active Equity in C&A reflects the capital build up the bank is undertaking in light of increasing external capital requirements under the Basel 3 framework.

In 2012, the main components of net revenues in C&A were:

— Timing differences of approximately negative € 715 million related to positions which were measured at fair
value for management reporting purposes and measured at amortized cost under IFRS. These effects will
reverse over the life time of the positions. The negative effect included approximately € 305 million related
to economically hedged positions which resulted from the reversal of prior period interest rate effects and
from changes in interest rates in both euro and U.S. dollar. Approximately € 290 million were attributable to

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a narrowing of mid- to long-term spreads on the mark-to-market valuation of U.S. dollar/euro basis swaps
related to the Group’s funding. In addition, the narrowing of credit spreads on Group’s own debt contribut-
ed mark-to-market losses of approximately € 115 million to the result in C&A.
— Hedging of net investments in certain foreign operations decreased net revenues by approximately
€ 345 million.
— The remainder of net revenues was mainly due to net interest income which was not allocated to the business
segments and items outside the management responsibility of the business segments. Such items include net
funding expenses on non-divisionalized assets/liabilities, e.g. deferred tax assets/liabilities, and net interest in-
come related to tax refunds and accruals.

Noninterest expenses included litigation related charges of approximately € 360 million as well as bank levies of
€ 213 million, primarily related to Germany, partly offset by the UK due to a credit resulting from a double taxation
agreement.

Noncontrolling interests are deducted from income before income taxes of the divisions and reversed in C&A. The
decrease in 2012 compared to 2011 was mainly due to Postbank.

Assets in C&A reflect corporate assets, such as deferred tax assets or central clearing accounts, outside the
management responsibility of the business segments.

Risk-weighted assets in C&A reflect corporate assets outside the management responsibility of the business
segments, primarily those corporate assets related to the Group’s pension schemes. The main driver for the
increase of risk-weighted assets was the reclassification of risk-weighted assets related to gross pension fund
assets in 2012 to C&A.

Average active equity assigned to C&A reflects the residual amount of equity that is not allocated to the seg-
ments as described in the “Measurement of Segment Profit or Loss” section of this Note.

In 2011 and in 2010, the main components of net revenues in C&A were:

— Timing differences from different accounting methods used for management reporting and IFRS amounted
to approximately positive € 25 million and negative € 210 million in 2011 and 2010, respectively. In 2011,
the result was essentially related to two partly offsetting effects. The widening of the credit spread of the
Group’s own debt resulted in a mark-to market gain. Economically hedged short-term positions as well as
economically hedged debt issuance trades resulted in a net loss, mainly driven by movements in interest
rates in both euro and U.S. dollar. In 2010, the latter was the main driver for the mark-to market loss.
— Hedging of net investments in certain foreign operations decreased net revenues by approximately
€ 215 million and € 245 million, respectively.
— The remainder of net revenues was due to net interest income which was not allocated to the business
segments and items outside the management responsibility of the business segments. Such items include
net funding expenses on non-divisionalized assets/liabilities, e.g. deferred tax assets/liabilities, and net in-
terest income related to tax refunds and accruals.

Noninterest expenses in 2011 were driven by bank levies of € 247 million, primarily related to Germany and the
UK. In 2010, they included the receipt of insurance payments which were partly offset by charges for litigation
provisions as well as other items outside the management responsibility of the business segments.

The increase in noncontrolling interests in 2011 compared to 2010 was mainly due to Postbank.

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Information

Entity-Wide Disclosures
Net Revenue Components
in € m. 2012 2011 2010
Corporate Banking & Securities:
Sales & Trading (debt and other products) 9,181 8,520 9,844
Sales & Trading (equity) 2,288 2,235 2,875
Sales & Trading (equity, debt & other) 11,469 10,755 12,718
Origination (debt) 1,417 1,056 1,200
Origination (equity) 518 559 706
Origination (equity & debt) 1,935 1,615 1,906
Advisory 590 621 573
Loan products 1,107 1,158 1,146
Other products 547 (39) (62)
Total Corporate Banking & Securities 15,648 14,109 16,282

Global Transaction Banking:

Transaction services 4,006 3,608 3,163
Other products − − 216
Total Global Transaction Banking 4,006 3,608 3,379

Asset & Wealth Management:

Discretionary portfolio management/fund management 2,108 2,104 2,178
Advisory/brokerage 807 789 830
Credit products 411 393 378
Deposits and payment services 236 158 142
Other products 1 904 833 993
Total Asset & Wealth Management 4,466 4,277 4,520

Private & Business Clients:

Discretionary portfolio management/fund management 213 251 313
Advisory/brokerage 860 914 887
Credit products 2,149 2,099 2,117
Deposits and payment services 2,064 2,085 1,962
Other products 2 4,255 5,044 769
Total Private & Business Clients 9,541 10,393 6,048
Total Non-Core Operations Unit 1,058 879 (1,285)
Consolidation & Adjustments (978) (38) (377)
Total 3 33,741 33,228 28,567
1 Includes revenues from ETF business.
2 Includes revenues from Postbank since consolidation on December 3, 2010.
3 Total net revenues presented above include net interest income, net gains (losses) on financial assets/liabilities at fair value through profit or loss and other
revenues such as commissions and fee income.

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SegmentsandandRelated
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Information

The following table presents total net revenues (before provisions for credit losses) by geographic area for the
years ended December 31, 2012, 2011 and 2010, respectively. The information presented for CB&S, GTB,
AWM, PBC and NCOU has been classified based primarily on the location of the Group’s office in which the
revenues are recorded. The information for C&A is presented on a global level only, as management responsi-
bility for C&A is held centrally.

in € m. 2012 2011 2010

Germany:
CB&S 1,483 1,380 1,724
GTB 1,256 1,213 1,159
AWM 1,157 1,181 1,188
PBC 7,560 8,516 4,438
NCOU 1,018 520 360
Total Germany 12,473 12,808 8,869
Europe, Middle East and Africa:
CB&S 5,833 5,393 5,837
GTB 1,377 1,263 1,225
AWM 1,218 2,070 1,912
PBC 1,949 1,851 1,574
NCOU (422) (124) (1,687)
Total Europe, Middle East and Africa 1 9,955 10,453 8,861
Americas (primarily United States):
CB&S 5,663 4,693 5,781
GTB 770 627 596
AWM 1,666 623 1,061
PBC − − −
NCOU 484 445 15
Total Americas 8,584 6,389 7,453
Asia/Pacific:
CB&S 2,670 2,643 2,939
GTB 603 505 400
AWM 424 404 360
PBC 32 27 37
NCOU (22) 38 28
Total Asia/Pacific 3,707 3,617 3,763
Consolidation & Adjustments (978) (38) (377)
Consolidated net revenues 2 33,741 33,228 28,567
1 For the years ended December 31, 2012, 2011 and 2010 the United Kingdom accounted for 48 %, 53 % and 70 % of these revenues, respectively.
2 Consolidated net revenues comprise interest and similar income, interest expenses and total noninterest income (including net commission and fee income).
Revenues are attributed to countries based on the location in which the Group’s booking office is located. The location of a transaction on the Group’s books is
sometimes different from the location of the headquarters or other offices of a customer and different from the location of the Group’s personnel who entered into
or facilitated the transaction. Where the Group records a transaction involving its staff and customers and other third parties in different locations frequently
depends on other considerations, such as the nature of the transaction, regulatory considerations and transaction processing considerations.

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Financial Statements 303303
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Consolidated Income Statement
Income Statement
06 –– Net
06 Net Interest
Interest Income
Income and
andNet Gains
Net (Losses)
Gains on Financial
(Losses) Assets/Liabilities
on Financial at Fair
Assets/Liabilities
Value through Profit or Loss
at Fair Value through Profit or Loss

Notes to the Consolidated Income Statement

06 –
Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value
through Profit or Loss

Net Interest Income

in € m. 2012 2011 2010
Interest and similar income:
Interest-earning deposits with banks 919 794 691
Central bank funds sold and securities purchased under resale agreements 762 977 446
Securities borrowed 203 155 133
Financial assets at fair value through profit or loss 14,124 15,376 15,589
Interest income on financial assets available for sale 1,449 935 700
Dividend income on financial assets available for sale 138 148 137
Loans 13,662 14,914 10,222
Other 985 1,579 861
Total interest and similar income 32,242 34,878 28,779
Interest expense:
Interest-bearing deposits 5,725 6,779 3,800
Central bank funds purchased and securities sold under repurchase agreements 315 426 301
Securities loaned 421 343 278
Financial liabilities at fair value through profit or loss 6,637 6,515 6,019
Other short-term borrowings 342 479 375
Long-term debt 1,929 1,835 1,490
Trust preferred securities 842 813 781
Other 140 243 152
Total interest expense 16,351 17,433 13,196
Net interest income 15,891 17,445 15,583

Interest income recorded on impaired financial assets was € 100 million, € 83 million and € 146 million for the
years ended December 31, 2012, 2011 and 2010, respectively.

Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss
in € m. 2012 2011 2010
Trading income:
Sales & Trading (equity) 1,601 (1,404) 133
Sales & Trading (debt and other products) 4,630 4,379 4,982
Total Sales & Trading 6,230 2,975 5,115
Other trading income (669) (226) (1,457)
Total trading income 5,561 2,749 3,658
Net gains (losses) on financial assets/liabilities designated at fair value through profit
or loss:
Breakdown by financial asset/liability category:
Securities purchased/sold under resale/repurchase agreements 14 (20) 35
Securities borrowed/loaned (1) (0) −
Loans and loan commitments 738 (894) (331)
Deposits (56) (368) (13)
Long-term debt 1 (698) 1,772 83
Other financial assets/liabilities designated at fair value through profit or loss 41 (181) (78)
Total net gains (losses) on financial assets/liabilities
designated at fair value through profit or loss 38 309 (304)
Total net gains (losses) on financial assets/liabilities
at fair value through profit or loss 5,599 3,058 3,354
1 Includes € 167 million, € (20) million and € 39 million from securitization structures for the years ended December 31, 2012, 2011 and 2010, respectively. Fair
value movements on related instruments of € 97 million, € (108) million and € 163 million for December 31, 2012, 2011 and 2010, respectively, are reported within
trading income. Both are reported under Sales & Trading (debt and other products). The total of these gains and losses represents the Group’s share of the losses
in these consolidated securitization structures.

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Income Statement
07 –– Commissions
07 Commissions andandFee
FeeIncome
Income

Combined net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss
in € m. 2012 2011 2010
Net interest income 15,891 17,445 15,583
Net gains (losses) on financial assets/liabilities
at fair value through profit or loss 5,599 3,058 3,354
Total net interest income and net gains (losses)
on financial assets/liabilities at fair value through profit or loss 21,490 20,503 18,937
Net interest income and net gains (losses) on financial assets/liabilities at fair value
through profit or loss by Corporate Division/product:
Sales & Trading (equity) 1,738 1,504 2,151
Sales & Trading (debt and other products) 8,212 8,107 9,102
Total Sales & Trading 9,951 9,611 11,253
Loan products 1 337 353 171
Remaining products 1,015 535 353
Corporate Banking & Securities 2 11,303 10,499 11,777
Global Transaction Banking 1,869 1,842 1,451
Asset & Wealth Management 1,451 991 1,179
Private & Business Clients 6,221 6,623 3,875
Non-Core Operations Unit 277 588 321
Consolidation & Adjustments 370 (40) 333
Total net interest income and net gains (losses)
on financial assets/liabilities at fair value through profit or loss 21,490 20,503 18,937
1 Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss.
2 Includes net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss of origination, advisory and other products.

The Group’s trading and risk management businesses include significant activities in interest rate instruments
and related derivatives. Under IFRS, interest and similar income earned from trading instruments and financial
instruments designated at fair value through profit or loss (e.g., coupon and dividend income), and the costs of
funding net trading positions, are part of net interest income. The Group’s trading activities can periodically shift
income between net interest income and net gains (losses) of financial assets/liabilities at fair value through profit
or loss depending on a variety of factors, including risk management strategies. In order to provide a more
business-focused presentation, the Group combines net interest income and net gains (losses) of financial
assets/liabilities at fair value through profit or loss by business division and by product within CB&S.

07 –
Commissions and Fee Income

in € m. 2012 2011 2010

Commission and fee income and expense:
Commission and fee income 13,933 14,409 13,652
Commission and fee expense 2,422 2,865 2,983
Net commissions and fee income 11,510 11,544 10,669

in € m. 2012 2011 2010

Net commissions and fee income:
Net commissions and fees from fiduciary activities 3,425 3,458 3,529
Net commissions, brokers’ fees, mark-ups on securities underwriting and other
securities activities 3,418 3,665 3,873
Net fees for other customer services1 4,667 4,421 3,267
Net commissions and fee income 11,510 11,544 10,669
1 The increase from 2010 to 2011 includes commissions related to nonbanking activities of Postbank.

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2012 Notes to
Notes to the
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ConsolidatedIncome Statement
Income Statement
09 –– Other
09 Other Income
Income

08 –
Net Gains (Losses) on Financial Assets Available for Sale

in € m. 2012 2011 2010

Net gains (losses) on financial assets available for sale:
Net gains (losses) on debt securities: 65 (223) 58
Net gains (losses) from disposal 116 285 74
Impairments (51) (508) 1 (16)
Net gains (losses) on equity securities: 206 289 120
Net gains (losses) from disposal/remeasurement 306 383 164
Impairments (100) (94) (44)
Net gains (losses) on loans: 55 17 18
Net gains (losses) from disposal 63 24 36
Impairments (8) (7) (18)
Reversal of impairments 0 − 0
Net gains (losses) on other equity interests: (25) 39 5
Net gains (losses) from disposal (24) 56 40
Impairments (1) (17) (35)
Total net gains (losses) on financial assets available for sale 301 123 201
1 Includes impairments of € (527) million on Greek government bonds, partly offset by reversals of impairments on debt securities recorded in prior periods.

Please refer also to Note 17 “Financial Assets available for Sale” of this report.

09 –
Other Income

in € m. 2012 2011 2010

Other income:
Net income from investment properties (18) 33 (3)
Net gains (losses) on disposal of investment properties 31 14 5
Net gains (losses) on disposal of consolidated subsidiaries 41 39 18
Net gains (losses) on disposal of loans 4 (22) (87)
Insurance premiums 1 220 214 252
Net income from derivatives qualifying for hedge accounting 2 (1,081) 336 34
Consolidated investments 3 768 570 247
Remaining other income 316 138 298
Total other income 281 1,322 764
1 Net of reinsurance premiums paid. The development is primarily driven by Abbey Life Assurance Company Limited.
2 The decrease in 2012 compared to 2011 is driven by ineffectiveness related to hedges.
3 The increase in 2011 compared to 2010 is essentially driven by The Cosmopolitan of Las Vegas, mainly related to the start of its operations at the end of 2010.

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Notes to the
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ConsolidatedIncome Statement
Income Statement
11––Restructuring
11 Restructuring

10 –
General and Administrative Expenses

in € m. 2012 2011 2010

General and administrative expenses:
IT costs 2,547 2,194 2,274
Occupancy, furniture and equipment expenses 2,115 2,072 1,679
Professional service fees 1,870 1,632 1,616
Communication and data services 907 849 785
Travel and representation expenses 518 539 554
Payment, clearing and custodian services 609 504 418
Marketing expenses 376 410 335
Consolidated investments 1 760 652 390
Other expenses 2 5,314 3,805 2,082
Total general and administrative expenses 15,016 12,657 10,133
1 The increase in consolidated investments in 2011 compared to 2010 is essentially driven by The Cosmopolitan of Las Vegas, mainly related to the start of its
operations at the end of 2010.
2 The increase in 2012 compared to 2011 is mainly driven by litigation related expenses of € 2.5 billion. See Note 29 “Provisions”, for more detail on litigation. The
increase in 2011 compared to 2010 is primarily driven by specific charges in CB&S (€ 655 million litigation related expenses and a specific charge of € 310 million
relating to the impairment of a German VAT claim) and the first time consideration of € 247 million for the German and UK bank levies.

11 –
Restructuring

The Group aims to enhance its long-term competitiveness through major reductions in costs, duplication and
complexity in the years ahead. The Group plans to invest approximately € 4 billion over the next three years
with the aim of achieving full run-rate annual cost savings of € 4.5 billion by 2015.

The Group disclosed in its Interim Report as of June 30, 2012 a headcount reduction of approximately 1,900.
During the second half of 2012 the Group identified 2,361 headcount that will be reduced through restructuring
and other means. Of these reductions, 673 headcount have been reduced through activities that were not
eligible for treatment as restructuring charges pursuant to the restructuring program described in the following
paragraph, for instance voluntary leavers and retirements where the roles will not be replaced. The remaining
1,688 headcount have been identified as restructuring eligible. The total headcount reductions were identified
within the CB&S Corporate Division (1,064 headcount), the AWM Corporate Division (683 headcount) and the
NCOU (2 headcount). The headcount reduction for Infrastructure functions was 612 headcount, thereof 497
headcount supported the CB&S Corporate Division and 115 headcount supported the AWM Corporate Division.

In the second half of 2012 the Group’s Management Board approved two phases of restructuring which form
part of the planned investment of approximately € 4 billion. The restructuring expense is comprised of
termination benefits, additional expenses covering the acceleration of deferred compensation awards not yet
amortized due to the discontinuation of employment and contract termination costs related to real estate.
Restructuring expenses of € 394 million were recognized in the second half of 2012, thereof € 311 million for
termination benefits relating to the reduction of headcount according to the Group’s accounting policy for
restructuring expenses. An additional expense amount of € 83 million was incurred for the acceleration of
deferred compensation awards not yet amortized. Of the total amount of € 394 million, the CB&S Corporate
Division was charged € 246 million, the AWM Corporate Division € 104 million, the GTB Division € 41 million
and the NCOU Unit € 3 million respectively, including allocations from Infrastructure functions. Provisions for
restructuring as of December 31, 2012 amounted to € 165 million.

The majority of the remaining approved restructuring expense budget is expected to be utilized in the first
half of 2013.

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Notes to the
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ConsolidatedIncome Statement
Income Statement
12 ––Earnings
12 Earnings per
perShare
Share

12 –
Earnings per Share

Basic earnings per share amounts are computed by dividing net income (loss) attributable to Deutsche Bank
shareholders by the average number of common shares outstanding during the year. The average number of
common shares outstanding is defined as the average number of common shares issued, reduced by the
average number of shares in treasury and by the average number of shares that will be acquired under
physically-settled forward purchase contracts, and increased by undistributed vested shares awarded under
deferred share plans.

Diluted earnings per share assumes the conversion into common shares of outstanding securities or other
contracts to issue common stock, such as share options, convertible debt, unvested deferred share awards
and forward contracts. The aforementioned instruments are only included in the calculation of diluted earnings
per share if they are dilutive in the respective reporting period.

Computation of basic and diluted earnings per share

in € m. 2012 2011 2010
Net income (loss) attributable to Deutsche Bank shareholders –
numerator for basic earnings per share 237 4,132 2,310
Effect of dilutive securities:
Forwards and options − − −
Convertible debt − (13) 3
Net income (loss) attributable to Deutsche Bank shareholders after assumed
conversions – numerator for diluted earnings per share 237 4,119 2,313
Number of shares in m.
Weighted-average shares outstanding – denominator for basic earnings per share 934.1 928.0 753.3
Effect of dilutive securities:
Forwards − − −
Employee stock compensation options − − −
Convertible debt − 1.5 2.1
Deferred shares 25.8 27.8 35.4
Other (including trading options) − − −
Dilutive potential common shares 25.8 29.3 37.5
Adjusted weighted-average shares after assumed conversions –
denominator for diluted earnings per share 959.9 957.3 790.8

Earnings per share

in € 2012 2011 2010
Basic earnings per share 0.25 4.45 3.07
Diluted earnings per share 0.25 4.30 2.92

On October 6, 2010, Deutsche Bank AG completed a capital increase with subscription rights. As the subscrip-
tion price of the new shares was lower than the market price of the existing shares, the capital increase includ-
ed a bonus element. According to IAS 33, the bonus element is the result of an implicit change in the number
of shares outstanding for all periods prior to the capital increase without a fully proportionate change in re-
sources. As a consequence, the weighted average number of shares outstanding has been adjusted retrospec-
tively for all periods before October 6, 2010.

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2012 Notes to
Notes to the
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ConsolidatedBalance
BalanceSheet
Sheet
13 ––Financial
13 Financial Assets/Liabilities
Assets/Liabilitiesat Fair Value
at Fair through
Value ProfitProfit
through or Loss
or Loss

1
Instruments outstanding and not included in the calculation of diluted earnings per share
Number of shares in m. 2012 2011 2010
Forward purchase contracts − − −
Convertible debt − 0.2 −
Put options sold 0.0 − −
Call options sold 0.0 − −
Employee stock compensation options 0.3 0.3 0.4
Deferred shares − − −
1 Not included in the calculation of diluted earnings per share, because to do so would have been anti-dilutive.

Notes to the Consolidated Balance Sheet

13 –
Financial Assets/Liabilities at Fair Value through Profit or Loss

in € m. Dec 31, 2012 Dec 31, 2011

Trading assets:
Trading securities 218,411 214,087
Other trading assets 1 27,127 26,837
Total trading assets 245,538 240,924
Positive market values from derivative financial instruments 768,316 859,582
Financial assets designated at fair value through profit or loss:
Securities purchased under resale agreements 124,987 117,284
Securities borrowed 28,304 27,261
Loans 18,248 24,220
Other financial assets designated at fair value through profit or loss 15,488 11,528
Total financial assets designated at fair value through profit or loss 187,027 180,293
Total financial assets at fair value through profit or loss 1,200,881 1,280,799
1 Includes traded loans of € 18,152 million and € 18,039 million at December 31, 2012 and 2011 respectively.

in € m. Dec 31, 2012 Dec 31, 2011

Trading liabilities:
Trading securities 53,236 60,005
Other trading liabilities 1,678 3,881
Total trading liabilities 54,914 63,886
Negative market values from derivative financial instruments 752,706 838,817
Financial liabilities designated at fair value through profit or loss:
Securities sold under repurchase agreements 82,267 93,606
Loan commitments 463 1,192
Long-term debt 12,193 13,889
Other financial liabilities designated at fair value through profit or loss 14,243 9,631
Total financial liabilities designated at fair value through profit or loss 109,166 118,318
Investment contract liabilities 1 7,732 7,426
Total financial liabilities at fair value through profit or loss 924,518 1,028,447
1 These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value. See Note 39 “Insurance and Investment
Contracts”, for more detail on these contracts.

Financial Assets & Liabilities designated at Fair Value through Profit or Loss
The Group has designated various lending relationships at fair value through profit or loss. Lending facilities
consist of drawn loan assets and undrawn irrevocable loan commitments. The maximum exposure to credit
risk on a drawn loan is its fair value. The Group’s maximum exposure to credit risk on drawn loans, including
securities purchased under resale agreements and securities borrowed, was € 172 billion and € 169 billion as
of December 31, 2012, and 2011, respectively. Exposure to credit risk also exists for undrawn irrevocable loan
commitments and is predominantly counterparty credit risk.

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Sheet
14 ––Amendments
14 Amendments totoIAS
IAS3939
and
andIFRS 7, 7,
IFRS “Reclassification of Financial
“Reclassification Assets”
of Financial Assets”

The credit risk on the securities purchased under resale agreements and securities borrowed designated under
the fair value option is mitigated by the holding of collateral. The valuation of these instruments takes into
account the credit enhancement in the form of the collateral received. As such there is no material movement
during the year or cumulatively due to movements in counterparty credit risk on these instruments.
1 2
Changes in fair value of loans and loan commitments attributable to movements in counterparty credit risk
Dec 31, 2012 Dec 31, 2011
Loan Loan
in € m. Loans commitments Loans commitments
Notional value of loans and loan commitments exposed to credit risk 3,013 39,599 5,477 46,185
Annual change in the fair value reflected in the Statement of Income 53 710 (88) (611)
Cumulative change in the fair value3 1 674 (84) (236)
Notional of credit derivatives used to mitigate credit risk 2,212 29,588 4,055 37,289
Annual change in the fair value reflected in the Statement of Income (65) (922) 62 576
Cumulative change in the fair value3 (50) (821) 55 425
1 Where the loans are over-collateralized there is no material movement in valuation during the year or cumulatively due to movements in counterparty credit risk.
2 Determined using valuation models that exclude the fair value impact associated with market risk.
3 Changes are attributable to loans and loan commitments held at reporting date, which may differ from those held in prior periods. No adjustments are made to
prior year to reflect differences in the underlying population.

1
Changes in fair value of financial liabilities attributable to movements in the Group’s credit risk
in € m. Dec 31, 2012 Dec 31, 2011
Annual change in the fair value reflected in the Statement of Income (213) 141
Cumulative change in the fair value (79) 197
1 The fair value of a financial liability incorporates the credit risk of that financial liability. Changes in the fair value of financial liabilities issued by consolidated SPEs
have been excluded as this is not related to the Group’s credit risk but to that of the legally isolated SPE, which is dependent on the collateral it holds.

1
The excess of the contractual amount repayable at maturity over the carrying value of financial liabilities
in € Dec 31, 2012 Dec 31, 2011
Including undrawn loan commitments 2 41,305 45,634
Excluding undrawn loan commitments 726 641
1 Assuming the liability is extinguished at the earliest contractual maturity that the Group can be required to repay. When the amount payable is not fixed, it is
determined by reference to conditions existing at the reporting date.
2 The contractual cash flows at maturity for undrawn loan commitments assume full drawdown of the facility.

14 –
Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”

Under the amendments to IAS 39 and IFRS 7, issued in October 2008, certain financial assets were reclassi-
fied in the second half of 2008 and the first quarter 2009 from the financial assets at fair value through profit
or loss and the available for sale classifications into the loans classification. No reclassifications have been
made since the first quarter 2009.

The Group identified assets, eligible under the amendments, for which at the reclassification date it had a
clear change of intent and ability to hold for the foreseeable future rather than to exit or trade in the short term.
The reclassifications were made at the fair value of the assets at the reclassification date.

Reclassified Financial Assets

Financial assets
Trading assets available for sale
in € bn. reclassified to reclassified to
(unless stated otherwise) loans loans
Carrying value at reclassification date 26.6 11.4
Unrealized fair value losses in accumulated other comprehensive income − (1.1)
Effective interest rates at reclassification date:
upper range 13.1 % 9.9 %
lower range 2.8 % 3.9 %
Expected recoverable cash flows at reclassification date 39.6 17.6

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Notes to the
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BalanceSheet
Sheet
14––Amendments
14 Amendments totoIAS
IAS3939and
andIFRS
IFRS7,7,“Reclassification of Financial
“Reclassification Assets”
of Financial Assets”

Carrying values and fair values by asset type of assets reclassified in 2008 and 2009
Dec 31, 2012 Dec 31, 2011
in € m. Carrying value Fair value Carrying value Fair Value
Trading assets reclassified to loans:
Securitized assets 1 3,599 2,783 6,733 5,501
Debt securities 795 757 859 823
Loans 6,810 6,226 7,754 7,117
Total trading assets reclassified to loans 11,2042 9,766 15,346 13,441
Financial assets available for sale reclassified to loans:
Securitized assets 1 4,501 4,218 6,220 5,359
Loans 1,293 1,446 1,337 1,427
Total financial assets available for sale reclassified to loans 5,794 3 5,664 7,557 6,786
Total financial assets reclassified to loans 16,998 15,430 22,903 20,227
1 Securitized assets consist of mortgage- and asset-backed securities.
2 During 2012 the Group sold assets that were previously classified as trading with a carrying value of € 3.0 billion, including € 1.8 billion of mortgage-backed
securities and € 1.2 billion of asset-backed securities.
3 During 2012 the Group sold assets that were previously classified as available for sale with a carrying value of € 0.7 billion, including € 0.6 billion of asset-
backed securities.

Sales of reclassified assets are individually subject to a governance and approval process to determine if a
sale is the best course of action for the Group’s overall profitability, capital position and regulatory compli-
ance. During 2012 the Group sold reclassified assets with a carrying value of € 3.7 billion. Sales in this peri-
od resulted in net losses of € 177 million, driven by losses on disposal reported through other income of
€ 93 million and € 84 million relating to losses deemed to be impairments on disposal. The aforementioned
governance and approval process determined that the assets sold were due to circumstances that were not
foreseeable at the time of the reclassification, including amendments to the capital rules that led to signifi-
cantly higher absolute capital requirements for the Group as a whole.

In addition to sales, the decrease in 2012 in the carrying value of reclassified assets previously classified as
trading includes € 540 million attributable to restructuring of loans. The decrease also includes redemptions
of € 695 million of asset-backed securities previously classified as available for sale. Provisions for credit
losses taken during the period were mostly against loans formerly classified as trading and securitized as-
sets formerly classified as available for sale.

Unrealized fair value gains (losses) that would have been recognized in profit or loss and net gains (losses) that would
have been recognized in other comprehensive income if the reclassifications had not been made
in € m. 2012 2011 2010
Unrealized fair value gains (losses) on the reclassified trading assets,
gross of provisions for credit losses 38 (11) 120
Impairment losses on the reclassified financial assets available for sale
which were impaired (29) (16) (7)
Net gains (losses) recognized in other comprehensive income representing additional
unrealized fair value gains (losses) on the reclassified financial assets available for
sale which were not impaired 415 133 251

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Sheet
15 ––Financial
15 Financial Instruments
Instrumentscarried at Fair
carried Value
at Fair Value

Pre-tax contribution of all reclassified assets to the income statement (after reclassification)
in € m. 2012 2011 2010
Interest income 578 691 1 1,154
Provision for credit losses (186) (186) (278)
Other income 2 (35) 34 1
Income before income taxes on reclassified trading assets 357 539 877
Interest income 139 153 146
Provision for credit losses (228) (1) −
Other income 2 (58) 3 − (1)
Income before income taxes on reclassified financial assets available for sale (147) 152 145
1 The significant decrease in Interest income for 2011 is mostly due to the restructuring of loans to Actavis Group that occurred in 2010 and are no longer part of the
reclassified asset population.
2 Predominantly relates to gains and losses from the sale of reclassified assets.
3 Driven by increased sales of assets that were previously classified as available for sale during 2012.

15 –
Financial Instruments carried at Fair Value

Valuation Methods and Control

The Group has an established valuation control framework which governs internal control standards, method-
ologies, and procedures over the valuation process.

Prices Quoted in Active Markets: The fair value of instruments that are quoted in active markets are determined
using the quoted prices where they represent those at which regularly and recently occurring transactions take
place.

Valuation Techniques: The Group uses valuation techniques to establish the fair value of instruments where
prices, quoted in active markets, are not available. Valuation techniques used for financial instruments include
modeling techniques, the use of indicative quotes for proxy instruments, quotes from less recent and less
regular transactions and broker quotes.

For some financial instruments a rate or other parameter, rather than a price, is quoted. Where this is the case
then the market rate or parameter is used as an input to a valuation model to determine fair value. For some
instruments, modeling techniques follow industry standard models for example, discounted cash flow analysis
and standard option pricing models. These models are dependent upon estimated future cash flows, discount
factors and volatility levels. For more complex or unique instruments, more sophisticated modeling techniques
are required, and may rely upon assumptions or more complex parameters such as correlations, prepayment
speeds, default rates and loss severity.

Frequently, valuation models require multiple parameter inputs. Where possible, parameter inputs are based
on observable data or are derived from the prices of relevant instruments traded in active markets. Where
observable data is not available for parameter inputs then other market information is considered. For example,
indicative broker quotes and consensus pricing information are used to support parameter inputs where they
are available. Where no observable information is available to support parameter inputs then they are based
on other relevant sources of information such as prices for similar transactions, historic data, economic funda-
mentals, and research information, with appropriate adjustment to reflect the terms of the actual instrument
being valued and current market conditions.

Valuation Adjustments: Valuation adjustments are an integral part of the valuation process. In making appropriate
valuation adjustments, the Group follows methodologies that consider factors such as bid/offer spreads, liquidi-
ty and counterparty credit risk. Bid/offer spread valuation adjustments are required to adjust mid market valua-
tions to the appropriate bid or offer valuation. The bid or offer valuation is the best representation of the fair
value for an instrument, and therefore its fair value. The carrying value of a long position is adjusted from mid
to bid, and the carrying value of a short position is adjusted from mid to offer. Bid/offer valuation adjustments are

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Sheet
15 ––Financial
15 Financial Instruments
Instrumentscarried at Fair
carried Value
at Fair Value

determined from bid-offer prices observed in relevant trading activity and in quotes from other broker-dealers or
other knowledgeable counterparties. Where the quoted price for the instrument is already a bid/offer price then
no additional bid/offer valuation adjustment is necessary. Where the fair value of financial instruments is
derived from a modeling technique then the parameter inputs into that model are normally at a mid-market
level. Such instruments are generally managed on a portfolio basis and valuation adjustments are taken to
reflect the cost of closing out the net exposure the Bank has to each of the input parameters. These adjust-
ments are determined from bid-offer prices observed in relevant trading activity and quotes from other broker-
dealers.

Where complex valuation models are used, or where less-liquid positions are being valued, then bid/offer levels
for those positions may not be available directly from the market, and therefore the close-out cost of these
positions, models and parameters must be estimated. When these adjustments are designed, the Group close-
ly examines the valuation risks associated with the model as well as the positions themselves, and the result-
ing adjustments are closely monitored on an ongoing basis.

Counterparty Credit Valuation Adjustments (“CVA”s) are required to cover expected credit losses to the extent
that the valuation technique does not already include an expected credit loss factor relating to the non-
performance risk of the counterparty. The CVA amount is applied to all relevant over-the-counter (“OTC”) deriva-
tives, and is determined by assessing the potential credit exposure to a given counterparty and taking into
account any collateral held, the effect of any relevant netting arrangements, expected loss given default and
the credit risk, based on available market information, including Credit Default Swap (“CDS”) spreads.
Where counterparty CDS spreads are not available, relevant proxies are used.

The fair value of the Group’s financial liabilities which are at fair value through profit or loss (e.g., OTC derivative
liabilities and structured note liabilities designated at fair value through profit or loss) incorporates the change in
the Group’s own credit risk of the financial liability. For derivative liabilities the Group considers its own credit-
worthiness by assessing all counterparties’ potential future exposure to the Group, taking into account any
collateral posted by the Group, the effect of relevant netting arrangements, expected loss given default and the
credit risk of the Group, based on the Group’s market CDS level. The change in the Group’s own credit risk for
structured note liabilities is calculated by discounting the contractual cash flows of the instrument using the rate
at which similar instruments would be issued at the measurement date.

When determining CVA relating to a specific counterparty and Debt Valuation Adjustments, additional adjust-
ments are made where appropriate to achieve fair value, due to the expected loss estimate of a particular
arrangement, or where the credit risk being assessed differs in nature to that described by the available
CDS instrument.

Where there is uncertainty in the assumptions used within a modeling technique, an additional adjustment is
taken to calibrate the model price to the expected market price of the financial instrument. Typically, such trans-
actions have bid-offer levels which are less observable, and these adjustments aim to estimate the bid-offer by
computing the liquidity-premium associated with the transaction. Where a financial instrument is of sufficient
complexity that the cost of closing it out would be higher than the cost of closing out its component risks, then
an additional adjustment is taken to reflect this.

Validation and Control: The Group has an independent specialised valuation control group within the Finance
function which governs and develops the valuation control framework and manages the valuation control pro-
cesses. The mandate of this specialist function includes the performance of the independent valuation control
process for all businesses, the continued development of valuation control methodologies and techniques, as well
as devising and governing the formal valuation control policy framework.

Results of the valuation control process are collected and analyzed as part of a standard monthly reporting
cycle. Variances of differences outside of preset and approved tolerance levels are escalated both within the
Finance function and with Senior Business Management for review, resolution and, if required, adjustment.

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15 ––Financial
15 Financial Instruments
Instrumentscarried at Fair
carried Value
at Fair Value

For instruments where fair value is determined from valuation models, the assumptions and techniques used
within the models are independently validated by an independent specialist model validation group that is part
of the Group’s Risk Management function.

Quotes for transactions and parameter inputs are obtained from a number of third party sources including ex-
changes, pricing service providers, firm broker quotes and consensus pricing services. Price sources are
examined and assessed to determine the quality of fair value information they represent, with greater em-
phasis given to those possessing greater valuation certainty and relevance. The results are compared
against actual transactions in the market to ensure the model valuations are calibrated to market prices.

Price and parameter inputs to models, assumptions and valuation adjustments are verified against independ-
ent sources. Where they cannot be verified to independent sources due to lack of observable information, the
estimate of fair value is subject to procedures to assess its reasonableness. Such procedures include performing
revaluation using independently generated models (including where existing models are independently recali-
brated), assessing the valuations against appropriate proxy instruments and other benchmarks, and perform-
ing extrapolation techniques. Assessment is made as to whether the valuation techniques produce fair value
estimates that are reflective of market levels by calibrating the results of the valuation models against market
transactions where possible.

Management Judgment: In reaching estimates of fair value management judgment needs to be exercised. The
areas requiring significant management judgment are identified, documented and reported to senior manage-
ment as part of the valuation control process and the standard monthly reporting cycle. The specialist model
validation and valuation groups focus attention on the areas of subjectivity and judgment.

The level of management judgment required in establishing fair value of financial instruments for which there is
a quoted price in an active market is usually minimal. Similarly there is little subjectivity or judgment required
for instruments valued using valuation models which are standard across the industry and where all parameter
inputs are quoted in active markets.

The level of subjectivity and degree of management judgment required is more significant for those instruments
valued using specialized and sophisticated models and where some or all of the parameter inputs are not
observable. Management judgment is required in the selection and application of appropriate parameters,
assumptions and modeling techniques. In particular, where data is obtained from infrequent market trans-
actions then extrapolation and interpolation techniques must be applied. In addition, where no market data is
available then parameter inputs are determined by assessing other relevant sources of information such as
historical data, fundamental analysis of the economics of the transaction and proxy information from similar
transactions and making appropriate adjustment to reflect the actual instrument being valued and current mar-
ket conditions. Where different valuation techniques indicate a range of possible fair values for an instrument
then management has to establish what point within the range of estimates best represents the fair value. Further,
some valuation adjustments may require the exercise of management judgment to ensure they achieve fair
value.

Fair Value Hierarchy

The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair
value hierarchy as follows:

Level 1 – Instruments valued using quoted prices in active markets are instruments where the fair value can be
determined directly from prices which are quoted in active, liquid markets and where the instrument observed
in the market is representative of that being priced in the Group’s inventory.

These include: high-liquidity treasuries and derivative, equity and cash products traded on high-liquidity ex-
changes.

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at Fair Value

Level 2 – Instruments valued with valuation techniques using observable market data are instruments where
the fair value can be determined by reference to similar instruments trading in active markets, or where a tech-
nique is used to derive the valuation but where all inputs to that technique are observable.

These include: many OTC derivatives; many investment-grade listed credit bonds; some CDS; many collateral-
ized debt obligations (“CDO”); and many less-liquid equities.

Level 3 – Instruments valued using valuation techniques using market data which is not directly observable
are instruments where the fair value cannot be determined directly by reference to market-observable infor-
mation, and some other pricing technique must be employed. Instruments classified in this category have an
element which is unobservable and which has a significant impact on the fair value.

These include: more-complex OTC derivatives; distressed debt; highly-structured bonds; illiquid asset-backed
securities (“ABS”); illiquid CDO’s (cash and synthetic); monoline exposures; private equity placements; many
commercial real estate (“CRE”) loans; illiquid loans; and some municipal bonds.
1
Carrying value of the financial instruments held at fair value
Dec 31, 2012 Dec 31, 2011
Valuation Valuation Valuation Valuation
Quoted technique technique Quoted technique technique
prices in observable unobservable prices in observable unobservable
active market parameters parameters active market parameters parameters
in € m. (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3)
Financial assets held at fair value:
Trading securities 107,261 100,905 10,245 99,487 103,327 11,272
Positive market values from derivative
financial instruments 9,707 743,401 15,208 15,947 822,009 21,626
Other trading assets 671 21,772 4,684 847 20,773 5,218
Financial assets designated at fair value
through profit or loss 5,273 177,798 3,956 6,907 168,224 5,162
Financial assets available for sale 17,709 27,730 3,940 9,888 2 31,0982 4,295
Other financial assets at fair value3 − 8,301 3 −4 − 7,511 3 −4
Total financial assets held at fair value 140,621 1,079,907 38,033 133,076 1,152,942 47,573
Financial liabilities held at fair value:
Trading securities 39,639 13,173 424 35,033 24,625 347
Negative market values from derivative
financial instruments 10,875 732,547 9,284 12,815 814,696 11,306
Other trading liabilities 68 1,610 − 22 3,845 14
Financial liabilities designated at fair value
through profit or loss 60 108,026 1,080 116 116,198 2,004
Investment contract liabilities 5 − 7,732 − − 7,426 −
Other financial liabilities at fair value 3 0 4,632 3 (176) 4 − 4,159 3 (250) 4
Total financial liabilities held at fair value 50,642 867,720 10,612 47,986 970,949 13,421
1 Amounts in this table are generally presented on a gross basis, in line with the Group’s accounting policy regarding offsetting of financial instruments, as described in Note 01 “Significant
Accounting Policies”.
2 Prior year amounts have been adjusted to correctly classify € 5,928 million financial assets available for sale which should have been included in Level 1 of the fair value hierarchy.
3 Predominantly relates to derivatives qualifying for hedge accounting.
4 Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. The separated embedded
derivatives may have a positive or a negative fair value but have been presented in this table to be consistent with the classification of the host contract. The separated embedded
derivatives are held at fair value on a recurring basis and have been split between the fair value hierarchy classifications.
5 These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value. See Note 39 “Insurance and Investment Contracts” for more
detail on these contracts.

There have been no significant transfers of instruments between level 1 and level 2 of the fair value hierarchy.

Valuation Techniques
The following is an explanation of the valuation techniques used in establishing the fair value of the different
types of financial instruments that the Group trades.

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Sovereign, Quasi-sovereign and Corporate Debt and Equity Securities: Where there are no recent transactions
then fair value may be determined from the last market price adjusted for all changes in risks and information
since that date. Where a close proxy instrument is quoted in an active market then fair value is determined by
adjusting the proxy value for differences in the risk profile of the instruments. Where close proxies are not
available then fair value is estimated using more complex modeling techniques. These techniques include
discounted cash flow models using current market rates for credit, interest, liquidity and other risks. For equity
securities modeling techniques may also include those based on earnings multiples.

Mortgage- and Other Asset-Backed Securities (MBS/ABS) include residential and commercial MBS and other
ABS including CDOs. ABS have specific characteristics as they have different underlying assets and the issu-
ing entities have different capital structures. The complexity increases further where the underlying assets are
themselves ABS, as is the case with many of the CDO instruments.

Where no reliable external pricing is available, ABS are valued, where applicable, using either relative value
analysis which is performed based on similar transactions observable in the market, or industry-standard
valuation models incorporating available observable inputs. The industry standard external models calculate
principal and interest payments for a given deal based on assumptions that can be independently price tested.
The inputs include prepayment speeds, loss assumptions (timing and severity) and a discount rate (spread,
yield or discount margin). These inputs/assumptions are derived from actual transactions, external market
research and market indices where appropriate.

Loans: For certain loans fair value may be determined from the market price on a recently occurring transac-
tion adjusted for all changes in risks and information since that transaction date. Where there are no recent
market transactions then broker quotes, consensus pricing, proxy instruments or discounted cash flow mod-
els are used to determine fair value. Discounted cash flow models incorporate parameter inputs for credit risk,
interest rate risk, foreign exchange risk, loss given default estimates and amounts utilized given default, as
appropriate. Credit risk, loss given default and utilization given default parameters are determined using infor-
mation from the loan or CDS markets, where available and appropriate.

Leveraged loans can have transaction-specific characteristics which can limit the relevance of market-observed
transactions. Where similar transactions exist for which observable quotes are available from external pricing
services then this information is used with appropriate adjustments to reflect the transaction differences. When
no similar transactions exist, a discounted cash flow valuation technique is used with credit spreads derived
from the appropriate leveraged loan index, incorporating the industry classification, subordination of the loan,
and any other relevant information on the loan and loan counterparty.

Over-The-Counter Derivative Financial Instruments: Market standard transactions in liquid trading markets, such
as interest rate swaps, foreign exchange forward and option contracts in G7 currencies, and equity swap and
option contracts on listed securities or indices are valued using market standard models and quoted parameter
inputs. Parameter inputs are obtained from pricing services, consensus pricing services and recently occurring
transactions in active markets wherever possible.

More complex instruments are modeled using more sophisticated modeling techniques specific for the instrument
and are calibrated to available market prices. Where the model output value does not calibrate to a relevant
market reference then valuation adjustments are made to the model output value to adjust for any difference.
In less active markets, data is obtained from less frequent market transactions, broker quotes and through
extrapolation and interpolation techniques. Where observable prices or inputs are not available, management
judgment is required to determine fair values by assessing other relevant sources of information such as histor-
ical data, fundamental analysis of the economics of the transaction and proxy information from similar transac-
tions.

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Financial Liabilities Designated at Fair Value through Profit or Loss under the Fair Value Option: The fair value
of financial liabilities designated at fair value through profit or loss under the fair value option incorporates all
market risk factors including a measure of the Group’s credit risk relevant for that financial liability. The financial
liabilities include structured note issuances, structured deposits, and other structured securities issued by
consolidated vehicles, which may not be quoted in an active market. The fair value of these financial liabilities
is determined by discounting the contractual cash flows using the relevant credit-adjusted yield curve. The
market risk parameters are valued consistently to similar instruments held as assets, for example, any deriva-
tives embedded within the structured notes are valued using the same methodology discussed in the “Over-
The-Counter Derivative Financial Instruments” section above.

Where the financial liabilities designated at fair value through profit or loss under the fair value option are col-
lateralized, such as securities loaned and securities sold under repurchase agreements, the credit enhance-
ment is factored into the fair valuation of the liability.

Investment Contract Liabilities: Assets which are linked to the investment contract liabilities are owned by the
Group. The investment contract obliges the Group to use these assets to settle these liabilities. Therefore, the
fair value of investment contract liabilities is determined by the fair value of the underlying assets (i.e., amount
payable on surrender of the policies).

Analysis of Financial Instruments with Fair Value Derived from Valuation Techniques Containing
Significant Unobservable Parameters (Level 3)

Financial instruments categorized in level 3

in € m. Dec 31, 2012 Dec 31, 2011
Financial assets held at fair value:
Trading securities:
Sovereign and quasi-sovereign obligations 827 1,045
Mortgage and other asset-backed securities 3,113 3,724
Corporate debt securities and other debt obligations 5,654 5,979
Equity securities 651 524
Total trading securities 10,245 11,272
Positive market values from derivative financial instruments 15,208 21,626
Other trading assets 4,684 5,218
Financial assets designated at fair value through profit or loss:
Loans 3,431 4,496
Other financial assets designated at fair value through profit or loss 525 666
Total financial assets designated at fair value through profit or loss 3,956 5,162
Financial assets available for sale 3,940 4,295
Other financial assets at fair value − −
Total financial assets held at fair value 38,033 47,573
Financial liabilities held at fair value:
Trading securities 424 347
Negative market values from derivative financial instruments 9,284 11,306
Other trading liabilities − 14
Financial liabilities designated at fair value through profit or loss:
Loan commitments 471 1,194
Long-term debt 538 801
Other financial liabilities designated at fair value through profit or loss 71 9
Total financial liabilities designated at fair value through profit or loss 1,080 2,004
Other financial liabilities at fair value (176) (250)
Total financial liabilities held at fair value 10,612 13,421

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Some of the instruments in level 3 of the fair value hierarchy have identical or similar offsetting exposures to
the unobservable input. However, according to IFRS they are required to be presented as gross assets and
liabilities in the table above.

Trading Securities: Certain illiquid emerging market corporate bonds and illiquid highly structured corporate
bonds are included in this level of the hierarchy. In addition, some of the holdings of notes issued by securitization
entities, commercial and residential MBS, collateralized debt obligation securities and other ABS are reported
here. The decrease in the year is mainly due to a combination of settlements and transfers between levels 2
and 3 due to changes in the observability of input parameters used to value these instruments.

Positive and Negative Market Values from Derivative Instruments categorized in this level of the fair value
hierarchy are valued based on one or more significant unobservable parameters. The unobservable parame-
ters may include certain correlations, certain longer-term volatilities, certain prepayment rates, credit spreads
and other transaction-specific parameters.

Level 3 derivatives include customized CDO derivatives in which the underlying reference pool of corporate
assets is not closely comparable to regularly market-traded indices; certain tranched index credit derivatives;
certain options where the volatility is unobservable; certain basket options in which the correlations between
the referenced underlying assets are unobservable; longer-term interest rate option derivatives; multi-currency
foreign exchange derivatives; and certain credit default swaps for which the credit spread is not observable.

The decrease in the year was due to mark-to-market losses on the instruments, settlements and transfers of
derivative assets from level 3 to level 2 of the hierarchy due to improved observability of input parameters used
to value these instruments.

Other Trading Instruments classified in level 3 of the fair value hierarchy mainly consist of traded loans valued
using valuation models based on one or more significant unobservable parameters. Level 3 loans comprise
illiquid leveraged loans and illiquid residential and commercial mortgage loans. The balance was reduced in
the year mainly due to sales.

Financial Assets/Liabilities designated at Fair Value through Profit or Loss: Certain corporate loans and struc-
tured liabilities which were designated at fair value through profit or loss under the fair value option are catego-
rized in this level of the fair value hierarchy. The corporate loans are valued using valuation techniques which
incorporate observable credit spreads, recovery rates and unobservable utilization parameters. Revolving loan
facilities are reported in the third level of the hierarchy because the utilization in the event of the default param-
eter is significant and unobservable.

In addition, certain hybrid debt issuances designated at fair value through profit or loss containing embedded
derivatives are valued based on significant unobservable parameters. These unobservable parameters include
single stock volatility correlations. The decrease in assets during the period is primarily due to settlements
while the decrease in liabilities is mainly due to mark-to-market gains.

Financial Assets Available for Sale include unlisted equity instruments where there is no close proxy and the
market is very illiquid.

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Reconciliation of financial instruments classified in Level 3

Reconciliation of financial instruments classified in Level 3
Dec 31, 2012 Changes in
the group
Balance, of consoli- Total Transfers Transfers
beginning dated com- gains/ Settle- into out of Balance,
in € m. of year panies losses 1 Purchases Sales Issuances 5 ments 6 Level 3 7 Level 3 7 end of year
Financial assets held at
fair value:
Trading securities 11,272 − 309 2,601 (2,816) − (1,453) 1,877 (1,545) 10,245
Positive market values
from derivative financial
instruments 21,626 − (4,031) − − − (2,274) 2,342 (2,455) 15,208
Other trading assets 5,218 − 113 813 (1,362) 900 (535) 467 (930) 4,684
Financial assets
designated at fair value
through profit or loss 5,162 − 318 384 (211) 1,026 (2,500) 60 (283) 3,956
Financial assets available
for sale 4,295 − 142 2 1,951 (1,503) − (1,077) 342 (210) 3,940
Other financial assets at
fair value − − − − − − − − − −
Total financial assets held
at fair value 47,573 − (3,149) 3.4 5,749 (5,892) 1,926 (7,839) 5,088 (5,423) 38,033
Financial liabilities held
at fair value:
Trading securities 347 − 8 − − − (28) 152 (55) 424
Negative market values
from derivative financial
instruments 11,306 − (469) − − − (1,480) 2,195 (2,268) 9,284
Other trading liabilities 14 − − − − − − − (14) −
Financial liabilities
designated at fair value
through profit or loss 2,004 − (845) − − 51 (247) 249 (132) 1,080
Other financial liabilities
at fair value (250) − 129 − − − (5) (10) (40) (176)
Total financial liabilities
held at fair value 13,421 − (1,177) 3,4 − − 51 (1,760) 2,586 (2,509) 10,612
1 Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The
balance also includes net gains (losses) on financial assets available for sale reported in the consolidated statement of income and unrealized net gains (losses) on financial assets
available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain instruments are hedged with instruments in level 1 or level 2 but the
table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of
an instrument classified within level 3 of the fair value hierarchy; the gains and losses presented below are attributable to movements in both the observable and unobservable
parameters.
2 Total gains and losses on available for sale include a loss of € 39 million recognized in other comprehensive income, net of tax, and a gain of € 118 million recognized in the income
statement presented in net gains (losses) on financial assets available for sale.
3 This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a negative € 129 million and for total financial liabilities held at fair value
this is a positive € 37million. This predominantly relates to derivatives. The effect of exchange rate changes is reported in other comprehensive income, net of tax.
4 For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains.
5 Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower.
6 Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and principal repayments.
For derivatives all cash flows are presented in settlements.
7 Transfers in and transfers out of level 3 during the year are recorded at their fair value at the beginning of year in the table below. For instruments transferred into level 3 the table shows
the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not
show any gains or losses or cash flows on the instruments during the year since the table is presented as if they have been transferred out at the beginning of the year.

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Changes in
Dec 31, 2011 the group
Balance, of consoli- Total Transfers Transfers
beginning dated com- gains/ Settle- into out of Balance,
losses 1 5
in € m. of year panies Purchases Sales Issuances ments 6 Level 3 7 Level 3 7 end of year
Financial assets held at
fair value:
Trading securities 14,861 − (280) 3,716 (3,533) − (1,405) 2,298 (4,385) 11,272
Positive market values
from derivative financial
instruments 17,843 − 3,620 − − − (1,225) 4,207 (2,819) 21,626
Other trading assets 6,067 − 191 1,998 (3,256) 712 (341) 382 (535) 5,218
Financial assets
designated at fair value
through profit or loss 3,286 − (104) 174 (232) 2,532 (1,541) 1,076 (29) 5,162
Financial assets available
2
for sale 4,599 − 385 1,328 (1,226) − (991) 814 (614) 4,295
Other financial assets at
fair value − − − − − − − − − −
Total financial assets held
at fair value 46,656 − 3,812 3,4 7,216 (8,247) 3,244 (5,503) 8,777 (8,382) 47,573
Financial liabilities held at
fair value:
Trading securities 251 − (12) − − − 121 1 (14) 347
Negative market values
from derivative financial
instruments 10,916 − 1,702 − − − (1,428) 3,546 (3,430) 11,306
Other trading liabilities 5 − 9 − − − − − − 14
Financial liabilities
designated at fair value
through profit or loss 2,070 − 622 − − 209 (422) 59 (534) 2,004
Other financial liabilities
at fair value (239) − (95) − − − (76) 2 158 (250)
Total financial liabilities
held at fair value 13,003 − 2,226 3,4 − − 209 (1,805) 3,608 (3,820) 13,421
1 Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The
balance also includes net gains (losses) on financial assets available for sale reported in the consolidated statement of income and unrealized net gains (losses) on financial assets
available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain instruments are hedged with instruments in level 1 or level 2 but the
table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of
an instrument classified within level 3 of the fair value hierarchy; the gains and losses presented below are attributable to movements in both the observable and unobservable
parameters.
2 Total gains and losses on available for sale include a loss of € 76 million recognized in other comprehensive income, net of tax, and a gain of € 213 million recognized in the income
statement presented in net gains (losses) on financial assets available for sale.
3 This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a positive € 266 million and for total financial liabilities held at fair value
this is a negative € 57 million. This predominantly relates to derivatives. The effect of exchange rate changes is reported in other comprehensive income, net of tax.
4 For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains.
5 Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower.
6 Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and principal repayments.
For derivatives all cash flows are presented in settlements.
7 Transfers in and transfers out of level 3 during the year are recorded at their fair value at the beginning of year in the table below. For instruments transferred into level 3 the table shows
the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not
show any gains or losses or cash flows on the instruments during the year since the table is presented as if they have been transferred out at the beginning of the year.

Sensitivity Analysis of Unobservable Parameters

Where the value of financial instruments is dependent on unobservable parameter inputs, the precise level for
these parameters at the balance sheet date might be drawn from a range of reasonably possible alternatives.
In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen
so that they are consistent with prevailing market evidence and in line with the Group’s approach to valuation
control detailed above. Were the Group to have marked the financial instruments concerned using parameter
values drawn from the extremes of the ranges of reasonably possible alternatives then as of December 31, 2012
it could have increased fair value by as much as € 4.0 billion or decreased fair value by as much as € 3.9 billion.
As of December 31, 2011, it could have increased fair value by as much as € 4.2 billion or decreased fair value
by as much as € 4.5 billion. In estimating these impacts, the Group either re-valued certain financial instruments
using reasonably possible alternative parameter values, or used an approach based on its valuation adjustment
methodology for bid/offer spread valuation adjustments. Bid/offer spread valuation adjustments reflect the

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amount that must be paid in order to close out a holding in an instrument or component risk and as such they
reflect factors such as market illiquidity and uncertainty.

This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of finan-
cial instruments for which valuation is dependent on unobservable input parameters. However, it is unlikely in
practice that all unobservable parameters would be simultaneously at the extremes of their ranges of rea-
sonably possible alternatives. Hence, the estimates disclosed above are likely to be greater than the true un-
certainty in fair value at the balance sheet date. Furthermore, the disclosure is not predictive or indicative of
future movements in fair value.

For many of the financial instruments considered here, in particular derivatives, unobservable input parameters
represent only a subset of the parameters required to price the financial instrument, the remainder being ob-
servable. Hence for these instruments the overall impact of moving the unobservable input parameters to the
extremes of their ranges might be relatively small compared with the total fair value of the financial instrument.
For other instruments, fair value is determined based on the price of the entire instrument, for example, by
adjusting the fair value of a reasonable proxy instrument. In addition, all financial instruments are already carried
at fair values which are inclusive of valuation adjustments for the cost to close out that instrument and hence
already factor in uncertainty as it reflects itself in market pricing. Any negative impact of uncertainty calculated
within this disclosure, then, will be over and above that already included in the fair value contained in the finan-
cial statements.
1
Breakdown of the sensitivity analysis by type of instrument
Dec 31, 2012 Dec 31, 2011
Positive fair value Negative fair value Positive fair value Negative fair value
movement from using movement from using movement from using movement from using
reasonable possible reasonable possible reasonable possible reasonable possible
in € m. alternatives alternatives alternatives alternatives
Derivatives:
Credit 732 1,118 619 2 1,141 2
Equity 169 131 238 137
Interest related 126 85 94 114
Hybrid 368 254 415 293
Other 286 260 189 170
Securities:
Debt securities 1,931 1,725 2,326 2 2,294 2
Equity securities 19 19 9 9
Mortgage- and asset-backed − − 5 5
Loans:
Leveraged loans − − − −
Commercial loans − − − −
Traded loans 325 288 343 342
Total 3,956 3,880 4,238 4,505
1 Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table.
2 Prior year amounts have been adjusted due to a refinement in the estimate of the sensitivity.

Total Gains or Losses on Level 3 Instruments held or in Issue at the Reporting Date
The total gains or losses are not due solely to unobservable parameters. Many of the parameter inputs to the
valuation of instruments in this level of the hierarchy are observable and the gain or loss is partly due to move-
ments in these observable parameters over the period. Many of the positions in this level of the hierarchy are
economically hedged by instruments which are categorized in other levels of the fair value hierarchy. The off-
setting gains and losses that have been recorded on all such hedges are not included in the table below, which
only shows the gains and losses related to the level 3 classified instruments themselves held at the reporting
date.

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16 ––Fair
16 Fair Value
Value of
of Financial
FinancialInstruments notnot
Instruments carried at Fair
carried at Value
Fair Value

in € m. Dec 31, 2012 Dec 31, 2011

Financial assets held at fair value:
Trading securities 407 113
Positive market values from derivative financial instruments (2,207) 4,627
Other trading assets (107) 238
Financial assets designated at fair value through profit or loss 348 12
Financial assets available for sale 380 334
Other financial assets at fair value − −
Total financial assets held at fair value (1,179) 5,324
Financial liabilities held at fair value:
Trading securities (14) (3)
Negative market values from derivative financial instruments (867) (2,775)
Other trading liabilities − 14
Financial liabilities designated at fair value through profit or loss 583 (765)
Other financial liabilities at fair value (114) 106
Total financial liabilities held at fair value (412) (3,423)
Total (1,591) 1,901

Recognition of Trade Date Profit

If there are significant unobservable inputs used in a valuation technique, the financial instrument is recognized
at the transaction price and any trade date profit is deferred. The table below presents the year-to-year move-
ment of the trade date profits deferred due to significant unobservable parameters for financial instruments
classified at fair value through profit or loss. The balance is predominantly related to derivative instruments.

in € m. 2012 2011
Balance, beginning of year 645 622
New trades during the period 519 418
Amortization (231) (235)
Matured trades (179) (142)
Subsequent move to observability (50) (28)
Exchange rate changes (5) 10
Balance, end of year 699 645

16 –
Fair Value of Financial Instruments not carried at Fair Value

The valuation techniques used to establish fair value for the Group’s financial instruments which are not carried
at fair value in the balance sheet are consistent with those outlined in Note 15 “Financial Instruments carried at
Fair Value”.

As described in Note 14 “Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets””, the Group
reclassified certain eligible assets from the trading and available for sale classifications to loans. The Group
continues to apply the relevant valuation techniques set out in Note 15 “Financial Instruments carried at Fair
Value”, to the reclassified assets.

Other financial instruments not carried at fair value are not managed on a fair value basis, for example, retail
loans and deposits and credit facilities extended to corporate clients. For these instruments fair values are
calculated for disclosure purposes only and do not impact the balance sheet or income statement. Additionally,
since the instruments generally do not trade there is significant management judgment required to determine
these fair values.

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Notes to the
theConsolidated
Consolidated Balance
BalanceSheet
Sheet
16 ––Fair
16 Fair Value
Value of
of Financial
FinancialInstruments notnot
Instruments carried at Fair
carried at Value
Fair Value

Short-term financial instruments: The carrying value represents a reasonable estimate of fair value for the
following financial instruments which are predominantly short-term.

Assets Liabilities
Cash and due from banks Deposits
Interest-earning deposits with banks Central bank funds purchased and securities sold under
repurchase agreements
Central bank funds sold and securities purchased under resale Securities loaned
agreements
Securities borrowed Other short-term borrowings
Other assets Other liabilities

For longer-term financial instruments within these categories, fair value is determined by discounting contractual
cash flows using rates which could be earned for assets with similar remaining maturities and credit risks and,
in the case of liabilities, rates at which the liabilities with similar remaining maturities could be issued, at the
balance sheet date.

Loans: Fair value is determined using discounted cash flow models that incorporate parameter inputs for credit
risk, interest rate risk, foreign exchange risk, loss given default estimates and amounts utilized given default, as
appropriate. Credit risk, loss given default and utilization given default parameters are determined using infor-
mation from the loan or credit default swap markets, where available and appropriate.

For retail lending portfolios with a large number of homogenous loans (e.g., German residential mortgages),
the fair value is calculated on a portfolio basis by discounting the portfolio’s contractual cash flows using risk-
free interest rates. This present value calculation is then adjusted for credit risk by discounting at the margins
which could be earned on similar loans if issued at the balance sheet date. For other portfolios the present
value calculation is adjusted for credit risk by calculating the expected loss over the estimated life of the loan
based on various parameters including probability of default and loss given default and level of collateralization.
The fair value of corporate lending portfolios is estimated by discounting a projected margin over expected
maturities using parameters derived from the current market values of collateralized loan obligation (“CLO”)
transactions collateralized with loan portfolios that are similar to the Group’s corporate lending portfolio.

Securities purchased under resale agreements, securities borrowed, securities sold under repurchase agree-
ments and securities loaned: Fair value is derived from valuation techniques by discounting future cash flows
using the appropriate credit risk-adjusted discount rate. The credit risk-adjusted discount rate includes con-
sideration of the collateral received or pledged in the transaction. These products are typically short-term and
highly collateralized, therefore the fair value is not significantly different to the carrying value.

Long-term debt and trust preferred securities: Fair value is determined from quoted market prices, where avail-
able. Where quoted market prices are not available, fair value is estimated using a valuation technique that
discounts the remaining contractual cash at a rate at which an instrument with similar characteristics could be
issued at the balance sheet date.

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02 Consolidated Financial Statements
Financial Statements 323323
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2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
17 ––Financial
17 Financial Assets
AssetsAvailable
Availableforfor
Sale
Sale

1
Estimated fair value of financial instruments not carried at fair value on the balance sheet
Dec 31, 2012 Dec 31, 2011
in € m. Carrying value Fair value Carrying value Fair value
Financial assets:
Cash and due from banks 27,885 27,885 15,928 15,928
Interest-earning deposits with banks 119,548 119,560 162,000 161,905
Central bank funds sold and securities purchased under resale
agreements 36,570 36,570 25,773 25,767
Securities borrowed 23,947 23,947 31,337 31,337
Loans 397,279 400,603 412,514 408,295
Other assets 2 106,878 106,851 134,699 134,660
Financial liabilities:
Deposits 577,202 577,936 601,730 602,585
Central bank funds purchased and securities sold under
repurchase agreements 36,144 36,144 35,311 35,311
Securities loaned 3,109 3,109 8,089 8,089
Other short-term borrowings 69,060 69,059 65,356 65,348
Other liabilities 2 145,679 145,679 154,647 154,647
Long-term debt 158,097 158,117 163,416 158,245
Trust preferred securities 12,091 12,014 12,344 9,986
1 Amounts generally presented on a gross basis, in line with the Group’s accounting policy regarding offsetting of financial instruments as described in
Note 01 “Significant Accounting Policies”
2 Only includes financial assets or financial liabilities.

Loans: The difference between fair value and carrying value does not reflect the economic benefits and costs
that the Group expects to receive from these instruments. The difference arose predominantly due to an in-
crease in expected default rates and reduction in liquidity as implied from market pricing since initial recognition.
These reductions in fair value are offset by an increase in fair value due to interest rate movements on fixed
rate instruments.

Long-term debt and trust preferred securities: The difference between fair value and carrying value is due to
the effect of changes in the rates at which the Group could issue debt with similar maturity and subordination at
the balance sheet date compared to when the instrument was issued.

17 –
Financial Assets Available for Sale

in € m. Dec 31, 2012 Dec 31, 2011

Debt securities:
German government 9,942 5,207
U.S. Treasury and U.S. government agencies 169 1,015
U.S. local (municipal) governments 531 605
Other foreign governments 16,655 10,919
Corporates 14,527 18,856
Other asset-backed securities 1,113 1,273
Mortgage-backed securities, including obligations of U.S. federal agencies 727 731
Other debt securities 491 775
Total debt securities 44,155 39,381
Equity securities:
Equity shares 1,083 1,632
Investment certificates and mutual funds 222 236
Total equity securities 1,305 1,868
Other equity interests 966 1,116
Loans 2,954 2,916
Total financial assets available for sale 49,379 45,281

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02 Consolidated Financial
FinancialStatements
Statements 324 324
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
18 ––Equity
18 Equity Method
MethodInvestments
Investments

Financial assets available for sale did not include Greek government bonds as of December 31, 2012. As
of December 31, 2011, Greek government bonds had a fair value of € 211 million.

Please also refer to Note 08 “Net Gains (Losses) on Financial Assets available for Sale” of this report.

18 –
Equity Method Investments

Investments in associates and jointly controlled entities are accounted for using the equity method of
accounting.
1
Significant investees as of December 31, 2012
Ownership
Investment 2 percentage
3
Hua Xia Bank Company Limited, Beijing 19.99 %
Station Holdco LLC, Wilmington 25.00 %
Huamao Property Holdings Ltd., George Town 3 0.00 %
Huarong Rongde Asset Management Company Limited, Beijing 40.70 %
Harvest Fund Management Company Limited, Shanghai 30.00 %
1 Representing 75 % of the carrying value of equity method investments.
2 All significant equity method investments are investments in associates.
3 The Group has significant influence over the investee through board seats or other measures.

Summarized aggregated financial information of significant investees

in € m. Dec 31, 2012 Dec 31, 2011
Total assets 185,470 160,016
Total liabilities 172,781 148,282
Revenues 4,862 5,143
Net income (loss) 1,287 1,270

Components of the net income (loss) from all equity method investments
in € m. 2012 2011 2010
Net income (loss) from equity method investments:
Pro-rata share of investees’ net income (loss) 397 222 457
Net gains (losses) on disposal of equity method investments 73 29 14
Impairments (311) (515) (2,475)
Total net income (loss) from equity method investments 159 (264) (2,004)

Total net income from equity method investments were € 159 million in 2012, compared to € (264) million in
2011. This increase was mainly driven by a positive equity pick-up of € 311 million from the Group’s invest-
ment in Hua Xia Bank Company Limited, partly offsetted by an impairment charge of € 257 million recognized
in the first quarter of 2012 related to Actavis Group before reclassification from equity method investments to
held for sale.

For further details on the development of Actavis Group in 2012, please refer to Note 26 “Non-Current Assets
and Disposal Groups Held for Sale”.

In 2010 a charge of approximately € 2.3 billion attributable to the equity method investment in Deutsche Post-
bank AG prior to consolidation was included. On December 3, 2010, Deutsche Bank gained a controlling
majority in Postbank shares and commenced consolidation of the Postbank Group as of that date. As a
consequence the Group ceased equity method accounting for its investment in Postbank. Further detail is
included in Note 04 “Acquisitions and Dispositions”.

There was no unrecognized share of losses of an investee, neither for the period, nor cumulatively.

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02 Consolidated Financial
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Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
18 ––Equity
18 Equity Method
MethodInvestments
Investments

Equity method investments for which there were published price quotations had a carrying value of € 2.4 billion
and a fair value of € 1.8 billion as of December 31, 2012, and a carrying value of € 2.2 billion and a fair value of
€ 2.1 billion as of December 31, 2011. According to the Group’s accounting policy relating to Associates and
Jointly Controlled Entities, as described in Note 01 “Significant Accounting Policies”, no objective evidence of
impairment was determined.

The investees have no significant contingent liabilities to which the Group is exposed.

In 2012 and 2011, none of the Group’s investees experienced any significant restrictions on transferring
funds in the form of cash dividends, or repayment of loans or advances.

Hua Xia Bank. On May 6, 2010, Deutsche Bank announced that it had signed a binding agreement to
subscribe for newly issued shares in Hua Xia Bank Co. Ltd. (“Hua Xia Bank”) for a total subscription price of
RMB 5.6 billion (€ 587 million). Deutsche Bank’s subscription was part of a private placement of Hua Xia Bank
shares to its three largest shareholders with an overall issuance value of up to RMB 20.8 billion (€ 2.2 billion).
Upon final settlement of the transaction, which was effective with the registration of the new shares on
April 26, 2011, this investment increased Deutsche Bank’s equity stake in Hua Xia Bank from 17.12 % to
19.99 % of issued capital.

The purchase of the newly issued shares was subject to substantive regulatory approvals to be granted by
various Chinese regulatory agencies. The last substantive regulatory approval, which resulted in Deutsche
Bank having a claim to receive the additional shares and the associated voting rights, was received on
February 11, 2011.

Upon this date, the new shares to be issued have been taken into consideration when assessing Deutsche
Bank’s level of influence in accordance with IAS 28, “Investments in Associates”, because they represent
potential voting rights.

As of February 11, 2011, Deutsche Bank’s influence was represented by the existing voting rights of 17.12 %
and the potential voting rights of 2.87 %. The resulting 19.99 % of the voting power is considered to evidence
significant influence because it is materially equal to the 20 % of the voting power upon which significant
influence is generally presumed to exist. Furthermore, Deutsche Bank’s significant influence is evidenced by
the fact that Deutsche Bank has successfully negotiated its stake increase with Hua Xia Bank’s management
and the other stakeholders and is represented on four of six of Hua Xia Bank Board Committees.

The equity method of accounting has been applied from February 11, 2011.

Upon reclassifying the investment from Financial assets available for sale to Equity method investments in the
first quarter 2011, Deutsche Bank used the remeasurement approach by analogy to IFRS 3R, “Business
Combinations”. As a result unrealized net gains of € 263 million previously recorded in Other comprehensive
income were reclassified into Net gains (losses) on financial assets available for sale in the income statement.

As of December 31, 2012 and December 31, 2011 the carrying value of the reclassified investment was
€ 2.3 billion and € 2.0 billion, respectively,

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02 Consolidated Financial
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Statements 326 326
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
Consolidated Balance Sheet
Balance Sheet
20 –– Allowance
20 Allowance for
forCredit
CreditLosses
Losses

19 –
Loans

Loans by industry classification

in € m. Dec 31, 2012 Dec 31, 2011
Banks and insurance 27,849 35,308
Manufacturing 23,203 22,754
Households (excluding mortgages) 39,373 38,657
Households – mortgages 141,601 135,531
Public sector 15,378 16,412
Wholesale and retail trade 17,026 15,045
Commercial real estate activities 45,225 46,143
Lease financing 1,021 1,679
Fund management activities 16,777 24,952
Other 74,659 80,576
Gross loans 402,112 417,057
(Deferred expense)/unearned income 137 381
Loans less (deferred expense)/unearned income 401,975 416,676
Less: Allowance for loan losses 4,696 4,162
Total loans 397,279 412,514

20 –
Allowance for Credit Losses

The allowance for credit losses consists of an allowance for loan losses and an allowance for off-balance sheet
positions.

Breakdown of the movements in the Group’s allowance for loan losses

2012 2011 2010
Individually Collectively Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total assessed assessed Total
Allowance, beginning of year 2,011 2,150 4,162 1,643 1,653 3,296 2,029 1,313 3,343
Provision for loan losses 1,115 613 1,728 907 925 1,832 562 751 1,313
Net charge-offs: (762) (324) (1,086) (512) (385) (897) (896) (404) (1,300)
Charge-offs (798) (483) (1,281) (553) (512) (1,065) (934) (509) (1,443)
Recoveries 36 158 195 41 127 168 38 104 143
Changes in the group of consolidated
companies − − − − (0) (0) − − −
Exchange rate changes/other (98) (9) (107) (26) (43) (69) (53) (6) (60)
Allowance, end of year 2,266 2,430 4,696 2,011 2,150 4,162 1,643 1,653 3,296

Activity in the Group’s allowance for off-balance sheet positions (contingent liabilities and lending commitments)
2012 2011 2010
Individually Collectively Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total assessed assessed Total
Allowance, beginning of year 127 98 225 108 110 218 83 124 207
Provision for off-balance sheet positions (7) 0 (7) 19 (12) 7 (18) (21) (39)
Usage − − − − − − − − −
Changes in the group of consolidated
companies − − − (0) 0 0 42 − 42
Exchange rate changes/other (2) (1) (3) (0) 0 0 1 7 8
Allowance, end of year 118 97 215 127 98 225 108 110 218

In 2010 the Group recorded changes in the group of consolidated companies for off-balance sheet allowances
following the consolidation of acquisitions amounting to € 34 million for Postbank Group and € 8 million for
Sal. Oppenheim/BHF-BANK.

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02 Consolidated Financial Statements
Financial Statements 327327
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
21 ––Transfers
21 Transfers of
ofFinancial
FinancialAssets
Assets

21 –
Transfers of Financial Assets

The Group enters into transactions in which it transfers financial assets held on the balance sheet and as a
result may either be eligible to derecognize the transferred asset in its entirety or must continue to recognize
the transferred asset to the extent of any continuing involvement, depending on certain criteria. These criteria
are discussed in Note 01 “Significant Accounting Policies”.

Where financial assets are not eligible to be derecognized, the transfers are viewed as secured financing
transactions, with any consideration received resulting in a corresponding liability. The Group is not entitled to
use these financial assets for any other purposes. The most common transactions of this nature entered into
by the Group are repurchase agreements, securities lending agreements and total return swaps, in which the
Group retains substantially all of the associated credit, equity price, interest rate and foreign exchange risks
and rewards associated with the assets as well as the associated income streams.

The Group could retain some exposure to the future performance of a transferred asset either through new or
existing contractual rights and obligations, however, and still be eligible to derecognize the asset. This on-going
involvement will be recognized as a new instrument which may be different from the original financial asset that
was transferred. Typical transactions include retaining senior notes of non-consolidated securitizations to which
originated loans have been transferred; financing arrangements with SPE’s to which the Group has sold a
portfolio of assets; or sales of assets with credit-contingent swaps. The Group’s exposure to such transactions
is not considered to be significant as any substantial retention of risks associated with the transferred asset will
commonly result in an initial failure to derecognize. Transactions not considered to result in an ongoing in-
volvement include normal warranties on fraudulent activities that could invalidate a transfer in the event of legal
action, qualifying pass-through arrangements and standard trustee or administrative fees that are not linked to
performance.
1
Information on asset types and associated transactions that did not qualify for derecognition
in € m. Dec 31, 2012 Dec 31, 2011
Carrying amount of transferred assets
Trading securities not derecognized due to the following transactions:
Repurchase agreements 51,020 49,401
Securities lending agreements 36,109 31,245
Total return swaps 10,056 9,857
Consolidated Group Sponsored Securitizations 1,889 2,044
Total trading securities 99,074 92,547
Other trading assets 1,579 2,035
Financial assets available for sale 992 10,225
Loans 2,723 4,461
Total 104,368 109,268
Carrying amount of associated liabilities 92,372 89,927
1 The amendments to IFRS7 introduced an extended transfer definition, therefore widened the scope of the disclosure. See Note 03 “Recently Adopted and New
Accounting Pronouncements”.

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02 Consolidated Financial Statements
Financial Statements 328 328
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
21 ––Transfers
21 Transfers of
ofFinancial
FinancialAssets
Assets

As of December 31, 2012 the fair value of transferred assets that did not qualify for derecognition and where
the associated liability is recourse only to those assets was € 3.4 billion. They included Trading securities,
Financial assets available for sale and Loans with a fair value of € 1.9 billion, € 344 million and € 1.1 billion
respectively. The fair value of associated liabilities that have recourse only to such transferred assets was
€ 3.4 billion.

Carrying value of assets transferred in which the Group still accounts for the asset to the extent of its continuing
involvement:
in € m. Dec 31, 2012 Dec 31, 2011
Carrying amount of the original assets transferred:
Trading securities 839 1,383
Other trading assets 2,013 7,302
Carrying amount of the assets continued to be recognized:
Trading securities 805 1,367
Other trading assets 300 2,078
Carrying amount of associated liabilities 1,037 3,467

The impact on the Group’s Balance Sheet of on-going involvement associated with transferred assets
derecognized in full:
Dec 31, 2012
Maximum
Carrying Exposure
in € m. value Fair value to Loss
Loans:
Securitization notes 1,888 1,798 2,012
Total Loans 1,888 1,798 2,012
Financial assets held at Fair Value through the P&L:
Securitization notes 1,143 1,143 1,143
Non-standard Interest Rate, cross-currency or inflation-linked swap 32 32 32
Total Financial assets held at Fair Value through the P&L 1,175 1,175 1,175
Financial assets available for sale:
Securitization notes 29 29 29
Loans − − −
Total Financial assets available for sale 29 29 29
Total financial assets representing on-going involvement 3,092 3,002 3,216
Financial liabilities held at Fair Value through the P&L:
Non-standard Interest Rate, cross-currency or inflation-linked swap (36) (36) −
Total financial liabilities representing on-going involvement (36) (36) −

The impact on the Group’s Statement of Income of on-going involvement associated with transferred assets
derecognized in full:
Dec 31, 2012
Year-to- Cumulative Gain/(loss)
in € m. date P&L P&L on disposal
Securitization notes 190 (139) −1
Non-standard IRS, CCS, inflation-linked swap (8) 407 5
Other 2 − 21 34
Net gains/(losses) recognized from on-going involvement in derecognized assets 182 289 39
1 Typically, sales of assets into securitization vehicles were of assets that were classified as Fair Value through P&L, therefore any gain or loss on disposal is
immaterial.
2 On-going involvement in sold equity positions in the form of a deeply out-of-the-money option, contingent on several unlikely events and therefore not expected to
be exercised. As a result, the carrying and fair value of this option is considered to be nil.

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02 Consolidated Financial
FinancialStatements
Statements 329329
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
22 –– Assets
22 Assets Pledged
Pledgedand
andReceived
Receivedasas
Collateral
Collateral

22 –
Assets Pledged and Received as Collateral

The Group pledges assets primarily for repurchase agreements and securities borrowing agreements which
are generally conducted under terms that are usual and customary for standard securitized borrowing con-
tracts. In addition, the Group pledges collateral against other borrowing arrangements and for margining pur-
poses on OTC derivative liabilities.

Carrying value of the Group’s assets pledged as collateral for liabilities or contingent liabilities
in € m. Dec 31, 2012 Dec 31, 2011
Interest-earning deposits with banks 150 71
Financial assets at fair value through profit or loss 89,138 83,862
Financial assets available for sale 6,413 11,886
Loans 57,022 45,0521
Other 570 330
Total 153,293 141,201
1 Prior year numbers have been amended.

Assets transferred where the transferee has the right to sell or repledge are disclosed on the face of the bal-
ance sheet. As of December 31, 2012 and December 31, 2011, these amounts were € 91 billion and
€ 99 billion, respectively.

As of December 31, 2012 and December 31, 2011, the Group had received collateral with a fair value of
€ 311 billion and € 304 billion, respectively, arising from securities purchased under reverse repurchase
agreements, securities borrowed, derivatives transactions, customer margin loans and other transactions.
These transactions were generally conducted under terms that are usual and customary for standard secured
lending activities and the other transactions described. The Group, as the secured party, has the right to sell or
repledge such collateral, subject to the Group returning equivalent securities upon completion of the transaction.
As of December 31, 2012 and December 31, 2011, the Group had resold or repledged € 261 billion and
€ 262 billion, respectively. This was primarily to cover short sales, securities loaned and securities sold under
repurchase agreements.

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02 Consolidated Financial Statements
Financial Statements 330 330
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
23 –– Property
23 Property and
andEquipment
Equipment

23 –
Property and Equipment
Owner
occupied Furniture and Leasehold Construction-
in € m. properties equipment improvements in-progress Total
Cost of acquisition:
Balance as of January 1, 2011 4,646 3,621 1,813 298 10,378
Changes in the group of consolidated companies (18) (2) − − (20)
Additions 31 309 111 343 794
Transfers 1 263 127 (209) 182
Reclassifications (to)/from 'held for sale' (354) (108) − (4) (466)
Disposals 57 179 95 − 331
Exchange rate changes 53 29 17 1 100
Balance as of December 31, 2011 4,302 3,933 1,973 429 10,637
Changes in the group of consolidated companies − 1 3 − 4
Additions 18 327 132 137 614
Transfers (20) 42 116 (323) (185)
Reclassifications (to)/from 'held for sale' (96) (6) − − (102)
Disposals 146 210 66 − 422
Exchange rate changes (40) (33) (12) (8) (93)
Balance as of December 31, 2012 4,018 4,054 2,146 235 10,453

Accumulated depreciation and impairment:

Balance as of January 1, 2011 1,330 2,132 1,114 − 4,576
Changes in the group of consolidated companies (1) 1 − − −
Depreciation 86 389 138 − 613
Impairment losses 137 5 1 − 143
Reversals of impairment losses − − − − −
Transfers (4) 76 (7) − 65
Reclassifications (to)/from 'held for sale' (94) 3 (2) − (93)
Disposals 19 149 74 − 242
Exchange rate changes 22 28 16 − 66
Balance as of December 31, 2011 1,457 2,485 1,186 − 5,128
Changes in the group of consolidated companies − (0) (0) − (0)
Depreciation 82 401 155 − 638
Impairment losses 0 29 0 − 29
Reversals of impairment losses − 0 − − 0
Transfers 4 (1) (6) − (3)
Reclassifications (to)/from 'held for sale' (3) (2) (1) − (6)
Disposals 54 171 17 − 242
Exchange rate changes (18) (24) (12) − (54)
Balance as of December 31, 2012 1,468 2,717 1,305 − 5,490

Carrying amount:
Balance as of December 31, 2011 2,845 1,448 787 429 5,509
Balance as of December 31, 2012 2,550 1,337 841 235 4,963

Impairment losses on property and equipment are recorded within general and administrative expenses for the
income statement.

In 2011 an impairment charge of € 135 million on owner occupied property was taken for The Cosmopolitan of
Las Vegas to reflect lower revenue expectations.

In the first quarter 2011 the Group headquarters in Frankfurt am Main previously accounted for as property and
equipment was classified as held for sale. For further details on the assets held for sale please refer to Note 26
“Non-Current Assets and Disposal Groups Held for Sale”. For further information on the subsequent sale-and-
leaseback transaction please refer to Note 24 “Leases”.

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02 Consolidated Financial Statements
Financial Statements 331331
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance Sheet
Balance Sheet
24 –– Leases
24 Leases

The carrying value of items of property and equipment on which there is a restriction on sale was € 181 million
as of December 31, 2012.

Commitments for the acquisition of property and equipment were € 27 million at year-end 2012.

24 –
Leases

The Group is lessee under lease arrangements covering property and equipment.

Finance Lease Commitments

Most of the Group’s finance lease arrangements are made under usual terms and conditions. The Group has
one significant lease contract that includes a bargain purchase option to acquire the building at expiration of
the leasing contract.

Net Carrying Value of Leasing Assets Held under finance leases

in € m. Dec 31, 2012 Dec 31, 2011
Land and buildings 90 86
Furniture and equipment 2 1
Other − 1
Net carrying value 92 88

Future Minimum Lease Payments Required under the Group’s Finance Leases
in € m. Dec 31, 2012 Dec 31, 2011
Future minimum lease payments:
not later than one year 10 10
later than one year and not later than five years 37 39
later than five years 10 4
Total future minimum lease payments 57 53
less: Future interest charges 15 7
Present value of finance lease commitments 42 46
Future minimum lease payments to be received 11 14
Contingent rent recognized in the income statement 1 1 1
1 The contingent rent is based on market interest rates, such as three months EURIBOR; below a certain rate the Group receives a rebate.

Operating Lease Commitments

The Group leases the majority of its offices and branches under long-term agreements. Most of the lease con-
tracts are made under usual terms and conditions, which means they include options to extend the lease by a
defined amount of time, price adjustment clauses and escalation clauses in line with general office rental mar-
ket conditions. However the lease agreements do not include any clauses that impose any restriction on the
Group’s ability to pay dividends, engage in debt financing transactions or enter into further lease agreements.
The Group has one significant lease contract which contains five options to extend the lease each for a period
of five years and there is no purchase option in this specific lease.

Future Minimum Lease Payments Required under the Group’s Operating Leases
in € m. Dec 31, 2012 Dec 31, 2011
Future minimum rental payments:
not later than one year 880 891
later than one year and not later than five years 2,426 2,572
later than five years 1,745 2,246
Total future minimum rental payments 5,051 5,709
less: Future minimum rentals to be received 190 204
Net future minimum rental payments 4,861 5,505

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Statements 332 332
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

As of December 31, 2012 the total future minimum rental payments included € 451 million for the Group
headquarters in Frankfurt am Main that was sold and leased back on December 1, 2011. The Group entered
into a 181 months leaseback arrangement for the entire facility in connection with the transaction.

In 2012, the rental payments for lease and sublease agreements amounted to € 852 million. This included
charges of € 860 million for minimum lease payments and € 22 million for contingent rents as well as
€ 30 million related to sublease rentals received.

25 –
Goodwill and Other Intangible Assets

Goodwill
Changes in Goodwill
The changes in the carrying amount of goodwill, as well as gross amounts and accumulated impairment losses
of goodwill, for the years ended December 31, 2012, and 2011, are shown below by cash-generating units
(“CGU”). Following the re-organization of reportable business segments in the fourth quarter 2012 (for details,
please refer to Note 05 “Business Segments and Related Information”), the Group’s former primary CGUs AM
and PWM have been merged into one single CGU AWM. In addition, the former Corporate Division and
primary CGU CI became part of the newly reportable NCOU Corporate Division, which comprises two separate
CGUs labeled as Wholesale Assets and Operating Assets.

Goodwill allocated to cash-generating units

Corporate Global Asset & Private & Non-Core
Banking & Transaction Wealth Business Operations
in € m. Securities Banking Management Clients Unit 1 Others Total
Balance as of January 1, 2011 3,332 487 3,724 3,025 − 194 10,762
Goodwill acquired during the year − − 25 − − − 25
Purchase accounting adjustments − (11) − 45 − − 34
Transfers 44 (44) − − − − −
Reclassification from (to) 'held for sale' (4) − − (5) − − (9)
Goodwill related to dispositions without
being classified as 'held for sale' − − − − − − −
Impairment losses 2 − − − − − − −
Exchange rate changes/other 81 8 68 1 − 3 161
Balance as of December 31, 2011 3,453 440 3,817 3,066 − 197 10,973
Gross amount of goodwill 3,453 440 3,817 3,066 230 692 11,698
Accumulated impairment losses − − − − (230) (495) (725)
Balance as of January 1, 2012 3,453 440 3,817 3,066 − 197 10,973
Goodwill acquired during the year − − − − − − −
Purchase accounting adjustments − − − − − − −
Transfers (279) − 189 (331) 421 − −
Reclassification from (to) 'held for sale' − (1) (1) − − − (2)
Goodwill related to dispositions without
being classified as 'held for sale' (1) − − − − − (1)
Impairment losses 2 (1,174) − − − (421) − (1,595)
Exchange rate changes/other (46) (7) (26) 1 − − (78)
Balance as of December 31, 2012 1,953 432 3,979 2,736 − 197 9,297
Gross amount of goodwill 3,127 432 3,979 2,736 651 684 11,609
Accumulated impairment losses (1,174) − − − (651) (487) (2,312)
1 Includes primary CGUs NCOU Wholesale Assets and NCOU Operating Assets.
2 Impairment losses of goodwill are recorded as impairment of intangible assets in the income statement.

In addition to the primary CGUs, the segments CB&S and NCOU carry goodwill resulting from the acquisition
of nonintegrated investments which are not allocated to the respective segments’ primary CGUs. Such goodwill
is summarized as “Others” in the table above. The nonintegrated investments in the NCOU consist of Maher
Terminals LLC and Maher Terminals of Canada Corp.

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02 Consolidated Financial
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Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

In 2012, goodwill changes mainly included impairments of € (1,595) million recorded in the fourth quarter as a
result of the annual goodwill impairment test conducted under the organizational structures both prior to as well
as post re-segmentation (for details, please refer to the following section “Goodwill Impairment Test”). In the
course of the re-segmentation, a number of businesses were transferred to AWM and to the two NCOU CGUs.
Accordingly, goodwill of € 182 million was reallocated from CB&S to AWM (transfer of the ETF business). Prior
to the NCOU impairment, goodwill of € 369 million had been reallocated to Wholesale Assets (€ 97 million from
CB&S and € 272 million from PBC) and € 52 million to Operating Assets (from PBC). Furthermore, upon the
sale of Postbank’s Asset Management business to the DWS Group in the third quarter 2012, goodwill of
€ 7 million was transferred from PBC to AWM.

In 2011, additions to goodwill of € 25 million related to the step-acquisition of the outstanding interests in
Deutsche UFG Capital Management in November 2011. Purchase accounting adjustments recorded against
goodwill in 2011 amounted to a net € 34 million, mainly from refinements of € 45 million in connection with the
finalization of the acquisition accounting for Deutsche Postbank AG (“Postbank”; PBC) and € (11) million from
the conclusion of a contingent purchase consideration payment related to the full acquisition of Deutsche Bank
HedgeWorks (GTB) in 2008. With the change in management responsibility for the former Capital Markets
Sales business unit in the third quarter 2011 (see Note 05 “Business Segments and Related Information”),
goodwill of € 44 million related to this business was transferred from GTB to CB&S.

Goodwill Impairment Test

For the purposes of impairment testing, goodwill acquired in a business combination is allocated to CGUs. On
the basis as described in Note 01 “Significant Accounting Policies”, the Group’s primary CGUs are as outlined
above. “Other” goodwill is tested individually for impairment on the level of each of the nonintegrated
investments. Goodwill is tested for impairment annually in the fourth quarter by comparing the recoverable
amount of each goodwill carrying CGU with its carrying amount. In addition, in accordance with IAS 36, the
Group tests goodwill whenever a triggering event is identified. The recoverable amount is the higher of a
CGU’s fair value less costs to sell and its value in use.

The carrying amount of a primary CGU is derived using a capital allocation model. The allocation uses the
Group’s total equity at the date of valuation. Total equity is adjusted for specific effects related to nonintegrated
investments, which are tested separately for impairment as outlined above, and for an add-on adjustment for
goodwill attributable to noncontrolling interests. This total carrying amount is allocated to the primary CGUs in a
two-step process. In the first step, total equity that is readily identifiable is allocated to the respective individual
CGUs. This includes goodwill (plus the add-on adjustment for noncontrolling interests), unamortized other
intangible assets as well as certain unrealized net gains and losses recorded directly in equity and
noncontrolling interests. In the second step, the remaining balance of the total carrying amount is allocated
across the CGUs based on the CGU’s share of risk-weighted assets and certain capital deduction items
relative to the Group (each is adjusted for items pertaining to nonintegrated investments). The carrying amount
for nonintegrated investments is determined on the basis of their respective equity.

As a result of the Group’s re-segmentation during the fourth quarter 2012 (see Note 05 “Business Segments
and Related Information – Business Segments” for details), the annual impairment test had to be conducted
both in the structure prior to re-segmentation (“old structure”) and post re-segmentation (“new structure”).

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02 Consolidated Financial
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Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

The annual goodwill impairment tests in 2012 resulted in goodwill impairments totaling € 1,595 million,
consisting of € 1,174 million in the CGU CB&S under the old structure and of € 421 million in the CGUs
Wholesale Assets (€ 369 million) and Operating Assets (€ 52 million) within the Corporate Division NCOU
under the new structure.

Sensitivity of impairment in CB&S (old structure) to certain key assumptions

Goodwill
in € bn. impairment
Recorded impairment loss 1.2
Discount rate (post tax)
Adverse Change (+25 basis points) 2.4
Positive Change (–25 basis points) no impairment
Long term growth rates
Adverse Change (–25 basis points) 1.5
Positive Change (+25 basis points) 0.8
Projected future earnings
Adverse Change (–5 %) 3.3
Positive Change (+5 %) no impairment

The impairment in CB&S (old structure) was mainly due to an increase in the discount rate, lower earnings
projections as a result of a muted market outlook and certain extraordinary items expected in the short to me-
dium term, leading to more conservative revenue growth assumptions, partially offset by planned cost savings.
The impairment was determined under the value in use concept using a discounted cash flow (“DCF”) model
employing a pre-tax discount rate of 15.0 %, which was determined implicitly based on a post-tax rate of
11.1 %. As CB&S under the old structure included assets subsequently allocated to the CGU NCOU Wholesale
Assets, the description of key assumptions, management’s approach to determining the values assigned
to key assumptions as well as the uncertainty associated with key assumptions and potential events/circum-
stances that could have a negative effect mentioned in the below table for NCOU Wholesale Assets, also apply
to CB&S under the old structure. Similarly, the key assumptions for all other primary CGUs under the old struc-
ture can be obtained from the key assumptions table for CGUs under the new structure and taking re-
segmentation into consideration.

After the impairment test in the old structure, goodwill was reallocated to the CGUs under the new structure
applying the concept of relative values for those groups that were identified as businesses in line with IFRS 3.
The impairments in the CGUs Wholesale Assets and Operating Assets within the Corporate Division NCOU
(new structure) occurred immediately and resulted from overall negative earnings projections as part of the
Group’s stated objective of accelerated de-risking of non-core activities. Both impairments were determined
under the value in use concept using a DCF model and reflect key assumptions as mentioned below under
“key assumptions and sensitivities”. Management believes that no reasonable possible changes in key as-
sumptions would have materially impacted the impairments of goodwill in NCOU Wholesale Assets and
Operating Assets under the new structure.

The annual goodwill impairment tests in 2011 and 2010 did not result in an impairment loss of goodwill of the
Group’s primary CGUs as the recoverable amounts for these CGUs were higher than their respective carrying
amounts.

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Financial Report
Financial Report2012
2012 Notes to
Notes to the
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ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

Recoverable Amount
The Group determines the recoverable amount of its primary CGUs on the basis of value in use and employing
a DCF model, which reflects the specifics of the banking business and its regulatory environment. The model
calculates the present value of the estimated future earnings that are distributable to shareholders after fulfilling
the respective regulatory capital requirements.

The DCF model uses earnings projections and respective capitalization assumptions (with a Core Tier 1 ratio
increasing to 10 %) based on five-year financial plans agreed by management and are discounted to their
present value. Estimating future earnings and capital requirements involves judgment and the consideration of
past and current performances as well as expected developments in the respective markets, and in the overall
macroeconomic and regulatory environments. Earnings projections beyond the initial five-year period are,
where applicable, adjusted to derive a sustainable level and are, in case of a going concern, assumed to
increase by or converge towards a constant long-term growth rate of 3.6 % (2011: 3.6 %). This is based on
expectations for the development of gross domestic product and inflation, and are captured in the terminal
value.

Key Assumptions and Sensitivities

Key Assumptions: The value in use of a CGU is sensitive to the earnings projections, to the discount rate
applied and, to a much lesser extent, to the long-term growth rate. The discount rates applied have been
determined based on the capital asset pricing model and comprise a risk-free interest rate, a market risk
premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest
rate, the market risk premium and the beta factors are determined using external sources of information. CGU-
specific beta factors are determined based on a respective group of peer companies. Variations in all of these
components might impact the calculation of the discount rates.

Primary cash-generating units

Discount rate (pre-tax, determined
implicitly based on post-tax rates)
2012 2011
Corporate Banking & Securities 15.4 % 14.3 %
Global Transaction Banking 12.6 % 12.1 %
Asset & Wealth Management 12.7 % N/M 1
Private & Business Clients 14.8 % 13.5 %
Non-Core Operations Unit 2 13.7 %/15.8 % N/M
N/M – Not meaningful
1 Respective pre-tax discount rates were in 2012 for AWM in old structure 12.7 % (2011: 12.5 %) and for PWM in old structure 12.1 % (2011: 11.9 %).
2 Comprises of two primary CGUs: NCOU Wholesale Assets (13.7 %) and NCOU Operating Assets (15.8 %). Stated pre-tax discount rates assume worst case

post-tax valuation scenarios, whereas both CGUs are valued applying identical post-tax discount rates. Varying pre-tax rates are due to different cash-flow
composition and pattern.

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2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

Uncertainty associated with key assumptions and

Primary cash- Management’s approach to determining the potential events/circumstances that could have a
generating unit Description of key assumptions values assigned to key assumptions negative effect
- Reap benefits from efficiency and cost - The key assumptions have been based on - Potentially weaker macroeconomic
reduction program announced and launched a combination of internal and external environment due to protracted sovereign
in 2012 studies (consulting firms, research) debt crisis and potential contagion risk
- Capitalize on synergies with other areas of - Management estimates concerning leading to slowdown in activity and reduced
the organization efficiency and cost reduction program investor appetite
- Focus on client flows and solutions, based on progress made to date across - Structure and content of a range of
benefiting from leading client market various initiatives regulatory changes being drafted in various
shares and higher customer penetration jurisdictions could have a more severe
Corporate
- Corporate Finance fee pools and Sales & impact than anticipated
Banking &
Trading revenue pools increase slowly, as - Potential margin compression and increased
Securities
volatility recedes and economic growth competition in products with lower capital
stabilizes requirements beyond expected levels
- Sustained asset efficiency under new - Outcome of litigation cases
regulatory framework and rigorously - Cost savings and expected benefits from
managed risk exposure Group-wide Operational Excellence Program
- Continued targeted risk reductions and (OpEx) are not realized as anticipated
execution of management action to mitigate - Delay in execution of risk mitigation
the impact of regulatory change strategies
- Cost savings in light of Group-wide OpEx - The key assumptions have been based on - Slowdown of the world economy and
- Capitalize on synergies resulting from closer a combination of internal and external continued sovereign debt crisis and its
co-operation with other areas of the bank sources impact on trade volumes, interest rates and
- Moderate macroeconomic recovery - Macroeconomic trends are supported by foreign exchange rates
- Persisting low interest rate levels studies while internal plans and impact from - Unfavorable margin development and
- Positive development of international trade efficiency initiatives have been based on adverse competition levels in key markets
Global volumes, cross-border payments and management assumptions and products beyond expected levels
Transaction corporate actions - Uncertainty around regulation and its
Banking - Deepening relationships with Complex potential implications not yet anticipated
Corporates and Institutional Clients in - Cost savings in light of Group-wide OpEx
existing regions while pushing further growth do not materialize as anticipated
in Emerging Markets - Outcome of potential legal matters
- Successful turn-around of the commercial - Benefits from the turn-around measures of
banking activities in the Netherlands the commercial banking activities in the
Netherlands are not realized as expected
- Cost savings in light of Group-wide OpEx - The key assumptions have been based on - Major industry threats, i.e. market volatility,
and AWM platform optimization from merger a combination of internal and external European sovereign debt crisis, increasing
of AM, PWM and Passive CB&S to form sources costs from regulatory changes
AWM - Macroeconomic data and market data - Investors continue to hold assets out of the
- Expanding business with ultra high net worth based on DB Research forecasts markets, retreat to cash or simpler, lower
clients - Management estimates concerning AWM fee products
- Building out the alternatives and integration and cost reduction program - Business/execution risks, i.e. under
passive/ETF businesses based on progress made to date across achievement of 2013 net new money
- Home market leadership in Germany various initiatives and review of duplication targets if European sovereign debt crisis
through PWM and DWS affects Deutsche Bank’s stability, loss of
- Strong coverage of emerging markets high quality relationship managers
- Organic growth strategy in Asia/Pacific and - Difficulties in executing organic growth
Asset & Wealth
Americas as well as intensified co-operation strategies through certain restrictions, e.g.
Management
with CB&S and GTB unable to hire relationship managers
- Maintained or increased market share in the - Cost savings following efficiency gains and
fragmented competitive environment expected IT/process improvements are not
- AWM’s overall internal strategy continuously achieved to the extent planned
driven by - Uncertainty around regulation and its
- Wealth creation and activation, potential implications not yet anticipated
- Growth of the retirement market, - Potential impact from strategic review of
- Insurance outsourcing, certain parts of the business
- New packaging innovation,
- Institutionalization of alternatives,
- Separation of alpha and beta,
- Climate Change and sustainable investing

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Statements 337337
Financial Report
Financial Report2012
2012 Notes to
Notes to the
theConsolidated
ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

Uncertainty associated with key assumptions and

Primary cash- Management’s approach to determining the potential events/circumstances that could have a
generating unit Description of key assumptions values assigned to key assumptions negative effect
- Cost savings in light of Group-wide OpEx - The key assumptions have been based on - Significant economic decline potentially
- Leading position in home market Germany, a combination of internal and external resulting in higher unemployment rates,
strong position in other European markets sources increasing credit loss provisions and lower
and growth options in key Asian countries - All assumptions regarding PBC’s future business growth
- Achievement of synergies between development are supported by respective - Continued low interest rates
Private & Deutsche Bank and Postbank on the projects and initiatives - Synergies related to Postbank acquisition
Business Clients revenue and the cost side - All initiatives were based on a business are not realized or are realized later than
- Market share gains in Germany using the case developed by management validated foreseen
strong advisory proposition by internal and external data - Costs to achieve the synergies are higher
- Leveraging stake in and cooperation with than foreseen
Hua Xia Bank in China and further organic
growth in India
- Continued execution of successful de-risking - The key assumptions have been based on - Potentially weaker macroeconomic
program a combination of internal and external environment due to protracted sovereign
- Continued capitalization of other divisions studies (consulting firms, research) debt crisis and potential contagion risk
sales and distribution networks to facilitate - Management estimates concerning the leading to slowdown in activity and reduced
Non-Core successful de-risking program timing and quantum of disposal costs ability to de-risk at an economically viable
Operations Unit level
Wholesale Assets - Structure and content of a range of
regulatory changes being drafted in various
jurisdictions could have a more severe
impact than anticipated
- Outcome of litigation cases
- Continued efforts to improve the underlying - The key assumptions have been based on - Potentially weaker macroeconomic
performance of operating assets in a combination of internal and external environment due to protracted sovereign
Non-Core preparation for eventual sale studies (consulting firms, research) debt crisis and potential contagion risk
Operations Unit - Management estimates concerning the leading to slowdown in activity and reduced
Operating Assets timing and quantum of future sale of ability to dispose of operating assets at an
operating assets economically viable level
- Outcome of litigation cases

Sensitivities: In validating the value in use determined for the CGUs, certain external factors as well as the
major value drivers of each CGU are reviewed regularly. Throughout 2012, share prices of banking stocks
continued to be volatile, suffering from the pronounced uncertainty of market participants. In this environment,
Deutsche Bank’s market capitalization remained below book value. In order to test the resilience of the value in
use, key assumptions used in the DCF model (for example, the discount rate and the earnings projections) are
sensitized. Management believes that the only CGUs where reasonable possible changes in key assumptions
could cause an impairment loss in new structure were CB&S and PBC, for which the recoverable amount
exceeded the respective carrying amount by 45 % or € 9.1 billion (CB&S) and 21 % or € 2.9 billion (PBC).

Change in certain key assumptions to cause the recoverable to equal the carrying amount

Change in Key Assumptions CB&S PBC

Discount rate (post tax) increase from/to 11.1 %/13.7 % 10.8 %/12.1 %
Projected future earnings in each period (21) % (13) %
Long term growth rates N/M1 N/M1
N/M – Not meaningful
1 A rate of 0 % would still lead to a recoverable amount in excess of the carrying amount.

The recoverable amounts of all remaining primary CGUs were substantially in excess of their respective
carrying amounts. A triggering event review as of December 31, 2012 confirmed that there was no indication
that the remaining goodwill of the primary CGUs might be impaired.

However, certain political or global risks for the banking industry such as a further escalation of the European
sovereign debt crisis, uncertainties regarding the implementation of already adopted regulation and the
introduction of legislation that is already under discussion as well as a prospective slowdown of GDP growth
may negatively impact the performance forecasts of certain of the Group’s CGUs and, thus, could result in an
impairment of goodwill in the future.

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Notes to the
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ConsolidatedBalance
BalanceSheet
Sheet
25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

Other Intangible Assets

The changes of other intangible assets by asset classes for the years ended December 31, 2012, and 2011,
are as follows.

Internally
generated Total other
intangible intangible
Purchased intangible assets assets assets
Unamortized Amortized Amortized
Total Total
Retail unamortized Customer- Contract- amortized
investment purchased related Value of based Software purchased
management intangible intangible business intangible and intangible
in € m. agreements Other assets assets acquired assets other assets Software
Cost of acquisition/manufacture:
Balance as of January 1, 2011 870 418 1,288 1,689 780 763 857 4,089 955 6,332
Additions − 4 4 30 10 37 28 105 476 585
Changes in the group of
consolidated companies − 29 29 (247) − 32 − (215) (26) (212)
Disposals − 1 1 − − 1 11 12 11 24
Reclassifications from
(to) 'held for sale' − − − 26 − (165) 33 (106) 6 (100)
Transfers − (3) (3) − − 12 (3) 9 13 19
Exchange rate changes 24 (1) 23 (2) 24 20 5 47 12 82
Balance as of December 31, 2011 894 446 1,340 1,496 814 698 909 3,917 1,425 6,682
Additions − − − 22 12 − 43 77 705 782
Changes in the group of
consolidated companies − − − − − − − − − −
Disposals − − − − − − 23 23 18 41
Reclassifications from
(to) 'held for sale' − − − − − − (1) (1) − (1)
Transfers − (4) (4) − − − 16 16 153 165
Exchange rate changes (16) (2) (18) 1 22 (12) (6) 5 (4) (17)
Balance as of December 31, 2012 878 440 1,318 1,519 848 686 938 3,991 2,261 7,570
Accumulated amortization
and impairment:
Balance as of January 1, 2011 96 1 97 401 104 157 406 1,068 334 1,499
Amortization for the year − − − 117 22 40 122 301 85 386 1
Changes in the group of
consolidated companies − − − − − − (7) (7) (6) (13)
Disposals − − − − − − 9 9 7 16
Reclassifications from
(to) 'held for sale' − − − 22 − (97) 27 (48) 5 (43)
Impairment losses − 2 2 − − − − − − 22
Reversals of impairment losses − − − − − − − − − −
Transfers − − − (1) − 1 (36) (36) 41 5
Exchange rate changes 3 (1) 2 2 4 6 7 19 12 33
Balance as of December 31, 2011 99 2 101 541 130 107 510 1,288 464 1,853
Amortization for the year − − − 114 31 37 100 282 174 456 3
Changes in the group of
consolidated companies − − − − − − − − − −
Disposals − − − − − − 20 20 16 36
Reclassifications from
− − − − − − (1) (1) − (1)
(to) 'held for sale'
Impairment losses 202 2 204 86 − − 3 89 95 388 4
Reversals of impairment losses − − − − − − − − − −
Transfers − − − (1) − − 11 10 (2) 8
Exchange rate changes (1) (2) (3) 1 3 (2) (11) (9) (8) (20)
Balance as of December 31, 2012 300 2 302 741 164 142 592 1,639 707 2,648
Carrying amount:
As of December 31, 2011 795 444 1,239 955 684 591 399 2,629 961 4,829
As of December 31, 2012 578 438 1,016 778 684 544 346 2,352 1,554 4,922
1 Of which € 380 million were included in general and administrative expenses and € 6 million were recorded in commissions and fee income. The latter related to the amortization of
mortgage servicing rights.
2 In 2011, impairments on unamortized intangible assets reflected a charge of € 2 million recorded in CB&S. The impairment related to the write-down of permits for a renewable energy
investment.
3 The € 456 million were included in general and administrative expenses.
4 Of which € 291 million were included in impairment of intangible assets, consisting of impairments of retail management agreements (€ 202 million), customer-related intangible assets
(€ 86 million) and trademarks (€ 2 million). Furthermore, € 96 million of impairments related to purchased (€ 1 million) and self-developed software (€ 95 million) were recorded in general
and administrative expenses.

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ConsolidatedBalance
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25 –– Goodwill
25 Goodwill and
andOther
OtherIntangible Assets
Intangible Assets

Amortized Intangible Assets

In 2012, additions to internally-generated intangible assets of € 705 million represent the capitalization of ex-
penses incurred in conjunction with the Group’s activities related to the development of internally generated
software. Impairments recorded on customer-related intangible assets totaling € (86) million included
€ (73) million in connection with measures initiated in the fourth quarter 2012 to turnaround the acquired com-
mercial banking activities in the Netherlands (GTB) and € (13) million related to the realignment of PBC’s Con-
sumer Banking proposition. The impairment of self-developed software of € (95) million was mainly the result
of changes in the planned deployment of an IT system in AWM.

In 2011, additions to amortized purchased intangible assets of € 105 million mainly included capitalized pay-
ments pertaining to new servicing arrangements related to the Group’s depository receipts programs (custom-
er-related intangible assets of € 30 million), capitalized expenses for purchased software (€ 28 million) and
deferred policy acquisition costs (€ 10 million) related to incremental costs of acquiring investment manage-
ment contracts which are commissions payable to intermediaries and business counterparties of the Group’s
insurance business (see Note 39 “Insurance and Investment Contracts”). Furthermore, the capitalization of
expenses incurred in relation to the Group’s activities related to the development of internally generated soft-
ware (€ 476 million) contributed to the increase of this intangible asset category.

Changes in the group of consolidated companies in 2011 mainly related to the finalization of the purchase price
allocation for the acquisition of Postbank which resulted in net refinements of € (200) million reflected in several
classes of other intangible assets. These included adjustments to customer-related amortizing intangible as-
sets of € (247) million, mainly representing refinements to customer relationships. Further adjustments related
to internally developed software (€ (20) million), beneficial contracts (€ 32 million) and trademarks (net
€ 35 million, thereof € 29 million related to the Postbank trademark which is classified as unamortized other
intangible asset).

In 2010, impairments recorded on other intangible assets of € 41 million included a charge of € 29 million
relating to the client portfolio of an acquired domestic custody services business recorded in GTB and a loss
of € 12 million recorded in the retirement of purchased software included in AWM.

Other intangible assets with finite useful lives are generally amortized over their useful lives based on the
straight-line method (except for the VOBA, as explained in Note 01 “Significant Accounting Policies” and
Note 39 “Insurance and Investment Contracts”).

Useful lives of other amortized intangible assets by asset class

Useful lives in
years
Internally generated intangible assets:
Software up to 10
Purchased intangible assets:
Customer-related intangible assets up to 25
Contract-based intangible assets up to 23
Value of business acquired up to 30
Other up to 80

Unamortized Intangible Assets

Within this asset class, the Group recognizes certain contract-based and marketing-related intangible assets,
which are deemed to have an indefinite useful life.

In particular, the asset class comprises the below detailed investment management agreements related to
retail mutual funds and certain trademarks. Due to the specific nature of these intangible assets, market pric-
es are ordinarily not observable and, therefore, the Group values such assets based on the income approach,
using a post-tax DCF-methodology.

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Balance Sheet
26 –– Non-Current
26 Non-Current Assets
Assets and
andDisposal Groups
Disposal HeldHeld
Groups for Sale
for Sale

Retail investment management agreements: These assets, amounting to € 578 million, relate to the Group’s
U.S. retail mutual fund business and is allocated to the AWM CGU. Retail investment management agree-
ments are contracts that give DWS Investments the exclusive right to manage a variety of mutual funds for a
specified period. Since these contracts are easily renewable, the cost of renewal is minimal, and they have a
long history of renewal, these agreements are not expected to have a foreseeable limit on the contract period.
Therefore, the rights to manage the associated assets under management are expected to generate cash
flows for an indefinite period of time. This intangible asset was recorded at fair value based upon a valuation
provided by a third party at the date of the Group’s acquisition of Zurich Scudder Investments, Inc. in 2002.

In 2012, a loss of € 202 million was recognized in the income statement as impairment of intangible assets.
The impairment loss was predominantly due to declines in the expected development of invested asset flows,
considering historical growth trends and impacts from the strategic review of the business conducted in 2012
as well as the competitive environment. In 2011, which also considered the then-announced strategic review of
certain parts of the AM business, and 2010, there were no impairments as the recoverable amounts exceeded
its carrying amount. The recoverable amount of the asset was calculated as fair value less costs to sell using
the multi-period excess earnings method.

Trademarks: The other unamortized intangible assets include the Postbank (allocated to CGU PBC) and the
Sal. Oppenheim (allocated to CGU AWM) trademarks, which were acquired in 2010. The Postbank trademark
was initially recognised in 2010 at € 382 million. In finalizing the purchase price allocation in 2011, the fair value
of the Postbank trademark increased to € 411 million. The Sal. Oppenheim trademark was recognised at
€ 27 million. Since both trademarks are expected to generate cash flows for an indefinite period of time, they
are classified as unamortized intangible assets. Both trademarks were recorded at fair value at the acquisition
date, based on third party valuations. Subsequent impairment reviews calculated the fair value less costs to
sell of the trademarks based on the income approach using the relief-from-royalty method. Since acquisition,
there have been no impairments.

26 –
Non-Current Assets and Disposal Groups Held for Sale

Within the balance sheet, non-current assets and disposal groups held for sale are included in Other assets
and Other liabilities.

in € m. Dec 31, 2012 Dec 31, 2011

Cash, due and deposits from banks, Central bank funds sold and
securities purchased under resale agreements 0 −
Trading assets, Derivatives, Financial assets designated at fair value though P&L − 2,012
Financial assets available for sale 4 115
Loans − −
Property and equipment 2 41
Other assets 101 198
Total assets classified as held for sale 107 2,366

Deposits, Central bank funds purchased and securities sold under resale agreements − −
Trading liabilities, Derivatives, Financial liabilities designated at fair value though P&L − −
Long-term debt − −
Other liabilities 78 1,669
Total liabilities classified as held for sale 78 1,669

As of December 31, 2012 and December 31, 2011, there were no unrealized net gains (losses) relating to non-
current assets and disposal groups classified as held for sale included in Accumulated other comprehensive
income.

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26 –– Non-Current
26 Non-Current Assets
Assets and
andDisposal Groups
Disposal HeldHeld
Groups for Sale
for Sale

Non-Current Assets and Disposal Groups Held for Sale as of December 31, 2012
In the fourth quarter 2012, the Group classified a wholly owned subsidiary as a disposal group held for sale.
The entity belongs to the Corporate Division GTB and provides merchant acquiring services to multi-national
clients of the Group. Pursuant to the sales agreement reached with the acquirer, the unit is expected to be sold
within one year. The classification of the disposal group to the held for sale category did not lead to an impair-
ment loss.

In the third quarter 2012, the Group classified several disposal groups, mainly consisting of foreclosures, as
held for sale within the Corporate Division CB&S. All assets are expected to be sold within one year. The clas-
sification as held for sale did not result in an impairment loss.

Within the Corporate Division AWM, the Group had also classified a disposal group, mainly consisting of real
estate fund units, as held for sale. The disposal of the unit closed in the first quarter 2013. The classification as
held for sale had led to an impairment loss of € 1 million, which was recognized in Other income in the second
quarter 2012.

BHF-BANK
On September 20, 2012, the Group announced that it has reached an agreement with Kleinwort Benson Group,
a wholly owned subsidiary of RHJ International, on the sale of BHF-BANK AG. The transaction is subject to
regulatory approvals. Closing is not expected to occur before the publication of this report. Given the uncertainty
created by outstanding substantive approvals, the Group does not consider held for sale classification appropri-
ate as of year-end 2012 and will not reclassify the disposal group as held for sale until such approvals are given.

Disposals in 2012
Division Disposal Financial impact 1 Date of the disposal
Former Corporate The exposure in Actavis mainly consisted of As a result of the substantial progress Fourth quarter 2012
Investments € 4.0 billion in loans and € 33 million in towards an agreement for a third party to
equity method investments. acquire Actavis, the Group recognized an
impairment loss of € 257 million in the first
quarter 2012, before its classification as
held for sale. The classification as held for
sale did not result in any additional impair-
ment loss. Ongoing negotiations with the
buyer may result in an adjustment to the
contractual purchase price.
Former Corporate Several buildings held as property and None. In 2012
Investments equipment.
Corporate Banking & A disposal group mainly including traded An impairment loss of € 22 million was First quarter 2012
Securities loans, mortgage servicing rights and finan- recorded in 2011.
cial guarantees.
Asset & Wealth Man- Several disposal groups and several assets None. In 2012
agement previously acquired as part of the acquisi-
tion of the Sal. Oppenheim Group.
1 Impairment losses and reversals of impairment losses are included in Other income.

Change in Classification in 2012

Date and reason for change
Division Change in classification Financial impact1 in classification
Corporate Banking & An investment in an associate. The classification of the investment as held Second quarter 2012,
Securities for sale led to an initial impairment loss of as despite attempts to
€ 2 million in 2011 and, due to a change in sell there have not
the fair value less cost to sell, to a reversal been any buyers.
of that impairment loss of € 2 million in the
first quarter 2012.
1 Impairment losses and reversals of impairment losses are included in Other income.

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26 –– Non-Current
26 Non-Current Assets
Assets and
andDisposal Groups
Disposal HeldHeld
Groups for Sale
for Sale

Non-Current Assets and Disposal Groups Held for Sale as of December 31, 2011
Division Non-current assets and disposal groups held for sale Financial impact1 Additional information
Corporate Banking & A disposal group, mainly consisting of traded An impairment loss of € 22 million was Disposals in 2012
Securities loans, mortgage servicing rights and finan- recorded in 2011.
cial guarantees.
Corporate Banking & An investment in an associate and several The classification as held for sale of the Change in Classification
Securities disposal groups. investment in an associate led to an impair- in 2012
ment loss of € 2 million in 2011. All other
classifications did not result in any impair-
ment loss.
Asset & Wealth Man- Several disposal groups, mainly including None. Disposals in 2012
agement property and equipment.
1 Impairment losses and reversals of impairment losses are included in Other income.

Disposals in 2011
1
Division Disposal Financial impact Date of the disposal
Former Corporate The Group headquarters in Frankfurt am Main. The classification of property and equipment Fourth quarter 2011
Investments of € 592 million as held for sale in the first
quarter 2011 resulted in an initial impairment
loss of € 34 million, with an additional im-
pairment loss of € 13 million recorded in the
second quarter 2011. On final settlement in
the fourth quarter 2011 and after adjustments
for retained assets, the Group sold assets of
€ 528 million, resulting in an impairment loss
of € 37 million equal to a reversal of
€ 10 million compared to the total impair-
ment losses previously incurred in the first
half 2011.
Corporate Banking & An investment in an associate, a subsidiary None. In 2011
Securities that mainly included a German real estate
investment property asset and several
disposal groups.
Asset & Wealth Man- A subsidiary and several assets (previously None. In 2011
agement acquired as part of the acquisition of the
Sal. Oppenheim Group).
Private & Business A non-core business activity. The classification as a disposal group with Second quarter 2011
Clients related goodwill of € 5 million resulted in an
impairment loss of € 3 million in 2011.
Private & Business Postbank’s Indian subsidiary None. First quarter 2011
Clients Deutsche Postbank Home Finance Ltd.
1 Impairment losses and reversals of impairment losses are included in Other income.

Change in Classification in 2011

Date and reason for the
Division Change in classification Financial impact1 change in classification
Former Corporate BHF-BANK None. Second quarter 2011,
Investments because negotiations
ended.
1 Impairment losses and reversals of impairment losses are included in Other income.

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28 –– Deposits
28 Deposits

27 –
Other Assets and Other Liabilities

in € m. Dec 31, 2012 Dec 31, 2011

Other assets:
Brokerage and securities related receivables
Cash/margin receivables 67,372 63,772
Receivables from prime brokerage 6,068 9,652
Pending securities transactions past settlement date 4,096 3,479
Receivables from unsettled regular way trades 19,758 45,907
Total brokerage and securities related receivables 97,295 122,810
Accrued interest receivable 3,216 3,598
Assets held for sale 107 2,366
Other 23,356 26,020
Total other assets 123,973 154,794

in € m. Dec 31, 2012 Dec 31, 2011

Other liabilities:
Brokerage and securities related payables
Cash/margin payables 74,646 58,419
Payables from prime brokerage 31,078 32,255
Pending securities transactions past settlement date 3,029 2,823
Payables from unsettled regular way trades 19,257 46,236
Total brokerage and securities related payables 128,010 139,733
Accrued interest payable 3,636 3,665
Liabilities held for sale 78 1,669
Other 37,820 42,749
Total other liabilities 169,544 187,816

For further details on the assets and liabilities held for sale please refer to Note 26 “Non-Current Assets and
Disposal Groups Held for Sale”.

28 –
Deposits

in € m. Dec 31, 2012 Dec 31, 2011

Noninterest-bearing demand deposits 143,920 99,047
Interest-bearing deposits
Demand deposits 135,030 163,618
Time deposits 172,007 202,979
Savings deposits 126,245 136,087
Total interest-bearing deposits 433,282 502,684
Total deposits 577,202 601,730

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29 –
Provisions

Movements by Class of Provisions

Home Savings Operational/
1
in € m. Business Litigation Restructuring Other Total
Balance as of January 1, 2011 866 516 − 603 1,985
Changes in the group of consolidated companies − 0 − 10 10
New provisions 166 860 − 312 1,338
Amounts used (124) (370) − (172) (666)
Unused amounts reversed (5) (197) − (116) (318)
Effects from exchange rate fluctuations/Unwind of discount 16 5 − 2 23
Other − 7 − 18 2 25
Balance as of December 31, 2011 919 822 − 655 2,396
Changes in the group of consolidated companies − − − (7) (7)
New provisions 182 2,689 326 921 4,118
Amounts used (130) (815) (141) (181) (1,267)
Unused amounts reversed (4) (82) (20) (225) (331)
Effects from exchange rate fluctuations/Unwind of discount (4) (10) 0 2 (12)
Other − − − (2) (2)
Balance as of December 31, 2012 963 2,604 165 1,163 4,895
1 For the remaining portion of provisions as disclosed on the consolidated balance sheet, please see Note 20 “Allowance for Credit Losses”, in which allowances for credit related off-
balance sheet positions are disclosed.
2 Includes mainly reclassifications (to)/from liabilities held for sale.

Classes of Provisions
Home Savings provisions arise out of the home savings business of Deutsche Postbank Group and Deutsche
Bank Bauspar-Aktiengesellschaft. In home savings, a customer enters into a building loan agreement, whereby
the customer becomes entitled to borrow on a building loan once the customer has on deposit with the lending
bank a targeted amount of money. In connection with the building loan agreement, arrangement fees are
charged and interest is paid on deposited amounts at a rate that is typically lower than that paid on other bank
deposits. In the event the customer determines not to make the borrowing, the customer becomes entitled to a
retroactive interest bonus, reflecting the difference between the low contract savings interest rate and a fixed
interest rate, currently substantially above market rate. The home savings provision relates to the potential
interest bonus and arrangement fee reimbursement liability. The model for the calculation of the potential inter-
est bonus liability includes parameters for the percentage of customer base impacted, applicable bonus rate,
customer status and timing of payment. Other factors impacting the provision are available statistical data
relating to customer behavior and the general environment likely to affect the business in the future.

Operational/Litigation provisions arise out of operational risk, which is the potential for failure (including the
legal component) in relation to employees, contractual specifications and documentation, technology, infra-
structure failure and disasters, external influences and customer relationships. This excludes business and
reputational risk. Operational risk issues may result in demands from customers, counterparties and regulatory
bodies or in legal proceedings.

Restructuring provisions arise out of restructuring activities. The Group aims to enhance its long-term competi-
tiveness through major reductions in costs, duplication and complexity in the years ahead. For details see Note
11 “Restructuring”.

Other provisions include several specific items arising from a variety of different circumstances, including a
contingent liability relating to certain businesses acquired from Sal. Oppenheim Group (see Note 04 “Acquisi-
tions and Dispositions”), deferred sales commissions, the provision for the United Kingdom bank levy and a
provision under the credit card business cooperation of Deutsche Bank and Hua Xia Bank (see Note 37 “Re-
lated Party Transactions”).

Other provisions also include amounts for mortgage repurchase demands. From 2005 through 2008, as part of
Deutsche Bank’s U.S. residential mortgage loan business, Deutsche Bank sold approximately U.S. $ 84 billion

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of private label securities and U.S. $ 71 billion of loans through whole loan sales, including to U.S. government-
sponsored entities such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association. Deutsche Bank has been presented with demands to repurchase loans from or to indemnify pur-
chasers, investors or financial insurers with respect to losses allegedly caused by material breaches of repre-
sentations and warranties. Deutsche Bank’s general practice is to process valid repurchase demands that are
presented in compliance with contractual rights.

As of December 31, 2012, Deutsche Bank has approximately U.S. $ 4.6 billion of outstanding mortgage repur-
chase demands (based on original principal balance of the loans). Against these outstanding demands,
Deutsche Bank has established provisions of € 341 million in 2012. There are other potential mortgage loan
repurchase demands that Deutsche Bank anticipates may be made, but Deutsche Bank cannot reliably esti-
mate their timing or amount.

As of December 31, 2012, Deutsche Bank has completed repurchases and otherwise settled claims on loans
with an original principal balance of approximately U.S. $ 2.6 billion. In connection with those repurchases and
settlements, Deutsche Bank has obtained releases for potential claims on approximately U.S. $ 41.6 billion of
loans sold by Deutsche Bank as described above.

Contingent Liabilities
Contingent liabilities can arise from present obligations and from possible obligations arising from past events.
The Group recognizes a provision for potential loss only when there is a present obligation arising from a past
event that is probable to result in an economic outflow and that can be reliably estimated. For significant con-
tingent liabilities for which the possibility of a future loss is more than remote but less than probable, the Group
estimates the possible loss where the Group believes that an estimate can be made.

The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. As a
result, the Group is involved in litigation, arbitration and regulatory proceedings in Germany and in a number of
jurisdictions outside Germany, including the United States, arising in the ordinary course of business. The legal
and regulatory claims for which the Group has taken material provisions or for which there are material contin-
gent liabilities that are more than remote are described below; similar matters are grouped together and some
matters consist of a number of claims. The estimated loss in respect of each, where such an estimate can be
made, has not been disclosed for individual matters because the Group has concluded that such disclosure
can be expected to seriously prejudice their outcome. Where a provision has been taken for a particular claim,
no contingent liability is recorded.

In determining for which of the claims the possibility of a loss is more than remote, and then estimating the
possible loss for those claims, the Group takes into consideration a number of factors, including but not limited
to the nature of the claim and its underlying facts, the procedural posture and litigation history of each case,
rulings by the courts or tribunals, the Group’s experience and the experience of others in similar cases (to the
extent this is known to the Group), prior settlement discussions, settlements by others in similar cases (to the
extent this is known to the Group), available indemnities and the opinions and views of legal counsel and other
experts. There are other disclosed matters for which the possibility of a loss is more than remote but for which
such an estimate cannot be made. For those matters where an estimate can be made, the Group currently
estimates that, as of December 31, 2012, the aggregate future loss of which the possibility is more than remote
but less than probable is approximately € 1.5 billion (2011: € 2.2 billion). This figure includes contingent liabili-
ties on matters where the Group’s potential liability is joint and several and where the Group expects any such
liability to be paid by a third party.

This estimated possible loss, as well as any provisions taken, is based upon currently available information
and is subject to significant judgment and a variety of assumptions, variables and known and unknown uncer-
tainties. These uncertainties may include inaccuracies in or incompleteness of the information available to the
Group, particularly at the preliminary stages of matters, and assumptions by the Group as to future rulings of
courts or other tribunals or the likely actions or positions taken by regulators or adversaries may prove incorrect.

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Moreover, estimates of possible loss for these matters are often not amenable to the use of statistical or other
quantitative analytical tools frequently used in making judgments and estimates, and are subject to even great-
er degrees of uncertainty than in many other areas where the Group must exercise judgment and make esti-
mates.

The matters for which the Group determines that the possibility of a future loss is more than remote will change
from time to time, as will the matters as to which an estimate can be made and the estimated possible loss for
such matters. Actual results may prove to be significantly higher or lower than the estimate of possible loss in
those matters where such an estimate was made. In addition, loss may be incurred in matters with respect to
which the Group believed the likelihood of loss was remote. In particular, the estimated aggregate possible loss
does not represent the Group’s potential maximum loss exposure for those matters.

The Group may settle litigation or regulatory proceedings prior to a final judgment or determination of liability. It
may do so to avoid the cost, management efforts or negative business, regulatory or reputational consequenc-
es of continuing to contest liability, even when the Group believes it has valid defenses to liability. It may also
do so when the potential consequences of failing to prevail would be disproportionate to the costs of settlement.
Furthermore, the Group may, for similar reasons, reimburse counterparties for their losses even in situations
where it does not believe that it is legally compelled to do so.

Auction Rate Securities Litigation. Deutsche Bank and Deutsche Bank Securities Inc. (“DBSI”) have been
named as defendants in twenty-one actions asserting various claims under the federal securities laws and
state common law arising out of the sale of auction rate preferred securities and auction rate securities (to-
gether, “ARS”). Of those twenty-one actions, one is pending and twenty have been resolved or dismissed with
prejudice. Deutsche Bank and DBSI were the subjects of a putative class action, filed in the United States
District Court for the Southern District of New York, asserting various claims under the federal securities laws
on behalf of all persons or entities who purchased and continue to hold ARS offered for sale by Deutsche Bank
and DBSI between March 17, 2003 and February 13, 2008. In December 2010, the court dismissed the puta-
tive class action with prejudice. After initially filing a notice of appeal, the plaintiff voluntarily withdrew and dis-
missed the appeal in December 2011. Deutsche Bank was also named as a defendant, along with ten other
financial institutions, in two putative class actions, filed in the United States District Court for the Southern
District of New York, asserting violations of the antitrust laws. The putative class actions allege that the defend-
ants conspired to artificially support and then, in February 2008, restrain the ARS market. On or about Janu-
ary 26, 2010, the court dismissed the two putative class actions. The plaintiffs filed appeals of the dismissals
with the Second Circuit Court of Appeals. On March 5, 2013, the Second Circuit affirmed dismissal of the two
putative class actions.

Interbank Offered Rates Matters. Deutsche Bank has received subpoenas and requests for information from
various regulatory and law enforcement agencies in Europe, North America and Asia Pacific in connection with
industry-wide investigations concerning the setting of London Interbank Offered Rate (LIBOR), Euro Interbank
Offered Rate (EURIBOR), Tokyo Interbank Offered Rate (TIBOR), Singapore Interbank Offered Rate (SIBOR)
and other interbank offered rates. Deutsche Bank is cooperating with these investigations.

In connection with the above-referenced investigations, in the period from mid-2012 to early 2013, three
financial institutions entered into settlements with the U.K. Financial Services Authority, U.S. Commodity
Futures Trading Commission and U.S. Department of Justice (DOJ). While the terms of the various settlements
differed, they all involved significant financial penalties and regulatory consequences. For example, one
financial institution’s settlement included a Deferred Prosecution Agreement, pursuant to which the DOJ
agreed to defer prosecution of criminal charges against that entity provided that the financial institution satisfies
the terms of the Deferred Prosecution Agreement. The terms of the other financial institutions’ settlements
included Non-Prosecution Agreements, pursuant to which the DOJ agreed not to file criminal charges against
the entities so long as certain conditions are met. In addition, affiliates of two of the financial institutions agreed
to plead guilty to a crime in a United States court for related conduct.

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In addition, a number of civil actions, including putative class actions, are pending in federal court in the United
States District Court for the Southern District of New York against Deutsche Bank and numerous other banks.
All but one of these actions are filed on behalf of certain parties who allege that they held or transacted in U.S.
Dollar LIBOR-based derivatives or other financial instruments and sustained losses as a result of collusion or
manipulation by the defendants regarding the setting of U.S. Dollar LIBOR. These U.S. Dollar LIBOR civil
actions have been consolidated for pre-trial purposes, and Deutsche Bank and the other bank defendants
moved to dismiss the amended complaints that had been filed by the end of April 2012. On March 29, 2013,
the Court dismissed a substantial portion of plaintiffs’ claims, such as the federal and state antitrust claims. The
Court allowed some manipulation claims to proceed and granted plaintiffs’ motion to amend their complaints
based on information that emerged in regulatory settlements.

Additional complaints against Deutsche Bank and other banks relating to the alleged manipulation of U.S.
Dollar LIBOR have been filed in or otherwise transferred to the Southern District of New York by the Judicial
Panel on Multidistrict Litigation but have stayed pending the resolution of the motions to dismiss. Other actions
against Deutsche Bank and other banks concerning U.S. Dollar LIBOR are currently pending in other federal
district courts, and defendants are seeking to have them transferred to the Southern District of New York. One
complaint relating to the alleged manipulation of Yen LIBOR and Euroyen TIBOR has also been filed in the
Southern District of New York. Claims for damages are asserted under various legal theories, including
violations of the Commodity Exchange Act, state and federal antitrust laws, the Racketeer Influcenced and
Corrupt Organizations Act and other state laws.

Kirch Litigation. In May 2002, Dr. Leo Kirch personally and as an assignee of two entities of the former Kirch
Group, i.e., PrintBeteiligungs GmbH and the group holding company TaurusHolding GmbH & Co. KG, initiated
legal action against Dr. Rolf-E. Breuer and Deutsche Bank alleging that a statement made by Dr. Breuer (then
the Spokesman of Deutsche Bank’s Management Board) regarding the Kirch Group in an interview with
Bloomberg television on February 4, 2002, was in breach of laws and resulted in financial damage.

On January 24, 2006, the German Federal Supreme Court sustained the action for the declaratory judgment
only in respect of the claims assigned by PrintBeteiligungs GmbH. Such action and judgment did not require a
proof of any loss caused by the statement made in the interview. PrintBeteiligungs GmbH is the only company
of the Kirch Group which was a borrower of Deutsche Bank. Claims by Dr. Kirch personally and by Taurus-
Holding GmbH & Co. KG were dismissed. In May 2007, Dr. Kirch filed an action for payment of approximately
€ 1.3 billion plus interest as assignee of PrintBeteiligungs GmbH against Deutsche Bank and Dr. Breuer. On
February 22, 2011, the District Court Munich I dismissed the lawsuit in its entirety. Dr. Kirch has filed an appeal
against the decision. In these proceedings Dr. Kirch has to prove that such statement caused financial damag-
es to PrintBeteiligungs GmbH and the amount thereof.

On December 31, 2005, KGL Pool GmbH filed a lawsuit against Deutsche Bank and Dr. Breuer. The lawsuit is
based on alleged claims assigned from various subsidiaries of the former Kirch Group. KGL Pool GmbH seeks
a declaratory judgment to the effect that Deutsche Bank and Dr. Breuer are jointly and severally liable for dam-
ages as a result of the interview statement and the behavior of Deutsche Bank in respect of several subsidiar-
ies of the Kirch Group. In December 2007, KGL Pool GmbH supplemented this lawsuit by a motion for pay-
ment of approximately € 2.0 billion plus interest as compensation for the purported damages which two subsid-
iaries of the former Kirch Group allegedly suffered as a result of the statement by Dr. Breuer. On March 31,
2009, the District Court Munich I dismissed the lawsuit in its entirety. KGL Pool GmbH appealed the decision.
On December 14, 2012, the appellate court altered the judgment by District Court Munich I and held that
Deutsche Bank and Dr. Breuer are liable for damages assigned by one subsidiary of the former Kirch Group
and claimed under the motion for payment, rendered a declaratory judgment in favor of certain subsidiaries
and dismissed the claims assigned by certain other subsidiaries. On March 12, 2013, the appellate court
handed down the written judgment containing the reasons. Deutsche Bank and Dr. Breuer filed a request for
leave to appeal with the German Federal Supreme Court. As a next step, the appellate court will request an
expert opinion on possible damages to decide on the amount owed under the payment claim.

Mortgage-Related and Asset-Backed Securities Matters. Deutsche Bank AG, along with certain affiliates (col-
lectively referred in these paragraphs to as “Deutsche Bank”), have received subpoenas and requests for in-
formation from certain regulators and government entities concerning its activities regarding the origination,

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purchase, securitization, sale and/or trading of mortgage loans, residential mortgage-backed securities
(RMBS), collateralized debt obligations, other asset-backed securities, commercial paper and credit derivatives.
Deutsche Bank is cooperating fully in response to those subpoenas and requests for information.

Deutsche Bank has been named as defendant in numerous civil litigations in various roles as issuer or under-
writer in offerings of RMBS and other asset-backed securities. These cases include putative class action suits,
actions by individual purchasers of securities, actions by trustees on behalf of RMBS trusts, and actions by
insurance companies that guaranteed payments of principal and interest for particular tranches of securities
offerings. Although the allegations vary by lawsuit, these cases generally allege that the RMBS offering docu-
ments contained material misrepresentations and omissions, including with regard to the underwriting stand-
ards pursuant to which the underlying mortgage loans were issued, or assert that various representations or
warranties relating to the loans were breached at the time of origination.

Deutsche Bank and several current or former employees were named as defendants in a putative class action
commenced on June 27, 2008, relating to two Deutsche Bank-issued RMBS offerings. Following a mediation,
the court has approved a settlement of the case.

Deutsche Bank is a defendant in putative class actions relating to its role, along with other financial institutions,
as underwriter of RMBS issued by various third-parties and their affiliates including Countrywide Financial
Corporation, IndyMac MBS, Inc., Novastar Mortgage Corporation, and Residential Accredit Loans, Inc. These
cases are in various stages up through discovery. On March 29, 2012, the United States District Court for the
Southern District of New York dismissed with prejudice and without leave to replead the putative Novastar
Mortgage Corporation class action, which the plaintiffs appealed. On March 1, 2013, the United States Court of
Appeals for the Second Circuit reversed the dismissal and remanded the case for further proceedings to the
District Court.

Deutsche Bank is a defendant in various non-class action lawsuits by alleged purchasers of, and counterpar-
ties involved in transactions relating to, RMBS, and their affiliates, including Allstate Insurance Company, Asset
Management Fund, Assured Guaranty Municipal Corporation, Bayerische Landesbank, Cambridge Place
Investments Management Inc., the Federal Deposit Insurance Corporation (as conservator for Colonial Bank,
Franklin Bank S.S.B., Guaranty Bank, Citizens National Bank and Strategica Capital Bank), the Federal Home
Loan Bank of Boston, the Federal Home Loan Bank of San Francisco, the Federal Home Loan Bank of Seattle,
the Federal Housing Finance Agency (as conservator for Fannie Mae and Freddie Mac), HSBC Bank USA,
National Association (as trustee for certain RMBS trusts), Freedom Trust 2011-2, John Hancock, Landesbank
Baden-Württemberg, Mass Mutual Life Insurance Company, Moneygram Payment Systems, Inc., Phoenix
Light SF Limited (as purported assignee of claims of special purpose vehicles created and/or managed by
WestLB AG), Royal Park Investments (as purported assignee of claims of a special-purpose vehicle created to
acquire certain assets of Fortis Bank), RMBS Recovery Holdings 4, LLC, VP Structured Products, LLC, Sealink
Funding Ltd. (as purported assignee of claims of special purpose vehicles created and/or managed by Sach-
sen Landesbank and its subsidiaries), Spencerview Asset Management Ltd., The Charles Schwab Corporation,
The Union Central Life Insurance Company, The Western and Southern Life Insurance Co., and the West
Virginia Investment Management Board. These civil litigations are in various stages up through discovery.

In the actions against Deutsche Bank solely as an underwriter of other issuers’ RMBS offerings, Deutsche
Bank has contractual rights to indemnification from the issuers, but those indemnity rights may in whole or in
part prove effectively unenforceable where the issuers are now or may in the future be in bankruptcy or other-
wise defunct.

On February 6, 2012, the United States District Court for the Southern District of New York issued an order
dismissing claims brought by Dexia SA/NV and Teachers Insurance and Annuity Association of America and
their affiliates, and on January 4, 2013, the court issued an opinion explaining the basis for this order. The court
dismissed some of the claims with prejudice and granted the plaintiffs leave to replead other claims. The plain-
tiffs repled the claims dismissed without prejudice by filing a new complaint on February 4, 2013.

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Balance Sheet
30 –– Credit
30 Credit related
relatedCommitments
Commitments andand
Contingent Liabilities
Contingent Liabilities

On July 16, 2012, the Minnesota District Court dismissed with prejudice without leave to replead claims by
Moneygram Payment Systems, Inc., which the plaintiffs have appealed. On January 13, 2013, Moneygram
filed a summons with notice in New York State Supreme Court seeking to assert claims similar to those dis-
missed in Minnesota.

On February 4, 2013, pursuant to the terms of a settlement agreement, Stichting Pensioenfonds ABP dis-
missed two lawsuits that had been filed against Deutsche Bank. The financial terms of the settlement are not
material to Deutsche Bank.

A number of entities have threatened to assert claims against Deutsche Bank in connection with various RMBS
offerings and other related products, and Deutsche Bank has entered into agreements with a number of these
entities to toll the relevant statutes of limitations. It is possible that these potential claims may have a material
impact on Deutsche Bank. In addition, Deutsche Bank has entered into settlement agreements with some of
these entities, the financial terms of which are not material to Deutsche Bank.

On May 8, 2012, Deutsche Bank reached a settlement with Assured Guaranty Municipal Corporation regarding
claims on certain residential mortgage-backed securities (RMBS) issued and underwritten by Deutsche Bank
that are covered by financial guaranty insurance provided by Assured. Pursuant to this settlement, Deutsche
Bank made a payment of U.S.$ 166 million and agreed to participate in a loss share arrangement to cover a
percentage of Assured’s future losses on certain RMBS issued by Deutsche Bank. This settlement resolves
two litigations with Assured relating to financial guaranty insurance and limits claims in a third litigation where
all the underlying mortgage collateral was originated by Greenpoint Mortgage Funding, Inc. (a subsidiary of
Capital One), which is required to indemnify Deutsche Bank.

U.S. Embargoes-Related Matters. Deutsche Bank has received requests for information from regulatory agen-
cies concerning its historical processing of US-Dollar payment orders through U.S. financial institutions for
parties from countries subject to U.S. embargo laws and as to whether such processing complied with U.S.
and state laws. Deutsche Bank is cooperating with the regulatory agencies.

30 –
Credit related Commitments and Contingent Liabilities
In the normal course of business the Group regularly enters into irrevocable lending commitments as well as
contingent liabilities consisting of financial and performance guarantees, standby letters of credit and indemnity
agreements on behalf of its customers. Under these contracts the Group is required to perform under an obli-
gation agreement or to make payments to the beneficiary based on third party’s failure to meet its obligations.
For these instruments it is not known to the Group in detail if, when and to what extent claims will be made.
The Group considers these instruments in monitoring the credit exposure and may require collateral to mitigate
inherent credit risk. If the credit risk monitoring provides sufficient perception about a loss from an expected
claim, a provision is established and recorded on the balance sheet.

The following table shows the Group’s irrevocable lending commitments and lending related contingent liabili-
ties without considering collateral or provisions. It shows the maximum potential utilization of the Group in case
all these liabilities entered into must be fulfilled. The table therefore does not show the expected future cash
flows from these liabilities as many of them will expire without being drawn and arising claims will be honored
by the customers or can be recovered from proceeds of arranged collateral.

Irrevocable lending commitments and lending related contingent liabilities

in € m. Dec 31, 2012 Dec 31, 2011
Irrevocable lending commitments 129,657 127,995
Contingent liabilities 68,361 73,653
Total 198,018 201,648

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32 –– Long-Term
32 Long-Term Debt
DebtandandTrust
TrustPreferred Securities
Preferred Securities

Government Assistance
In the course of its business, the Group regularly applies for and receives government support by means of
Export Credit Agency (“ECA”) guarantees covering transfer and default risks for the financing of exports and
investments into Emerging Markets and to a lesser extent, developed markets for Structured Trade & Export
Finance business. Almost all export-oriented states have established such ECAs to support their domestic
exporters. The ECAs act in the name and on behalf of the government of their respective country and are either
constituted directly as governmental departments or organized as private companies vested with the official
mandate of the government to act on its behalf. Terms and conditions of such ECA guarantees granted for short-
term, mid-term and long-term financings are quite comparable due to the fact that most of the ECAs act within
the scope of the Organisation for Economic Cooperation and Development (“OECD”) consensus rules. The
OECD consensus rules, an intergovernmental agreement of the OECD member states, define benchmarks to
ensure that a fair competition between different exporting nations will take place.

In some countries dedicated funding programs with governmental support are offered for ECA-covered fi-
nancings. On a selective basis, the Group makes use of such programs. In certain financings, the Group also
receives government guarantees from national and international governmental institutions as collateral to sup-
port financings in the interest of the respective governments. The majority of such ECA guarantees received by
the Group were issued either by the Euler-Hermes Kreditversicherungs AG acting on behalf of the Federal
Republic of Germany or by the Commodity Credit Corporation acting on behalf of the United States.

31 –
Other Short-Term Borrowings

in € m. Dec 31, 2012 Dec 31, 2011

Other short-term borrowings:
Commercial paper 23,616 30,807
Other 45,444 34,549
Total other short-term borrowings 69,060 65,356

32 –
Long-Term Debt and Trust Preferred Securities

Long-Term Debt by Earliest Contractual Maturity

Total Total
Due in Due in Due in Due in Due in Due after Dec 31, Dec 31,
in € m. 2013 2014 2015 2016 2017 2017 2012 2011
Senior debt:
Bonds and notes:
Fixed rate 12,382 11,154 11,682 10,418 13,313 31,063 90,012 98,4521
Floating rate 10,231 4,441 2,608 2,239 3,270 6,687 29,476 37,8551
Subordinated debt:
Bonds and notes:
Fixed rate 1,101 390 708 500 − 1,519 4,218 3,373 1
Floating rate 4,174 178 84 − − 131 4,567 4,068 1
Other 12,033 1,384 1,917 1,000 1,930 11,559 29,824 19,668
Total long-term debt 39,920 17,548 16,999 14,157 18,513 50,959 158,097 163,416
1 Prior year amounts have been amended.

The Group did not have any defaults of principal, interest or other breaches with respect to its liabilities in 2012
and 2011.

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33 –– Common
33 Common Shares
Shares

1
Trust Preferred Securities
in € m. Dec 31, 2012 Dec 31, 2011
Fixed rate 10,024 11,402
Floating rate 2,067 942
Total trust preferred securities 12,091 12,344
1 Perpetual instruments, redeemable at specific future dates at the Group’s option.

Additional Notes

33 –
Common Shares

Common Shares
Deutsche Bank’s share capital consists of common shares issued in registered form without par value. Under
German law, each share represents an equal stake in the subscribed capital. Therefore, each share has a
nominal value of € 2.56, derived by dividing the total amount of share capital by the number of shares.

Issued and
Number of shares fully paid Treasury shares Outstanding
Common shares, January 1, 2011 929,499,640 (10,437,280) 919,062,360
Shares issued under share-based compensation plans − − −
Capital increase − − −
Shares purchased for treasury − (381,738,342) (381,738,342)
Shares sold or distributed from treasury − 367,286,623 367,286,623
Common shares, December 31, 2011 929,499,640 (24,888,999) 904,610,641
Shares issued under share-based compensation plans − − −
Capital increase − − −
Shares purchased for treasury − (381,117,111) (381,117,111)
Shares sold or distributed from treasury − 405,690,368 405,690,368
Common shares, December 31, 2012 929,499,640 (315,742) 929,183,898

There are no issued ordinary shares that have not been fully paid.

Shares purchased for treasury consist of shares held by the Group for a period of time, as well as any shares
purchased with the intention of being resold in the short-term. In addition, the Group has bought back shares
for equity compensation purposes. All such transactions were recorded in shareholders’ equity and no reve-
nues and expenses were recorded in connection with these activities. Treasury stock held as of year-end will
mainly be used for future share-based compensation.

Authorized Capital
The Management Board is authorized to increase the share capital by issuing new shares for cash and in
some circumstances noncash consideration. As of December 31, 2012, Deutsche Bank AG had authorized but
unissued capital of € 1,152,000,000 which may be issued in whole or in part until April 30, 2016. Further details
are governed by Section 4 of the Articles of Association.

Authorized capital Consideration Pre-emptive rights Expiration date

€ 230,400,000 Cash May be excluded pursuant to Section 186 (3) sentence 4 of the Stock April 30, 2016
Corporation Act
€ 230,400,000 Cash or noncash May be excluded if the capital increase is for noncash consideration with April 30, 2016
the intent of acquiring a company or holdings in a company
€ 691,200,000 Cash May not be excluded April 30, 2016

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Conditional Capital
The Management Board is authorized to issue once or more than once, participatory notes that are linked with
conversion rights or option rights and/or convertible bonds and/or bonds with warrants. The participatory notes,
convertible bonds or bonds with warrants may also be issued by affiliated companies of Deutsche Bank AG.
For this purpose share capital was increased conditionally upon exercise of these conversion and/or exchange
rights or upon mandatory conversion.

Expiration date for the

issuance of conversion
Contingent capital and/or option rights
€ 230,400,000 April 30, 2015
€ 230,400,000 April 30, 2016
€ 230,400,000 April 30, 2017

Dividends
The following table presents the amount of dividends proposed or declared for the years ended Decem-
ber 31, 2012, 2011 and 2010, respectively.

2012
(proposed) 2011 2010
1
Cash dividends declared (in € m.) 697 697 697
Cash dividends declared per common share (in €) 0.75 0.75 0.75
1 Cash dividend for 2012 is based on the number of shares issued as of December 31, 2012.

No dividends have been declared since the balance sheet date.

34 –
Employee Benefits

Share-Based Compensation Plans

The Group made grants of share-based compensation under the DB Equity Plan. This plan represents a con-
tingent right to receive Deutsche Bank common shares after a specified period of time. The award recipient is
not entitled to receive dividends during the vesting period of the award.

The share awards granted under the terms and conditions of the DB Equity Plan may be forfeited fully or partly
if the recipient voluntarily terminates employment before the end of the relevant vesting period. Vesting usually
continues after termination of employment in cases such as redundancy or retirement.

In countries where legal or other restrictions hinder the delivery of shares, a cash plan variant of the DB Equity
Plan was used for granting awards.

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The following table sets forth the basic terms of these share plans.

Grant year(s) Deutsch Bank Equity Plan Vesting schedule Early retirement provisions Eligibility
2012/ Annual Award 1/3: 12 months1 Yes Select employees as
2011 1/3: 24 months1 annual retention
1/3: 36 months1
Retention/New Hire Individual specification Yes Select employees to attract
or retain key staff
Annual Award - Upfront Vesting immediately No Regulated employees
at grant2
2010 Annual Award Graded vesting in nine equal Yes Select employees as
tranches between 12 months annual retention
and 45 months
Or cliff vesting after Yes Select employees as
45 months annual retention
Retention/New Hire Individual specification No Select employees to attract
or retain key staff
2009 Annual Award 50 %: 24 months No Select employees as
25 %: 36 months annual retention
25 %: 48 months
Retention/New Hire Individual specification No Select employees to attract
or retain key staff
1 For regulated employees share delivery after a further retention period of six months. For members of the Management Board a different schedule applies.
2 For regulated employees share delivery after a retention period of six months. For members of the Management Board share delivery after a retention period of
three years.

Furthermore, the Group offers a broad-based employee share ownership plan entitled Global Share Purchase
Plan (“GSPP”). Employees in select countries are granted up to ten shares per employee after a savings peri-
od of one year and a subsequent vesting period of one more year. As of December 31, 2012, entities in
37 countries enrolled in the new plan.

The Group has other local share-based compensation plans, none of which, individually or in the aggregate,
are material to the consolidated financial statements.

Activity for Share Plans

Weighted-average
Share units grant date fair
(in thousands) value per unit
Balance as of December 31, 2010 68,915 € 40.31
Granted 28,022 € 40.54
Issued (24,150) € 49.12
Forfeited (3,092) € 37.86
Balance as of December 31, 2011 69,695 € 37.37
Granted 38,648 € 30.00
Issued (43,425) € 33.80
Forfeited (2,419) € 38.37
Balance as of December 31, 2012 62,499 € 35.25

The table also includes the grants under the cash plan variant of the DB Equity Plan.

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Share-based payment transactions resulting in a cash payment give rise to a liability, which amounted to approxi-
mately € 44 million, € 35 million and € 33 million for the years ended December 31, 2012, 2011 and 2010, re-
spectively.

As of December 31, 2012, the grant volume of outstanding share awards was approximately € 2.2 billion.
Thereof, € 1.6 billion had been recognized as compensation expense in the reporting year or prior to that.
Hence, compensation expense for deferred share-based compensation not yet recognized amounted to
€ 0.6 billion as of December 31, 2012.

In addition to the amounts shown in the table above, approximately 14.8 million shares were issued to plan
participants in February 2013, resulting from the vesting of DB Equity Plan awards granted in prior years
(thereof 0.6 million units under the cash plan variant of this DB Equity Plan).

Furthermore, in February 2013 the Group granted awards of approximately 23.2 million units, with an average
fair value of € 36.07 per unit under the DB Equity Plan with modified plan conditions for 2013. Approximately
0.7 million units of these grants were made under the cash plan variant of this DB Equity Plan.

Taking into account the units issued and granted in February 2013 the balance of outstanding shares awards as
of month-end February 2013 is approximately 71 million units.

Post-employment Benefit Plans

Nature of Plans
The Group sponsors a number of post-employment benefit plans on behalf of its employees, both defined
contribution plans and defined benefit plans. The Group’s plans are accounted for based on the nature and
substance of the plan.

The Group’s defined benefit plans are classified into retirement benefit plans, such as pension plans, and post-
employment medical plans. The majority of the Group’s defined benefit plan commitments relate to beneficiar-
ies of retirement benefit plans in Germany, the United Kingdom and the United States. For such plans, the
value of a participant’s accrued benefit is based primarily on each employee’s remuneration and length of
service. The Group maintains various external pension trusts to fund the majority of its retirement benefit plan
obligations.

The Group also maintains various post-employment medical plans for a number of current and retired employ-
ees who are mainly located in the United States. These plans pay stated percentages of medical expenses of
eligible retirees after a stated deductible has been met. The Group accrues for these obligations over the ser-
vice of the employee and pays the benefits from Group assets when the benefits become due. Once a retiree
is eligible for Medicare the retiree is no longer eligible under the Group’s medical plan and the Group makes a
contribution to a Health Reimbursement Account for that retiree.

The Group’s Pensions Risk Committee oversees risks related to the Group’s post-employment benefit plans
around the world. Within this context it develops and maintains guidelines for governance and risk management,
including funding, asset allocation and actuarial assumption setting.

The Group’s funding policy is to maintain coverage of the defined benefit obligation (“DBO”) by plan assets
within a range of 90 % to 100 % of the obligation, subject to meeting any local statutory requirements. Never-
theless, the Group has determined that certain plans should remain unfunded. Obligations for the Group’s
unfunded plans are accrued on the balance sheet.

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Benefits

In Germany, the Group is a member of the BVV together with other financial institutions. The BVV offers re-
tirement benefits to eligible employees in Germany as a complement to post-employment benefit promises of
the Group. The BVV provides annuities of a fixed amount to individuals on retirement and increases these
fixed amounts if surplus assets arise within the BVV. The subsidiary liability for providing the benefits lies with
the employer in Germany. The Group classifies the BVV plan as a multi-employer plan and accounts for it as a
defined contribution plan since insufficient information is available to identify assets and liabilities relating to the
Group’s current and former employees. In 2012, expenses for the contributions to the BVV were € 51 million
(2011: € 53 million). In addition, the Group’s expenses for defined contribution plans also include annual contri-
butions by Deutsche Postbank AG to the special pension fund for postal civil servants of € 105 million
(2011: € 112 million).

Reconciliation in Movement of Liabilities and Assets – Impact on Balance sheet

Retirement benefit plans Post-employment medical plans
in € m. 2012 2011 2012 2011
Change in defined benefit obligation:
Balance, beginning of year 12,974 12,071 164 154
Current service cost 257 248 4 3
Interest cost 619 600 7 7
Contributions by plan participants 19 19 − −
Actuarial loss (gain) 1,503 458 (7) 18
Exchange rate changes 45 136 (3) 5
Benefits paid (618) (563) (9) (8)
Past service cost (credit) 30 21 − (15)
Acquisitions − − − −
Divestitures − (17) − −
Settlements/curtailments (2) (1) − −
Other 1 3 2 8 −
Balance, end of year 14,830 12,974 164 164
thereof: in unfunded plans 1,351 1,162 164 164
thereof: in funded plans 13,479 11,812 − −
Change in fair value of plan assets:
Balance, beginning of year 12,594 11,076 − −
Expected return on plan assets 577 531 − −
Actuarial gain (loss) 650 1,165 − −
Exchange rate changes 85 152 − −
Contributions by the employer 160 117 − −
Contributions by plan participants 19 19 − −
Benefits paid 2 (481) (464) − −
Acquisitions − − − −
Divestitures − (12) − −
Settlements (2) 9 − −
Other 1 0 1 − −
Balance, end of year 13,602 12,594 − −
Funded status, end of year (1,228) (380) (164) (164)
Past service cost (credit) not recognized 0 − − −
Asset ceiling (0) − − −
Reclassification as held for sale (0) − − −
Net asset (liability) recognized (1,228) (380) (164) (164)
thereof: other assets 926 1,336 − −
thereof: other liabilities (2,154) (1,716) (164) (164)
1 Includes opening balance of first time application of smaller plans.
2 For funded plans only.

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Actuarial Methodology and Assumptions

December 31 is the measurement date for all plans. All plans are valued by independent qualified actuaries
using the projected unit credit method. The following rates are presented in the form of weighted averages.

2012 2011 2010

Assumptions used for retirement benefit plans
to determine defined benefit obligations, end of year
Discount rate 3.9 % 1 4.8 % 5.1 %
Rate of price inflation 2.4 % 2.5 % 2.5 %
Rate of nominal increase in future compensation levels 3.2 % 3.4 % 3.3 %
Rate of nominal increase for pensions in payment 2.3 % 2.5 % 2.4 %
to determine expense, year ended
Discount rate 4.8 % 5.1 % 5.4 %
Rate of price inflation 2.5 % 2.5 % 2.7 %
Rate of nominal increase in future compensation levels 3.4 % 3.3 % 3.4 %
Rate of nominal increase for pensions in payment 2.5 % 2.4 % 2.4 %
Expected rate of return on plan assets 4.5 % 4.9 % 5.0 %
Assumptions used for post-employment medical plans
to determine defined benefit obligations, end of year
Discount rate 3.9 % 4.5 % 5.3 %
to determine expense, year ended
Discount rate 4.5 % 5.3 % 5.9 %
Assumed life expectancy at age 65
for a male aged 65 at measurement date 19.9 19.4 19.4
for a male aged 45 at measurement date 22.2 21.6 21.6
for a female aged 65 at measurement date 23.2 22.9 22.8
for a female aged 45 at measurement date 25.4 25.0 24.9
1 The discount rate applied to determine the defined benefit pension obligations in Germany/eurozone as of December 31, 2012 is 3.7 %.

For the Group’s most significant plans, the discount rate assumption at each measurement date is set based
on a high quality corporate bond yield curve approach reflecting the actual timing and amount of the future
benefit payments for the respective plan. A consistent discount rate assumption is used across the eurozone
based on the assumption applicable for the Group’s largest plan in Germany. For other plans, the discount rate
is based on high quality corporate or government bond yields, as appropriate, at each measurement date with
a duration consistent with the respective plan’s obligations.

The price inflation assumptions in the eurozone and the United Kingdom are set with reference to market im-
plied measures of inflation based on inflation swap rates in those markets at each measurement date. For
other countries, the price inflation assumptions are typically based on long term forecasts by Consensus Eco-
nomics Inc.

The assumptions for the nominal increases in future compensation levels and for increases to pensions in
payment are developed separately for each plan, where relevant. Each plan is set reflecting a building block
approach based on the price inflation assumption and reflecting the Group’s reward structure or policies in
each market as well as relevant local statutory and plan-specific requirements.

The expected rate of return on assets is developed separately for each funded plan, using a building block
approach recognizing each plan’s target asset allocation at the measurement date and the assumed return on
assets for each asset category. The general principle is to use a risk-free rate as a benchmark, with adjustments
for the effect of duration and specific relevant factors for each major category of plan assets where appropriate.
For example, the expected rate of return for equities and property is derived by adding relevant risk premia to
the risk-free rate.

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Among other assumptions, mortality assumptions can be significant in measuring the Group’s obligations un-
der its defined benefit plans. These assumptions have been set in accordance with current best practice in the
respective countries. Future potential improvements in longevity have been considered and included where
appropriate.

In determining the obligations and expenses for post-employment medical plans, an annual weighted-average
rate of increase of 8.3 % in the per capita cost of covered health care benefits was assumed for 2013. The rate
is assumed to decrease gradually to 5.1 % by the end of 2019 and to remain at that level thereafter.

Pension Fund Investments

The Group’s primary investment objective is to immunize broadly the Group to large swings in the funded status
of its retirement benefit plans, with some limited amount of risk-taking through duration mismatches and asset
class diversification to reduce the Group’s costs of providing the benefits to employees in the long term. The
aim is to maximize returns within the Group’s overall risk tolerance. The following rates are presented in the
form of weighted averages.

Percentage of plan assets

Target allocation Dec 31, 2012 Dec 31, 2011
Asset categories:
Equity instruments 10 % 9% 7%
Debt instruments (including Cash and Derivatives) 85 % 88 % 87 %
Alternative Investments (including Property) 5% 3% 6%
Total asset categories 100 % 100 % 100 %

The actual return on plan assets for the year 2012 was € 1,227 million (2011: € 1,696 million).

Plan assets as of December 31, 2012, include derivative transactions with Group entities with a negative mar-
ket value of € 242 million. In addition, there are € 7 million of securities issued by the Group included in the
plan assets.

Impact on Cashflows
The Group expects to pay approximately € 190 million in regular contributions to its retirement benefit plans in
2013. Furthermore the Group is considering making a contribution to fund the majority of Postbank’s defined
benefit obligations in 2013. It is not expected that any plan assets will be returned to the Group during the year
ending December 31, 2013.

The table below reflects the benefits expected to be paid by the defined benefit plans in each of the respective
periods. The amounts include benefits attributable to employees’ past and estimated future service, and in-
clude both amounts paid from the Group’s pension funds in respect of funded plans and by the Group in re-
spect of unfunded plans.

Retirement Post-employment
in € m. benefit plans medical plans
2013 582 10
2014 560 10
2015 574 10
2016 595 10
2017 630 11
2018 – 2022 3,607 55

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Impact on Equity
The Group applies the policy of recognizing actuarial gains and losses in the period in which they occur. Actuarial
gains and losses are taken directly to shareholders’ equity and are presented in the Consolidated Statement of
Comprehensive Income and in the Consolidated Statement of Changes in Equity. The following amounts are
presented without any tax effects.

Amount recognized in
comprehensive income (gain(loss))
1
in € m. Dec 31, 2012 2012 2011
Retirement benefit plans:
Actuarial gain (loss) 8 (853) 707
Asset ceiling (0) 0 2
Total retirement benefit plans 8 (853) 709
Post-employment medical plans:
Actuarial gain (loss) 14 7 (18)
Total post-employment medical plans 14 7 (18)
Total amount recognized 22 (846) 691
1 Accumulated since the Group adopted IFRS and inclusive of the impact of exchange rate changes.

Experience Impacts on Liabilities and Assets

in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008
Retirement benefit plans:
Defined benefit obligation 14,830 12,974 12,071 9,416 8,189
thereof: experience adjustments (loss (gain)) 1 (117) 25 (83) (72) 24
Fair Value of plan assets 13,602 12,594 11,076 9,352 8,755
thereof: experience adjustments (gain (loss)) 1 650 1,165 224 92 (221)
Funded status (1,228) (380) (995) (64) 566
Post-employment medical plans:
Defined benefit obligation 164 164 154 136 119
thereof: experience adjustments (loss (gain)) 1 (12) 8 1 − (5)
Funded status (164) (164) (154) (136) (119)
1 Amounts arisen in the applicable year.

Sensitivity to Key Assumptions

The figures presented below reflect the effect of adjusting each assumption in isolation.

Increase/(decrease) Defined benefit obligation as of Expenses for

in € m. Dec 31, 2012 Dec 31, 2011 2013 2012
Retirement benefit plans sensitivity:
Discount rate (50 basis points decrease) 1,090 960 60 1 5
Rate of price inflation (50 basis points increase) 670 555 40 40
Rate of real increase in future compensation levels (50 basis
points increase) 120 105 10 10
Longevity (improvement by ten percent) 2 305 255 15 15
Expected rate of return (50 basis points decrease) − − −3 65
Post-employment medical plans sensitivity:
Health care cost rate (100 basis points increase) 5 17 0 2
Health care cost rate (100 basis points decrease) (4) (15) (0) (1)
1 Includes application of the discount rate to the funded status, rather than only the defined benefit obligation, under the new IAS 19 rules which apply from 2013.
2 Improvement by ten percent on longevity means that the probability of death at each age is reduced by ten percent. The sensitivity has, broadly, the effect of
increasing the expected longevity at age 65 by about one year.
3 Not applicable under the new IAS 19 rules which apply from 2013.

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FinancialStatements
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Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
35 –– Income
35 Income Taxes
Taxes

Expense of post-employment benefits and selected other employee benefits

in € m. 2012 2011 2010
Expenses for retirement benefit plans:
Current service cost 257 248 243
Interest cost 619 600 527
Expected return on plan assets (577) (531) (490)
Past service cost (credit) recognized 30 21 (77)
Settlements/curtailments (0) (9) (14)
Total retirement benefit plans 329 329 189
Expenses for post-employment medical plans:
Current service cost 4 3 3
Interest cost 7 7 9
Past service cost (credit) recognized − (15) −
Total post-employment medical plans 11 (5) 12
Total expenses defined benefit plans 340 324 201
Total expenses for defined contribution plans 375 351 239
Total expenses for post-employment benefits 715 675 440

Expenses for selected other employee benefits

Employer contributions to mandatory German social security pension plan 231 226 171
Expenses for cash retention plans 1 1,133 1,014 818
Expenses for share-based payments, equity settled 1 1,097 1,261 1,153
Expenses for share-based payments, cash settled 1 17 28 24
Expenses for severance payments 2 472 461 499
1 Including expenses for new hire awards and the acceleration of expenses not yet amortized due to the discontinuation of employment. Thereof, € 83 million were
recognized as part of restructuring expenses in the year 2012.
2 Excluding the acceleration of expenses for deferred compensation awards not yet amortized.

Expected expenses for 2013 are € 315 million for retirement benefit plans and € 10 million for post-
employment medical plans.

The increase in expenses for post-employment benefits in 2011 compared to 2010 is mainly caused by the full-
year impact of the consolidation of Postbank in the 2011 expense and the change in indexation of UK occupa-
tional pensions in deferment from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI) due to
a UK Government announcement which led to a past service credit of € 104 million recognized in the 2010
expense.

35 –
Income Taxes

in € m. 2012 2011 2010

Current tax expense (benefit):
Tax expense (benefit) for current year 728 1,683 1,339
Adjustments for prior years1 (955) (232) (9)
Total current tax expense (benefit) (227) 1,451 1,330
Deferred tax expense (benefit):
Origination and reversal of temporary difference, unused tax losses and tax credits 574 (143) 700
Effect of changes in tax law and/or tax rate 10 110 7
Adjustments for prior years1 136 (354) (392)
Total deferred tax expense (benefit) 720 (387) 315
Total income tax expense (benefit) 493 1,064 1,645
1
Adjustments for prior years include a current tax benefit of € 435 million with an offsetting equal amount in deferred tax expense.

Income tax expense includes policyholder tax attributable to policyholder earnings, amounting to an income tax
expense of € 12 million in 2012, an income tax benefit of € 28 million in 2011 and an income tax expense of
€ 37 million in 2010.

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2012 Additional Notes
Additional Notes
35 –– Income
35 Income Taxes
Taxes

Total current tax benefit includes benefits from previously unrecognized tax losses, tax credits and deductible
temporary differences, which increased the current tax benefit by € 94 million in 2012. These effects reduced
the current tax expense by € 35 million and by € 6 million in 2011 and 2010, respectively.

Total deferred tax expense includes benefits from previously unrecognized tax losses (tax credits/deductible
temporary differences) and the reversal of previous write-downs of deferred tax assets and expenses arising
from write-downs of deferred tax assets, which increased the deferred tax expense by € 92 million in 2012. In
2011 these effects increased the deferred tax benefit by € 262 million and increased the deferred tax ex-
pense by € 173 million in 2010.

Difference between applying German statutory (domestic) income tax rate and actual income tax expense
in € m. 2012 2011 2010
Expected tax expense at domestic income tax rate of 31 %
(30.8 % for 2011 and 30.7 % for 2010) 243 1,657 1,219
Foreign rate differential 34 (28) 63
Tax-exempt gains on securities and other income (495) (467) (556)
Loss (income) on equity method investments (73) (39) (87)
Nondeductible expenses 563 297 335
Impairments of goodwill 630 − −
Deutsche Postbank AG related charge with no tax benefit − − 668
Changes in recognition and measurement of deferred tax assets (2) (297) 167
Effect of changes in tax law and/or tax rate 10 110 7
Effect related to share-based payments (17) 90 48
Effect of policyholder tax 12 (28) 37
Other (412) (231) (256)
Actual income tax expense (benefit) 493 1,064 1,645

The Group is under continuous examinations by tax authorities in various jurisdictions. In 2012 and 2011 “Oth-
er” in the preceding table mainly includes the effects of settling these examinations by the tax authorities.

The domestic income tax rate, including corporate tax, solidarity surcharge, and trade tax, used for calculating
deferred tax assets and liabilities was 31 % for the year ended December 31, 2012. For 2011 the domestic
income tax rate was 30.8 % and for 2010 30.7 %.

Income taxes charged or credited to equity (other comprehensive income/additional paid in capital)
in € m. 2012 2011 2010
Actuarial gains/losses related to defined benefit plans 399 (50) (29)
Financial assets available for sale:
Unrealized net gains/losses arising during the period (537) 173 (59)
Net gains/losses reclassified to profit or loss 6 (11) (47)
Derivatives hedging variability of cash flows:
Unrealized net gains/losses arising during the period (6) 92 30
Net gains/losses reclassified to profit or loss (13) (1) (1)
Other equity movement:
Unrealized net gains/losses arising during the period 104 (129) 320
Net gains/losses reclassified to profit or loss − 1 (3)
Income taxes (charged) credited to other comprehensive income 1 (47) 75 211
Other income taxes (charged) credited to equity 34 46 30
1 Starting in 2011 actuarial gains/losses related to defined benefit plans are presented as part of other comprehensive income. Prior period numbers were adjusted
accordingly.

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02 Consolidated Financial
FinancialStatements
Statements 361361
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
35 –– Income
35 Income Taxes
Taxes

Major components of the Group’s gross deferred income tax assets and liabilities
in € m. Dec 31, 2012 Dec 31, 2011
Deferred tax assets:
Unused tax losses 1,802 2,375
Unused tax credits 166 185
Deductible temporary differences:
Trading activities 12,108 10,686
Property and equipment 830 806
Other assets 2,758 2,560
Securities valuation 524 1,209
Allowance for loan losses 750 525
Other provisions 1,504 1,178
Other liabilities 890 775
Total deferred tax assets pre offsetting 21,332 20,299
Deferred tax liabilities:
Taxable temporary differences:
Trading activities 11,111 9,370
Property and equipment 48 49
Other assets 1,037 1,103
Securities valuation 1,215 790
Allowance for loan losses 108 348
Other provisions 451 414
Other liabilities 1,099 1,277
Total deferred tax liabilities pre offsetting 15,069 13,351

Deferred tax assets and liabilities, after offsetting

in € m. Dec 31, 2012 Dec 31, 2011
Presented as deferred tax assets 7,718 8,737
Presented as deferred tax liabilities 1,455 1,789
Net deferred tax assets 6,263 6,948

The change in the balance of deferred tax assets and deferred tax liabilities does not equal the deferred tax
expense/(benefit). This is due to (1) deferred taxes that are booked directly to equity, (2) the effects of ex-
change rate changes on tax assets and liabilities denominated in currencies other than euro, (3) the acquisition
and disposal of entities as part of ordinary activities and (4) the reclassification of deferred tax assets and lia-
bilities which are presented on the face of the balance sheet as components of other assets and liabilities.

Items for which no deferred tax assets were recognized

in € m. Dec 31, 2012 1 Dec 31, 2011 1
Deductible temporary differences (332) (296)
Not expiring (3,069) (3,342)
Expiring in subsequent period (10) (45)
Expiring after subsequent period (2,227) (2,143)
Unused tax losses (5,306) (5,530)
Expiring in subsequent period − −
Expiring after subsequent period (287) (101)
Unused tax credits (287) (101)
1 Amounts in the table refer to deductible temporary differences, unused tax losses and tax credits for federal income tax purposes.

Deferred tax assets were not recognized on these items because it is not probable that future taxable profit will
be available against which the unused tax losses, unused tax credits and deductible temporary differences can
be utilized.

As of December 31, 2012 and December 31, 2011, the Group recognized deferred tax assets of € 1.3 billion and
€ 1.5 billion, respectively that exceed deferred tax liabilities in entities which have suffered a loss in either the
current or preceding period. This is based on management’s assessment that it is probable that the respective
entities will have taxable profits against which the unused tax losses, unused tax credits and deductible temporary
differences can be utilized. Generally, in determining the amounts of deferred tax assets to be recognized,
management uses historical profitability information and, if relevant, forecasted operating results, based upon

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Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
36 –– Derivatives
36 Derivatives

approved business plans, including a review of the eligible carry-forward periods, tax planning opportunities
and other relevant considerations.

As of December 31, 2012 and December 31, 2011, the Group had temporary differences associated with the
Group’s parent company’s investments in subsidiaries, branches and associates and interests in joint ventures
of € 138 million and € 135 million respectively, in respect of which no deferred tax liabilities were recognized.

36 –
Derivatives

Derivative Financial Instruments and Hedging Activities

Derivative contracts used by the Group include swaps, futures, forwards, options and other similar types of
contracts. In the normal course of business, the Group enters into a variety of derivative transactions for both
trading and risk management purposes. The Group’s objectives in using derivative instruments are to meet
customers’ risk management needs and to manage the Group’s exposure to risks.

In accordance with the Group’s accounting policy relating to derivatives and hedge accounting as described in
Note 01 “Significant Accounting Policies”, all derivatives are carried at fair value in the balance sheet regard-
less of whether they are held for trading or nontrading purposes.

Derivatives held for Trading Purposes

Sales and Trading
The majority of the Group’s derivatives transactions relate to sales and trading activities. Sales activities in-
clude the structuring and marketing of derivative products to customers to enable them to take, transfer, modify
or reduce current or expected risks. Trading includes market-making, positioning and arbitrage activities. Mar-
ket-making involves quoting bid and offer prices to other market participants, enabling revenue to be generated
based on spreads and volume. Positioning means managing risk positions in the expectation of benefiting from
favorable movements in prices, rates or indices. Arbitrage involves identifying and profiting from price differen-
tials between markets and products.

Risk Management
The Group uses derivatives in order to reduce its exposure to market risks as part of its asset and liability
management. This is achieved by entering into derivatives that hedge specific portfolios of fixed rate financial
instruments and forecast transactions as well as strategic hedging against overall balance sheet exposures.
The Group actively manages interest rate risk through, among other things, the use of derivative contracts.
Utilization of derivative financial instruments is modified from time to time within prescribed limits in response to
changing market conditions, as well as to changes in the characteristics and mix of the related assets and
liabilities.

Derivatives qualifying for Hedge Accounting

The Group applies hedge accounting if derivatives meet the specific criteria described in Note 01 “Significant
Accounting Policies”.

Fair Value Hedge Accounting

The Group enters into fair value hedges, using primarily interest rate swaps and options, in order to protect
itself against movements in the fair value of fixed-rate financial instruments due to movements in market inter-
est rates.

Assets Liabilities Assets Liabilities

in € m. 2012 2012 2011 2011
Derivatives held as fair value hedges 7,990 2,455 7,485 2,741

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02 Consolidated Financial
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Financial Report2012
2012 Additional Notes
Additional Notes
36 –– Derivatives
36 Derivatives

For the years ended December 31, 2012, 2011 and 2010, a loss of € 0.1 billion, a gain of € 2.2 billion and a gain
of € 0.7 billion, respectively, were recognized on the hedging instruments. For the same periods, the results on
the hedged items, which were attributable to the hedged risk, were losses of € 0.4 billion, € 1.5 billion and
€ 0.6 billion, respectively.

Cash Flow Hedge Accounting

The Group enters into cash flow hedges, using interest rate swaps, equity index swaps and foreign exchange
forwards, in order to protect itself against exposure to variability in interest rates, equities and exchange rates.

Assets Liabilities Assets Liabilities

in € m. 2012 2012 2011 2011
Derivatives held as cash flow hedges 137 430 − 436

Periods when hedged cash flows are expected to occur and when they are expected to affect the income statement
in € m. Within 1 year 1–3 years 3–5 years Over 5 years
As of December 31, 2012
Cash inflows from assets 80 133 89 262
Cash outflows from liabilities (26) (44) (33) (51)
Net cash flows 2012 54 89 56 211
As of December 31, 2011
Cash inflows from assets 46 83 75 302
Cash outflows from liabilities (4) (4) − −
Net cash flows 2011 42 79 75 302

Of these expected future cash flows, most will arise in relation to the Group’s largest cash flow hedging pro-
gram, Maher Terminals LLC.

Cash Flow Hedge Balances

in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Reported in Equity 1 (341) (427) (289)
of which relates to terminated programs (17) (26) (44)
Gains (losses) posted to equity for the year ended 42 (141) (78)
Gains (losses) removed from equity for the year ended (45) (3) (4)
Ineffectiveness recorded within P&L 1 − (3)
1 Reported in equity refers to accumulated other comprehensive income as presented in the Consolidated Statement of Comprehensive Income.

As of December 31, 2012 the longest term cash flow hedge matures in 2027.

Net Investment Hedge Accounting

Using foreign exchange forwards and swaps, the Group enters into hedges of translation adjustments resulting
from translating the financial statements of net investments in foreign operations into the reporting currency of
the parent at period end spot rates.

Assets Liabilities Assets Liabilities

in € m. 2012 2012 2011 2011
Derivatives held as net investment hedges 244 790 76 1,610

For the years ended December 31, 2012, 2011 and 2010, losses of € 357 million, € 218 million and
€ 197 million, respectively, were recognized due to hedge ineffectiveness which includes the forward points
element of the hedging instruments.

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02 Consolidated Financial
FinancialStatements
Statements 364 364
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
37 –– Related
37 Related Party
PartyTransactions
Transactions

37 –
Related Party Transactions

Parties are considered to be related if one party has the ability to directly or indirectly control the other party or
exercise significant influence over the other party in making financial or operational decisions. The Group’s
related parties include

— key management personnel, close family members of key management personnel and entities which are
controlled, significantly influenced by, or for which significant voting power is held by key management
personnel or their close family members,
— subsidiaries, joint ventures and associates and their respective subsidiaries, and
— post-employment benefit plans for the benefit of Deutsche Bank employees.

The Group has several business relationships with related parties. Transactions with such parties are made in
the ordinary course of business and on substantially the same terms, including interest rates and collateral, as
those prevailing at the time for comparable transactions with other parties. These transactions also did not
involve more than the normal risk of collectibility or present other unfavorable features.

Transactions with Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of Deutsche Bank, directly or indirectly. The Group considers the members of the Man-
agement Board and of the Supervisory Board of the parent company to constitute key management personnel
for purposes of IAS 24.

Compensation expense of key management personnel

in € m. 2012 2011 2010
Short-term employee benefits 17 14 23
Post-employment benefits 3 3 3
Other long-term benefits 14 6 3
Termination benefits 15 − 2
Share-based payment 16 5 11 1
Total 65 28 42
1
2010 amount adjusted for expense of € 5 million in respect of Equity Upfront Awards granted to the members of the Management Board for 2010 financial year.

The above mentioned table does not contain compensation that employee representatives and former board
members on the Supervisory Board have received. The aggregated compensation paid to such members for
their services as employees of Deutsche Bank or status as former employees (retirement, pension and de-
ferred compensation) amounted up to € 1.6 million as of December 31, 2012, € 2 million as of Decem-
ber 31, 2011 and € 2 million as of December 31, 2010.

Among the Group’s transactions with key management personnel as of December 31, 2012 were loans and
commitments of € 7 million and deposits of € 13 million.

In addition, the Group provides banking services, such as payment and account services as well as investment
advice, to key management personnel and their close family members.

During 2010 and through the first quarter of 2011, a member of key management personnel received payments
from a Group company. At the time the contractual arrangement was closed the payer company was not in-
cluded in the Group of consolidated companies.

Transactions with Subsidiaries, Joint Ventures and Associates

Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions.
If these transactions are eliminated on consolidation, they are not disclosed as related party transactions.

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Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
37 –– Related
37 Related Party
PartyTransactions
Transactions

Transactions between the Group and its associated companies and joint ventures and their respective subsidi-
aries also qualify as related party transactions.

Loans
in € m. 2012 2011
Loans outstanding, beginning of year 5,158 4,329
Loans issued during the year 436 1,211 1
Loan repayment during the year 4,611 2 307
Changes in the group of consolidated companies 0 (13)
Exchange rate changes/other (58) (62)
Loans outstanding, end of year3 925 5,158
Other credit risk related transactions:
Allowance for loan losses 47 53
Provision for loan losses 47 22
Guarantees and commitments 55 262
1 The increase in loans issued during 2011 is mainly related to the restructuring of a loan transaction in the Americas.
2 The increase in repayments during 2012 is mainly related to the sale of a restructured loan transaction in Europe.
3
Loans past due were € 3 million as of December 31, 2012 and nil as of December 31, 2011. For the above loans the Group held collateral of € 570 million and
€ 963 million as of December 31, 2012 and December 31, 2011, respectively.

Deposits
in € m. 2012 2011
Deposits outstanding, beginning of year 247 220
Deposits received during the year 284 258
Deposits repaid during the year 284 190
Changes in the group of consolidated companies (3) (41)
Exchange rate changes/other 1 0
Deposits outstanding, end of year 1 245 247
1 The deposits are unsecured.

Other Transactions
Trading assets and positive market values from derivative financial transactions with associated companies
amounted to € 110 million as of December 31, 2012 and € 221 million as of December 31, 2011. Trading liabili-
ties and negative market values from derivative financial transactions with associated companies amounted
to € 4 million as of December 31, 2012 and € 19 million as of December 31, 2011.

Other transactions with related parties also reflected the following:

Xchanging etb GmbH: The Group holds a stake of 49 % in Xchanging etb GmbH and accounts for it under the
equity method. Xchanging etb GmbH is the holding company of Xchanging Transaction Bank GmbH (“XTB”).
Two of the five executive directors of Xchanging etb GmbH and two members of the supervisory board of XTB
are employees of the Group. The Group’s arrangements with Xchanging include two outsourcing agreements
with XTB. One agreement relates to the provision of security settlement services and has a contractual maturi-
ty of May 2016. The second agreement relates to the service relationship between XTB and Sal. Oppenheim
and has a contractual maturity of December 2014. The outsourcing arrangements are aimed at reducing costs
without compromising service quality.

In 2012, the Group received services from XTB with a volume of € 106 million (2011: € 104 million). In 2012,
the Group provided supply services (e.g., IT and IT infrastructure services) with a volume of € 21 million
(2011: € 20 million), to XTB.

Hua Xia Bank: The Group holds a stake of 19.99 % in Hua Xia Bank and has accounted for this associate
under the equity method since February 11, 2011. Further details are included in Note 18 “Equity Method In-
vestments”. In 2006, Deutsche Bank and Hua Xia Bank jointly established a credit card business cooperation
as one of the major pillars of their strategic partnership. The cooperation targets the establishment of a future-
oriented credit card business in China comprising the international know-how of Deutsche Bank AG in the
credit card business and local expertise of Hua Xia Bank. A provision of € 87 million has been recognized for

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02 Consolidated Financial Statements
Financial Statements 366 366
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
38 –– Information
38 Information onon
Subsidiaries
Subsidiaries

the cooperation. This provision captures the Group’s estimated obligation from the cooperation as of De-
cember 31, 2012.

Transactions with Pension Plans

Under IFRS, certain post-employment benefit plans are considered related parties. The Group has business
relationships with a number of its pension plans pursuant to which it provides financial services to these plans,
including investment management services. The Group’s pension funds may hold or trade Deutsche Bank
shares or securities.

Transactions with related party pension plans

in € m. 2012 2011
Equity shares issued by the Group held in plan assets 7 4
Fees paid from plan assets to asset managers of the Group 38 24
Market value of derivatives with a counterparty of the Group (242) 473
Notional amount of derivatives with a counterparty of the Group 14,251 14,244

38 –
Information on Subsidiaries

Deutsche Bank is the direct or indirect holding company for the Group’s subsidiaries.

Significant Subsidiaries
The following table presents the significant subsidiaries Deutsche Bank owns, directly or indirectly as of De-
cember 31, 2012.

Subsidiary Place of Incorporation

Taunus Corporation 1 Delaware, United States
Deutsche Bank Securities Inc. 2 Delaware, United States
German American Capital Corporation 3 Delaware, United States
Deutsche Bank Trust Corporation 4 New York, United States
Deutsche Bank Trust Company Americas 5 New York, United States
Deutsche Bank Luxembourg S.A. 6 Luxembourg
DWS Investment GmbH 7 Frankfurt am Main, Germany
Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft 8 Frankfurt am Main, Germany
DB Finanz-Holding GmbH 9 Frankfurt am Main, Germany
DB Valoren S.à r.l. 10 Luxembourg
DB Equity S.à r.l.11 Luxembourg
Deutsche Postbank AG 12 Bonn, Germany
1
Taunus Corporation is one of two top-level holding companies for the group’s subsidiaries in the United States. Effective February 1, 2012, Taunus Corporation is
no longer a bank holding company under Federal Reserve Board regulations.
2
Deutsche Bank Securities Inc. is a U.S. company registered as a broker dealer and investment advisor with the Securities and Exchange Commission, a municipal
advisor with the Municipal Securities Rulemaking Board, and a futures commission merchant with the Commodities Future Trading Commission. It is a member of
the New York Stock Exchange and various other exchanges.
3
German American Capital Corporation is engaged in purchasing and holding loans from financial institutions, trading and securitization of mortgage whole loans
and mortgage securities, and providing collateralized financing to counterparties.
4
Deutsche Bank Trust Corporation is a bank holding company under Federal Reserve Board regulations.
5
Deutsche Bank Trust Company Americas is a New York State-chartered bank and member of the Federal Reserve System. It originates loans and other forms of
credit, accepts deposits, arranges financings and provides numerous other commercial banking and financial services.
6
The primary business of this company comprises Treasury and Markets activities, especially as a major supplier of Euro liquidity for Deutsche Bank Group. Further
business activities are the international loan business, where the bank acts as lending office for continental Europe and as risk hub for credit portfolio strategies
group, and private banking. The company serves private individuals, affluent clients and small business clients with banking products.
7
This company, in which DB Capital Markets (Deutschland) GmbH and DB Finanz-Holding GmbH indirectly own 100 % of the equity and voting interests, is a
limited liability company. DWS Investment GmbH is the major German investment management company (KAG) managing traditional mutual funds issued by
DWS Investment GmbH and issued by DWS Investment S.A. Luxembourg.
8
The company serves private individuals, affluent clients and small business clients with banking products.
9
The company holds the majority stake in Deutsche Postbank AG and a part of the group’s stake in DWS Holding & Service GmbH.
10
This company is a holding company for the group’s subgroups in Australia, New Zealand, and Singapore. It is also the holding company for DB Equity S.à.r.l.
11
This company holds a part of the group’s stake in Deutsche Postbank AG.
12
The business activities of this company comprise retail banking, business with corporate customers, money and capital markets activities as well as home savings
loans.

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02 Consolidated Financial Statements
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Financial Report2012
2012 Additional Notes
Additional Notes
38 –– Information
38 Information onon
Subsidiaries
Subsidiaries

The Group owns 100 % of the equity and voting interests in these subsidiaries, except for Deutsche Postbank
AG, of which the Group own shares representing approximately 94.1 % of equity and voting rights. Further
detail is included in Note 04 “Acquisitions and Dispositions”. These subsidiaries prepare financial statements
as of December 31, 2012 and are included in the Group’s consolidated financial statements. Their principal
countries of operation are the same as their countries of incorporation.

Subsidiaries may have restrictions on their ability to transfer funds, including payment of dividends and repay-
ment of loans, to Deutsche Bank AG. Reasons for the restrictions include:

— Central bank restrictions relating to local exchange control laws

— Central bank capital adequacy requirements
— Local corporate laws, for example limitations regarding the transfer of funds to the parent when the respec-
tive entity has a loss carried forward not covered by retained earnings or other components of capital.

Subsidiaries where the Group owns 50 percent or less of the Voting Rights
The Group also consolidates certain subsidiaries although it owns 50 % or less of the voting rights. Most of
those subsidiaries are special purpose entities (“SPEs”) that are sponsored by the Group for a variety of pur-
poses.

In the normal course of business, the Group becomes involved with SPEs, primarily through the following types
of transactions: asset securitizations, commercial paper programs, repackaging and investment products,
mutual funds, structured transactions, leasing and closed-end funds. The Group’s involvement includes trans-
ferring assets to the entities, entering into derivative contracts with them, providing credit enhancement and
liquidity facilities, providing investment management and administrative services, and holding ownership or
other investment interests in the entities.

Investees where the Group owns more than half of the Voting Rights
The Group owns directly or indirectly more than half of the voting rights of investees but does not have control
over these investees when

— another investor has the power over more than half of the voting rights by virtue of an agreement with the
Group, or
— another investor has the power to govern the financial and operating policies of the investee under a stat-
ute or an agreement, or
— another investor has the power to appoint or remove the majority of the members of the board of directors
or equivalent governing body and the investee is controlled by that board or body, or when
— another investor has the power to cast the majority of votes at meetings of the board of directors or equiva-
lent governing body and control of the entity is by that board or body.

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Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
39 –– Insurance
39 Insurance and
andInvestment
Investment Contracts
Contracts

39 –
Insurance and Investment Contracts

Liabilities arising from Insurance and Investment Contracts

Dec 31, 2012 Dec 31, 2011
in € m. Gross Reinsurance Net Gross Reinsurance Net
Insurance contracts 4,654 (73) 4,581 4,706 (163) 4,543
Investment contracts 7,732 − 7,732 7,426 − 7,426
Total 12,386 (73) 12,313 12,132 (163) 11,969

Generally, amounts relating to reinsurance contracts are reported gross unless they have an immaterial impact
on their respective balance sheet line items.

Carrying Amount
The following table presents an analysis of the change in insurance and investment contracts liabilities.

2012 2011
Insurance Investment Insurance Investment
in € m. contracts contracts contracts contracts
Balance, beginning of year 4,706 7,426 4,899 7,898
New business 230 153 231 150
Claims/withdrawals paid (502) (646) (490) (562)
Other changes in existing business 94 617 (85) (284)
Exchange rate changes 126 182 151 224
Balance, end of year 4,654 7,732 4,706 7,426

Other changes in existing business for the investment contracts of € 617 million and € (284) million are princi-
pally attributable to changes in the fair value of underlying assets for the years ended December 31, 2012 and
2011, respectively.

As of December 31, 2012 the Group had insurance contract liabilities of € 4.7 billion. Of this, € 2.4 billion repre-
sents traditional annuities in payment, € 1.8 billion universal life contracts and € 428 million unit linked pension
contracts with guaranteed annuity rates. Guaranteed annuity rates give the policyholder the option, on retire-
ment, to take up a traditional annuity at a rate that was fixed at the inception of the policy. The liability of
€ 428 million for unit linked pension contracts with guaranteed annuity rates is made up of the unit linked liabil-
ity of € 300 million and a best estimate reserve of € 128 million for the guaranteed annuity rates. The latter is
calculated using the differential between the fixed and best estimate rate, the size of the unit linked liability and
an assumption on take up rate.

As of December 31, 2011 the Group had insurance contract liabilities of € 4.7 billion. Of this, € 2.3 billion repre-
sents traditional annuities in payment, € 2.0 billion universal life contracts and € 459 million unit linked pension
contracts with guaranteed annuity rates (made up of a unit linked liability of € 323 million and a best estimate
reserve of € 136 million for the guaranteed annuity rates).

Key Assumptions in relation to Insurance Business

The liabilities will vary with movements in interest rates, which are applicable, in particular, to the cost of guar-
anteed benefits payable in the future, investment returns and the cost of life assurance and annuity benefits
where future mortality is uncertain.

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02 Consolidated Financial
FinancialStatements
Statements 369369
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
39 –– Insurance
39 Insurance and
andInvestment
Investment Contracts
Contracts

Assumptions are made related to all material factors affecting future cash flows, including future interest rates,
mortality and costs. The assumptions to which the long term business amount is most sensitive are the interest
rates used to discount the cash flows and the mortality assumptions, particularly those for annuities.

The assumptions are set out below:

Interest Rates
Interest rates are used that reflect a best estimate of future investment returns taking into account the nature
and term of the assets used to support the liabilities. Suitable margins for default risk are allowed for in the
assumed interest rate.

Mortality
Mortality rates are based on published tables, adjusted appropriately to take into account changes in the un-
derlying population mortality since the table was published, company experience and forecast changes
in future mortality. If appropriate, a margin is added to assurance mortality rates to allow for adverse future
deviations. Annuitant mortality rates are adjusted to make allowance for future improvements in pensioner
longevity. Improvements in annuitant mortality are based on 100 % of the Continuous Mortality Investigation
2011 mortality improvement tables with an ultimate rate of improvement of 1 % per annum.

Costs
For non-linked contracts, allowance is made explicitly for future expected per policy costs.

Other Assumptions
The take-up rate of guaranteed annuity rate options on pension business is assumed to be 67 % for the year
ended December 31, 2012 and 66 % for the year ended December 31, 2011.

Key Assumptions impacting Value of Business Acquired (VOBA)

The opening VOBA arising on the purchase of Abbey Life Assurance Company Limited was determined by
capitalizing the present value of the future cash flows of the business over the reported liability at the date of
acquisition. If assumptions were required about future mortality, morbidity, persistency and expenses, they were
determined on a best estimate basis taking into account the business’s own experience. General economic
assumptions were set considering the economic indicators at the date of acquisition.

The rate of VOBA amortization is determined by considering the profile of the business acquired and the expected
depletion in future value. At the end of each accounting period, the remaining VOBA is tested against the future
net profit expected related to the business that was in force at the date of acquisition.

If there is insufficient net profit, the VOBA will be written down to its supportable value.

Key Changes in Assumptions

Upon acquisition of Abbey Life Assurance Company Limited in October 2007, liabilities for insurance contracts
were recalculated from a regulatory basis to a best estimate basis in line with the provisions of IFRS 4. The
non-economic assumptions set at that time have not been changed but the economic assumptions have been
reviewed in line with changes in key economic indicators. For annuity contracts, the liability was valued using
the locked-in basis determined at the date of acquisition.

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Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 370 370
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
40 –– Current
40 Current and
andNon-Current
Non-Current Assets andand
Assets Liabilities
Liabilities

Sensitivity Analysis (in respect of Insurance Contracts only)

The following table presents the sensitivity of the Group’s profit before tax and equity to changes in some of the
key assumptions used for insurance contract liability calculations. For each sensitivity test, the impact of a
reasonably possible change in a single factor is shown with other assumptions left unchanged.

Impact on profit before tax Impact on equity

in € m. 2012 2011 2012 2011 2
Variable:
Mortality (worsening by ten percent) 1 (10) (12) (8) (9)
Renewal expense (ten percent increase) (1) (3) (1) (2)
Interest rate (one percent increase) 12 17 (151) (116)
1 The impact of mortality assumes a ten percent decrease in annuitant mortality and a ten percent increase in mortality for other business.

For certain insurance contracts, the underlying valuation basis contains a Provision for Adverse Deviations
(“PADs”). For these contracts any worsening of expected future experience would not change the level of re-
serves held until all the PADs have been eroded while any improvement in experience would not result in an
increase to these reserves. Therefore, in the sensitivity analysis, if the variable change represents a worsening
of experience, the impact shown represents the excess of the best estimate liability over the PADs held at the
balance sheet date. As a result, the figures disclosed in this table should not be used to imply the impact of a
different level of change and it should not be assumed that the impact would be the same if the change occurred
at a different point in time.

40 –
Current and Non-Current Assets and Liabilities

Asset and liability line item by amounts recovered or settled within or after one year
Asset items as of December 31, 2012
Amounts recovered or settled Total
in € m. within one year after one year Dec 31, 2012
Cash and due from banks 27,885 − 27,885
Interest-earning deposits with banks 119,288 260 119,548
Central bank funds sold and securities purchased under resale agreements 36,451 119 36,570
Securities borrowed 23,851 96 23,947
Financial assets at fair value through profit or loss 1,171,975 28,906 1,200,881
Financial assets available for sale 9,269 40,110 49,379
Equity method investments − 3,577 3,577
Loans 125,483 271,796 397,279
Property and equipment − 4,963 4,963
Goodwill and other intangible assets − 14,219 14,219
Other assets 112,108 11,865 123,973
Assets for current tax 2,125 265 2,390
Total assets before deferred tax assets 1,628,435 376,176 2,004,611
Deferred tax assets 7,718
Total assets 2,012,329

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02 Consolidated Financial
FinancialStatements
Statements 371371
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
40 –– Current
40 Current and
andNon-Current
Non-Current Assets andand
Assets Liabilities
Liabilities

Liability items as of December 31, 2012

Amounts recovered or settled Total
in € m. within one year after one year Dec 31, 2012
Deposits 544,937 32,265 577,202
Central bank funds purchased and securities sold under repurchase agreements 36,144 − 36,144
Securities loaned 3,076 33 3,109
Financial liabilities at fair value through profit or loss 907,615 16,903 924,518
Other short-term borrowings 69,060 − 69,060
Other liabilities 164,234 5,310 169,544
Provisions 5,110 − 5,110
Liabilities for current tax 962 627 1,589
Long-term debt 39,920 118,177 158,097
Trust preferred securities 4,707 7,384 12,091
Total liabilities before deferred tax liabilities 1,775,765 180,699 1,956,464
Deferred tax liabilities 1,455
Total liabilities 1,957,919

Asset items as of December 31, 2011

Amounts recovered or settled Total
in € m. within one year after one year Dec 31, 2011
Cash and due from banks 15,928 − 15,928
Interest-earning deposits with banks 160,834 1,166 162,000
Central bank funds sold and securities purchased under resale agreements 25,297 476 25,773
Securities borrowed 31,310 27 31,337
Financial assets at fair value through profit or loss 1,252,616 28,183 1,280,799
Financial assets available for sale 7,511 37,770 45,281
Equity method investments − 3,759 3,759
Loans 133,236 279,278 412,514
Property and equipment − 5,509 5,509
Goodwill and other intangible assets − 15,802 15,802
Other assets 144,102 10,692 154,794
Assets for current tax 1,646 224 1,870
Total assets before deferred tax assets 1,772,480 382,886 2,155,366
Deferred tax assets 8,737
Total assets 2,164,103

Liability items as of December 31, 2011

Amounts recovered or settled Total
in € m. within one year after one year Dec 31, 2011
Deposits 568,628 33,102 601,730
Central bank funds purchased and securities sold under repurchase agreements 35,292 19 35,311
Securities loaned 7,638 451 8,089
Financial liabilities at fair value through profit or loss 1,010,015 18,432 1,028,447
Other short-term borrowings 65,356 − 65,356
Other liabilities 179,294 8,522 187,816
Provisions 2,621 − 2,621
Liabilities for current tax 1,381 1,143 2,524
Long-term debt 30,317 133,099 163,416
Trust preferred securities 2,600 9,744 12,344
Total liabilities before deferred tax liabilities 1,903,142 204,512 2,107,654
Deferred tax liabilities 1,789
Total liabilities 2,109,443

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02 Consolidated Financial Statements
Financial Statements 372 372
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
41 ––Events
41 Events after
after the
theReporting
ReportingDate
Date

41 –
Events after the Reporting Date

All significant adjusting events that occurred after the reporting date were recognized in the Group’s results of
operations, financial position and net assets.

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Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 373373
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
42 –– Supplementary
42 Supplementary Information
Informationto the Consolidated
to the Financial
Consolidated Statements
Financial according to
Statements
Section 315a
according to HGB
Section 315a HGB

42 –
Supplementary Information to the Consolidated Financial Statements according to Section
315a HGB

Staff Costs
in € m. 2012 2011
Staff costs:
Wages and salaries 11,266 11,071
Social security costs 2,260 2,064
thereof: those relating to pensions 715 675
Total 13,526 13,135

Staff
The average number of effective staff employed in 2012 was 100,380 (2011: 101,836) of whom 44,047
(2011: 44,865) were women. Part-time staff is included in these figures proportionately. An average of 53,236
(2011: 53,153) staff members worked outside Germany.

Management Board and Supervisory Board Remuneration

The total compensation of the Management Board was € 23,681,498 and € 27,323,672 for the years ended
December 31, 2012 and 2011, respectively, thereof € 12,678,563 and € 17,894,081 for variable components.

Former members of the Management Board of Deutsche Bank AG or their surviving dependents received
€ 27,406,637 and € 17,096,252 for the years ended December 31, 2012 and 2011, respectively.

Deutsche Bank compensates the Supervisory Board members after the end of each fiscal year. In January
2013, Deutsche Bank paid each Supervisory Board member the fixed portion of their remuneration and meet-
ing fees for services in 2012. In addition, the Group will generally pay each Supervisory Board member a
remuneration linked to Deutsche Bank’s long-term performance as well as a dividend-based bonus, as de-
fined in Deutsche Bank’s Articles of Association, for their services in 2012. Assuming that the Annual General
Meeting in May 2013 approves the proposed dividend of € 0.75 per share, the Supervisory Board will receive
a total remuneration of € 2,335,000 (2011: € 2,608,600).

Provisions for pension obligations to former members of the Management Board and their surviving depend-
ents amounted to € 214,572,881 and € 166,822,899 at December 31, 2012 and 2011, respectively.

Loans and advances granted and contingent liabilities assumed for members of the Management Board
amounted to € 2,926,223 and € 5,383,155 and for members of the Supervisory Board of Deutsche Bank AG to
€ 4,435,782 and € 5,224,755 for the years ended December 31, 2012 and 2011, respectively. Members of the
Supervisory Board repaid € 1,940,792 loans in 2012.

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Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 374 374
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
42 –– Supplementary
42 Supplementary Information
Informationto the Consolidated
to the Financial
Consolidated Statements
Financial according to Section
Statements
315a HGB to Section 315a HGB
according

Corporate Governance
Deutsche Bank AG has approved the Declaration of Conformity in accordance with section 161 of the German
Corporation Act (AktG). The declaration is published on Deutsche Bank’s website (www.deutsche-
bank.de/ir/en/content/declaration_of_conformity.htm).

Principal Accountant Fees and Services

Breakdown of the fees charged by the Group’s auditor
Fee category in € m. 2012 2011
Audit fees 50 54
thereof to KPMG AG 25 25
Audit-related fees 19 12
thereof to KPMG AG 12 8
Tax-related fees 7 7
thereof to KPMG AG 3 3
All other fees 1 3
thereof to KPMG AG − 3
Total fees 1 76 76
1 Totals do not add up due to roundings.

For further information please refer to the Corporate Governance Statement/Corporate Governance Report.

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02 Consolidated Financial
FinancialStatements
Statements 375375
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings

43 –
Shareholdings

Subsidiaries – 376
Special Purpose Entities – 394
Companies accounted for at equity – 406
Other Companies, where the holding equals or exceeds 20 % – 409
Holdings in large corporations, where the holding exceeds 5 % of the voting rights – 411

The following pages show the Shareholdings of Deutsche Bank Group pursuant to Section 313 (2)
of the German Commercial Code (“HGB”).

Footnotes:

1 Controlled via managing general partner.

2 Controlled.
3 Special Fund.
4 The company made use of the exemption offered by Section 264b HGB.
5 Only specified assets and related liabilities (silos) of this entity were consolidated.
6 Consists of 770 individual Trusts (only varying in series number/duration) which purchase a municipal debt
security and issue short puttable exempt adjusted receipts (SPEARs) and long inverse floating
exempt receipts (LIFERs) which are then sold to investors.
7 Not controlled.
8 Accounted for at equity due to significant influence.
9 Classified as Special Purpose Entity not to be accounted for at equity under IFRS.
10 Classified as Special Purpose Entity not to be consolidated under IFRS.
11 No significant influence.
12 Shares are held as collateral.
13 Not consolidated or accounted for at equity as classified as securities available for sale.
14 Not accounted for at equity as classified as at fair value.

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FinancialStatements
Statements 376 376
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Subsidiaries
Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1 Deutsche Bank Aktiengesellschaft Frankfurt am Main
2 Abbey Life Assurance Company Limited London 100.0
3 Abbey Life Trust Securities Limited London 100.0
4 Abbey Life Trustee Services Limited London 100.0
5 ABFS I Incorporated Baltimore 100.0
6 ABS Leasing Services Company Chicago 100.0
7 ABS MB Limited Baltimore 100.0
8 Absolute Energy S.r.l. Rome 100.0
9 AC VII Privatkunden GmbH & Co. KG Munich 1 0.0
10 Accounting Solutions Holding Company, Inc. Wilmington 100.0
11 ADD ONE GmbH & Co. KG Cologne 1 0.0
12 Advent Chestnut VI GmbH & Co. KG Cologne 1 0.1
13 Affordable Housing I LLC Wilmington 100.0
14 Agripower Buddosò Società Agricola a Responsabilità Limitata Pesaro 100.0
15 Airport Club für International Executives GmbH Frankfurt 84.0
16 Alex. Brown Financial Services Incorporated Baltimore 100.0
17 Alex. Brown Investments Incorporated Baltimore 100.0
18 Alex. Brown Management Services, Inc. Baltimore 100.0
19 Alfred Herrhausen Gesellschaft - Das internationale Forum der Deutschen Bank - mbH Berlin 100.0
20 Allsar Inc. Wilmington 100.0
21 AMADEUS II ‘D’ GmbH & Co. KG Munich 100.0
22 America/Asia Private Equity Portfolio (PE-US/ASIA) GmbH & Co. KG Cologne 1 0.2
23 Americas Trust Servicios de Consultoria, S.A. Madrid 100.0
24 Antelope Pension Trustee Services Limited (in members’ voluntary liquidation) London 100.0
25 AO DB Securities (Kazakhstan) Almaty 100.0
26 Apex Fleet Inc. Wilmington 100.0
27 APOLLON Vermögensverwaltungsgesellschaft mbH Cologne 100.0
28 Aqueduct Capital S.à r.l. Luxembourg 100.0
29 Arche Investments Limited (in members’ voluntary liquidation) London 2 0.0
30 Argent Incorporated Baltimore 100.0
31 ATHOS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
32 Autumn Leasing Limited London 100.0
33 Avatar Finance George Town 100.0
34 AXOS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
35 B.T. Vordertaunus (Luxembourg), S.à r.l. Luxembourg 100.0
36 B.T.I. Investments London 100.0
37 BAG Frankfurt 3 100.0
38 Baincor Nominees Pty Limited Sydney 100.0
39 Bainpro Nominees Pty Ltd Sydney 100.0
40 Bainsec Nominees Pty Ltd Sydney 100.0
41 BAL Servicing Corporation Wilmington 100.0
42 Bank Sal. Oppenheim jr. & Cie. (Schweiz) AG Zurich 100.0
43 Bankers International Corporation New York 100.0
44 Bankers International Corporation (Brasil) Ltda. Sao Paulo 100.0
45 Bankers Trust International Finance (Jersey) Limited St. Helier 100.0
46 Bankers Trust International Limited London 100.0
47 Bankers Trust Investments Limited London 100.0
48 Bankers Trust Nominees Limited London 100.0
49 Barkly Investments Ltd. St. Helier 100.0
50 Bayan Delinquent Loan Recovery 1 (SPV-AMC), Inc. Makati City 100.0
51 Beachwood Properties Corp. Wilmington 2 0.0
52 Bebek Varlik Yönetym A.S. Istanbul 100.0
53 Betriebs-Center für Banken AG Frankfurt 100.0
54 BfI-Beteiligungsgesellschaft für Industriewerte mbH Frankfurt 100.0
55 BHF Club Deal GmbH Frankfurt 100.0
56 BHF Grundbesitz-Verwaltungsgesellschaft mbH Frankfurt 100.0
57 BHF Grundbesitz-Verwaltungsgesellschaft mbH & Co. am Kaiserlei OHG Frankfurt 100.0
58 BHF Immobilien-GmbH Frankfurt 100.0
59 BHF Lux Immo S.A. Luxembourg 100.0

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02 Consolidated Financial
FinancialStatements
Statements 377377
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
60 BHF PEP I Beteiligungsgesellschaft mbH Cologne 100.0
61 BHF PEP II Beteiligungsgesellschaft mbH Cologne 100.0
62 BHF PEP III Beteiligungsgesellschaft mbH Cologne 100.0
63 BHF Private Equity Management GmbH Frankfurt 100.0
64 BHF Private Equity Portfolio GmbH & Co. Beteiligungs KG Nr. 1 i.L. Cologne 1 0.4
65 BHF Private Equity Portfolio GmbH & Co. Beteiligungs KG Nr. 2 i.L. Cologne 1 0.3
66 BHF Private Equity Portfolio GmbH & Co. Beteiligungs KG Nr. 3 i.L. Cologne 1 0.4
67 BHF Private Equity Treuhand- und Beratungsgesellschaft mbH Frankfurt 100.0
68 BHF Trust Management Gesellschaft für Vermögensverwaltung mbH Frankfurt 100.0
69 BHF Zurich Family Office AG Zurich 100.0
70 BHF-BANK (Schweiz) AG Zurich 100.0
71 BHF-BANK Aktiengesellschaft Frankfurt 100.0
72 BHF-BANK International S.A. Luxembourg 100.0
73 BHF-Betriebsservice GmbH Frankfurt 100.0
74 BHW - Gesellschaft für Wohnungswirtschaft mbH Hameln 100.0
75 BHW - Gesellschaft für Wohnungswirtschaft mbH & Co. Immobilienverwaltungs KG Hameln 100.0
76 BHW Bausparkasse Aktiengesellschaft Hameln 100.0
77 BHW Direktservice GmbH Hameln 100.0
78 BHW Eurofinance B.V. Arnhem 100.0
79 BHW Financial Srl in liquidazione Verona 100.0
80 BHW Gesellschaft für Vorsorge mbH Hameln 100.0
81 BHW Holding AG Hameln 100.0
82 BHW Invest, Société à responsabilité limitée Luxembourg 100.0
83 BHW Kreditservice GmbH Hameln 100.0
84 BHW-Immobilien GmbH Hameln 100.0
85 Billboard Partners L.P. George Town 99.9
86 Biomass Holdings S.à r.l. Luxembourg 100.0
87 Bleeker Investments Limited Wilmington 100.0
88 Blue Cork, Inc. Wilmington 100.0
89 Blue Ridge CLO Holding Company LLC Wilmington 100.0
90 Bluewater Creek Management Co. Wilmington 100.0
91 BNA Nominees Pty Limited Sydney 100.0
92 Bonsai Investment AG Frauenfeld 100.0
93 Borfield S.A. Montevideo 100.0
94 BRIMCO, S. de R.L. de C.V. Mexico City 100.0
95 Broome Investments Limited Wilmington 100.0
96 BS 2 Y.K. Tokyo 100.0
97 BT American Securities (Luxembourg), S.à r.l. Luxembourg 100.0
98 BT Commercial Corporation Wilmington 100.0
99 BT CTAG Nominees Limited London 100.0
100 BT Globenet Nominees Limited London 100.0
101 BT International (Nigeria) Limited Lagos 100.0
102 BT Maulbronn GmbH Eschborn 100.0
103 BT Milford (Cayman) Limited George Town 100.0
104 BT Muritz GmbH Eschborn 100.0
105 BT Nominees (Singapore) Pte Ltd Singapore 100.0
106 BT Opera Trading S.A. Paris 100.0
107 BT Sable, L.L.C. Wilmington 100.0
108 BT Vordertaunus Verwaltungs- und Beteiligungsgesellschaft mbH Eschborn 100.0
109 BT/ABKB Partnership Management Los Angeles 99.9
110 BTAS Cayman GP George Town 100.0
111 BTD Nominees Pty Limited Sydney 100.0
112 BTFIC - Portugal, Gestao e Investimentos (Sociedade Unipessoal) S.A. Funchal 100.0
113 BTVR Investments No. 1 Limited St. Helier 100.0
114 Business Support One Y.K. Tokyo 100.0
115 Buxtal Pty. Limited Sydney 100.0
116 BVK Courtyard Commons, LLC Wilmington 100.0
117 C. J. Lawrence Inc. Wilmington 100.0
118 CAM DREI Initiator GmbH & Co. KG Cologne 1 14.5
119 CAM Initiator Treuhand GmbH & Co. KG Cologne 100.0

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02 Consolidated Financial
FinancialStatements
Statements 378 378
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
120 CAM PE Verwaltungs GmbH & Co. KG Cologne 100.0
121 CAM Private Equity Consulting & Verwaltungs-GmbH Cologne 100.0
122 CAM Private Equity Evergreen GmbH & Co. KG UBG Cologne 1 0.0
123 CAM Private Equity Nominee GmbH & Co. KG Cologne 100.0
124 CAM Private Equity Verwaltungs-GmbH Cologne 100.0
125 CAM Secondary Select I Beteiligungs GmbH Cologne 100.0
126 CAM Secondary Select I GmbH & Co. KG Cologne 1 0.0
127 CAM SEL I Initiator GmbH & Co. KG Cologne 1 15.3
128 CAM SEL II Initiator GmbH & Co. KG Cologne 1 15.3
129 CAM Select I Beteiligungs GmbH Cologne 100.0
130 CAM Select I GmbH & Co. KG Cologne 1 0.0
131 CAM Select II Beteiligungs GmbH Cologne 100.0
132 CAM Select II GmbH & Co. KG Cologne 1 0.0
133 3160343 Canada Inc. Toronto 100.0
134 3613950 Canada, Inc. Toronto 100.0
135 Caneel Bay Holding Corp. Chicago 2 0.0
136 Cape Acquisition Corp. Wilmington 100.0
137 CapeSuccess Inc. Wilmington 100.0
138 CapeSuccess LLC Wilmington 82.6
139 Capital Solutions Exchange Inc. Wilmington 100.0
140 Cardales UK Limited London 100.0
141 Career Blazers Consulting Services, Inc. Albany 100.0
142 Career Blazers Contingency Professionals, Inc. Albany 100.0
143 Career Blazers Learning Center of Los Angeles, Inc. Los Angeles 100.0
144 Career Blazers LLC Wilmington 100.0
145 Career Blazers Management Company, Inc. Albany 100.0
146 Career Blazers New York, Inc. Albany 100.0
147 Career Blazers of Ontario Inc. London, Ontario 100.0
148 Career Blazers Personnel Services of Washington, D.C., Inc. Washington D.C. 100.0
149 Career Blazers Personnel Services, Inc. Albany 100.0
150 Career Blazers Service Company, Inc. Wilmington 100.0
151 Caribbean Resort Holdings, Inc. New York 2 0.0
152 CarVal Master Fundo de Investimento em Direitos Creditórios Sao Paulo 100.0
153 Cashforce International Credit Support B.V. Rotterdam 100.0
154 Castlewood Expansion Partners, L.P. Wilmington 87.5
155 Castor LLC Wilmington 2 0.0
156 Cathay Advisory (Beijing) Company Ltd Beijing 100.0
157 Cathay Asset Management Company Limited Port Louis 100.0
158 Cathay Capital Company (No 2) Limited Port Louis 67.6
159 CBI NY Training, Inc. Albany 100.0
160 Cedar Investment Co. Wilmington 100.0
161 Centennial River 1 Inc. Denver 100.0
162 Centennial River 2 Inc. Austin 100.0
163 Centennial River Acquisition I Corporation Wilmington 100.0
164 Centennial River Acquisition II Corporation Wilmington 100.0
165 Centennial River Corporation Wilmington 100.0
166 Channel Nominees Limited London 100.0
167 Charlton (Delaware), Inc. Wilmington 100.0
168 China Recovery Fund LLC Wilmington 85.0
169 Cinda - DB NPL Securitization Trust 2003-1 Wilmington 2 0.0
170 CITAN Beteiligungsgesellschaft mbH Frankfurt 100.0
171 Civic Investments Limited St. Helier 100.0
172 Clark GmbH & Co. KG Frankfurt 100.0
173 CNS Cayman Holdings One Ltd. George Town 100.0
174 Consumo Finance S.p.A. Milan 100.0
175 CoreCommodity Strategy Fund Luxembourg 100.0
176 Coronus L.P. St. Helier 100.0
177 CREDA Objektanlage- und verwaltungsgesellschaft mbH Bonn 100.0
178 CTXL Achtzehnte Vermögensverwaltung GmbH Munich 100.0
179 Cyrus J. Lawrence Capital Holdings, Inc. Wilmington 100.0

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02 Consolidated Financial
FinancialStatements
Statements 379379
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
180 D & S Capital Y.K. Tokyo 100.0
181 D B Rail Holdings (UK) No. 1 Limited London 100.0
182 D F Japan Godo Kaisha Tokyo 100.0
183 D&M Turnaround Partners Godo Kaisha Tokyo 100.0
184 D.B. International Delaware, Inc. Wilmington 100.0
185 DAHOC (UK) Limited London 100.0
186 DAHOC Beteiligungsgesellschaft mbH Frankfurt 100.0
187 DB (Gibraltar) Holdings Limited Gibraltar 100.0
188 DB (Malaysia) Nominee (Asing) Sdn. Bhd. Kuala Lumpur 100.0
189 DB (Malaysia) Nominee (Tempatan) Sdn. Bhd. Kuala Lumpur 100.0
190 DB (Pacific) Limited Wilmington 100.0
191 DB (Pacific) Limited, New York New York 100.0
192 DB (Tip Top) Limited Partnership Toronto 99.9
193 DB Alex. Brown Exchange Fund I, L.P. Baltimore 2 4.1
194 DB Alex. Brown Holdings Incorporated Wilmington 100.0
195 DB Alps Corporation Wilmington 100.0
196 DB Alternative Trading Inc. Wilmington 100.0
197 DB Americas Asset Management Corp. Wilmington 100.0
198 DB Aotearoa Investments Limited George Town 100.0
199 DB Beteiligungs-Holding GmbH Frankfurt 100.0
200 DB Bluebell Investments (Cayman) Partnership George Town 100.0
201 DB Broker GmbH Frankfurt 100.0
202 DB Canada GIPF - I Corp. Calgary 100.0
203 DB Capital & Asset Management Kapitalanlagegesellschaft mbH Cologne 100.0
204 DB Capital Management, Inc. Wilmington 100.0
205 DB Capital Markets (Deutschland) GmbH Frankfurt 100.0
206 DB Capital Markets Asset Management Holding GmbH Frankfurt 100.0
207 DB Capital Partners (Asia), L.P. George Town 99.7
208 DB Capital Partners (Europe) 2000 - A Founder Partner LP Wilmington 80.0
209 DB Capital Partners (Europe) 2000 - B Founder Partner LP Wilmington 80.0
210 DB Capital Partners Asia G.P. Limited George Town 100.0
211 DB Capital Partners Europe 2002 Founder Partner LP Wilmington 80.0
212 DB Capital Partners General Partner Limited London 100.0
213 DB Capital Partners Latin America, G.P. Limited George Town 100.0
214 DB Capital Partners, Inc. Wilmington 100.0
215 DB Capital Partners, Latin America, L.P. George Town 80.2
216 DB Capital, Inc. Wilmington 100.0
217 DB Cartera de Inmuebles 1, S.A.U. Pozuelo de Alarcón 100.0
218 DB Chambers LLC Wilmington 100.0
219 DB Chestnut Holdings Limited George Town 100.0
220 DB Commodities Canada Ltd. Toronto 100.0
221 DB Commodity Services LLC Wilmington 100.0
222 DB Concerto (LP) Limited George Town 100.0
223 DB Concerto Limited George Town 100.0
224 DB Consortium S. Cons. a r.l. in liquidazione Milan 100.0
225 DB Consorzio S. Cons. a r. l. Milan 100.0
226 DB Corporate Advisory (Malaysia) Sdn. Bhd. Kuala Lumpur 100.0
227 DB Crest Limited St. Helier 100.0
228 DB Delaware Holdings (Europe) Limited Wilmington 100.0
229 DB Delaware Holdings (UK) Limited London 100.0
230 DB Depositor Inc. Wilmington 100.0
231 DB Elara LLC Wilmington 100.0
232 DB Energy Commodities Limited London 100.0
233 DB Energy Trading LLC Wilmington 100.0
234 DB Enfield Infrastructure Holdings Limited St. Helier 100.0
235 DB Enfield Infrastructure Investments Limited St. Helier 100.0
236 DB Enterprise GmbH Luetzen-Gostau 100.0
237 DB Enterprise GmbH & Co. Zweite Beteiligungs KG Luetzen-Gostau 4 100.0
238 DB Equipment Leasing, Inc. New York 100.0
239 DB Equity Limited London 100.0

F-I-379
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 380 380
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
240 DB Equity S.à r.l. Luxembourg 100.0
241 DB ESC Corporation Wilmington 100.0
242 DB Fillmore Lender Corp. Wilmington 100.0
243 DB Finance (Delaware), LLC Wilmington 100.0
244 DB Finance International GmbH Eschborn 100.0
245 DB Finanz-Holding GmbH Frankfurt 100.0
246 DB Funding LLC #4 Wilmington 100.0
247 DB Funding LLC #5 Wilmington 100.0
248 DB Funding LLC #6 Wilmington 100.0
249 DB Funding, L.P. Baltimore 100.0
250 DB Galil Finance, Inc. Wilmington 100.0
251 DB Ganymede 2006 L.P. George Town 100.0
252 DB Global Infrastructure Fund Luxembourg 2 0.1
253 DB Global Markets Multi-Strategy Fund I Ltd. George Town 100.0
254 DB Global Processing Services, Inc. Wilmington 100.0
255 DB Global Technology, Inc. Wilmington 100.0
256 DB Green Holdings Corp. Wilmington 100.0
257 DB Green, Inc. New York 100.0
258 DB Group Services (UK) Limited London 100.0
259 DB Hawks Nest, Inc. Wilmington 100.0
260 DB HedgeWorks, LLC Wilmington 100.0
261 DB Holdings (New York), Inc. New York 100.0
262 DB Holdings (South America) Limited Wilmington 100.0
263 DB Horizon, Inc. Wilmington 100.0
264 DB HR Solutions GmbH Eschborn 100.0
265 DB Hypernova LLC Wilmington 100.0
266 DB iCON Investments Limited London 100.0
267 DB Immobilienfonds 2 GmbH & Co. KG Frankfurt 74.0
268 DB Impact Investment Fund I, L.P. Edinburgh 100.0
269 DB Industrial Holdings Beteiligungs GmbH & Co. KG Luetzen-Gostau 4 100.0
270 DB Industrial Holdings GmbH Luetzen-Gostau 100.0
271 DB Infrastructure Holdings (UK) No.1 Limited London 100.0
272 DB Infrastructure Holdings (UK) No.2 Limited London 100.0
273 DB Infrastructure Holdings (UK) No.3 Limited London 100.0
274 DB International (Asia) Limited Singapore 100.0
275 DB International Investments Limited London 100.0
276 DB International Trust (Singapore) Limited Singapore 100.0
277 DB Invest Fundo de Investimento Multimercado Sao Paulo 100.0
278 DB Investment Management, Inc. Wilmington 100.0
279 DB Investment Managers, Inc. Wilmington 100.0
280 DB Investment Partners, Inc. Wilmington 100.0
281 DB Investment Resources (US) Corporation Wilmington 100.0
282 DB Investment Resources Holdings Corp. Wilmington 100.0
283 DB Investments (GB) Limited London 100.0
284 DB Io LP Wilmington 100.0
285 DB IROC Leasing Corp. New York 100.0
286 DB Jasmine (Cayman) Limited George Town 100.0
287 DB Kredit Service GmbH Berlin 100.0
288 DB Leasing Services GmbH Frankfurt 100.0
289 DB Lexington Investments Inc. Wilmington 100.0
290 DB Liberty, Inc. Wilmington 100.0
291 DB Like-Kind Exchange Services Corp. Wilmington 100.0
292 DB Management Partners, L.P. Wilmington 100.0
293 DB Management Support GmbH Frankfurt 100.0
294 DB Managers, LLC West Trenton 100.0
295 DB Master Fundo de Investimento em Direitos Creditórios Não-Padronizados de Precatórios Rio de Janeiro 100.0
Federais
296 DB Mortgage Investment Inc. Baltimore 100.0
297 DB Nexus American Investments (UK) Limited London 100.0
298 DB Nexus Iberian Investments (UK) Limited London 100.0

F-I-380
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 381381
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
299 DB Nexus Investments (UK) Limited London 100.0
300 DB Nominees (Hong Kong) Limited Hong Kong 100.0
301 DB Nominees (Singapore) Pte Ltd Singapore 100.0
302 DB Operaciones y Servicios Interactivos, A.I.E. Barcelona 99.9
303 DB Overseas Finance Delaware, Inc. Wilmington 100.0
304 DB Overseas Holdings Limited London 100.0
305 DB Partnership Management II, LLC Wilmington 100.0
306 DB Partnership Management Ltd. Wilmington 100.0
307 db PBC Luxembourg 100.0
308 DB PEP V Luxembourg 2 0.2
309 DB PEP V Europa Parallel GmbH & Co. KG Cologne 2 0.0
310 DB PEP V GmbH & Co. KG Cologne 2 0.0
311 DB Perry Investments Limited Wilmington 100.0
312 DB Platinum Advisors Luxembourg 100.0
313 DB Portfolio Southwest, Inc. Houston 100.0
314 DB Print GmbH Frankfurt 100.0
315 DB Private Clients Corp. Wilmington 100.0
316 DB Private Equity GmbH Cologne 100.0
317 DB Private Equity International S.à r.l. Luxembourg 100.0
318 DB Private Wealth Mortgage Ltd. New York 100.0
319 DB PWM Collective Management Limited Liverpool 100.0
320 DB PWM Private Markets I GP Luxembourg 100.0
321 DB Rail Trading (UK) Limited London 100.0
322 DB Re S.A. Luxembourg 100.0
323 DB Real Estate Canadainvest 1 Inc. Toronto 100.0
324 DB Risk Center GmbH Berlin 100.0
325 DB Rivington Investments Limited George Town 100.0
326 DB RMS Leasing (Cayman) L.P. George Town 100.0
327 DB Road (UK) Limited George Town 100.0
328 DB Samay Finance No. 2, Inc. Wilmington 100.0
329 DB Saturn Investments Limited (in members’ voluntary liquidation) London 100.0
330 DB Securities S.A. Warsaw 100.0
331 DB Securities Services NJ Inc. New York 100.0
332 DB Sedanka Limited (in voluntary liquidation) George Town 100.0
333 DB Service Centre Limited Dublin 100.0
334 DB Service Uruguay S.A. Montevideo 100.0
335 DB Services Americas, Inc. Wilmington 100.0
336 DB Services New Jersey, Inc. West Trenton 100.0
337 DB Servicios México, S.A. de C.V. Mexico City 100.0
338 DB Servizi Amministrativi S.r.l. Milan 100.0
339 DB Sirius (Cayman) Limited (in voluntary liquidation) George Town 100.0
340 DB Sterling Finance Limited (in voluntary liquidation) George Town 100.0
341 DB Strategic Advisors, Inc. Makati City 100.0
342 DB Structured Derivative Products, LLC Wilmington 100.0
343 DB Structured Products, Inc. Wilmington 100.0
344 DB Trips Investments Limited George Town 2 0.0
345 DB Trust Company Limited Japan Tokyo 100.0
346 DB Trustee Services Limited London 100.0
347 DB Trustees (Hong Kong) Limited Hong Kong 100.0
348 DB Tweed Limited (in voluntary liquidation) George Town 100.0
349 DB U.K. Nominees Limited London 100.0
350 DB U.S. Financial Markets Holding Corporation Wilmington 100.0
351 DB UK (Saturn) Limited (in members’ voluntary liquidation) London 100.0
352 DB UK Australia Finance Limited George Town 100.0
353 DB UK Australia Holdings Limited London 100.0
354 DB UK Bank Limited London 100.0
355 DB UK Holdings Limited London 100.0
356 DB UK PCAM Holdings Limited London 100.0
357 DB Valiant (Cayman) Limited (in voluntary liquidation) George Town 100.0
358 DB Valoren S.à r.l. Luxembourg 100.0

F-I-381
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 382 382
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
DB Value S.à r.l. Luxembourg 100.0
359
360 DB Vanquish (UK) Limited London 100.0
361 DB Vantage (UK) Limited London 100.0
362 DB Vantage No.2 (UK) Limited London 100.0
363 DB Vantage No.3 (UK) Limited (in members’ voluntary liquidation) London 100.0
364 DB Venture Partners General Partner Limited (in members’ voluntary liquidation) London 100.0
365 DB Vita S.A. Luxembourg 75.0
366 DB Warren Investments Limited George Town 100.0
367 DB Wilton Holdings, LLC Wilmington 2 0.0
368 DBAB Wall Street, LLC Wilmington 100.0
369 DBAH Capital, LLC Wilmington 100.0
370 DBAS Cayman Holdings 1 Limited George Town 100.0
371 DBAS Cayman Holdings 2 Limited George Town 100.0
372 DBC Continuance Inc. Toronto 100.0
373 DBCCA Investment Partners, Inc. Wilmington 100.0
374 DBCIBZ1 George Town 100.0
375 DBCIBZ2 George Town 100.0
376 DBD Pilgrim America Corp. Wilmington 100.0
377 DBFIC, Inc. Wilmington 100.0
378 DBG Vermögensverwaltungsgesellschaft mbH Frankfurt 100.0
379 DBIGB Finance (No. 2) Limited (in members’ voluntary liquidation) London 100.0
380 DBNY Brazil Invest Co. Wilmington 100.0
381 DBNZ Overseas Investments (No.1) Limited George Town 100.0
382 DBOI Global Services (UK) Limited London 100.0
383 DBOI Global Services Private Limited Mumbai 100.0
384 DBRE Global Real Estate Management IA, Ltd. George Town 100.0
385 DBRE Global Real Estate Management IB, Ltd. George Town 100.0
386 DBRMS4 George Town 100.0
387 DBRMSGP1 George Town 100.0
388 DBRMSGP2 George Town 100.0
389 DBS Technology Ventures, L.L.C. Wilmington 100.0
390 DBUKH Finance Limited (in members’ voluntary liquidation) London 100.0
391 DBUSBZ1, LLC Wilmington 100.0
392 DBUSBZ2, LLC Wilmington 100.0
393 DBUSH Markets, Inc. New York 100.0
394 DBVR Investments No. 3 Ltd. Wilmington 100.0
395 DBX Advisors LLC Wilmington 100.0
396 DBX Strategic Advisors LLC Wilmington 100.0
397 De Meng Innovative (Beijing) Consulting Company Limited Beijing 100.0
398 DeAM Infrastructure Limited London 100.0
399 DEBEKO Immobilien GmbH & Co Grundbesitz OHG Eschborn 100.0
400 DEE Deutsche Erneuerbare Energien GmbH Duesseldorf 100.0
401 Deer River, L.P. Wilmington 100.0
402 DEGRU Erste Beteiligungsgesellschaft mbH Eschborn 100.0
403 Delowrezham de México S. de R.L. de C.V. Mexico City 100.0
404 DEUFRAN Beteiligungs GmbH Frankfurt 100.0
405 DEUKONA Versicherungs-Vermittlungs-GmbH Frankfurt 100.0
406 Deutsche (Aotearoa) Capital Holdings New Zealand Auckland 100.0
407 Deutsche (Aotearoa) Foreign Investments New Zealand Auckland 100.0
408 Deutsche (New Munster) Holdings New Zealand Limited Auckland 100.0
409 Deutsche Aeolia Power Production S.A. Athens 80.0
410 Deutsche Alt-A Securities, Inc. Wilmington 100.0
411 Deutsche Alternative Asset Management (Global) Limited London 100.0
412 Deutsche Alternative Asset Management (UK) Limited London 100.0
413 Deutsche Asia Pacific Finance, Inc. Wilmington 100.0
414 Deutsche Asia Pacific Holdings Pte Ltd Singapore 100.0
415 Deutsche Asset Management (Asia) Limited Singapore 100.0
416 Deutsche Asset Management (Australia) Limited Sydney 100.0
417 Deutsche Asset Management (Hong Kong) Limited Hong Kong 100.0

F-I-382
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 383383
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
418 Deutsche Asset Management (India) Private Limited Mumbai 100.0
419 Deutsche Asset Management (Japan) Limited Tokyo 100.0
420 Deutsche Asset Management (Korea) Company Limited Seoul 100.0
421 Deutsche Asset Management (UK) Limited London 100.0
422 Deutsche Asset Management Canada Limited Toronto 100.0
423 Deutsche Asset Management Group Limited London 100.0
424 Deutsche Asset Management International GmbH Frankfurt 100.0
425 Deutsche Asset Management Investmentgesellschaft mbH vormals DEGEF Deutsche Gesell- Frankfurt 100.0
schaft für Fondsverwaltung mbH
426 Deutsche Asset Management Schweiz Zurich 100.0
427 Deutsche Auskunftei Service GmbH Hamburg 100.0
428 Deutsche Australia Limited Sydney 100.0
429 Deutsche Bank (Cayman) Limited George Town 100.0
430 DEUTSCHE BANK (CHILE) S.A. Santiago 100.0
431 Deutsche Bank (China) Co., Ltd. Beijing 100.0
432 Deutsche Bank (Malaysia) Berhad Kuala Lumpur 100.0
433 Deutsche Bank (Malta) Ltd St. Julians 100.0
434 Deutsche Bank (Mauritius) Limited Port Louis 100.0
435 Deutsche Bank (Perú) S.A. Lima 100.0
436 Deutsche Bank (Suisse) SA Geneva 100.0
437 Deutsche Bank (Uruguay) Sociedad Anónima Institución Financiera Externa Montevideo 100.0
438 DEUTSCHE BANK A.S. Istanbul 100.0
439 Deutsche Bank Americas Finance LLC Wilmington 100.0
440 Deutsche Bank Americas Holding Corp. Wilmington 100.0
441 Deutsche Bank Bauspar-Aktiengesellschaft Frankfurt 100.0
442 Deutsche Bank Capital Markets S.r.l. Milan 100.0
443 Deutsche Bank Corretora de Valores S.A. Sao Paulo 100.0
444 Deutsche Bank Europe GmbH Frankfurt 100.0
445 Deutsche Bank Financial Inc. Wilmington 100.0
446 Deutsche Bank Financial LLC Wilmington 100.0
447 Deutsche Bank Holdings, Inc. Wilmington 100.0
448 Deutsche Bank Insurance Agency Incorporated Baltimore 100.0
449 Deutsche Bank Insurance Agency Incorporated Boston 100.0
450 Deutsche Bank Insurance Agency of Delaware Wilmington 100.0
451 Deutsche Bank International Limited St. Helier 100.0
452 Deutsche Bank International Trust Co. (Cayman) Limited George Town 100.0
453 Deutsche Bank International Trust Co. Limited St. Peter Port 100.0
454 Deutsche Bank Investments (Guernsey) Limited St. Peter Port 100.0
455 Deutsche Bank Luxembourg S.A. Luxembourg 100.0
456 Deutsche Bank Mutui S.p.A. Milan 100.0
457 Deutsche Bank México, S.A., Institución de Banca Múltiple Mexico City 100.0
458 Deutsche Bank National Trust Company Los Angeles 100.0
459 Deutsche Bank Nederland N.V. Amsterdam 100.0
460 Deutsche Bank Nominees (Jersey) Limited St. Helier 100.0
461 Deutsche Bank PBC Spólka Akcyjna Warsaw 100.0
462 Deutsche Bank Polska Spólka Akcyjna Warsaw 100.0
463 Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft Frankfurt 100.0
464 Deutsche Bank Real Estate (Japan) Y.K. Tokyo 100.0
465 Deutsche Bank Realty Advisors, Inc. New York 100.0
466 Deutsche Bank S.A. Buenos Aires 100.0
467 Deutsche Bank S.A. - Banco Alemão Sao Paulo 100.0
468 Deutsche Bank Securities Inc. Wilmington 100.0
469 Deutsche Bank Securities Limited Toronto 100.0
470 Deutsche Bank Services (Jersey) Limited St. Helier 100.0
471 Deutsche Bank Società per Azioni Milan 99.8
472 Deutsche Bank Trust Company Americas New York 100.0
473 Deutsche Bank Trust Company Delaware Wilmington 100.0
474 Deutsche Bank Trust Company New Jersey Ltd. Jersey City 100.0
475 Deutsche Bank Trust Company, National Association New York 100.0
476 Deutsche Bank Trust Corporation New York 100.0

F-I-383
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 384 384
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
477 Deutsche Bank Trustee Services (Guernsey) Limited St. Peter Port 100.0
478 Deutsche Bank Österreich AG Vienna 100.0
479 Deutsche Bank, Sociedad Anónima Española Madrid 99.8
480 Deutsche Capital Finance (2000) Limited George Town 100.0
481 Deutsche Capital Financing (Singapore) Pte Ltd Singapore 100.0
482 Deutsche Capital Hong Kong Limited Hong Kong 100.0
483 Deutsche Capital Markets Australia Limited Sydney 100.0
484 Deutsche Capital Partners China Limited George Town 100.0
485 Deutsche Card Services GmbH Frankfurt 100.0
486 Deutsche Cayman Ltd. George Town 100.0
487 Deutsche CIB Centre Private Limited Mumbai 100.0
488 Deutsche Climate Change Fixed Income QP Trust Salem 100.0
489 Deutsche Clubholding GmbH Frankfurt 95.0
490 Deutsche Commodities Trading Co., Ltd. Shanghai 100.0
491 Deutsche Courcelles Paris 100.0
492 Deutsche Custody Global B.V. Amsterdam 100.0
493 Deutsche Custody N.V. Amsterdam 100.0
494 Deutsche Custody Nederland B.V. Amsterdam 100.0
495 Deutsche Domus New Zealand Limited Auckland 100.0
496 Deutsche Emerging Markets Investments (Netherlands) B.V. Amsterdam 99.9
497 Deutsche Equities India Private Limited Mumbai 100.0
498 Deutsche Far Eastern Asset Management Company Limited Taipei 60.0
499 Deutsche Fiduciary Services (Suisse) SA Geneva 100.0
500 Deutsche Finance Co 1 Pty Limited Sydney 100.0
501 Deutsche Finance Co 2 Pty Limited Sydney 100.0
502 Deutsche Finance Co 3 Pty Limited Sydney 100.0
503 Deutsche Finance Co 4 Pty Limited Sydney 100.0
504 Deutsche Finance No. 1 Limited (in members’ voluntary liquidation) London 100.0
505 Deutsche Finance No. 2 (UK) Limited London 100.0
506 Deutsche Finance No. 2 Limited George Town 100.0
507 Deutsche Finance No. 3 (UK) Limited (in members’ voluntary liquidation) London 100.0
508 Deutsche Finance No. 4 (UK) Limited London 100.0
509 Deutsche Finance No. 6 (UK) Limited (in members’ voluntary liquidation) London 100.0
510 Deutsche Foras New Zealand Limited Auckland 100.0
511 Deutsche Friedland Paris 100.0
512 Deutsche Futures Singapore Pte Ltd Singapore 100.0
513 Deutsche Gesellschaft für Immobilien-Leasing mit beschränkter Haftung Duesseldorf 100.0
514 Deutsche Global Markets Limited Tel Aviv 100.0
515 Deutsche Group Holdings (SA) (Proprietary) Limited Johannesburg 100.0
516 Deutsche Group Services Pty Limited Sydney 100.0
517 Deutsche Grundbesitz Beteiligungsgesellschaft mbH Eschborn 100.0
518 Deutsche Grundbesitz-Anlagegesellschaft mbH & Co Löwenstein Palais Eschborn 100.0
519 Deutsche Grundbesitz-Anlagegesellschaft mit beschränkter Haftung Frankfurt 99.8
520 Deutsche Haussmann, S.à r.l. Luxembourg 100.0
521 Deutsche Holdings (BTI) Limited London 100.0
522 Deutsche Holdings (Chile) S.A. Santiago 100.0
523 Deutsche Holdings (Luxembourg) S.à r.l. Luxembourg 100.0
524 Deutsche Holdings (Malta) Ltd. St. Julians 100.0
525 Deutsche Holdings (SA) (Proprietary) Limited Johannesburg 100.0
526 Deutsche Holdings Limited London 100.0
527 Deutsche Holdings No. 2 Limited London 100.0
528 Deutsche Holdings No. 3 Limited London 100.0
529 Deutsche Holdings No. 4 Limited London 100.0
530 Deutsche Hume Investments Pty Limited Sydney 100.0
531 Deutsche Immobilien Leasing GmbH Duesseldorf 100.0
532 Deutsche India Holdings Private Limited Mumbai 100.0
533 Deutsche International Corporate Services (Delaware) LLC Wilmington 100.0
534 Deutsche International Corporate Services (Ireland) Limited Dublin 100.0
535 Deutsche International Corporate Services Limited St. Helier 100.0
536 Deutsche International Custodial Services Limited St. Helier 100.0

F-I-384
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 385385
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
537 Deutsche International Finance (Ireland) Limited Dublin 100.0
538 Deutsche International Holdings (UK) Limited (in members’ voluntary liquidation) London 100.0
539 Deutsche International Trust Company N.V. Amsterdam 100.0
540 Deutsche International Trust Corporation (Mauritius) Limited Port Louis 100.0
541 Deutsche Inversiones Dos S.A. Santiago 100.0
542 Deutsche Inversiones Limitada Santiago 100.0
543 Deutsche Investment Management Americas Inc. Wilmington 100.0
544 Deutsche Investments (Netherlands) N.V. Amsterdam 100.0
545 Deutsche Investments Australia Limited Sydney 100.0
546 Deutsche Investments India Private Limited Mumbai 100.0
547 Deutsche Investor Services Private Limited Mumbai 100.0
548 Deutsche IT License GmbH Eschborn 100.0
549 Deutsche Knowledge Services Pte. Ltd. Singapore 100.0
550 Deutsche Leasing New York Corp. New York 100.0
551 Deutsche Long Duration Government/Credit QP Trust Salem 100.0
552 Deutsche Managed Investments Limited Sydney 100.0
553 Deutsche Master Funding Corporation Wilmington 100.0
554 Deutsche Morgan Grenfell Group Public Limited Company London 100.0
555 Deutsche Morgan Grenfell Nominees Pte Ltd Singapore 100.0
556 Deutsche Mortgage & Asset Receiving Corporation Wilmington 100.0
557 Deutsche Mortgage Securities, Inc. Wilmington 100.0
558 Deutsche New Zealand Limited Auckland 100.0
559 Deutsche Nominees Limited London 100.0
560 Deutsche Overseas Issuance New Zealand Limited Auckland 100.0
561 Deutsche Postbank AG Bonn 94.1
562 Deutsche Postbank Finance Center Objekt GmbH Schuttrange 100.0
563 Deutsche Postbank International S.A. Schuttrange 100.0
564 Deutsche Private Asset Management Limited London 100.0
565 Deutsche Representaciones y Mandatos S.A. Buenos Aires 100.0
566 Deutsche Retail No.1 Private Real Estate Investment, LLC Seoul 100.0
567 Deutsche Securities (India) Private Limited New Delhi 75.0
568 Deutsche Securities (Perú) S.A. Lima 100.0
569 Deutsche Securities (Proprietary) Limited Johannesburg 95.7
570 Deutsche Securities (SA) (Proprietary) Limited Johannesburg 95.7
571 Deutsche Securities Asia Limited Hong Kong 100.0
572 Deutsche Securities Australia Limited Sydney 100.0
573 Deutsche Securities Corredores de Bolsa Spa Santiago 100.0
574 Deutsche Securities Inc. Tokyo 100.0
575 Deutsche Securities Israel Ltd. Tel Aviv 100.0
576 Deutsche Securities Korea Co. Seoul 100.0
577 Deutsche Securities Limited Hong Kong 100.0
578 Deutsche Securities Mauritius Limited Port Louis 100.0
579 Deutsche Securities Menkul Degerler A.S. Istanbul 100.0
580 Deutsche Securities New Zealand Limited Auckland 100.0
581 Deutsche Securities Nominees Hong Kong Limited Hong Kong 100.0
582 Deutsche Securities Saudi Arabia LLC Riyadh 100.0
583 Deutsche Securities Sociedad de Bolsa S.A. Buenos Aires 100.0
584 Deutsche Securities Venezuela S.A. Caracas 100.0
585 Deutsche Securities, S.A. de C.V., Casa de Bolsa Mexico City 100.0
586 Deutsche Securitisation Australia Pty Limited Sydney 100.0
587 Deutsche Services Polska Sp. z o.o. Warsaw 100.0
588 Deutsche StiftungsTrust GmbH Frankfurt 100.0
589 Deutsche Transnational Trustee Corporation Inc Charlottetown 100.0
590 Deutsche Trustee Company Limited London 100.0
591 Deutsche Trustee Services (India) Private Limited Mumbai 100.0
592 Deutsche Trustees Malaysia Berhad Kuala Lumpur 100.0
593 Deutsche Ultra Core Fixed Income QP Trust Salem 100.0
594 Deutsches Institut für Altersvorsorge GmbH Frankfurt 78.0
595 DFC Residual Corp. Reno 100.0
596 DI 2 Y.K. Tokyo 100.0

F-I-385
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 386 386
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
597 DI Deutsche Immobilien Baugesellschaft mbH Frankfurt 100.0
598 DI Deutsche Immobilien Baugesellschaft mbH & Co. Vermietungs KG Frankfurt 100.0
599 DI Deutsche Immobilien Treuhandgesellschaft mbH Frankfurt 100.0
600 DI Investments Corporation Y.K. Tokyo 100.0
601 DIB-Consult Deutsche Immobilien- und Beteiligungs-Beratungsgesellschaft mbH Duesseldorf 100.0
602 DIL Financial Services GmbH & Co. KG Duesseldorf 100.0
603 DISCA Beteiligungsgesellschaft mbH Duesseldorf 100.0
604 DIV Holding GmbH Luetzen-Gostau 100.0
605 DMG Technology Management, L.L.C. Wilmington 100.0
606 DMJV New York 2 0.0
607 DNU Nominees Pty Limited Sydney 100.0
608 DPB Regent’s Park Estates (GP) Holding Limited London 100.0
609 DPB Regent’s Park Estates (LP) Holding Limited London 100.0
610 Drolla GmbH Frankfurt 100.0
611 DRT Limited International SRL Bucharest 100.0
612 DSL Holding Aktiengesellschaft i.A. Bonn 100.0
613 DSL Portfolio GmbH & Co. KG Bonn 100.0
614 DSL Portfolio Verwaltungs GmbH Bonn 100.0
615 DTS Nominees Pty Limited Sydney 100.0
616 DVCG Deutsche Venture Capital Gesellschaft mbH & Co. Fonds II KG i.L. Munich 1 69.2
617 DWS Finanz-Service GmbH Frankfurt 100.0
618 DWS Holding & Service GmbH Frankfurt 100.0
619 DWS Investment GmbH Frankfurt 100.0
620 DWS Investment S.A. Luxembourg 100.0
621 DWS Investments (Spain), S.G.I.I.C., S.A. Madrid 100.0
622 DWS Investments Distributors, Inc. Wilmington 100.0
623 DWS Investments Service Company Wilmington 100.0
624 DWS Schweiz GmbH Zurich 100.0
625 DWS Trust Company Salem 100.0
626 easyhyp GmbH Hameln 100.0
627 EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH & CO. KG Hamburg 65.2
628 Ecnarf Paris 100.0
629 ECT Holdings Corp. Wilmington 100.0
630 EDORA Funding GmbH Frankfurt 100.0
631 Elba Finance GmbH Eschborn 100.0
632 ELBI Funding GmbH Frankfurt 100.0
633 ELDO ACHTE Vermögensverwaltungs GmbH Eschborn 100.0
634 ELDO ERSTE Vermögensverwaltungs GmbH Eschborn 100.0
635 Elizabethan Holdings Limited George Town 100.0
636 Elizabethan Management Limited George Town 100.0
637 Enterprise Fleet Management Exchange, Inc. Wilmington 100.0
638 Erda Funding GmbH Eschborn 100.0
639 Estate Holdings, Inc. St. Thomas 2 0.0
640 EUROKNIGHTS IV GmbH & Co. Beteiligungs KG Munich 1 0.0
641 European Asian Bank (Hong Kong) Nominees Limited Hong Kong 100.0
642 European Private Equity Portfolio S.A., SICAR Luxembourg 2 1.3
643 Evergreen Amsterdam Holdings B.V. Amsterdam 100.0
644 Evergreen International Holdings B.V. Amsterdam 100.0
645 Evergreen International Investments B.V. Amsterdam 100.0
646 Evergreen International Leasing B.V. Amsterdam 100.0
647 Exinor SA Bastogne 100.0
648 Exporterra GmbH i.L. Frankfurt 100.0
649 EXTOREL Private Equity Advisers GmbH Cologne 100.0
650 FARAMIR Beteiligungs- und Verwaltungs GmbH Cologne 100.0
651 Farezco I, S. de R.L. de C.V. Zapopan 100.0
652 Farezco II, S. de R.L. de C.V. Zapopan 100.0
653 Fenix Administración de Activos S. de R.L. de C.V. Mexico City 100.0
654 Fenix Mercury 1 S. de R.L. de C.V. Mexico City 60.0
655 Fiduciaria Sant’ Andrea S.r.L. Milan 100.0
656 Filaine, Inc. Wilmington 2 0.0

F-I-386
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 387387
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
657 Finanza & Futuro Banca SpA Milan 100.0
658 Firstee Investments LLC Wilmington 100.0
659 FJC Property Corp. Wilmington 100.0
660 Fondo de Inversión Privado NPL Fund Two Santiago 3 70.0
661 FRANKFURT CONSULT GmbH Frankfurt 100.0
662 Frankfurt Family Office GmbH Frankfurt 100.0
663 Frankfurt Finanz-Software GmbH Frankfurt 100.0
664 FRANKFURT-TRUST Invest Luxemburg AG Luxembourg 100.0
665 FRANKFURT-TRUST Investment-Gesellschaft mit beschränkter Haftung Frankfurt 100.0
666 Frankfurter Beteiligungs-Treuhand Gesellschaft mit beschränkter Haftung Frankfurt 100.0
667 Frankfurter Vermögens-Treuhand Gesellschaft mit beschränkter Haftung Frankfurt 100.0
668 Franz Urbig- und Oscar Schlitter-Stiftung Gesellschaft mit beschränkter Haftung Frankfurt 100.0
669 Fundo de Investimento em Direitos Creditórios Global Markets Rio de Janeiro 100.0
670 Fundo de Investimento em Direitos Creditórios Nao-Padronizados - Precatório Federal 4870-1 Rio de Janeiro 100.0
671 Fundo de Investimento em Direitos Creditórios Nao-Padronizados - Precatórios Federais DB I Rio de Janeiro 100.0
672 Fundo de Investimento em Direitos Creditórios Nao-Padronizados - Precatórios Federais DB II Rio de Janeiro 100.0
673 Fundo de Investimento em Quotas de Fundos de Investimento em Direitos Creditórios Nao- Rio de Janeiro 100.0
Padronizados Global Markets
674 Funds Nominees Limited London 100.0
675 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Suhl "Rimbachzentrum" KG Bad Homburg 74.0
676 G Finance Holding Corp. Wilmington 100.0
677 GbR Goethestraße Cologne 94.0
678 Gemini Technology Services Inc. Wilmington 100.0
679 German American Capital Corporation Baltimore 100.0
680 German European VCPII GmbH & Co. KG Cologne 1 0.0
681 Glacier Mountain, L.P. Wilmington 100.0
682 Global Alliance Finance Company, L.L.C. Wilmington 100.0
683 Global Commercial Real Estate Special Opportunities Limited St. Helier 100.0
684 Global Markets Fundo de Investimento Multimercado Rio de Janeiro 100.0
685 Global Markets III Fundo de Investimento Multimercado - Crédito Privado e Investimento No Rio de Janeiro 100.0
Exterior
686 Greene Investments Limited George Town 100.0
687 Greenwood Properties Corp. New York 2 0.0
688 Grundstücksgesellschaft Frankfurt Bockenheimer Landstraße GbR Troisdorf 94.9
689 Grundstücksgesellschaft Köln-Ossendorf VI mbH Cologne 100.0
690 Grundstücksgesellschaft Wiesbaden Luisenstraße/Kirchgasse GbR Troisdorf 59.7
691 Gulara Pty Ltd Sydney 100.0
692 GUO Mao International Hotels B.V. Amsterdam 100.0
693 Hac Investments Ltd. Wilmington 100.0
694 HAC Investments Portugal - Servicos de Consultadoria e Gestao Ltda. Lisbon 100.0
695 HAH Limited London 100.0
696 Hakkeijima Godo Kaisha Tokyo 95.0
697 HCA Exchange, Inc. Wilmington 100.0
698 Herengracht Financial Services B.V. Amsterdam 100.0
699 Hertz Car Exchange Inc. Wilmington 100.0
700 HTB Spezial GmbH & Co. KG Cologne 100.0
701 Hudson GmbH Eschborn 100.0
702 Hypotheken-Verwaltungs-Gesellschaft mbH Frankfurt 100.0
703 IB Associate, LLC New York 100.0
704 IC Chicago Associates LLC Wilmington 2 0.0
705 IFN Finance N.V. Antwerp 100.0
706 IKARIA Beteiligungs- und Verwaltungsgesellschaft mbH Cologne 100.0
707 IMM Associate, LLC New York 100.0
708 Imodan Limited Port Louis 100.0
709 Industrie-Beteiligungs-Gesellschaft mit beschränkter Haftung Frankfurt 100.0
710 Infigate GmbH i.K. Essen 69.3
711 International Operator Limited London 100.0
712 IOS Finance EFC, S.A. Barcelona 100.0
713 Iphigenie Verwaltungs GmbH Bonn 100.0
714 ISTRON Beteiligungs- und Verwaltungs-GmbH Cologne 100.0

F-I-387
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 388 388
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
715 ITAPEVA II Multicarteira FIDC Não-Padronizado Sao Paulo 100.0
716 IVAF I Manager, S.à r.l. Luxembourg 100.0
717 IVAF II Manager, S.à r.l. Luxembourg 100.0
718 Izumo Capital YK Tokyo 100.0
719 JADE Residential Property AG Eschborn 100.0
720 JR Nominees (Proprietary) Limited Johannesburg 100.0
721 Jyogashima Godo Kaisha Tokyo 100.0
722 KEBA Gesellschaft für interne Services mbH Frankfurt 100.0
723 KHP Knüppe, Huntebrinker & Co. GmbH Osnabrueck 100.0
724 Kidson Pte Ltd Singapore 100.0
725 Kingfisher Nominees Limited Auckland 100.0
726 Klöckner Industriebeteiligungsgesellschaft mbH Frankfurt 100.0
727 Konsul Inkasso GmbH Essen 100.0
728 Kradavimd UK Lease Holdings Limited London 100.0
729 Kunshan RREEF Equity Investment Fund Management Co. Ltd. Kunshan 100.0
730 LA Water Holdings Limited George Town 75.0
731 Lammermuir Leasing Limited London 100.0
732 Latin America Recovery Fund LLC Wilmington 100.0
733 LAWL Pte. Ltd. Singapore 100.0
734 Leasing Verwaltungsgesellschaft Waltersdorf mbH Schoenefeld 100.0
735 Legacy Reinsurance, LLC Burlington 100.0
736 Liberty Investments Limited George Town 100.0
737 Liegenschaft Hainstraße GbR Frankfurt 2 0.0
738 Long-Tail Risk Insurers, Ltd. Hamilton 100.0
739 Luxembourg Family Office S.A. Luxembourg 100.0
740 LWC Nominees Limited Auckland 100.0
741 MAC Investments Ltd. George Town 100.0
742 MacDougal Investments Limited Wilmington 100.0
743 Mallard Place, Inc. Wilmington 100.0
744 Maxblue Americas Holdings, S.A. Madrid 100.0
745 Mayfair Center, Inc. Wilmington 100.0
746 Media Entertainment Filmmanagement GmbH Pullach 100.0
747 MEF I Manager, S.à r.l. Luxembourg 100.0
748 MEFIS Beteiligungsgesellschaft mbH Frankfurt 62.0
749 Mercer Investments Limited Wilmington 100.0
750 Mezzanine Capital Europe (MC-EU) GmbH & Co. KG Cologne 1 0.1
751 Mezzanine Capital Europe II (MC-EU II) GmbH & Co. KG Cologne 1 0.5
752 Mezzanine Capital USA (MC-US) GmbH & Co. KG Cologne 1 0.1
753 Mezzanine Capital USA II (MC-US II) GmbH & Co. KG Cologne 1 0.1
754 MHL Reinsurance Ltd. Burlington 100.0
755 Miami MEI, LLC Dover 2 0.0
756 Mira GmbH & Co. KG Frankfurt 100.0
757 MIT Holdings, Inc. Baltimore 100.0
758 MMDB Noonmark L.L.C. Wilmington 100.0
759 "modernes Frankfurt" private Gesellschaft für Stadtentwicklung mbH i.L. Frankfurt 100.0
760 Morgan Grenfell & Co. Limited London 100.0
761 Morgan Grenfell (Local Authority Finance) Limited (in members’ voluntary liquidation) London 100.0
762 Morgan Grenfell Development Capital Holdings Limited (in members’ voluntary liquidation) London 100.0
763 Morgan Grenfell Private Equity Limited (in members’ voluntary liquidation) London 100.0
764 Morgan Nominees Limited London 100.0
765 Mortgage Trading (UK) Limited London 100.0
766 MortgageIT Securities Corp. Wilmington 100.0
767 MortgageIT, Inc. New York 100.0
768 Mountain Recovery Fund I Y.K. Tokyo 100.0
769 MRF2 Y.K. Tokyo 100.0
770 MXB U.S.A., Inc. Wilmington 100.0
771 Navegator - SGFTC, S.A. Lisbon 100.0
772 NCKR, LLC Wilmington 100.0
773 NEPTUNO Verwaltungs- und Treuhand-Gesellschaft mit beschränkter Haftung Cologne 100.0
774 Nevada Mezz 1 LLC Wilmington 100.0

F-I-388
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 389389
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
775 Nevada Parent 1 LLC Wilmington 100.0
776 Nevada Property 1 LLC Wilmington 100.0
777 Nevada Restaurant Venture 1 LLC Wilmington 100.0
778 Nevada Retail Venture 1 LLC Wilmington 100.0
779 New Hatsushima Godo Kaisha Tokyo 2 50.0
780 New Prestitempo S.p.A. Milan 100.0
781 Newhall LLC Wilmington 100.0
782 NIDDA Grundstücks- und Beteiligungs-Gesellschaft mit beschränkter Haftung Frankfurt 100.0
783 Nordwestdeutscher Wohnungsbauträger Gesellschaft mit beschränkter Haftung Frankfurt 100.0
784 norisbank GmbH Berlin 100.0
785 North American Income Fund PLC Dublin 67.3
786 Northern Pines Funding, LLC Dover 100.0
787 O.F. Finance, LLC Wilmington 53.6
788 Oakwood Properties Corp. Wilmington 100.0
789 Office Grundstücksverwaltungsgesellschaft mbH Frankfurt 100.0
790 OOO "Deutsche Bank" Moscow 100.0
791 OPB KRITI GmbH Koenigstein 100.0
792 OPB Verwaltungs- und Beteiligungs-GmbH Cologne 100.0
793 OPB Verwaltungs- und Treuhand GmbH Cologne 100.0
794 OPB-Decima GmbH i.L. Cologne 100.0
795 OPB-Holding GmbH Cologne 100.0
796 OPB-Mosel GmbH i.L. Cologne 100.0
797 OPB-Nona GmbH Frankfurt 100.0
798 OPB-Oktava GmbH Cologne 100.0
799 OPB-Quarta GmbH Cologne 100.0
800 OPB-Quinta GmbH Cologne 100.0
801 OPB-Rhein GmbH Cologne 100.0
802 OPB-Septima GmbH Cologne 100.0
803 OPB-Structuring GmbH Cologne 100.0
804 Oppenheim Asset Management GmbH Vienna 100.0
805 Oppenheim Asset Management Services S.à r.l. Luxembourg 100.0
806 OPPENHEIM Beteiligungs-Treuhand GmbH Cologne 100.0
807 OPPENHEIM Capital Advisory GmbH Cologne 100.0
808 Oppenheim Eunomia GmbH Cologne 100.0
809 OPPENHEIM Flottenfonds IV GmbH & Co. KG Cologne 1 0.0
810 OPPENHEIM Flottenfonds V GmbH & Co. KG Cologne 83.3
811 Oppenheim Fonds Trust GmbH Cologne 100.0
812 Oppenheim International Finance (in liquidation) Dublin 100.0
813 OPPENHEIM Internet Fonds Manager GmbH i.L. Cologne 100.0
814 Oppenheim Kapitalanlagegesellschaft mbH Cologne 100.0
815 OPPENHEIM Mezzanine GmbH & Co. KG Frankfurt 1 1.0
816 OPPENHEIM PRIVATE EQUITY Manager GmbH Cologne 100.0
817 OPPENHEIM PRIVATE EQUITY Verwaltungsgesellschaft mbH Cologne 100.0
818 Oppenheim Vermögenstreuhand GmbH Cologne 100.0
819 OPS Nominees Pty Limited Sydney 100.0
820 OVT Trust 1 GmbH Cologne 100.0
821 OVV Beteiligungs GmbH Cologne 100.0
822 PADUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
823 Pan Australian Nominees Pty Ltd Sydney 100.0
824 PB (USA) Holdings, Inc. Wilmington 100.0
825 PB (USA) Realty Corporation New York 94.7
826 PB Capital Corporation Wilmington 100.0
827 PB Factoring GmbH Bonn 100.0
828 PB Finance (Delaware) Inc. Wilmington 100.0
829 PB Firmenkunden AG Bonn 100.0
830 PB Hollywood I Hollywood Station, LLC Dover 2 0.0
831 PB Hollywood II Lofts, LLC Dover 2 0.0
832 PB Kreditservice GmbH Hameln 100.0
833 PB Sechste Beteiligungen GmbH Bonn 100.0
834 PB Spezial-Investmentaktiengesellschaft mit Teilgesellschaftsvermögen Bonn 99.4

F-I-389
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 390 390
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
835 PBC Banking Services GmbH Frankfurt 100.0
836 PBC Carnegie, LLC Wilmington 2 0.0
837 PBC Services GmbH der Deutschen Bank Frankfurt 100.0
838 PE-US/ASIA Beteiligungsgesellschaft mbH Cologne 100.0
839 PEIF II (Manager) Limited St. Helier 100.0
840 Pelleport Investors, Inc. New York 100.0
841 Pembol Nominees Limited London 100.0
842 Percy Limited Gibraltar 100.0
843 PHARMA/wHEALTH Management Company S.A. Luxembourg 99.9
844 Philippine Opportunities for Growth and Income (SPV-AMC), INC. Manila 95.0
845 Phoebus Investments LP Wilmington 100.0
846 Pilgrim Financial Services LLP Wilmington 100.0
847 PLAKIAS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
848 Plantation Bay, Inc. St. Thomas 100.0
849 PMG Collins, LLC Tallahassee 100.0
850 Pollus L.P. St. Helier 100.0
851 Polydeuce LLC Wilmington 100.0
852 POND VENTURES II GmbH & Co. KG Cologne 99.9
853 POSEIDON Vermögensverwaltungsgesellschaft mbH Cologne 100.0
854 Postbank Akademie und Service GmbH Hameln 100.0
855 Postbank Beteiligungen GmbH Bonn 100.0
856 Postbank Direkt GmbH Bonn 100.0
857 Postbank Filial GmbH Bonn 100.0
858 Postbank Filialvertrieb AG Bonn 100.0
859 Postbank Finanzberatung AG Hameln 100.0
860 Postbank Immobilien und Baumanagement GmbH Bonn 100.0
861 Postbank Immobilien und Baumanagement GmbH & Co. Objekt Leipzig KG Bonn 90.0
862 Postbank Leasing GmbH Bonn 100.0
863 Postbank P.O.S. Transact GmbH Eschborn 100.0
864 Postbank Service GmbH Essen 100.0
865 Postbank Support GmbH Cologne 100.0
866 Postbank Systems AG Bonn 100.0
867 Postbank Versicherungsvermittlung GmbH Bonn 100.0
868 PPCenter, Inc. Wilmington 100.0
869 Primelux Insurance S.A. Luxembourg 100.0
870 Private Equity Asia Select Company III S.à r.l. Luxembourg 100.0
871 Private Equity Global Select Company IV S.à r.l. Luxembourg 100.0
872 Private Equity Global Select Company V S.à r.l. Luxembourg 100.0
873 Private Equity Select Company S.à r.l. Luxembourg 100.0
874 Private Financing Initiatives, S.L. Barcelona 51.0
875 PS plus Portfolio Software + Consulting GmbH Roedermark 80.2
876 PT. Deutsche Securities Indonesia Jakarta 99.0
877 Public joint-stock company "Deutsche Bank DBU" Kiev 100.0
878 Pyramid Ventures, Inc. Wilmington 100.0
879 Quantum 13 LLC Wilmington 2 49.0
880 R.B.M. Nominees Pty Ltd Sydney 100.0
881 Reade, Inc. Wilmington 100.0
882 Red Lodge, L.P. Wilmington 100.0
883 registrar services GmbH Eschborn 100.0
884 Regula Limited Road Town 100.0
885 REIB Europe Investments Limited London 100.0
886 REIB International Holdings Limited London 100.0
887 Rimvalley Limited Dublin 100.0
888 Ripple Creek, L.P. Wilmington 100.0
889 RMS Investments (Cayman) George Town 100.0
890 RoCal, L.L.C. Wilmington 100.0
891 RoCalwest, Inc. Wilmington 100.0
892 RoPro U.S. Holding, Inc. Wilmington 100.0
893 RoSmart LLC Wilmington 100.0
894 Route 28 Receivables, LLC Wilmington 100.0

F-I-390
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 391391
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
895 RREEF America L.L.C. Wilmington 100.0
896 RREEF China REIT Management Limited Hong Kong 100.0
897 RREEF European Value Added I (G.P.) Limited London 100.0
898 RREEF Fondimmobiliari Società di Gestione del Risparmio S.p.A. Milan 100.0
899 RREEF India Advisors Private Limited Mumbai 100.0
900 RREEF Investment GmbH Frankfurt 99.9
901 RREEF Management GmbH Frankfurt 100.0
902 RREEF Management L.L.C. Wilmington 100.0
903 RREEF Opportunities Management S.r.l. Milan 100.0
904 RREEF Property Trust Inc. Baltimore 100.0
905 RREEF Shanghai Investment Consultancy Company Shanghai 100.0
906 RREEF Spezial Invest GmbH Frankfurt 100.0
907 RREEFSmart, L.L.C. Wilmington 95.0
908 RTS Nominees Pty Limited Sydney 100.0
909 Rüd Blass Vermögensverwaltung AG Zurich 100.0
910 SAB Real Estate Verwaltungs GmbH Hameln 100.0
911 Sagamore Limited London 100.0
912 SAGITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
913 Sajima Godo Kaisha Tokyo 2 0.0
914 Sal. Oppenheim Alternative Investments GmbH Cologne 100.0
915 Sal. Oppenheim Boulevard Konrad Adenauer S.à r.l. Luxembourg 100.0
916 Sal. Oppenheim Corporate Finance North America Holding LLC Wilmington 100.0
917 Sal. Oppenheim Global Invest GmbH Cologne 100.0
918 Sal. Oppenheim Healthcare Beteiligungs GmbH Cologne 100.0
919 Sal. Oppenheim Investments GmbH Cologne 100.0
920 Sal. Oppenheim jr. & Cie. AG & Co. Kommanditgesellschaft auf Aktien Cologne 100.0
921 Sal. Oppenheim jr. & Cie. Beteiligungs GmbH Cologne 100.0
922 Sal. Oppenheim jr. & Cie. Komplementär AG Cologne 100.0
923 Sal. Oppenheim jr. & Cie. Luxembourg S.A. Luxembourg 100.0
924 Sal. Oppenheim PEP Treuhand GmbH Cologne 100.0
925 Sal. Oppenheim Private Equity Partners S.A. Luxembourg 100.0
926 Sal. Oppenheim Private Equity Partners US L.P. Wilmington 100.0
927 Sal. Oppenheim Private Equity Partners US LLC Wilmington 100.0
928 SALOMON OPPENHEIM GmbH i.L. Cologne 100.0
929 SAMOS Vermögensverwaltungs GmbH Cologne 100.0
930 SAPIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
931 Schiffsbetriebsgesellschaft Brunswik mit beschränkter Haftung Hamburg 100.0
932 Sechste DB Immobilienfonds Beta Dr. Rühl KG Eschborn 100.0
933 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Fehrenbach KG Duesseldorf 94.7
934 Serviced Office Investments Limited St. Helier 100.0
935 Sharps SP I LLC Wilmington 100.0
936 Sherwood Properties Corp. Wilmington 100.0
937 Shopready Limited London 100.0
938 Silver Leaf 1 LLC Wilmington 100.0
939 SIMA Private Equity 1 Beteiligungs GmbH Hamburg 100.0
940 SIMA Private Equity 1 GmbH & Co. KG Hamburg 1 0.0
941 STC Capital YK Tokyo 100.0
942 Stoneridge Apartments, Inc. Wilmington 2 0.0
943 Stores International Limited (in voluntary liquidation) George Town 100.0
944 Structured Finance Americas, LLC Wilmington 100.0
945 Sunbelt Rentals Exchange Inc. Wilmington 100.0
946 Süddeutsche Vermögensverwaltung Gesellschaft mit beschränkter Haftung Frankfurt 100.0
947 TAF 2 Y.K. Tokyo 100.0
948 Tapeorder Limited London 100.0
949 Taunus Corporation Wilmington 100.0
950 Telefon-Servicegesellschaft der Deutschen Bank mbH Frankfurt 100.0
951 TELO Beteiligungsgesellschaft mbH Schoenefeld 100.0
952 Tempurrite Leasing Limited London 100.0
953 Tenedora de Valores S.A. Santiago 100.0
954 Thai Asset Enforcement and Recovery Asset Management Company Limited Bangkok 100.0

F-I-391
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 392 392
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
955 The World Markets Company GmbH i.L. Frankfurt 74.8
956 Tilney (Ireland) Limited Dublin 100.0
957 Tilney Acquisitions Limited (in members’ voluntary liquidation) Liverpool 100.0
958 Tilney Asset Management International Limited St. Peter Port 100.0
959 Tilney Funding Limited (in members’ voluntary liquidation) Liverpool 100.0
960 Tilney Group Limited Liverpool 100.0
961 Tilney Holdings Limited (in members’ voluntary liquidation) Liverpool 100.0
962 Tilney Investment Management Liverpool 100.0
963 Tilney Management Limited (in members’ voluntary liquidation) Liverpool 100.0
964 TIM (London) Limited (in members’ voluntary liquidation) Liverpool 100.0
965 TOKOS GmbH Luetzen-Gostau 100.0
966 TQI Exchange, LLC Wilmington 100.0
967 Treuinvest Service GmbH Frankfurt 100.0
968 Trevona Limited Road Town 100.0
969 Triplereason Limited London 100.0
970 Tsubasa Angel Fund Y.K. Tokyo 100.0
971 U.F.G.I.S. Advisors Limited Larnaca 100.0
972 U.F.G.I.S. Holdings (Cyprus) Limited Larnaca 100.0
973 UDS Capital Y.K. Tokyo 100.0
974 Unter Sachsenhausen Beteiligungs GmbH i.L. Cologne 100.0
975 Urbistar Settlement Services, LLC Harrisburg 100.0
976 US Real Estate Beteiligungs GmbH Frankfurt 100.0
977 Varick Investments Limited Wilmington 100.0
978 VCG Venture Capital Fonds III Verwaltungs GmbH Munich 100.0
979 VCG Venture Capital Gesellschaft mbH Munich 100.0
980 VCG Venture Capital Gesellschaft mbH & Co. Fonds III KG i.L. Munich 2 37.0
981 VCG Venture Capital Gesellschaft mbH & Co. Fonds III Management KG Munich 2 26.7
982 VCM Golding Mezzanine GmbH & Co. KG Munich 1 0.0
983 VCM III Institutional Beteiligungsgesellschaft mbH Cologne 100.0
984 VCM III Institutional Equity Partners GmbH & Co. KG Cologne 1 0.1
985 VCM MIP 2001 GmbH & Co. KG Cologne 1 0.0
986 VCM MIP 2002 GmbH & Co. KG Cologne 1 0.0
987 VCM MIP II GmbH & Co. KG Cologne 1 0.0
988 VCM MIP III GmbH & Co. KG Cologne 1 8.0
989 VCM MIP IV GmbH & Co. KG Cologne 1 0.0
990 VCM PEP I Beteiligungsgesellschaft mbH Cologne 100.0
991 VCM PEP II Beteiligungsverwaltung GmbH Cologne 100.0
992 VCM Private Equity Portfolio GmbH & Co. Beteiligungs KG II Munich 1 4.7
993 VCM Private Equity Portfolio GmbH & Co. KG Cologne 1 0.0
994 VCM Private Equity Portfolio GmbH & Co. KG IV Cologne 1 2.1
995 VCM REE Beteiligungstreuhand GmbH Cologne 100.0
996 VCM Treuhand Beteiligungsverwaltung GmbH Cologne 100.0
997 VCM VI Institutional Private Equity (B) GmbH & Co. KG Cologne 1 0.0
998 VCP Treuhand Beteiligungsgesellschaft mbH Cologne 100.0
999 VCP Verwaltungsgesellschaft mbH Cologne 100.0
1000 VCPII Beteiligungsverwaltung GmbH Cologne 100.0
1001 Vertriebsgesellschaft mbH der Deutschen Bank Privat- und Geschäftskunden Berlin 100.0
1002 VEXCO, LLC Wilmington 100.0
1003 VI Resort Holdings, Inc. New York 2 0.0
1004 VÖB-ZVD Processing GmbH Frankfurt 100.0
1005 Wealthspur Investment Company Limited Labuan 100.0
1006 Welsh, Carson, Anderson & Stowe IX GmbH & Co. KG Munich 1 0.0
1007 WEPLA Beteiligungsgesellschaft mbH Frankfurt 100.0
1008 WERDA Beteiligungsgesellschaft mbH Frankfurt 100.0
1009 Whale Holdings S.à r.l. Luxembourg 100.0
1010 Whispering Woods LLC Wilmington 100.0
1011 Whistling Pines LLC Wilmington 100.0
1012 Wilhelm von Finck Deutsche Family Office AG Grasbrunn 100.0
1013 Wilmington Trust B6 Wilmington 100.0
1014 WMH (No. 15) Limited (in members’ voluntary liquidation) London 100.0

F-I-392
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 393393
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Subsidiaries
Subsidiaries

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1015 WMH (No. 16) Limited (in members’ voluntary liquidation) London 100.0
1016 World Trading (Delaware) Inc. Wilmington 100.0
1017 5000 Yonge Street Toronto Inc. Toronto 100.0
1018 ZAO "Deutsche Securities" Moscow 2 0.0
1019 ZAO "UFG Invest" Moscow 100.0
1020 Zürich - Swiss Value AG Zurich 50.1

F-I-393
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 394 394
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Companies accounted for at equity

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1021 ABATE Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1022 ABATIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1023 ABRI Beteiligungsgesellschaft mbH Duesseldorf 50.0
1024 ACHTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1025 ACHTUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1026 ACHTZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1027 ACIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1028 ACTIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1029 ACTIUM Leasobjekt GmbH & Co. Objekt Bietigheim OHG i.L. Duesseldorf
1030 ADEO Beteiligungsgesellschaft mbH Duesseldorf 50.0
1031 ADLAT Beteiligungsgesellschaft mbH Duesseldorf 50.0
1032 ADMANU Beteiligungsgesellschaft mbH Duesseldorf 50.0
1033 AETAS Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
1034 AGLOM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1035 AGUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1036 AKRUN Beteiligungsgesellschaft mbH Duesseldorf 50.0
1037 ALANUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1038 ALMO Beteiligungsgesellschaft mbH Duesseldorf 50.0
1039 Almutkirk Limited Dublin
1040 ALTA Beteiligungsgesellschaft mbH Duesseldorf 50.0
1041 ANDOT Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1042 Andramad Limited Dublin
1043 Annapolis Funding Trust Toronto
1044 Apexel LLC Wilmington 100.0
1045 APUR Beteiligungsgesellschaft mbH Duesseldorf 50.0
1046 Asian Hybrid Investments LLP Singapore 2 0.0
1047 Aspen Funding Corp. Charlotte
1048 Asset Repackaging Trust B.V. Amsterdam 5
1049 Asset Repackaging Trust Five B.V. Amsterdam 5
1050 Asset Repackaging Trust Six B.V. Amsterdam 5
1051 ATAUT Beteiligungsgesellschaft mbH Duesseldorf 50.0
1052 Atlas Investment Company 1 S.à r.l. Luxembourg
1053 Atlas Investment Company 2 S.à r.l. Luxembourg
1054 Atlas Investment Company 3 S.à r.l. Luxembourg
1055 Atlas Investment Company 4 S.à r.l. Luxembourg
1056 Atlas Portfolio Select SPC George Town 0.0
1057 Atlas SICAV - FIS Luxembourg 5
1058 Avizandum Limited Dublin
1059 AVOC Beteiligungsgesellschaft mbH Duesseldorf 50.0
1060 Axia Insurance, Ltd. Hamilton 5
1061 Axiom Shelter Island LLC San Diego 100.0
1062 Azurix AGOSBA S.R.L. Buenos Aires 100.0
1063 Azurix Argentina Holding, Inc. Wilmington 100.0
1064 Azurix Buenos Aires S.A. (en liquidacion) Buenos Aires 100.0
1065 Azurix Cono Sur, Inc. Wilmington 100.0
1066 Azurix Corp. Wilmington 100.0
1067 Azurix Latin America, Inc. Wilmington 100.0
1068 BAKTU Beteiligungsgesellschaft mbH Schoenefeld 50.0
1069 BALIT Beteiligungsgesellschaft mbH Schoenefeld 50.0
1070 BAMAR Beteiligungsgesellschaft mbH Schoenefeld 50.0
1071 BIMES Beteiligungsgesellschaft mbH Schoenefeld 50.0
1072 BLI Beteiligungsgesellschaft für Leasinginvestitionen mbH Duesseldorf 33.2
1073 BNP Paribas Flexi III - Fortis Bond Taiwan Luxembourg
1074 BOB Development SRL Bucharest
1075 BOC Real Property SRL Bucharest
1076 Bolsena Holding GmbH & Co. KG Frankfurt 100.0
1077 Bridge No.1 Pty Limited Sydney
1078 Canadian Asset Acquisition Trust 2 Toronto 5
1079 Canal New Orleans Holdings LLC Dover

F-I-394
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 395395
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1080 Canal New Orleans Hotel LLC Wilmington
1081 Canal New Orleans Mezz LLC Dover
1082 Castlebay Asia Flexible Fund SICAV-FIS - Taiwan Bond Fund Luxembourg
1083 Cathay Capital (Labuan) Company Limited Labuan
1084 Cathay Capital Company Limited Port Louis 9.5
1085 Cathay Strategic Investment Company Limited Hong Kong
1086 Cathay Strategic Investment Company No. 2 Limited George Town
1087 Cayman Reference Fund Holdings Limited George Town
1088 Cepangie Limited Dublin
1089 Charitable Luxembourg Four S.à r.l. Luxembourg
1090 Charitable Luxembourg Three S.à r.l. Luxembourg
1091 Charitable Luxembourg Two S.à r.l. Luxembourg
1092 CIBI Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
1093 CIG (Jersey) Limited St. Helier
1094 City Leasing (Donside) Limited London 100.0
1095 City Leasing (Fleetside) Limited (in members’ voluntary liquidation) London 100.0
1096 City Leasing (Severnside) Limited London 100.0
1097 City Leasing (Thameside) Limited London 100.0
1098 City Leasing and Partners London 100.0
1099 City Leasing Limited London 100.0
1100 CLASS Limited St. Helier 5
1101 Concept Fund Solutions Public Limited Company Dublin 5 1.9
1102 Consumer Auto Receivables Finance Limited Dublin
1103 Coriolanus Limited Dublin 5
1104 COUNTS Trust Series 2007 - 3 Newark 5
1105 Cranfield Aircraft Leasing Limited George Town
1106 Crystal CLO, Ltd. George Town
1107 Custom Leasing Limited (in members’ voluntary liquidation) London 100.0
1108 DAGOBA Beteiligungsgesellschaft mbH Duesseldorf
1109 DAINA Beteiligungsgesellschaft mbH i.L. Duesseldorf
1110 Dariconic Limited Dublin
1111 DARKU Beteiligungsgesellschaft mbH Duesseldorf
1112 DARUS Beteiligungsgesellschaft mbH Duesseldorf
1113 Dawn-BV II LLC Wilmington 100.0
1114 Dawn-BV LLC Wilmington 100.0
1115 Dawn-BV-Helios LLC Wilmington 100.0
1116 Dawn-G II LLC Wilmington 100.0
1117 Dawn-G LLC Wilmington 100.0
1118 Dawn-G-Helios LLC Wilmington 100.0
1119 DB Aircraft Leasing Master Trust Wilmington 2 0.0
1120 DB Aircraft Leasing Master Trust II Wilmington 2 0.0
1121 DB Alternative Strategies Limited George Town 100.0
1122 DB Apex (Luxembourg) S.à r.l. Luxembourg 100.0
1123 DB Apex Finance Limited St. Julians 100.0
1124 DB Apex Management Capital S.C.S. Luxembourg 100.0
1125 DB Apex Management Income S.C.S. Luxembourg 100.0
1126 DB Apex Management Limited George Town 100.0
1127 DB Asia Pacific Holdings Limited George Town 100.0
1128 DB Aster II, LLC Wilmington 100.0
1129 DB Aster III, LLC Wilmington 100.0
1130 DB Aster, Inc. Wilmington 100.0
1131 DB Aster, LLC Wilmington 100.0
1132 DB Bagheera, S.à r.l. Luxembourg 100.0
1133 DB Capital Investments, L.P. Wilmington 100.0
1134 DB Clyde, LLC Wilmington 100.0
1135 DB Covered Bond S.r.l. Conegliano 90.0
1136 DB Dawn, Inc. Wilmington 100.0
1137 db ETC II plc St. Helier 5
1138 db ETC Index plc St. Helier 5
1139 db ETC plc St. Helier 5

F-I-395
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 396 396
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1140 DB GIF GmbH & Co. KG Cologne 100.0
1141 DB Global Masters Multi-Strategy Trust George Town 100.0
1142 DB Global Masters Trust George Town 5
1143 DB Immobilienfonds 1 Wieland KG Frankfurt
1144 DB Immobilienfonds 4 GmbH & Co. KG Frankfurt 0.2
1145 DB Immobilienfonds 5 Wieland KG Frankfurt
1146 DB Impact Investment (GP) Limited London 100.0
1147 DB Jasmine Holdings Limited London 100.0
1148 DB Litigation Fee LLC Wilmington 100.0
1149 DB Platinum Luxembourg 5 7.6
1150 DB Platinum II Luxembourg 5 2.6
1151 DB Platinum IV Luxembourg 5 6.9
1152 DB Safe Harbour Investment Projects Limited London 100.0
1153 DB STG Lux 1 S.à r.l. Luxembourg 100.0
1154 DB STG Lux 2 S.à r.l. Luxembourg 100.0
1155 DB STG Lux 3 S.à r.l. Luxembourg 100.0
1156 DB STG Lux 4 S.à r.l. Luxembourg 100.0
1157 DB Sylvester Funding Limited George Town 100.0
1158 db x-trackers Luxembourg 5 3.2
1159 db x-trackers (Proprietary) Limited Johannesburg 100.0
1160 db x-trackers Holdings (Proprietary) Limited Johannesburg 100.0
1161 db x-trackers II Luxembourg 5 11.4
1162 dbInvestor Solutions Public Limited Company Dublin 5
1163 DBVP Europe GP (Jersey) Limited St. Helier 20.0
1164 De Heng Asset Management Company Limited Beijing
1165 Deco 17 - Pan Europe 7 Limited Dublin
1166 Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-3 Wilmington
1167 Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA5 Wilmington
1168 Deutsche Bank Capital Finance LLC I Wilmington 100.0
1169 Deutsche Bank Capital Finance Trust I Wilmington 2 0.0
1170 Deutsche Bank Capital Funding LLC I Wilmington 100.0
1171 Deutsche Bank Capital Funding LLC IV Wilmington 100.0
1172 Deutsche Bank Capital Funding LLC IX Wilmington 100.0
1173 Deutsche Bank Capital Funding LLC V Wilmington 100.0
1174 Deutsche Bank Capital Funding LLC VI Wilmington 100.0
1175 Deutsche Bank Capital Funding LLC VII Wilmington 100.0
1176 Deutsche Bank Capital Funding LLC VIII Wilmington 100.0
1177 Deutsche Bank Capital Funding LLC X Wilmington 100.0
1178 Deutsche Bank Capital Funding LLC XI Wilmington 100.0
1179 Deutsche Bank Capital Funding Trust I Newark 2 0.0
1180 Deutsche Bank Capital Funding Trust IV Wilmington 2 0.0
1181 Deutsche Bank Capital Funding Trust IX Wilmington 2 0.0
1182 Deutsche Bank Capital Funding Trust V Wilmington 2 0.0
1183 Deutsche Bank Capital Funding Trust VI Wilmington 2 0.0
1184 Deutsche Bank Capital Funding Trust VII Wilmington 2 0.0
1185 Deutsche Bank Capital Funding Trust VIII Wilmington 2 0.0
1186 Deutsche Bank Capital Funding Trust X Wilmington 2 0.0
1187 Deutsche Bank Capital Funding Trust XI Wilmington 2 0.0
1188 Deutsche Bank Capital LLC I Wilmington 100.0
1189 Deutsche Bank Capital LLC II Wilmington 100.0
1190 Deutsche Bank Capital LLC III Wilmington 100.0
1191 Deutsche Bank Capital LLC IV Wilmington 100.0
1192 Deutsche Bank Capital LLC V Wilmington 100.0
1193 Deutsche Bank Capital Trust I Newark 2 0.0
1194 Deutsche Bank Capital Trust II Newark 2 0.0
1195 Deutsche Bank Capital Trust III Newark 2 0.0
1196 Deutsche Bank Capital Trust IV Newark 2 0.0
1197 Deutsche Bank Capital Trust V Newark 2 0.0
1198 Deutsche Bank Contingent Capital LLC I Wilmington 100.0
1199 Deutsche Bank Contingent Capital LLC II Wilmington 100.0

F-I-396
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 397397
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1200 Deutsche Bank Contingent Capital LLC III Wilmington 100.0
1201 Deutsche Bank Contingent Capital LLC IV Wilmington 100.0
1202 Deutsche Bank Contingent Capital LLC V Wilmington 100.0
1203 Deutsche Bank Contingent Capital Trust I Wilmington 2 0.0
1204 Deutsche Bank Contingent Capital Trust II Wilmington 2 0.0
1205 Deutsche Bank Contingent Capital Trust III Wilmington 2 0.0
1206 Deutsche Bank Contingent Capital Trust IV Wilmington 2 0.0
1207 Deutsche Bank Contingent Capital Trust V Wilmington 2 0.0
1208 Deutsche Bank Luxembourg S.A. - Fiduciary Note Programme Luxembourg 5
1209 Deutsche Bank SPEARs/LIFERs Trusts (DB Series) Wilmington 6
1210 Deutsche Colombia S.A. Bogotá 100.0
1211 Deutsche GUO Mao Investments (Netherlands) B.V. Amsterdam 100.0
1212 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS1 New York
1213 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS3 New York
1214 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS4 New York
1215 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS5 New York
1216 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS6 New York
1217 Deutsche Mortgage Securities, Inc. Re-Remic Trust Certificates, Series 2007-RS7 New York
1218 Deutsche Mortgage Securities, Inc. Series 2009-RS4 Santa Ana
1219 Deutsche OBU Pty Limited Sydney 100.0
1220 Deutsche Postbank Funding LLC I Wilmington 100.0
1221 Deutsche Postbank Funding LLC II Wilmington 100.0
1222 Deutsche Postbank Funding LLC III Wilmington 100.0
1223 Deutsche Postbank Funding LLC IV Wilmington 100.0
1224 Deutsche Postbank Funding Trust I Wilmington 100.0
1225 Deutsche Postbank Funding Trust II Wilmington 100.0
1226 Deutsche Postbank Funding Trust III Wilmington 100.0
1227 Deutsche Postbank Funding Trust IV Wilmington 100.0
1228 DIL Beteiligungs-Stiftung Duesseldorf
1229 DIL Europa-Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0
1230 DIL Fonds-Beteiligungsgesellschaft mbH Duesseldorf 100.0
1231 DJ Williston Swaps LLC Wilmington 100.0
1232 DONARUM Holding GmbH Duesseldorf 50.0
1233 DREIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1234 DREIZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1235 DRITTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1236 DRITTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1237 Dusk II, LLC Wilmington 100.0
1238 Dusk LLC Wilmington 100.0
1239 DWS Bond Flexible Luxembourg 100.0
1240 DWS Institutional Money plus Luxembourg
1241 DWS Institutional USD Money plus Luxembourg
1242 DWS Mauritius Company Port Louis 100.0
1243 Earls Eight Limited George Town 5
1244 EARLS Trading Limited George Town
1245 1221 East Denny Owner, LLC Wilmington
1246 EBEMUS Beteiligungsgesellschaft mbH Schoenefeld
1247 Edomizaka Tokutei Mokuteki Kaisha Tokyo
1248 EGOM Beteiligungsgesellschaft mbH Schoenefeld
1249 EINATUS Beteiligungsgesellschaft mbH Schoenefeld 10.0
1250 EINUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1251 Eirles One Limited Dublin 5
1252 Eirles Three Limited Dublin 5
1253 Eirles Two Limited Dublin 5
1254 ELC Logistik-Centrum Verwaltungs-GmbH Erfurt 50.0
1255 ELFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1256 Elmo Funding GmbH Eschborn 100.0
1257 Elmo Leasing Dreizehnte GmbH Eschborn 100.0
1258 Elmo Leasing Elfte GmbH Eschborn 100.0
1259 Elmo Leasing Vierzehnte GmbH Eschborn 100.0

F-I-397
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 398 398
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1260 Emerging Markets Capital Protected Investments Limited George Town 5
1261 Emeris George Town
1262 Equinox Credit Funding Public Limited Company Dublin 5
1263 Equipment Management Services LLC Wilmington 100.0
1264 Erste Frankfurter Hoist GmbH Frankfurt 100.0
1265 Escoyla Limited Dublin
1266 ETFS Industrial Metal Securities Limited St. Helier 5
1267 Eurohome (Italy) Mortgages S.r.l. Conegliano
1268 Fandaro Limited Dublin
1269 FCT Foncred II Paris
1270 Film Asset Securitization Trust 2009-1 New York
1271 Finaqua Limited London
1272 Fixed Income Flexible Luxembourg 100.0
1273 Fortis Flexi IV - Bond Medium Term RMB Luxembourg 100.0
1274 FÜNFTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1275 FÜNFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1276 FÜNFUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1277 FÜNFZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1278 G.O. III Luxembourg Oxford S.à r.l. Luxembourg
1279 GAC-HEL, Inc. Wilmington 100.0
1280 GEM ERI Limited George Town
1281 Gemini Securitization Corp., LLC Boston
1282 Global Credit Reinsurance Limited Hamilton 5
1283 Global Opportunities Co-Investment Feeder, LLC Wilmington
1284 Global Opportunities Co-Investment, LLC Wilmington
1285 GMS Global Investment Strategy II Fund Frankfurt 100.0
1286 Goldman Sachs Multi-Strategy Portfolio X, Ltd. George Town
1287 Gottex ABI II Fund Limited George Town
1288 GWC-GAC Corp. Wilmington 100.0
1289 H21 Absolute Return Portfolios SPC - Class ARP-A00-10150 George Town
1290 Hamildak Limited Dublin
1291 Harbour Finance Limited Dublin
1292 Herodotus Limited George Town 2 0.0
1293 HESTA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Frankfurt KG Duesseldorf
1294 Hotel Majestic LLC Wilmington 100.0
1295 Immobilien-Vermietungsgesellschaft von Quistorp GmbH & Co. Objekt Altlandsberg KG Duesseldorf
1296 Infrastructure Holdings (Cayman) SPC George Town
1297 Investors Cash Trust Boston 5
1298 iShares Global Government AAA-AA Capped Bond ETF Dublin 88.5
1299 IVAF (Jersey) Limited St. Helier
1300 Japan Core Asset 3 Yugen Kaisha Tokyo
1301 Japan Core Asset 7 Yugen Kaisha Tokyo
1302 Japan Core Asset 8 Yugen Kaisha Tokyo
1303 JWB Leasing Limited Partnership London 100.0
1304 Kelsey Street LLC Wilmington 100.0
1305 Kelvivo Limited Dublin
1306 Kingfisher (Ontario) LP Toronto 100.0
1307 Kingfisher Canada Holdings LLC Wilmington 100.0
1308 Kingfisher Holdings I (Nova Scotia) ULC Halifax 100.0
1309 Kingfisher Holdings II (Nova Scotia) ULC Halifax 100.0
1310 Kingfisher Holdings LLC Wilmington 100.0
1311 KOMPASS 3 Beteiligungsgesellschaft mbH Duesseldorf 50.0
1312 KOMPASS 3 Erste Beteiligungsgesellschaft mbH & Co. Euro KG Duesseldorf 96.1
1313 KOMPASS 3 Zweite Beteiligungsgesellschaft mbH & Co. USD KG Duesseldorf 96.9
1314 La Fayette Dedicated Basket Ltd. Road Town
1315 Labuan (Cranfield) Aircraft Leasing Limited Labuan
1316 Lambourn Spólka z ograniczona odpowiedzialnoscia (w likwidacji) Warsaw 100.0
1317 LARS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Hagen KG Duesseldorf
1318 Legacy BCC Receivables, LLC Wilmington 100.0
1319 Leo Consumo 1 S.r.l. Conegliano

F-I-398
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 399399
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1320 Leo Consumo 2 S.r.l. Conegliano 70.0
1321 Leonardo Charitable 1 LLC Wilmington 9.9
1322 London Industrial Leasing Limited London 100.0
1323 Luscina Limited Dublin
1324 Maestrale Projects (Holding) S.A. Luxembourg 49.7
1325 Maher 1210 Corbin LLC Wilmington 100.0
1326 Maher Chassis Management LLC Wilmington 100.0
1327 Maher Terminals Holding Corp. Toronto 100.0
1328 Maher Terminals LLC Wilmington 100.0
1329 Maher Terminals Logistics Systems LLC Wilmington 100.0
1330 Maher Terminals USA, LLC Wilmington 100.0
1331 MAN Investments SAC Limited Hamilton
1332 Manta Acquisition LLC Wilmington 100.0
1333 Manta Group LLC Wilmington 100.0
1334 Maritime Indemnity Insurance Co. Ltd. Hamilton 100.0
1335 Mars Investment Trust II New York 100.0
1336 Mars Investment Trust III New York 100.0
1337 Master Aggregation Trust Wilmington
1338 Maxima Alpha Bomaral Limited (in liquidation) St. Helier
1339 Mazuma Capital Funds Limited Hamilton 5
1340 Merlin I George Town
1341 Merlin II George Town
1342 Merlin XI George Town
1343 Micro-E Finance S.r.l. Rome
1344 MIRABILIS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Berching KG Duesseldorf 5
1345 MMCapS Funding XVIII Ltd. - Resecuritization Trust 2010-RS1 Wilmington
1346 Montage Funding LLC Dover
1347 Monterey Funding LLC Wilmington
1348 Moon Leasing Limited London 100.0
1349 Motion Picture Productions One GmbH & Co. KG Frankfurt 100.0
1350 MPP Beteiligungsgesellschaft mbH Frankfurt 100.0
1351 NBG Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1352 NCW Holding Inc. Vancouver 100.0
1353 NeoAnemos S.r.l. Milan
1354 Netron Investment SRL Bucharest
1355 NEUNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1356 NEUNZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1357 Newport Funding Corp. Charlotte
1358 Nexus Infrastruktur Beteiligungsgesellschaft mbH Duesseldorf 50.0
1359 Nineco Leasing Limited London 100.0
1360 NOFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1361 North Las Vegas Property LLC Wilmington 100.0
1362 Norvadano Limited Dublin
1363 Novelties Distribution LLC Wilmington 100.0
1364 Oasis Securitisation S.r.l. Conegliano 2 0.0
1365 Odin Mortgages Limited London
1366 Okanagan Funding Trust Toronto
1367 Oona Solutions, Fonds Commun de Placement Luxembourg 5
1368 OPAL Luxembourg 5
1369 Operadora de Buenos Aires S.R.L. Buenos Aires 100.0
1370 OPPENHEIM Portfolio Advisors VI GmbH & Co. KG Cologne 100.0
1371 Oran Limited George Town
1372 Owner Trust MSN 199 Salt Lake City
1373 Owner Trust MSN 23336 Salt Lake City
1374 Owner Trust MSN 23337 Salt Lake City
1375 Owner Trust MSN 23338 Salt Lake City
1376 Owner Trust MSN 23344 Salt Lake City
1377 Owner Trust MSN 240 Salt Lake City
1378 Owner Trust MSN 241 Salt Lake City
1379 Owner Trust MSN 24452 Salt Lake City

F-I-399
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 400 400
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1380 Owner Trust MSN 24453 Salt Lake City
1381 Owner Trust MSN 24788 Salt Lake City
1382 Owner Trust MSN 25259 Salt Lake City
1383 Owner Trust MSN 25884 Salt Lake City
1384 Owner Trust MSN 264 Salt Lake City
1385 Owner Trust MSN 27833 Salt Lake City
1386 Owner Trust MSN 87 Salt Lake City
1387 Owner Trust MSN 88 Salt Lake City
1388 Oystermouth Holding Limited Nicosia
1389 PADEM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1390 PADOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1391 PAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1392 PALDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1393 Palladium Securities 1 S.A. Luxembourg 5
1394 PALLO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1395 PALLO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Seniorenresidenzen KG Duesseldorf
1396 PanAsia Funds Investments Ltd. George Town 5
1397 PANIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1398 PANTUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1399 PARTS Funding, LLC Wilmington 100.0
1400 PARTS Student Loan Trust 2007-CT1 Wilmington 100.0
1401 PARTS Student Loan Trust 2007-CT2 Wilmington 100.0
1402 PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1403 PEDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1404 PEDIS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Briloner KG Duesseldorf
1405 PEDUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1406 PENDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1407 PENTOS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
1408 PENTUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1409 PERGOS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1410 PERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1411 PERLIT Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1412 PERLU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1413 PERNIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1414 Pertwee Leasing Limited Partnership London 100.0
1415 Peruda Leasing Limited London 100.0
1416 Perus 1 S.à r.l. Luxembourg
1417 Perus 2 S.à r.l. Luxembourg
1418 Perus Investments S.à r.l. Luxembourg
1419 PERXIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1420 PETA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1421 Phoebus Leasing Limited George Town 100.0
1422 Picture Financial Funding (No.2) Limited Newport
1423 Picture Financial Jersey (No.2) Limited St. Helier
1424 Picture Home Loans (No.2) Limited London
1425 PONTUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1426 Port Elizabeth Holdings LLC Wilmington 100.0
1427 PRADUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1428 PRASEM Beteiligungsgesellschaft mbH Duesseldorf 50.0
1429 PRATES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1430 Prince Rupert Luxembourg S.à r.l. Senningerberg 100.0
1431 PRISON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1432 Private Equity Invest Beteiligungs GmbH Duesseldorf 50.0
1433 Private Equity Life Sciences Beteiligungsgesellschaft mbH Duesseldorf 50.0
1434 PROVIDE Domicile 2009-1 GmbH Frankfurt
1435 PTL Fleet Sales, Inc. Wilmington 100.0
1436 PUDU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1437 PUKU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1438 PURIM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1439 PURIM Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Burscheid KG Duesseldorf

F-I-400
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 401401
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1440 QUANTIS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1441 Quartz No. 1 S.A. Luxembourg 2 0.0
1442 QUELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1443 QUOTAS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1444 R/H Hawthorne Plaza Associates, LLC Wilmington
1445 Reference Capital Investments Limited London 100.0
1446 Regal Limited George Town 5
1447 REO Properties Corporation Wilmington 100.0
1448 REO Properties Corporation II Wilmington 2 0.0
1449 Residential Mortgage Funding Trust Toronto
1450 Rhein - Main Securitisation Limited St. Helier
1451 Rhein-Main No. 12 Limited St. Helier
1452 Rheingold No.14 (Jersey) Limited St. Helier
1453 Rheingold Securitisation Limited St. Helier
1454 RHOEN 2008-1 GmbH Frankfurt
1455 Riverside Funding LLC Dover
1456 RM Ayr Delaware LLC Dover
1457 RM Ayr Limited Dublin
1458 RM Chestnut Delaware LLC Dover
1459 RM Chestnut Limited Dublin
1460 RM Delaware Multi-Asset LLC Wilmington
1461 RM Fife Delaware LLC Dover
1462 RM Fife Limited Dublin
1463 RM Multi-Asset Limited Dublin
1464 RM Sussex Delaware LLC Dover
1465 RM Sussex Limited Dublin
1466 RM Triple-A Limited Dublin
1467 Route 28 Titling Trust Wilmington
1468 RREEF G.O. III Luxembourg One S.à r.l. Luxembourg
1469 RREEF G.O. III Malta Limited Valletta
1470 RREEF Global Opportunities Fund III, LLC Wilmington
1471 RREEF GO III Mauritius One Limited Port Louis
1472 RREEF GO III Mauritius Two Limited Port Louis
1473 RREEF North American Infrastructure Fund A, L.P. Wilmington 99.9
1474 RREEF North American Infrastructure Fund B, L.P. Wilmington 99.9
1475 Russell Australian Government Bond ETF Sydney 84.7
1476 SABIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1477 SABRE Securitisation Limited Sydney
1478 SALIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1479 SALUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1480 SALUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Brandenburg KG Duesseldorf
1481 SALUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Dresden KG Duesseldorf 58.5
1482 SALUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Schwarzheide KG Duesseldorf
1483 SANCTOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1484 SANCTOR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Nürnberg KG Duesseldorf
1485 SANDIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1486 SANDIX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Hafen KG Duesseldorf
1487 SANO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1488 Saratoga Funding Corp., LLC Wilmington
1489 SARIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1490 SATINA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1491 SCANDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1492 SCANDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Datteln KG Duesseldorf
1493 SCANDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Eisenach KG Duesseldorf 5
1494 SCANDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Iserlohn KG i.L. Duesseldorf
1495 SCANDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Osnabrück KG Duesseldorf
1496 SCANDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Siekmann KG Duesseldorf
1497 SCHEDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1498 Schiffsbetriebsgesellschaft FINNA mbH Hamburg 100.0
1499 Schiffsbetriebsgesellschaft GRIMA mbH Hamburg 100.0

F-I-401
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 402 402
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1500 SCITOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1501 SCUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1502 SCUDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kleine Alexanderstraße KG Duesseldorf 95.0
1503 SECHSTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1504 SECHSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1505 SECHSUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf
1506 SECHZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1507 SEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1508 Sedona Capital Funding Corp., LLC Charlotte
1509 SEGES Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1510 SEGU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1511 SELEKTA Grundstücksverwaltungsgesellschaft mbH Duesseldorf 50.0
1512 SENA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1513 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Halle II KG i.L. Duesseldorf 100.0
1514 SERICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1515 SERICA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Frankfurt KG Duesseldorf
1516 SIDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1517 SIEBENUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf
1518 SIEBTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1519 SIEBZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1520 SIFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1521 SILANUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1522 SILANUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Bonn KG Duesseldorf
1523 SILEX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1524 SILEX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Rostock und Leipzig KG Duesseldorf
1525 SILEX Grundstücks-Vermietungsgesellschaft mbH Objekt Eduard Dyckerhoff OHG Duesseldorf
1526 SILIGO Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1527 SILUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1528 SILUR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Markdorf KG Duesseldorf
1529 SILUR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Tübingen KG Duesseldorf
1530 SILUR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Uhingen KG Duesseldorf
1531 SIMILA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1532 Singer Island Tower Suite LLC Wilmington 100.0
1533 SIRES-STAR Limited George Town 5
1534 Sixco Leasing Limited London 100.0
1535 SMART SME CLO 2006-1, Ltd. George Town
1536 SOLATOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1537 SOLIDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1538 SOLON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1539 SOLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1540 SOMA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1541 SOMA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heidelberg KG i.L. Duesseldorf
1542 SOREX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1543 SOREX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Hutschenreuther KG Duesseldorf
1544 SOREX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Lüdenscheid KG Duesseldorf
1545 SOREX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Mainz KG i.L. Duesseldorf
1546 SOSPITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1547 SOSPITA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekte Prima KG Duesseldorf 5
1548 SOSPITA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekte Sekunda KG Duesseldorf 5
1549 SPAN No. 5 Pty Limited Sydney
1550 SPESSART 2009-1 GmbH i.L. Frankfurt
1551 SPINO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1552 SPLENDOR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1553 SS Aggregation Trust Wilmington
1554 STABLON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1555 STAGIRA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1556 STATOR Heizkraftwerk Frankfurt (Oder) Beteiligungsgesellschaft mbH Schoenefeld 100.0
1557 Stewart-Denny Holdings, LLC Wilmington
1558 Stichting Perus Investments Amsterdam
1559 Strategic Global Opportunities Limited - Class A Main USD Nassau

F-I-402
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 403403
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1560 STTN, Inc. Wilmington 100.0
1561 STUPA Heizwerk Frankfurt (Oder) Nord Beteiligungsgesellschaft mbH i.L. Schoenefeld 100.0
1562 SUBLICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1563 SUBU Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1564 SULPUR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1565 Sunrise Beteiligungsgesellschaft mbH Frankfurt 100.0
1566 SUPERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1567 SUPERA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Speyer KG Duesseldorf
1568 SUPLION Beteiligungsgesellschaft mbH Duesseldorf 50.0
1569 Survey Solutions B.V. Amsterdam
1570 Survey Trust Wilmington
1571 SUSA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1572 SUSIK Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1573 SUSIK Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Cottbus KG Duesseldorf
1574 Swabia 1 Limited Dublin
1575 Swabia 1. Vermögensbesitz-GmbH Frankfurt 100.0
1576 Sylvester (2001) Limited George Town 100.0
1577 TABA Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1578 TACET Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1579 TACET Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Hameln KG Duesseldorf
1580 TACET Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Nordsternpark KG Duesseldorf
1581 TACET Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Osnabrück KG Duesseldorf
1582 TACET Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Ulm KG i.L. Duesseldorf
1583 TACET Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Wendelstein KG i.L. Duesseldorf
1584 TAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1585 Tagus - Sociedade de Titularização de Creditos, S.A. Lisbon 100.0
1586 TAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1587 TAKIR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1588 TARES Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0
1589 TEBA Beteiligungsgesellschaft mbH i.L. Schoenefeld 100.0
1590 TEBOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1591 TEMATIS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
1592 TERGO Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
1593 TERRUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1594 TERRUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Bernbach KG Duesseldorf 2 0.0
1595 TESATUR Beteiligungsgesellschaft mbH Duesseldorf 50.0
1596 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Halle I KG Duesseldorf 100.0
1597 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Nordhausen I KG Duesseldorf 100.0
1598 Thaumat Holdings Limited Nicosia
1599 The CAP Accumulation Trust Wilmington
1600 The CIG Trust St. Helier
1601 The GIII Accumulation Trust Wilmington
1602 The Glanmore Property Euro Fund Limited St. Peter Port
1603 The GPR Accumulation Trust Wilmington
1604 The Life Accumulation Trust Wilmington
1605 The Life Accumulation Trust II Wilmington
1606 The Life Accumulation Trust III Wilmington
1607 The Life Accumulation Trust IV Wilmington
1608 The Life Accumulation Trust IX Wilmington
1609 The Life Accumulation Trust V Wilmington
1610 The Life Accumulation Trust VIII Wilmington
1611 The Life Accumulation Trust X Wilmington
1612 The Life Accumulation Trust XI Wilmington
1613 The Life Accumulation Trust XII Wilmington
1614 The PEB Accumulation Trust Wilmington
1615 The SLA Accumulation Trust Wilmington
1616 Tilney Group Limited Employee Incentive Trust St. Peter Port
1617 Tintin II SPC George Town
1618 Tintin III SPC George Town
1619 Tokutei Mokuteki Kaisha CREP Investment V Tokyo 2 0.0

F-I-403
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 404 404
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1620 TONGA Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
1621 TOSSA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1622 TRAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1623 TREMA Grundstücks-Vermietungsgesellschaft mbH Berlin 50.0
1624 TRENTO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1625 TRINTO Beteiligungsgesellschaft mbH Schoenefeld 50.0
1626 TRIPLA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1627 TRS 1 LLC Wilmington 100.0
1628 TRS Aria LLC Wilmington 100.0
1629 TRS Babson I LLC Wilmington 100.0
1630 TRS Bluebay LLC Wilmington 100.0
1631 TRS Bruin LLC Wilmington 100.0
1632 TRS Callisto LLC Wilmington 100.0
1633 TRS Camulos LLC Wilmington 100.0
1634 TRS Cypress LLC Wilmington 100.0
1635 TRS DB OH CC Fund Financing LLC Wilmington 100.0
1636 TRS Eclipse LLC Wilmington 100.0
1637 TRS Elara LLC Wilmington 100.0
1638 TRS Elgin LLC Wilmington 100.0
1639 TRS Elm LLC Wilmington 100.0
1640 TRS Feingold O’Keeffe LLC Wilmington 100.0
1641 TRS Fore LLC Wilmington 100.0
1642 TRS Ganymede LLC Wilmington 100.0
1643 TRS GSC Credit Strategies LLC Wilmington 100.0
1644 TRS Haka LLC Wilmington 100.0
1645 TRS HY FNDS LLC Wilmington 100.0
1646 TRS Io LLC Wilmington 100.0
1647 TRS Landsbanki Islands LLC Wilmington 100.0
1648 TRS Leda LLC Wilmington 100.0
1649 TRS Metis LLC Wilmington 100.0
1650 TRS Plainfield LLC Wilmington 100.0
1651 TRS Poplar LLC Wilmington 100.0
1652 TRS Quogue LLC Wilmington 100.0
1653 TRS Scorpio LLC Wilmington 100.0
1654 TRS SeaCliff LLC Wilmington 100.0
1655 TRS Stag LLC Wilmington 100.0
1656 TRS Stark LLC Wilmington 100.0
1657 TRS SVCO LLC Wilmington 100.0
1658 TRS Sycamore LLC Wilmington 100.0
1659 TRS Thebe LLC Wilmington 100.0
1660 TRS Tupelo LLC Wilmington 100.0
1661 TRS Venor LLC Wilmington 100.0
1662 TRS Watermill LLC Wilmington 100.0
1663 TUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1664 TUGA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1665 TXH Trust Wilmington
1666 TYRAS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1667 VARIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1668 VIERTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1669 VIERTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1670 VIERUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1671 VIERZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1672 Village Hospitality LLC Wilmington 100.0
1673 Volga Investments Limited Dublin
1674 Warwick Lane Investments B.V. London 25.0
1675 Wheatfield GmbH & Co. KG Frankfurt 100.0
1676 Winchester Street PLC London 5
1677 Wohnungs-Verwaltungsgesellschaft Moers mbH Duesseldorf 50.0
1678 Wohnungsgesellschaft HEGEMAG GmbH Darmstadt 50.0
1679 XARUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0

F-I-404
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 405405
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Special Purpose
Special PurposeEntities
Entities

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1680 XELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1681 XENTIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1682 XERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1683 XERIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1684 ZABATUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1685 ZAKATUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1686 ZALLUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1687 Zamalik Limited Dublin
1688 ZANTOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1689 ZARAT Beteiligungsgesellschaft mbH Duesseldorf 50.0
1690 ZARAT Beteiligungsgesellschaft mbH & Co. Objekt Leben II KG Duesseldorf 97.5
1691 ZARGUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1692 ZEA Beteiligungsgesellschaft mbH Schoenefeld 25.0
1693 ZEDORA 3 GmbH & Co. KG Munich
1694 ZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1695 ZELAS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1696 ZELAS Beteiligungsgesellschaft mbH & Co. Leben I KG Duesseldorf 97.8
1697 ZENO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1698 ZEPTOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1699 ZEREVIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1700 ZERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1701 ZIBE Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1702 ZIDES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1703 ZIMBEL Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1704 ZINUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1705 ZIRAS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1706 ZITON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1707 ZITRAL Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
1708 ZITUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1709 ZONTUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1710 ZORUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1711 Zugspitze 2008-1 GmbH Frankfurt
1712 Zumirez Drive LLC Wilmington 100.0
1713 ZURET Beteiligungsgesellschaft mbH Duesseldorf 50.0
1714 ZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1715 ZWEITE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1716 ZWEITE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1717 ZWEIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1718 ZWÖLFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1719 ZYLUM Beteiligungsgesellschaft mbH Schoenefeld 25.0

F-I-405
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
Financial Statements
Statements 406 406
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Companies accounted
Companies accounted forfor
at equity
at equity

Companies accounted for at equity

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1720 AcadiaSoft, Inc. Wilmington 8.7
1721 Admiral Private Equity SL Madrid 45.0
1722 Afinia Capital Group Limited Hamilton 40.0
1723 AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung Frankfurt 28.8
1724 Argantis GmbH Cologne 50.0
1725 Argantis Private Equity GmbH & Co. KG Cologne 25.1
1726 Argantis Private Equity Gründer GmbH & Co. KG Cologne 39.2
1727 Arvoredo Investments Ltd. George Town 47.1
1728 Atriax Holdings Limited (in members’ voluntary liquidation) Southend-on-Sea 25.0
1729 Baigo Capital Partners Fund 1 Parallel 1 GmbH & Co. KG Bad Soden am Taunus 49.8
1730 BANKPOWER GmbH Personaldienstleistungen Frankfurt 30.0
1731 BATS Global Markets, Inc. Wilmington 6.7
1732 Bestra Gesellschaft für Vermögensverwaltung mit beschränkter Haftung Duesseldorf 49.0
1733 BFDB Tax Credit Fund 2011, Limited Partnership New York 7 99.9
1734 BHS tabletop AG Selb 28.9
1735 Biopsytec Holding AG i.L. Berlin 40.5
1736 Bocaina, L.P. George Town 7 53.3
1737 BrisConnections Holding Trust Kedron 35.6
1738 BrisConnections Investment Trust Kedron 35.6
1739 BVT-CAM Private Equity Beteiligungs GmbH Gruenwald 50.0
1740 BVT-CAM Private Equity Management & Beteiligungs GmbH Gruenwald 50.0
1741 Caherciveen Partners, LLC Chicago 20.0
1742 Comfund Consulting Limited Bangalore 30.0
1743 Craigs Investment Partners Limited Tauranga 49.9
1744 Danube Properties S.à r.l. Luxembourg 25.0
1745 DB Development Holdings Limited Larnaca 49.0
1746 DB Funding (Gibraltar) Limited Gibraltar 7 100.0
1747 DB Real Estate Global Opportunities IB (Offshore), L.P. Camana Bay 34.6
1748 DBG Eastern Europe II Limited Partnership St. Helier 25.9
1749 DD Konut Finansman A.S. Sisli 49.0
1750 Deutsche Börse Commodities GmbH Eschborn 16.2
1751 Deutsche Financial Capital I Corp. Greensboro 50.0
1752 Deutsche Financial Capital Limited Liability Company Greensboro 50.0
1753 Deutsche Gulf Finance Riyadh 40.0
1754 Deutsche Private Equity Fund Sydney 8.0
1755 Deutsche Regis Partners Inc Makati City 49.0
1756 Deutsche TISCO Investment Advisory Company Limited Bangkok 49.0
1757 Deutsche Zurich Pensiones Entidad Gestora de Fondos de Pensiones, S.A. Barcelona 50.0
1758 Deutscher Pensionsfonds Aktiengesellschaft Bonn 25.1
1759 DIL Internationale Leasinggesellschaft mbH Duesseldorf 50.0
1760 DMG & Partners Securities Pte Ltd Singapore 49.0
1761 Domus Beteiligungsgesellschaft der Privaten Bausparkassen mbH Berlin 21.1
1762 DPG Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH Frankfurt 20.0
1763 Edmonton Holding Limited George Town 8 0.0
1764 Elbe Properties S.à r.l. Luxembourg 25.0
1765 EOL2 Holding B.V. Amsterdam 45.0
1766 eolec Issy-les-Moulineaux 33.3
1767 equiNotes Management GmbH Duesseldorf 50.0
1768 Erica Società a Responsabilità Limitata Milan 40.0
1769 EVROENERGIAKI S.A. Alexandroupolis 40.0
1770 FREUNDE DER EINTRACHT FRANKFURT Aktiengesellschaft Frankfurt 30.8
1771 Fünfte SAB Treuhand und Verwaltung GmbH & Co. "Leipzig-Magdeburg" KG Bad Homburg 40.7
1772 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Dresden "Louisenstraße" KG Bad Homburg 30.6
1773 G.O. IB-SIV Feeder, L.L.C. Wilmington 15.7
1774 Gemeng International Energy Group Company Limited Taiyuan 9.0
1775 German Public Sector Finance B.V. Amsterdam 50.0
1776 Gesellschaft bürgerlichen Rechts Industrie- und Handelskammer/Rheinisch-Westfälische Börse Duesseldorf 10.0
1777 Gesellschaft für Kreditsicherung mit beschränkter Haftung Berlin 36.7
1778 GIPF-I Holding Corp. Calgary 2.0

F-I-406
Deutsche Bank
Deutsche Bank 02 – Consolidated FinancialFinancial
02 – Consolidated StatementsStatements 407
407
Financial Report 2012
Financial Report 2012 Additional Notes
Additional Notes
43 – Shareholdings
43 – Shareholdings
Companies accounted
Companies for at equity
accounted for at equity

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1779 giropay GmbH Frankfurt 33.3
1780 Gordian Knot Limited London 32.4
1781 Graphite Resources (Knightsbridge) Limited Newcastle upon Tyne 45.0
1782 Graphite Resources Holdings Limited Newcastle upon Tyne 7 70.0
1783 Great Future International Limited Road Town 43.0
1784 Grundstücksgesellschaft Leipzig Petersstraße GbR Troisdorf 33.2
1785 Harvest Fund Management Company Limited Shanghai 30.0
1786 Hua Xia Bank Company Limited Beijing 19.9
1787 Huamao Property Holdings Ltd. George Town 8 0.0
1788 Huarong Rongde Asset Management Company Limited Beijing 40.7
1789 Hydro S.r.l. Rome 45.0
1790 I.B.T. Lighting S.p.A. Milan 34.0
1791 iCON Infrastructure Management Limited St. Peter Port 7 99.0
1792 iFast India Investments Pte. Ltd. Singapore 49.0
1793 ILV Immobilien-Leasing Verwaltungsgesellschaft Düsseldorf mbH Duesseldorf 50.0
1794 Immobilienfonds Büro-Center Erfurt Am Flughafen Bindersleben II GbR Troisdorf 50.0
1795 Inn Properties S.à r.l. Luxembourg 25.0
1796 Interessengemeinschaft Frankfurter Kreditinstitute GmbH Frankfurt 23.3
1797 Isar Properties S.à r.l. Luxembourg 25.0
1798 ISWAP Limited London 16.4
1799 IZI Düsseldorf Informations-Zentrum Immobilien Gesellschaft mit beschränkter Haftung Duesseldorf 20.0
1800 IZI Düsseldorf Informations-Zentrum Immobilien GmbH & Co. Kommanditgesellschaft Duesseldorf 22.9
1801 Japan Value Added Fund One Limited Tokyo 8 0.0
1802 Jaya Holdings Limited Singapore 20.6
1803 K & N Kenanga Holdings Bhd Kuala Lumpur 13.8
1804 Kenanga Deutsche Futures Sdn Bhd Kuala Lumpur 27.0
1805 KeyNeurotek Pharmaceuticals AG i.I. Magdeburg 29.0
1806 Kinneil Leasing Company London 35.0
1807 KölnArena Beteiligungsgesellschaft mbH Cologne 20.8
1808 Lion Indian Real Estate Fund L.P. George Town 8 0.0
1809 Lion Residential Holdings S.à r.l. Luxembourg 17.4
1810 London Dry Bulk Limited London 49.0
1811 Main Properties S.à r.l. Luxembourg 25.0
1812 Marblegate Special Opportunities Master Fund, L.P. George Town 30.6
1813 Markit Group Holdings Limited London 7.2
1814 MergeOptics GmbH i.I. Berlin 24.3
1815 MidOcean (Europe) 2000-A LP St. Helier 19.9
1816 MidOcean (Europe) 2003 LP St. Helier 20.0
1817 MidOcean Partners, LP New York 20.0
1818 Millennium Marine Rail, L.L.C. Elizabeth 50.0
1819 Nexus II LLC Wilmington 11.9
1820 North Coast Wind Energy Corp. Vancouver 7 96.7
1821 Oder Properties S.à r.l. Luxembourg 25.0
1822 Omnium Leasing Company London 7.1
1823 OPPENHEIM PRIVATE EQUITY Holding GmbH & Co. KG Cologne 0.4
1824 Otto Lilienthal Fünfte GmbH & Co. KG Munich 19.6
1825 P.F.A.B. Passage Frankfurter Allee Betriebsgesellschaft mbH Berlin 22.2
1826 Pago e Transaction Services GmbH Cologne 50.0
1827 Parkhaus an der Börse GbR Cologne 37.7
1828 PERILLA Beteiligungsgesellschaft mbH Duesseldorf 50.0
1829 Pilgrim America High Income Investments Ltd. George Town 14.9
1830 Plenary Group (Canada) Limited Vancouver 20.0
1831 Plenary Group Pty. Ltd. Melbourne 18.0
1832 Plenary Group Unit Trust Melbourne 11.1
1833 Powerlase Limited (in members’ voluntary liquidation) Hove 24.8
1834 Private Capital Portfolio L.P. London 38.2
1835 PT. Deutsche Verdhana Indonesia Jakarta 40.0
1836 PX Holdings Limited Stockton on Tees 42.4
1837 QPL Lux, S.à r.l. Luxembourg 6.0
1838 Raymond James New York Housing Opportunities Fund I-A L.L.C. New York 33.0

F-I-407
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
Financial Statements
Statements 408 408
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Companies accounted
Companies accounted forfor
at equity
at equity

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1839 Raymond James New York Housing Opportunities Fund I-B L.L.C. New York 33.3
1840 Relax Holding S.à r.l. Luxembourg 20.0
1841 REON - Park Wiatrowy I Sp. z o.o. Warsaw 50.0
1842 REON-Park Wiatrowy II Sp. z o.o. Warsaw 50.0
1843 REON-Park Wiatrowy IV Sp. z o.o. Warsaw 50.0
1844 Rhine Properties S.à r.l. Luxembourg 25.0
1845 Roc Capital Group, LLC Wilmington 8.5
1846 Roc Capital Management, L.P. Wilmington 8.5
1847 Rosen Consulting Group, LLC Wilmington 40.0
1848 RPWire LLC Wilmington 33.3
1849 S/D Partnership Johannesburg 8 0.0
1850 Sakaras Holding Limited Birkirkara 8 0.0
1851 Schiffahrts UG (haftungsbeschränkt) & Co. KG MS "DYCKBURG" Hamburg 41.3
1852 Schiffahrtsgesellschaft MS "Simon Braren" GmbH & Co KG Kollmar 26.6
1853 Shunfeng Catering & Hotel Management Co., Ltd. Beijing 6.4
1854 Spin Holdco Inc. Wilmington 35.0
1855 SRC Security Research & Consulting GmbH Bonn 22.5
1856 Starpool Finanz GmbH Berlin 50.0
1857 Station Holdco LLC Wilmington 25.0
1858 SunAmerica Affordable Housing Partners 47 Los Angeles 10.3
1859 Teesside Gas Transportation Limited London 45.0
1860 The Glanmore Property Fund Limited St. Peter Port 8 0.0
1861 The Portal Alliance LLC Wilmington 10.0
1862 The Topiary Fund II Public Limited Company Dublin 4.1
1863 The Topiary Select Equity Trust George Town 7 56.3
1864 THG Beteiligungsverwaltung GmbH Hamburg 50.0
1865 TLDB Partners Limited Tokyo 50.0
1866 TradeWeb Markets LLC Wilmington 5.5
1867 Trave Properties S.à r.l. Luxembourg 25.0
1868 Triton Beteiligungs GmbH Frankfurt 33.1
1869 Turquoise Global Holdings Limited London 7.1
1870 U.S.A. ITCF XCI L.P. New York 7 99.9
1871 VCM / BHF Initiatoren GmbH & Co. Beteiligungs KG Munich 48.8
1872 VCM Shott Private Equity Advisors, LLC Wilmington 50.0
1873 VCM VII European Mid-Market Buyout GmbH & Co. KG Cologne 28.8
1874 Verwaltung ABL Immobilienbeteiligungsgesellschaft mbH Hamburg 50.0
1875 Volbroker.com Limited London 23.8
1876 Weser Properties S.à r.l. Luxembourg 25.0
1877 WestLB Venture Capital Management GmbH & Co. KG Cologne 50.0
1878 Wilson HTM Investment Group Ltd Brisbane 19.8
1879 WohnBauEntwicklungsgesellschaft München-Haidhausen mbH & Co. KG i.L. Eschborn 33.3
1880 WohnBauEntwicklungsgesellschaft München-Haidhausen Verwaltungs-mbH i.L. Eschborn 33.3
1881 Xchanging etb GmbH Frankfurt 49.0
1882 zeitinvest-Service GmbH Frankfurt 25.0
1883 Zhong De Securities Co., Ltd Beijing 33.3
1884 ZINDUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1885 ZYRUS Beteiligungsgesellschaft mbH Schoenefeld 25.0
1886 ZYRUS Beteiligungsgesellschaft mbH & Co. Patente I KG Schoenefeld 20.4

F-I-408
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 409409
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Other companies,
Other companies,where
wherethethe
holding equals
holding or exeeds
equals 20 % 20 %
or exeeds

Other companies, where the holding equals or exceeds 20%

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1887 AFFIRMATUM Beteiligungsgesellschaft mbH i.L. Duesseldorf 9 50.0
1888 Banks Island General Partner Inc. Toronto 9 50.0
1889 Belzen Pty. Limited Sydney 10 100.0
1890 Benefit Trust GmbH Luetzen-Gostau 10 100.0
1891 BLI Internationale Beteiligungsgesellschaft mbH Duesseldorf 9 32.0
1892 Blue Ridge Trust Wilmington 9 26.7
1893 Cabarez S.A. Luxembourg 10 95.0
1894 CANDOR Vermietungsgesellschaft mbH & Co. Kommanditgesellschaft i.L. Duesseldorf 11 34.4
1895 City Leasing (Avonside) Limited (in members’ voluntary liquidation) London 10 100.0
1896 City Leasing (Clydeside) Limited (in members’ voluntary liquidation) London 10 100.0
1897 City Leasing (Medwayside) Limited (in members’ voluntary liquidation) London 10 100.0
1898 City Leasing (Wearside) Limited (in members’ voluntary liquidation) London 10 100.0
1899 City Leasing and Partners Limited (in members’ voluntary liquidation) London 10 100.0
1900 DB (Barbados) SRL Christ Church 10 100.0
1901 DB (Gibraltar) Holdings No. 2 Limited Gibraltar 10 100.0
1902 DB Advisors SICAV Luxembourg 10 100.0
1903 DB Lindsell Limited Gibraltar 10 100.0
1904 DB Petri LLC Wilmington 10 100.0
1905 DBR Investments Co. Limited George Town 10 100.0
1906 Deutsche Aviation Leasing Limited (in members’ voluntary liquidation) London 10 100.0
1907 Deutsche River Investment Management Company S.à r.l. Luxembourg 9 49.0
1908 Deutz-Mülheim Grundstücksgesellschaft mbH Duesseldorf 9 40.2
1909 Dogan Gazetecilik A.S. Istanbul 12 22.0
1910 EQR-Mantena, LLC Wilmington 10 100.0
1911 European Private Equity Portfolio (PE-EU) GmbH & Co. KG Cologne 13 20.4
1912 Global Salamina, S.L. Madrid 11 30.0
1913 Goldman Sachs Multi-Strategy Portfolio XI, LLC Wilmington 11 33.8
1914 Grundstücksgesellschaft Köln-Ossendorf VI GbR Troisdorf 11 44.9
1915 Grundstücksvermietungsgesellschaft Wilhelmstr. mbH Duesseldorf 10 100.0
1916 Grundstücksverwaltungsgesellschaft Tankstelle Troisdorf Spich GbR Troisdorf 14 33.0
1917 Guggenheim Concinnity Strategy Fund LP Wilmington 14 21.7
1918 HealthCap 1999 GbR Berlin 13 41.5
1919 HQ Limited Partnership Tokyo 9 37.5
1920 Immobilien-Vermietungsgesellschaft Schumacher GmbH & Co. Objekt Rolandufer KG Berlin 9 20.5
1921 Intermodal Finance I Ltd. George Town 9 49.0
1922 JG Japan Grundbesitzverwaltungsgesellschaft mbH i.L. Eschborn 10 100.0
1923 Lindsell Finance Limited Valletta 10 100.0
1924 Lion Global Infrastructure Fund Limited St. Peter Port 9 50.0
1925 M Cap Finance Mittelstandsfonds GmbH & Co. KG Frankfurt 13 99.7
1926 Manuseamento de Cargas - Manicargas, S.A. Matosinhos 11 38.3
1927 Memax Pty. Limited Sydney 10 100.0
1928 Merit Capital Advance, LLC Wilmington 13 20.0
1929 Metro plus Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 9 40.0
1930 MFG Flughafen-Grundstücksverwaltungsgesellschaft mbH & Co. BETA KG Gruenwald 9 29.6
1931 Midsel Limited London 10 100.0
1932 Mount Hope Community Center Fund, LLC Wilmington 13 50.0
1933 Mountaintop Energy Holdings LLC Wilmington 9 49.9
1934 Nortfol Pty. Limited Sydney 10 100.0
1935 NV Profit Share Limited George Town 9 42.9
1936 OPPENHEIM Buy Out GmbH & Co. KG Cologne 9 27.7
1937 RREEF Debt Investments Fund, L.P. Wilmington 13 66.7
1938 RREEF Debt Investments Master Fund I, L.P. Wilmington 13 100.0
1939 RREEF Debt Investments Master Fund II, L.P. Wilmington 13 66.7
1940 RREEF Debt Investments Offshore I REIT Baltimore 13 100.0
1941 RREEF Debt Investments Offshore II, L.P. George Town 13 50.0
1942 Safron AMD Partners, L.P. George Town 13 22.0
1943 Safron NetOne Partners, L.P. George Town 13 21.7
1944 Schumacher Beteiligungsgesellschaft mbH Cologne 9 33.2
1945 SCITOR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heiligenstadt KG Duesseldorf 10 71.1

F-I-409
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatements
Statements 410 410
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Other companies,
Other companies,where
wherethethe
holding equals
holding or exeeds
equals 20 % 20 %
or exeeds

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1946 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kamenz KG Duesseldorf 10 100.0
1947 SILEX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Berlin KG Duesseldorf 10 83.8
1948 SOLON Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heizkraftwerk Halle KG i.L. Halle/Saale 9 30.5
1949 SPhinX, Ltd. (in voluntary liquidation) George Town 9 43.6
SUBLICA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Promohypermarkt Gelsen-
1950 kirchen KG Duesseldorf 9 48.7
1951 Sundial Beteiligungsgesellschaft mbH Frankfurt 10 100.0
1952 The Debt Redemption Fund Limited George Town 10 99.8
1953 TIEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 9 50.0
1954 TIEDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Lager Nord KG Duesseldorf 9 25.0
1955 Triton Fund III G L.P. St. Helier 7 62.5
1956 Whitesmith Private Equity Investors, L.P. George Town 13 33.3
1957 Willem S.A. Luxembourg 10 95.0
1958 Zenwix Pty. Limited Sydney 10 100.0

F-I-410
Deutsche Bank
Deutsche Bank 02 –– Consolidated
02 Consolidated Financial
FinancialStatement
Statements 411411
Financial Report
Financial Report2012
2012 Additional Notes
Additional Notes
43 –– Shareholdings
43 Shareholdings
Holdings in large corporations, where the holding exceeds 5% of voting rights
Holdings in large corporations, where the holding exceeds 5% of voting rights

Holdings in large corporations, where the holding exceeds 5% of voting rights

Share of
Serial Capital
No. Name of company Domicile of company Footnote in %
1959 Abode Mortgage Holdings Corporation Vancouver 8.5
1960 Abraaj Capital Holdings Limited George Town 8.8
1961 Accunia A/S Copenhagen 9.9
1962 BBB Bürgschaftsbank zu Berlin-Brandenburg GmbH Berlin 5.6
1963 Bürgschaftsbank Brandenburg GmbH Potsdam 8.5
1964 Bürgschaftsbank Mecklenburg-Vorpommern GmbH Schwerin 8.4
1965 Bürgschaftsbank Sachsen GmbH Dresden 6.3
1966 Bürgschaftsbank Sachsen-Anhalt GmbH Magdeburg 8.2
1967 Bürgschaftsbank Schleswig-Holstein Gesellschaft mit beschränkter Haftung Kiel 5.6
1968 Bürgschaftsbank Thüringen GmbH Erfurt 8.7
1969 Bürgschaftsgemeinschaft Hamburg GmbH Hamburg 8.7
1970 ConCardis Gesellschaft mit beschränkter Haftung Eschborn 16.8
1971 EFG Eurobank Properties S.A. Athens 5.8
1972 HYPOPORT AG Berlin 9.7
1973 Ingenious Media Active Capital Limited St. Peter Port 13.8
1974 IVG Institutional Funds GmbH Frankfurt 6.0
1975 Liquiditäts-Konsortialbank Gesellschaft mit beschränkter Haftung Frankfurt 8.5
1976 NexPak Corporation Wilmington 6.5
1977 NÜRNBERGER Beteiligungs-Aktiengesellschaft Nuremberg 6.6
1978 OTCDeriv Limited London 7.2
1979 Philipp Holzmann Aktiengesellschaft i.I. Frankfurt 19.5
1980 Prader Bank S.p.A. Bolzano 9.0
1981 Private Export Funding Corporation Wilmington 7.5
1982 Reorganized RFS Corporation Wilmington 6.2
1983 Saarländische Investitionskreditbank Aktiengesellschaft Saarbruecken 11.8
1984 4 SC AG Planegg 5.6
1985 Società per il Mercato dei Titoli di Stato - Borsa Obbligazionaria Europea S.p.A. Rome 5.0
1986 The Clearing House Association L.L.C. Wilmington 5.6
1987 TORM A/S Hellerup 6.2
1988 United Information Technology Co. Ltd. George Town 12.2
1989 3W Power S.A. Luxembourg 9.2
1990 Yensai.com Co., Ltd. Tokyo 7.1
1991 Yieldbroker Pty Limited Sydney 16.7
1992 Yukon-Nevada Gold Corp. Vancouver 12.2

F-I-411
03 -
Confirmations
Independent Auditors’ Report – 413
Responsibility Statement by the Management Board – 415
Report of the Supervisory Board – 416

F-I-412
Deutsche Bank
Deutsche Bank 03 –– Confirmations
03 Confirmations 413413
Financial Report
Financial Report2012
2012 Independent Auditors’
Independent Report
Auditors’ Report

Independent Auditors’ Report

To Deutsche Bank Aktiengesellschaft, Frankfurt am Main

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of Deutsche Bank Aktiengesellschaft
and its subsidiaries, which comprise the consolidated statement of income, the consolidated statement of
comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the
consolidated statement of cash flows, and notes to the consolidated financial statements for the business year
from January 1 to December 31, 2012.

Management’s Responsibility for the Consolidated Financial Statements

The management of Deutsche Bank Aktiengesellschaft is responsible for the preparation of these consolidated
financial statements. This responsibility includes preparing these consolidated financial statements in accord-
ance with International Financial Reporting Standards as adopted by the EU, the supplementary requirements
of German law pursuant to § Article 315a Abs. paragraph 1 HGB (Handelsgesetzbuch: German Commercial
Code) and full IFRS to give a true and fair view of the net assets, financial position and results of operations of
the group in accordance with these requirements. The company’s management is also responsible for the
internal controls that management determines are necessary to enable the preparation of consolidated finan-
cial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with § 317 HGB and German generally accepted standards for the audit of
financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany)
(IDW) as well as in supplementary compliance with the standards of the Public Company Accounting Oversight
Board (United States). Accordingly, we are required to comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.

An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in
the consolidated financial statements. The selection of audit procedures depends on the auditor’s professional
judgment. This includes the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In assessing those risks, the auditor considers the internal control
system relevant to the entity’s preparation of the consolidated financial statements that give a true and fair view.
The aim of this is to plan and perform audit procedures that are appropriate in the given circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the group’s internal control system. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of account-
ing estimates made by management, as well as evaluating the overall presentation of the consolidated finan-
cial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Audit Opinion
Pursuant to § 322 Abs.3 Satz 1 HGB, we state that our audit of the consolidated financial statements has not
led to any reservations.

F-I-413
Deutsche Bank
Deutsche Bank 03 –– Confirmations
03 Confirmations 414 414
Financial Report
Financial Report2012
2012 Independent Auditors’
Independent Report
Auditors’ Report

In our opinion, based on the findings of our audit, the consolidated financial statements comply in all material
respects with IFRSs as adopted by the EU, the supplementary requirements of German commercial law pur-
suant to § 315a Abs. 1 HGB and full IFRS and give a true and fair view of the net assets and financial position
of the Group as of December 31, 2012 as well as the results of operations for the business year then ended, in
accordance with these requirements.

Report on the Group Management Report

We have audited the accompanying group management report of Deutsche Bank Aktiengesellschaft for the
business year from January 1 to December 31, 2012. The management of Deutsche Bank Aktiengesellschaft
is responsible for the preparation of the group management report in compliance with the applicable require-
ments of German commercial law pursuant to § [Article] 315a Abs. [paragraph] 1 HGB [Handelsgesetzbuch:
German Commercial Code]. We conducted our audit in accordance with § 317 Abs. 2 HGB and German gen-
erally accepted standards for the audit of the group management report promulgated by the Institut der
Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Accordingly, we are required to plan and
perform the audit of the group management report to obtain reasonable assurance about whether the group
management report is consistent with the consolidated financial statements and the audit findings, and as a
whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of
future development.

Pursuant to § 322 Abs. 3 Satz 1 HGB, we state that our audit of the group management report has not led to
any reservations.

In our opinion, based on the findings of our audit of the consolidated financial statements and group manage-
ment report, the group management report is consistent with the consolidated financial statements, and as a
whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of
future development.

Frankfurt am Main, April 11, 2013

KPMG AG
Wirtschaftsprüfungsgesellschaft

Dielehner Beier
Wirtschaftsprüfer Wirtschaftsprüfer

F-I-414
Deutsche Bank
Deutsche Bank 03 –– Confirmations
03 Confirmations 415415
Financial Report
Financial Report2012
2012 Responsibility Statement
Responsibility by by
Statement thethe
Management BoardBoard
Management

Responsibility Statement by the Management Board

To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated
financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the
Group, and the Group management report includes a fair review of the development and performance of the
business and the position of the Group, together with a description of the principal opportunities and risks as-
sociated with the expected development of the Group.

Frankfurt am Main, March 12, 2013

Jürgen Fitschen Anshuman Jain Stefan Krause

Stephan Leithner Stuart Lewis Rainer Neske

Henry Ritchotte

F-I-415
Deutsche Bank
Deutsche Bank Report of
Report ofthe
theSupervisory
SupervisoryBoard
Board 416 416
Financial Report
Financial Report2012
2012

Report of the Supervisory Board

The economic environment in 2012 was marked by continuing uncertainties over the high sovereign debt in
many industrial countries and a slowing of the global economy. Central banks’ actions, however, mitigated risks
in the financial markets and helped to prevent the severe turbulence seen in previous years. This boosted
expectations that – after a weak winter period – the global economy would regain momentum over the course
of 2013.

Germany mastered the difficult environment in 2012 well, despite recession in the countries on the southern
periphery of the eurozone, noticeably slower emerging market growth and continuing concern over the debt
crisis.

For Deutsche Bank, the 2012 financial year was decisively shaped by personnel changes in its senior man-
agement and a related realignment of its business model. In September 2012, the new Co-Chairmen of the
Management Board, Mr. Fitschen and Mr. Jain, presented the bank’s ambitious strategic and financial targets
for 2015 and beyond. Strategy 2015+ confirms Deutsche Bank’s commitment to its proven universal banking
model, its German home market and its global business platform. Additional aspects include the need for con-
tinued risk reduction, organic growth of the capital base and enhanced operational excellence. Deutsche Bank
also pledged to be at the forefront of shaping cultural change in the financial services sector.

In last year’s challenging environment, Deutsche Bank generated good operating results in its core businesses.
However, these were impaired by significant one-time charges. The bank successfully raised its core Tier 1
capital ratio, on a fully loaded Basel 3 basis and further scaled back risks in its non-core business activities.

In light of the regulatory requirements, strengthening the capital base continues to be a top priority for
Deutsche Bank. We also took this into account in this year’s dividend proposal. We would like to thank the
Management Board and the bank’s employees for their great personal dedication.

In addition to issues surrounding the ongoing strategic development of the bank and its implementation, which
we discussed in detail with the Management Board at a dedicated workshop, we addressed numerous statuto-
ry and regulatory changes again in 2012. Last year, we extensively discussed the bank’s economic and finan-
cial development, its operating environment, risk management system, planning and internal control system.
The Management Board reported to us regularly, without delay and comprehensively on business policies and
other fundamental issues relating to management and corporate planning, the bank’s financial development
and earnings situation, the bank’s risk, liquidity and capital management along with material lawsuits and
transactions and events that were of significant importance to the bank. We advised the Management Board
and monitored its management of business. We were involved in decisions of fundamental importance. Regu-
lar discussions were also held between the Chairman of the Management Board, and subsequently the Co-
Chairmen of the Management Board, and the Chairman of the Supervisory Board dealing with important topics
and upcoming decisions. Between meetings, the Management Board kept us informed in writing of important
events. Resolutions were passed by circulation procedure when necessary between the meetings.

Meetings of the Supervisory Board

The Supervisory Board held six meetings in 2012.

At the first meeting of the year on February 1, 2012, we discussed the development of business in the fourth
quarter of 2011 and the 2011 financial year, along with a comparison of the plan-actual figures. The dividend
proposal for the year 2011 as well as the corporate planning for the years 2012 to 2014 were noted with ap-

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proval. Dr. Bänziger presented a status report on the bank’s material risks and litigation cases. We agreed to
Dr. Börsig, Dr. Eick and Dr. Siegert being named in the Annual Report as financial experts in accordance with
German and U.S. laws, confirmed the continued independence of all of the members of the Audit Committee
and determined that the Supervisory Board has what we consider to be an adequate number of independent
members. Following a review of the appropriateness of the compensation system for the Management Board,
while taking the recommendations of the Chairman’s Committee account and in consultation with an inde-
pendent external legal advisor and compensation expert, we determined the level of the variable compensation
for the Management Board members for the 2011 financial year.

At the financial statements meeting on March 16, 2012, based on the Audit Committee’s recommendation and
after a discussion with the auditor, we approved the Consolidated Financial Statements and Annual Financial
Statements for 2011. Furthermore, the Compliance and Anti-Money Laundering Report was discussed, along
with the Remuneration Report in accordance with the Regulation on Remuneration at Financial Institutions
(InstitutsVergV) for 2011. Changes in the composition of the Regional Advisory Boards and Advisory Councils
in Germany were presented to us, and we approved the resolution proposals for the Agenda of the General
Meeting 2012. After an extensive discussion, and based on the proposal of the Chairman’s Committee, we
appointed Dr. Stephan Leithner, Mr. Stuart Wilson Lewis and Mr. Henry Ritchotte members of the Management
Board, each for three years with effect from June 1, 2012. Furthermore, based on the proposal of the Chair-
man’s Committee, we resolved to terminate the Management Board appointments of Dr. Bänziger and
Mr. Hermann-Josef Lamberti with effect from May 31, 2012. Corresponding severance agreements were con-
cluded.

At the meeting on the day before the General Meeting, we discussed the procedures for the General Meeting
and the announced counterproposals as well as the status of litigation in connection with the General Meetings
2004-2011. As necessary, resolutions were approved in this context. Based on a proposal of the Chairman’s
Committee, we resolved to adjust the Management Board service agreements of Mr. Fitschen and Mr. Jain, to
extend the Management Board appointment of Mr. Krause by another five years and to appoint Dr. Leithner as
Management Board member with functional responsibility for Human Resources (Arbeitsdirektor) with effect
from June 1, 2012. In light of the personnel changes on the Management Board and following extensive dis-
cussion, we resolved, based on the proposal of the Chairman’s Committee, to revoke the Terms of Reference
for the Management Board and the Business Allocation Plan. We authorized the Management Board to issue
its own Terms of Reference and Business Allocation Plan until the Supervisory Board adopts a new resolution
on the matter.

At our meeting following the General Meeting, we elected Dr. Achleitner as our Chairman and Professor Dr.
Trützschler as member of our Audit Committee.

At the meeting on July 31, 2012, we discussed the development of the bank’s business during the first six
months of 2012 and Dr. Leithner presented a status report on significant litigation cases. Based on a proposal
of the Chairman’s Committee and in consultation with an external, independent compensation expert, we ap-
proved a supplementary adjustment to the Management Board service agreements of Mr. Fitschen and
Mr. Jain.

At the last meeting of the year on October 30, 2012, the Management Board informed us of the development of
business in the third quarter and we received status reports on the implementation of strategic measures,
significant litigation cases and current developments relating to the bank’s IT infrastructure. We discussed the
changes in the German Corporate Governance Code carried out in 2012 and resolved to adjust the objectives
for the composition of the Supervisory Board pursuant to No. 5.4.1 of the German Corporate Governance
Code as well as the terms of reference for the Supervisory Board, Chairman's Committee, Audit Committee
and the Risk Committee. Furthermore, we issued the periodic Declaration of Conformity pursuant to Section
161 of the Stock Corporation Act.

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The Committees of the Supervisory Board

The Chairman’s Committee met six times during the reporting period. Between the meetings, the Chairman of
the Chairman’s Committee spoke with the Committee members regularly about issues of major importance.
The Committee extensively addressed the appointments of the three new members of the Management Board
and the departure of Dr. Bänziger and Mr. Lamberti. New statutory and regulatory requirements for Manage-
ment Board compensation were examined, the resulting need to adjust the Management Board members’
service agreements was discussed, and preparations were carried out for the Supervisory Board to determine
the variable Management Board compensation for the 2011 financial year. Discussions were held on the
amendments required to the Terms of Reference and to the Business Allocation Plan for the Management
Board, on the terms of reference for the Supervisory Board and its committees as well as on the Compensation
Report. When necessary, resolutions were passed or recommendations made for the Supervisory Board’s
approval. The Chairman’s Committee gave its approval for the Management Board members’ ancillary activi-
ties and directorships at other companies, organizations and institutions.

At its six meetings, the Risk Committee addressed in particular credit, liquidity, refinancing, country, market and
operational risks, as well as legal and reputational risks. The Committee’s primary focus in 2012 was on the
bank’s capital resources, while a special emphasis was also placed on the hard core capital ratio, the expected
effects of Basel 3, the initiatives to reduce risk and the appropriateness of our risk-weighted assets compared
to the relevant peers. Other major topics were the bank’s risk culture, the emergency plans regulatory authori-
ties are calling for in the event of insolvency (“living wills”) and the development of the European sovereign
debt crisis. With regard to the latter, measures were also carried out by the bank to close refinancing gaps in
Spain, Italy and Portugal. In-depth discussions also addressed several selected portfolios, including ship fi-
nancing, commercial real estate finance and various trading portfolios. Besides the bank’s funding and liquidity
positions, the Committee meetings examined various aspects of the bank’s risk provisions, along with the po-
tential effects of regulatory proposals. The Risk Committee was regularly informed of current developments
relating to the larger litigation cases. Furthermore, the Committee discussed risk models and limits, the devel-
opment of the Risk Management infrastructure, risks of fraud and progress achieved in the integration of Post-
bank. Also, our risk portfolios were presented by industry according to a pre-specified plan and compared in
terms of profitability. The exposures subject to mandatory approval under German law and the Articles of Asso-
ciation were discussed in detail. Where necessary, the Risk Committee gave its approval.

The Audit Committee met seven times in 2012. Representatives of the bank’s auditor attended all of these
meetings. Subjects covered were the audit of the Annual Financial Statements and Consolidated Financial
Statements for 2011, the Interim Reports, as well as the Annual Report on Form 20-F for the U.S. Securities
and Exchange Commission (SEC). The Committee dealt with the proposal for the election of the auditor for the
2012 financial year, verified the auditor’s independence in accordance with the requirements of the German
Corporate Governance Code and the rules of the U.S. Public Company Accounting Oversight Board (PCAOB),
issued the audit mandate and resolved on the auditor’s remuneration. The Committee did not specify audit
areas of focus for 2012 as the Federal Financial Supervisory Authority (BaFin), in accordance with Section 30
of the German Banking Act, specified extensive audit areas of focus, as in 2011. The Audit Committee is con-
vinced that, as in the previous years, there are no conflicts of interest on the part of the bank’s auditor. The
Committee assured itself of the effectiveness of the system of internal controls, risk management and internal
audit and monitored the financial reporting, accounting process and audit of the Annual Financial Statements.
When necessary, resolutions were passed or recommendations made for the Supervisory Board’s approval.
The Audit Committee had reports submitted to it regularly on the engagement of accounting firms, including the
auditor, with non-audit-related services, on the work of Internal Audit, on issues relating to compliance, on legal
and reputational risks as well on special audits and significant findings of regulatory authorities. Internal Audit’s
plan for the year was noted with approval. The Audit Committee did not receive any complaints in connection
with accounting, internal accounting controls and auditing matters. Furthermore, the Audit Committee regularly
dealt with the processing of audit findings issued by the auditor for the Annual and Consolidated Financial
Statements for 2011, the measures to resolve the audit findings, the requirements relating to monitoring tasks

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pursuant to Section 107 (3) of the Stock Corporation Act, the measures to prepare for the audit of the Annual
Financial Statements and the audit areas of focus specified by the Federal Financial Supervisory Authority in
accordance with Section 30 of the German Banking Act.

The Nomination Committee met three times in 2012 and dealt with Supervisory Board succession and ap-
pointment issues.

Meetings of the Mediation Committee, established pursuant to the provisions of Germany’s Co-Determination
Act (MitbestG), were not necessary in 2012.

The committee chairmen reported regularly to the Supervisory Board on the work of the committees.

In 2012, the Supervisory Board members participated in the meetings of the Supervisory Board and their re-
spective committees as follows:

Meetings Meetings
(incl. com- Meeting (incl. com- Meeting
mittees) participation in % mittees) participation in %
Achleitner 13 13 100 Mark 13 13 100
Börsig 12 12 100 Platscher 6 6 100
Böhr 6 6 100 Ruck 19 19 100
Eick 13 13 100 Siegert 8 8 100
Garrett-Cox 6 6 100 Stockem 2 2 100
Herling 12 12 100 Teyssen 6 6 100
Herzberg 4 4 100 Thieme 13 13 100
Kagermann 12 12 100 Todenhöfer 12 12 100
Klee 6 6 100 Trützschler 7 7 100
Labarge 12 12 100 Viertel 6 6 100
Lévy 3 3 100 Voigt 6 6 100
Löscher 3 2 67 Wenning 6 6 100

Corporate Governance

At their meetings on October 29 and 30, 2012, the Supervisory Board and the Chairman’s Committee ad-
dressed the new suggestions and recommendations of the German Corporate Governance Code of
May 15, 2012. In light of the change in the Code’s recommendation for a supervisory board’s composition,
the Supervisory Board resolved that, under the premise that the performance of the Supervisory Board man-
date in itself by a representative of the employees cannot be reason to doubt fulfilment of the independence
criteria according to No. 5.4.2 of the Code, the Supervisory Board shall have a total of at least sixteen mem-
bers that are independent within the meaning of the Code and that the Supervisory Board shall be composed
such that at least six shareholder representatives are independent within the meaning of No. 5.4.2 of the Code.
At the meeting on January 30, 2013, we determined that the Supervisory Board has what we consider to be an
adequate number of independent members.

In addition, the Chairman’s Committee and the Supervisory Board addressed Management Board compensa-
tion at several meetings. The Supervisory Board resolved to engage an independent compensation expert to
assist in its review of the structure of the Management Board’s compensation system and the appropriateness
of the variable compensation for the 2011 financial year as well as an external legal advisor to examine com-
pliance with the statutory and regulatory requirements.

On January 30, 2013, we also determined that all members of the Audit Committee are independent as defined
by the U.S. Securities and Exchange Commission (SEC) rules issued to implement Section 407 of the U.S.
Sarbanes-Oxley Act of 2002. Dr. Achleitner and Professor Dr. Trützschler, who have been Audit Committee

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members since May 31, were determined to be audit committee financial experts in accordance with the regu-
lations of the SEC as well as Sections 107 (4) and 100 (5) of the Stock Corporation Act.

The Declaration of Conformity pursuant to Section 161 of the Stock Corporation Act, last issued by the Super-
visory Board and Management Board on October 25, 2011, was reissued at the meeting of the Supervisory
Board on October 30, 2012. The Management Board and Supervisory Board stated that Deutsche Bank has
complied and will continue to comply with the recommendations of the German Corporate Governance Code in
the version dated May 15, 2012, as before, with one exception. The exception involves the recommendation
under No. 5.5.3 sentence 1 of the Code on the disclosure of conflicts of interest in the report of the Supervisory
Board to the General Meeting. The Declaration of Conformity was qualified in this regard as a precaution due
to two non-final judgments of the Higher Regional Court (OLG) Frankfurt. On March 19, 2013, the Manage-
ment Board and Supervisory Board further qualified the Declaration of Conformity issued on October 30, 2013,
to the effect that, in departure from the recommendation in No. 7.1.2 sentence 4 of the Code, the Consolidated
Financial Statements of Deutsche Bank AG for the 2012 financial year would not be publicly accessible within
90 days after the end of the financial year. Deutsche Bank AG postponed the publication of its Annual Report
2012 and Form 20-F until mid-April 2013, after holding its Extraordinary General Meeting on April 11, 2013.
The background to this is a ruling on December 18, 2012, of the Frankfurt am Main District Court, as the
court of first instance, which, among other things, declared null and void the resolution adopted by the General
Meeting of Deutsche Bank AG on May 31, 2012, to appoint KPMG Aktiengesellschaft Wirtschaftsprüfungs-
gesellschaft, Berlin, the auditor of the annual and consolidated financial statement for the 2012 financial year.
While Deutsche Bank AG has filed motions to appeal the ruling, it has decided that in order to exclude risks
regarding the validity of the Annual Financial Statements as far as possible, the appointment of the auditor of
the annual and consolidated financial statements should first be confirmed by the Extraordinary General Meet-
ing on April 11, 2013, before the auditor’s report is issued and before publication of the financial statements.
The text of the Declaration of Conformity issued on October 30, 2012, and the adjusted Declaration of Con-
formity issued on March 19, 2013, along with a comprehensive presentation of the bank’s corporate govern-
ance, can be found beginning on page 424 of the Financial Report 2012 and on our Internet website at
www.deutsche-bank.de/ir/en/content/corporate_governance.htm. The terms of reference for the Supervisory
Board and its committees as well as for the Management Board are also published there, each in their current-
ly applicable versions.

Training and Further Education Measures

Members of the Supervisory Board completed the training and further education measures required for their
tasks on their own responsibility. Deutsche Bank provided the appropriate support to them in this context. Fur-
thermore, an internal two-day seminar was conducted for the members of the Supervisory Board in April 2012
by an external university professor. The topics covered were the annual financial statements and the analysis
of annual accounts, risk management as well as functions and responsibilities of supervisory board members.
In addition, members of the Supervisory Board were informed on a regular basis of new developments in cor-
porate governance. Furthermore, members of the Supervisory Board participated in external training courses.

The Risk Committee members were informed by the Chief Risk Officer and leading staff members of the Risk
Management organization of new developments on risk-specific issues (including risk appetite, setting limits
and living wills) in two training sessions in October and December 2012.

Together with staff members of the Finance department and the auditor, the Audit Committee members dis-
cussed the new regulations on accounting and financial reporting.

Individual introductory courses were held for the new members who joined the Supervisory Board in 2012, Dr.
Achleitner, Mr. Löscher, Mr. Stockem and Professor Dr. Trützschler.

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Conflicts of Interest ond Their Handling

The Chairman’s Committee approved the conclusion of an agreement, which was reviewed by external legal
counsel, between Deutsche Bank and Dr. Achleitner on the performance of functions and tasks on the bank’s
behalf as well as on support services provided by the bank. Dr. Achleitner did not participate in taking this reso-
lution due to a possible conflict of interest.

Mr. Stockem is a member of the Supervisory Board of Deutsche Bank Privat- und Geschäftskunden AG and
was its member in the 2012 financial year. At the meeting on March 19, 2013, he abstained from voting on the
resolution of the Supervisory Board of Deutsche Bank AG required pursuant to Section 32 of the Co-
Determination Act (MitbestG) on the ratification of the acts of management of the Management Board and
Supervisory Board of Deutsche Bank Privat- und Geschäftskunden AG for the 2012 financial year.

Litigation

As in the preceding years, we regularly obtained information on important lawsuits and discussed further
courses of action. These included the actions for rescission and to obtain information filed in connection with
the General Meetings in 2006, 2007, 2008, 2009, 2010, 2011 and 2012, as well as the lawsuits of Dr. Kirch/his
legal successor and KGL Pool GmbH against Deutsche Bank and Dr. Breuer.

Furthermore, in plenary session, we extensively addressed the proceedings relating to possible manipulations
of reference rates (IBOR, LIBOR, EuriBOR, SIBOR, etc.) as well as OFAC (possible infringements of U.S.
embargo regulations) and possible sales tax (Umsatzsteuer) fraud in connection with trading in CO2 emission
certificates. Furthermore, reports concerning important lawsuits were presented to the Supervisory Board on a
regular basis and, in detail, to the Audit and Risk Committees.

Annual Financial Statements

KPMG Aktiengesellschaft Wirtschaftsprüfungsgesellschaft has audited the accounting, the Annual Financial
Statements and the Management Report for 2012 as well as the Consolidated Financial Statements with the
related Notes and Management Report for 2012. KPMG Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
was elected by the Ordinary General Meeting on May 31, 2012, as the auditor of the Annual Financial State-
ments and Consolidated Financial Statements. After the Frankfurt am Main Regional Court in the first instance
had ruled this appointment null and void based on an action to rescind, the Extraordinary General Meeting on
April 11, 2013, confirmed the appointment of KPMG Aktiengesellschaft Wirtschaftsprüfungsgesellschaft as the
auditor of the Annual Financial Statements and Consolidated Financial Statements. The audits led in each
case to an unqualified opinion. The Audit Committee examined the documents for the Annual Financial State-
ments and Consolidated Financial Statements, along with the auditor’s report, and discussed them extensively
with the auditor. The Chairman of the Audit Committee reported to us on this at today’s meeting of the Supervi-
sory Board. Furthermore, at our meeting on March 19, 2013, we already held detailed discussions with the
auditor’s representatives on the Annual Financial Statements and the Management Report for 2012 as well as
the Consolidated Financial Statements with the related Notes and Management Report for 2012, along with the
drafts of the auditor’s reports. Based on the recommendation of the Audit Committee, which examined the
Annual Financial Statements and Management Report for 2012 as well as the Consolidated Financial State-
ments with the related Notes and the Management Report for 2012 at its meetings on March 18, 2013, and
April 12, 2013, and after inspecting the auditor’s reports, the Annual Financial Statements and Consolidated
Financial Statements documents, we agreed with the results of the audits following an extensive discussion
and determined that, also based on the results of our inspections, there were no objections to be raised.

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Today, we approved the Annual Financial Statements and Consolidated Financial Statements prepared by the
Management Board; the Annual Financial Statements are thus established. We agree to the Management
Board’s proposal for the appropriation of profits.

Personnel Issues

Three new Management Board members were appointed at the meeting of the Supervisory Board on
March 16, 2012. Dr. Stephan Leithner, Mr. Stuart Wilson Lewis and Mr. Henry Ritchotte were appointed
members of the Management Board, each for three years with effect from June 1, 2012. They also became
members of the Group Executive Committee as of this date. Dr. Leithner has been with Deutsche Bank since
2000 and has been Co-Head of Investment Banking Coverage & Advisory since 2010. Mr. Lewis joined
Deutsche Bank in 1996 and has been Deputy Chief Risk Officer since 2010. Mr. Ritchotte has been with
Deutsche Bank since 1995 and has been Chief Operating Officer of the Corporate & Investment Bank Group
Division since 2010. Since the end of the General Meeting on May 31, 2012, Mr. Fitschen and Mr. Jain have
been equally authorized Co-Chairmen of the Management Board. Dr. Leithner has held functional responsibility
on the Management Board for Human Resources (Arbeitsdirektor) since June 1, 2012.

Dr. Bänziger and Mr. Lamberti stepped down as members of the Management Board and left Deutsche Bank
effective at the end of May 31, 2012. Dr. Ackermann left the bank’s Management Board, which he had chaired
since 2006, with effect from the end of the General Meeting on May 31, 2012.

There were also changes on the Supervisory Board in 2012. With the conclusion of the General Meeting on
May 31, 2012, Dr. Börsig, Dr. Siegert and Mr. Lévy left the Supervisory Board of Deutsche Bank. Dr. Achleitner,
Mr. Löscher and Professor Dr. Trützschler were elected to the Supervisory Board by the General Meeting on
May 31, 2012.

Mr. Gerd Herzberg resigned as member of the Supervisory Board on May 31, 2012. His substitute, Mr. Rudolf
Stockem, succeeded him as member of the Supervisory Board on June 1, 2012, for the remainder of his term
of office.

We thank the members who left last year for their dedicated work and for their constructive assistance to the
company during the past years.

Frankfurt am Main, April 11, 2013

The Supervisory Board

Dr. Paul Achleitner

Chairman

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Reporting and Transparency – 433
Related Party Transactions – 433
Auditing and Controlling – 434
Compliance with the German Corporate Governance Code – 436

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Corporate Governance Statement/

Corporate Governance Report

All information presented in this Corporate Governance Statement/Corporate Governance Report is shown as
of March 25, 2013.

Management Board and Supervisory Board

Management Board
The Management Board is responsible for managing the company. Its members are jointly accountable for the
management of the company. The duties, responsibilities and procedures of our Management Board and the
committees installed by it are specified in its Terms of Reference, the current version of which is available on our
website (www.deutsche-bank.com/corporate-governance).

With effect from June 1, 2012, Dr. Stephan Leithner, Stuart Wilson Lewis and Henry Ritchotte were appointed
members of the Management Board for a three-year period.

With effect from the end of the Annual General Meeting on May 31, 2012, Dr. Josef Ackermann stepped down
from the bank’s Management Board, which he had chaired since 2006. Dr. Hugo Bänziger and Herrmann-
Josef Lamberti stepped down from the bank’s Management Board at the end of the day on May 31, 2012.

The following paragraphs show information on the current members of the Management Board. The infor-
mation includes the year in which they were born, the year in which they were appointed and the year in which
their term expires, their current positions and area of responsibility and their principal business activities out-
side our company. The members of our Management Board have generally undertaken not to assume chair-
manships of supervisory boards of companies outside our consolidated group.

Jürgen Fitschen
Year of birth: 1948
Appointed: 2009
Term expires: 2015

Jürgen Fitschen became a member of our Management Board on April 1, 2009. Since the end of the Annual
General Meeting on May 31, 2012, he has been, together with Mr. Jain, Co-Chairman of the Management
Board.

Mr. Fitschen has been with Deutsche Bank since 1987, was already a member of the Management Board from
2001 to the beginning of 2002 and has been a member of the Group Executive Committee since 2002 as well
as Head of Regional Management since 2005.

Mr. Fitschen studied Economics and Business Administration at the University of Hamburg and graduated in
1975 with a master’s degree in Business Administration.

From 1975 to 1987, he worked at Citibank in Hamburg and Frankfurt am Main in various positions. In 1983 he
was appointed member of the Executive Committee Germany of Citibank.

Mr. Fitschen is a member of the Board of Directors of Kühne + Nagel International AG, member of the Supervi-
sory Board of METRO AG and was a member of the Supervisory Board of Schott AG until June 2012.

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Anshuman Jain
Year of birth: 1963
First appointed: 2009
Term expires: 2017

Anshuman Jain became a member of our Management Board on April 1, 2009. Since the end of the Annual
General Meeting on May 31, 2012, he has been, together with Mr. Fitschen, Co-Chairman of the Management
Board.

Mr. Jain joined Deutsche Bank in 1995 and became Head of Global Markets in 2001 as well as a member of
the Group Executive Committee in 2002.

Mr. Jain studied Economics at Shri Ram College (Delhi University), graduating in 1983, with a BA, and studied
Business Administration at the University of Massachusetts, graduating in 1985 with an MBA in Finance.

After his academic studies, Mr. Jain worked until 1988 for Kidder Peabody, New York, in the area of Derivatives
Research. From 1988 to 1995 he set up and ran the global hedge fund coverage group for Merrill Lynch, New
York.

Mr. Jain does not have any external directorships subject to disclosure.

Stefan Krause
Year of birth: 1962
First appointed: 2008
Term expires: 2018

Stefan Krause became a member of our Management Board and a member of the Group Executive Commit-
tee on April 1, 2008. He is our Chief Financial Officer.

Previously, Mr. Krause spent over 20 years in the automotive industry, holding various senior management
positions with a strong focus on Finance and Financial Services. Starting in 1987 at BMW’s Controlling de-
partment in Munich, he transferred to the U.S. in 1993, building up and ultimately heading BMW’s Financial
Services Division in the Americas. Relocating to Munich in 2001, he became Head of Sales Western Europe
(excluding Germany). He was appointed member of the Management Board of BMW Group in May 2002,
serving as Chief Financial Officer until September 2007 and subsequently as Chief of Sales & Marketing.

Mr. Krause studied Business Administration in Würzburg and graduated in 1986 with a master’s degree in
Business Administration.

Mr. Krause does not have any external directorships subject to disclosure.

Dr. Stephan Leithner

Year of birth: 1966
First appointed: 2012
Term expires: 2015

Dr. Stephan Leithner became a member of our Management Board and a member of the Group Executive
Committee on June 1, 2012. He is our CEO Europe (excluding Germany and the UK) and is responsible for
Human Resources, Legal & Compliance and Government & Regulatory Affairs. He joined Deutsche Bank in
2000.

Prior to his current role, Dr. Leithner co-headed the Corporate Finance division and was responsible for

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Deutsche Bank’s local Corporate Finance Country Coverage teams across Europe and Asia as well as for the
Global Financial Institutions Group. His previous roles included responsibility for Deutsche Bank’s German and
European M&A business.

Before joining Deutsche Bank in 2000, Dr. Leithner was a partner at McKinsey & Co. He holds a PhD in
Finance from the University of St. Gallen, Switzerland.

Mr. Leithner does not have any external directorships subject to disclosure.

Stuart Wilson Lewis

Year of birth: 1965
First appointed: 2012
Term expires: 2015

Stuart Wilson Lewis became a member of our Management Board and a member of the Group Executive
Committee on June 1, 2012. He is our Chief Risk Officer. He joined Deutsche Bank in 1996.

Prior to assuming his current role, Mr. Lewis was the Deputy Chief Risk Officer and Chief Risk Officer of the
Corporate & Investment Bank of Deutsche Bank from 2010 to 2012. Between 2006 and 2010 he was Chief
Credit Officer.

Before joining Deutsche Bank in 1996, he worked at Credit Suisse and Continental Illinois National Bank in
London.

He studied at the University of Dundee, where he obtained an LLB (Hons), and he holds an LLM from the
London School of Economics. He also attended the College of Law, Guildford.

Mr. Lewis does not have any external directorships subject to disclosure.

Rainer Neske
Year of birth: 1964
First appointed: 2009
Term expires: 2017

Rainer Neske became a member of our Management Board on April 1, 2009. He joined Deutsche Bank in
1990 and in 2000 was appointed member of the Management Board of Deutsche Bank Privat- und
Geschäftskunden AG. Since 2003 he has been a member of the Group Executive Committee. From 2003 to
2011, Mr. Neske was Spokesman of the Management Board of Deutsche Bank Privat- und Geschäfts-
kunden AG. On our Management Board, he is responsible for our Private & Business Clients division.

Mr. Neske studied Computer Science and Business Administration at the University of Karlsruhe and graduat-
ed in 1990 with a master’s degree in Information Technology.

Mr. Neske does not have any external directorships subject to disclosure.

Henry Ritchotte
Year of birth: 1963
First appointed: 2012
Term expires: 2015

Henry Ritchotte became a member of our Management Board and a member of the Group Executive Commit-
tee on June 1, 2012. He is our Chief Operating Officer. He joined Deutsche Bank in 1995.

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Prior to assuming his current role, Mr. Ritchotte held the position of Chief Operating Officer for the Corporate &
Investment Bank from 2010 to 2012, having previously been COO for the Global Markets division. He played a
decisive role in the strategic recalibration and further integration of the Corporate & Investment Bank. His pre-
vious roles at Deutsche Bank include serving as Head of Global Markets in Tokyo.

Mr. Ritchotte joined Deutsche Bank in 1995 in fixed income sales after starting his career with Merrill Lynch in
New York in 1993.

He holds a Bachelor’s degree in History from Haverford College, a Master’s degree in East Asian Studies and
an MBA from the University of Chicago.

Mr. Ritchotte does not have any external directorships subject to disclosure.

Group Executive Committee

The Group Executive Committee was established in 2002. It comprises the members of the Management Board
and senior representatives from the regions, corporate divisions and certain infrastructure functions appointed
by the Management Board. The Co-Chairmen of the Management Board, Mr. Fitschen and Mr. Jain, are also
the Co-Chairmen of the Group Executive Committee.

The Group Executive Committee serves as a tool to coordinate our businesses and regions through the follow-
ing tasks and responsibilities:

— Provision of ongoing information to the Management Board on business developments and particular
transactions;
— Regular review of our business segments;
— Consultation with and furnishing advice to the Management Board on strategic decisions;
— Preparation of decisions to be made by the Management Board.

Supervisory Board
The Supervisory Board appoints, supervises and advises the Management Board and is directly involved in
decisions of fundamental importance to the bank. The Management Board regularly informs the Supervisory
Board of the intended business policies and other fundamental matters relating to the assets, liabilities, finan-
cial and profit situation as well as its risk situation, risk management and risk controlling. A report is made to the
Supervisory Board on corporate planning at least once a year. At the proposal of the Chairman’s Committee,
the Supervisory Board determines the total compensation of the individual members of the Management
Board including the main contract elements and reviews it regularly. The Chairman of the Supervisory Board
coordinates work within the Supervisory Board. He maintains regular contact with the Management Board,
especially with the Co-Chairmen of the Management Board, and consults with them on strategy, the develop-
ment of business and risk management. The Supervisory Board Chairman is informed by the Co-Chairmen
of the Management Board without delay of important events of substantial significance for the situation and
development as well as for the management of Deutsche Bank Group. The types of business that require the
approval of the Supervisory Board to be transacted are specified in Section 13 of our Articles of Association.
The Supervisory Board meets if required without the Management Board. For the performance of its duties, the
Supervisory Board may, at its professional discretion, use the services of auditors, legal advisors and other
internal and external consultants.

The duties, procedures and committees of the Supervisory Board are specified in its Terms of Reference.
The current version is available on the Deutsche Bank website (www.deutsche-bank.com/corporate-
governance).

The members representing our shareholders were elected at the Annual General Meeting on May 29, 2008,
except for Ms. Garrett-Cox, who was elected at the Annual General Meeting on May 26, 2011, and Dr. Achleit-

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ner, Mr. Löscher and Professor Dr. Trützschler, who were elected at the Annual General Meeting on
May 31, 2012. The members elected by employees in Germany were elected on May 8, 2008.

The following table shows information on the current members of our Supervisory Board. The information in-
cludes the years in which the members were born, the years in which they were first elected or appointed, the
years when their terms expire, their principal occupation and their membership on other companies’ superviso-
ry boards, other nonexecutive directorships and other positions.

Member Principal occupation Supervisory board memberships and other directorships

Dr. Paul Achleitner Chairman of the Supervisory Board of Deutsche Bank AG, Bayer AG; Daimler AG; RWE AG (until April 18, 2013);
Year of birth: 1956 Frankfurt Henkel AG & Co. KGaA; (member of the Shareholders’
First elected: 2012 Committee)
Term expires:2017
Wolfgang Böhr* Chairman of the Combined Staff Council Düsseldorf of Deutscher Bankangestellten Verband (DBV) (Chairman of
Year of birth: 1963 Deutsche Bank; member of the General Staff Council of the Association Council) (since July 2012)
First elected: 2008 Deutsche Bank; member of the Group Staff Council of
Term expires: 2013 Deutsche Bank
Dr. Karl-Gerhard Eick Management Consultant, KGE Asset Management CORPUS SIREO Holding GmbH & Co. KG (Chairman)
Year of birth: 1954 Consulting Ltd., London
Appointed by the court: 2004
Term expires: 2013
Katherine Garrett-Cox Chief Executive Officer of Alliance Trust Plc, Dundee Alliance Trust Savings Ltd. (Executive Chairman); Alliance
Year of birth: 1967 Trust Asset Management Ltd. (Chief Executive)
First elected: 2011
Term expires: 2016
Alfred Herling* Chairman of the Combined Staff Council No memberships or directorships subject to disclosure
Year of birth: 1952 Wuppertal/Sauerland of Deutsche Bank; Chairman of the
First elected: 2008 General Staff Council of Deutsche Bank; member of the
Term expires: 2013 European Staff Council; Chairman of the Group Staff Council
of Deutsche Bank
Prof. Dr. Henning Kagermann President of acatech – German Academy of Science and Münchener Rückversicherungs-Gesellschaft
Year of birth: 1947 Engineering, Munich Aktiengesellschaft; Nokia Corporation; Deutsche Post AG;
First elected: 2000 Wipro Technologies; BMW Bayerische Motoren Werke AG;
Term expires: 2013 Franz Haniel & Cie. GmbH (since November 2012)
Martina Klee* Chairperson of the Staff Council GTO Eschborn/Frankfurt of Sterbekasse für die Angestellten der Deutschen Bank VVa.G.
Year of birth: 1962 Deutsche Bank; member of the General Staff Council of
First elected: 2008 Deutsche Bank; member of the Group Staff Council of
Term expires: 2013 Deutsche Bank: member of the European Staff Council
Suzanne Labarge Coca-Cola Enterprises Inc.; XL Group Plc
Year of birth: 1946
First elected: 2008
Term expires: 2013
Peter Löscher Chairman of the Management Board of Siemens AG, Munich Münchener Rückversicherungs-Gesellschaft
Year of birth: 1957 Aktiengesellschaft, Thyssen-Bornemisza Group Limited
First elected: 2012
Term expires: 2017
Henriette Mark* Chairperson of the Combined Staff Council Munich and No memberships or directorships subject to disclosure
Year of birth: 1957 Southern Bavaria of Deutsche Bank; member of the General
First elected: 2003 Staff Council of Deutsche Bank; member of the Group Staff
Term expires: 2013 Council of Deutsche Bank; Chairperson of the European
Staff Council

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Member Principal occupation Supervisory board memberships and other directorships

Gabriele Platscher* Chairperson of the Combined Staff Council BVV Versicherungsverein des Bankgewerbes a.G.
Year of birth: 1957 Braunschweig/Hildesheim of Deutsche Bank (Deputy Chairperson);
First elected: 2003 BVV Versorgungskasse des Bankgewerbes e.V.
Term expires: 2013 (Deputy Chairperson);
BVV Pensionsfonds des Bankgewerbes AG
(Deputy Chairperson)
Karin Ruck* Deputy Chairperson of the Supervisory Board of BVV Versicherungsverein des Bankgewerbes a.G.;
Year of birth: 1965 Deutsche Bank AG; Senior Advisor Regional Transformation BVV Versorgungskasse des Bankgewerbes e.V.;
First elected: 2003 Region Frankfurt/Hesse-East, Deutsche Bank AG; member BVV Pensionsfonds des Bankgewerbes AG
Term expires: 2013 of the Combined Staff Council Frankfurt branch of Deutsche
Bank
Rudolf Stockem* Trade Union Secretary to ver.di Vereinte Generali Holding Deutschland AG, Deutsche Bank Privat-
Year of birth: 1956 Dienstleistungsgesellschaft, Berlin und Geschäftskunden AG
Promoted to the post as
Alternate Member: 2012
Term expires: 2013
Dr. Johannes Teyssen Chairman of the Management Board of E.ON SE, Düsseldorf E.ON Energie AG (until June 2012); E.ON Ruhrgas AG
Year of birth: 1959 (until August 2012); Salzgitter AG
First elected: 2008
Term expires: 2013
Marlehn Thieme* Director Infrastructure/Regional Management No memberships or directorships subject to disclosure
Year of birth: 1957 Communications Corporate Citizenship Deutsche Bank AG
First elected: 2008
Term expires: 2013
Tilman Todenhöfer Managing Partner of Robert Bosch Industrietreuhand KG, Robert Bosch GmbH; Robert Bosch Internationale
Year of birth: 1943 Stuttgart Beteiligungen AG (President of the Board of Administration)
Appointed by the court: 2001
Term expires: 2013
Professor Dr. Klaus Rüdiger Bilfinger SE (until June 30,2013); Sartorius AG; TAKKT AG
Trützschler (Chairman until January 31, 2013; Deputy Chairman since
Year of birth: 1948 February 1, 2013); Wuppermann AG (Chairman); Zwiesel
First elected: 2012 Kristallglas AG (Chairman); Wilhelm Werhahn KG
Term expires: 2017
Stefan Viertel* Head of Cash Management Financial Institutions Austria and No memberships of directorships subject to disclosure
Year of birth: 1964 Hungary, Senior Sales Manager Deutsche Bank AG
First elected: 2008
Term expires: 2013
Renate Voigt* Chairperson of the Combined Staff Council No memberships of directorships subject to disclosure
Year of birth: 1954 Stuttgart/Esslingen/Heilbronn of Deutsche Bank
Appointed by the court: 2011
Term expires: 2013
Werner Wenning Chairman of the Supervisory Board of E.ON SE, Düsseldorf Henkel AG & Co. KGaA (member of the Shareholders’
Year of birth: 1946 Chairman of the Supervisory Board of Bayer AG (since Committee); HDI VVa.G.; Talanx AG; Freudenberg & Co.
First elected: 2008 October 1, 2012), Leverkusen KG (member of the Shareholders’ Committee); Siemens AG
Term expires: 2013 (since January 23, 2013)
* Elected by the employees in Germany; Renate Voigt appointed by the court as employee representative.

Dr. Clemens Börsig, Maurice Lévy and Dr. Theo Siegert were shareholder representative members of the
Supervisory Board until the conclusion of the Annual General Meeting on May 31, 2012. They were replaced
by Dr. Paul Achleitner, Peter Löscher and Professor Dr. Klaus Rüdiger Trützschler. Gerd Herzberg was an
employee representative member of the Supervisory Board until May 31, 2012, and was subsequently re-
placed by substitute member Rudolf Stockem for the remainder of the term of office.

In accordance with the German Banking Act, members of the Supervisory Board must be reliable and have the
expertise required to perform their control function and to assess and supervise the businesses the company
operates. While taking these requirements into account in accordance with Section 5.4.1 of the German Corpo-
rate Governance Code, the Supervisory Board established the following objectives for its composition in
October 2010 and amended them in October 2012 and March 2013 based on the updated version of the Code
published on May 15, 2012. These objectives have also been incorporated into Section 4 of the Terms of Ref-
erence for the Supervisory Board (see: www.deutsche-bank.de/corporate-governance).

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The Supervisory Board of Deutsche Bank AG must be composed in such a way that its members as a group
possess the knowledge, ability and expert experience to properly complete its tasks. In particular, the Supervi-
sory Board members should have sufficient time to perform their mandates. The composition of the Superviso-
ry Board should ensure the Supervisory Board’s qualified control of and advice for the Management Board of
an internationally operating, broadly positioned bank and should preserve the reputation of Deutsche Bank
Group among the public. In this regard, in particular, attention should be placed on the integrity, personality,
willingness to perform, professionalism and independence of the individuals proposed for election. The objec-
tive is for the Supervisory Board as a group to have all of the knowledge and experience considered to be
essential in consideration of the activities of Deutsche Bank Group.

Furthermore, the Supervisory Board shall have an adequate number of independent members and shall not
have more than two former members of the Management Board of Deutsche Bank AG. Under the premise that
the performance of the Supervisory Board mandate in itself by the representatives of the employees cannot be
reason to doubt fulfillment of the independence criteria according to Section No. 5.4.2, the Supervisory Board
shall have a total of at least sixteen members that are independent within the meaning of the Code. In any
event, the Supervisory Board shall be composed such that the number of independent members, within the
meaning of Code 5.4.2, among the shareholder representatives will be at least six. The members of the Super-
visory Board may not exercise functions on a management body of or perform advisory duties at major com-
petitors. Important and not just temporary conflicts of interests shall be avoided. Any member of the
Supervisory Board who is a member of the management board of a listed stock corporation shall have no more
than three supervisory board mandates outside the group of companies controlled by such stock corporation’s
dependent companies or mandates in supervisory bodies of companies that have similar requirements. There
is a regular maximum age limit of 70. In well-founded, individual cases, a Supervisory Board member may be
elected or appointed for a period that extends at the latest until the end of the fourth Ordinary General Meeting
that takes place after he or she has reached the age of 70. This age limit was taken into account in the election
proposals to the recent General Meetings and shall also be taken into account for the next Supervisory Board
elections or subsequent appointments for Supervisory Board positions that become vacant.

The Supervisory Board respects diversity when proposing members for appointment to the Supervisory Board.
In light of the international operations of Deutsche Bank, care should be taken that the Supervisory Board has
an appropriate number of members with long-term international experience. Currently, the professional careers
and private lives of four members of the Supervisory Board are centered outside Germany. Furthermore, all of
the shareholder representatives on the Supervisory Board have several years of international experience from
their current or former activities as management board members or CEOs of corporations with international
operations. In these two ways, the Supervisory Board believes the international activities of the company are
sufficiently taken into account. The objective is to retain the currently existing international profile.

For the election proposals to the General Meeting, the Supervisory Board takes care that there is an appropri-
ate consideration of women. Special importance was already attached to this in the selection process for the
last Supervisory Board elections in 2008. In reviewing potential candidates for a new election or subsequent
appointments to Supervisory Board positions that have become vacant, qualified women shall be included in
the selection process and shall be appropriately considered in the election proposals. In accordance with the
fixed targets, and at the proposal of the Supervisory Board, the General Meeting elected Ms. Garrett-Cox to
the Supervisory Board at the General Meeting in 2011. Since the Supervisory Board elections in 2003, be-
tween 25 % and 40 % of the Supervisory Board members have been women. The Supervisory Board currently
counts eight women among its members, which corresponds to 40 %. We shall strive to maintain this number
and, as appropriate, to further increase the number of women among the shareholder representatives. It
should be taken into account that the Supervisory Board can only influence the composition of the Supervisory
Board through its election proposals to the General Meeting (for information on Deutsche Bank’s various
diversity initiatives, please see the Annual Review 2012, which is available at www.deutsche-
bank.com/ir/en/content/reports_2012.htm, and Deutsche Bank’s Career Portal on the Internet at
www.db.com/careers/index_e.html).

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In accordance with Section 5.4.2 of the German Corporate Governance Code, the Supervisory Board deter-
mined that it has what it considers to be an adequate number of independent members.

Some members of the Supervisory Board are, or were last year, in high-ranking positions at other companies
that Deutsche Bank has business relations with. Business transactions with these companies are conducted
under the same conditions as those between unrelated third parties. These transactions, in our opinion, do not
affect the independence of the members of the Supervisory Board involved.

Standing Committees
The Supervisory Board has established the following five standing committees. The Report of the Supervisory
Board in the Financial Report 2012 provides information on the concrete work of the committees over the pre-
ceding year.

Chairman’s Committee: The Chairman’s Committee is responsible for all Management Board and Supervisory
Board matters. It prepares the decisions for the Supervisory Board on the appointment and dismissal of mem-
bers of the Management Board, including long-term succession planning. It also submits a proposal to the
Supervisory Board for the total remuneration of each members of the Management Board and the compensation
system for the Management Board. It is responsible for entering into, amending and terminating the service
contracts and other agreements in consideration of the Supervisory Board’s sole authority to decide on the
remuneration of the members of the Management Board and provides its approval for ancillary activities, honor-
ary offices or special tasks outside of Deutsche Bank Group performed by Management Board members pursu-
ant to Section 112 of the German Stock Corporation Act and for certain contracts with Supervisory Board
members pursuant to Section 114 of the German Stock Corporation Act. Furthermore, it prepares the decisions
of the Supervisory Board in the field of corporate governance. The Chairman’s Committee held six meetings in
2012.

The current members of the Chairman’s Committee are Dr. Paul Achleitner (Chairman) (since May 31, 2012),
Alfred Herling, Karin Ruck and Tilman Todenhöfer.

Nomination Committee: The Nomination Committee prepares the Supervisory Board’s proposals for the election
or appointment of new shareholder representatives to the Supervisory Board. In this context, it is guided by the
criteria specified by the Supervisory Board for its composition. The Nomination Committee held three meetings
in 2012.

The current members of the Nomination Committee are Dr. Paul Achleitner (Chairman) (since May 31, 2012),
Tilman Todenhöfer and Werner Wenning.

Audit Committee: The Audit Committee handles in particular the monitoring of the accounting process, the
effectiveness of the internal control system, the risk management system and the internal audit system as well
as the external audit including the auditor’s independence, additional services provided by the auditor as well
as Compliance. It reviews the documentation relating to the annual and consolidated financial statements and
discusses the audit reports with the auditor. It prepares the decisions of the Supervisory Board on the annual
financial statements and the approval of the consolidated financial statements and discusses important chang-
es to the audit and accounting methods. The Audit Committee also discusses the quarterly financial statements
and the report on the limited review of the quarterly financial statements with the Management Board and the
auditor prior to their publication. In addition, the Audit Committee issues the audit mandate to the auditor elect-
ed by the General Meeting. It passes the resolution on the compensation paid to the auditor and monitors the
auditor’s independence, qualifications and efficiency. The Chairman of the Audit Committee, as well as the
Chairman of the Supervisory Board, is entitled to obtain information directly from the Head of Compliance.
The Audit Committee is responsible for acknowledging communications about significant reductions in the
compliance budget and for taking receipt of and handling the report by the Head of Compliance on the appro-
priateness and effectiveness of the principles, methods and procedures in accordance with Section 33 (1)
sentence 2 No. 5 of the German Securities Trading Act (WpHG) (Compliance Report). The Compliance Report

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is issued at least once a year. The Head of Group Audit regularly reports to the Audit Committee on its ongoing
work. The Audit Committee is informed about special audits, substantial complaints and other exceptional
measures on the part of bank regulatory authorities. It has functional responsibility for receiving and handling
complaints concerning accounting, internal accounting controls and issues relating to the audit. Subject to its
review, the Audit Committee grants its approval for mandates engaging the auditor for non-audit-related ser-
vices (in this context, see also the Principal Accountant Fees and Services section starting on page 434 of the
Corporate Governance Statement/Corporate Governance Report). The Audit Committee held seven meetings
in 2012.

The current members of the Audit Committee are Dr. Karl-Gerhard Eick (Chairman), Dr. Paul Achleitner (since
May 31, 2012), Henriette Mark, Karin Ruck, Marlehn Thieme and Professor Dr. Klaus Rüdiger Trützschler
(since May 31, 2012).

Risk Committee: The Risk Committee advises the Supervisory Board on issues related to the actual and future
aggregate risk disposition and aggregate risk strategy and supports the Supervisory Board in monitoring the
implementation of this strategy by the Management Board. It handles loans which require a resolution by the
Supervisory Board pursuant to law or our Articles of Association. Subject to its review, it grants its approval
for the acquisition of shareholdings in other companies that amount to between 2 % and 3 % of our regulatory
banking capital if it is likely that the shareholding will not remain in our full or partial possession for more than
twelve months. At the meetings of the Risk Committee, the Management Board reports on credit, market, li-
quidity, operational, litigation and reputational risks. The Management Board also reports on risk strategy, credit
portfolios, loans requiring a Supervisory Board approval pursuant to law or our Articles of Association, ques-
tions of capital resources and matters of special importance due to the risks they entail. The Risk Committee
held six meetings in 2012.

The current members of the Risk Committee are Dr. Paul Achleitner (Chairman) (since May 31, 2012),
Professor Dr. Henning Kagermann and Suzanne Labarge.

In addition to these four committees, the Mediation Committee, which is required by German law, makes proposals
to the Supervisory Board on the appointment or dismissal of members of the Management Board in cases
where the Supervisory Board is unable to reach a two-thirds majority decision with respect to the appointment
or dismissal. The Mediation Committee only meets if necessary and did not hold any meetings in 2012.

The current members of the Mediation Committee are Dr. Paul Achleitner (Chairman) (since May 31, 2012),
Wolfgang Böhr, Karin Ruck and Tilman Todenhöfer.

Further details regarding the Chairman’s Committee, the Risk Committee, the Audit Committee and the
Nomination Committee are regulated in separate Terms of Reference. The current versions are available on
our website, along with the Terms of Reference of our Supervisory Board (see: www.deutsche-
bank.com/corporate-governance).

Share Plans
For information on our employee share programs, please refer to Note 34 “Employee Benefits” to the Consoli-
dated Financial Statements.

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Directors’ Share Ownership

Management Board. For the Directors’ Share Ownership of the Management Board, please refer to our de-
tailed Compensation Report in the Management Report.

Supervisory Board. The current members of our Supervisory Board held the following numbers of our shares
and share awards under our employee share plans.

Number of Number of share

Members of the Supervisory Board shares awards
Dr. Paul Achleitner − −
Wolfgang Böhr 545 −
Dr. Karl-Gerhard Eick − −
Katherine Garrett-Cox − −
Alfred Herling 1,090 10
Prof. Dr. Henning Kagermann − −
Martina Klee 989 10
Suzanne Labarge − −
Peter Löscher − −
Henriette Mark 649 10
Gabriele Platscher 901 5
Karin Ruck 165 −
Rudolf Stockem − −
Dr. Johannes Teyssen − −
Marlehn Thieme 290 10
Tilman Todenhöfer 1,741 −
Prof. Dr. Klaus Rüdiger Trützschler 2,250 −
Stefan Viertel 153 10
Renate Voigt 255 10
Werner Wenning − −
Total 9,028 65

The members of the Supervisory Board held 9,028 shares, amounting to less than 0.01 % of our shares as of
March 25, 2013.

As listed in the “Number of share awards” column in the table, the members who are employees of Deutsche
Bank hold matching awards granted under the Global Share Purchase Plan, which are scheduled to be delivered
to them on November 1, 2013.

Related Party Transactions

For information on related party transactions please refer to Note 37 “Related Party Transactions“.

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Audit Committee Financial Expert

Our Supervisory Board has determined that Dr. Paul Achleitner, Dr. Karl-Gerhard Eick and Professor Dr. Klaus
Rüdiger Trützschler, who are members of its Audit Committee, are “audit committee financial experts”, as such
term is defined by the regulations of the Securities and Exchange Commission issued pursuant to Section 407
of the Sarbanes-Oxley Act of 2002. The audit committee financial experts mentioned above are “independent”
of us, as defined in Rule 10A-3 under the U.S. Securities Exchange Act of 1934 and Section 100 (5) of the
Stock Corporation Act (AktG). According to Sections 107 (4), 100 (5) of the Stock Corporation Act they are well
grounded in the fields of accounting and auditing.

Code of Business Conduct and Ethics

Deutsche Bank’s Code of Business Conduct and Ethics describes the values and minimum standards for ethi-
cal business conduct that we expect all of our employees to follow. These values and standards govern em-
ployee interactions with our clients, competitors, business partners, government and regulatory authorities, and
shareholders, as well as with other employees. The Code contains a voluntary commitment from the Manage-
ment Board and the Group Executive Committee. It reflects our core values and our promise to our stake-
holders. In addition, it forms the cornerstone of our policies, which provide guidance on compliance with
applicable laws and regulations.

In accordance with Section 406 of the Sarbanes-Oxley Act of 2002, we also adopted a Code of Ethics that sets
out special obligations for our Senior Financial Officers. Currently at Deutsche Bank these are the Co-
Chairmen of the Management Board, the Chief Financial Officer, the Head of Group Accounting as well as
members of the Group Finance Committee. In 2012, no complaints were reported to the Corporate Govern-
ance Officer regarding the Code of Ethics for Senior Financial Officers.

The current version of Deutsche Bank’s Code of Business Conduct and Ethics is available on our website at
www.deutsche-bank.com/ir/en/content/code_of_ethics.htm.

Principal Accountant Fees and Services

In accordance with German law, our principal accountant is appointed at our General Meeting based on a
recommendation of our Supervisory Board. The Audit Committee of our Supervisory Board prepares such a
recommendation. Subsequent to the principal accountant’s appointment, the Audit Committee awards the
contract and in its sole authority approves the terms and scope of the audit and all audit engagement fees as
well as monitors the principal accountant’s independence. KPMG AG Wirtschaftsprüfungsgesellschaft was our
principal accountant for the 2011 and 2012 fiscal years, respectively.

The table set forth below contains the aggregate fees billed for each of the last two fiscal years by KPMG AG
Wirtschaftsprüfungsgesellschaft and the worldwide member firms of KPMG International in each of the follow-
ing categories: (1) audit fees, which are fees for professional services for the audit of our annual financial
statements or services that are normally provided by the accountant in connection with statutory and regulatory
filings or engagements for those fiscal years, (2) audit-related fees, which are fees for assurance and related
services that are reasonably related to the performance of the audit or review of our financial statements and
are not reported as audit fees; (3) tax-related fees, which are fees for professional services rendered for tax
compliance, tax consulting and tax planning, and (4) all other fees, which are fees for products and services
other than Audit fees, Audit-related fees and tax-related fees. These amounts include expenses and exclude
value added tax (VAT).

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Fee category in € m. 2012 2011

Audit fees 50 54
Audit-related fees 19 12
Tax-related fees 7 7
All other fees 1 3
Total fees 1 76 76
1 Totals do not add up due to rounding.

The audit fees figure excludes the audit fees for Postbank and its subsidiaries, as they are currently not
audited by KPMG. Audit fees decreased as the number of entities to be audited fell year-on-year. The increase
in audit-related fees results from a higher number of Postbank engagements. The audit-related fees include
fees for accounting advisory, due diligence relating to actual or contemplated acquisitions and dispositions,
attestation engagements and other agreed-upon procedure engagements. Our tax-related fees include fees for
services relating to the preparation and review of tax returns and related compliance assistance and advice,
tax consultation and advice relating to Group tax planning strategies and initiatives and assistance with
assessing compliance with tax regulations. All other fees were incurred for project-related advisory services.

United States law and regulations, and our own policies, generally require that all engagements of our principal
accountant be pre-approved by our Audit Committee or pursuant to policies and procedures adopted by it. Our
Audit Committee has adopted the following policies and procedures for consideration and approval of requests
to engage our principal accountant to perform non-audit services. Engagement requests must in the first in-
stance be submitted to the Accounting Engagement Team established and supervised by our Group Finance
Committee, whose members consist of our Chief Financial Officer and senior members of our Finance and Tax
departments. If the request relates to services that would impair the independence of our principal accountant,
the request must be rejected. Our Audit Committee has given its pre-approval for specified assurance, financial
advisory and tax services, provided the expected fees for any such service do not exceed € 1 million. If the
engagement request relates to such specified pre-approved services, it may be approved by the Group Fi-
nance Committee, which must thereafter report such approval to the Audit Committee. If the engagement re-
quest relates neither to prohibited non-audit services nor to pre-approved non-audit services, it must be
forwarded by the Group Finance Committee to the Audit Committee for consideration. In addition, to facilitate
the consideration of engagement requests between its meetings, the Audit Committee has delegated approval
authority to several of its members who are “independent” as defined by the Securities and Exchange Com-
mission and the New York Stock Exchange. Such members are required to report any approvals made by
them to the Audit Committee at its next meeting.

Additionally, United States law and regulations permit the pre-approval requirement to be waived with respect
to engagements for non-audit services aggregating to no more than five percent of the total amount of reve-
nues we paid to our principal accountant, if such engagements were not recognized by us at the time of en-
gagement and were promptly brought to the attention of our Audit Committee or a designated member thereof
and approved prior to the completion of the audit. In 2011 and 2012, the percentage of the total amount of
revenues we paid to our principal accountant for non-audit services in each category that was subject to such a
waiver was less than 5 % for each year .

F-I-435
Deutsche Bank
Deutsche Bank 0404– Corporate
– CorporateGovernance
Governance Statement/Corporate Governance
Statement/Corporate Report
Governance Report 436 436
Financial Report
Financial Report2012
2012 Compliance with
Compliance with the
theGerman
GermanCorporate Governance
Corporate Code
Governance Code

Compliance with the German Corporate Governance Code

Declaration pursuant to Section 161 German Stock Corporation Act (AktG)

(Declaration of Conformity 2012)
The Declaration of Conformity pursuant to Section 161 of the Stock Corporation Act, last issued by the Super-
visory Board and Management Board on October 25, 2011, was reissued at the meeting of the Supervisory
Board on October 30, 2012. The Management Board and Supervisory Board stated that Deutsche Bank has
complied and will continue to comply with the recommendations of the German Corporate Governance Code in
the version dated May 15, 2012, as before, with one exception. The exception involves the recommendation
under No. 5.5.3 sentence 1 of the Code on the disclosure of conflicts of interest in the report of the Supervisory
Board to the General Meeting. The Declaration of Conformity was qualified in this regard as a precaution due
to two non-final judgments of the Higher Regional Court (OLG) Frankfurt.

On March 19, 2013, the Management Board and Supervisory Board further qualified the Declaration of Con-
formity issued on October 30, 2012, to the effect that, in departure from the recommendation in No. 7.1.2 sen-
tence 4 of the Code, the Consolidated Financial Statements of Deutsche Bank AG for the 2012 financial year
would not be publicly accessible within 90 days after the end of the financial year. Deutsche Bank AG post-
poned the publication of its Annual Report 2012 and Form 20-F until mid-April 2013, after holding its Extraordi-
nary General Meeting on April 11, 2013. The background to this is a ruling on December 18, 2012, of the
Frankfurt am Main District Court, as the court of first instance, which, among other things, declared void the
resolution adopted by the General Meeting of Deutsche Bank AG on May 31, 2012, to appoint KPMG
Aktiengesellschaft Wirtschaftsprüfungsgesell¬schaft, Berlin, the auditor of the annual and consolidated finan-
cial statements for the 2012 financial year. While Deutsche Bank AG has filed motions to appeal the ruling, it
has decided that in order to exclude risks regarding the validity of the Annual Financial Statements as far as
possible, the appointment of the auditor of the annual and consolidated financial statements should first be
confirmed by the Extraordinary General Meeting on April 11, 2013, before the auditor’s report is issued and
before publication of the financial statements.

The adjusted Declaration of Conformity 2012 is as follows:

— 1. “The last Declaration of Conformity was issued on October 25, 2011. Since then, Deutsche Bank AG
has complied with the recommendations of the “Government Commission on the Corporate Governance
Code” in the code version dated May 26, 2010, published in the Federal Gazette (Bundesanzeiger) on July
2, 2010, although one exception was stated as a precautionary measure regarding No. 5.5.3 sentence 1,
which addresses the disclosure of conflicts of interest in the report of the Supervisory Board to the General
Meeting, as our approach according to two non-final judgments of the Higher Regional Court (OLG) Frank-
furt am Main does not fulfill the recommendation in No. 5.5.3 sentence 1. We consider the requirements
from No. 5.5.3 sentence 1 to be limited by the confidentiality obligation pursuant to Sections 93 and 116
Stock Corporation Act and, in departure from the Higher Regional Court (OLG) Frankfurt am Main, there-
fore see no basis for expanding the scope of the information.
— 2. On May 15, 2012, the “Government Commission on the German Corporate Governance Code” submit-
ted a new version of the Code, which was published in the Federal Gazette (Bundesanzeiger) on June 15,
2012. Deutsche Bank has also complied with the new version, as stated in 1. above, with the exception of
the revised No. 5.4.1. Owing to the new recommendation concerning the objectives for the composition of
the Supervisory Board, following the required in-depth discussion of the matter at the Supervisory Board
meeting on October 30, 2012, specific objectives were approved with regard to the number of independent
Supervisory Board members within the meaning of No. 5.4.2.
— 3. Since October 30, 2012, Deutsche Bank AG has complied with the recommendations of the “Govern-
ment Commission on the German Corporate Governance Code” in the code version dated May 15, 2012,
although one exception was stated as a precautionary measure regarding No. 5.5.3 sentence 1 based on
the reason stated in 1. above as we intended to maintain the practice we considered appropriate in light of
our circumstances.

F-I-436
Deutsche Bank
Deutsche Bank 04 –– Corporate
04 Corporate Governance
Governance Statement/Corporate Governance
Statement/Corporate ReportReport
Governance 437437
Financial Report
Financial Report2012
2012 Compliance with
Compliance the
with German
the Corporate
German Governance
Corporate CodeCode
Governance

— 4. As of today, Deutsche Bank AG complies with the recommendations of the “Government Commission
on the German Corporate Governance Code” in the code version dated May 15, 2012, with the following
exceptions:
— One exception is stated as a precautionary measure regarding No. 5.5.3 sentence 1 based on the rea-
son stated in 1. above as we intend to maintain the practice we consider appropriate in light of our cir-
cumstances.
— On December 18, 2012, the Regional Court (Landgericht) of Frankfurt am Main, as the court of first in-
stance, ruled that the resolution of the General Meeting on May 31, 2012, on the appointment of KPMG
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Berlin, as the auditor of the annual financial state-
ments and as the auditor of the consolidated financial statements for the 2012 financial year is void.
Deutsche Bank AG has appealed this decision, but in order to exclude risks to the largest extent possi-
ble concerning the effectiveness of the annual financial statements, the annual financial statements are
to be certified only once the appointment of the auditor has been confirmed by the resolution of the Ex-
traordinary General Meeting convened for April 11, 2013. In deviation from the recommendation in Sec-
tion 7.1.2 sentence 4, Deutsche Bank AG will therefore not make its consolidated financial statements
publicly accessible within 90 days of the end of the financial year. Deutsche Bank AG has postponed
the publication of its Annual Report 2012 and Form 20-F until mid-April 2013, following the Extraordi-
nary General Meeting on April 11, 2013.”

The adjusted Declaration of Conformity 2012 and all of the previous versions of the Declaration of Conformity
are published on Deutsche Bank’s website at www.deutsche-bank.com/corporate-governance, where a copy of
the German Corporate Governance Code is also available.

No. 5.4.3 of the German Corporate Governance Code recommends that applications for judicial appointment of
Supervisory Board members be limited in time until the next General Meeting. The “Government Commission
of the German Corporate Governance Code” confirmed in writing that this recommendation applies only to
shareholder representatives elected by the General Meeting. It is only these representatives whose appoint-
ment can be confirmed by election at the General Meeting and who can be substituted by another member
elected by the General Meeting. Hence, this point does not apply to employee representatives appointed to the
Supervisory Board. Subsequently, the Register Court appointed Ms. Renate Voigt employee representative on
November 30, 2011 until the end of the term of the Supervisory Board.

Statement on the Suggestions of the German Corporate Governance Code

Deutsche Bank voluntarily complies with the suggestions of the Code in the version dated May 15, 2012, with
the following exceptions:

— The representatives appointed by Deutsche Bank to exercise shareholders’ voting rights can be reached
by those attending the General Meeting until just before voting commences. The representatives are
reachable by those not attending until 12 noon on the day of the General Meeting using the instruction tool
in the Internet (Code No. 2.3.3). In this manner, the risk of any technical disruptions directly before voting
takes place can basically be excluded. The broadcast through the Internet also ends at the latest at this
time, which means information useful for non-participants in forming an opinion can no longer be expected
thereafter.
— Our broadcast of the General Meeting through the Internet (Code No. 2.3.4) covers the opening of the
General Meeting by the Chairman and the report of the Management Board. The shareholders are thus
free to hold their discussions with management unencumbered by a public broadcast to a wide audience.

F-I-437
05 -
Supplementary Information
Information
Management Board – 439
Supervisory Board – 440
Advisory Boards – 442
Group Five-Year Record – 443
Declaration of Backing – 444
Impressum / Publications – 445

F-I-438
Deutsche Bank
Deutsche Bank 05 –– Supplementary
05 Supplementary Information
Information 439439
Financial Report
Financial Report2012
2012 Management Board
Management Board

Management Board
Dr. Josef Ackermann
Chairman
until May 31, 2012

Dr. Hugo Bänziger

until May 31, 2012

Jürgen Fitschen
Co-Chairman since May 31, 2012

Anshuman Jain
Co-Chairman since May 31, 2012

Stefan Krause

Dr. Stephan Leithner

since June 1, 2012

Stuart Wilson Lewis

since June 1, 2012

Hermann-Josef Lamberti
until May 31, 2012

Rainer Neske

Henry Ritchotte
since June 1, 2012

F-I-439
Deutsche Bank
Deutsche Bank 0505– Supplementary
– Supplementary Information
Information 440 440
Financial Report
Financial Report2012
2012 Supervisory Board
Supervisory Board

Supervisory Board
Dr. Paul Achleitner Prof. Dr. Henning Kagermann Rudolf Stockem*
– Chairman President of acatech – German since June 1, 2012
since May 31, 2012 Academy of Science and Engineering, Trade Union Secretary of ver.di –
Munich Königs Wusterhausen Vereinte Dienstleistungsgesellschaft,
Aachen
Dr. Clemens Börsig Martina Klee*
– Chairman Deutsche Bank AG, Dr. Johannes Teyssen
until May 31, 2012 Frankfurt am Main Chairman of the
Frankfurt am Main Management Board of E.ON SE,
Suzanne Labarge Dusseldorf
Karin Ruck* Toronto
– Deputy Chairperson Marlehn Thieme*
Deutsche Bank AG, Maurice Lévy Deutsche Bank AG,
Bad Soden am Taunus until May 31, 2012 Bad Soden am Taunus
Chairman and Chief Executive
Wolfgang Böhr* Officer of Publicis Groupe S.A., Tilman Todenhöfer
Deutsche Bank AG, Paris Managing Partner of Robert Bosch
Dusseldorf Industrietreuhand KG,
Peter Löscher Madrid
Dr. Karl-Gerhard Eick since May 31, 2012
KGE Asset Management Chairman of the Management Prof. Dr. Klaus Rüdiger Trützschler
Consulting Ltd., Board of Siemens AG, since May 31, 2012
London Munich Essen

Katherine Garrett-Cox Henriette Mark* Stefan Viertel*

Chief Executive Officer of Deutsche Bank AG, Deutsche Bank AG,
Alliance Trust Plc, Munich Bad Soden am Taunus
Brechin, Angus
Gabriele Platscher* Renate Voigt*
Alfred Herling* Deutsche Bank Privat- und Deutsche Bank AG,
Deutsche Bank AG, Geschäftskunden AG, Stuttgart
Wuppertal Braunschweig
Werner Wenning
Gerd Herzberg* Dr. Theo Siegert Chairman of the Supervisory Board of
until May 31, 2012 until May 31, 2012 E.ON SE,
Hamburg Managing Partner of Chairman of the Supervisory Board of
de Haen Carstanjen & Söhne, Bayer AG since October 1, 2012,
Dusseldorf Leverkusen

*Elected by the employees in Germany;

Renate Voigt appointed by the court as
employee representative.

F-I-440
Deutsche Bank
Deutsche Bank 05 –– Supplementary
05 Supplementary Information
Information 441441
Financial Report
Financial Report2012
2012 Supervisory Board
Supervisory Board

Committees

Chairman’s Committee Risk Committee

Dr. Paul Achleitner
since May 31, 2012 Dr. Paul Achleitner
– Chairman since May 31, 2012
– Chairman
Dr. Clemens Börsig
until May 31, 2012 Dr. Clemens Börsig
– Chairman until May 31, 2012
– Chairman
Alfred Herling*
Prof. Dr. Henning Kagermann
Karin Ruck*
Suzanne Labarge
Tilman Todenhöfer
Dr. Theo Siegert
Mediation Committee until May 31, 2012
Dr. Paul Achleitner – substitute member
since May 31, 2012
– Chairman Nomination Committee
Dr. Paul Achleitner
Dr. Clemens Börsig since May 31, 2012
until May 31, 2012 – Chairman
– Chairman
Dr. Clemens Börsig
Wolfgang Böhr* until May 31, 2012
– Chairman
Karin Ruck*
Tilman Todenhöfer
Tilman Todenhöfer
Werner Wenning
Audit Committee
Dr. Karl-Gerhard Eick
– Chairman

Dr. Paul Achleitner

since May 31, 2012

Dr. Clemens Börsig

until May 31, 2012

Henriette Mark*

Karin Ruck*

Dr. Theo Siegert

until May 31, 2012

Marlehn Thieme*

Prof. Dr. Klaus Rüdiger Trützschler

since May 31, 2012

*Elected by the employees in Germany.

F-I-441
Deutsche Bank
Deutsche Bank 0505– Supplementary
– Supplementary Information
Information 442 442
Financial Report
Financial Report2012
2012 AdvisoryBoards
Advisory Boards

Advisory Boards
The Advisory Boards are published
on Deutsche Bank’s website at
www.db.com/advisory-boards

F-I-442
Deutsche Bank
Deutsche Bank 05 –– Supplementary
05 Supplementary Information
Information 443443
Financial Report
Financial Report2012
2012 Group Five-Year
Group Five-YearRecord
Record

Group Five-Year Record

Balance Sheet in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008
Total assets 2,012,329 2,164,103 1,905,630 1,500,664 2,202,423
Loans 397,279 412,514 407,729 258,105 269,281
Total liabilities 1 1,957,919 2,109,443 1,855,262 1,462,695 2,170,509
Total shareholders’ equity1 54,003 53,390 48,819 36,647 30,703
Noncontrolling interests 407 1,270 1,549 1,322 1,211
Tier 1 capital2 50,483 49,047 42,565 34,406 31,094
Total regulatory capital 2 57,015 55,226 48,688 37,929 37,396

Income Statement in € m. 2012 2011 2010 2009 2008

Net interest income 15,891 17,445 15,583 12,459 12,453
Provision for credit losses 1,721 1,839 1,274 2,630 1,076
Commissions and fee income 11,510 11,544 10,669 8,911 9,741
Net gains (losses) on financial assets/liabilities
at fair value through profit or loss 5,599 3,058 3,354 7,109 (9,992)
Other noninterest income (loss) 741 1,181 (1,039) (527) 1,411
Total noninterest income 17,850 15,783 12,984 15,493 1,160
Compensation and benefits 13,526 13,135 12,671 11,310 9,606
General and administrative expenses 15,016 12,657 10,133 8,402 8,339
Policyholder benefits and claims 414 207 485 542 (252)
Impairment of intangible assets 1,886 − 29 (134) 585
Restructuring activities 394 − − − −
Total noninterest expenses 31,236 25,999 23,318 20,120 18,278
Income (loss) before income taxes 784 5,390 3,975 5,202 (5,741)
Income tax expense (benefit) 493 1,064 1,645 244 (1,845)
Net income (loss) 291 4,326 2,330 4,958 (3,896)
Net income (loss) attributable to noncontrolling interests 54 194 20 (15) (61)
Net income (loss) attributable to Deutsche Bank shareholders 237 4,132 2,310 4,973 (3,835)

Key figures 2012 2011 2010 2009 2008

Basic earnings per share 3 € 0.25 € 4.45 € 3.07 € 7.21 (€ 6.87)
Diluted earnings per share 3 € 0.25 € 4.30 € 2.92 € 6.94 (€ 6.87)
Dividends paid per share in period € 0.75 € 0.75 € 0.75 € 0.50 € 4.50
Return on average shareholders’ equity (post-tax) 0.4 % 8.2 % 5.5 % 14.6 % (11.1) %
Pre-tax return on average shareholders’ equity 1.3 % 10.2 % 9.5 % 15.3 % (16.5) %
Cost/income ratio 92.6 % 78.2 % 81.6 % 72.0 % 134.3 %
Core Tier 1 capital ratio 2 11.4 % 9.5 % 8.7 % 8.7 % 7.0 %
Tier 1 capital ratio2 15.1 % 12.9 % 12.3 % 12.6 % 10.1 %
Total capital ratio 2 17.1 % 14.5 % 14.1 % 13.9 % 12.2 %
Employees (full-time equivalent)4 98,219 100,996 102,062 77,053 80,456
1 The initial acquisition accounting for ABN AMRO, which was finalized at March 31, 2011, resulted in a retrospective adjustment of retained earnings of € (24) million for December 31, 2010.
2 Figures presented for 2012 and 2011 are based on the amended capital requirements for trading book and securitization positions following the Capital Requirements Directive 3, also
known as “Basel 2.5”, as implemented in the German Banking Act and the Solvency Regulation (“Solvabilitätsverordnung”). Figures presented for 2010, 2009 and 2008 are pursuant to
the revised capital framework presented by the Basel Committee in 2004 (“Basel 2”) as adopted into German law by the German Banking Act and the Solvency Regulation. The capital
ratios relate the respective capital to risk-weighted assets for credit, market and operational risk. Excludes transitional items pursuant to Section 64h (3) of the German Banking Act.
3
The number of average basic and diluted shares outstanding has been adjusted for all periods before October 6, 2010 to reflect the effect of the bonus element of the subscription rights
issue in connection with the capital increase.
4 Deutsche Postbank aligned its FTE definition to Deutsche Bank which reduced the Group number as of December 31, 2011 by 260 (prior periods not restated).

F-I-443
Deutsche Bank
Deutsche Bank 0505– Supplementary
– Supplementary Information
Information 444 444
Financial Report
Financial Report2012
2012 Declaration of
Declaration of Backing
Backing

Declaration of Backing

Deutsche Bank AG ensures, except in the case of political risk, that the following companies are able to meet
their contractual liabilities:

DB Investments (GB) Limited, London Deutsche Bank Società per Azioni, Milan

Deutsche Asset Management International GmbH, Deutsche Bank (Suisse) SA, Geneva
Frankfurt am Main
Deutsche Bank Trust Company Americas, New
Deutsche Asset Management Investmentgesell- York
schaft mbH vormals DEGEF Deutsche Gesell-
schaft für Fondsverwaltung mbH, Frankfurt am Deutsche Futures Singapore Pte Ltd, Singapore
Main
Deutsche Holdings (Malta) Ltd., St. Julians
Deutsche Australia Limited, Sydney
Deutsche Morgan Grenfell Group Public Limited
DEUTSCHE BANK A.Ş., Istanbul Company, London

Deutsche Bank Americas Holding Corp., Deutsche Securities Asia Limited, Hong Kong
Wilmington
Deutsche Securities Limited, Hong Kong
Deutsche Bank (China) Co., Ltd., Beijing
DWS Holding & Service GmbH, Frankfurt am Main
Deutsche Bank Europe GmbH, Frankfurt am Main
DWS Investment GmbH, Frankfurt am Main
Deutsche Bank Luxembourg S.A., Luxembourg
DWS Investment S.A., Luxembourg
Deutsche Bank (Malaysia) Berhad, Kuala Lumpur
Public joint-stock company “Deutsche Bank DBU”,
Deutsche Bank Polska Spólka Akcyjna, Warsaw Kiev

Deutsche Bank S.A., Buenos Aires OOO “Deutsche Bank”, Moscow

Deutsche Bank S.A. – Banco Alemão, Sao Paulo

Deutsche Bank, Sociedad Anónima Española,

Madrid

F-I-444
 Annex II

Annual Financial Statements

and Management Report
of Deutsche Bank AG 2012

F-II
01 -
Management Report
Operating and Financial Review
Our Organization – 2
Economic Environment – 3
Executive Summary – 5
Income Statement – 6
Balance Sheet – 9
Events after the Reporting Date – 11

Risk Report
Risk Management Principles – 12
Risk Management Framework – 12
The Risks of Deutsche Bank AG within the Group Network – 13
Risk Management Organization – 13
Risk Strategy and Appetite – 16
Risk Management Tools – 17
Types of risk – 17
Capital Adequacy – 22

Internal Control over Financial Reporting – 25

Non-financial Key Performance Indicators – 29

Information pursuant to Section 289 (4) of the German Commercial Code and Explanatory Report – 32
Compensation Report – 36

Outlook – 66

F-II-1
Deutsche Bank
Deutsche Bank 01 –– Management
01 Management Report
Report 2 2
Annual Financial
Annual FinancialStatements
Statements Operating and
Operating andFinancial
FinancialReview
Review
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Operating and Financial Review

Our Organization

Headquartered in Frankfurt am Main, Germany, Deutsche Bank Group is the largest bank in Germany and one
of the largest financial institutions in Europe and the world, as measured by total assets of € 2,012 billion as of
December 31, 2012. As of that date, the Group employed 98,219 people on a full-time equivalent basis and
operated in 72 countries out of 2,984 branches worldwide, of which 65 % were in Germany. Deutsche Bank
offers a wide variety of investment, financial and related products and services to private individuals, corporate
entities and institutional clients around the world. Deutsche Bank AG operates in Germany via its branch office
Frankfurt am Main which combines its domestic branches and abroad via its 66 foreign branches.

Following a comprehensive strategic review, the organizational structure was realigned in the fourth quarter
2012. Deutsche Bank reaffirmed its commitment to the universal banking model and to its four business seg-
ments. We strengthened this emphasis with an integrated Asset and Wealth Management Corporate Division
that includes former CB&S businesses such as exchange-traded funds (ETFs). Furthermore, a Non-Core Op-
erations Unit (NCOU) was created in November 2012. This unit includes the former Group Division Corporate
Investments (CI) as well as non-core operations which were re-assigned from other corporate divisions.

As of December 31, 2012 Deutsche Bank was organized into the following five corporate divisions:

— Corporate Banking & Securities (CB&S)

— Global Transaction Banking (GTB)
— Asset & Wealth Management (AWM)
— Private & Business Clients (PBC)
— Non-Core Operations Unit (NCOU)

The five corporate divisions are supported by infrastructure functions. In addition, a regional management
function is in place that covers regional responsibilities worldwide.

CB&S is made up of the business divisions Corporate Finance and Markets. Within our Corporate Finance
Business Division, our clients are offered mergers and acquisitions, equity and debt financing and general
corporate finance advice. In addition, we provide a variety of financial services to the public sector. The Mar-
kets Business Division is responsible for the sales, trading and structuring of a wide range of fixed income,
equity, equity-linked, foreign exchange and commodities products.

GTB delivers commercial banking products and services to corporate clients and financial institutions, including
domestic and cross-border payments, professional risk mitigation and financing for international trade, as well
as the provision of trust, agency, depositary, custody and related services.

AWM comprises former Private Wealth Management (“PWM”) and Asset Management (“AM”) businesses as
well as passive and third party alternatives businesses that were assigned from CB&S to AWM in 2012. AWM
offers traditional and alternative investments across all major asset classes. The division also provides custom-
ized wealth management solutions and private banking services to high-net-worth individuals and families. The
AM business is primarily conducted by subsidiaries of Deutsche Bank AG, which benefits from the AM busi-
ness performance via services rendered, profit pooling agreements and dividends.

PBC serves retail and affluent clients as well as small and medium sized business customers. Customers are
provided with portfolio/fund management (investment advice, discretionary portfolio management and securi-
ties custody services) and brokerage services. In addition, loan and deposit services as well as payment ser-
vices are provided, with a strategy focusing on property financing and consumer and commercial loans, as well
as traditional current accounts, savings accounts and time deposits.

F-II-2
Deutsche Bank
Deutsche Bank 01 –– Management
01 Management Report
Report 3 3
Annual Financial
Annual FinancialStatements
Statements Operating and
Operating andFinancial
FinancialReview
Review
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The newly established NCOU operates as a separate segment alongside the core businesses. The objectives
in setting up the NCOU are to improve external transparency of non-core positions, to increase the focus of
management of the core operating businesses by separating the non-core activities and to facilitate targeted
accelerated de-risking. In addition to managing our global principal investments and holding certain other non-
core assets to maturity, targeted de-risking activities within the NCOU will help reducing capital demand.

Economic Environment

The Global Economy

The global economy was impacted by numerous negative factors in 2012: the sovereign debt crisis in Europe,
the fiscal cliff in the U.S., geopolitical risks in the Middle East and rising commodities and food prices. In 2012,
global economic growth continued to decline to an estimated 2.9 % after an already slower growth of 3.8 % in
2011.

As in 2011, the slowdown took place predominantly in the industrialized countries, which only expanded by an
estimated 1.2 %. The industrialized countries still face major structural challenges. The reduction in state defi-
cits and the cutting back of private debt led to lower growth in the eurozone in particular. In addition, the in-
creased political uncertainties in the eurozone and the U.S. had a negative impact on the global economy. By
contrast, growth was supported by the extremely expansive monetary policy of the major central banks, which
lowered their key interest rates to historically low levels and also undertook extensive quantitative easing
measures.

The eurozone went into recession in 2012 due to increased uncertainty over the further development of the
sovereign debt crisis, fiscal consolidation and weakened demand for exports. Economic activity fell by an esti-
mated 0.5 %, following 1.4 % growth in 2011. A stabilizing effect came from the announcement made by the
European Central Bank in September 2012 that it would make unlimited purchases of sovereign bonds, subject
to strict conditionality (Outright Monetary Transactions), as well as the clear commitment of eurozone govern-
ments for all current members to stay in the eurozone. The German economy weakened noticeably over the
year due to reduced demand for exports and falling investment activity, and it likely contracted towards the end
of 2012. As an annualized average, the German economy grew by an estimated 0.7 % following an increase of
3.0 % in 2011.

In the U.S. economy, growth was relatively robust with estimated 2.3 % in 2012, which was somewhat stronger
than the 1.8 % in the previous year. Although the real estate market stabilized and unemployment gradually fell
over the year, doubts over the resolution of the fiscal cliff are thought to have caused growth to slow towards
the end of the year. In Japan, where the clean-up and rebuilding efforts in the wake of the tsunami and the
nuclear catastrophe and the government's economic stimulus measures had a positive effect on economic
activity in the first half of 2012, economic output declined again from mid-year. For the year as a whole, Ja-
pan's economy probably grew by 2.0 %.

Due to the close links between the financial and real economies, the global development had negative effects
on economic activity in emerging markets. Growth in emerging markets cooled down to an estimated 4.7 %,
but there are clear differences in growth between the regions. Growth in Asia (excluding Japan) slowed down
from 7.5 % in 2011 to 5.9 % in 2012. China’s growth moderated considerably to 7.8 % year-on-year, the slow-
est since 1999, due to the confluence of stagnating external demand and a deliberate attempt to restrain stimu-
lus with a view to rebalance the economic structure. India’s growth also slowed significantly to 4.6 % year-on-
year, the lowest in a decade, as domestic demand was hit by tight liquidity and stubborn inflation. Economic
activity in Latin America cooled off to 2.9 % in 2012, following 4.7 % growth in 2011.

F-II-3
Deutsche Bank
Deutsche Bank 01 –– Management
01 Management Report
Report 4 4
Annual Financial
Annual FinancialStatements
Statements Operating and
Operating andFinancial
FinancialReview
Review
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The Banking Industry

The banking industry in 2012 saw another year marked by high uncertainty, yet with sentiment gradually im-
proving in the last six months due to retreating concerns about the future of European Monetary Union and
about the global growth outlook.

Capital market developments closely echoed these trends. Overall, global M&A activity and equities issuance
remained subdued, while debt issuance soared to record highs both in the investment-grade and the high-yield
segment. This was particularly true in the second half of the year when investor risk appetite returned and bond
yields came down significantly. Corporate bond issuance in 2012 was stronger than ever before. Total invest-
ment banking revenues declined slightly compared with the prior year, with Europe and Asia weakening and
the fee volume in America rising. Similar to the advisory and underwriting business, equities trading activity
was relatively low, with falling margins putting additional pressure on revenues. Fixed-income trading re-
bounded somewhat from a poor prior year result, though earnings remained below 2009/10 levels.

In commercial banking, Europe and the U.S. were diverging even more markedly than in the years before: U.S.
banks continued their recovery and are now as profitable as at the pre-crisis peak. Lending volumes are grow-
ing, especially with companies borrowing more, but with the real estate market finally having turned the corner,
household lending and particularly residential mortgages may have also bottomed out. In Europe, by contrast,
corporate loans shrank throughout the year, with the pace of contraction accelerating rather than slowing down.
Lending to households, at least, remained by and large stable. Deposit growth continued at moderate speed
on both sides of the Atlantic, though it lost some momentum in the U.S. In addition, differences in asset quality
developments were partly responsible for the diverging fortunes between European banks, which saw loan
loss provisions rising again for the first time since 2009 and U.S. institutions, which recorded a further fall in
provisions to their lowest level in five years.

Asset and wealth management benefited from rising equity and bond markets, particularly in the second half of
the year, and from investors increasingly searching for yield in a close-to-zero interest rate environment. Glob-
ally, bond funds attracted the bulk of net new money, whereas many equity and money market funds recorded
net outflows. As in the past few years, the passively managed segment grew faster than actively managed
funds.

New regulation had a significant impact on the industry: While European banks still had to cope with the tight-
ening effect of Basel 2.5, the foreshadowing of Basel 3 was felt throughout the banking sector as investors and
analysts demanded early compliance. Furthermore, new consumer and investor protection rules and market
infrastructure regulations such as the Markets in Financial Instruments Directive II and European Market Infra-
structure Regulation (the former being drawn up and the latter taking effect) had a largely negative effect on
banks’ earnings. In the eurozone, political leaders agreed on a transfer of supervisory powers over the largest
banks from national authorities to the European Central Bank (ECB), as part of a more comprehensive shift
towards a “Banking Union”. Finally, the banking industry in the U.S. as well as in Europe suffered steep fines
and losses in confidence as litigation issues continued to mount.

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Executive Summary

Deutsche Bank AG recorded in 2012 a net income of € 729 million after a prior year net income of € 1.4 billion.
The decrease by € 697 million was mainly attributable to net non-operating expenses before taxes, up by
€ 1.9 billion and lower operating profit before taxes, which was down € 1.2 billion compared to 2011, partly
compensated by a tax benefit of € 538 million (2011: tax expense of € 1.4 billion).

An increase of the negative balance of other sundry operating income and expenses by € 1.7 billion and the
growth in administrative expenses by € 1.5 billion lead to the lower operating profit. These negative effects
were partly compensated by increased revenues by € 1.8 billion and lower risk provisioning down by
€ 508 million.

The increase of revenues, comprising net interest income, net commission income and net trading results, by
€ 1.5 billion to € 18.8 billion was mainly attributable to higher net interest income. This development was due to
an increase in current income, including income from affiliated companies, up by € 3.3 billion, whereas interest
income from lending, money market transaction and bonds and notes after corresponding interest expenses
was down by € 356 million, reflecting lower levels of interest rates. Net commission income remained stable.
Without considering the effects of the addition to the special reserve in 2011, the trading result was down by
€ 1.7 billion. This reduced trading result lowered the average trading results of the last three years. Conse-
quently, no additions to the trading-related special reserve according to Section 340e (4) HGB were recorded.

Total administrative expenses increased by € 1.5 billion to € 12.7 billion. This development was mainly due to
staff expenses which were up by € 904 million. Higher expenses for defined benefit obligations as well as an
increase of the non-deferred variable compensation components within the staff related expenses contributed
to this development. Other administrative expenses increased by € 444 million, mainly due to higher IT-
equipment related costs and increased legal fees.

The balance of other operating income/expenses was € (2.3) billion (2011: € (548) million). Higher expenses
related to the hedging of foreign currency exposures of capital of subsidiaries and foreign branches and in-
creased litigation expenses contributed to this development.

Total cost of risk provisioning, consisting of credit related risk provisions and the net result from securities held
in the liquidity reserve, went down by € 508 million to € 710 million in 2012. This development was mainly at-
tributable to the non-recurrence of a provision for credit losses related to a single exposure in the prior year.

The net non-operating expenses before taxes increased in 2012 by € 1.9 billion to negative € 2.9 billion. The
main reason for the increase of the negative balance was the impairment of subsidiaries amounting to a net
effect of € 2.4 billion. In addition, extraordinary expenses were recorded in relation to restructuring activities.
The non-recurrence of the attribution to the fund for general banking risks of € 400 million was partly compen-
sating these negative effects.

Total tax benefit amounted to € 538 million in 2012 (2011: tax expense € 1.4 billion).

Total assets went down by € 146 billion to € 1,723 billion as of December 31, 2012, mainly due to decreases of
positive and negative market values of derivatives in the trading book. Liabilities to customers remained stable,
whereas reductions in liabilities to banks and securitized liabilities were used to decrease balances with central
banks and claims on customers.

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Thus, the bank maintained its stable funding and high liquidity base and sustained a solid capital position.

In 2012 shareholders’ equity (excluding distributable profit) increased by € 822 million to € 34.0 billion. Included
were effects related to own shares in the amount of € 722 million and an allocation of € 100 million to other
revenue reserves.

The Management Board and the Supervisory Board will propose to the Annual General Meeting a dividend
payment of 75 Euro cents per share.

Income Statement

Increase of net interest income

Net interest income increased by € 2.9 billion to € 10.1 billion. This development was due to an increase in
current income, including income from affiliated companies, up by € 3.3 billion, including income from profit
pooling, which increased by € 1.5 billion. A reduction in interest income from lending, money market transaction,
bonds and notes (€ (3.4) billion), was only partly compensated by lower interest expense (down € 3.0 billion).
The reduction of interest income and interest expenses was reflecting lower levels of interest rates. Against this
trend, interest expenses from securitized liabilities and subordinated liabilities did increase slightly.

Stable net commission income

Net commission income of € 6.0 billion remained unchanged compared to the previous year. Commission
income from group entities, was up by € 324 million to € 2.3 billion. Higher expenses from intercompany
charges were shown under administrative expenses. This development was offset by lower fees from securi-
ties business, especially underwriting fees, and lower net commissions from loan business.

Net trading result decreased

Deutsche Bank AG reported € 2.7 billion operating net trading result in 2012 after € 4.1 billion in the year
2011. This reduced trading result lowered the average trading results of the last three years. Consequently,
no additions to the trading-related special reserve according to Section 340e (4) HGB were recorded (2011:
€ 276 million). Overall, the net trading result was down by € 1.4 billion.

Higher staff expenses and operating costs

Staff expenses increased by € 904 million to € 6.0 billion. Higher expenses for defined benefit obligations as
well as an increase of share of non-deferred variable compensation components within the staff related ex-
penses contributed to this development.

The table below gives a geographical breakdown of our staff (full-time-equivalent).

Staff (full-time equivalents) 1 Dec 31, 2012 Dec 31, 2011 Change
Germany 10,687 10,819 (132)
Europe excl. Germany 9,235 8,769 +466
Americas 1,817 1,942 (125)
Africa/Asia/Australia 5,979 6,388 (409)
Total 27,718 27,918 (200)
1 Staff (full-time equivalent) = total headcount adjusted proportionately for part time staff, excluding apprentices and interns.

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Against the global trend of a slight reduction in headcount, the transformation of two European subsidiaries into
branches resulted in an increase in headcount.

Other administrative expenses (excluding depreciation and amortisation on tangible and intangible assets)
increased by € 444 million to € 6.2 billion. Main contributors to the increase included expenses for rent and
maintenance of IT-equipment (€ 130 million), expenses from intercompany charges (€ 129 million) and legal
fees (€ 90 million).

Scheduled depreciation and amortization of tangible and intangible assets amounted to € 464 million in 2012
(2011: € 338 million).

Other operating income/expenses

The balance of other operating income/expenses resulted in a net expense of € 2.3 billion in 2012 (2011: net
expense of € 548 million). Higher expenses related to the hedging of foreign currency exposures of capital of
subsidiaries and foreign branches and increased litigation expenses contributed to this development.

Net risk provisioning increased

In 2012, total of risk provisioning, consisting of changes in credit related risk provisions and the net result from
securities held in the liquidity reserve, decreased by € 508 million to € 710 million. This development was
mainly attributable to the non-recurrence of a provision for credit losses related to a single exposure in the
prior year.

Other income/expenses
The balance of other income and expenses totalled € (2.9) billion (2011: € (1.0) billion). Expenses for value
adjustments of investments in affiliated companies, after considering reversals of prior period impairments in
accordance with Section 340c (2) HGB), increased by € 1.4 billion to a net expense of € 2.4 billion. These
impairment losses are mainly driven by a write-down of Deutsche Bank’s Taunus investment in the U.S.
(€ 2.5 billion) in order to reflect and fully consider the implications of the draft FBO rules issued in late Decem-
ber 2012. Write-downs of tangible and intangible assets amounted to € 94 million in 2012 (2011: € 0 million).

Extraordinary expenses
Extraordinary expenses of € 211 million reflect restructuring expenses, mainly outside Germany.

Taxes
In 2012, a tax benefit of € 538 million was recorded compared to a tax expense of € 1.4 billion in the prior year.
The current year’s effective (income) tax rate primarily benefited from tax exempt income, partly offset by write-
downs of investments in affiliated companies.

Net profit
Deutsche Bank recorded in 2012 a net profit of € 729 million after a prior year net profit of € 1.4 billion. The
decrease is mainly attributable to a lower operating result before taxes and increased net other expenses,
partially offset by a tax benefit.

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Proposed appropriation of profit: unchanged dividend of 75 Euro cents

Taking into account the profit carried forward from the prior year of € 163 million as well as an allocation to
other revenue reserves of € 100 million, the distributable profit amounted to € 792 million as of December 31,
2012. The Bank will propose to the Annual General Meeting to appropriate this distributable profit for a divi-
dend-payment of 75 Euro cents per share. According to the total number of issued shares this will lead to a
total dividend of € 697 million. It will also be proposed to carry forward the remaining distributable profit of
€ 95 million.

From the income statement of Deutsche Bank AG.

Change
in € m. 2012 2011 in € m. in %
1
Interest income 12,296 15,695 (3,399) (21.7)
Current income 2 7,806 4,528 + 3,278 + 72.4
Total interest income 20,102 20,223 (121) (0.6)
Interest expenses 9,993 13,036 (3,043) (23.3)
Net interest income 10,109 7,187 + 2,922 + 40.7
Commission income 7,378 7,394 (16) (0.2)
Commission expenses 1,394 1,409 (15) (1.1)
Net commission income 5,984 5,985 (1) (0.0)
Net trading result 2,677 4,083 (1,406) (34.4)
thereof additions (–) to trading-related special reserve
according to Section 340e HGB − (276) + 276 (100.0)
Wages and salaries 4,867 4,537 + 330 + 7.3
Compulsory social security contributions 3 1,177 603 + 574 + 95.2
Staff expenses 6,044 5,140 + 904 + 17.6
Other administrative expenses 4 6,651 6,080 + 571 + 9.4
Administrative expenses 12,695 11,220 + 1,475 + 13.1
Balance of other operating income/expenses (2,275) (548) (1,727) + 315.1
Risk provisioning 710 1,218 (508) (41.7)
Operating profit 3,090 4,269 (1,179) (27.6)
Balance of other income/expenses (2,899) (1,018) (1,881) + 184.8
Additions to the fund for general banking risks 0 (400) + 400 (100.0)
Net income before taxes 192 2,851 (2,659) (93.3)
Taxes (538) 1,425 (1,963)
Net income 729 1,426 (697) (48.9)
Profit carried forward from the previous year 163 126 + 37 + 29.4
892 1,552 (660) (42.5)
Allocations to revenue reserves 100 700 (600) (85.7)
– to other revenue reserves 100 700 (600) (85.7)
Distributable profit 792 852 (60) (7.0)
1 From lending and money market business, fixed-income securities and government inscribed debt.
2 From equity shares and other variable-yield securities, participating interests, investments in affiliated companies (including profit transfer agreements) and leasing
business.
3 Including expenses for pensions and other employee benefits.
4 Including depreciation on tangible and intangible assets.

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Balance Sheet

Total assets of Deutsche Bank AG amounted to € 1,723.5 billion on December 31, 2012. The decrease in vol-
ume of € 145.6 billion, or 7.8 %, was primarily attributable to lower positive and negative market values of trad-
ing derivatives, driven by the market conditions.

Total credit extended

The prior year increase by € 16.8 billion in total credit extended (excluding reverse repos and securities spot
deals) turned to a decrease by € 30.3 billion, or 11.5 %, to € 232.2 billion. Credit totaling € 161.9 billion (de-
crease of € 34.4 billion) was extended to corporate and institutional customers, while loans to private and busi-
ness clients reached to € 10.2 billion (up by € 626 million). Both increases are mainly attributable to the foreign
branches of the bank. Loans to banks, which are reported under total credit extended, were up by € 2.1 billion
to € 48.3 billion.

The table below gives a break-down of the total credit extended (excluding reverse repos and securities
spot deals).

Change
in € bn. Dec 31, 2012 Dec 31, 2011 in € bn. in %
Claims on customers 183.9 216.3 (32.4) (15.0)
with a residual period of
up to 5 years 1 164.2 199.1 (34.9) (17.5)
over 5 years 19.7 17.2 + 2.5 + 14.5
Loans to banks 48.3 46.2 + 2.1 + 4.5
with a residual period of
up to 5 years 1 40.5 40.9 (0.4) (1.0)
over 5 years 7.8 5.3 + 2.5 + 47.2
Total 232.2 262.5 (30.3) (11.5)
1 Including those repayable on demand and those with an indefinite period.

Receivables from banks (excluding loans) outside trading increased by € 23.6 billion to € 211.5 billion com-
pared to prior year. This development was primarily due to the increase in clearing account balances outside
Germany.

Securities
Our securities portfolio (excluding trading assets) increased overall, within bonds and other fixed-income
securities up by € 5.1 billion to € 20.0 billion whereas equity shares and other variable-yield securities went
down by € 479 million to € 346 million.

Trading assets
The trading assets amounted to € 1,113.0 billion. Positive market values of derivatives being the largest com-
ponent decreased by € 96.5 billion to € 777.7 billion.

Participating interests
The shareholdings reported as participating interests decreased by € 18 million to € 836 million compared to
prior year.

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Investments in affiliated companies

Investments in affiliated companies increased by € 2.1 billion to € 44.8 billion. Additions of investments in affili-
ated companies amounted to € 11.7 billion compared to decreases of € 9.6 billion. The increase was mainly
attributable to capital increases and the transfer of a subsidiary which was previously held indirectly. It was
partially offset by write-downs of € 3.3 billion and capital reductions.

Deposits and securitized liabilities

Liabilities to banks decreased by € 32.5 billion to € 311.1 billion. This development was primarily attributable to
a decrease in time deposits of € 25.0 billion and a decrease in deposits payable on demand of € 7.6 billion.

Deposits from bank subsidiaries increased slightly by € 3.1 billion to € 138.8 billion compared to prior year.

Deposits from customers decreased slightly by € 1.2 billion to € 274.1 billion. A reduction in deposits from cor-
porate and institutional customers, down by € 15.1 billion, was almost completely compensated by inflows from
retail customers and the public sector.

Liabilities in certificate form decreased by net € 6.2 billion to € 113.9 billion, mainly driven by reductions in
bonds and notes issued.

The table below gives a breakdown of the liabilities.

Change
in € bn. Dec 31, 2012 Dec 31, 2011 in € bn. in %
Liabilities to banks 311.1 343.6 (32.5) (9.5)
repayable on demand 186.7 194.3 (7.6) (3.9)
with agreed period or notice period 124.3 149.3 (25.0) (16.7)
Liabilities to customers 274.1 275.3 (1.2) (0.4)
savings deposits 6.1 6.9 (0.8) (11.6)
other liabilities
repayable on demand 189.1 177.8 + 11.3 + 6.4
with agreed period or notice period 78.8 90.6 (11.8) (13.0)
Liabilities in certificate form 113.9 120.1 (6.2) (5.2)
bonds and notes issued 85.7 94.7 (9.0) (9.5)
other liabilities in certificate form 28.2 25.4 + 2.8 + 11.0
thereof: money market instruments 25.8 22.1 + 3.7 + 16.7

Subordinated liabilities remained almost stable at € 19.3 billion, down by € 242 million.

Trading liabilities
The trading liabilities amounted to € 941.4 billion, down by € 111.3 billion. Negative market values of deriva-
tives being the largest component decreased by € 90.9 billion to € 761.8 billion compared to the prior year.

Capital and reserves

The capital and reserves of Deutsche Bank AG (including its distributable profit of € 792 million) amounted to
€ 34.8 billion.

The Bank has utilized the option available under Section 2a of the German Banking Act (KWG) with respect to
its regulatory capital and now only calculates this capital base for the Deutsche Bank Group (see page 22–24).

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Events after the Reporting Date

All significant adjusting events that occurred after the reporting date were recognized in our results of opera-
tions, financial position and net assets.

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Risk Report

Risk Management Principles

Deutsche Bank AG actively takes risks in connection with its business and as such the following principles
underpin risk management within the group:

— Risk is taken within a defined risk appetite;

— Every risk taken needs to be approved within the risk management framework;
— Risk taken needs to be adequately compensated; and
— Risk should be continuously monitored and managed.

A strong risk culture helps reinforce the bank’s resilience by encouraging a holistic approach to the
management of risk and return throughout its organization as well as the effective management of the risk,
capital and reputational profile. The management of risk is the responsibility of all employees. Deutsche Bank
expects employees to exhibit behaviors that maintain a strong risk culture and assess them for this as part of
the overall performance and compensation process. Strong risk culture behaviors include:

— Being fully responsible for the bank’s risks;

— Being rigorous, forward looking and comprehensive in the assessment of risk;
— Inviting colleagues to provide challenge;
— Trouble shooting collectively; and
— Placing Deutsche Bank and its reputation at the heart of all decisions.

To reinforce these behaviors Deutsche Bank has launched a number of group-wide activities, including manda-
tory trainings on risk awareness. The bank also has regular communications, including from its Board mem-
bers, on the importance of a strong Risk Culture.

Risk Management Framework

The diversity of Deutsche Bank’s business model requires the bank to identify, measure, aggregate and man-
age its risks effectively, and to allocate capital among its businesses appropriately. Deutsche Bank AG oper-
ates as an integrated group through its divisions, business units and infrastructure functions. Risk and capital
are managed via a framework of principles, organizational structures and measurement and monitoring pro-
cesses that are closely aligned with the activities of the divisions and business units:

— Core risk management responsibilities are embedded in the Management Board and appropriately dele-
gated to senior risk management committees responsible for execution and oversight. The Supervisory
Board regularly monitors the risk and capital profile.
— Deutsche Bank operates a three-line of defense risk management model whereby front office functions,
risk management oversight and assurance roles are played by functions independent of one another.
— Risk strategy is approved by the Management Board on an annual basis and is defined based on the
Group Strategic and Capital Plan and Risk Appetite in order to ensure alignment of risk, capital and per-
formance targets.
— Cross-risk analysis reviews are conducted across the group to validate that sound risk management prac-
tices and a holistic awareness of risk exist across the organization and to help each business manage the
balance between their risk appetite and reward.

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— All major risk classes are managed in a coordinated manner via risk management processes, including:
credit risk, market risk, operational risk, liquidity risk, business risk, reputational risk and risk concentra-
tions.
— Appropriate monitoring, stress testing tools and escalation processes are in place for key capital and li-
quidity thresholds and metrics. Where applicable modeling and measurement approaches for quantifying
risk and capital demand are implemented across the major risk classes.
— Effective systems, processes and policies are a critical component of the bank’s risk management capabil-
ity.

The Risks of Deutsche Bank AG within the Group Network

The impact of the risks on Deutsche Bank AG cannot be isolated from the effects on Deutsche Bank’s other
separate legal entities. There are several reasons for this:

— The Group’s internal structure according to Group Divisions follows its customers’ needs. The external
legal structure is determined by local legislation and therefore does not necessarily follow the internal
structure. For example, local legislation can determine whether the Group’s business in a certain country is
conducted by a branch of Deutsche Bank AG or by a separate subsidiary. However, the management has
to monitor the risks in the bank’s business – irrespective of whether it is transacted by a branch or a sub-
sidiary.
— Adequate risk monitoring and management requires knowledge of the extent to which the Group’s profit
situation depends on the development of certain risk factors, i.e. on the creditworthiness of individual cus-
tomers or securities issuers or on movements in market prices. The respective exposures therefore need
to be analyzed across legal entities. Especially for the credit risk attached to a borrower, it is fairly irrele-
vant whether the credit exposure to a company is spread over several Group companies or concentrated
on Deutsche Bank AG. Separate monitoring of the risk affecting Deutsche Bank AG alone would neglect
the potential hazard facing the Group and, indirectly, Deutsche Bank AG – as the parent – if the company
became insolvent.
— Individual risk factors are sometimes correlated, and in some cases they are independent of each other. If
estimates of the nature and extent of this correlation are available, the Group’s management can greatly
reduce the overall risk by diversifying its businesses across customer groups, issuers and countries. The
risk correlation is also independent of the Group’s legal and divisional structure. The management can
therefore only optimize the risk-mitigating effects of diversification if it manages them Group-wide and
across legal entities.

For the reasons mentioned, the identification, monitoring and management of all risks in Deutsche Bank AG
are integrated into the Group-wide risk management process. Deutsche Bank AG complies with all legal and
regulatory requirements. For a more detailed discussion about the risk management within the Group network
see the Group’s risk report in the Group’s Financial Report.

Risk Management Organization

From a supervisory perspective, Deutsche Bank’s operations throughout the world are regulated and
supervised by relevant authorities in each of the jurisdictions in which the bank conducts business. Such
regulation focuses on licensing, capital adequacy, liquidity, risk concentration, conduct of business as well as
organisation and reporting requirements. The BaFin and the Deutsche Bundesbank (the German central bank)
act in cooperation as our primary supervisors to ensure the bank’s compliance with the German Banking Act
and other applicable laws and regulations. The German Banking Act and the rules and regulations thereunder
implement, in addition, certain recommendations of the Basel Committee on Banking Supervision, as well as

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certain European Union directives relating to banks. German banking regulators assess the bank’s capacity to
assume risk in several ways, which are described in more detail in section “Regulatory Capital”.

From an internal governance perspective, Deutsche Bank AG has several layers of robust management to
provide strong and cohesive risk governance:

— The Supervisory Board monitors the risk and capital profile regularly via its designated committee, the Risk
Committee of the Supervisory Board. The chair of the Risk Committee reports on items discussed during
the Risk Committee’s meetings to the Supervisory Board.
— The Risk Committee of the Supervisory Board meets regularly. At these meetings, the Management Board
reports to the Risk Committee on credit, market, country, liquidity, operational, strategic, regulatory as well
as litigation and reputational risks. It also reports on loans requiring a Supervisory Board resolution pursu-
ant to law or the Articles of Association, questions of capital resources and matters of special importance
due to the risks they entail. The Risk Committee deliberates with the Management Board on issues of the
aggregate risk disposition and the risk strategy.
— The Management Board provides overall risk and capital management supervision for Deutsche Bank AG
as well as the consolidated Group and is exclusively responsible for day-to-day management of the bank
with the objective of creating sustainable value in the interest of shareholders, employees and other stake-
holders. The Management Board is responsible for defining and implementing comprehensive and aligned
business and risk strategies, as well as ensuring well-defined risk management functions and operating
processes are in place to ensure that the overall performance is aligned to the business and risk strategy.
The Management Board has delegated certain functions and responsibilities to relevant senior governance
committees to support the fulfillment of these responsibilities, in particular to the Capital and Risk Commit-
tee and Risk Executive Committee whose roles are described in more detail below.
For further information on how Deutsche Bank AG ensures that the overall performance is aligned to the
risk strategy please refer to section below “Risk Strategy and Appetite”

The following functional committees are central to the management of Risk in Deutsche Bank:

— The Capital and Risk Committee oversees and controls integrated planning and monitoring of the bank’s
risk profile and capital capacity, providing an alignment of risk appetite, capital requirements and fund-
ing/liquidity needs with Group, divisional and sub-divisional business strategies. It provides a platform to
discuss and agree strategic issues impacting capital, funding and liquidity among Risk Management, Fi-
nance and the business divisions. The Capital and Risk Committee initiates appropriate actions and/or
makes recommendations to the Management Board. It is also responsible for monitoring the risk profile
against the risk appetite on a regular basis and ensuring appropriate escalation or actions are taken. The
Capital and Risk Committee monitors the performance of the risk profile against early warning indicators
and recovery triggers, and provides recommendations to the Management Board to invoke defined pro-
cess and/or actions under the recovery governance framework if required.
— The Risk Executive Committee, as the most senior functional committee of Deutsche Bank’s risk man-
agement, identifies controls and manages all risks including risk concentrations at Deutsche Bank AG as
well as atgroup level, and is a center of expertise concerning all risk related topics of the business divi-
sions. It is responsible for risk policy, the organization and governance of risk management and ensures
and oversees the execution of risk and capital management including identification, analysis and risk miti-
gation, within the scope of the risk and capital strategy (Risk and Capital Demand Plan) approved by the
Management Board. The Risk Executive Committeeis supported by sub-committees that are responsible
for dedicated areas of risk management, including several policy committees, the Cross Risk Review
Committee and the Group Reputational Risk Committee.
— The Cross Risk Review Committee supports the Risk Executive Committee and the Capital and Risk
Committee with particular emphasis on the management of group-wide risk patterns. The Cross Risk Re-
view Committee, under a delegation of authority from the Capital and Risk Committee has responsibility for
the day-to-day oversight and control of our Internal Capital Adequacy Assessment Process (“ICAAP”). The
Cross Risk Review Committee also oversees the inventory of stress tests used for managing Deutsche

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Bank’s risk appetite, reviews the results and proposes management action, if required. It monitors the ef-
fectiveness of the stress test process and drives continuous improvement of our stress testing framework.
It is supported by a dedicated Stress Testing Oversight Committee which has the responsibility for the def-
inition of the group-wide stress test scenarios, ensuring common standards and consistent scenarios
across risk types, and reviewing the group-wide stress test results.

Recovery management governance is part of Deutsche Bank’s overall risk management framework to support
that the bank can proactively identify and respond to severe stress or the threat of a severe stress. The key
elements of the recovery management planning and governance include:

— Clear roles and responsibilities which include Management Board oversight;

— A dedicated set of early warning indicators and recovery triggers to monitor potential risks and stimulate
management action;
— An enhanced regime of severe stress tests and defined strategic recovery measures to enable proactive
management of the risk profile; and
— A dedicated sub-committee of the Capital and Risk Committee to ensure ongoing monitoring and process
readiness.

Multiple members of the Capital and Risk Committee are also members of the Risk Executive Committee
which facilitates a constant and comprehensive information flow between the two committees.

Following changes to the structure and composition of the bank’s Management Board in 2012, the coverage of
risks has been more widely distributed at the level of the Management Board, as the following risk manage-
ment units, which previously had reported directly to the Chief Risk Officer, now report to other Management
Board members: Compliance, Corporate Security & Business Continuity, Government & Regulatory Affairs,
Legal and Treasury. Deutsche Bank’s Chief Risk Officer, who is a member of the Management Board, remains
responsible for the identification, assessment and reporting of risks arising within operations across all busi-
ness and all risk types as well as for the direct management responsibility of the following Risk management
divisions: Credit Risk Management, Market Risk Management, Operational Risk Management and Strategic
Risk and Enterprise-wide Risk Management. Deutsche Bank’s governance structure and mechanisms ensure
that group wide oversight of risk continues unchanged.

With respect to the day-to-day management and oversight of risk, there are dedicated Risk and Treasury units
established with the mandate to:

— Ensure that the business conducted within each division is consistent with the risk appetite that the Capital
and Risk Committee has set within a framework established by the Management Board;
— Formulate and implement risk and capital management policies, procedures and methodologies that are
appropriate to the businesses within each division;
— Approve credit, market and liquidity risk limits;
— Conduct periodic portfolio reviews to ensure that the portfolio of risks is within acceptable parameters; and
— Develop and implement risk and capital management infrastructures and systems that are appropriate for
each division.

The Deputy Chief Risk Officer leads a Strategic Risk and Enterprise-wide Risk Management function whose
mandate is to provide an increased focus on holistic risk management and comprehensive, cross-risk oversight
to further enhance the bank’s risk portfolio steering. The objectives of the Strategic Risk and Enterprise-wide
Risk Management unit are to:

— Drive key strategic cross-risk initiatives and establish greater cohesion between defining portfolio strategy
and governing execution, including regulatory adherence;
— Provide a strategic and forward-looking perspective on the key risk issues for discussion at senior levels
within the bank (risk appetite, stress testing framework);

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— Strengthen risk culture in the bank; and

— Foster the implementation of consistent risk management standards.

Deutsche Bank’s Finance and Audit departments operate independently of both, our business divisions and of
the Risk function. The role of the Finance department is to help quantify and verify the risk that the bank as-
sumes and ensure the quality and integrity of risk-related data. The bank’s Audit department performs risk-
based reviews of the design and operating effectiveness of the bank’s system of internal controls.

Risk Strategy and Appetite

Strategic and Capital Planning Process

Deutsche Bank conducts an annual strategic planning process which underpins the development of the future
strategic direction as a group and for the business areas/units. This process consists of a number of different
stages.

In a first phase, key targets for profit and loss (including revenues and costs), capital supply, and capital de-
mand and the key business areas for the three coming years are discussed in the Group Executive Committee
and approved by the Management Board, based on the bank’s global macro-economic outlook and the ex-
pected regulatory framework.

In a second phase, the top-down objectives are substantiated from the bottom-up by detailed business unit
plans, which for the first year consist of a month by month operative plan; years two and three are annual plans
in the appropriate granularity. The proposed bottom-up plans are reviewed and challenged by Finance (Group
Strategic and Capital Planning) and Risk (Strategic Risk and Enterprise-wide Risk Management) and are dis-
cussed individually with business heads. Thereby, the specifics of the business are considered and concrete
targets decided in line with our strategic direction.

The Strategic and Capital Plan is presented to the Group Executive Committee and the Management Board for
discussion and approval before the end of the year. At the beginning of the next year, the final plan is present-
ed to the Supervisory Board.

A dedicated Risk and Capital Demand Plan is an integral part of the Strategic and Capital plan. It is designed
to support the bank’s vision of being a leading client-centric global universal bank and aims to ensure:

— balanced risk adjusted performance across business areas and units;

— high underwriting standards with focus on risk concentrations;
— compliance with regulatory requirements;
— strong capital and liquidity position; and
— stable funding and liquidity strategy allowing for the business planning within the liquidity risk tolerance and
regulatory requirements.

The Strategic and Capital Planning process allows Deutsche Bank to:

— set earnings and key risk and capital adequacy targets considering the bank’s strategic focus and busi-
ness plans;
— assess the risk-bearing capacity with regard to internal and external requirements (i.e., regulatory and
economic capital); and
— apply an appropriate stress test to assess the impact on capital demand, capital supply and liquidity.

The specific risk appetite is derived from the strategic plan to ensure alignment of risk, capital and performance
targets at all levels of the organization.

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The targets are monitored on an ongoing basis in appropriate management committees. Any projected shortfall
from targets is discussed together with potential mitigating strategies seeking to ensure that the bank remains
on track to achieve its targets.

Risk Appetite
Risk appetite is an expression of the maximum level of risk that Deutsche Bank is prepared to accept in order
to achieve its business objectives. Deutsche Bank’s risk appetite statement translates the strategy into meas-
urable short to medium term targets and thresholds across material risk categories and enables intra-year
performance monitoring and management which aims to identify optimal growth options considering the risk
involved and the allocation of available capital resources to drive sustainable performance.

The Management Board reviews and approves the risk appetite on an annual basis to ensure that it is consis-
tent with the Group strategy, business environment and stakeholder requirements. Setting risk appetite aims to
ensure that risk is proactively managed to the level desired and approved by the Management Board. Risk
appetite tolerance levels are set at different trigger levels, with clearly defined escalation requirements which
enable appropriate actions to be defined and implemented as required. In cases where the tolerance levels are
breached, it is the responsibility of the Strategic Risk and Enterprise-wide Risk Management function to bring it
to the attention of the respective risk committees, and ultimately to the Chief Risk Officer and the Management
Board.

Amendments to the risk and capital strategy must be approved by the Chief Risk Officer or the full Manage-
ment Board, depending on significance.

Risk Management Tools

Deutsche Bank uses a broad range of quantitative and qualitative methodologies for assessing and managing
risks. As a matter of policy, the bank continually assesses the appropriateness and the reliability of its quantita-
tive tools and metrics in light of our changing risk environment. Some of these tools are common to a number
of risk categories, while others are tailored to the particular features of specific risk categories. These quantita-
tive tools and and metrics generate amongst other the following kinds of information:

— Information that quantifies the susceptibility of the market value of single positions or portfolios to changes
in market parameters (commonly referred to as sensitivity analysis).
— Information that measures aggregate risk using statistical techniques, taking into account the inter-
dependencies and correlations between individual risks.
— Information that quantifies exposures to losses that could arise from extreme movements in market prices
or rates, using scenario analysis to simulate crisis situations.

Deutsche Bank’s policies and risk limits are aligned with such quantitative tools and metrics across the Group
Divisions to effectively manage risks.

Types of risk

Deutsche Bank AG is exposed to a variety of risks, amongst them credit, market, operational, liquidity, reputa-
tional and business risks.

Credit risk
Credit risk arises from all transactions that give rise to actual, contingent or potential claims against any coun-
terparty, borrower or obligor. All Group Divisions of Deutsche Bank AG assume credit risk. Group credit risk is
managed via the Risk Executive Committee and those responsible for risk management in the Group Divisions.

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Credit risk also occurs when the bank underwrites large commitments with the intention to sell down or distrib-
ute most of the risk to third parties. These commitments include the undertaking to fund bank loans and to
provide bridge loans for the issuance of public bonds.

We define our credit exposure by taking into account all transactions where losses might occur due to the fact
that counterparties may not fulfill their contractual payment obligations. Credit limits set forth maximum credit
exposures we are willing to assume over specified periods. They relate to products, conditions of the exposure
and other factors. Credit limits are established by the Credit Risk Management function via the execution of
assigned credit authorities. Ongoing active monitoring and management of credit risk positions is an integral
part of our credit risk management. Monitoring tasks are primarily performed by the divisional risk units in close
cooperation with our portfolio management function. We regularly agree on collateral to be received from
customers in contracts that are subject to credit risk. Collateral is security in the form of an asset or third-party
obligation that serves to mitigate the inherent risk of credit loss in an exposure, by either substituting the bor-
rower default risk or improving recoveries in the event of a default. While collateral can be an alternative source
of repayment, it does not replace the necessity of high quality underwriting standards.

Market risk
Market risk arises from the uncertainty concerning changes in market prices and rates (including interest rates,
equity prices, foreign exchange rates and commodity prices), the correlations among them and their levels of
volatility. Deutsche Bank assumes market risk in both trading and nontrading activities. The bank uses a com-
bination of risk sensitivities, value-at-risk, stress testing and economic capital metrics to manage market risks
and establish limits. Economic capital is the metric that is used to describe and aggregate all market risks, both
in trading and nontrading portfolios.

Trading market risk

Our primary instrument to manage trading market risk is the application of our limit framework. Our Manage-
ment Board supported by Market Risk Management, sets group-wide value-at-risk, economic capital and port-
folio stress testing (extreme) limits for market risk in the trading book. Market Risk Management sub-allocates
this overall limit to our Corporate Divisions and individual business units within CB&S (e.g. Global Rates and
Credit, Equity, etc.) based on anticipated business plans and risk appetite. Within the individual business units,
the business heads establish business limits, by allocating the limit down to individual portfolios or geograph-
ical regions.

Value-at-risk, stressed value-at-risk and economic capital limits are used for managing all types of market risk
at an overall portfolio level. As an additional and complementary tool for managing certain portfolios or risk
types, Market Risk Management performs risk analysis and stress testing. Limits are also set on sensitivity and
concentration/liquidity, portfolio stress tests, business-level stress testing and event risk scenarios.

While value-at-risk, calculated on a daily basis, supplies forecasts for potential large losses under normal mar-
ket conditions, it is not adequate to measure the tail risks of the portfolios. Deutsche Bank therefore also
performs regular stress tests in which the bank values their trading portfolios under severe market scenarios
not covered by the confidence interval of the value-at-risk model.

These stress tests form the basis of the bank’s assessment of the economic capital that Deutsche Bank
estimates is needed to absorb very severe, unexpected losses arising from our exposures over the period of
one year. “Very severe” in this context means that economic capital is set at a level which covers, with a prob-
ability of 99.98 %, all unexpected losses over a one year time horizon.

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Deutsche Bank derives the scenarios from historically observed severe shocks in those risk factors, augment-
ed by subjective assessments where only limited historical data are available, or where market developments
are viewed to make historical data a poor indicator of possible future market scenarios

The Basel 2.5 framework introduced the model based risk measures stressed value-at-risk, incremental risk
charge and comprehensive risk within market risk for banks applying an internal model approach:

— Stressed Value-at-Risk: calculates a stressed value-at-risk measure based on a continuous 1 year period
of significant market stress.
— Incremental Risk Charge (“IRC”): captures default and migration risks in addition to the risks already cap-
tured in value-at-risk for credit-sensitive positions in the trading book.
— Comprehensive Risk Measure (“CRM”): captures incremental risk for the credit correlation trading portfolio
calculated using an internal model subject to qualitative minimum requirements as well as stress testing
requirements.
— Market Risk Standardized Approach (“MRSA”): calculates regulatory capital for securitisations and nth-to-
default credit derivatives.

Stressed value-at-risk, incremental risk charge and the comprehensive risk measure are calculated for all
relevant portfolios. The results from the models are used in the day-to-day risk management of the bank, as
well as for defining regulatory capital.

Nontrading Market Risk

Nontrading market risk arises from market movements, primarily outside the activities of trading units, in
Deutsche Bank’s banking book and from off-balance sheet items. Significant market risk factors the bank is
exposed to and are overseen by risk management groups in that area are:

— Interest rate risk (including model risk from embedded optionality and from modeling behavioral assump-
tions for certain product types), credit spread risk, foreign exchange risk, equity risk (including investments
in public and private equity as well as real estate, infrastructure and fund assets).
— Market risks from off-balance sheet items such as pension schemes and guarantees as well as structural
foreign exchange risk and equity compensation risk.

The majority of market risk in Deutsche Bank’s nontrading portfolios is quantified through the use of stress
testing procedures. Stress tests are used that are specific to each risk class and which consider, among other
factors, large historically observed market moves, the liquidity of each asset class, and changes in client be-
havior in relation to deposit products. This assessment forms the basis of the economic capital calculations
which enable the bank to actively monitor, aggregate and manage our nontrading market risk exposure. The
economic capital charge for the credit spread risk of the portfolio is in addition to credit risk economic capital
allocated to the portfolio for risks arising from credit default and rating migrations.

The Risk Executive Committee and the Capital and Risk Committee supervise nontrading market risk expo-
sures. Investment proposals for strategic investments are analyzed by the Group Investment Committee. De-
pending on the size, strategic investments may require approval from the Group Investment Committee, the
Management Board or the Supervisory Board. The development of strategic investments is monitored by the
Group Investment Committee on a regular basis. Multiple members of the Capital and Risk Committee & Risk
Executive Committee are also members of the Group Investment Committee, ensuring a close link between
these committees.

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Operational risk
Operational risk is the potential for failure (incl. the legal component) in relation to employees, contractual
specifications and documentation, technology, infrastructure failure and disasters, external influences and
customer relationships. Operational risk excludes business and reputational risk.

The Head of Operational Risk Management chairs the Operational Risk Management Committee, which is a
permanent sub-committee of the Risk Executive Committee and is composed of the operational risk officers
from our business divisions and our infrastructure functions. It is the main decision-making committee for all
operational risk management matters.

While the day-to-day operational risk management lies with our business divisions and infrastructure functions,
the Operational Risk Management function manages the cross divisional and cross regional operational risk as
well as risk concentrations and ensures a consistent application of our operational risk management strategy
across the bank. Based on this Business Partnership Model we ensure close monitoring and high awareness
of operational risk.

The bank manages operational risk based on a Group-wide consistent framework that enables us to determine
the operational risk profile in comparison to the risk appetite and systematically identify operational risk themes
and concentrations to define risk mitigating measures and priorities. Deutsche Bank calculates and measures
the economic and regulatory capital for operational risk using the internal Advanced Measurement Approach
methodology. Economic capital is derived from the 99.98 % percentile and allocated to the businesses and
used in performance measurement and resource allocation, providing an incentive to manage operational risk,
optimizing economic capital utilization. The regulatory capital operational risk applies the 99.9 % quantile.

Liquidity risk
Liquidity risk is the risk arising from our potential inability to meet all payment obligations when they come due
or only being able to meet these obligations at excessive costs. Liquidity risk management safeguards
Deutsche Bank’s ability to meet all payment obligations. Deutsche Bank’s liquidity risk management framework
has been an important factor in maintaining adequate liquidity and in managing the funding profile during 2012.

The Management Board defines Deutsche Bank’s liquidity risk strategy, and in particular its tolerance for liquid-
ity risk based on recommendations made by Treasury and the Capital and Risk Committee. At least once
every year the Management Board will review and approve the limits which are applied to the Group to meas-
ure and control liquidity risk as well as the Bank’s long-term funding and issuance plan.

The Treasury function is responsible for the management of liquidity and funding risk of Deutsche Bank global-
ly as defined in the liquidity risk strategy. The liquidity risk management framework is designed to identify,
measure and manage the liquidity risk position of the Group. Treasury reports the Bank’s overall liquidity and
funding to the Management Board at least weekly via a Liquidity Scorecard. The liquidity risk management
approach starts at the intraday level (operational liquidity) managing the daily payments queue, forecasting
cash flows and factoring in access to Central Banks. It then covers tactical liquidity risk management dealing
with access to secured and unsecured funding sources. Finally, the strategic perspective comprises the maturi-
ty profile of all assets and liabilities (Funding Matrix) and our issuance strategy.

Deutsche Bank’s cash-flow based reporting system provides daily liquidity risk information to global and re-
gional management.

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Stress testing and scenario analysis plays a central role in Deutsche Bank’s liquidity risk management frame-
work. This also incorporates an assessment of asset liquidity, i.e. the characteristics of the asset inventory,
under various stress scenarios as well as contingent funding requirements from off-balance-sheet commit-
ments. The monthly stress testing results are used in setting our short-term wholesale funding limits (both
unsecured and secured) and thereby ensuring we remain within the Board’s overall liquidity risk tolerance.

Liquidity Reserves of Deutsche Bank comprise available cash and cash equivalents, highly liquid securities
(includes government, agency and government guaranteed) as well as other unencumbered central bank eligi-
ble assets. The volume of the Liquidity Reserves is a function of the expected stress result, both at an aggre-
gate level as well as at an individual currency level. Liquidity Reserves only include assets that are freely
transferable within the Group, or can be applied against local entity stress outflows. These reserves are held
across major currencies and key locations in which the bank is active. The vast majority of Deutsche Bank’s
Liquidity Reserves are held centrally or at our foreign branches. Size and composition are subject to regular
senior management review.

Business risk
Business risk describes the risk Deutsche Bank assumes due to potential changes in general business condi-
tions, such as market environment, client behavior and technological progress. This can affect Deutsche
Bank’s results if the bank fails to adjust quickly to these changing conditions. In 2012, Deutsche Bank intro-
duced an enhanced economic capital model to improve coverage of strategic risk being a subcategory of busi-
ness risk.

Reputational risk
Within Deutsche Bank’s risk management processes, reputational risk is defined as the risk that publicity
concerning a transaction, counterparty or business practice involving a client will negatively impact the public’s
trust in the organization.

Deutsche Bank’s reputational risk is governed by the Reputational Risk Management Program (RRM Program).
The RRM Program was established to provide consistent standards for the identification, escalation and reso-
lution of reputational risk issues that arise from transactions with clients or through different business activities.
Primary responsibility for the identification, escalation and resolution of reputational risk issues resides with the
business divisions. Each employee is under an obligation, within the scope of his/her activities, to analyse and
assess any imminent or intended transaction in terms of possible risk factors in order to minimise reputational
risks. If a potential reputational risk is identified, it must be referred for further consideration at a sufficiently
senior level within that respective business division. If issues remain, they should then be escalated for discus-
sion among appropriate senior members of the relevant Business and Control Groups. Reputational risk issues
not addressed to satisfactory conclusion through such informal discussions must then be escalated for further
review and final determination via the established reputational risk escalation process.

As a subcommittee of the Risk Executive Committee, the Group Reputational Risk Committee provides review
and final determinations on all reputational risk issues and new client adoptions, where escalation of such
issues is deemed necessary by senior Business and Regional Management, or required under the Group
policies and procedures.

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Capital Adequacy

Since 2008, Deutsche Bank has calculated and published consolidated capital ratios for the Deutsche Bank
group of institutions pursuant to the Banking Act and the Solvency Regulation (“Solvabilitätsverordnung”),
which implemented the revised capital framework of the Basel Committee from 2004 (“Basel 2”) into German
law. Starting with December 31, 2011, the calculation of the Group’s capital ratios incorporates the amended
capital requirements for trading book and securitization positions following the Capital Requirements Di-
rective 3, also known as “Basel 2.5”, as implemented in the German Banking Act and the Solvency Regulation,
representing the legal basis for Deutsche Bank’s capital adequacy calculations also as of December 31, 2012.

The Basel 2.5 framework introduced the model based risk measures stressed value-at-risk, incremental risk
charge and comprehensive risk within market risk for banks applying an internal model approach:

— Stressed Value-at-Risk: calculates a stressed value-at-risk measure based on a continuous 1 year period
of significant market stress.
— Incremental Risk Charge (“IRC”): captures default and migration risks in addition to the risks already cap-
tured in value-at-risk for credit-sensitive positions in the trading book.
— Comprehensive Risk Measure (“CRM”): captures incremental risk for the credit correlation trading portfolio
calculated using an internal model subject to qualitative minimum requirements as well as stress testing
requirements. The CRM must be calculated weekly and is determined as the higher of the latest weekly
CRM charge from the model, the twelve weeks average CRM charge, and the market risk standardized
approach charge for the credit correlation portfolio, the so-called CRM Floor.
— Market Risk Standardized Approach (“MRSA”): calculates regulatory capital for securitisations and nth-to-
default credit derivatives.

In addition, Basel 2.5 regulations require as part of the market risk capital charge the calculation of the specific
market risk of securitization trading positions, which are not eligible for the comprehensive risk measure, based
on the market risk standardized approach.

Basel 2.5 also requires identifying re-securitization positions in the trading and banking book which receive an
increased risk-weighting and result in higher capital charges for credit risk and market risk, respectively.

Although the pending Capital Requirements Directive 4 (“CRD 4”) legislation and the related Regulation on
prudential requirements for credit institutions and investment firms (“Capital Requirements Regulation”, short
“CRR”), implementing the “Basel 3” framework into European law, have not yet entered into force, Deutsche
Bank makes use of the terms from the Basel 3 framework in the following section and tables on capital
adequacy and regulatory capital. Nevertheless the numbers disclosed are still based on the Basel 2.5
framework.

Risk-weighted assets
The risk-weighted assets comprise the total of credit, market and operational risks. In the calculation of the
risk-weighted assets the Deutsche Bank uses internal models for all three risk types which were approved by
the Bundesanstalt für Finanzdienstleistungsaufsicht („BaFin“). As of December 31, 2012, 92 % of the Group’s
exposure relating to asset and off-balance sheet credit risks is measured using internal rating models under the
so-called advanced Internal Risk Based Approach (“IRBA”).

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Deutsche Bank’s market risk component is a multiple of the value-at-risk figure, which is calculated for regula-
tory purposes based on our internal and BaFin approved models. Starting with December 31, 2011, the market
risk component includes a multiple of the stressed value-at-risk and the value-at-risk, as well as the incremen-
tal risk charge and the comprehensive risk measure on the Group’s correlation trading portfolio. All of which are
all calculated on the basis of the Group’s BaFin approved internal models. The market risk component also
includes securitizations in the trading book outside the correlation trading portfolio measured with the standard-
ized approach according to Basel 2.5. Further standard calculation approaches are used for remaining market
risk positions. For operational risk calculations, the Group uses the so-called Advanced Measurement Ap-
proach (“AMA”) pursuant to the German Banking Act.

The following table presents the risk-weighted assets of the Deutsche Bank Group.

in € m. Dec 31, 2012 Dec 31, 2011

Credit risk 228,952 262,460
Market risk 53,058 68,091
Operational risk 51,595 50,695
Total risk-weighted assets 333,605 381,246

Regulatory Capital
The total regulatory capital pursuant to the effective regulations as of yearend 2012 consists of Tier 1, Tier 2
and Tier 3 capital. Tier 3 capital will no longer be allowed under the coming Basel 3 based regulations. Tier 1
capital splits up into Common Equity Tier 1 capital (formerly referred to as Core Tier 1 capital) and Additional
Tier 1 capital.

— Common Equity Tier 1 capital consists primarily of common share capital including related share premium
accounts, retained earnings and other comprehensive income, adjusted by deduction of goodwill and other
intangible assets. Other regulatory adjustments entail the exclusion of capital from entities outside the
group of institutions and the reversal of capital effects under the fair value option on financial liabilities due
to own credit risk.
— Additional Tier 1 capital consists of hybrid capital components such as noncumulative trust preferred secu-
rities. Hybrid capital components that are not compliant with the coming Basel 3 requirements for such in-
struments will be progressively phased out in their consideration for Additional Tier 1 capital under the
coming Basel 3-based regulations.
— Tier 2 capital primarily comprises cumulative trust preferred securities, certain profit participation rights and
long-term subordinated debt, as well as 45 % of unrealized gains on certain listed securities. The amount
of long-term subordinated debt that may be included as Tier 2 capital is limited to 50 % of Tier 1 capital.
Total Tier 2 capital is limited to 100 % of Tier 1 capital.

Total regulatory capital for the Deutsche Bank Group of institutions excluding transitional items pursuant to
Section 64h (3) German Banking Act is as follows.

in € m. (unless stated otherwise) Dec 31, 2012 Dec 31, 2011

Common Equity Tier 1 capital 37,957 36,313
Additional Tier 1 capital 12,526 12,734
Tier 1 capital1 50,483 49,047
Tier 2 capital 6,532 6,179
Tier 3 capital − −
Total regulatory capital 57,015 55,226
Common Equity Tier 1 capital ratio (as a percentage of total risk-weighted assets) 11.4 % 9.5 %
Tier 1 capital ratio (as a percentage of total risk-weighted assets) 15.1 % 12.9 %
Total regulatory capital ratio (as a percentage of total risk-weighted assets) 17.1 % 14.5 %
1 Included € 20 million silent participations as of December 31, 2012 and December 31, 2011.

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The Group’s total regulatory capital ratio was 17.1 % on December 31, 2012, compared to 14.5 % as of
December 31, 2011, both significantly higher than the 8 % minimum ratio required.

As of December 31, 2012, regulatory capital ratios on a standalone basis for Deutsche Bank AG are not
disclosed as Deutsche Bank has applied the exemptions codified in Section 2a KWG. As a result, Deutsche
Bank is exempted from the obligation to comply with certain regulatory requirements of the Banking Act on a
standalone basis, including solvency calculations and reporting of regulatory capital ratios. These exemptions
can only be applied if, among other things, there is no material practical or legal impediment to the prompt
transfer of own funds or repayment of liabilities from Deutsche Bank AG to the respective subsidiaries or from
all subsidiaries in the Group to Deutsche Bank AG.

The Group’s Common Equity Tier 1 capital amounted to € 38.0 billion on December 31, 2012 and
€ 36.3 billion on December 31, 2011 with a Common Equity Tier 1 capital ratio of 11.4 % respectively
9.5 % as of December 31, 2011. The Group’s Tier 1 capital was € 50.5 billion on December 31, 2012 and
€ 49.0 billion on December 31, 2011. The Tier 1 capital ratio was 15.1 % as of December 31, 2012 and 12.9 %
as of December 31, 2011.

The Group’s Tier 2 capital was € 6.5 billion on December 31, 2012, and € 6.2 billion on December 31, 2011,
amounting to 12.9 % and 12.6 % of Tier 1 capital, respectively.

The German Banking Act and Solvency Regulation rules required the Group to cover its market risk as of
December 31, 2012, with € 4.2 billion of total regulatory capital (Tier 1 + 2 + 3) compared to € 5.4 billion as of
December 31, 2011. Deutsche Bank met this requirement entirely with Tier 1 and Tier 2 capital that was not
required for the minimum coverage of credit and operational risk.

Basel 2.5 requires the deduction of goodwill from Tier 1 capital. However, for a transitional period the partial
inclusion of certain goodwill components in Tier 1 capital is allowed pursuant to German Banking Act Section
64h (3). While such goodwill components are not included in the regulatory capital and capital adequacy ratios
shown above, the Group makes use of this transition rule in its capital adequacy reporting to the German
regulatory authorities.

As of December 31, 2012, the transitional item amounted to € 236 million compared to € 319 million as of
December 31, 2011. In the Group’s reporting to the German regulatory authorities, the Tier 1 capital, total
regulatory capital and the total risk-weighted assets shown above were increased by this amount. Corres-
pondingly, the Group’s Tier 1 and total capital ratios reported to the German regulatory authorities including this
item were 15.2 % and 17.1 %, respectively, on December 31, 2012 compared to 12.9 % and 14.6 %,
respectively, on December 31, 2011.

Failure to meet minimum capital requirements can result in orders to suspend or reduce dividend payments or
other profit distributions on regulatory capital and discretionary actions by the BaFin that, if undertaken, could
have a direct material effect on the Group’s businesses. Deutsche Bank complied with the regulatory capital
adequacy requirements in 2012.

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2012

Internal Control over Financial Reporting

General
Management of Deutsche Bank and its consolidated subsidiaries is responsible for establishing and maintain-
ing adequate internal control over financial reporting (“ICOFR”). Our internal control over financial reporting is
a process designed under the supervision of our Co-Chief Executive Officers and Chief Financial Officer to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of the firm’s
consolidated financial statements for external reporting purposes in accordance with International Financial
Reporting Standards (IFRS). ICOFR includes our disclosure controls and procedures to prevent misstatements.

Risks in financial reporting

The main risks in financial reporting are that either financial statements do not present a true and fair view due
to inadvertent or intentional errors (fraud) or the publication of financial statements is not done on a timely basis.
These risks may reduce investor confidence or cause reputational damage and may have legal conse-
quences including banking regulatory interventions. A lack of fair presentation arises when one or more
financial statement amounts or disclosures contain misstatements (or omissions) that are material. Misstate-
ments are deemed material if they could individually or collectively, influence economic decisions that users
make on the basis of the financial statements.

To confine those risks of financial reporting, management of the Group has established ICOFR to provide rea-
sonable but not absolute assurance against material misstatements. The design of the ICOFR is based on
internal control framework established in Internal control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (“COSO”). COSO recommends the establishment of
specific objectives to facilitate the design and evaluate adequacy of a control system. As a result in establishing
ICOFR, management has adopted the following financial statement objectives:

— Existence – assets and liabilities exist and transactions have occurred.

— Completeness – all transactions are recorded, account balances are included in the financial statements.
— Valuation – assets, liabilities and transactions are recorded in the financial reports at the appropriate
amounts.
— Rights and Obligations and ownership – rights and obligations are appropriately recorded as assets and
liabilities.
— Presentation and disclosures – classification, disclosure and presentation of financial reporting is
appropriate.
— Safeguarding of assets – unauthorized acquisitions, use or disposition of assets is prevented or detected
in a timely manner.

However, any internal control system, including ICOFR, no matter how well conceived and operated, can pro-
vide only reasonable, but not absolute assurance that the objectives of that control system are met. As such,
disclosure controls and procedures or systems for ICOFR may not prevent all error and all fraud. Further, the
design of a control system must reflect the fact that there are resource constraints, and the benefits of con-
trols must be considered relative to their costs.

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Organization of the Internal Control System

Functions involved in the system of internal control over financial reporting
Controls within the system of ICOFR are performed by all business functions and infrastructure functions with
an involvement in assuring the reliability of these books and records that underlie the financial statements. As a
result, the operation of ICOFR involves staff based mainly in the following functions: Finance, Group Technol-
ogy and Operations, Risk, and Group Tax.

Finance is responsible for the periodic preparation of the financial statements and operates independently from
the businesses. Within Finance, different departments have control responsibilities which contribute to the
overall preparation process:

— Finance specialists for businesses or entities – responsible for assuring the quality of financial data by
performing validation and control. They are in close contact with business, infrastructure and legal entity
management and employ their specific knowledge to address financial reporting issues arising on products
and transactions, as well as validating reserving and other judgmental adjustments. Entity and business
related specialists add the perspective of legal entities to the business view and sign-off on the financial
reporting of their entities.
— Finance-Group Reporting – responsible for Group-wide activities which include the preparation of group
financial and management information, forecasting and planning, risk reporting. Finance-Group Reporting
set the reporting timetables, perform the consolidation and aggregation processes, effect the elimination
entries for inter and intra group activities, control the period end and adjustment processes, compile the
Group financial statements, and consider and incorporate comments as to content and presentation made
by senior and external advisors.
— Accounting Policy and Advisory Group (“APAG”) – responsible for developing the Group’s interpretation of
International Financial Reporting Standards and their consistent application within the Group. APAG pro-
vides accounting advice and consulting services to Finance and the wider business, and ensures the timely
resolution of corporate and transaction-specific accounting issues.
— Global Valuation Oversight Group (“GVO”) and business aligned valuation specialists – responsible for
developing policies and minimum standards for valuation, providing related implementation guidance when
undertaking valuation control work, and challenging and validating valuation control results. They act as
the single point of contact on valuation topics for external parties (such as regulators and external auditors).

The operation of ICOFR is also importantly supported by Group Technology and Operations, Risk and Group
Tax. Although these functions are not directly involved in the financial preparation process, they contribute
significantly to the production of financial information:

— Group Technology and Operations (“GTO”) – responsible for confirming transactions with counterparties,
and performing reconciliations both internally and externally of financial information between systems, de-
pots and exchanges. GTO also undertakes all transaction settlement activity on behalf of the Group and
performs reconciliations of nostro account balances.
— Risk – responsible for developing policies and standards for managing credit, market, legal, liquidity and
operational risks. Risk identifies and assesses the adequacy of credit and operational provisions.
— Group Tax – responsible for producing income tax related financial data in conjunction with Finance, cov-
ering the assessment and planning of current and deferred income taxes and the collection of tax related
information. Group Tax monitors the income tax position and controls the provisioning for tax risks.

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2012

Controls to minimize the risk of financial reporting misstatement

The system of ICOFR consists of a large number of internal controls and procedures to minimize the risk of
misstatement of the financial statements. Such controls are integrated into the operating process and include
those which:

— are ongoing or permanent in nature such as supervision within written policies and procedures or segrega-
tion of duties,
— operate on a periodic basis such as those which are performed as part of the annual financial statement
preparation process.
— are preventative or detective in nature.
— have a direct or indirect impact on the financial statements themselves. Controls which have an indirect
effect on the financial statements include IT general controls such as system access and deployment con-
trols whereas a control with a direct impact could be, for example, a reconciliation which directly supports a
balance sheet line item.
— feature automated and/or manual components. Automated controls are control functions embedded within
system processes such as application enforced segregation of duty controls and interface checks over the
completeness and accuracy of inputs. Manual internal controls are those operated by an individual or
group of individuals such as authorization of transactions.

The combination of individual controls encompasses all of the following aspects of the system of ICOFR:

— Accounting policy – design and implementation. Controls to ensure the consistent recording and reporting
of the Group’s business activities on a global basis in accordance with authorized accounting policies.
— Reference data. Controls over reference data in relation to the general ledger and on and off-balance
sheet transactions including product reference data.
— Transaction approval, capture and confirmation. Controls to ensure the completeness and accuracy of
recorded transactions as well as appropriate authorization. Such controls include transaction confirmations
which are sent to and received from counterparties to ensure that trade details are corroborated.
— Reconciliation controls, both externally and internally. Inter-system reconciliations are performed between
relevant systems for all trades, transactions, positions or relevant parameters. External reconciliations include
nostro account, depot and exchange reconciliations.
— Valuation including the independent price verification process (“IPV”). Finance performs IPV controls at least
monthly, in order to gain comfort as to the reasonableness of the front office valuation. The results of the
IPV processes are assessed on a monthly basis by the Valuation Control Oversight Committee. Business
aligned valuation specialists focus on valuation approaches and methodologies for various asset classes and
perform IPV for complex derivatives and structured products.
— Taxation. Controls to ensure that tax calculations are performed properly and that tax balances are appro-
priately recorded in the financial statements.
— Reserving and judgmental adjustments. Controls to ensure reserving and other judgmentally based ad-
justments are authorized and reported in accordance with the approved accounting policies.
— Balance Sheet substantiation. Controls relating to the substantiation of balance sheet accounts to ensure
the integrity of general ledger account balances based on supporting evidence.
— Consolidation and other period end reporting controls. At period end, all businesses and regions submit
their financial data to the Group for consolidation. Controls over consolidation include the validation of ac-
counting entries required to eliminate the effect of inter and intra company activities. Period end reporting
controls include general ledger month end close processes and the review of late adjustments.
— Financial Statement disclosure and presentation. Controls over compilation of the financial statements
themselves including preparation of disclosure checklists and compliance with the requirements thereof,
and review and sign-off of the financial statements by senior Finance management. The financial state-
ments are also subject to approval by the Management Board, and the Supervisory Board and its Audit
Committee.

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The above controls are performed for primary GAAP IFRS and apply to HGB accordingly. In addition to these
controls specific HGB related controls are implemented which include:

— Intra-company elimination. Inter-branch reconciliation and elimination are performed for HGB specific bal-
ances.
— Analytical review. Review of revaluation and reclassification items between IFRS and HGB on branch and
parent company level.

Measuring effectiveness of internal control

Each year, management of the Group undertakes a formal evaluation of the adequacy and effectiveness of the
system of ICOFR. This evaluation incorporated an assessment of the effectiveness of the control environment
as well as individual controls which make up the system of ICOFR taking into account:

— The financial misstatement risk of the financial statement line items, considering such factors as materiality
and the susceptibility of the particular financial statement item to misstatement.
— The susceptibility of identified controls to failure, considering such factors as the degree of automation,
complexity, risk of management override, competence of personnel and the level of judgment required.

These factors, in aggregate, determine the nature and extent of evidence that management requires in order to
be able to assess whether or not the operation of the system of ICOFR is effective. The evidence itself is gen-
erated from procedures integrated with the daily responsibilities of staff or from procedures implemented spe-
cifically for purposes of the ICOFR evaluation. Information from other sources also forms an important
component of the evaluation since such evidence may either bring additional control issues to the attention of
management or may corroborate findings. Such information sources include:

— Reports on audits carried out by or on behalf of regulatory authorities

— External Auditor reports
— Reports commissioned to evaluate the effectiveness of outsourced processes to third parties

In addition, Group Audit provides assurance over the design and operating effectiveness of ICOFR by perform-
ing periodic and ad-hoc risk-based audits. Reports are produced summarizing the results from each audit
performed which are distributed to the responsible managers for the activities concerned. These reports, to-
gether with the evidence generated by specific further procedures that Group Audit performs for the purpose
also provide evidence to support the annual evaluation by management of the overall operating effectiveness
of the ICOFR.

As a result of the evaluation, management has concluded that ICOFR is appropriately designed and operating
effectively as of December, 31 2012.

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Non-financial Key Performance Indicators

The following section applies to the Group and is not restricted to the parent company.

Corporate Responsibility

2012 was a year of transition for us. The new management announced our Strategy 2015+. Culture change is
one of the core levers of this strategy. The change program is building on the strength of the past while focus-
ing ever more on needs of clients and partnership. Intensifying our efforts to make our business sustainable
has to be an integral part of this change and not just in the economic sense. The social and environmental
dimensions have to play a vital role as well.

To effect true change will take time but the message is clear: our performance culture has to be synchronized
with a culture of responsibility. We understand Corporate Responsibility as providing value with values for all
our stakeholders, our clients, employees, investors and society at large. Our objective is to deliver shared
value by incorporating environmental, social and governance issues throughout our businesses. At the same
time, we create shared value by creating opportunities in the communities we operate in, enable their talents
and foster their creativity. The traditional “philanthropically” motivated approach has shifted to an agenda tar-
geted at building social capital.

However, we make our greatest contribution by applying our expertise and financial services as a global finan-
cial player to the needs of our clients in order to maintain and grow their businesses. We offer more than finan-
cial support. More than ever before, our employees around the world invest their time, effort, and experience to
effect positive change in their local community or to help build capacities in start-up non-profit organizations.

We are aware that the expectations and interest of shareholders, clients, employees and the general public
might be contradictory. This implies that we have to consider and weigh the impact of our businesses, and
balance financial returns with benefits for our stakeholders and social acceptance. In 2012 some of our bank-
ing activities have again attracted criticism, including issues around food speculations, the production of cluster
munitions and transactions in the energy sector. We take the concerns seriously and will adapt our governance
framework and business practices wherever necessary, following dialog with stakeholder and thorough analy-
sis of facts. For example, after a period of intensive consultation and reflection we have not found convincing
evidence that the growth of agricultural-based financial products has led to either higher or more volatile prices.
Therefore we have lifted our temporary halt on launching new exchange-traded products based on agricultural
staples. And in the future when new products are launched, our approval process will make sure that the in-
vestment strategies which underpin our investor products do not facilitate price spikes.

Responsible business
To address the increasing relevance of environmental and social risks we introduced an Environmental and
Social Risk Framework in 2011. The Framework is being gradually rolled out across our organization and sig-
nificant progress was achieved in 2012. It involves environmental and social due diligence as integral part of
the approval process for all transactions. In the initial phase of implementation, special emphasis has been
placed on transactions originated in sensitive sectors such as extractive industry, agriculture and forestry or
utilities by our Corporate Banking &Securities and Global Transaction Banking divisions. Within the Framework
and with the support of the Group Reputational Risk Committee, guidance was drawn up for our activities in a
variety of sectors covered, for example palm oil and nuclear power. Our clients expect from us advice which is
balanced with regard to risk and opportunities which serve their needs. We introduced a Responsible Business
Initiative in our Private & Business Clients business, setting minimum standards for products.

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Asset under Management that integrates environmental, social and governance (ESG) criteria remained un-
changed on a high level with € 2.5 billion in 2012. This includes thematic funds in the area of climate change.
We extended ESG integration in our mainstream analysis with a series of upgrades of our internal investment
portal. Improvements included adding carbon ratings and a carbon reporting tool to the fixed income part of our
investment portal and extended ESG ratings to the Corporate and Sovereign fixed income research platform
for developed and emerging markets. We also launched the U.S.$ 100 million Global Commercial Microfinance
Consortium II fund.

Sustainable operations
Our thought leadership and our responsibility as a global player coincide when it comes to actions to contain
the impact of climate change. We set the target to make our operations carbon neutral (relative to the 2007
baseline) by year-end 2012. We accomplished this by the year-end of 2012. We invested in energy efficiency
projects, purchased and generated on-site renewable electricity and purchased and retired UN carbon credits
via the bank’s carbon trading desk for our inevitable emissions. Our broad basket of climate change related
activities earned us for the first time a spot in the Carbon Disclosure Leadership Index as one of 33 companies
worldwide.

Society
With a total investment of € 82.7 million in 2012 as compared to € 83.1 million in 2011, we and our foundations
are again among the world’s most active corporate citizens. Our commitment focuses on education, social
investments, art and music. 20,000 people (1,000 more than in 2011), representing 24 % of our employees
around the world, supported community projects as Corporate Volunteers.

Corporate Responsibility includes sound performance management, remuneration practices and the respect
for a diverse workforce. More information is provided on the following pages.

Read more about our Corporate Responsibility (CR) program in our CR Report 2012 or on the CR Portal
(www.db.com/responsibility).

Employees

A new Performance Management approach

In 2011, with the endorsement of the GEC, we committed to building and strengthening our performance cul-
ture based on a set of very clear principles:

— Everyone knows what is expected of them.

— We let our people know where they stand.
— We differentiate performance.

2012, we took this a step further by implementing a new approach to performance management. The new
approach requires an employee’s performance to be reviewed on two components:

— What business objectives have been achieved by the employee?

— How the objectives were achieved?

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To measure the ”how” component, we introduced Performance Standards. These define the desired behaviors
for all employees, to ensure sustainable high performance in line with the values of the bank.

This new performance assessment approach is supported by the implementation of a new performance man-
agement tool, db Perform, for the majority of our divisions.

Compensation as part of the cultural change initiative

We identified compensation as part of our culture change initiative and as key focus point during 2012. Our
engagement and the long term alignment to this topic include various activities, which we describe in detail
within the compensation report beginning on page 36 of this report.

Deutsche Bank People Survey and cultural assessment as yardstick for cultural change
Through the annual group-wide DB People Survey, in which 2012 some 52,000 employees – more than half of
our staff – participated, we received valuable feedback about the process of cultural change we pursue follow-
ing the transition at Top Management level and the subsequent strategy review. The results confirmed many
areas of excellence in our current culture. The Commitment Index, which measures the overall loyalty to the
company remains at high levels. It has increased by 1 % to 73 % in 2012. The commitment of our employees
is significant even during times of extreme changes for the industry.

The DB People Survey was supplemented by a cultural assessment this year involving approximately 20 % of
our staff, randomly chosen from all hierarchy levels, divisions and regions. The feedback received provides us
with reliable information about how our employees perceive our vision, strategy, values and culture, how they
experience the implementation of this strategy in their day-to-day professional activities and how well they
believe we can react to and reposition ourselves in this social environment. Under the direct leadership of GEC
members the work on cultural change will continue.

Commitment Index
Index ceiling = 100 / %

80
77
74 74
72 71 76
70 70
68 68 68 73 73 72 73
67 67
66

60

50
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Deutsche Bank Commitment Index Score

Deutsche Bank Commitment % Agreement Score

Note: In 2011 Deutsche Bank moved away from analyzing Index scores towards analyzing % Agreement scores.

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Annual Financial
Annual FinancialStatements
Statements Information pursuant
Information pursuantto Section 289289
to Section (4) of
(4)the
ofGerman Commercial
the German Code and
Commercial Explanatory
Code Report Report
and Explanatory
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Diversity
Diverse teams are the more successful teams as success depends on a variety of perspectives. It is only by
living according to our diversity philosophy that we can successfully respond to the great variety of client re-
quirements and develop innovative solutions.

Under the voluntary self-commitment we signed along with the other DAX 30 companies, our aim is to increase
the ratio of female senior executives at the Managing Director and Director level to 25 % and the proportion of
female management staff at the Managing Director, Director, Vice President, Assistant Vice President and
Associate level to 35 % by the end of 2018, subject to applicable laws.

Since 2010, we increased the ratio of female senior executives from 16.2 % to 18.0 % and the percentage of
female management staff from 29.3 % to 30.8 %.

Our ATLAS program (Accomplished Top Leaders Advancement Strategy) – through which we offer tailored
training and senior management sponsorship for a selected group of female Managing Directors since 2009 –
won the Global Award at the Opportunity Now Excellence in Practice Awards 2012 in the United Kingdom.

Through our “Women on Boards” initiative launched in 2011, we succeeded in adding ten women to Super-
visory Boards of our subsidiaries, which increased the proportion of female membership by 56 %. On our
Regional Advisory Boards we can report an increase of 1.5 %.

Information pursuant to Section 289 (4) of the German

Commercial Code and Explanatory Report
Structure of the Share Capital
As of December 31, 2012, Deutsche Bank’s issued share capital amounted to € 2,379,519,078.40 consisting of
929,499,640 ordinary shares without par value. The shares are fully paid up and in registered form. Each share
confers one vote.

Restrictions on Voting Rights or the Transfer of Shares

Under Section 136 of the German Stock Corporation Act the voting right of the affected shares is excluded by
law. As far as the bank held own shares in its portfolio according to Section 71b of the German Stock Corpora-
tion Act no rights could be exercised. We are not aware of any other restrictions on voting rights or the transfer
of shares.

Shareholdings which Exceed 10 % of the Voting Rights

The German Securities Trading Act (Wertpapierhandelsgesetz) requires any investor whose share of voting
rights reaches, exceeds or falls below certain thresholds as the result of purchases, disposals or otherwise,
must notify us and the German Federal Financial Supervisory Authority (BaFin) thereof. The lowest threshold is
3 %. We are not aware of any shareholder holding directly or indirectly 10 % or more of the voting rights.

Shares with Special Control Rights

Shares which confer special control rights have not been issued.

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to Section (4) of
(4)the
ofGerman Commercial
the German Code and
Commercial Explanatory
Code Report Report
and Explanatory
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

System of Control of any Employee Share Scheme where the Control Rights are not Exercised
Directly by the Employees
The employees, who hold Deutsche Bank shares, exercise their control rights as other shareholders in accord-
ance with applicable law and the Articles of Association (Satzung).

Rules Governing the Appointment and Replacement of Members of the Management Board
Pursuant to the German Stock Corporation Act (Section 84) and the Articles of Association of Deutsche Bank
(Section 6) the members of the Management Board are appointed by the Supervisory Board. The number of
Management Board members is determined by the Supervisory Board. According to the Articles of Association,
the Management Board has at least three members. The Supervisory Board may appoint one or two mem-
bers of the Management Board as Chairpersons of the Management Board. Members of the Management
Board may be appointed for a maximum term of up to five years. They may be re-appointed or have their term
extended for one or more terms of up to a maximum of five years each. The German Co-Determination Act
(Mitbestimmungsgesetz; Section 31) requires a majority of at least two thirds of the members of the Supervi-
sory Board to appoint members of the Management Board. If such majority is not achieved, the Mediation
Committee shall give, within one month, a recommendation for the appointment to the Management Board.
The Supervisory Board will then appoint the members of the Management Board with the majority of its mem-
bers. If such appointment fails, the Chairperson of the Supervisory Board shall have two votes in a new vote. If
a required member of the Management Board has not been appointed, the Local Court (Amtsgericht) in Frank-
furt am Main shall, in urgent cases, make the necessary appointments upon motion by any party concerned
(Section 85 of the Stock Corporation Act).

Pursuant to the German Banking Act (Kreditwesengesetz) evidence must be provided to the German Federal
Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank that each member of the Management
Board has adequate theoretical and practical experience of the businesses of the Bank as well as managerial
experience before the member is appointed (Sections 24 (1) No. 1 and 33 (2) of the Banking Act).

The Supervisory Board may revoke the appointment of an individual as member of the Management Board or
as Chairperson of the Management Board for good cause. Such cause includes in particular a gross breach of
duties, the inability to manage the Bank properly or a vote of no-confidence by the shareholders’ meeting
(Hauptversammlung, referred to as the General Meeting), unless such vote of no-confidence was made for
obviously arbitrary reasons.

The BaFin may appoint a special representative and transfer to such special representative the responsibility
and powers of individual members of the Management Board if such members are not trustworthy or do not
have the required competencies or if the credit institution does not have the required number of Management
Board members. If members of the Management Board are not trustworthy or do not have the required expertise
or if they have missed a material violation of the principles of sound management or if they have not addressed
identified violations, the BaFin may transfer to the special representative the responsibility and powers of the
Management Board in its entirety. In any such case, the responsibility and powers of the Management Board
members concerned are suspended (Section 45c (1) through (3) of the Banking Act).

If the discharge of a bank’s obligations to its creditors is endangered or if there are valid concerns that effective
supervision of the bank is not possible, the BaFin may take temporary measures to avert that risk. It may also
prohibit members of the Management Board from carrying out their activities or impose limitations on such
activities (Section 46 (1) of the Banking Act). In such case, the Local Court Frankfurt am Main shall, at the
request of the BaFin appoint the necessary members of the Management Board, if, as a result of such prohibi-
tion, the Management Board does no longer have the necessary number of members in order to conduct the
business (Section 46 (2) of the Banking Act).

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Annual FinancialStatements
Statements Information pursuant
Information pursuantto Section 289289
to Section (4) of
(4)the
ofGerman Commercial
the German Code and
Commercial Explanatory
Code Report Report
and Explanatory
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Rules Governing the Amendment of the Articles of Association

Any amendment of the Articles of Association requires a resolution of the General Meeting (Section 179 of the
Stock Corporation Act). The authority to amend the Articles of Association in so far as such amendments
merely relate to the wording, such as changes of the share capital as a result of the issuance of authorized
capital, has been assigned to the Supervisory Board by the Articles of Association of Deutsche Bank (Section 20
(3)). Pursuant to the Articles of Association, the resolutions of the General Meeting are taken by a simple major-
ity of votes and, in so far as a majority of capital stock is required, by a simple majority of capital stock, except
where law or the Articles of Association determine otherwise (Section 20 (1)). Amendments to the Articles of
Association become effective upon their entry in the Commercial Register (Section 181 (3) of the Stock Corpo-
ration Act).

Powers of the Management Board to Issue or Buy Back Shares

The Management Board is authorized to increase the share capital by issuing new shares for cash and in
some circumstances noncash consideration. As of December 31, 2012, Deutsche Bank AG had authorized but
unissued capital of € 1,152,000,000 which may be issued in whole or in part until April 30, 2016. Further details
are governed by Section 4 of the Articles of Association.

Authorized capital Consideration Pre-emptive rights Expiration date

€ 230,400,000 Cash May be excluded pursuant to Section 186 (3) sentence 4 of the Stock April 30, 2016
Corporation Act
€ 230,400,000 Cash or noncash May be excluded if the capital increase is for noncash consideration with April 30, 2016
the intent of acquiring a company or holdings in a company
€ 691,200,000 Cash May not be excluded April 30, 2016

The Management Board is authorized to issue once or more than once, participatory notes that are linked with
conversion rights or option rights and/or convertible bonds and/or bonds with warrants. The participatory notes,
convertible bonds or bonds with warrants may also be issued by affiliated companies of Deutsche Bank AG.
For this purpose share capital was increased conditionally upon exercise of these conversion and/or exchange
rights or upon mandatory conversion.

Expiration date for the

issuance of conversion
Contingent capital and/or option rights
€ 230,400,000 April 30, 2015
€ 230,400,000 April 30, 2016
€ 230,400,000 April 30, 2017

The Annual General Meeting of May 27, 2010 authorized the Management Board pursuant to Section 71 (1)
No. 7 of the Stock Corporation Act to buy and sell, for the purpose of securities trading, own shares of
Deutsche Bank AG on or before November 30, 2014, at prices which do not exceed or fall short of the average
of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable
successor system on the Frankfurt Stock Exchange) on the respective three preceding stock exchange trading
days by more than 10 %. In this context, the shares acquired for this purpose may not, at the end of any day,
exceed 5 % of the share capital of Deutsche Bank AG.

The Annual General Meeting of May 31, 2012 authorized the Management Board pursuant to Section 71 (1)
No. 8 of the Stock Corporation Act to buy, on or before November 30, 2016, own shares of Deutsche Bank AG
in a total volume of up to 10 % of the present share capital. Together with own shares acquired for trading
purposes and/or for other reasons and which are from time to time in the company’s possession or attributable
to the company pursuant to Sections 71a et seq. of the Stock Corporation Act, the own shares purchased on
the basis of this authorization may not at any time exceed 10 % of the company’s share capital. The own
shares may be bought through the stock exchange or by means of a public purchase offer to all shareholders.
The countervalue for the purchase of shares (excluding ancillary purchase costs) through the stock exchange
may not be more than 10 % higher or lower than the average of the share prices (closing auction prices of the
Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Ex-

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the German Code and
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change) on the last three stock exchange trading days before the obligation to purchase. In the case of a pub-
lic purchase offer, it may not be more than 10 % higher or lower than the average of the share prices (closing
auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the last three stock exchange trading days before the day of publication of the
offer. If the volume of shares offered in a public purchase offer exceeds the planned buyback volume, ac-
ceptance must be in proportion to the shares offered in each case. The preferred acceptance of small quanti-
ties of up to 50 of the company’s shares offered for purchase per shareholder may be provided for.

The Management Board has also been authorized to dispose of the purchased shares and of any shares pur-
chased on the basis of previous authorizations pursuant to Section 71 (1) No. 8 of the Stock Corporation Act in
a way other than through the stock exchange or by an offer to all shareholders, provided this is done against
contribution-in-kind and excluding shareholders’ pre-emptive rights for the purpose of acquiring companies or
shareholdings in companies. In addition, the Management Board has been authorized, in case it disposes of
such own shares by offer to all shareholders, to grant to the holders of the option rights, convertible bonds and
convertible participatory rights issued by the company and its affiliated companies pre-emptive rights to the
extent to which they would be entitled to such rights if they exercised their option and/or conversion rights.
Shareholders’ pre-emptive rights are excluded for these cases and to this extent.

The Management Board has also been authorized with the exclusion of shareholders’ pre-emptive rights to use
such own shares to issue staff shares to employees and retired employees of the company and its affiliated
companies or to use them to service option rights on shares of the company and/or rights or duties to purchase
shares of the company granted to employees or members of executive or non-executive management bodies
of the company and of affiliated companies.

Furthermore, the Management Board has been authorized with the exclusion of shareholders’ pre-emptive
rights to sell such own shares to third parties against cash payment if the purchase price is not substantially
lower than the price of the shares on the stock exchange at the time of sale. Use may only be made of this
authorization if it has been ensured that the number of shares sold on the basis of this authorization does not
exceed 10 % of the company’s share capital at the time this authorization becomes effective or – if the amount
is lower – at the time this authorization is exercised. Shares that are issued or sold during the validity of this
authorization with the exclusion of pre-emptive rights, in direct or analogous application of Section 186 (3)
sentence 4 Stock Corporation Act, are to be included in the maximum limit of 10 % of the share capital. Also to
be included are shares that are to be issued to service option and/or conversion rights from convertible bonds,
bonds with warrants, convertible participatory rights or participatory rights, if these bond or participatory rights
are issued during the validity of this authorization with the exclusion of pre-emptive rights in corresponding
application of Section 186 (3) sentence 4 Stock Corporation Act.

The Management Board has also been authorized to cancel shares acquired on the basis of this or a preced-
ing authorization without the execution of this cancellation process requiring a further resolution by the General
Meeting.

The Annual General Meeting of May 31, 2012 authorized the Management Board pursuant to Section 71 (1)
No. 8 of the Stock Corporation Act to execute the purchase of shares under the resolved authorization also
with the use of put and call options or forward purchase contracts. The company may accordingly sell to third
parties put options based on physical delivery and buy call options from third parties if it is ensured by the
option conditions that these options are fulfilled only with shares which themselves were acquired subject to
compliance with the principle of equal treatment. All share purchases based on put or call options are limited to
shares in a maximum volume of 5 % of the actual share capital at the time of the resolution by the General
Meeting on this authorization. The maturities of the options must end no later than on November 30, 2016.

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The purchase price to be paid for the shares upon exercise of the put options or upon the maturity of the for-
ward purchase may not exceed more than 10 % or fall below 10 % of the average of the share prices (closing
auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the last three stock exchange trading days before conclusion of the respective
option transaction in each case excluding ancillary purchase costs but taking into account the option premium
received or paid. The call option may only be exercised if the purchase price to be paid does not exceed by
more than 10 % or fall below 10 % of the average of the share prices (closing auction prices of the Deutsche
Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the
last three stock exchange trading days before the acquisition of the shares.

To the sale and cancellation of shares acquired with the use of derivatives the general rules established by the
General Meeting apply.

Significant Agreements which Take Effect, Alter or Terminate upon a Change of Control of the
Company Following a Takeover Bid
Significant agreements which take effect, alter or terminate upon a change of control of the company following
a takeover bid have not been entered into.

Agreements for Compensation in Case of a Takeover Bid

If a member of the Management Board leaves the bank within the scope of a change of control, he receives a
one-off compensation payment described in greater detail in the following Compensation Report.

If the employment relationship with certain executives with global or strategically important responsibility is
terminated within a defined period within the scope of a change of control, without a reason for which the exec-
utives are responsible, or if these executives terminate their employment relationship because the company has
taken certain measures leading to reduced responsibilities, the executives are entitled to a severance payment.
The calculation of the severance payment is, in principle, based on 1.5 times to 2.5 times the total annual re-
muneration (base salary as well as variable – cash and equity-based – compensation) granted before change
of control. Here, the development of total remuneration in the three calendar years before change of control is
taken into consideration accordingly.

Compensation Report
The Compensation Report provides information on the principles and the amount of the compensation of the
Management Board and Supervisory Board members of Deutsche Bank AG. It complies with the requirements
of Section 285 No. 9 of the German Commercial Code (HGB), the German Accounting Standard No. 17 “Re-
porting on Executive Body Remuneration”, the German regulation on the supervisory requirements for com-
pensation systems of banks (Instituts-Vergütungsverordnung) as well as the recommendations of the German
Corporate Governance Code.

Introduction

The Compensation Report in prior years provided information on the underlying principles and the amount of
compensation of only the members of the Management Board of Deutsche Bank AG. For the 2012 financial
year, however, in order to promote greater transparency with regards to overall Group compensation, addi-
tional information and disclosures required under the German regulation on the supervisory requirements for
compensation systems of banks (“InstitutsVergV”) have been consolidated into the report.

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The full report now comprises the following sections:

— Group compensation overview and disclosure

— Management Board report and disclosure
— Senior Management Group
— Employees regulated under the InstitutsVergV
— Compensation System for Supervisory Board Members

Group compensation overview and disclosure

The evolution of compensation practices and culture was placed firmly at the forefront of our commitments
during 2012. It is widely perceived that certain aspects of compensation across the financial services industry
should be addressed in the context of the current regulatory and macroeconomic environment, including im-
pacts and lessons learned from the 2007 financial crisis. During the Investor Day in September 2012, we
committed to taking specific and innovative actions in this regard which we have initiated, and in some instanc-
es already delivered, during the intervening period. For the first time we have asked senior professionals from
outside the industry to assist us with their expertise and independent view in order to further improve our com-
pensation practices. More information on the Independent Compensation Review Panel (ICRP) and how they
have influenced compensation practices can be found in the subsequent sections of the report.

Our compensation governance structure, principles and policies have been the focus of continuous improve-
ment in recent years. Many of these enhancements have been aligned with the introduction and oversight of
new specific compensation regulations. In 2012, however, we have consciously taken the decision to step
away from and go beyond the existing requirements with the clear intention to lead what is hoped will be a
cultural change across the industry. These enhancements are addressed in the following report.

This section focuses on our compensation philosophy, policy and governance structures at Group level and
addresses the Section 7 group disclosure requirements under the InstitutsVergV. Specific information and
disclosures with respect to the Management Board and other defined employee populations is included in
subsequent sections.

Independent Compensation Review Panel

In September 2012 we announced our intention to convene an independent panel comprised of senior, highly
regarded professionals with extensive experience from both industry and high public office. The clear intention
was to seek an objective view of our existing compensation policies and processes, assess how these com-
pared to industry best practice and formulate core principles and minimum standards for future structures and
practices. Furthermore, we sought assistance in defining appropriate levels of transparency and disclosure in
relation to compensation.

In October 2012 membership of the panel was announced.

Dr. Jürgen Hambrecht (Chair) – former CEO of BASF

Michael Dobson – CEO of Schroders

Morris W. Offit – Chairman of Offit Capital and Independent Director of AIG

Dr. Michael Otto – Chairman of the Supervisory Board of Otto Group

Dr. Theo Waigel – former Federal Minister of Finance for Germany

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The panel followed a specific work plan leading up to the end of 2012 and continuing in 2013, working strin-
gently towards their objectives and final recommendations. Preliminary conclusions are evident in the Com-
pensation Report, particularly with regards to increased levels of transparency and disclosure but also the
recommendation to adjust slightly the focus of compensation structures for the most senior employees and
work towards more competitive levels of compensation deferred. The full recommendations from the panel will
be finalised in 2013. Specific references to the panel recommendations are made in the following sections
where applicable.

Compensation Philosophy and Principles

Deutsche Bank is a truly global organization operating in all regions across the world. We operate and strongly
support a “One Bank” approach in relation to compensation to ensure employees are globally governed under
the same principles, policy and procedures. This ensures a fully transparent, balanced and equitable approach
to compensation.

The following core remuneration principles which were already introduced in 2010 apply globally and form the
backbone of our compensation practices:

— align compensation to shareholder interests and sustained firm-wide profitability, taking account of risk and
the cost of capital;
— compliance with regulatory requirements;
— maximize employee and firm performance;
— attract and retain the best talents;
— calibrate to different divisions and levels of responsibility;
— simple and transparent compensation design.

The principles are fully aligned with and build on our following core values which underpin and shape the work
we do:

— Performance;
— Trust;
— Teamwork;
— Innovation;
— Client Focus.

Complete focus on and dedication to clients is an imperative for building on and maintaining our success. Cus-
tomers must be placed at the centre of our activities and drive all that we seek to achieve. Looking forward in
2013, this key objective will play an even greater role and will form one of the core principles reflected in new
performance standards. Our Passion to Perform is driven by dedicated Client Focus and reinforced through
delivering excellence and building long-term trusted relationships.

Within this wider context, we strongly believe that defined standards for compensation help to establish a direct
relationship between the incentives for performance and the longer-term success of the firm. Compensation
should reflect the success of the Bank as a whole but equally also account for the contributions made at a
divisional and individual level. Discouragement of excessive risk taking forms an integral part of our compensa-
tion policy and this is both accompanied and supported by a management culture which is built on and guided
by strong risk management, sound judgment, stable processes and effective controls.

We continually seek to reform and improve our compensation policies, practices and cultural direction through
ongoing review processes. Our compensation policy is framed by the specific requirements of our home regu-
lator, the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”). In particular, the InstitutsVergV which came
into effect in 2010 is the primary compensation regulation requirement applicable to us on a Group-wide basis.

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We are also subject to specific local regulations in certain jurisdictions and continue to pro-actively engage with
regulators to ensure compliance with these to the extent they differ from the InstitutsVergV. A consistent global
approach to compensation regulation appears unlikely in the near future, however, we continue to promote the
merits of a level playing field across the industry in this respect. Strong, purposeful and targeted regulation is
important to underpin sound risk management policies by firms.

Governance Structure
We operate a Global Reward Governance Structure within the German Two Tier Board Structure which over-
sees all aspects of compensation and compliance with the global regulatory requirements. For the Manage-
ment Board, the Governance Structure is led solely by the Supervisory Board. The Senior Executive
Compensation Committee (“SECC”) oversees compensation related decisions for all other employees in the
Group. The SECC is specifically tasked by the Management Board to:

— develop sustainable compensation principles and prepare recommendations on compensation and bonus
levels including allocation to employees;
— ensure appropriate compensation governance and oversight.

The SECC is co-chaired by Stefan Krause (Chief Financial Officer) and Dr. Stephan Leithner (Chief Executive
Officer Europe (except Germany and UK), Human Resources, Legal & Compliance, Government & Regulatory
Affairs), both of whom are members of the Management Board, and also includes senior employees from Risk,
Finance and Human Resources. No employees aligned to any of our business divisions are members of the
SECC in order to ensure its independence.

Global Reward Governance Structure

Supervisory Board

Management Board

Senior Executive
Compensation Committee (SECC)

Group Compensation Divisional Group Compensation

Oversight Committee (GCOC) Compensation Committees (DCC) Review Committee (GCRC)

Compensation Administration Investment Impairment Review

Operating Council (COC) Committee (AC) Committee (IC) Control Committee (IRCC)

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The SECC is supported by two sub-committees, each responsible for specific aspects of our governance re-
quirements.

The Group Compensation Oversight Committee (“GCOC”) reviews divisional compensation frameworks and
ensures that the frameworks and practices comply with both our compensation principles and policies and all
external regulatory requirements. This compliance includes taking into account sound measurements and
metrics on: the financial performance of the Group and the respective divisions, the inherent risk profiles based
on the different types of risk (i.e. operational, market, liquidity, reputational, regulatory and credit risk) and ad-
herence to Compliance policies.

The GCOC has made a number of enhancements to the requirements it places upon the divisional compensa-
tion committees during 2012. These include the requirement, where applicable, for sub-divisional compensa-
tion frameworks in order to further integrate the use of business specific metrics and information into the
compensation decision making process. Furthermore, the written documentation requirements required of
senior managers to support Variable Compensation decisions have been significantly enhanced.

The Group Compensation Review Committee’s (“GCRC”) main responsibilities include operating an effective
framework of compensation components and policies, approving new plans and changes to existing plans and
reviewing our current and future liabilities related to compensation plans, in particular with regards to equity or
equity-based components.

Fundamental Compensation Structure and Components

We operate a Total Compensation philosophy for all staff globally. Total Compensation is made up of fixed
(salary and any applicable allowances) and Variable Compensation. Variable Compensation awards are gen-
erally discretionary and are determined in accordance with the performance of the employee, their respective
division and the Group as a whole.

Variable Compensation is used as a tool to incentivize and reward high performing employees and furthermore,
through the deferral of awards, ensure part of the compensation of senior employees is aligned to their own
and the Group’s future performance. A Group-wide matrix is operated in order to determine the amount of any
Variable Compensation that is deferred.

As an interim recommendation, the Independent Compensation Review Panel indicated that we should focus
on deferral of Variable Compensation for our most senior employees and where possible reduce overall defer-
rals, thus reducing the compensation cost for future years. The deferral threshold was set at € 100,000 from
which point 50 % of Variable Compensation was deferred. The overall amount deferred increased as the value
of Variable Compensation increased.

As part of the focus on aligning senior employee compensation to future performance, 100 % of any Variable
Compensation award above € 1 million was deferred. As a result of this and the overall deferral matrix, the
maximum immediate cash payment was limited to € 300,000.

Increasing the deferral threshold to € 100,000 whilst retaining an overall cash cap ensured we achieved our
objective of focusing on senior employees. More junior employees were subject to lower deferrals than 2011
whilst our most senior employees were still subject to a cash cap and deferral levels remained high in compari-
son to the majority of industry peers.

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In accordance with the InstitutsVergV 50 % of the non-deferred Variable Compensation for any employees
covered by this regulation (in the following referred to as “Regulated Employees”) is required to be awarded in
equity and subject to a retention period. On this basis, Regulated Employees with Variable Compensation of
€ 1 million or above were subject to a minimum effective deferral rate of 85 % and cash payment cap of
€ 150,000. This deferral rate is considerably higher than the requirements under the Capital Requirements
Directive III and the InstitutsVergV. Furthermore, at this time there is no requirement to put a maximum limit on
the amount of the non-deferred Variable Compensation. Both measures have been voluntarily implemented by
us.

Deferral structures and vehicles

Whilst we operate a global compensation policy, it is important that specific employee populations can be iden-
tified, and where necessary steps taken to structure certain aspects of compensation accordingly. The illustra-
tion below identifies the four main categories of employees at Deutsche Bank Group who have received a
deferred compensation award for 2012. Further detailed information on the Management Board, Senior Man-
agement Group and further Regulated Employees is set out in subsequent sections of the report.

Groups of employees with deferred Variable Compensation awards

Number
of individuals

Management
Board
7

Senior Management
Group
119

further Regulated
Employees
1,089

non-regulated employees with

a deferred award
circa 3,500

Full population regulated pursuant to InstitutsVergV („Regulated Employees“)

All employees with a 2012 deferred Variable Compensation award received 50 % of the deferred award in the
form of equity and 50 % in deferred cash.

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Restricted Equity Awards

The portion of deferred Variable Compensation that is equity-based is granted in the form of a conditional enti-
tlement to the future delivery of shares (a Restricted Equity Award “REA”). REAs are governed by the
Deutsche Bank Equity Plan, under which employees are granted the right to receive Deutsche Bank shares
after a specified period of time. The value of the REAs is subject to the performance of the Deutsche Bank
share price over the pre-defined vesting and (where applicable) retention period and is thus linked to the sus-
tained development of long-term value. Participants in the Deutsche Bank Equity Plan are not entitled to re-
ceive actual dividends until the shares are delivered to them.

The vesting period and forfeiture provisions for the REA vary across the different groups of employees in the
diagram above. The Management Board and Senior Management Group are subject to a newly introduced
four and a half year cliff vesting period followed by a further six-month retention period (during which time the
shares cannot be sold). All other Regulated Employees are subject to a three-year pro rata vesting period with
a further six-month retention period following the vesting of each tranche. All remaining employees with a de-
ferred award are subject to a three year pro rata vesting period. A 5 % premium award is applicable for all
employees (excluding the Senior Management Group and Management Board) to reflect the fact that the
award does not attract dividends during the vesting period. A dividend equivalent based on the dividend paid
and share price on the dividend payment date applies to the Management Board and Senior Management
Group.

Restricted Incentive Awards

The non equity based portion of deferred Variable Compensation is granted as deferred cash compensation
(Restricted Incentive Award “RIA”). RIAs are granted on the basis of the Deutsche Bank Restricted Incentive
Plan. The RIA is subject to a minimum three-year pro-rata vesting period during which time specific forfeiture
provisions apply. A 2 % premium award is applicable for all beneficiaries in recognition that the award does not
attract interest.

Equity Upfront Awards

As per REAs, Equity Upfront Awards (“EUA”) are granted and governed under the Deutsche Bank Equity Plan.
Accordingly, EUAs represent a conditional entitlement to the future delivery of shares. The value of the EUA is
subject to the performance of the Deutsche Bank share price over the pre-defined retention period and is thus
linked to a sustained development. Participants in the Deutsche Bank Equity Plan are not entitled to receive
actual dividends until the shares are delivered to them. As required under the InstitutsVergV, for all Regulated
Employees, 50 % of the remaining non-deferred Variable Compensation (after the percentage deferred is cal-
culated) is awarded in the form of EUA and subject to a retention period of six months (three years for Man-
agement Board members). A dividend equivalent based on the dividend paid and share price on the dividend
payment date applies during the retention period.

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Compensation structure for non-regulated employees with

Compensation structure for Regulated Employees a deferred award

Variable Compensation Variable Compensation

total total

max. 60 % min. 40 %
immediate payment or Upfront Deferred
payment or delivery deferred (and if
delivery after immediate payment payment or delivery deferred
applicable after retention period)
retention period

thereof thereof thereof

max. min. max. min.

100 % 50 % 50 %
50 % 50 % 50 % 50 % Upfront Cash RIA REA
Upfront Cash EUA RIA REA

payment or delivery of at
least 70 % at later dates

cash equity-based cash equity-based cash cash equity-based

retention period deferred deferred deferred deferred
retention period

EUA = Equity Upfront Awards

RIA = Restricted Incentive Awards
REA = Restricted Equity Awards

A consolidated summary of the vesting periods for each award type across the employee populations identified
is set out below. Further detailed information is provided in the specific sections addressing compensation for
the Management Board, Regulated Employees and Senior Management Group.

Vesting periods for each award type and population

1st 2nd 3rd 4th 5th

subsequent subsequent subsequent subsequent subsequent
Grant year year year year year year

100% 100% 100% 100%

Upfront Cash

100% 100% 100%

Equity Upfront Awards (nb 1)
Restricted Incentive Awards 25% 33% 33% 33% 25% 33% 33% 33% 25% 33% 33% 33% 25% 25%

100% 100%
Restricted Equity Awards (nb 2) 33% 33% 33% 33% 33% 33%

Management Board 100%

Senior Management Group
Further Regulated Employees
Non-regulated employees with a deferred award

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Nb 1: The Equity Upfront Awards are subject to a six-month retention period (with the exception of the Man-
agement Board for whom a three-year retention period applies). The shares are released after this period.
Nb 2: The full number of Restricted Equity Awards granted to the members of the Management Board and the
Senior Management Group is delivered after five years. This comprises a four and a half year vesting period
and a six-month retention period. For further Regulated Employees a six-month retention period applies follow-
ing the vesting of each tranche after which the shares are released.

Compensation and Risk Management

We are acutely aware of the importance of ensuring Variable Compensation pools are subject to appropriate
risk adjustment measures.

Risk adjustment measures

Ex-ante Risk Adjustments Ex-post Risk Adjustments

Quantitative Qualitative Explicit Implicit

Quantitative performance
Group/Divisional/Employee
Economic Capital metrics based on group and
Performance
divisional performance

Risk-adjusted Net Income Share price movements for up

Individual performance
before Bonus and Income Control Function input to 5 year vesting/retention
forfeiture clawback
Taxes period

Individual policy/regulatory
Value at Risk Red Flag reports
breaches

Ex-ante risk adjustment measures

To achieve appropriate ex-ante risk adjustments, we use an Economic Capital Model developed within the Risk
function which is our primary method of calculating the degree of future potential risk to which we may be ex-
posed.

The model measures the amount of capital the Group would need in order to absorb very severe unexpected
losses arising from the Group’s exposures. “Very severe” in this context means that economic capital is set at a
level to cover, with a probability of 99.98 %, the aggregated unexpected losses within one year.

Ex-ante risk adjustment is initially employed at the Group level and is designed to reflect our risk exposure at
the time of Variable Compensation allocation. Risk is considered by reviewing risk-adjusted profit and loss prior
to distributing divisional Variable Compensation pools. As the risk profile of the organization increases, the
economic capital charge also increases, thereby driving down Group-wide economic profitability and, by exten-
sion, the amount of Variable Compensation awarded. After adjusting Net Income before Bonus and Income
Taxes for economic capital at the Group-wide level, we determine risk adjusted bonus eligible Net Income
before Bonus and Income Taxes as a basis for allocating Variable Compensation pools. Therefore, adjust-
ments made at the Group-wide level are reflected in allocations made at all levels of the organization.

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As a general rule, we capture all material risks within the four prime risk types of our economic capital frame-
work (Credit, Market, Operational, and Business Risk). Other risks are mapped into the appropriate overarch-
ing risk type. Specific examples of risks captured within each of the sub-risk types are as follows:

Credit Risk
— counterparty risk, transfer risk, settlement risk;

Market Risk
— traded default risk, traded market risk, non-traded market risk;

Operational Risk
— legal risk, IT risk, staff risk, business continuity risk, vendor risk, transaction processing risk, financial re-
porting/recording risk, fiduciary service risk, real estate risk, security risk;

Business Risk
— strategic risk, tax risk.

Ex-post risk adjustment measures

Clawback provisions, pursuant to which we are entitled to forfeit compensation components previously award-
ed, represent a crucial aspect our governance process and act as a mechanism for ensuring that a substantial
portion of Variable Compensation for senior employees remains subject to both future performance and con-
duct. We have utilized clawback provisions for a number of years and have once again enhanced the depth of
the measures attached to 2012 deferred Variable Compensation awards.

The clawback provisions below have been applied to 2012 deferred Variable Compensation awards. The fol-
lowing table outlines which of the provisions apply to the specific employee populations. Where necessary,
further information on the application of the clawbacks is provided in the sections addressing the Management
Board, Regulated Employees and Senior Management Group.

— Group clawback
This clawback utilises positive Group Net Income Before Income Taxes as a performance condition for
vesting in the full value of the REA and RIA granted for 2012. The performance condition is met only if
Group Net Income Before Income Taxes is zero or greater. If Group Net Income Before Income Taxes is
negative for any year during the vesting period, the performance condition will not be met and 100 % of the
REA and RIA tranches due to vest in respect of that year will be forfeited. For the Management Board and
Senior Management Group subject to the five year REA cliff vesting, if for any year during the vesting pe-
riod the Group Net Income before Taxes is negative, 20 % of the award will be forfeited in respect of that
year.

— Divisional clawback
This clawback utilises positive divisional Net Income before Income Taxes as a performance condition for
vesting in the full value of the REA and RIA granted for 2012. The performance condition is met for indi-
vidual employees only if their respective divisional Net Income before Income Taxes is not negative. If Net
Income before Income Taxes is negative for any division during any year of the vesting period, the per-
formance condition will not be met and 100 % of the REA and RIA tranches due to vest in respect of that
year will be forfeited by all employees in the applicable division. For the Senior Management Group sub-
ject to the five-year REA cliff vesting, if for any year during the vesting period the divisional Net Income be-
fore Income Taxes is negative, 20 % of the award will be forfeited in respect of that year. The divisional
clawback measure does not apply to the Management Board or employees working in Regional Manage-
ment or Infrastructure divisions.

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— Performance Forfeiture clawback

This clawback puts an employee’s RIA and REA at risk into the future and allows us to determine whether
adjustments may be necessary based on actual outcomes. Up to 100 % of an employee’s unvested
awards can be clawed back in the event that we discover that the original award value was inappropriate
because a performance measure is later deemed to be materially inaccurate or if a deal, trade or transac-
tion considered to be attributable to the employee has a significant adverse effect on any Group entity, any
Corporate Division or the Group. This clawback has been applied for the first time to REAs granted in re-
spect of 2012 and represents an important governance enhancement.

— Policy/Regulatory Breach clawback

All of our long-term compensation plans contain a behavioral clawback, which includes provisions provid-
ing for the forfeiture of all unvested and unpaid compensation if an employee is terminated for misconduct,
including but not limited to, dishonesty, fraud, misrepresentation or breach of trust. An award may be
clawed back for an internal policy or procedure breach or breach of any applicable laws or regulations im-
posed other than by us. Specific tranches of an award may also be forfeited where it is determined that a
policy breach has occurred, however the disciplinary sanctions fall short of termination for Cause.

Application of clawbacks to different employee populations

Performance Policy/Regulatory
Group clawback Divisional clawback Forfeiture clawback Breach clawback
Management Board   
Senior Management Group  1  
further Regulated Employees  1  
non-regulated employees with a deferred award  
1 Only applies for employees working in front office business divisions

In addition to these specific clawbacks, a number of other provisions are included in the relevant plan rules
which facilitate the forfeiture of deferred awards for all employees. These include (but are not limited to):

— voluntary termination of employment;

— termination for Cause;
— solicitation of customers, clients or Deutsche Bank Group employees;
— disclosure or usage of proprietary information;
— provision of similar, related or competitive services to other financial services companies following retire-
ment, career retirement or public service retirement.

Hedging
All employees with deferred awards are not permitted to limit or cancel out the risk in connection with their
compensation through hedging or other countermeasures. Any such action is deemed a breach of policy and
will result in the full forfeiture of awards.

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Management Board report and disclosure

Management
Board

Senior Management
Group

further Regulated
Employees

Principles of the Compensation System for Management Board Members

In May 2012 the compensation system was presented and approved by a majority vote of 94 % at the Annual
General Meeting on the basis of the Compensation Report applicable at the time. However, as part of their
mandate the ICRP is also reviewing the current compensation system with the endorsement of the Supervisory
Board.

Responsibility
The Supervisory Board is responsible for determining the individual amounts of compensation for the Manage-
ment Board members. The Chairman’s Committee supports the Supervisory Board in the process. It advises
the Supervisory Board on all issues in connection with the compensation of the members of the Management
Board and prepares all of the resolutions on the compensation system and on the determination of the individ-
ual compensation of the each Management Board members.

The Chairman’s Committee of the Supervisory Board comprises a total of four members, of which two are
representatives of the Group´s employees. The Chairman’s Committee held regular meetings in 2012 and
continues to do so in 2013. Most recently it prepared the decision on how the amount of the Variable Compen-
sation for the members of the Management Board for the financial year 2012 is to be assessed.

Principles
The compensation structure for the members of the Management Board takes into account all of the applicable
statutory and regulatory requirements. As divergent requirements have been established around the world,
numerous aspects must be considered, and therefore the requirements placed on such a system are increas-
ingly extensive and complex.

When designing the structure of the compensation system, determining compensation amounts and structuring
its delivery, the focus is set on ensuring a close link between the interests of both the Management Board
members and shareholders. This is achieved through the utilization of specific key financial figures which have
a connection to the performance of the Deutsche Bank share price and granting compensation elements that
are equity-based. The equity-based compensation components are directly linked to the performance of the

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Deutsche Bank share price and only become eligible for payment over a period of several years. Our perfor-
mance compared with other companies in the market is a further important criterion for the structuring and
determination of compensation.

Furthermore, the compensation system is aligned with performance and success targets. Particular emphasis
is attached to our long-term focus, as well as appropriateness and sustainability measures. The compensation
system is structured to ensure members of the Management Board are motivated to avoid unreasonably high
risks, to achieve the objectives set out in our strategies and to continuously work towards the positive devel-
opment of the Group.

Compensation for the Management Board members is determined on the basis of several criteria. These in-
clude our overall results as well as the relative performance of the Deutsche Bank share price in comparison to
selected peer institutions. Within the framework, the Supervisory Board specifically takes into account risk
aspects and contributions to our success by the respective organizational unit as well as by the individual
Management Board members themselves. Both financial and non-financial parameters are considered when
assessing performance. This procedure also fulfils regulatory requirements by going beyond a purely formula-
based assessment. Most of the Variable Compensation components are determined on the basis of a multi-
year assessment in order to avoid limiting the assessment of business performance to a single year only.

The Supervisory Board regularly reviews the compensation framework for Management Board members with
due consideration to market trends and changing legal and regulatory requirements. If the Supervisory Board
considers a change to be required, it will adjust the framework accordingly. In the context of this review and the
determination of the Variable Compensation, the Supervisory Board uses the expertise of independent external
compensation and, if necessary, legal consultants.

Compensation Structure
The compensation structure approved by the Supervisory Board for the individual Management Board mem-
bers is reflected in their contractual agreements. The compensation is divided into both non-performance-
related and performance-related components.

Non-Performance-Related Components
The non-performance-related components are primarily comprised of the base salary, which is paid in twelve
equal monthly payments. In 2012, the annual base salary of the ordinary Management Board members re-
mained unchanged to the previous year. The last adjustment to the base salaries of the two Co-Chairmen took
effect as of June 1, 2012. The annual amounts are as follows:

in € January – May June – December

Base salary
Chairman1/Co-Chairmen 1,650,000 2,300,000
Ordinary Board Members 1,150,000 1,150,000
1 Refers to Dr. Ackermann until May 2012

Additional non-performance-related components include other benefits, which comprise the monetary value of
non-cash benefits such as company cars and driver, insurance premiums, expenses for company-related so-
cial functions and security measures including payments, if applicable, of taxes on these benefits as well as
taxable reimbursements of expenses.

Performance-Related Components (Variable Compensation)

Variable Compensation is performance-related. It consists of two components; a bonus and a Long-Term Per-
formance Award. Effective from June 2012 and in line with the appointment of Mr. Jain as Co-Chairman of the
Management Board, his entitlement to receive the Division Incentive compensation component related to his
responsibility for the CB&S was removed.

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Bonus
The total bonus is determined on the basis of two components (bonus components 1 and 2). Their levels de-
pend on the development of the return on equity (based on income before income tax), which is a key factor
influencing the share price performance. The first component of the bonus is determined through a comparison
of the planned and actually achieved return on equity. The second component of the bonus is based on the
actually achieved return on equity. The two components are each assessed over a two-year period: the year
for which the bonus is determined and the preceding year. This ensures that the assessment is based not just
on a short-term development of the return on equity.

The total bonus to be granted is calculated on the basis of a total target figure. In connection with the new
composition of the Management Board effective from June 1, 2012 the total target figures were amended. The
individual annual total target figures for an ordinary Management Board member and for the Management
Board Chairman/Co-Chairmen in 2012 are as follows:

in € January – May June – December

Bonus Target (total)
Chairman/Co-Chairmen 4,000,000 2,300,000
Ordinary Board Members 1,150,000 1,150,000

The total target figure is divided in half into the two components specified above (target figures 1 and 2). The
target figures 1 and 2 are each multiplied with an annually calculated factor (factors 1 and 2) to calculate the
respective bonus components 1 and 2.

The calculated total bonus is determined as follows.

Bonus component 1 Bonus component 2

Total Bonus = +
Target figure 1 x factor 1 Target figure 2 x factor 2

The level of factor 1, which is used for calculating bonus component 1, is determined on the basis of the actu-
ally achieved return on equity of a given year as a ratio of the plan figure defined for that year. The ratio result-
ing from this is the level of achievement, which is calculated as described above for two consecutive years. If
the actually achieved return on equity is negative for a given year, the level of achievement is set to zero. Fac-
tor 1 is the average of the levels of achievement calculated for the two years. The average of the levels of
achievement for the two years being assessed must come to at least 50 %. If it falls below this minimum level,
the factor is set to zero and bonus component 1 is not granted. Bonus component 1 is linked to the level of
factor 1, resulting in a corresponding linear increase or decrease starting from the target figure. There is an
upper limit that is set at 150 % of the target figure.

Factor 2 is determined on the basis of the actually achieved return on equity over a two-year period. The initial
basis is an annual return on equity of 18 %. If this figure is achieved, it is linked to a multiplier of 1.0. For each
percentage point of deviation, upwards or downwards, the multiplier is increased or reduced in steps of 0.05; in
the process, intermediate values are calculated as well. The multiplier can amount to a maximum of 1.5, which
corresponds to a return on equity of 28 % or more. In contrast, if the return on equity falls below a minimum
level of 4 %, the multiplier is zero. To determine factor 2, the average is formed from the multipliers of the two
assessment years and has to amount to a minimum of 0.5.

The two bonus components are added together, resulting in a total bonus. If, for example, the factors for the
two bonus components are 1.0 each, the total bonus amounts to the respective total target figure. The calcu-
lated total bonus is capped at 1.5 times the total target figure. If defined minimum levels are not reached for
both of the bonus components, as described above, no bonus is paid.

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The Supervisory Board carries out an additional assessment that can result in an increase or reduction of the
calculated total bonus amount. The objective is to adequately take additional quantitative and qualitative fac-
tors into account, for example, revenue contributions, the individual contributions to performance, or risk-
related factors in light of regulatory requirements. Until May 31, 2012, the exercised discretion was limited to an
increase or reduction by up to 50 % of the calculated total bonus amount for all Management Board members.
With effect from June 1, 2012, the Supervisory Board revised the rules governing discretion allowing them to
sanction an increase or reduction of up to 50 % of the calculated total bonus amount for an ordinary Manage-
ment Board member and an increase of up to 150 % or reduction of up to 100 % for the Management Board
Co-Chairmen. As a result, under the most favorable conditions effective from June 1, 2012, the total bonus can
amount to a maximum of 2.25 times the total target figure for an ordinary Management Board member and of
3.75 for the Management Board Co-Chairmen.

The following chart shows the level of factor 1 depending on the level of achievement calculated according to
the method described above and the respective target level achievement in 2012 and 2011.

Bonus component 1

Factor

1.5

1.0

2011 (factor = 0.6107)

0.5
2012 (level of achievement = 48.96 %)1)

2012 (factor = 0) 2011 (level of achievement = 61.07 %)

0
0 10 30 50 70 90 110 130 150 170 Level of achievement
(actual/plan comparison) in %
(2-year average)
1) The 2012 level of achievement is below 50 % and so the factor is set to zero.

The following chart shows the level of the multiplier depending on the actually achieved return on equity for a
given year and the respective target level achievement in 2012 and 2011.

Bonus component 2

Multiplier

1.5

1.0

2011 (0.6370)

0.5
2012 (0.3340)

0
0 4 8 12 16 20 24 28 32 36 Actual RoE of a year in %

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For compensation purposes the Supervisory Board decided to adjust the 2012 return on equity (RoE) by ex-
cluding significant goodwill and intangible impairment charges that were incurred in that year. However, as a
result the calculated factors for both bonus components were below the relevant threshold of 0.5 each; accord-
ingly no bonus was to be granted for the 2012 financial year. In this respect there was also no basis for any
discretion to be exercised by the Supervisory Board.

Factor 1 for bonus component 1 and factor 2 for bonus component 2 were determined as follows:

Metric for factor 1: 2-year average of Actual RoE versus Plan RoE 2011/2012

Actual RoE 2011 Actual RoE 2012

+
Plan RoE 2011 Plan RoE 2012
= 0.4896 (2011: 0.6107)
2

Metric for factor 2: 2-year average of Actual RoE for 2011/2012

Multiplier derived from Actual RoE 2011 + Multiplier derived from Actual RoE 2012
= 0.4855 (2011: 0.6368)
2

Long-Term Performance Award

The level of the Long-Term Performance Award (LTPA) is tied to the total shareholder return of Deutsche Bank
in relation to the average total shareholder returns of a select group of six comparable leading banks
(calculated in Euro). The result thereof is the Relative Total Shareholder Return (RTSR). The LTPA is
calculated from the average of the annual RTSR for the last three financial years (reporting year and the two
preceding years). The criteria used to select the peer group are generally comparable business activities, size
and international presence.

The six leading banks are:

— Banco Santander and BNP Paribas (both from the eurozone),
— Barclays and Credit Suisse (both from Europe outside the eurozone), as well as
— JPMorgan Chase and Goldman Sachs (both from the US).

The LTPA for the Management Board members is determined on the basis of a pre-defined target figure multi-
plied by a percentage based on the achieved RTSR. The annual target figures for a Management Board mem-
ber and for the Management Board Chairman/Co-Chairmen are as follows:

in € January – May June – December

LTPA Target (total)
Chairman/Co-Chairmen 4,800,000 4,350,000
Ordinary Board Members 2,175,000 2,175,000

Like the bonus, the LTPA also has an upper limit (cap). If the three-year average of the RTSR is greater than
100 %, then the value of the LTPA increases proportionately to an upper limit of 125 % of the target figure. If
the three-year average of the RTSR is lower than 100 %, however, the value declines disproportionately, as
follows. If the RTSR is calculated to be between 90 % and 100 %, the value is reduced for each lower percent-
age point by three percentage points. The value is reduced by another two percentage points for each lower
percentage point between 70 % and 90 %; and by another three percentage points for each percentage point
under 70 %. If the three-year average does not exceed 60 %, no LTPA is granted.

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This relation can be seen in the following chart.

Long-Term Performance Award

Factor

1.5

2011 (1.01)
1.0

2012 (0.88)

0.5

2012 (96%) 2011 (101%)

0
0 10 20 30 40 50 60 70 80 90 100 110 120 130 RTSR in %
(3 -year average)

The Relative Total Shareholder Return as the basis for the calculation of the LTPA in the year 2012 was about
86 % (2011: 111 %, 2010: 93 %). Thus, the average of the last three years (2010 until 2012) was about 96 %.
Accordingly, the 2012 RTSR of rounded 96 % leads to a percentage factor of 88 %.

Division Incentive
For the business year 2012 Mr. Jain waived his contractual entitlement to payment of the Division Incentive
which was approved by the Supervisory Board.

Long-Term Incentive / Sustainability

The total amount of the bonus and LTPA is granted primarily on a deferred basis and spread out over several
years. This ensures a long-term incentive effect over a multi-year period.

According to the requirements of the InstitutsVergV at least 60 % of the total Variable Compensation must be
granted on a deferred basis. Not less than half of this deferred portion comprises equity-based compensation
components, while the remaining portion is granted as deferred cash compensation. Both compensation com-
ponents are deferred over a multi-year period and subsequently followed by retention periods for the equity-
based compensation components. During the period until payment or delivery, the compensation portions
awarded on a deferred basis may be forfeited. A maximum of 40 % of the total Variable Compensation is
granted on a non-deferred basis. However, at least half of this consists of equity-based compensation compo-
nents and only the remaining portion is paid out directly in cash. Of the entire Variable Compensation, no more
than a maximum of 20 % is paid out in cash immediately, while at least 80 % is paid or delivered at a later date.

The following chart shows the required structure of the Variable Compensation components according to the
InstitutsVergV.

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Split / structure of Variable Compensation for the Management Board

Variable Compensation
total

max. 40 % min. 60 %
immediate payment or delivery after
payment or delivery deferred (and if applicable after retention period)
retention period

thereof thereof

max. 50 % min. 50 % max. 50 % min. 50 %

Upfront Cash EUA RIA REA

payment or delivery of at least 80 % at later dates

cash equity-based cash equity-based

retention period deferred deferred
retention period

EUA = Equity Upfront Awards

RIA = Restricted Incentive Awards
REA = Restricted Equity Awards

Restricted Equity Awards

At least 50 % of the deferred Variable Compensation is comprised of an REA.

The 2012 REA vest in one tranche (cliff vest) approximately four and a half years after grant and are immedi-
ately subject to an additional retention period of six months. Accordingly, Management Board members are first
permitted to dispose of the equities after approximately five years. Introducing a cliff rather than pro rata vest-
ing schedule ensures the full award for each employee is subject to potential forfeiture throughout the entire
vesting period rather than the potential forfeitable amount reducing after each annual tranche vesting.

The 2011 REA vest in four equal tranches. The first tranche vests approximately one and a half years after the
granting of the awards. The remaining tranches each subsequently vest in regular intervals of one additional
year. After the individual tranches vest, they are subject to an additional retention period. The additional reten-
tion period of the first tranche is three years, two years for the second tranche, and one year for the third and
fourth tranches.

Restricted Incentive Awards

The RIA comprise a maximum 50 % of the deferred Variable Compensation and vest in four equal tranches.
The first tranche vests approximately one and a half years after it is granted and the remaining tranches each
subsequently vest in intervals of one year. Payment takes place upon vesting. The deferred cash compensa-
tion is thus stretched out over a period of approximately four and a half years.

Upfront Awards
The Upfront Awards amount to a maximum of 40 % of the total Variable Compensation. However, no more
than half of this is paid out in cash immediately (Upfront Cash). The remaining portion is granted as equity-
based compensation in the form of an EUA and subject to a retention period of three years. Only after this
retention period has ended may the awards be sold.

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The following chart shows the payment date for the immediate cash compensation and the time period for the
payment or the delivery of the other Variable Compensation components in the five consecutive years following
the grant year.

Timeframe for payment or delivery and non-forfeiture for the Management Board

1st 2nd 3rd 4th 5th

subsequent subsequent subsequent subsequent subsequent
Grant year year year year year year

100%
Upfront Cash

100% 100%
Equity Upfront Awards
25%
25%
25%
Restricted Incentive Awards 25%
25% 25%
25% 25%
25% 25%
Restricted Equity Awards
(granted for the financial year 2011) 25% 25%
25% 25%
Restricted Equity Awards 100% 100%
(granted for the financial year 2012)

Vesting and/or non-forfeiture, aligned with payment or delivery

Vesting followed by a retention period until delivery; subject to individual forfeiture conditions during the retention period

As RIA do not bear interest prior to payment, a one-time premium is added upon grant (2012: 2 %, 2011: 5 %).

Equity-based awards (EUA and REA) granted for the financial year 2011 do not bear any entitlement to divi-
dends until their delivery, so a one-time premium of 5 % was added upon grant.

In respect of the equity-based awards (EUA and REA) granted for the financial year 2012, the award premium
has been replaced with a dividend equivalent to further align the Management Board’s interests to those of
shareholders. The dividend equivalent is determined according to the following formula.

Actual dividend x Number of share awards

Deutsche Bank share price on date dividend is paid

Forfeiture Conditions
Because some of the compensation components are deferred or spread out over several years (Restricted
Equity Awards, Restricted Incentive Awards and Equity Upfront Awards) certain forfeiture conditions are appli-
cable until vesting or the end of the retention periods. Awards may be fully or partially forfeited, for example,
due to individual misconduct (including a breach of regulations) or to an extraordinary termination, and, with
regard to Restricted Equity Awards and Restricted Incentive Awards, also due to a negative Group result or to
individual negative contributions to results. The forfeiture conditions are an essential aspect of the awards and
ensure they are aligned with the long-term performance of both the Group and the individuals.

Limitations in the event of exceptional developments

In the event of exceptional developments (for example, the sale of large investments), the total compensation
for each Management Board member is limited to a maximum amount. A payment of Variable Compensation
elements will not take place if the payment of Variable Compensation components is prohibited or restricted by
the German Federal Financial Supervisory Authority in accordance with existing statutory requirements.

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Management Board Compensation

Base Salary
In 2012, the annual base salary of an ordinary Management Board member was € 1,150,000. The annual base
salary of the Management Board Chairman was € 1,650,000 until May 31, 2012. The annual base salary of the
Management Board Co-Chairmen was € 2,300,000 each from June 1, 2012.

Variable Compensation
The Supervisory Board, based on the proposal of the Chairman’s Committee, determined the Variable Com-
pensation for the members of the Management Board for the 2012 financial year. The amounts of the bonuses
and LTPAs were determined for all Management Board members on the basis of the existing compensation
system.

Compensation (collectively and individually)

In accordance with the provisions of German Accounting Standard No. 17, the members of the Management
Board collectively received in the 2012 financial year compensation for their service on the Management Board
totaling € 23,681,498 (2011: € 27,323,672). Thereof, € 9,599,999 (2011: € 8,550,000) was for base salaries,
€ 1,402,936 (2011: € 879,591) for other benefits, € 11,396,439 (2011: € 17,194,081) for performance-related
components with long-term incentives and € 1,282,124 (2011: € 700,000) for performance-related components
without long-term incentives

According to the German Accounting Standard No. 17, the Management Board members individually received
the following compensation components for their service on the Management Board for or in the years 2012
and 2011.

Non-perfor-
Members of the Management mance-related
Board components Performance-related components
without long-term
incentives with long-term incentives
cash-based share-based
Restricted Equity
Restricted Equity Upfront Award(s)
Incentive Award(s) (deferred with
immediately Award(s) (with retention additional
in € Base salary paid out paid period) retention period) Total
1
Dr. Josef Ackermann 2012 687,500 150,000 699,347 150,000 730,000 2,416,847
2011 1,650,000 100,000 693,139 105,000 3,750,075 6,298,214
Dr. Hugo Bänziger 1 2012 479,167 134,812 97,572 134,812 263,938 1,110,301
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Jürgen Fitschen 2012 1,820,833 150,000 273,122 150,000 1,365,250 3,759,205
2011 1,150,000 100,000 72,530 105,000 1,424,884 2,852,414
Anshuman Jain 2012 1,820,833 150,000 1,342,968 150,000 1,365,250 4,829,051
2011 1,150,000 100,000 248,885 105,000 4,207,384 5,811,269
Stefan Krause 2012 1,150,000 150,000 309,829 150,000 807,000 2,566,829
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Hermann-Josef Lamberti1 2012 479,167 134,812 97,572 134,812 263,938 1,110,301
2011 1,150,000 100,000 96,706 105,000 1,424,884 2,876,590
Dr. Stephan Leithner 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Stuart Lewis 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Rainer Neske 2012 1,150,000 150,000 279,279 150,000 807,000 2,536,279
2011 1,150,000 100,000 72,530 105,000 1,424,884 2,852,414
Henry Ritchotte 2 2012 670,833 87,500 − 87,500 470,750 1,316,583
Total 2012 9,599,999 1,282,124 3,099,689 1,282,124 7,014,626 22,278,562
Total 2011 8,550,000 700,000 1,377,202 735,000 15,081,879 26,444,081
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

The following should be noted with regard to the Restricted Incentive Awards in the presentation of the com-
pensation amounts.

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In accordance with German Accounting Standard 17, the Restricted Incentive Awards, as a deferred, non-
equity-based compensation component subject to certain (forfeiture) conditions, must be recognized in the
total compensation for the year of their payment (i.e. in the financial year in which the unconditional payment
takes place) and not in the year they are originally granted. This means that the total compensation amounts
presented only include the second tranche of the Restricted Incentive Awards (including an adjustment linked
to our return on equity) granted in 2010 for the financial year 2009 totaling € 1,389,536 and the first tranche of
the Restricted Incentive Awards granted in 2011 for the financial year 2010 totaling € 1,710,153. With respect
to the previous year this means that the total compensation amounts presented above only include the first
tranche of the Restricted Incentive Awards (including an adjustment linked to our return on equity) granted in
2010 for the financial year 2009 totaling € 1,377,202.

The following table provides details on the Restricted Incentive Awards on an individualized basis awarded to
the members in active service on the Management Board in 2012. The information shown presents the
amounts paid in the financial year as well as the amounts originally granted along with the respective financial
year the amounts were awarded for.

Members of the Management Board

Allocation over Amount paid Amount paid
Amounts in € Year 1 periods/tranches 2 Amount awarded out in 2012 3 out in 2011 3
4
Dr. Josef Ackermann 2012 2014 to 2017 / 4 744,600 − −
2011 2013 to 2016 / 4 3,750,075 − −
2010 2012 to 2015 / 4 2,534,089 − −
2009 2011 to 2013 / 3 1,925,000 699,347 693,139
Dr. Hugo Bänziger 4 2012 2014 to 2017 / 4 269,217 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 824,399 − −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Jürgen Fitschen 2012 2014 to 2017 / 4 1,392,555 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 799,770 199,943 −
2009 2011 to 2013 / 3 201,431 73,179 72,530
Anshuman Jain 2012 2014 to 2017 / 4 1,392,555 − −
2011 2013 to 2016 / 4 4,207,383 − −
2010 2012 to 2015 / 4 4,367,413 1,091,853 −
2009 2011 to 2013 / 3 691,210 251,115 248,885
Stefan Krause 2012 2014 to 2017 / 4 823,140 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 849,029 212,257 −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Hermann-Josef Lamberti4 2012 2014 to 2017 / 4 269,217 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 799,770 − −
2009 2011 to 2013 / 3 268,575 97,572 96,706
Dr. Stephan Leithner 5 2012 2014 to 2017 / 4 480,165 − −
Stuart Lewis 5 2012 2014 to 2017 / 4 480,165 − −
Rainer Neske 2012 2014 to 2017 / 4 823,140 − −
2011 2013 to 2016 / 4 1,424,883 − −
2010 2012 to 2015 / 4 824,399 206,100 −
2009 2011 to 2013 / 3 201,431 73,179 72,530
Henry Ritchotte 5 2012 2014 to 2017 / 4 480,165 − −
Total 2012 2014 to 2017 / 4 7,154,919 – –
2011 2013 to 2016 / 4 15,081,873 – –
2010 2012 to 2015 / 4 10,998,869 1,710,153 –
2009 2011 to 2013 / 3 3,824,797 1,389,536 1,377,202
1 Financial year the award was originally issued for (in regard to the service on the Management Board).
2 Number of equal tranches.
3 The Restricted Incentive Awards awarded for the 2009 financial year contain a variable component (RoE-linked adjustment) so that the disbursal, i.e. the amount
paid out, in the context of the first two tranches differs from the amount originally awarded.
4 Member of the Management Board until May 31, 2012.
5 Member of the Management Board from June 1, 2012.

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To add full transparency on the total awards granted to the Management Board members for the 2012 financial
year the table below shows – in a deviation from the disclosure according to the German Accounting Standard
No. 17 presented above – the compensation components determined by the Supervisory Board for the service
of the Management Board members for the years 2012 and 2011.

Non-perfor-
Members of the Management mance-related
Board components Performance-related components
without long-term
incentives with long-term incentives
cash-based share-based
Restricted Equity
Restricted Equity Upfront Award(s)
Incentive Award(s) (deferred with
immediately Award(s) (with retention additional
in € Base salary paid out granted period) retention period) Total
Dr. Josef Ackermann 1 2012 687,500 150,000 744,600 150,000 730,000 2,462,100
2011 1,650,000 100,000 3,750,075 105,000 3,750,075 9,355,150
Dr. Hugo Bänziger 1 2012 479,167 134,812 269,217 134,812 263,938 1,281,946
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Jürgen Fitschen 2012 1,820,833 150,000 1,392,555 150,000 1,365,250 4,878,638
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Anshuman Jain 2012 1,820,833 150,000 1,392,555 150,000 1,365,250 4,878,638
2011 1,150,000 100,000 4,207,383 105,000 4,207,384 9,769,767
Stefan Krause 2012 1,150,000 150,000 823,140 150,000 807,000 3,080,140
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Hermann-Josef Lamberti1 2012 479,167 134,812 269,217 134,812 263,938 1,281,946
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Dr. Stephan Leithner 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Stuart Lewis 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Rainer Neske 2012 1,150,000 150,000 823,140 150,000 807,000 3,080,140
2011 1,150,000 100,000 1,424,883 105,000 1,424,884 4,204,767
Henry Ritchotte 2 2012 670,833 87,500 480,165 87,500 470,750 1,796,748
Total 2012 9,599,999 1,282,124 7,154,919 1,282,124 7,014,626 26,333,792
Total 2011 8,550,000 700,000 15,081,873 735,000 15,081,879 40,148,752
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

The number of share awards in the form of Equity Upfront Awards (EUA) and Restricted Equity Awards (REA)
granted in 2013 for the year 2012 to each member of the Management Board was determined by dividing the
respective euro amounts by € 38.525, the XETRA closing price of a Deutsche Bank share on February 1, 2013
(prior year: € 34.04 on February 1, 2012).

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As a result, the number of share awards granted was as follows (rounded):

Members of the Management Board

Restricted Equity Award(s)
Equity Upfront Award(s) (deferred with additional
Units Year (with retention period) retention period)
Dr. Josef Ackermann 1 2012 3,893 18,948
2011 3,084 110,166
Dr. Hugo Bänziger 1 2012 3,499 6,851
2011 3,084 41,859
Jürgen Fitschen 2012 3,893 35,438
2011 3,084 41,859
Anshuman Jain 2012 3,893 35,438
2011 3,084 123,601
Stefan Krause 2012 3,893 20,947
2011 3,084 41,859
Hermann-Josef Lamberti1 2012 3,499 6,851
2011 3,084 41,859
Dr. Stephan Leithner 2 2012 2,271 12,219
Stuart Lewis 2 2012 2,271 12,219
Rainer Neske 2012 3,893 20,947
2011 3,084 41,859
Henry Ritchotte 2 2012 2,271 12,219
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

The following table shows the non-performance-related other benefits for the 2012 and 2011 financial years.

Members of the Management Board Other benefits

in € 2012 2011
Dr. Josef Ackermann 1 88,372 176,256
Dr. Hugo Bänziger 1 36,959 50,535
Jürgen Fitschen 240,044 151,700
Anshuman Jain 614,588 63,214
Stefan Krause 102,301 228,878
Hermann-Josef Lamberti1 42,664 103,485
Dr. Stephan Leithner 2 72,601 −
Stuart Lewis 2 71,187 −
Rainer Neske 127,543 105,523
Henry Ritchotte 2 6,677 −
Total 1,402,936 879,591
1 Member of the Management Board until May 31, 2012.
2 Member of the Management Board from June 1, 2012.

Management Board members do not receive any compensation for mandates on boards of our subsidiaries.

Pension and transitional benefits

The Supervisory Board generally allocates an entitlement to the Management Board members to pension plan
benefits. These entitlements involve a defined contribution pension plan. Under this pension plan, a personal
pension account has been set up for each participating member of the Management Board after appointment
to the Management Board. A contribution is made annually into this pension account. This annual contribution
is calculated using an individual contribution rate on the basis of each member’s base salary and total bonus
up to a defined ceiling and accrues interest credited in advance, determined by means of an age-related factor,
at an average rate of 6 % per year up to the age of 60. From the age of 61 onwards, the pension account is
credited with an annual interest payment of 6 % up to the date of retirement. The annual payments, taken
together, form the pension amount which is available to pay the future pension benefit. Under defined condi-
tions the pension may also become due for payment before a regular pension event (age limit, disability or
death) has occurred. The pension right is vested from the beginning.

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Dr. Ackermann, Dr. Bänziger and Mr. Lamberti are entitled to transition payments of 100 % of the sum of salary
and total bonus (last total target figure) pro rata temporis for a period of six months after leaving office. Subse-
quently, Dr. Ackermann is entitled to a further transition payment of 75 % of the sum of salary and total bonus
(last total target figure) for a period of 12 months. Based on the above entitlements, the transition payments
made in 2012 were € 928,125 for Dr. Ackermann and € 575,000 each for Dr. Bänziger and Mr. Lamberti. Fur-
ther amounts are due in 2013 and for Dr. Ackermann also in 2014.

Based on former contractual commitments Dr. Ackermann and Mr. Lamberti are entitled to a monthly pension
payment of € 29,400 each after the end of the respective transition payment period.

The following table shows the annual service costs for pension benefits and transition payments for the years
2012 and 2011 and the corresponding defined benefit obligations each as of December 31, 2012 and Decem-
ber 31, 2011 for the individual members of the Management Board. The different sizes of the balances are due
to the different lengths of service on the Management Board, the respective age-related factors, the different
contribution rates as well as the individual pensionable compensation amounts and the previously mentioned
additional individual entitlements.

Members of the Management Board

Present value of the defined
Service cost for pension benefit obligation for pension
benefits and transition benefits and transition
in € payments, in the year payments, end of year
Dr. Josef Ackermann 1 2012 405,581 −2
2011 876,760 18,753,007
Dr. Hugo Bänziger 1 2012 303,183 −2
2011 508,011 2,786,879
Jürgen Fitschen 2012 327,364 1,093,915
2011 222,585 565,984
Anshuman Jain 2012 412,524 412,524
Stefan Krause 2012 550,439 2,564,927
2011 470,827 1,345,800
Hermann-Josef Lamberti1 2012 180,193 −2
2011 486,920 12,463,973
Dr. Stephan Leithner 3 2012 210,469 210,469
Stuart Lewis 3 2012 209,385 209,385
Rainer Neske 2012 560,153 2,179,771
2011 462,655 1,066,022
Henry Ritchotte 3 2012 206,692 206,692
1 Member of the Management Board until May 31, 2012.
2 The respective obligations are part of the provisions for pension obligations to former members of the Management Board.
3 Member of the Management Board from June 1, 2012.

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a special contribution into
their individual pension account. The amount of this contribution was € 688,422 for Dr. Bänziger and € 560,112
for Mr. Lamberti.

Other benefits upon premature termination

The Management Board members are in principle entitled to receive a severance payment upon a premature
termination of their appointment at the bank’s initiative, provided the bank is not entitled to revoke the appoint-
ment or give notice under the contractual agreement for cause. The severance payment, as a rule, will not
exceed the lesser of two annual compensation amounts and the claims to compensation for the remaining term
of the contract. The calculation of the compensation is based on the annual compensation for the previous
financial year.

If a Management Board member leaves office in connection with a change of control, they are also, under
certain conditions, entitled in principle to a severance payment. The severance payment, as a rule, will not

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exceed the lesser of three annual compensation amounts and the claims to compensation for the remaining
term of the contract. The calculation of the compensation is based again on the annual compensation for the
previous financial year.

The severance payment mentioned above is determined by the Supervisory Board subject to its sole discretion.
In principle, the disbursement of the severance payment takes place in two installments; the second install-
ment is subject to certain forfeiture conditions until vesting.

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a severance payment
based on a severance agreement concluded. The severance payment is € 7,756,000 for Dr. Bänziger and
€ 7,729,000 for Mr. Lamberti. In both cases the payment of the severance takes place in two installments, the
second installment being subject to certain forfeiture conditions until vesting on May 31, 2013.

Expense for Long-Term Incentive Components

The following table presents the compensation expense recognized in the respective years for long-term incen-
tive components of compensation not vested immediately, granted for service on the Management Board.

Members of the Management Board Amount expensed for

share-based compensation cash-based compensation
components components
in € 2012 2011 2012 2011
Dr. Josef Ackermann 1 5,093,773 2,020,850 4,688,524 2,152,404
Dr. Hugo Bänziger 1 2,314,873 440,182 1,989,185 386,704
Jürgen Fitschen 967,516 309,459 819,851 359,601
Anshuman Jain 2,738,231 1,471,955 3,092,210 1,818,626
Stefan Krause 981,775 364,503 824,961 395,591
Hermann-Josef Lamberti1 2,485,906 434,736 1,974,270 377,816
Rainer Neske 969,746 314,911 827,875 368,488
1 Member of the Management Board until May 31, 2012.

Management Board Share Ownership

As of March 28, 2013 and February 17, 2012 respectively, the current members of our Management Board
held the following numbers of Deutsche Bank shares and share awards.

Number of Number of
Members of the Management Board shares share awards 1
Jürgen Fitschen 2013 183,759 146,472
2012 181,907 110,978
Anshuman Jain 2013 572,701 344,875
2012 552,697 346,703
Stefan Krause 2013 − 141,148
2012 − 116,307
Dr. Stephan Leithner 2013 24,632 180,348
Stuart Lewis 2013 20,480 77,706
Rainer Neske 2013 73,940 132,905
2012 51,088 111,902
Henry Ritchotte 2013 134,082 144,944
Total 2013 1,009,594 1,168,398
Total 2012 785,692 685,890
1 Including the share awards received in connection with employment prior to the appointment to the Management Board, if applicable.

The current members of our Management Board held an aggregate of 1,009,594 of our shares on February 22,
2013 amounting to approximately 0.11% of Deutsche Bank shares issued on that date.

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The number of Deutsche Bank shares delivered in 2012 to the members of the Management Board active in
2012 from deferred compensation awards granted in prior years amounted to 439,722.

Senior Management Group

Management
Board

Senior Management
Group

further Regulated
Employees

It is imperative that the senior management of any financial institution is collectively committed to building a
long-term sustainable business. Compensation structures should reflect this and ensure the employees have a
vested interest in the future performance of the firm.

As communicated during the Investor Day in September 2012, we have taken the decision to identify a popula-
tion of our most senior employees. This population comprises 126 (119 excluding the Management Board)
individuals and includes the Group Executive Committee and the most senior employees from each of our
business divisions, Regional Management and Infrastructure functions. All of the employees identified are also
Regulated Employees under the InstitutsVergV, however, we have voluntarily sought to identify this further sub-
set of Regulated Employees in order to apply more stringent compensation provisions.

Restricted Equity Award

In order to further align the compensation of this population with the long-term sustainability of the Group, the
decision has been taken to extend the collective deferral and retention period of the REA to five years. Provid-
ing the performance conditions are met, the full amount of shares will not be released to employees until the
end of the five-year period (rather than on a pro-rata basis).

The awards are subject to the full list of clawback provisions as outlined in the overview of ex-post risk adjust-
ment measures. If for any year during the five-year vesting period either the Group or the employee’s Divisional
NIBT is negative, 20 % of the award will be forfeited in respect of that year.

It is our intention to give specific focus to the compensation arrangements of the most senior employees in the
Group. In addition to lengthening the vesting period for REA, the cash cap in place ensures high deferral levels
for this population. On average, the Senior Management Group is subject to Variable Compensation deferral
levels in excess of 90 %. Both the deferral rate and five-year vesting period go beyond the typical industry
standards and regulatory requirements. It is a voluntary decision by us and one that may prove to be challeng-

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ing from a competitive standpoint, however we believe strongly that it supports and demonstrates the increas-
ing alignment between compensation and long-term performance requirements.

Employees regulated under the InstitutsVergV

Management
Board

Senior Management
Group

further Regulated
Employees

In accordance with the InstitutsVergV we are required to identify all employees whose work is deemed to have
a major influence on the overall risk profile of the Group. The SECC has overseen the identification process in
respect of 2012 which incorporated both qualitative and quantitative analysis. The process identified the follow-
ing employee populations:

— Management Board, Group Executive Committee, Regional Management and Board Executives
(“Geschäftsleiter”) of significant Group Subsidiaries;
— Senior Management responsible for day to day management of front office businesses and large country
hubs;
— staff responsible for independent control functions and members of global Infrastructure Committees;
— all Managing Directors in CB&S (excluding Research and German MidCaps);
— if not already identified, all other employees with similar remuneration to those captured under the above
criteria.

On a global basis, 1,215 employees were identified as Regulated Employees, spanning 36 countries. This
represents a reduction compared to 2011 primarily as a result of identifying fewer Managing Directors in CB&S
and an overall reduction in Variable Compensation. Despite this, we expect the number to remain significantly
higher than the majority of our principle competitors, both from an absolute level and percentage of the total
employee population.

Compensation Structures for Regulated Employees

Regulated Employees are subject to the same deferral matrix as the general employee population, save for the
requirement that at least 40 % of Variable Compensation must be deferred. If a Regulated Employee’s Variable
Compensation does not trigger 40 % deferral under the Group’s global matrix then the matrix is overridden to
ensure the regulatory obligations are met. On average, however, Regulated Employees are subject to deferral
rates in excess of 70 % of their total Variable Compensation awards. This is well in excess of the minimum
40 % – 60 % regulatory requirements and is a voluntary decision by us.

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All Regulated Employees receive 50 % of their deferred Variable Compensation in the form of an REA and 50 %
as an RIA. Upon the vesting of each REA tranche, a further minimum six-month retention period applies during
which time employees are not permitted to sell the shares. Whilst the specific performance clawback condi-
tions outlined in the Group disclosure section do not apply during the retention period, employees can still
forfeit the award if they are subject to termination for Cause.

In accordance with Section 5 InstitutsVergV regulations, 50 % of the upfront award (the remaining portion after
the deferred percentage is calculated) is also awarded in equity (EUA). At award, the equity is subject to a
minimum six-month retention period during which time the shares cannot be sold. Adding the EUA to the de-
ferred portion of the award means that on average Regulated Employees received less than 15 % of their 2012
Variable Compensation as an immediate cash payment (i.e. deferral rates in excess of 85 %).

EUAs are subject to the Breach of Policy conditions during the retention period and will also be forfeited if
employees leave the Group voluntarily.

Compensation System for Supervisory Board Members

The principles of the compensation of the Supervisory Board members are set forth in our Articles of Associa-
tion, which our shareholders amend from time to time at the Annual General Meeting. Such compensation
provisions were last amended at our Annual General Meeting on May 24, 2007.

The following provisions apply to the 2011 financial year: compensation consists of a fixed remuneration of
€ 60,000 per year and a dividend-based bonus of € 100 per year for every full or fractional € 0.01 increment by
which the dividend we distribute to our shareholders exceeds € 1.00 per share. Each member of the Supervisory
Board also receives annual remuneration linked to our long-term profits of € 100 for each € 0.01 by which
the average earnings per share (diluted), reported in our financial statements in accordance with the ac-
counting principles to be applied in each case on the basis of the net income figures for the three previous
financial years, exceed the amount of € 4.00.

These amounts are increased by 100 % for every membership in a committee of the Supervisory Board. Com-
mittee chairpersons receive an increase of 200 %. These provisions do not apply to the Mediation Committee
formed pursuant to Section 27 (3) of the Co-Determination Act. The Supervisory Board Chairman is paid four
times the base compensation of a regular member, and does not receive incremental increases for committee
work. The deputy to the Supervisory Board chairman is paid one and a half times the base compensation of a
regular member. In addition, the members of the Supervisory Board receive a meeting fee of € 1,000 for each
Supervisory Board and committee meeting they attend. Furthermore, in our interest, the members of the Su-
pervisory Board will be included in any financial liability insurance policy held in an appropriate amount by us,
with the corresponding premiums being paid by us.

We also reimburse members of the Supervisory Board for all cash expenses and any value added tax (Um-
satzsteuer, at present 19 %) they incur in connection with their roles as members of the Supervisory Board.
Employee representatives on the Supervisory Board also continue to receive their employee benefits. For
Supervisory Board members who served for only part of the year, we pay a portion of the total compensation
based on the number of months they served, rounding up to whole months.

The members of the Nomination Committee, which was first formed after the Annual General Meeting in 2008,
waived all remuneration, including the meeting fee, for their Nomination Committee work for 2009 and the
following years.

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Supervisory Board Compensation for Fiscal Year 2012

We compensate our Supervisory Board members after the end of each fiscal year. In January 2013, we paid
each Supervisory Board member the fixed portion of their remuneration and meeting fees for services in 2012.
In addition, we will in principle pay each Supervisory Board member remuneration linked to our long-term
performance as well as a dividend-based bonus, as defined in our Articles of Association. Assuming that the
Annual General Meeting in May 2013 approves the proposed dividend of € 0.75 per share, the Supervisory
Board will receive a total remuneration of € 2,335,000 (2011: € 2,608,600).

Individual members of the Supervisory Board received the following compensation for the 2012 financial year
(excluding statutory value added tax).

Members of the Supervisory Board Compensation for fiscal year 2012 Compensation for fiscal year 2011
in € Fixed Variable Meeting fee Total Fixed Variable 8 Meeting fee Total
1
Dr. Paul Achleitner 160,000 − 13,000 173,000 − − − −
Dr. Clemens Börsig 2 100,000 − 12,000 112,000 240,000 28,800 23,000 291,800
Karin Ruck 210,000 − 19,000 229,000 210,000 25,200 17,000 252,200
Wolfgang Böhr 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Dr. Karl-Gerhard Eick 180,000 − 13,000 193,000 180,000 21,600 12,000 213,600
Katherine Garrett-Cox3 60,000 − 6,000 66,000 40,000 4,800 3,000 47,800
Alfred Herling 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Gerd Herzberg2 25,000 − 4,000 29,000 60,000 7,200 6,000 73,200
Sir Peter Job 4 − − − − 75,000 12,600 8,000 95,600
Prof. Dr. Henning Kagermann 120,000 − 12,000 132,000 120,000 14,400 12,000 146,400
Peter Kazmierczak 5 − − − − 50,000 6,000 6,000 62,000
Martina Klee 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Suzanne Labarge 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Maurice Lévy 2 25,000 − 3,000 28,000 60,000 7,200 5,000 72,200
Peter Löscher 1 40,000 − 2,000 42,000 − − − −
Henriette Mark 120,000 − 13,000 133,000 120,000 14,400 12,000 146,400
Gabriele Platscher 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Dr. Theo Siegert 2 75,000 − 8,000 83,000 145,000 17,400 13,000 175,400
Rudolf Stockem 6 35,000 − 2,000 37,000 − − − −
Dr. Johannes Teyssen 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Marlehn Thieme 120,000 − 13,000 133,000 120,000 14,400 11,000 145,400
Tilman Todenhöfer 120,000 − 12,000 132,000 120,000 14,400 11,000 145,400
Prof. Dr. Klaus Rüdiger
Trützschler 1 80,000 − 7,000 87,000 − − − −
Stefan Viertel 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Renate Voigt 7 60,000 − 6,000 66,000 10,000 1,200 − 11,200
Werner Wenning 60,000 − 6,000 66,000 60,000 7,200 6,000 73,200
Total 2,130,000 − 205,000 2,335,000 2,150,000 261,600 197,000 2,608,600
1 Member since May 31, 2012.
2 Member until May 31, 2012
3 Member since May 26, 2011.
4 Member until May 26, 2011.
5 Member until October 25, 2011.
6 Member since June 1, 2012.
7 Member since November 30, 2011.
8 Variable compensation 2011 for a regular member of € 7,200 is made up of a dividend-based amount of € 0 and an amount of € 7,200 linked to the long-term
performance of the company.

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Beside Mr. Stockem all employee-elected members of the Supervisory Board are employed by us. In addition,
Dr. Börsig was employed by us as a member of the Management Board until April 2006. The aggregate com-
pensation we and our consolidated subsidiaries paid to such members as a group during the year ended
December 31, 2012 for their services as employees or status as former employees (retirement, pension and
deferred compensation) was € 1.6 million.

We do not provide the members of the Supervisory Board any benefits upon termination of their service on
the Supervisory Board, though members who are or were employed by us are entitled to the benefits associ-
ated with their termination of such employment. During 2012, we set aside € 0.08 million for pension, retire-
ment or similar benefits for the members of the Supervisory Board who are or were employed by us.

Corporate Governance Statement according to Section 289a HGB

The entire Corporate Governance Statement is available on our website under

https://www.deutsche-bank.de/ir/en/content/corporate_governance_reports.htm.

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Outlook

The Global Economy

The global economy is expected to grow moderately in the first half of 2013. Both the recession in the euro-
zone and concerns surrounding the U.S. debt ceiling debate should have a dampening effect. In the second
half of the year, however, we anticipate a moderate upturn in the global economy, with growth gradually reach-
ing its trend level. We expect an annual average of 3.2 % in global GDP in 2013. Our forecast for global infla-
tion in 2013 is 3.2 % on an annualized average, slightly less than in the previous year. At the beginning of the
year inflation in the industrialized countries should decrease slightly on account of unexploited capacities. In
the course of the year, we expect inflation to rise again as the expected recovery sets in both in the industrial-
ized countries and in the emerging markets. For 2014, the upturn in the global economy is likely to continue,
reaching growth of 4.0 %. We expect global inflation to increase to 3.5 %.

The moderate acceleration of global economic growth in 2013 (as an annualized average) is a result of the
relatively low growth rates in industrialized countries as compared with emerging markets. We expect that the
industrialized countries’ contribution to growth will only be around 20 % in 2013 and about 25 % in 2014. The
economic recovery could well be stagnating, particularly in the eurozone.

Fears that the eurozone could break apart have been significantly allayed both by the ECB’s announcement
that, subject to conditionality, it would make unlimited purchases of sovereign bonds on the secondary market
(Outright Monetary Transactions) as well as the clear political will of the eurozone member countries to hold
together. We expect that fiscal policy will be less restrictive in 2013 than in the previous year, and also that
monetary policy will remain expansive and that credit conditions will improve. The sovereign debt crisis should
gradually become less severe. In addition, the year is likely to see positive impulses come from the recovery in
the U.S. and increasing foreign trade demand from the emerging markets. Since the eurozone will probably be
in recession in the winter months of 2012/2013, GDP in the eurozone is likely to contract by 0.3 % for the year
as a whole in spite of the recovery expected later in the year. Germany will probably be the only larger country
in the eurozone to actually see its economy expand. For the countries of southern Europe, we expect GDP to
fall again in 2013, though not as strongly as in the previous year. For 2014, we expect a continued recovery for
the eurozone and GDP growth of 1.1 %. Germany's economy should grow by 1.5 %.

For the U.S., we are projecting that GDP growth will accelerate over the course of the year. In the first six
months, growth will probably be dampened by concerns over resolving the deficit reduction and debt ceiling
issues. Assuming that a viable compromise is found, we expect growth to increase to approximately 3 % by the
end of 2013. Based on slow growth at the end of 2012 and a relatively weak first half of 2013, we expect annu-
alized GDP growth of 2.0 %, which is slightly below the 2.3 % of the previous year. The recovery on the real
estate market is likely to accelerate, and the situation on the employment market should gradually further im-
prove. In 2014, we expect 2.9 % growth in the U.S. economy.

The Japanese economy is expected to stabilize in the spring of 2013, following the recession in the second
half of 2012. Over the course of 2013, the increase in world trade in conjunction with the weaker yen should
see demand for exports rise. In addition, economic stimulus packages and an expansive monetary policy are
likely to provide growth impulses. Japanese GDP will probably increase by 1.2 % in 2013 and 0.7 % 2014.

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In emerging markets, we expect growth of 5.5 % in 2013 and 6.0 % in 2014. The emerging markets should
therefore remain the global economy's engines of growth. Based on rising domestic demand and stronger
order flows from industrialized countries, growth should rise steadily. However, there are clear differences in
growth between the individual regions. Asia (excluding Japan) is expected to show relatively strong growth of
6.7 % in 2013 and 7.5 % in 2014, driven by China. The economic expansion should accelerate over the year,
particularly due to the rise in foreign demand and urbanization-driven investment, with growth reaching its
trend level in the second half of the year. We expect China´s real GDP to increase by 8.2 % in 2013 and 8.9 %
in 2014 on the back of stabilizing external demand and helped by rebalancing policy to support domestic con-
sumption. India’s growth is also poised to rebound to 6.8% in 2013 and 7.1% in 2014 as investment activity will
benefit from a better global backdrop and more liberal foreign investment regime in a few sectors. Growth in
Latin America will probably be less dynamic. We expect GDP to rise there by 3.5 % in 2013 and 3.9 % in 2014.

The economic outlook could be impacted primarily by uncertainties arising in the U.S. and Europe. The U.S.
financial markets could face significant upheavals, if, in light of the political deadlock, no agreement is reached
on raising the debt ceiling or implementing spending cuts. In Europe, attention should be focused on the elec-
tion in Italy and negotiations on the first rescue package for Cyprus. In addition, all forecasts for the region are
based on the assumption that foreign demand will pick up – which in turn depends on a self-reinforcing recov-
ery of world trade. Should the anticipated gradual economic recovery fail to materialize, the markets could lose
their faith in European countries' commitment to carry out structural reforms. In addition, the conflict in the
Middle East could intensify and cause oil prices to rise sharply.

The Banking Industry

Over the next two years, the banking industry in most of the industrialized countries may see a further normali-
zation of its business environment, with only moderate economic growth as well as significantly more expan-
sive and rigorous regulation.

In Europe, 2013 could bring about a turning point for the better for banks, following a period of multiple burdens
in previous years caused by the financial, economic and debt crises and the adjustments necessary to comply
with a stricter regulatory environment. While a return to sustainable earnings growth will hardly be possible
before 2014, the banking industry is likely to intensify its efforts to establish a leaner cost structure and achieve
efficiency gains, which should lead to lower operating expenses. The pressure to increase capital ratios should
slowly ease in light of the recent progress made in this regard, and banks should therefore gradually gain more
leeway to invest in new business. However, raising profitability to an acceptable level should continue to be a
major challenge.

At least a stabilization of the European lending business as a whole may be possible this year – although mar-
gin pressure is likely to increase in light of the very low interest rates. An upturn is more likely to occur in lend-
ing to companies rather than to private households, which in many countries are still suffering from continued
high levels of debt, overvalued real estate markets and high unemployment. Deposit growth will probably re-
main low in 2013, but should benefit from an economic upturn in the following year. The recent increase in loan
defaults should remain limited thanks to the low interest charges for many borrowers – assuming that there will
be a gradual recovery of the European economy without any new negative shocks.

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On the regulatory side, actions by the European Commission in 2013 will include proposals for structural
changes to the banking industry along the lines of the Liikanen Commission Report. As a part of that, the intro-
duction of elements of a split banking system for commercial and investment banking activities is under dis-
cussion. This could have profound effects not only for EU banks and the established universal banking model,
but also for banks’ clients and financial stability. Individual member states, notably Germany and the UK, are
also pushing for structural changes.

In the course of 2013, the Basel 3 reforms will most probably be codified into European law, which, as far as
the revision of the Capital Requirements Directive is concerned, would be followed by implementation in the
individual member states. The passage of the revised European Deposit Insurance Directive is also scheduled
for 2013. The possible introduction of a financial transaction tax in a number of EU countries poses a particular
risk to the European capital markets. Finally, the European Commission is also due to present a legislative
proposal for a European bank resolution regime, which could have far-reaching consequences for banks and
their creditors.

In the U.S., a major task for banks will be to maintain the very strong profitability levels they have reached
again. A moderate recovery in the lending business should facilitate this, although almost no further momentum
can be expected from declining loan losses. In addition, the extremely low interest rates could, in the medium
term, turn out to be a serious problem for the interest margin. For the same reason, and due to the expiry of a
portion of the previously existing deposit guarantees, the previously strong growth in deposit volume will prob-
ably let up noticeably. Furthermore, banks' revenues and profits could also be impacted by measures designed
to slow the rise in public debt levels.

With respect to new regulation, Basel 3 (including transitional provisions) will probably also be introduced in the
U.S. for major banks in 2013. Passage could yet be delayed, though, by calls for another impact study. At the
same time, work will continue on the implementation of standards introduced by the Dodd-Frank Act. For for-
eign credit institutions operating in the US, recent calls for local incorporation, with accompanying local capital
requirements, pose substantial issues.

In investment banking, overall global revenues in 2013 should remain at about the same level as in the previ-
ous years. A slightly weaker activity in the markets for debt instruments may be largely balanced by a slightly
better development in the origination and trading of equity securities (following a very weak result in 2012). At
the same time, banks will probably continue in 2013 and 2014 their efforts to achieve a leaner cost base and
some institutions could further reduce their range of products and services, which means that the gradual in-
crease in the market concentration already observed in recent years could continue.

Asset and wealth management businesses' performance may again be determined to a large part by capital
market developments. As these are facing a cautiously optimistic outlook due to receding fiscal and macroeco-
nomic concerns in Europe and the U.S., assets under management could grow moderately over 2013 and
2014, with flows by asset category reversing some trends of the past few years: equity funds might benefit
from increased risk appetite, while bond funds may perform less well following significant recent price increas-
es. Revenues may be negatively impacted, on the other hand, by competitive pressures which remain intense
and by margins likely to shrink further, the latter being reinforced by a prolonged very low-yield environment.

Finally, numerous banks will continue to be faced with accusations of unlawful behavior and improper business
practices. This may lead to (further) considerable financial charges as well as long-term reputational damage
for the entire industry.

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The Deutsche Bank

Deutsche Bank AG as the parent company of the Group defines the strategy and planning for the individual
Group Divisions. Deutsche Bank participates in the results of the Group Divisions through own activities and
profit distribution from subsidiaries. The following outlook encompasses therefore all Group Divisions and is not
limited to the parent company.

In September 2012 we published our strategic and financial aspirations for 2015 in our Strategy 2015+. For the
Group our financial objectives for 2015 include

— a post-tax return on average active equity of at least 12 %,

— fully loaded Basel 3 Core Tier 1 target ratio of more than 10 %,
— a cost/income ratio of below 65 % and
— annual cost savings of € 4.5 billion.

Corporate Banking & Securities targets in 2015 a post-tax return on average active equity of approximately
15 %, a cost/income ratio of less than 65 % and a RWA equivalent of less than € 200 billion. Global Transaction
Banking and Asset & Wealth Management aim to double income before income taxes to approximately
€ 2.4 billion and € 1.7 billion, respectively. Private & Business Clients targets an income before income taxes of
approximately € 3.0 billion and a cost/income ratio of less than 60 %. For these businesses including Consolida-
tion & Adjustments in total we aim to achieve a post-tax return on average active equity of at least 15 %.

Our aspirations are based on a number of key assumptions, including normalization/stabilization of asset valua-
tions, revenue growth in line with the market, the absence of fundamental changes to current regulatory frame-
works on capital or separation of business activities, global GDP growth in the range of 2 % to 4 % per annum
over the period, a EUR/USD exchange rate of approximately 1.30 and the achievement of selective consolida-
tion-driven market share gains.

To support the aspirations of our Strategy 2015+ a number of strategic initiatives were launched which include
the establishment of a dedicated Non-Core Operations Unit, targeted de-risking activities as well as a specific
program to increase our operational excellence.

We reaffirm our commitment to the universal banking model and to our four business segments. Additionally, in
order to accelerate our deleveraging activities we set up a dedicated Non-Core Operations Unit in 2012. As a
distinct division, the unit will be transparent, fully accountable, and empowered to manage and sell non-core
assets in the most efficient manner for the Bank and our shareholders. Its key objective is reducing Basel 3
equivalent RWAs to approximately € 90 billion by the end of the first quarter 2013 and to less than € 80 billion in
total by December 31, 2013.

We remain committed to managing our capital to comply with all regulatory thresholds even in stress scenarios.
The Core Tier 1 capital ratio stays a management priority. Given our excellent progress on de-risking, we have
increased our planned de-risking from € 90 billion to over € 100 billion to be achieved by March 2013. According-
ly, we have now raised our fully loaded Basel 3 Core Tier 1 target ratio to 8.5 % as of March 31, 2013, and con-
tinue to expect more than 10 % as of March 31, 2015.

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We aim to secure our long-term competitiveness by achieving operational excellence with major reductions in
costs, duplication and complexity in the years ahead. In context of our Operational Excellence Program (OpEx)
we plan to invest approximately € 4 billion with the aim of achieving full run rate annual cost savings of
€ 4.5 billion in 2015.

Targeted
Targeted Incremental
in € bn. Investments Savings
2012 0.6 0.4
2013 1.7 1.2
2014 1.6 1.4
2015 0.2 1.5
Total 1 4.0 4.5
1 Numbers may not add up due to rounding.

In 2012, we have already invested € 0.5 billion and achieved savings of € 0.4 billion.

Of the planned OpEx savings in 2015, nearly 40 %, or € 1.7 billion, relate to the infrastructure areas, including
investing in new integrated IT platforms, rationalizing regional back-office activities and centralizing procure-
ment. Some initiatives within the scope of the businesses are a new and more cost-efficient IT platform in PBC,
streamlined AWM business, more efficient sourcing and a move to more cost-efficient locations. We further
plan to consolidate our real-estate footprint by putting properties up for sale. Based upon activities in 2012, we
have already identified cost savings of € 800 million in 2013. Currently a small portion of identified and submit-
ted initiatives is still under review. Depending on the final decision on the initiatives, there is a risk that the
overall cost to achieve demand is higher than originally envisioned and that the overall saving target is not
reached.

The implementation of our initiatives or the realization of the anticipated benefits might be negatively impacted
by certain factors. Economic factors that might impact us are the continuation of the European sovereign debt
crisis, the recurrence of extreme turbulence in the markets in which we are active, weakness of global, regional
and national economic conditions and increased competition for business. Additionally, regulatory changes
might increase our costs or restrict our activities as capital requirements are in focus and different authorities
are pushing for structural changes. Given the fact that these governmental initiatives are all subject to discus-
sions, we cannot quantify any future impact as of today. Due to the nature of our business, we are involved in
litigation, arbitration and regulatory proceedings in jurisdictions around the world and such matters are subject
to many uncertainties. Whilst we have resolved a number of important legal matters and made progress on
others, we expect the litigation environment to continue to be challenging.

Corporate Banking & Securities

For 2013 and 2014, we anticipate the investment banking industry will remain susceptible to uncertainty sur-
rounding the macroeconomic and political environment. As discussed in the previous section. Industry chal-
lenges and opportunities likely to impact performance include the changing regulatory environment and the
transformation of the competitive landscape, as polarization drives increased consolidation. We expect the
return to stronger growth at the end of 2013 to bring about a reduction in central bank intervention and market
influence, versus the elevated levels seen in 2012. Core bond yields are anticipated to gradually increase in
2013, but in an orderly process that reflects the underlying economic recovery and more positive macro envi-
ronment. Despite a strong rally in 2012, equities are expected to remain strong, underpinned by a decline in
macro risk, lower uncertainty around economic policy, and relatively low global cash and bond yields.

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Deutsche Bank is well positioned to take advantage of the increased industry consolidation, and will begin to
realize the benefits from the strategic plan laid out in September 2012. Corporate Banking & Securities (CB&S)
will continue to leverage its strengths in fixed income flow through further platform integration, while scaling
back higher risk, capital and regulatory intensive products. Geographically we will continue to streamline the
business and ensure that resources are appropriately allocated to market opportunities. Together, these areas
of focus will assist us in achieving our 2015 strategic targets of a post-tax return on average active equity of
approximately 15 % on a Basel 3 fully loaded basis and a cost income ratio of less than 65 %. However there
remain a number of risks and uncertainties, including: potential slowdown in activity due to protracted sover-
eign debt crisis and contagion risk; the impact of potential regulatory changes; potential margin compression
and increased competition in products with lower capital requirements; outcome of litigation cases; risk of
OpEx benefits not being fully realized; and a potential delay in execution of risk mitigation strategies.

In Sales & Trading, we expect revenues from fixed income flow products to remain strong in some markets,
such as foreign exchange. Cash equities flow revenues may trend higher in the medium term as the global
recovery takes hold. Margins are expected to be elevated from current levels as a result of market consolida-
tion and capital pressure, potentially offset by the impact of regulatory change.

In Corporate Finance, we expect a modest medium term increase in fee pools. Debt issuance is expected to
remain robust, particularly if the low interest rate environment persists. We expect M&A to be sustained at
current levels; while the environment is generally attractive given low valuations and high cash levels, compa-
nies are likely to remain unwilling to commit to deals in the medium term given the uncertain environment. We
anticipate Equity Capital Markets issuance will remain subdued as long as macro uncertainty persists.

Despite the challenging market conditions seen in recent years, and the continued uncertain outlook, by re-
affirming focus, scale and efficiency and consolidating on previous success, CB&S is well positioned to face
the potential challenges and opportunities the future environment may present.

Global Transaction Banking

The outlook for transaction banking over the next two years will likely be influenced by a number of critical
factors. The comparatively low interest rate levels seen in most markets during the last years are likely to per-
sist in 2013 and 2014. Economic recovery may be starting slow in 2013, with a recession in the eurozone, but
could be counterbalanced somewhat by a robust economic development in Emerging Markets and stabilization
in the U.S. and Japan. Based on the assumption of increasing foreign demand, the GDP growth could acceler-
ate in 2014. Significantly more expansive and rigorous regulation, including potential structural changes, as
well as pressures on margins, costs and from litigations will continue to pose challenges to the overall banking
industry.

Deutsche Bank’s Global Transaction Banking (GTB) business will be impacted by these challenges. The sus-
tained momentum of profitable growth and client acquisition in the underlying business in recent years, togeth-
er with its high quality and innovative products, leaves GTB well-placed to cope with these challenges and
even grow its client base. Trade Finance may benefit from the global economic development, increased foreign
trade and the expected stabilization of the lending business. In Trust and Securities Services, the outlook for
increased origination activities in 2013 and a trend to concentrate of investment banking services could provide
growth opportunities. For Cash Management, the increased level of global activities is a potential positive fac-
tor whilst deposit growth may remain low in 2013 but could potentially recover in 2014. The business is focus-
ing on deepening its client relationships with complex Corporates and Institutional Clients in existing regions as
well as pushing further growth in certain Emerging Markets. Closer co-operation with other areas of the bank
should ensure that a wider range of clients will benefit from GTB’s products and services.

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Beyond the next two years, GTB’s aspiration is to grow its income before income taxes to € 2.4 billion by 2015,
predominantly in the aforementioned focus areas. Additionally, investing in solutions, platforms and operational
excellence while maintaining strict cost, risk and capital discipline supports this growth. The continuation and
successful completion of the turnaround of the commercial banking activities in the Netherlands, which com-
menced during the fourth quarter of 2012, should as well be an integral part to achieve GTB’s strategic target.

Asset & Wealth Management

In the near term, the asset and wealth management industry will continue to be challenged by market instability
arising from sovereign indebtedness, particularly in Europe and the U.S., and the persistent low-yield environ-
ment in many developed markets. We expect that uncertainty in the investment climate – characterized by high
allocations to fixed income and cash products, which are relatively low margin – will put further pressure on
industry profitability. This should be compounded by higher compliance-related costs resulting from new regu-
lation. Thus, there is a continuing need for scale and efficiency. In our view, a select group of large managers
should increasingly dominate the industry, gathering the majority of new assets. Asset and wealth managers
stand to benefit this year from an improvement in equity markets and increased client activity, which should
support revenue growth from commissions and performance fees.

As part of the strategic review, we announced the establishment of a newly integrated Asset & Wealth Man-
agement (AWM). AWM combines Deutsche Bank's former asset management and private wealth management
units, as well as the third-party alternative assets and passive businesses that were part of CB&S. Thus, AWM
offers all client types a comprehensive product suite, spanning key growth areas such as alternative invest-
ments (including hedge funds, real estate and private equity) and passives (including exchange-traded
funds).With € 944 billion of assets under management as at December 31, 2012, AWM ranks among the ten
largest bank-owned global asset and wealth managers.

AWM has defined a strategy that positions AWM well to benefit from the longer term trends, the development
of the industry and the competitive landscape. AWM has targeted doubling IBIT to € 1.7 billion by 2015,
through revenue initiatives of € 0.3 billion and cost savings of € 0.7 billion.

AWM will enhance its presence in selected markets – particularly in emerging markets – by leveraging strong
DB Group footprint. We will actively participate in emerging markets where rapid growth is driving wealth crea-
tion and in turn raising the demand for asset and wealth management services. Accordingly, AWM aims to
grow revenues in Asia/Pacific and Latin America by 20-25 % through 2015 while the envisaged growth highly
depends on the continuation of economic growth in these regions.

We will continue to target the ultra-high net worth client segment globally and should increase the client rela-
tionships in this segment by 50 % until 2015 by enhancing our product offering and solutions platform and by a
dedicated coverage team. In this segment, the competition for clients and top talent is particularly intense.
Furthermore, AWM anticipates a continued shift toward alternative investments across the client spectrum, as
well as an increased demand for retirement products, as a consequence of demographic trends. We should be
able to grow the invested assets in these products by more than 10 % by 2015 by expanding the product set
and continued cooperation with external managers. Furthermore, we expect a global increase in allocations to
passive investments, which we anticipate will lead to continued growth of exchange-traded funds in particular.
AWM should be able to grow the invested assets in ETFs by 50 % until 2015 while leveraging our market posi-
tion and expanding in Americas.

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The substantial scale of the division, combined with targeted investment in the platform, should enable us to
achieve significant operational efficiencies, which we believe will be crucial as margins come under further
pressure, while continuing to invest in high-growth opportunities. AWM expects to derive cost and revenue
synergies by optimizing our business model with respect to manufacturing (investment), coverage (sales) and
infrastructure. Key initiatives in meeting those aims include integrating coverage globally and creating a unified
investment platform. Efficiency should be achieved by: removing duplications of business lines, products and
services, and technology; rationalizing infrastructure; and streamlining infrastructure supporting our business.
This should enable us to improve our gross margin; a significant effort has already been initiated in this respect,
with solid results in 2012. The timing on some of the envisaged optimization projects is dependent on a num-
ber of execution risk factors, which may delay or reduce the envisaged plan benefits.

Private & Business Clients

For countries in which Private & Business Clients (PBC) operates the overall macroeconomic outlook is mixed.
GDP growth in the home market Germany has a slightly positive outlook for 2013 and an even better outlook
for 2014, while the GDP outlook for most of the European countries in which PBC is present is rather slightly
negative. The economy in Asia is expected to show relatively strong growth in 2013 and 2014.

PBC is expected to continue on its growth path towards its about € 3 billion income before income taxes ambi-
tion for 2015 and to achieve a targeted revenue base beyond € 10 billion with a cost/income ratio target of
approximately 60 %. Strategically, we focus on being amongst Europe’s leading retail banks with a strong
advisory business in our home market Germany – benefitting from the full integration of Postbank – and in
international sweet spots such as other important European markets and key Asian countries. Furthermore, we
will leverage our relative strength to grow our credit business at attractive margins and maintain a strong posi-
tion with being a Top 5 deposit taker among Europe’s leading retail banks.

In Advisory Banking Germany, we expect to be able to reinforce our market position, continuing our success in
deposit gathering and low-risk mortgage production as well as strengthening our investment and insurance
product business. With the organizational realignment, we will seek to further enhance our value proposition
and improve our delivery on customer preferences.

In Advisory Banking International we are capitalizing on our advisory strength in Europe and intend to further
develop PBC’s profitable franchise as an affluent proposition with a focus on wealthy regions to be among
Europe’s leading retail banks. PBC’s Asian growth option will be leveraged by the 19.99 % stake in Hua Xia
Bank in China coupled with intensified cooperation, as well as further organic growth in India.

Consumer Banking will further pursue its growth path in Germany while further aligning its business and reduc-
ing costs via the implementation of organizational measures. Deutsche Bank and Postbank together are ex-
pected to continue their successful realization of synergies on the revenue and cost side. The integration of
Postbank and the final conclusion of the domination and profit and loss transfer agreement in 2012 should
enable PBC to fully achieve the synergies. Our new joint platform Magellan with integrated services, innovative
tools and an end-to-end process model will drive PBC’s efficiency. While Postbank related cost-to-achieve (CtA)
have peaked in 2012 in line with our integration plan, we forecast CtA related to our Operational Excellence
program (OpEx) to increase compared to 2012. We expect our costs to further improve in 2013 – not at least
thanks to growing synergies related to Powerhouse and initial savings related to OpEx.

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However, in our German Advisory Banking and Consumer Banking business there are risks related to the
Postbank integration process. On the cost side, there is a risk that synergies are not realized or are realized
later than foreseen. Additionally, there is a risk that the costs to achieve the synergies are higher than expected.
These risks are mitigated to the extent possible by a bottom up revalidation of synergy measures with ongoing
tracking and reporting to senior management.

PBC may continue to face uncertainties in its operating environment, such as a risk of a significant decline in
economic growth, which in turn would result in higher unemployment rates and could lead to increasing credit
loss provisions and lower business growth, mainly outside Germany. The development of investment product
markets and the respective revenues depend especially on the further development of the European macro-
economic environment. Additionally, the continued low interest rates may further negatively impact PBC’s de-
posit margins. However, PBC will target at strengthening its German credit business and expand margins,
especially outside Germany in the coming years while maintaining strict risk discipline and carefully optimizing
capital demand.

Non-Core Operations Unit

The Non-Core Operations Unit (NCOU) is expected to contribute significantly to the Group’s published capital
roadmap and target a reduction of Basel 3 equivalent RWAs to approximately € 90 billion by the end of the first
quarter 2013 and to less than € 80 billion in total by December 31, 2013.

The reduction in non-core assets and their associated capital demand to the end of the first quarter 2013 will
be achieved by sales of highly capital intensive assets in the portfolio. Going forward, the pace of reduction in
assets and associated capital demand is anticipated to decline and the NCOU will continually evaluate the
rationale of exit versus hold, to take advantage of market conditions and to optimize and protect shareholder
value.

In the current market environment, where many of our competitors are also seeking to dispose of assets to
improve their capital ratios, this strategy may prove difficult and unfavorable business or market conditions may
also diminish our ability to sell such assets.

In addition, the NCOU includes significant investments in individual companies and carries other assets that
are not part of our core business such as our stake in The Cosmopolitan of Las Vegas. These investments and
assets are exposed to the opportunities and risks arising from their specific economic environment and make
the timeline during which we divest our investments less certain.

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Statements
Balance Sheet as of December 31, 2012 – 76
Income Statement for the period from January 1 to December 31, 2012 – 78
Notes to the Accounts
General Information – 79
Notes to the Balance Sheet – 84
Notes to the Income Statement – 94
Other Information – 95
Shareholdings – 101
Management Bodies – 129
List of Mandates – 133

F-II-75
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 76 76
Annual Financial
Annual FinancialStatements
Statements Balance Sheet
Balance SheetasasofofDecember
December31,31,
2012
2012
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Balance Sheet as of December 31, 2012

Assets in € m. Dec 31, 2012 Dec 31, 2011
Cash reserve
a) cash on hand 58 58 103
b) balances with central banks 64,476 64,476 104,254
thereof: with Deutsche Bundesbank 2,634 2,634 (32,646)
64,535 104,357
Debt instruments of public-sector entities and bills of
exchange eligible for refinancing at central banks
a) Treasury bills, discountable Treasury notes and similar debt
instruments of public-sector entities 488 488 585
thereof: eligible for refinancing at Deutsche Bundesbank 51 51 (74)
b) bills of exchange – − –
488 585
Receivables from banks
b) loans to or guaranteed by public-sector entities 548 548 368
c) other receivables 259,346 259,346 233,722
259,894 234,090
thereof:
repayable on demand 129,430 129,430 (121,822)
receivables collateralized by securities 3,450 3,450 (9,633)
Receivables from customers
a) Mortgage loans 8,407 8,407 9,723
b) loans to or guaranteed by public-sector entities 8,368 8,368 9,010
c) other receivables 183,307 183,307 222,783
200,082 241,516
thereof:
receivables collateralized by securities 6,023 6,023 (6,943)
Bonds and other fixed-income securities
a) money market instruments
aa) of public-sector issuers 3,163 3,163 0
thereof: eligible as collateral for Deutsche Bundesbank – −
ab) of other issuers 1 1 194
thereof: eligible as collateral for Deutsche Bundesbank – − −
3,164 3,164 194
b) bonds and notes
ba) of public-sector issuers 9,662 9,662 3,067
thereof: eligible as collateral for Deutsche Bundesbank 5,375 5,375 (168)
bb) of other issuers 7,044 7,044 11,557
thereof: eligible as collateral for Deutsche Bundesbank 2,866 2,866 (2,405)
16,705 16,705 14,624

c) own debt instruments 100 100 102

nominal amount 100 100 100
19,970 14,920
Equity shares and other variable-yield securities 346 825
Trading assets 1,112,953 1,213,367
Participating interests 836 854
thereof: in banks 597 597 (605)
in financial services institutions 68 68 (57)
Investments in affiliated companies 44,798 42,716
thereof: in banks 15,337 15,337 (15,067)
in financial services institutions 919 919 (941)
Assets held in trust 1,440 1,273
thereof: loans on a trust basis 48 48 (74)
Intangible assets
a) Self-developed intangible assets 861 861 541
b) Purchased intangible assets 84 84 168
c) Goodwill 186 186 234
d) Down-payments for intangible assets − − −
1,131 943
Tangible assets 1,319 847
Sundry assets 9,067 6,866
Prepaid expenses
a) from the issuance and loan business 668 668 726
b) other 633 633 585
1,301 1,311
Deferred tax assets 4,457 4,165
Overfunded plan assets 844 439
Total assets 1,723,459 1,869,074

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Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 77 77
Annual Financial
Annual FinancialStatements
Statements Balance Sheet
Balance SheetasasofofDecember
December31,31,
2012
2012
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Liabilities and Shareholders' Equity in € m. Dec 31, 2012 Dec 31, 2011
Liabilities to banks
c) other liabilities 311,054 311,054 343,628
311,054 343,628
thereof:
repayable on demand 186,713 186,713 194,283
registered mortgage debenture bonds issued to lenders to
− − −
secure loans taken up
public registered debenture bonds issued to lenders to secure
− −
loans taken up −
Liabilities to customers
a) registered Mortgage Pfandbriefe issued 25 25 −
a) registered public Sector Pfandbriefe issued − − −
c) savings deposits
ca) with agreed notice period of three months 3,116 3,116 3,013
cb) with agreed notice period of more than three months 3,022 3,022 3,908
6,138 6,138 6,921
d) other liabilities 267,896 267,921 268,421
274,059 275,342
thereof:
repayable on demand 189,072 189,072 (177,836)
Liabilities in certificate form
a) bonds in issue
aa) Mortgage Pfandbriefe 4,063 4,063 2,046
ac) other bonds 81,658 81,658 92,668
85,721 85,721 94,714
b) other liabilities in certificate form 28,193 28,193 25,434
113,915 120,148
thereof:
money market instruments 25,762 25,762 (22,063)
own acceptances and promissory notes in circulation 514 514 (411)
Trading liabilities 941,423 1,052,720
Liabilities held in trust 1,440 1,273
thereof: loans on a trust basis 48 48 (74)
Sundry liabilities 16,715 12,929
Deferred income
a) from the issuance and loan business 79 79 59
b) other 1,264 1,264 699
1,342 758
Deferred tax liabilities − −
Provisions
a) provisions for pensions and similar obligations 59 59 57
b) provisions for taxes 1,031 1,031 1,461
c) other provisions 5,664 5,607 4,519
6,754 6,037
Subordinated liabilities 19,331 19,573
Fund for general banking risks 2,676 2,676
thereof: trading-related special reserve according to
Section 340e (4) HGB 2,276 2,276 (2,276)
Capital and reserves
a) subscribed capital 2,380 2,380 2,380
less notional par value of own shares 0 (0) 62
2,380 2,379 2,318
conditional capital € 691 m. (Dec 31, 2011: € 461 m.)
b) capital reserve 25,453 25,453 25,373
c) revenue reserves
ca) statutory reserve 13 13 13
cd) other revenue reserves 6,114 6,114 5,434
6,127 6,127 5,447
d) distributable profit 792 849 852
34,752 33,990
Total liabilities and shareholders' equity 1,723,459 1,869,074

Contingent liabilities
a) contingent liabilities from rediscounted bills of exchange 0 0 −
b) liabilities from guarantees and indemnity agreements 59,718 59,718 62,987
c) liability arising from the provision of collateral for third-party liabilities 27 27 31
59,745 63,018
Other obligations
a) repurchase obligations under agreements to sell securities
− − −
with an option to repurchase them
b) placement and underwriting obligations − − −
c) irrevocable loan commitments 94,435 94,435 105,578
94,435 105,578

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Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 78 78
Annual Financial
Annual FinancialStatements
Statements Income Statement
Income Statement forfor
thethe
period fromfrom
period January 1 to December
January 31, 2012
1 to December 31, 2012
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Income Statement for the period from January 1 to

December 31, 2012
in € m. 2012 2011
Interest income from
a) lending and money market business 9,485 9,485 11,903
b) fixed-income securities and government-inscribed debt 2,811 2,811 3,792
12,296 12,296 15,695
Interest expenses 9,993 9,993 13,036
2,303 2,659
Current income from
a) equity shares and other variable-yield securities 3,689 3,689 2,299
b) participating interests 32 32 27
c) investments in affiliated companies 1,642 1,642 1,299
5,363 3,625
Income from profit-pooling, profit-transfer and partial profit-transfer
agreements 2,443 903
Commission income 7,378 7,378 7,394
Commission expenses 1,394 1,394 1,409
5,984 5,985
Net trading result 2,677 4,083
thereof: additions to trading-related special reserve according to section
(276)
340e (4) HGB − −
Other operating income 2,553 4,554
Administrative expenses
a) staff expenses
aa) wages and salaries 4,867 4,867 4,537
ab) compulsory social security contributions and expenses for pensions
and other employee benefits 1,177 1,177 603
6,044 6,044 5,140
thereof: for pensions € 415 m. (2011: € (101) m.)
b) other administrative expenses 6,186 6,186 5,742
12,230 10,882
Depreciation, amortization and write-downs of and value adjustments
to tangible and intangible assets 558 338
Other operating expenses 4,828 5,102
Write-downs of and value adjustments to claims and certain securities
as well as additions to provisions for loan losses 710 1,218
Write-downs of and value adjustments to participating interests,
investments in affiliated companies and securities treated as fixed assets 2,427 1,018
Expenses from assumption of losses 168 0
Additions (–) to the fund for general banking risks − (400)
Result from ordinary activities 402 2,851
Extraordinary income − − −
Extraordinary expenses 211 211 −
Extraordinary result (211) −
Income taxes (610) (610) 1,058
thereof: deferred taxes € (315) m. (2011: € 264 m.)
Other taxes, unless reported under "Other operating expenses" 72 72 367
(538) 1,425
Net income 729 1,426

Profit carried forward from the previous year 163 126

892 1,552
Allocations to revenue reserves
– to other revenue reserves 100 100 700
100 700
Distributable profit 792 852

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Deutsche
DeutscheBankBank 02 – Annual
Annual Financial
FinancialStatements
Statements 79 79
Annual
AnnualFinancial Statements
Financial Statements Notes to
Notes tothe
theAccounts
Accounts
and
andManagement
Management Report
Report General Information
General Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

General Information
The annual financial statements of Deutsche Bank AG for the financial year 2012 have been prepared in
accordance with the German Commercial Code (“HGB”), recently reformed by the Bill to Modernize German
Accounting Law (“BilMoG”), as well as the Statutory Order on Banks’ Accounts (“RechKredV”); company-law
regulations have been complied with. For the sake of clarity, the figures are reported in millions of euros (€).

Basis of Presentation

Accounting policies for:

Receivables
Receivables which are held with a trading intent are accounted for as described in the separate paragraph
“Trading activities”.

Receivables from banks and customers which do not qualify as trading assets are generally reported at their
nominal amount or at acquisition cost less necessary impairments. If, in a subsequent period, the amount of
the impairment loss decreases and the decrease in impairment can be objectively related to an event occurring
after the impairment was recognized, the previously recognized impairment is reversed through the income
statement.

Risk provisioning
Provisioning for loan losses comprises impairments and provisions for all identifiable credit and country risks,
for inherent default risks and the provision for general banking risks. Provisions for credit risks are reflected in
accordance with the prudence principle at the amount of expected losses.

The transfer risk for loans to borrowers in foreign states (country risk) is assessed using a rating system that
takes into account the economic, political and regional situation. When recognizing provisions for cross-border
exposures to certain foreign states the prudence principle is applied.

Provisions for inherent credit risk are reflected in the form of general value adjustments in accordance with
commercial law principles. In addition, general banking risks are provisioned pursuant to Section 340f HGB.
The offsetting option available under Section 340f (3) HGB has been utilized.

Securities
Bonds and other fixed income securities as well as equity shares and other variable-yield securities which are
held for trading purposes are accounted for as described in the separate paragraph “Trading activities”.

Certain holdings of bonds and other fixed-income securities for which the intent is to hold them for the foresee-
able future are classified as non-current assets and accounted for using the moderate lower-of-cost-or-market
rule. This means that the respective securities are carried at acquisition cost less other than temporary impair-
ment.

If bonds and other fixed-income securities are neither held for the foreseeable future nor form part of the trad-
ing portfolio, they are classified as current assets and are accounted for using the strict lower-of-cost-or-market
rule. This means that they are carried at the lower of acquisition cost or market respectively attributable value.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 80 80
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report General Information
General Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The same applies to equity shares and other variable-yield securities which, if they are not part of the trading
portfolio, are generally accounted for as current assets.

Securities are written up pursuant to the requirement to reinstate original values if the reason for the write-up
can be objectively related to an event occurring after the write-down was recognized.

Embedded Derivatives
Some hybrid contracts contain both a derivative and a non derivative component. In such cases, the derivative
component is referred to as embedded derivative, with the non derivative component representing the host
contract. Where the economic characteristics and risks of embedded derivatives are not closely related to
those of the host contract, and the hybrid contract itself is not carried as a trading activity at fair value through
profit or loss, the embedded derivative is bifurcated following general principles. The host contract is accounted
for at amortized cost or settlement amount.

Trading activities
Financial instruments (including positive and negative market values of derivative financial instruments) as well
as precious metals which are held or incurred with a trading intent are recognized at fair value less risk adjust-
ment. In addition to the value-at-risk adjustment a de-facto limit on profit distribution for net trading P&L exists
because each fiscal year a certain portion of net trading revenues has to be allocated to a trading-related
special reserve which is part of the fund for general banking risk.

Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction
between knowledgeable, willing and unrelated parties, other than in a forced sale or liquidation. Where avail-
able, fair value is based on observable market prices and parameters or derived from such prices or parameters.
The availability of observable data varies by product and market and may change over time. Where observable
prices or inputs are not available, valuation techniques appropriate to the particular instrument are applied.

If fair value is estimated by using a valuation technique or derived from observable prices or parameters, signif-
icant judgment may be required. Such estimates are inherently uncertain and susceptible to change. Therefore,
actual results and the financial position may differ from these estimates.

The fair valuation of financial instruments includes valuation adjustments for close-out costs, liquidity risk and
counterparty risk.

In order to reflect any remaining realization risk for unrealized gains, the result of the fair value measurement is
reduced by a risk adjustment, which is deducted from trading assets. The risk adjustment is based on value-at-
risk which is calculated using a holding period of ten days and a confidence level of 99 %.

The trading-related special reserve is provided for by taking at least 10 % of the net trading revenues (after risk
adjustment) and must not exceed the total amount of net trading revenues of the respective fiscal year. It has
to be provided for until the trading-related special reserve corresponds to 50 % of the five-year average of net
trading revenues after risk adjustment.

The reserve may only be consumed to either release an amount exceeding the 50 % limit or to cover net
trading losses.

Financial instruments and precious metals held for trading are separately presented as “Trading assets” or
“Trading liabilities” on the face of the balance sheet. Forward contracts to buy or sell commodities do basically
not qualify as financial instruments and can therefore not be assigned to trading assets.

Any changes in fair value after risk adjustment are recognized as “Net trading revenues (losses)”.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 81 81
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report General Information
General Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Valuation Units (Hedge Accounting)

In instances in which for accounting purposes assets, liabilities, pending transactions or highly probable fore-
casted transactions (hedged items) and financial instruments (hedging instruments) are designated in a valua-
tion unit to achieve an offset for changes in fair value or cash flows attributable to the hedged risk the general
measurement rules are not applicable. The bank generally utilizes the freeze method, which means that
offsetting value changes related to the hedged risk are not recorded. Consequently, negative fair value chang-
es related to the same type of risk are not recognized during the period of the hedge unless a net loss, i.e.,
negative ineffectiveness, arises which is recognized as a provision for imminent losses.

For the purpose of hedge accounting forward contracts to buy or sell commodities are treated as financial
instruments.

Reclassifications
Receivables and securities have to be classified as trading activities, liquidity reserve or non-current invest-
ments at inception.

A reclassification into trading after initial recognition is not permitted and a reclassification from trading activities
is only allowed if the intent changes due to exceptional market conditions, especially conditions that adversely
affect the ability to trade. Furthermore financial instruments held with a trading intent may be designated sub-
sequently as hedging instruments into a valuation unit.

A reclassification between the categories liquidity reserve and non-current investments occurs when there is
a clear change in management intent after initial recognition which is documented.

The reclassifications are made when the intent changes and at the fair value as of the reclassification date.

Participating interests and investments in affiliated companies

Participating interests are recognized either at cost or utilizing the option available under Section 253 HGB at
their lower fair value.

Investments in affiliated companies are accounted for at moderate lower-of-cost-or-market. This means that
write-downs are only recognized if the impairment is considered other than temporary.

Participating interests and investments in affiliated companies are written up pursuant to the requirement to
reinstate original values if the reason for the write-up can be objectively related to an event occurring after the
write-down was recognized. The offsetting option available under Section 340c (2) HGB has been utilized.

Tangible and intangible assets

Tangible and intangible assets are reported at their acquisition or manufacturing cost less any depreciation or
amortization. Self-developed brands, mastheads, publishing titles, customer lists and similar intangible assets
are not recognized.

Write-downs are made for any impairment that is likely to be permanent.

Tangible and intangible assets have to be written up if the increase in value can be objectively related to an
event occurring after the write-down was recognized.

Low-value assets are written off in the year in which they are acquired.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 82 82
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report General Information
General Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Derecognition of assets
An asset is generally derecognized when legal ownership is transferred.

However, if the seller irrespective of the asset’s legal transfer retains the majority of risks and rewards of own-
ership, the asset is not derecognized.

Since 1 January 2010 securities lending/borrowing transactions in accordance with Section 246 (1) sentence 2
HGB remain recognized in the transferor’s balance sheet. That means the securities lent are not derecognized
by the transferor because he is exposed to the majority of risks and rewards of ownership.

Liabilities
Liabilities are recognized at their settlement or nominal amounts. Zerobonds issued at a discount are reported
at their present value.

Provisions
Provisions for pensions and similar obligations are recognized in accordance with actuarial principles. Pension
provisions are calculated using the projected unit credit method and using the average market rate for an as-
sumed remaining term of 15 years as published by the German Federal Bank unless the pension plan’s re-
maining term is shorter.

Assets which are exclusively used to settle pensions and similar obligations and which are controlled neither
by DB AG nor any creditor (plan assets) are fair valued and offset with the respective provisions. Overfunded
obligations are recognized on the balance sheet as a net asset after offsetting of provisions. For underfunded
pension obligations and obligations from the bank’s internally financed plans, the relevant provisions are made.

If the settlement amount of pensions and similar obligations is solely based on the fair value of securities held
as non-current financial assets, the provision is measured at the fair value of these securities if the fair value
exceeds the guaranteed minimum.

Other provisions for uncertain liabilities or for onerous contracts (excluding trading activities) are recognized at
their expected settlement amount applying the principles of prudent commercial judgment. Provisions for un-
certain liabilities are discounted if the related cash outflows are not expected to arise within twelve months after
the balance sheet date.

The assessment whether to recognize a provision for imminent losses comprises an evaluation whether a net
loss is probable to arise for all interest-earning and interest-bearing positions which are not held with a trading
intent, i.e., all positions within the banking book existing as of the reporting date.

The assessment whether a net loss is probable in respect of interest-earning and interest-bearing positions
within the banking book requires comparing expected future net interest and expected future directly attributa-
ble fees with expected future funding and credit risk expenses as well as future expected administrative ex-
penses associated with the interest-earning and interest-bearing positions as of the reporting date.

The assessment of a potential provision is aligned with the internal management of the interest-related
position in the banking book. For open interest-related positions of the banking book a present value based
approach is used supplemented by an analysis of the historic cost coverage of risk and administrative costs
by net interest surpluses for the positions hedged against interest rate risk.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 83 83
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report General Information
General Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Deferred taxes
Deferred tax assets and deferred tax liabilities on temporary differences between the accounting and tax base
for assets, liabilities and accruals are offset against each other and presented net on the balance sheet as
either deferred tax assets or deferred tax liabilities. In determining deferred tax assets unused tax losses are
taken into account, but only to the extent that they can be utilized within the following five years.

Treasury shares
If DB AG acquires its own shares (treasury shares) they are openly deducted at cost from capital and distribut-
able reserves in a separate column on the face of the balance sheet with no gain or loss being recognized in
the income statement.

If such treasury shares are subsequently sold the previously mentioned deduction is reversed and any amount
exceeding the original acquisitions costs is to be recognized within capital reserves whereas a loss on the sub-
sequent sale is to be recognized in revenue reserves.

Currency translation
Currency translation is consistent with the principles set forth in Sections 256a and 340h HGB.

Assets denominated in foreign currency and treated as fixed assets, but not separately covered in the same
currency, are shown at historical cost unless the change in the foreign currency rate is other than temporary so
that the assets have to be written down. Other foreign currency denominated assets and liabilities and out-
standing cash deals are translated at the mid spot rate at the balance sheet date, and forward exchange deals
at the forward rate at the balance sheet date.

The definition of those positions in foreign currency for which the bank applies the special coverage method
according to Section 340h HGB reflects internal risk management procedures.

The accounting for gains and losses from currency translation depends on to which foreign currency positions
they relate. Gains and losses from currency translation of trading assets and trading liabilities as well as gains
and losses from the translation of positions which are specifically covered are recognized in the income state-
ment. The same applies to foreign currency positions which are not specifically covered but have a remaining
term of one year or less. In contrast, for foreign currency positions which are not specifically covered and have
a remaining term of more than year in accordance with the imparity principle only the losses from currency
translation are recognized. The result of currency translation is included in the net trading result and in other
operating income and expenses.

The items on the balance sheets and the income statements of foreign branches are translated into euros at
mid-rates at the respective balance sheet dates (closing-rate method). Differences resulting from the transla-
tion of balance sheet items within the bank – with the exception of exchange rate losses on the translation
of the capital allocated to the branches outside Germany (including gains and losses carried forward) – are
reported as sundry assets or sundry liabilities not affecting net income.

F-II-83
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 84 84
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Notes to the Balance Sheet

Securities

The table below provides a breakdown of the marketable securities contained in the listed balance sheet posi-
tions.

listed unlisted
in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
Bonds and other fixed-income securities 13,743 7,939 6,227 6,981
Equity shares and other variable-yield securities 94 113 5 23
Participating interests 572 613 23 15
Investments in affiliated companies 2 2 − 18

Bonds and other fixed-income securities held as fixed assets are reported at amortized cost as Deutsche Bank
intends to hold these securities for the foreseeable future. The lower fair value amounted at reporting date to
€ 3,052 million (carrying amount € 3,771 million). This portfolio mainly included reclassifications carried out in
2008 and 2009 due to significantly reduced liquidity in the financial markets. For those assets reclassified, a
change of intent to hold for the foreseeable future rather than exit or trade in the short term occurred. These
assets were reclassified with the lower fair value at reclassification date. The intrinsic value of these assets
exceeded at reclassification date the estimated fair value. The securities classified as fixed assets were man-
aged in separated portfolios.

Where available, the fair value was derived from observable prices or parameters. Where observable market
prices or inputs were not available, valuation techniques appropriate for the particular instrument were applied.
In one case the determination of the fair value of these fixed assets neither included the changes in liquidity
spread since trade date following the intent to hold them in the long term, nor the changes in the credit spread
since the credit risk was already considered in the provisions for credit losses.

Investments in investment funds

The following table shows a breakdown of investments in German and foreign investment funds by investment
purpose, where the fund units held exceeded 10 %.

Dec 31, 2012

Difference
between fair
value and Distribution in
in € m. Carrying value Fair value carrying value 2012
Equity funds 1,858 1,858 − −
Bonds funds 595 595 − −
Mixed funds 4,139 4,139 − −
Currency funds 18 18 − −
Commodities funds 287 287 − −
Total 6,897 6,897 − −

F-II-84
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 85 85
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The investments in the funds were predominantly assigned to trading assets. Their carrying values corre-
sponded to their fair values. The majority of the funds were exchange traded funds established by Deutsche
Bank.

The conditions to postpone the redemption of fund units may vary from fund to fund. They may be based on a
minimum asset value or make it discretionary to the fund directors. Restrictions for daily redemption of the fund
units relate to cases where too many investors try to redeem at a specific point in time. In these cases the
funds might postpone the redemption until such time that they can fulfill the redemption request.

Trading assets and liabilities

The following table provides a breakdown of trading assets and trading liabilities.

Dec 31, 2012

in € m. Trading assets in € m. Trading liabilities
Derivative financial instruments 777,705 Derivative financial instruments 761,779
Receivables 160,251 Liabilities 179,644
Bonds and other fixed-income securities 92,812
Equity shares and other variable-yield securities 78,252
Sundry assets 4,668
Risk adjustment (735)
Total 1,112,953 Total 941,423

Financial instruments held with a trading intent

The basic assumptions to determine the fair value using accepted valuation methods are presented in detail in
the section “Basis of Presentation”.

The subsequent table breaks down the derivatives valued at fair value which correspond to trading derivatives,
by type and volume.

Dec 31, 2012

in € m. Notional amount
OTC products 50,674,249
interest rate-linked transactions 41,177,322
exchange rate-linked transactions 5,920,921
equity- and index-linked transactions 673,633
credit derivatives 2,722,788
other transactions 179,584
Exchange-traded products 5,065,089
interest rate-linked transactions 4,334,424
exchange rate-linked transactions 14,705
equity- and index-linked transactions 501,382
other transactions 214,579
Total 55,739,338

The amount, timing and the reliability of future cash flows are impacted by the interest rate environment, from
the development in the equity and debt markets as well as the credit spreads and defaults.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 86 86
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Method and assumptions and risk adjustment amount

The calculation of the risk adjustment is based on the model to calculate the regulatory value-at-risk which
incorporates financial instruments held or incurred for trading purposes. The valuation of trading assets might
require various valuation adjustments e.g. for liquidity risks which are explained in more detail under “Basis of
Presentation” in the section “Trading activities”.

The calculation of the value-at-risk adjustment (“VaR-adjustment”) is based on a holding period of ten days and
a confidence level of 99 %. The observation period is 261 trading days.

In addition to the regulatory VaR-adjustment the risk adjustment was supplemented by additional risk figures
related to DB’s own credit risk which is not covered by the VaR calculation.

The absolute amount of the risk adjustment is € 735 million.

Change of criteria for the classification of financial instruments as trading

During the year 2012 the criteria related to the assignment of financial instruments to trading assets and liabili-
ties remained unchanged.

Derivative financial instruments

Forward transactions
Forward transactions outstanding at the balance sheet date consisted mainly of the following types of business:

— interest rate-linked transactions

forward deals linked to debt instruments, forward rate agreements, interest rate swaps, interest futures,
option rights in certificate form, option deals and option contracts linked to interest rates and indices;
— exchange rate-linked transactions
foreign exchange and precious metal forwards, cross-currency swaps, option rights in certificate form,
option deals and option contracts linked to foreign exchange and precious metals, foreign exchange and
precious metal futures;
— other transactions
equity forwards and futures, index futures, option rights in certificate form, option deals and option con-
tracts linked to equities and indices.

The above types of transactions are concluded almost exclusively to hedge interest rate, exchange rate and
market price fluctuations in trading activities.

Derivatives not accounted for at fair value

The subsequent table presents derivative financial instruments which are not generally accounted for at fair
value.

Dec 31, 2012

Notional Carrying value Fair value
in € m. amount positive negative positive negative
OTC products
interest rate-related transactions 1,172,858 726 934 4,045 4,431
exchange rate-related transactions 92,788 243 51 1,446 2,003
equity/ index-related transactions 512 42 24 137 −
credit derivatives 38,426 0 689 556 690
other transactions 1,584 − 88 74 104
Total 1,306,168 1,011 1,787 6,258 7,227

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 87 87
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The carrying values of derivatives not generally recorded at fair value are reported in “Sundry Assets” and
“Sundry Liabilities”.

Valuation Units (Hedge Accounting)

Deutsche Bank AG enters into valuation units via fair value hedges, to protect itself essentially through interest
rate swaps and options against fair value changes of fixed rate securities resulting from changes in market
rates.

Additional risks resulting from bifurcatable derivatives embedded in hybrid financial instruments are hedged as
well via microhedge relationships.

In addition to the cases described above Deutsche Bank hedges commodity risks via micro- and portfolio-
hedge relationships.

The subsequent table provides an overview of the hedged items in valuation units including the amount of
hedged risks. For hedged assets and hedged liabilities the carrying value is presented as well.

Dec 31, 2012

in € m. Carrying value Amount of secured risk
Secured assets, total 11,682 717
Secured liabilities, total 102,046 (8,597)

Notional amount Amount of secured risk

Pending transactions 28,061 571

The amount of hedged risk, if negative, represents the cumulative decrease in fair value for assets respectively
the cumulative increase of fair value for liabilities since inception of the hedge relationship that were not recog-
nized in profit and loss net, after considering hedges. Positive amounts of hedged risk correspond to the cumu-
lative increase in fair value of assets respectively the cumulative decrease in fair value of liabilities that were
not recognized in profit and loss net, after considering hedges.

Using foreign exchange forwards and swaps, Deutsche Bank AG contracts fair value hedges of foreign-
exchange risks of its branches dotational capital and profit/loss carried forward representing the net asset
value exposed to foreign exchange risk. The carrying amount of the net position hedged via macro hedges
amounts to € 22.9 billion. The amount of hedged risk is negative € 514 million. The final offset of the mirroring
spot rate changes takes place at the point in time when the dotational capital is redeemed.

In instances where the contractual terms of hedged item and hedging instrument are exactly offsetting, both
prospective assessment of effectiveness and retrospective measurement of ineffectiveness of a valuation unit
are based on the matching of critical terms. In addition the bank may utilize statistic methods and regression
analysis for the assessment of effectiveness. Deutsche Bank AG compares the amounts of the changes of fair
values of hedged items and hedging instruments (dollar-offset method). The valuation units are generally es-
tablished over the remaining maturity of the hedged items.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 88 88
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Fixed Assets

The following schedule shows the changes in fixed assets.

Depreciation/amortization, write-
Acquisition/manufacturing costs downs and value adjustments Book value
Balance at therein therein Balance at Balance at
in € m. Jan 1, 2012 Additions Disposals Cumulative current year disposals Dec 31, 2012 Dec 31, 2011
Intangible assets 1,548 719 318 818 283 80 1,131 943
Self-developed intangible assets 576 694 246 163 202 79 861 541
Purchased intangible assets 300 25 72 169 34 1 84 168
Goodwill 672 − 0 486 47 – 186 234
Down-payments − − − − − – − −
Tangible assets 2,550 946 258 1,919 270 65 1,319 847
Land and buildings 112 7 2 26 3 (1) 91 1 90
Office furniture and equipment 2,438 435 168 1,848 200 44 857 757
Leasing assets − 504 88 45 67 22 371 −

Change
Participating interests (18) 836 854
Investments in affiliated companies + 2,0822 44,798 42,716
Bonds and other fixed-income
securities (4,212) 3,771 7,983
thereof: included in valuation units
according to Section 254 HGB (576) 1,045 1,621
Equity shares and other variable-yield
securities (193) 18 211
thereof: included in valuation units
according to Section 254 HGB − − −
The option to combine financial assets pursuant to Section 34 (3) RechKredV has been utilized. Exchange rate changes at foreign branches resulting from currency translation at closing
rates have been recognized in acquisition/manufacturing costs (balance at January 1, 2012) and in cumulative depreciation/amortization, write-downs and value adjustments.
1 Land and buildings with a total book value of € 89 million were used as part of our own activities.
2 The increase was mainly attributable to capital increases and the transfer of an affiliated company which was previously held indirectly. It was partially offset by write downs of € 3.3 billion
and capital reductions.

Investments in affiliated companies with a book value of € 1.1 billion had a decrease in value of € 77 million
which was deemed as temporary and therefore not leading to an impairment.

Intangible assets
The goodwill reported under intangible assets is amortized over its estimated useful life of between five and
15 years. Its determination is based on economic and organizational factors such as future growth and profit
prospects, mode and duration of expected synergies, leveraging customer base and assembled workforce of
the acquired business. Software classified as an intangible asset is amortized over its useful life.

Sundry assets and liabilities

Sundry assets mainly consist of receivables from profit pooling agreements of € 2.4 billion, balloon-payments
from swaps and other derivatives of € 2.0 billion, claims against tax authorities of € 1.7 billion and receivables
regarding dividend payments of € 1.6 billion.

Sundry liabilities mainly contain failed derecognition liabilities amounting to € 13.0 billion. The equalization of
assessment for specially covered foreign exchange positions amounts to € 0.9 billion and other liabilities to
non-customers amount to € 0.6 billion and liabilities from swaps and other derivatives amount to € 0.5 billion.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 89 89
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Prepaid expenses and deferred income

Prepaid expenses of € 1.3 billion include a balance of € 668 million from the issuance and loan business. De-
ferred income of € 1.3 billion contains balances of € 79 million from the issuance and loan business.

Deferred taxes

From 2010 onwards deferred taxes are determined for temporary differences between commercial carrying
amounts of assets and liabilities and accruals and their tax bases when it is anticipated that such differences
will reverse in subsequent reporting periods. In this context, temporary differences of consolidated tax group
subsidiaries/partnerships where Deutsche Bank AG is a shareholder/partner are included in the determination
of Deutsche Bank AG’s deferred taxes as well. In addition, unused tax losses are taken into account when
determining deferred tax assets, to the extent that they will be utilized within the following five years. The
measurement of deferred taxes is based on the combined income tax rate of the tax group of Deutsche Bank
AG which is currently 30.96 %. The combined income tax rate includes corporate tax, trade tax and solidarity
surcharge.

By contrast, deferred taxes arising from temporary differences in German investments in the form of a partner-
ship are measured based on a combined income tax rate including only the corporate income tax and solidarity
surcharge; this currently amounts to 15.83 %.

Deferred taxes in foreign branches are measured with the applicable statutory tax rates which are mainly within
a range of 23 % and 44 %.

In the reporting period an overall deferred tax asset of € 4.5 billion was presented on the balance sheet. Signif-
icant contributors were – Deutsche Bank AG – “domestic bank”, including deferred taxes of consolidated tax
group subsidiaries, Deutsche Bank AG – New York Branch, and Deutsche Bank AG – London Branch. These
are mainly based on unused tax losses and temporary differences, the latter mainly relating to staff related
obligations and fair value measurements of loan portfolios and trading books.

Information on affiliated, associated and related companies

Affiliated companies Associated and related companies

in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
Receivables from banks 107,615 112,502 20 111
Receivables from customers 84,879 109,682 466 1,170
Bonds and other fixed-income securities 172 1,178 0 1,839
Liabilities to banks 138,828 135,718 14 13
Liabilities to customers 66,511 94,727 73 80
Liabilities in certificate form 556 1,188 − −
Subordinated liabilities 12,821 14,315 − −

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02 Annual Financial
FinancialStatements
Statements 90 90
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Assets pledged as collateral

For the following liabilities assets were pledged at the amounts shown below:

in € m. Dec 31, 2012 Dec 31, 2011

Liabilities to banks 33,190 35,158
Liabilities to customers 1,511 1,382

Transactions subject to sale and repurchase agreements

The book value of assets reported on the balance sheet and sold subject to a repurchase agreement in the
amount of € 6.9 billion related exclusively to securities sold under repo agreements.

Trust business

Assets held in trust Liabilities held in trust

in € m. Dec 31, 2012 Dec 31, 2011 in € m. Dec 31, 2012 Dec 31, 2011
Receivables from customers 48 74 Liabilities to banks 23 23
Bonds and other fixed-income
securities 863 734 Liabilities to customers 1,417 1,250
Equity shares and other
variable-yield securities 258 174
Participating interests 40 40
Sundry assets 231 251
Total 1,440 1,273 Total 1,440 1,273

Subordinated assets and liabilities

Subordinated assets
Subordinated assets are reported as follows.

in € m. Dec 31, 2012 Dec 31, 2011

Receivables from banks 350 368
Receivables from customers 313 187
Bonds and other fixed-income securities 2,054 355
Trading assets 10,011 7,817

Subordinated liabilities
Subordinated liabilities are issued in the form of fixed rate and floating rate securities, registered and bearer
bonds and borrower’s note loans and have original maturities mostly within five and 30 years.

Deutsche Bank AG is not obliged to redeem subordinated liabilities in advance of the specified maturity date,
however in some cases early redemption at the issuer's option is possible. In the event of liquidation or insol-
vency, the receivables and interest claims arising from these liabilities are subordinate to the non-subordinated
receivables of all creditors of Deutsche Bank AG. The conversion of these funds into equity or another form of
debt is not anticipated under the terms of the notes. These conditions also apply to subordinated liabilities not
specified individually.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 91 91
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The following table shows material subordinated liabilities above € 1.0 billion.

Currency Amount in million Type Year of issuance Coupon Maturity

€ 1,100 Bearer bond 2003 5.125 % 31.01.2013
€ 1,150 Bearer bond 2010 5.000 % 24.06.2020
€ 1,000 Registered bond 2003 5.330 % 19.09.2023 1
€ 1,000 Registered bond 2008 8.000 % 15.05.2038 1
€ 1,300 Registered bond 2009 9.500 % 31.03.2039 1
U.S.$ 1,385 Registered bond 2008 8.050 % perpetual 1
U.S.$ 1,975 Registered bond 2008 7.600 % perpetual 1
1 Pre-payment possibility due to callability of bonds at stipulated dates.

Expenses for all subordinated liabilities of € 19.3 billion totaled € 603 million. Accrued but not yet matured in-
terest of € 382 million included in this figure is reported in sundry liabilities.

Pensions and similar obligations

Deutsche Bank AG sponsors post-employment benefit plans for its employees (pension plans).

The majority of the beneficiaries of these pension plans are located in Germany. The value of a participant’s
accrued benefit is based primarily on each employee’s remuneration and length of service.

December 31 is the measurement date for all plans. All plans are valued using the projected unit-credit method.
The valuation requires the application of certain actuarial assumptions such as demographic developments,
increase in remuneration for active staff and in pensions as well as inflation rates. The discount rate is deter-
mined pursuant to the rules of Section 253 (2) HGB.

Assumptions used for pension plans Dec 31, 2012 Dec 31, 2011
Discount rate 4.97 % 4.99 %
Inflation rate 2.20 % 2.10 %
Rate of nominal increase in future compensation levels 3.20 % 3.10 %
Rate of nominal increase for pensions in payment 2.20 % 2.10 %
Mortality/disability tables Richttafeln Heubeck 2005 G Richttafeln Heubeck 2005 G

The obligations from these pension benefits are, for the most part, externally funded. Overfunded obligations
are recognized on the balance sheet as a net asset after netting of provisions. For underfunded pension obli-
gations and obligations from the bank’s internally financed plans, the relevant provisions are recognized.

Furthermore, provisions are recognized for other similar long-term obligations, primarily in Germany, for exam-
ple, for anniversary years of service or early retirement schemes. The bank funds these plans on a cash basis
as the benefits are due.

Pension plans
in € m. Dec 31, 2012 Dec 31, 2011
Pension obligation 4,549 4,475
Fair value of plan assets 5,334 4,857
Cost of plan assets 4,537 4,110
Total of unrealized gains within plan assets 797 747
Net overfunded amount at year end 785 382
Net pension asset 785 382
thereof: recognized as “Overfunded plan assets related to pension plans” 844 439
thereof: recognized as “Provisions for pensions and similar obligations” 59 57

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 92 92
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Pension plans
in € m. 2012 2011
Return from plan assets 630 639
Interest costs for the unwind of discount of pension obligations 230 234
Net interest income (expense) 400 405
thereof: recognized as “Other operating income” 404 413
thereof: recognized as “Other operating expenses” 4 8

Maturity structure

Maturity structure of receivables

in € m. Dec 31, 2012 Dec 31, 2011
Other Receivables from banks without receivables repayable on demand 130,464 112,268
with a residual period of
up to three months 77,771 62,637
more than three months and up to one year 18,683 23,823
more than one year and up to five years 20,065 15,818
more than five years 13,946 9,990
Receivables from customers 200,082 241,516
with a residual period of
up to three months 136,480 173,722
more than three months and up to one year 17,947 17,870
more than one year and up to five years 25,439 31,403
more than five years 19,638 17,236
with an indefinite period 577 1,285

Of the bonds and other fixed-income securities of € 19,970 million, € 4,144 million mature in 2013.

Maturity structure of liabilities

in € m. Dec 31, 2012 Dec 31, 2011
Liabilities to banks with agreed period or notice period 124,341 149,345
with a residual period of
up to three months 65,418 92,184
more than three months and up to one year 26,181 26,457
more than one year and up to five years 26,649 21,267
more than five years 6,093 9,437
Savings deposits with agreed notice period of more than three months 3,022 3,908
with a residual period of
up to three months 1,279 1,188
more than three months and up to one year 1,661 2,325
more than one year and up to five years 80 393
more than five years 1 2
Other liabilities to customers with agreed period or notice period 78,850 90,585
with a residual period of
up to three months 53,149 68,527
more than three months and up to one year 8,287 4,389
more than one year and up to five years 7,569 5,824
more than five years 9,843 11,845
Other liabilities in certificate form 28,193 25,434
with a residual period of
up to three months 20,095 20,689
more than three months and up to one year 7,689 3,454
more than one year and up to five years 397 869
more than five years 12 422

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 93 93
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theBalance
BalanceSheet
Sheet
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Of the issued bonds and notes of € 85,721 million, € 19,987 million mature in 2013.

Foreign currencies

The total amount of assets denominated in foreign currencies was equivalent to € 1,088.7 billion at the
balance sheet date; the total value of liabilities was equivalent to € 949.2 billion.

Information regarding amount blocked according to Section 268 (8) HGB

The following table presents the amounts pursuant to Section 268 (8) HGB that should be considered for profit
distribution. At Deutsche Bank AG the total distributable reserves after profit distribution plus the distributable
profit are at least equal to the amounts to be considered. The individual positions include deferred tax liabilities,
if applicable; therefore the amounts shown in the table may deviate from the corresponding balance sheet
positions.

in € m. Dec 31, 2012

Self-developed intangible assets 853
Deferred tax assets 4,482
Unrealized gains of plan assets 780
Total undistributable amount 6,115

Capital and reserves

Own shares
In the course of 2012, the bank or its affiliated companies bought 361,625,423 Deutsche Bank shares at pre-
vailing market prices and sold 361,569,018 Deutsche Bank shares at prevailing market prices for trading pur-
poses. The purchase of its own shares was based on the authorization given by the General Meeting on
May 27, 2010 pursuant to Section 71 (1) No. 7 AktG, whose limitations were adhered to for each share pur-
chase and sale transaction. The average purchase price was € 31.75 and the average selling price was
€ 31.71 per share. The result was recognized in the capital reserve.

The bank’s own shares bought and sold for trading purposes during 2012 represented about 39 % of its share
capital. The largest holding on any individual day was 0.79 % and the average daily holding 0.03 % of its share
capital.

In addition, the bank was authorized to buy own shares by the General Meetings of May 26, 2011 and of May
31, 2012 pursuant to Section 71 (1) No. 8 AktG. The respective limitations were adhered to for each purchase
and sale transaction. The authorization for the bank to purchase its own shares, which was given by the Gen-
eral Meeting on May 26, 2011 and valid until November 30, 2015, was cancelled once the authorization of May
31, 2012 came into effect.

Additionally the Annual General Meeting of May 31, 2012 authorized the Management Board pursuant to Sec-
tion 71 (1) No. 8 AktG to execute the purchase of shares under the resolved authorization also with the use of
put and call options or forward purchase contracts. The limitations concerning the use of such derivatives were
adhered to for each purchase and sale transaction.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 94 94
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Notes to
Notes to the
theIncome
IncomeStatement
Statement
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

At the end of 2012, Deutsche Bank AG held 280 own shares pursuant to Section 71 (1) No. 7 AktG. Its hold-
ings pursuant to Section 71 (1) No. 8 AktG amounted to 36,319 shares, or 0.00 % of its share capital. On De-
cember 31, 2012, 1,098,597 (end of 2011: 17,926,847) Deutsche Bank shares, i.e. 0.12 % (end of 2011:
1.93 %) of our share capital, were pledged to the bank and its affiliated companies as security for loans.

Changes in subscribed, authorized and conditional capital

The bank’s subscribed capital is divided into 929,499,640 registered no-par-value shares. Excluding holdings
of the bank’s own shares, the number of shares outstanding at December 31, 2012 was 929,463,041 (end of
2011: 905,412,929). The average number of shares outstanding in the reporting period was 921,063,896.

Conditional capital
in € Subscribed capital 1 Authorized capital (yet to be utilized)
Balance as of Dec 31, 2011 2,379,519,078.40 1,152,000,000.00 460,800,000.00
Increase pursuant to the General Meeting
resolution of May 31, 2012 − − 230,400,000.00
Balance as of Dec 31, 2012 2,379,519,078.40 1,152,000,000.00 691,200,000.00
1 Includes nominal value of treasury shares.

Details with regard to the authorized and the yet to be utilized conditional capital are presented in the Note
concerning the Information pursuant to Section 289 (4) of the German Commercial Code.

Changes in capital and reserves

in € m.
Balance as of Dec 31, 2011 33,990
Distribution in 2012 (689)
Profit carried forward (163)
Treasury shares
– Change in notional value in treasury shares 62
– Change of acquisition costs 675
– Realized net gains (non-trading) 9
– Realized result (trading) 72
– Realized net losses (non-trading) (96) 722
Profit allocation to other revenue reserves 100
Distributable profit for 2012 792
Balance as of Dec 31, 2012 34,752

Notes to the Income Statement

Income by geographical market

The total amount of interest income, of current income from equity shares and other variable-yield securities,
participating interests and investments in affiliated companies, of commission income, of net trading result and
of other operating income is originated across various regions as shown by the following breakdown pursuant
to Section 34 (2) RechKredV.

in € m. 2012 2011
Germany 11,099 11,817
Europe excl. Germany 11,832 15,428
Americas 3,249 3,796
Africa/Asia/Australia 4,087 4,586
Total 30,268 35,627

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FinancialStatements
Statements 95 95
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Other Information
Other Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Administrative and agency services provided for third parties

The following administrative and agency services were provided for third parties: custody services, referral of
mortgages, insurance policies and housing finance contracts, administration of assets held in trust, and asset
management.

Other operating income and expenses

The other operating income of € 2.6 billion mainly consists of the result from non-trading derivatives of
€ 1.2 billion as well as interest income from defined benefit plans of € 404 million and income from currency
translation regarding assets and liablities amounted to € 211 million.

The other operating expenses of € 4.8 billion mainly contain the result from non-trading derivatives of
€ 1.7 billion. Litigation expenses amounted to € 1.6 billion. Expenses from currency translation regarding as-
sets and liabilities amounted to € 64 million and interest expenses from defined benefit plans amounted to
€ 4 million.

Other Information

Off-balance sheet transactions

The bank discloses contingent liabilities and irrevocable loan commitments as off-balance sheet transactions
as far as no provisions have been established for them. The decision, whether the disclosure of the contingent
liabilities and irrevocable loan commitments will be shown off-balance sheet or recognized as provisions is
taken upon the result of the evaluation of the credit risk. Contingent liabilities and irrevocable loan commit-
ments are also reduced by the amount of cash collateral received, which is recorded as liability on the balance
sheet.

The risk of losses from claims under contingent liabilities is mitigated by the possibility to recourse towards the
respective customer and hence is based predominately on the credit risk of the customer.

The bank evaluates the risk of losses from claims under contingent liabilities and irrevocable credit commit-
ments before irrevocably entering into an obligation within a credit risk assessment of the customer or using an
assessment of the customer’s expected compliance with the underlying obligation. Additionally the bank regu-
larly assesses during the lifetime of the commitment whether losses are expected from claims under contin-
gent liabilities and irrevocable loan commitments. In certain circumstances the bank requests the provision of
collateral to reduce the risk of losses from claims. Loss amounts assessed within such evaluations are record-
ed on the balance sheet as provisions.

Contingent liabilities
In the normal course of business Deutsche Bank AG enters regularly into guarantees, letters of credit and
credit liabilities on behalf of its customers. Under these contracts Deutsche Bank AG is required to make pay-
ments to the beneficiary based on third party’s failure to meet its obligations or to perform under an obligation
agreement. For such contingencies it is not known to the bank in detail, if, when and to which extend claims
will be made. If the credit risk monitoring provides sufficient perception about a loss from an expected drawing,
a provision is recognized.

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02 Annual Financial
FinancialStatements
Statements 96 96
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Other Information
Other Information
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

The following table shows the total potential payments under guarantees, letters of credit and credit liabilities
after deduction of cash collateral and provisions recorded on the balance sheet. It shows the maximum amount
of the potential utilization of Deutsche Bank AG in case all obligations entered into must be fulfilled and at the
same time all recourse claims to the customers are not satisfied. The table therefore does not show the ex-
pected future cash flows from these contracts as many of these agreements will expire without being drawn or
drawings will counterbalanced by recourse to the customer.

in € m. Dec 31, 2012 Dec 31, 2011

Guarantees 50,590 52,393
Letters of credit 5,502 5,913
Credit liabilities 3,626 4,681

Irrevocable loan commitments

Irrevocable loan commitments amounted to € 94,435 million as of December 31, 2012 and included commit-
ments of € 81,944 million for loans and discounts in favor of non-banks.

Deutsche Bank AG enters into irrevocable loan commitments to meet the financing needs of its customers.
Irrevocable loan commitments represent the undrawn portion of Deutsche Bank’s obligation to grant loans
which cannot be withdrawn by Deutsche Bank. These commitments are shown with the contractual amount
after consideration of cash collateral received and provisions as recorded on the balance sheet. The amounts
stated above do not represent expected future cash flows as many of these contracts will expire without being
drawn. Even though the irrevocable loan commitments are not recognized on the balance sheet, Deutsche
Bank AG considers them in monitoring the credit exposure. If the credit risk monitoring provides sufficient per-
ception about a loss from an expected drawing, a provision is established.

Deutsche Bank AG is engaged in various business activities with certain entities, referred to as special purpose
entities (“SPEs”), which are designed to achieve a specific business purpose. The principal uses of SPEs are
to provide clients with access to specific portfolios of assets and risks and to provide market liquidity for clients
through securitizing financial assets. Typically, Deutsche Bank AG will benefit by receiving service fees and
commissions for the creation of the SPEs, or because it acts as investment manager, custodian or in some
other function. SPEs may be established as corporations, trusts or partnerships. While our involvement with
these entities can take many different forms, it consists primarily of liquidity facilities, which are disclosed off
balance sheet as irrevocable loan commitments within “other obligations” below the line of the balance sheet.
Deutsche Bank AG provides financial support to SPEs in connection with commercial paper conduit programs,
asset securitizations, mutual funds and real estate leasing funds. Such vehicles are critical to the functioning of
several significant investor markets, including the mortgage-backed and other asset-backed securities markets,
since they offer investors access to specific cash flows and risks created through the securitization process.
As of December 31, 2012, Deutsche Bank AG’s exposure has not had a material impact on its debt covenants,
capital ratios, credit ratings or dividends.

Sundry obligations
Purchase obligations are legally enforceable and binding agreements to purchase goods or services at pre-
defined terms such as minimum quantities or prices. When Deutsche Bank AG enters into such agreements
there is the potential risk that terms and conditions of the contract are less favorable than terms and conditions
at the time the goods or services are delivered or that related costs are higher than the economic benefit re-
ceived. In case of an anticipated loss, Deutsche Bank AG may set aside a provision for onerous contracts.

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2012

Purchase obligations for goods and services amount to € 1.7 billion as of December 31, 2012, which include
future payments for, among others, services such as facility management, information technology and security
settlement services.

Leases are contracts in which the owner of an asset (lessor) grants the right to use this asset to another party
(lessee) for a specific period of time in return for regular payments. A leasing contract is classified as Operating
Lease if the agreement includes a limited or unlimited right of termination for the lessee. All main risks and bene-
fits linked with the ownership of the asset remain with the lessor, the lessor remains economic owner. Operating
leases provide an alternative to ownership as they enable the lessee to benefit from not having its resources
invested in the asset. Deutsche Bank AG’s existing obligations arising from operating leases involve rental and
leasing agreements for buildings, office furniture and equipment. The majority of these are leasing agreements
for buildings, where Deutsche Bank AG is the lessee. As of December 31, 2012 payment obligations under
rental agreements and leases amounted to € 1.9 billion and had residual maturities of up to 24 years.

Obligations related to deferred compensation amount to € 1.5 billion.

Liabilities for possible calls on not fully paid-up shares in public and private limited companies and other shares
amounted to € 257 million at the end of 2012.

In connection with Deutsche Bank AG’s participating interest in Liquiditäts-Konsortialbank GmbH, Frankfurt am
Main, there is an obligation to pay further capital of up to € 70 million and a pro rata contingent liability to fulfill
the capital obligations of other shareholders belonging to the Bundesverband deutscher Banken e.V., Berlin.

Liabilities for possible calls on other shares totaled € 0.1 million at December 31, 2012.

Pursuant to Section 5 (10) of the Statute of the Deposit Protection Fund Deutsche Bank AG has undertaken to
indemnify Bundesverband deutscher Banken e.V., Berlin, for any losses incurred through measures taken in
favor of banks majority-held or controlled by Deutsche Bank AG.

Pursuant to Section 3 (1a) of the Statute of the Deposit Protection Fund for Banks’ Building and Loan Associa-
tions, Deutsche Bank AG has also undertaken to indemnify Fachverband für Bank-Bausparkassen e.V. for any
losses incurred through measures taken in favor of Deutsche Bank Bauspar AG, Frankfurt am Main.

As part of the business activity of our foreign branches, collateral security of € 16.1 billion was required by
statutory regulations.

Obligations arising from transactions on futures and options exchanges and towards clearing houses for which
securities were pledged as collateral amounted to € 13.3 billion as of December 31, 2012.

There are contingent liabilities totaling € 36 million, which is mainly attributable to the resale of the trading
company Klöckner & Co. AG, Duisburg.

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of Deutsche Bank AG 2012
2012

Declaration of Backing1

Deutsche Bank AG ensures, except in the case of political risk, that the following companies are able to meet
their contractual liabilities:

DB Investments (GB) Limited, London Deutsche Bank Società per Azioni, Milan

Deutsche Asset Management International GmbH, Deutsche Bank (Suisse) SA, Geneva
Frankfurt am Main
Deutsche Bank Trust Company Americas, New York
Deutsche Asset Management Investmentgesell-
schaft mbH,vormals DEGEF Deutsche Gesellschaft Deutsche Futures Singapore Pte Ltd, Singapore
für Fondsverwaltung mbH, Frankfurt am Main
Deutsche Holdings (Malta) Ltd., St. Julians
Deutsche Australia Limited, Sydney
Deutsche Morgan Grenfell Group Public Limited
DEUTSCHE BANK A.Ş., Istanbul Company, London

Deutsche Bank Americas Holding Corp., Deutsche Securities Asia Limited, Hong Kong
Wilmington
Deutsche Securities Limited, Hong Kong
Deutsche Bank (China) Co., Ltd., Beijing
DWS Holding & Service GmbH, Frankfurt am Main
Deutsche Bank Europe GmbH, Frankfurt am Main
DWS Investment GmbH, Frankfurt am Main
Deutsche Bank Luxembourg S.A., Luxembourg
DWS Investment S.A., Luxembourg
Deutsche Bank (Malaysia) Berhad, Kuala Lumpur
Public joint-stock company “Deutsche Bank DBU”,
Deutsche Bank Polska Spólka Akcyjna, Warsaw Kiev

Deutsche Bank S.A., Buenos Aires OOO “Deutsche Bank”, Moscow

Deutsche Bank S.A. – Banco Alemão, Sao Paulo

Deutsche Bank, Sociedad Anónima Española,

Madrid

1 Companies with which a profit and loss transfer agreement exists are marked in Note “Shareholdings”.

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of Deutsche Bank AG 2012
2012

Disclosures according to Section 28 of the Pfandbrief Act

The following tables show the disclosures required by Section 28 of the Pfandbrief Act.

Overall Exposure (Section 28 (1) No. 1 Pfandbrief Act)

Mortgage Pfandbriefe outstanding
and cover assets Dec 31, 2012 Dec 31, 2011
Risk-adjusted Risk-adjusted
Net present net present Net present net present
in € m. Nominal value value value Nominal value value value
Mortgage Pfandbriefe
outstanding 4,024.9 4,382.8 3,838.3 2,000.0 2,220.0 1,972.5
Cover pool 5,818.0 5,937.3 5,216.7 3,722.3 4,138.4 3,752.4
Cover assets 5,672.0 5,776.5 5,062.3 3,652.3 4,065.5 3,680.4
Further cover assets
according to Section 4 (1)
Pfandbrief Act 146.0 160.8 154.4 70.0 72.9 72.0
Over-Collateralization 1,793.1 1,554.5 1,378.5 1,722.3 1,918.3 1,780.0

All cover assets are receivables from customers which are secured by mortgages. The further cover assets are
bonds and other fixed income securities as per Pfandbrief Act.

Maturity Profile (Section 28 (1) No. 2 Pfandbrief Act)

Maturity structure of
Maturity profile outstanding Pfandbriefe Fixed rate terms for cover pool
in € m. Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
Term up to 1 year − − 104.8 557.2
Term more than 1 year up to 2 years 35.0 − 73.2 120.0
Term more than 2 years up to 3 years − − 170.0 988.7
Term more than 3 years up to 4 years 1,000.0 − 117.6 29.9
Term more than 4 years up to 5 years 125.0 1,000.0 77.9 182.8
Term more than 5 years up to 10 years 2,859.9 1,000.0 651.8 302.3
Term more than 10 years 5.0 − 4,622.5 1,541.5
Total 4,024.9 2,000.0 5,818.0 3,722.3

Portion of Derivatives included in the Cover Pool (Section 28 (1) No. 3 Pfandbrief Act)
As of December 31, 2012 and December 31, 2011, there were no derivatives in the cover pool.

Cover Assets by Nominal Value (Section 28 (2) No. 1a Pfandbrief Act)

Single cover assets included in the total amount of € 5.7 billion (2011: € 3.7 billion) with a nominal value of less
than € 0.3 million amounted to € 4.1 billion (2011: € 1.0 billion), with a nominal value between € 0.3 million and
€ 5 million amounted to € 1.5 billion (2011: € 0.8 billion) and with a nominal value of more than € 5 million
amounted to € 18.1 million (2011: € 1.8 billion).

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of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Loans used as Cover for Mortgage Pfandbriefe by country in which Mortgaged Real Estate is based
and by Type of Use (Section 28 (2) No. 1b and 1c Pfandbrief Act)
Dec 31, 2012 Residential Commercial
Other
com- Land
Single Multi- mercially held
Apart- Family family Office Retail Industrial used for
in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total
Germany 803.3 2,633.6 803.9 904.7 5,145.4 342.0 − 95.0 88.1 525.1 1.5 5,672.0
United Kingdom − − − − − − − − − − − −
Switzerland − − − − − − − − − − − −
France − − − − − − − − − − − −
Belgium − − − − − − − − − − − −
Netherlands − − − − − − − − − − − −
Total 803.3 2,633.6 803.9 904.7 5,145.4 342.0 − 95.0 88.1 525.1 1.5 5,672.0

Dec 31, 2011 Residential Commercial

Other
com- Land
Single Multi- mercially held
Apart- Family family Office Retail Industrial used for
in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total
Germany 158.1 484.3 954.3 464.0 2,060.7 663.2 480.9 46.7 93.9 1,284.8 1.5 3,347.0
United Kingdom − − − − − 173.3 4.7 47.9 2.2 228.1 − 228.1
Switzerland − − − − − − − 33.5 − 33.5 − 33.5
France − − − − − 15.3 − 19.3 − 34.6 − 34.6
Belgium − − − − − − − 6.8 − 6.8 − 6.8
Netherlands − − − − − − − 2.3 − 2.3 − 2.3
Total 158.1 484.3 954.3 464.0 2,060.7 851.8 485.6 156.5 96.2 1,590.1 1.5 3,652.3

Payments Outstanding on Mortgage Loans used as Cover for Mortgage Pfandbriefe

(Section 28 (2) No. 2 Pfandbrief Act)
As of December 31, 2012 and December 31, 2011, there were no payments 90 days or more past due on
mortgage loans used as cover for Mortgage Pfandbriefe.

Additional information on Mortgage Loans (Section 28 (2) No. 3 Pfandbrief Act)

At year end 2012 and 2011 there were no foreclosures pending. In 2012 and 2011, no foreclosures were per-
formed and Deutsche Bank AG did not take over properties to prevent losses on the mortgages. Furthermore,
there were no arrears on interest payable by the mortgagors.

Information pursuant to Section 160 (1) Number 8 AktG

As of December 31, 2012 we were aware of the following shareholders who reported a share of at least 3 % in
the voting rights each pursuant to Section 21 of the German Securities Trading Act (Wertpapierhandelsgesetz):

— on December 22, 2010 BlackRock, Inc., New York, reported a holding of 5.14 % Deutsche Bank shares.

Management Board and Supervisory Board

The total remuneration paid to the Management Board is detailed on pages 55 to 58 of the Compensation
Report. Former members of the Management Board of Deutsche Bank AG or their surviving dependents
received € 27,406,637 and € 17,096,252 for the years ended December 31, 2012 and 2011, respectively.
In January 2013, we paid each Supervisory Board member the fixed portion of their remuneration and meeting
fees for services in 2012. In addition, we will generally pay each Supervisory Board member a remuneration
linked to our long-term performance as well as a dividend-based bonus, as defined in our Articles of Associa-

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Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

tion, for their services in 2012. Assuming that the Annual General Meeting in May 2013 approves the proposed
dividend of € 0.75 per share, the Supervisory Board will receive a total remuneration of € 2,335,000 (2011:
€ 2,608,600).

Provisions for pension obligations to former members of the Management Board and their surviving depend-
ents amounted to € 191,901,937 and € 160,827,450 as of December 31, 2012 and 2011, respectively.

Loans and advances granted and contingent liabilities assumed for members of the Management Board
amounted to € 2,926,223 and € 5,383,155 and for members of the Supervisory Board of Deutsche Bank AG to
€ 4,435,782 and € 5,224,755 for the years ended December 31, 2012 and 2011, respectively. Members of the
Supervisory Board repaid € 1,940,792 loans in 2012.

The members of the Management Board and the Supervisory Board are listed on pages 129 to 130.

Employees

The average number of full-time equivalent staff employed during the reporting year was 27,727 (2011: 27,634),
10,102 of whom were women. Part-time employees are included proportionately in these figures based on their
working hours. An average of 16,957 (2011: of 16,656) staff members worked at branches outside Germany.

Corporate Governance

The bank has issued the declaration required by Section 161 AktG. The Declaration of Conformity dated Octo-
ber 30, 2012, and all of the previous versions of the Declaration of Conformity are published on Deutsche
Bank’s website at https://www.deutsche-bank.de/ir/en/content/declaration_of_conformity.htm.

Shareholdings
Companies, where the holding equals or exceeds 20 % – 102
Holdings in large corporations, where the holding exceeds 5 % of voting rights – 128
The following pages show the Shareholdings of Deutsche Bank AG pursuant to Section 285 Number 11 HGB
including information pursuant to Section 285 Number 11a HGB. Pursuant to Section 286 (3) Sentence 1
Number 1 HGB, Deutsche Bank AG does not disclose own funds and annual result of individual holdings to the
extent that those disclosures are insignificant for the presentation of assets and liabilities, financial position,
and results of operations of Deutsche Bank AG.

Footnotes:

1 Own funds and annual result of business year 2011; local GAAP figures for business year 2012 are not
yet available.
2 Profit and loss transfer agreement, annual result is not disclosed.
3 The consolidated financials include own funds and result of BrisConnections Holding Trust.
4 Own funds and annual result of the subgroup. The following companies starting with a dash are part of
the subgroup; their own funds and annual result are incorporated in the subgroup data.
5 Status as shareholder with unlimited liability pursuant to Section 285 Number 11a HGB.

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Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Companies, where the holding equals or exceeds 20%

Share of Own funds Result
Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1 ABATE Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
2 ABATIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
3 Abbey Life Assurance Company Limited London 1 100.0 674.5 26.6
4 Abbey Life Trust Securities Limited London 100.0
5 Abbey Life Trustee Services Limited London 100.0
6 ABRI Beteiligungsgesellschaft mbH Duesseldorf 50.0
7 Absolute Energy S.r.l. Rome 100.0
8 Accounting Solutions Holding Company, Inc. Wilmington 100.0
9 ACHTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
10 ACHTUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
11 ACHTZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
12 ACIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
13 ACTIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
14 ADEO Beteiligungsgesellschaft mbH Duesseldorf 50.0
15 ADLAT Beteiligungsgesellschaft mbH Duesseldorf 50.0
16 ADMANU Beteiligungsgesellschaft mbH Duesseldorf 50.0
17 Admiral Private Equity SL Madrid 45.0
18 AETAS Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
19 AFFIRMATUM Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
20 Affordable Housing I LLC Wilmington 100.0
21 Afinia Capital Group Limited Hamilton 40.0
22 AGLOM Beteiligungsgesellschaft mbH Duesseldorf 50.0
23 Agripower Buddosò Società Agricola a Responsabilità Limitata Pesaro 100.0
24 AGUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
25 Airport Club für International Executives GmbH Frankfurt 2 84.0
26 AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung Frankfurt 28.8 176.5 16.8
27 AKRUN Beteiligungsgesellschaft mbH Duesseldorf 50.0
28 ALANUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
29 Alfred Herrhausen Gesellschaft - Das internationale Forum der Deutschen Bank - mbH Berlin 100.0
30 ALMO Beteiligungsgesellschaft mbH Duesseldorf 50.0
31 ALTA Beteiligungsgesellschaft mbH Duesseldorf 50.0
32 AMADEUS II 'D' GmbH & Co. KG Munich 100.0
33 ANDOT Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
34 Antelope Pension Trustee Services Limited (in members' voluntary liquidation) London 100.0
35 AO DB Securities (Kazakhstan) Almaty 100.0
36 APOLLON Vermögensverwaltungsgesellschaft mbH Cologne 100.0
37 APUR Beteiligungsgesellschaft mbH Duesseldorf 50.0
38 Aqueduct Capital S.à r.l. Luxembourg 100.0
39 Argantis GmbH Cologne 50.0
40 Argantis Private Equity GmbH & Co. KG Cologne 25.1 44.5 (0.1)
41 Argantis Private Equity Gründer GmbH & Co. KG Cologne 39.2
42 Arvoredo Investments Ltd. George Town 47.1
43 ATAUT Beteiligungsgesellschaft mbH Duesseldorf 50.0
44 ATHOS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
45 Atriax Holdings Limited (in members' voluntary liquidation) Southend-on- 25.0
Sea
46 Autumn Leasing Limited London 100.0 5.4 (47.5)
47 Avatar Finance George Town 100.0
48 AVOC Beteiligungsgesellschaft mbH Duesseldorf 50.0
49 AXOS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
50 Baigo Capital Partners Fund 1 Parallel 1 GmbH & Co. KG Bad Soden am 49.8
Taunus
51 BAKTU Beteiligungsgesellschaft mbH Schoenefeld 50.0
52 BALIT Beteiligungsgesellschaft mbH Schoenefeld 50.0
53 BAMAR Beteiligungsgesellschaft mbH Schoenefeld 50.0
54 Bank Sal. Oppenheim jr. & Cie. (Schweiz) AG Zurich 100.0 87.1 (0.3)
55 Bankers Trust International Limited London 100.0 1,506.3 5.3
56 Bankers Trust Investments Limited London 100.0
57 Bankers Trust Nominees Limited London 100.0
58 BANKPOWER GmbH Personaldienstleistungen Frankfurt 30.0 7.4 5.2
59 Banks Island General Partner Inc. Toronto 50.0
60 Bayan Delinquent Loan Recovery 1 (SPV-AMC), Inc. Makati City 100.0
61 Bebek Varlik Yönetym A.S. Istanbul 100.0 31.2 17.7

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Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
62 Belzen Pty. Limited Sydney 100.0
63 Benefit Trust GmbH Luetzen-Gostau 100.0 6,578.0 802.6
64 Bestra Gesellschaft für Vermögensverwaltung mit beschränkter Haftung Duesseldorf 49.0
65 BFDB Tax Credit Fund 2011, Limited Partnership New York 99.9
66 BfI-Beteiligungsgesellschaft für Industriewerte mbH Frankfurt 100.0 17.9 0.0
67 BHF Club Deal GmbH Frankfurt 100.0
68 BHF Grundbesitz-Verwaltungsgesellschaft mbH Frankfurt 100.0
69 BHF Grundbesitz-Verwaltungsgesellschaft mbH & Co. am Kaiserlei OHG Frankfurt 100.0
70 BHF Immobilien-GmbH Frankfurt 100.0 3.9 2.3
71 BHF Lux Immo S.A. Luxembourg 100.0
72 BHF PEP I Beteiligungsgesellschaft mbH Cologne 100.0
73 BHF PEP II Beteiligungsgesellschaft mbH Cologne 100.0
74 BHF PEP III Beteiligungsgesellschaft mbH Cologne 100.0
75 BHF Private Equity Management GmbH Frankfurt 100.0
76 BHF Private Equity Treuhand- und Beratungsgesellschaft mbH Frankfurt 100.0
77 BHF Trust Management Gesellschaft für Vermögensverwaltung mbH Frankfurt 100.0
78 BHF Zurich Family Office AG Zurich 100.0
79 BHF-BANK (Schweiz) AG Zurich 100.0 34.8 0.0
80 BHF-BANK Aktiengesellschaft Frankfurt 100.0 466.4 9.7
81 BHF-BANK International S.A. Luxembourg 100.0 46.6 0.0
82 BHF-Betriebsservice GmbH Frankfurt 100.0
83 BHS tabletop AG Selb 28.9 31.5 1.1
84 BHW Direktservice GmbH Hameln 100.0
85 BHW Eurofinance B.V. Arnhem 100.0
86 BHW Financial Srl in liquidazione Verona 100.0
87 BHW Invest, Société à responsabilité limitée Luxembourg 100.0
88 Billboard Partners L.P. George Town 99.9
89 BIMES Beteiligungsgesellschaft mbH Schoenefeld 50.0
90 Biomass Holdings S.à r.l. Luxembourg 100.0
91 Biopsytec Holding AG i.L. Berlin 40.5
92 BLI Beteiligungsgesellschaft für Leasinginvestitionen mbH Duesseldorf 33.2
93 BLI Internationale Beteiligungsgesellschaft mbH Duesseldorf 32.0
94 Blue Ridge CLO Holding Company LLC Wilmington 100.0 16.2 (16.2)
95 Blue Ridge Trust Wilmington 26.7
96 BNA Nominees Pty Limited Sydney 100.0
97 Bocaina, L.P. George Town 53.3
98 Bolsena Holding GmbH & Co. KG Frankfurt 100.0 24.3 0.0
99 Borfield S.A. Montevideo 100.0
100 BRIMCO, S. de R.L. de C.V. Mexico City 100.0
101 BrisConnections Holding Trust Kedron 35.6
102 BrisConnections Investment Trust Kedron 3 35.6 943.5 114.8
103 BS 2 Y.K. Tokyo 100.0
104 BT CTAG Nominees Limited London 100.0
105 BT Globenet Nominees Limited London 100.0
106 BT International (Nigeria) Limited Lagos 100.0
107 BT Nominees (Singapore) Pte Ltd Singapore 100.0
108 BT/ABKB Partnership Management Los Angeles 99.9
109 Business Support One Y.K. Tokyo 100.0
110 BVK Courtyard Commons, LLC Wilmington 100.0
111 BVT-CAM Private Equity Beteiligungs GmbH Gruenwald 50.0
112 BVT-CAM Private Equity Management & Beteiligungs GmbH Gruenwald 50.0 0.1 2.6
113 Cabarez S.A. Luxembourg 95.0
114 Caherciveen Partners, LLC Chicago 20.0
115 CAM Initiator Treuhand GmbH & Co. KG Cologne 100.0
116 CAM PE Verwaltungs GmbH & Co. KG Cologne 100.0
117 CAM Private Equity Consulting & Verwaltungs-GmbH Cologne 1 100.0 4.7 2.2
118 CAM Private Equity Nominee GmbH & Co. KG Cologne 100.0
119 CAM Private Equity Verwaltungs-GmbH Cologne 100.0
120 CAM Secondary Select I Beteiligungs GmbH Cologne 100.0
121 CAM Select I Beteiligungs GmbH Cologne 1 100.0 4.0 4.6

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Annual FinancialStatements
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and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
122 CAM Select II Beteiligungs GmbH Cologne 100.0
123 3160343 Canada Inc. Toronto 100.0
124 3613950 Canada, Inc. Toronto 100.0
125 CANDOR Vermietungsgesellschaft mbH & Co. Kommanditgesellschaft i.L. Duesseldorf 34.4
126 Cape Acquisition Corp. Wilmington 100.0
127 CapeSuccess Inc. Wilmington 100.0
128 CapeSuccess LLC Wilmington 82.6
129 Cardales UK Limited London 100.0 2.4 (2.1)
130 Career Blazers Consulting Services, Inc. Albany 100.0
131 Career Blazers Contingency Professionals, Inc. Albany 100.0
132 Career Blazers Learning Center of Los Angeles, Inc. Los Angeles 100.0
133 Career Blazers LLC Wilmington 100.0
134 Career Blazers Management Company, Inc. Albany 100.0
135 Career Blazers New York, Inc. Albany 100.0
136 Career Blazers of Ontario Inc. London, 100.0
Ontario
137 Career Blazers Personnel Services of Washington, D.C., Inc. Washington 100.0
D.C.
138 Career Blazers Personnel Services, Inc. Albany 100.0
139 Career Blazers Service Company, Inc. Wilmington 100.0
140 Cashforce International Credit Support B.V. Rotterdam 100.0
141 Cathay Advisory (Beijing) Company Ltd Beijing 100.0
142 Cathay Asset Management Company Limited Port Louis 100.0 10.5 11.1
143 Cathay Capital Company (No 2) Limited Port Louis 67.6 112.0 3.8
144 CBI NY Training, Inc. Albany 100.0
145 Centennial River 1 Inc. Denver 100.0
146 Centennial River 2 Inc. Austin 100.0
147 Centennial River Acquisition I Corporation Wilmington 100.0
148 Centennial River Acquisition II Corporation Wilmington 100.0
149 Centennial River Corporation Wilmington 100.0
150 Channel Nominees Limited London 100.0
151 China Recovery Fund LLC Wilmington 85.0
152 CIBI Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
153 CITAN Beteiligungsgesellschaft mbH Frankfurt 2 100.0 13.6 0.0
154 City Leasing (Avonside) Limited (in members' voluntary liquidation) London 100.0
155 City Leasing (Clydeside) Limited (in members' voluntary liquidation) London 100.0
156 City Leasing (Donside) Limited London 100.0
157 City Leasing (Fleetside) Limited (in members' voluntary liquidation) London 100.0
158 City Leasing (Medwayside) Limited (in members' voluntary liquidation) London 100.0
159 City Leasing (Severnside) Limited London 100.0
160 City Leasing (Thameside) Limited London 100.0
161 City Leasing (Wearside) Limited (in members' voluntary liquidation) London 100.0
162 City Leasing and Partners London 100.0
163 City Leasing and Partners Limited (in members' voluntary liquidation) London 100.0
164 City Leasing Limited London 100.0
165 Civic Investments Limited St. Helier 100.0
166 Clark GmbH & Co. KG Frankfurt 100.0
167 Comfund Consulting Limited Bangalore 30.0
168 Consumo Finance S.p.A. Milan 100.0
169 CoreCommodity Strategy Fund Luxembourg 100.0
170 Craigs Investment Partners Limited Tauranga 49.9 20.3 3.2
171 CREDA Objektanlage- und verwaltungsgesellschaft mbH Bonn 2 100.0
172 CTXL Achtzehnte Vermögensverwaltung GmbH Munich 100.0
173 Custom Leasing Limited (in members' voluntary liquidation) London 100.0
174 D & S Capital Y.K. Tokyo 100.0
175 D B Rail Holdings (UK) No. 1 Limited London 100.0 (13.7) (4.6)
176 D F Japan Godo Kaisha Tokyo 100.0
177 D&M Turnaround Partners Godo Kaisha Tokyo 100.0
178 DAHOC (UK) Limited London 100.0 57.7 0.1
179 DAHOC Beteiligungsgesellschaft mbH Frankfurt 100.0 320.1 (6.4)

F-II-104
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 105105
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
180 Danube Properties S.à r.l. Luxembourg 25.0
181 DB (Barbados) SRL Christ Church 100.0
182 DB (Gibraltar) Holdings Limited Gibraltar 100.0
183 DB (Gibraltar) Holdings No. 2 Limited Gibraltar 100.0
184 DB (Malaysia) Nominee (Asing) Sdn. Bhd. Kuala Lumpur 100.0
185 DB (Malaysia) Nominee (Tempatan) Sdn. Bhd. Kuala Lumpur 100.0
186 DB (Tip Top) Limited Partnership Toronto 99.9
187 DB Advisors SICAV Luxembourg 1 100.0 5,754.5 226.2
188 DB Alternative Strategies Limited George Town 100.0
189 DB Americas Asset Management Corp. Wilmington 100.0
190 DB Aotearoa Investments Limited George Town 100.0
191 DB Apex (Luxembourg) S.à r.l. Luxembourg 100.0
192 DB Apex Finance Limited St. Julians 100.0
193 DB Apex Management Capital S.C.S. Luxembourg 100.0
194 DB Apex Management Income S.C.S. Luxembourg 100.0
195 DB Apex Management Limited George Town 100.0
196 DB Asia Pacific Holdings Limited George Town 100.0 19.3 (0.2)
197 DB Aster III, LLC Wilmington 100.0
198 DB Bagheera, S.à r.l. Luxembourg 100.0
199 DB Beteiligungs-Holding GmbH Frankfurt 2 100.0
200 DB Broker GmbH Frankfurt 2 100.0
201 DB Canada GIPF - I Corp. Calgary 100.0
202 DB Capital & Asset Management Kapitalanlagegesellschaft mbH Cologne 2 100.0
203 DB Capital Investments, L.P. Wilmington 100.0 380.6 1.3
204 DB Capital Markets (Deutschland) GmbH Frankfurt 2 100.0 2,254.7 0.0
205 DB Capital Markets Asset Management Holding GmbH Frankfurt 2 100.0
206 DB Capital Partners (Asia), L.P. George Town 99.7
207 DB Capital Partners (Europe) 2000 - A Founder Partner LP Wilmington 80.0
208 DB Capital Partners (Europe) 2000 - B Founder Partner LP Wilmington 80.0
209 DB Capital Partners Asia G.P. Limited George Town 100.0
210 DB Capital Partners Europe 2002 Founder Partner LP Wilmington 80.0
211 DB Capital Partners General Partner Limited London 100.0
212 DB Capital Partners Latin America, G.P. Limited George Town 100.0
213 DB Capital Partners, Latin America, L.P. George Town 80.2
214 DB Cartera de Inmuebles 1, S.A.U. Pozuelo de 100.0
Alarcón
215 DB Chambers LLC Wilmington 100.0
216 DB Chestnut Holdings Limited George Town 100.0
217 DB Commodities Canada Ltd. Toronto 100.0
218 DB Concerto (LP) Limited George Town 100.0
219 DB Concerto Limited George Town 100.0
220 DB Consortium S. Cons. a r.l. in liquidazione Milan 100.0
221 DB Consorzio S. Cons. a r. l. Milan 100.0
222 DB Corporate Advisory (Malaysia) Sdn. Bhd. Kuala Lumpur 100.0
223 DB Covered Bond S.r.l. Conegliano 90.0
224 DB Crest Limited St. Helier 100.0 1,399.6 (1.5)
225 DB Development Holdings Limited Larnaca 49.0
226 DB Energy Commodities Limited London 100.0 46.5 8.0
227 DB Enfield Infrastructure Holdings Limited St. Helier 100.0 25.8 0.0
228 DB Enfield Infrastructure Investments Limited St. Helier 100.0 69.7 12.7
229 DB Enterprise GmbH Luetzen-Gostau 100.0
230 DB Enterprise GmbH & Co. Zweite Beteiligungs KG Luetzen-Gostau 100.0 5,219.2 (42.8)
231 DB Equity Limited London 1 100.0 27.5 (0.4)
232 DB Equity S.à r.l. Luxembourg 100.0 2,014.7 31.0
233 DB Fillmore Lender Corp. Wilmington 100.0
234 DB Finance International GmbH Eschborn 100.0
235 DB Finanz-Holding GmbH Frankfurt 2 100.0 3,077.1 0.0
236 DB Funding (Gibraltar) Limited Gibraltar 100.0
237 DB GIF GmbH & Co. KG Cologne 100.0
238 DB Group Services (UK) Limited London 100.0

F-II-105
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 106 106
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
239 DB HR Solutions GmbH Eschborn 2 100.0
240 DB iCON Investments Limited London 100.0 33.9 (8.9)
241 DB Immobilienfonds 2 GmbH & Co. KG Frankfurt 74.0
242 DB Impact Investment (GP) Limited London 100.0
243 DB Impact Investment Fund I, L.P. Edinburgh 100.0
244 DB Industrial Holdings Beteiligungs GmbH & Co. KG Luetzen-Gostau 100.0 240.9 0.2
245 DB Industrial Holdings GmbH Luetzen-Gostau 100.0 1,424.9 6.1
246 DB Infrastructure Holdings (UK) No.1 Limited London 100.0 47.0 0.1
247 DB Infrastructure Holdings (UK) No.2 Limited London 100.0
248 DB Infrastructure Holdings (UK) No.3 Limited London 100.0
249 DB International (Asia) Limited Singapore 100.0 556.0 39.6
250 DB International Investments Limited London 1 100.0 18.0 107.5
251 DB International Trust (Singapore) Limited Singapore 100.0
252 DB Investments (GB) Limited London 1 100.0 1,772.6 (0.1)
253 DB Jasmine (Cayman) Limited George Town 100.0
254 DB Jasmine Holdings Limited London 100.0
255 DB Kredit Service GmbH Berlin 2 100.0
256 DB Leasing Services GmbH Frankfurt 100.0
257 DB Lindsell Limited Gibraltar 100.0
258 DB Management Support GmbH Frankfurt 100.0
259 DB Nexus American Investments (UK) Limited London 100.0
260 DB Nexus Iberian Investments (UK) Limited London 100.0
261 DB Nexus Investments (UK) Limited London 100.0
262 DB Nominees (Hong Kong) Limited Hong Kong 100.0
263 DB Nominees (Singapore) Pte Ltd Singapore 100.0
264 DB Operaciones y Servicios Interactivos, A.I.E. Barcelona 99.9
265 DB Overseas Holdings Limited London 1 100.0 (45.5) (4.1)
266 db PBC Luxembourg 100.0
267 DB Petri LLC Wilmington 100.0
268 DB Platinum Advisors Luxembourg 100.0 12.1 0.1
269 DB Print GmbH Frankfurt 2 100.0
270 DB Private Equity GmbH Cologne 100.0 15.3 (5.7)
271 DB Private Equity International S.à r.l. Luxembourg 100.0
272 DB PWM Collective Management Limited Liverpool 100.0
273 DB PWM Private Markets I GP Luxembourg 100.0
274 DB Rail Trading (UK) Limited London 100.0 129.3 3.2
275 DB Re S.A. Luxembourg 100.0
276 DB Real Estate Canadainvest 1 Inc. Toronto 100.0
277 DB Real Estate Global Opportunities IB (Offshore), L.P. Camana Bay 34.6 24.2 (7.6)
278 DB Risk Center GmbH Berlin 2 100.0
279 DB Road (UK) Limited George Town 100.0 359.9 (1.3)
280 DB Safe Harbour Investment Projects Limited London 100.0 14.2 (0.4)
281 DB Saturn Investments Limited (in members' voluntary liquidation) London 100.0
282 DB Securities S.A. Warsaw 100.0
283 DB Sedanka Limited (in voluntary liquidation) George Town 100.0
284 DB Service Centre Limited Dublin 100.0 11.0 1.1
285 DB Service Uruguay S.A. Montevideo 100.0
286 DB Servizi Amministrativi S.r.l. Milan 100.0
287 DB Sirius (Cayman) Limited (in voluntary liquidation) George Town 100.0 0.0 3.1
288 DB Sterling Finance Limited (in voluntary liquidation) George Town 100.0
289 DB STG Lux 1 S.à r.l. Luxembourg 100.0
290 DB STG Lux 2 S.à r.l. Luxembourg 100.0
291 DB STG Lux 3 S.à r.l. Luxembourg 100.0
292 DB STG Lux 4 S.à r.l. Luxembourg 100.0
293 DB Strategic Advisors, Inc. Makati City 100.0
294 DB Sylvester Funding Limited George Town 100.0 645.7 (1.2)
295 DB Trust Company Limited Japan Tokyo 100.0 11.0 0.1
296 DB Trustee Services Limited London 100.0
297 DB Trustees (Hong Kong) Limited Hong Kong 100.0
298 DB Tweed Limited (in voluntary liquidation) George Town 100.0

F-II-106
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 107107
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
299 DB U.K. Nominees Limited London 100.0
300 DB UK (Saturn) Limited (in members' voluntary liquidation) London 100.0
301 DB UK Australia Finance Limited George Town 100.0
302 DB UK Australia Holdings Limited London 100.0
303 DB UK Bank Limited London 1 100.0 691.5 (7.5)
304 DB UK Holdings Limited London 1 100.0 540.8 95.3
305 DB UK PCAM Holdings Limited London 100.0 125.4 (58.3)
306 DB Valiant (Cayman) Limited (in voluntary liquidation) George Town 100.0
307 DB Valoren S.à r.l. Luxembourg 100.0 3,240.5 154.0
308 DB Value S.à r.l. Luxembourg 100.0 1,188.8 (5.7)
309 DB Vanquish (UK) Limited London 100.0 68.6 0.1
310 DB Vantage (UK) Limited London 100.0
311 DB Vantage No.2 (UK) Limited London 100.0
312 DB Vantage No.3 (UK) Limited (in members' voluntary liquidation) London 100.0
313 DB Venture Partners General Partner Limited (in members' voluntary liquidation) London 100.0
314 DB Vita S.A. Luxembourg 75.0 16.6 1.3
315 db x-trackers (Proprietary) Limited Johannesburg 100.0
316 db x-trackers Holdings (Proprietary) Limited Johannesburg 100.0
317 DBC Continuance Inc. Toronto 100.0 16.5 0.1
318 DBG Eastern Europe II Limited Partnership St. Helier 25.9 (8.3) (8.3)
319 DBG Vermögensverwaltungsgesellschaft mbH Frankfurt 100.0 36.0 (0.5)
320 DBIGB Finance (No. 2) Limited (in members' voluntary liquidation) London 100.0
321 DBNZ Overseas Investments (No.1) Limited George Town 100.0
322 DBOI Global Services (UK) Limited London 100.0
323 DBOI Global Services Private Limited Mumbai 100.0 40.3 (1.5)
324 DBR Investments Co. Limited George Town 100.0
325 DBRE Global Real Estate Management IA, Ltd. George Town 100.0 10.3 (0.1)
326 DBRE Global Real Estate Management IB, Ltd. George Town 100.0
327 DBUKH Finance Limited (in members' voluntary liquidation) London 100.0 0.0 (7.6)
328 DBVP Europe GP (Jersey) Limited St. Helier 20.0
329 DD Konut Finansman A.S. Sisli 49.0 21.9 (1.4)
330 De Meng Innovative (Beijing) Consulting Company Limited Beijing 100.0
331 DeAM Infrastructure Limited London 100.0
332 DEBEKO Immobilien GmbH & Co Grundbesitz OHG Eschborn 100.0 185.9 16.7
333 DEE Deutsche Erneuerbare Energien GmbH Duesseldorf 100.0
334 DEGRU Erste Beteiligungsgesellschaft mbH Eschborn 100.0
335 DEUFRAN Beteiligungs GmbH Frankfurt 100.0 169.2 0.0
336 DEUKONA Versicherungs-Vermittlungs-GmbH Frankfurt 100.0 6.0 2.9
337 Deutsche (Aotearoa) Capital Holdings New Zealand Auckland 100.0
338 Deutsche (Aotearoa) Foreign Investments New Zealand Auckland 100.0
339 Deutsche Aeolia Power Production S.A. Athens 80.0
340 Deutsche Alt-A Securities, Inc. Wilmington 100.0
341 Deutsche Alternative Asset Management (Global) Limited London 100.0 24.3 4.2
342 Deutsche Alternative Asset Management (UK) Limited London 100.0 44.9 3.0
343 Deutsche Asia Pacific Finance, Inc. Wilmington 100.0 792.9 0.4
344 Deutsche Asia Pacific Holdings Pte Ltd Singapore 100.0 1,229.9 94.6
345 Deutsche Asset Management (Asia) Limited Singapore 100.0 89.2 13.0
346 Deutsche Asset Management (Hong Kong) Limited Hong Kong 100.0 13.3 0.9
347 Deutsche Asset Management (India) Private Limited Mumbai 100.0 14.7 0.9
348 Deutsche Asset Management (Japan) Limited Tokyo 100.0 36.9 14.4
349 Deutsche Asset Management (Korea) Company Limited Seoul 100.0 11.5 0.0
350 Deutsche Asset Management (UK) Limited London 100.0 25.7 (6.7)
351 Deutsche Asset Management Group Limited London 100.0 10.4 (3.7)
352 Deutsche Asset Management International GmbH Frankfurt 2 100.0 60.6 0.0
353 Deutsche Asset Management Investmentgesellschaft mbH vormals DEGEF Deutsche Frankfurt 2 100.0 67.4 0.0
Gesellschaft für Fondsverwaltung mbH
354 Deutsche Asset Management Schweiz Zurich 100.0 13.4 1.0
355 Deutsche Auskunftei Service GmbH Hamburg 2 100.0
356 Deutsche Australia Limited (Sub-group) Sydney 1, 4 100.0 223.9 (21.2)
357 -Baincor Nominees Pty Limited Sydney 100.0

F-II-107
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 108 108
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
358 -Bainpro Nominees Pty Ltd Sydney 100.0
359 -Bainsec Nominees Pty Ltd Sydney 100.0
360 -BTD Nominees Pty Limited Sydney 100.0
361 -Buxtal Pty. Limited Sydney 100.0
362 -Deutsche Asset Management (Australia) Limited Sydney 100.0
363 -Deutsche Capital Markets Australia Limited Sydney 100.0
364 -Deutsche Finance Co 1 Pty Limited Sydney 100.0
365 -Deutsche Finance Co 2 Pty Limited Sydney 100.0
366 -Deutsche Finance Co 3 Pty Limited Sydney 100.0
367 -Deutsche Finance Co 4 Pty Limited Sydney 100.0
368 -Deutsche Group Services Pty Limited Sydney 100.0
369 -Deutsche Hume Investments Pty Limited Sydney 100.0
370 -Deutsche Investments Australia Limited Sydney 100.0
371 -Deutsche Managed Investments Limited Sydney 100.0
372 -Deutsche OBU Pty Limited Sydney 100.0
373 -Deutsche Securities Australia Limited Sydney 100.0
374 -Deutsche Securitisation Australia Pty Limited Sydney 100.0
375 -DNU Nominees Pty Limited Sydney 100.0
376 -DTS Nominees Pty Limited Sydney 100.0
377 -OPS Nominees Pty Limited Sydney 100.0
378 -Pan Australian Nominees Pty Ltd Sydney 100.0
379 -R.B.M. Nominees Pty Ltd Sydney 100.0
380 -RTS Nominees Pty Limited Sydney 100.0
381 Deutsche Aviation Leasing Limited (in members' voluntary liquidation) London 100.0
382 Deutsche Bank (Cayman) Limited George Town 100.0 42.1 2.1
383 DEUTSCHE BANK (CHILE) S.A. Santiago 100.0 158.2 1.4
384 Deutsche Bank (China) Co., Ltd. Beijing 100.0 657.7 29.4
385 Deutsche Bank (Malaysia) Berhad Kuala Lumpur 100.0 360.7 14.6
386 Deutsche Bank (Malta) Ltd St. Julians 100.0 4,848.9 61.9
387 Deutsche Bank (Mauritius) Limited Port Louis 100.0 29.5 2.2
388 Deutsche Bank (Perú) S.A. Lima 100.0 50.0 5.8
389 Deutsche Bank (Suisse) SA Geneva 100.0 409.2 (12.0)
390 Deutsche Bank (Uruguay) Sociedad Anónima Institución Financiera Externa Montevideo 100.0
391 DEUTSCHE BANK A.S. Istanbul 100.0 218.6 44.2
392 Deutsche Bank Americas Finance LLC Wilmington 100.0
393 Deutsche Bank Bauspar-Aktiengesellschaft Frankfurt 100.0 282.5 21.4
394 Deutsche Bank Capital Finance LLC I Wilmington 100.0 300.3 0.0
395 Deutsche Bank Capital Funding LLC I Wilmington 100.0 493.1 0.0
396 Deutsche Bank Capital Funding LLC IV Wilmington 100.0 1,001.0 0.0
397 Deutsche Bank Capital Funding LLC IX Wilmington 100.0 872.3 0.0
398 Deutsche Bank Capital Funding LLC V Wilmington 100.0 300.3 0.0
399 Deutsche Bank Capital Funding LLC VI Wilmington 100.0 900.9 0.0
400 Deutsche Bank Capital Funding LLC VII Wilmington 100.0 606.8 0.0
401 Deutsche Bank Capital Funding LLC VIII Wilmington 100.0 455.1 0.0
402 Deutsche Bank Capital Funding LLC X Wilmington 100.0 610.6 0.0
403 Deutsche Bank Capital Funding LLC XI Wilmington 100.0 1,301.3 0.0
404 Deutsche Bank Capital LLC I Wilmington 100.0 241.2 0.0
405 Deutsche Bank Capital LLC II Wilmington 100.0 176.0 0.0
406 Deutsche Bank Capital LLC III Wilmington 100.0 89.5 0.0
407 Deutsche Bank Capital LLC IV Wilmington 100.0 122.9 0.0
408 Deutsche Bank Capital LLC V Wilmington 100.0 170.7 0.0
409 Deutsche Bank Capital Markets S.r.l. Milan 100.0
410 Deutsche Bank Contingent Capital LLC I Wilmington 100.0
411 Deutsche Bank Contingent Capital LLC II Wilmington 100.0 606.8 0.0
412 Deutsche Bank Contingent Capital LLC III Wilmington 100.0 1,498.1 0.0
413 Deutsche Bank Contingent Capital LLC IV Wilmington 100.0 1,001.0 0.0
414 Deutsche Bank Contingent Capital LLC V Wilmington 100.0 1,050.6 0.0
415 Deutsche Bank Corretora de Valores S.A. Sao Paulo 100.0 77.9 3.7
416 Deutsche Bank Europe GmbH Frankfurt 100.0 95.1 14.3
417 Deutsche Bank Financial Inc. Wilmington 100.0

F-II-108
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 109109
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
418 Deutsche Bank Financial LLC Wilmington 100.0 2.9 2.9
419 Deutsche Bank International Limited St. Helier 100.0 165.4 (9.2)
420 Deutsche Bank International Trust Co. (Cayman) Limited George Town 100.0
421 Deutsche Bank International Trust Co. Limited St. Peter Port 100.0
422 Deutsche Bank Investments (Guernsey) Limited St. Peter Port 100.0
423 Deutsche Bank Luxembourg S.A. Luxembourg 100.0 4,894.4 251.0
424 Deutsche Bank Mutui S.p.A. Milan 100.0 58.4 0.5
425 Deutsche Bank Nederland N.V. Amsterdam 100.0 1,030.5 (423.8)
426 Deutsche Bank Nominees (Jersey) Limited St. Helier 100.0
427 Deutsche Bank PBC Spólka Akcyjna Warsaw 100.0 682.1 41.8
428 Deutsche Bank Polska Spólka Akcyjna Warsaw 100.0 199.2 32.7
429 Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft Frankfurt 2 100.0 2,666.3 0.0
430 Deutsche Bank Real Estate (Japan) Y.K. Tokyo 100.0 20.3 10.3
431 Deutsche Bank Realty Advisors, Inc. New York 100.0
432 Deutsche Bank S.A. Buenos Aires 100.0 74.8 8.8
433 Deutsche Bank S.A. - Banco Alemão Sao Paulo 100.0 556.0 44.1
434 Deutsche Bank Securities Limited Toronto 100.0 132.9 14.5
435 Deutsche Bank Services (Jersey) Limited St. Helier 100.0
436 Deutsche Bank Società per Azioni Milan 99.8 1,337.5 4.6
437 Deutsche Bank Trust Corporation (Sub-group) New York 4 100.0 4,967.0 195.7
438 -Americas Trust Servicios de Consultoria, S.A. Madrid 100.0
439 -Apex Fleet Inc. Wilmington 100.0
440 -B.T.I. Investments London 100.0
441 -BAL Servicing Corporation Wilmington 100.0
442 -Bankers International Corporation New York 100.0
443 -Bankers International Corporation (Brasil) Ltda. Sao Paulo 100.0
444 -Blue Cork, Inc. Wilmington 100.0
445 -BT American Securities (Luxembourg), S.à r.l. Luxembourg 100.0
446 -BT Commercial Corporation Wilmington 100.0
447 -BT Opera Trading S.A. Paris 100.0
448 -Capital Solutions Exchange Inc. Wilmington 100.0
449 -D.B. International Delaware, Inc. Wilmington 100.0
450 -DB (Pacific) Limited Wilmington 100.0
451 -DB Alps Corporation Wilmington 100.0
452 -DB Bluebell Investments (Cayman) Partnership George Town 100.0
453 -DB Delaware Holdings (Europe) Limited Wilmington 100.0
454 -DB Delaware Holdings (UK) Limited London 100.0
455 -DB Galil Finance, Inc. Wilmington 100.0
456 -DB Global Processing Services, Inc. Wilmington 100.0
457 -DB Holdings (South America) Limited Wilmington 100.0
458 -DB Investment Management, Inc. Wilmington 100.0
459 -DB Investment Managers, Inc. Wilmington 100.0
460 -DB Lexington Investments Inc. Wilmington 100.0
461 -DB Like-Kind Exchange Services Corp. Wilmington 100.0
462 -DB Partnership Management Ltd. Wilmington 100.0
463 -DB Portfolio Southwest, Inc. Houston 100.0
464 -DB Private Clients Corp. Wilmington 100.0
465 -DB Private Wealth Mortgage Ltd. New York 100.0
466 -DB Services Americas, Inc. Wilmington 100.0
467 -DB Services New Jersey, Inc. West Trenton 100.0
468 -DBD Pilgrim America Corp. Wilmington 100.0
469 -DBNY Brazil Invest Co. Wilmington 100.0
470 -DBRMS4 George Town 100.0
471 -DBRMSGP1 George Town 100.0
472 -DBRMSGP2 George Town 100.0
473 -Delowrezham de México S. de R.L. de C.V. Mexico City 100.0
474 -Deutsche Bank Holdings, Inc. Wilmington 100.0
475 -Deutsche Bank Insurance Agency Incorporated Baltimore 100.0
476 -Deutsche Bank Insurance Agency Incorporated Boston 100.0
477 -Deutsche Bank Insurance Agency of Delaware Wilmington 100.0

F-II-109
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 110 110
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
478 -Deutsche Bank National Trust Company Los Angeles 100.0
479 -Deutsche Bank Trust Company Americas New York 100.0
480 -Deutsche Bank Trust Company Delaware Wilmington 100.0
481 -Deutsche Bank Trust Company New Jersey Ltd. Jersey City 100.0
482 -Deutsche International Corporate Services (Delaware) LLC Wilmington 100.0
483 -Deutsche Inversiones Limitada Santiago 100.0
484 -Deutsche Securities Corredores de Bolsa Spa Santiago 100.0
485 -Enterprise Fleet Management Exchange, Inc. Wilmington 100.0
486 -Farezco I, S. de R.L. de C.V. Zapopan 100.0
487 -Farezco II, S. de R.L. de C.V. Zapopan 100.0
488 -Hac Investments Ltd. Wilmington 100.0
489 -HAC Investments Portugal - Servicos de Consultadoria e Gestao Ltda. Lisbon 100.0
490 -HCA Exchange, Inc. Wilmington 100.0
491 -Hertz Car Exchange Inc. Wilmington 100.0
492 -Kelsey Street LLC Wilmington 100.0
493 -Long-Tail Risk Insurers, Ltd. Hamilton 100.0
494 -MAC Investments Ltd. George Town 100.0
495 -North Las Vegas Property LLC Wilmington 100.0
496 -Oakwood Properties Corp. Wilmington 100.0
497 -Pelleport Investors, Inc. New York 100.0
498 -Pilgrim Financial Services LLP Wilmington 100.0
499 -PPCenter, Inc. Wilmington 100.0
500 -PTL Fleet Sales, Inc. Wilmington 100.0
501 -Sagamore Limited London 100.0
502 -Shopready Limited London 100.0
503 -Singer Island Tower Suite LLC Wilmington 100.0
504 -Sunbelt Rentals Exchange Inc. Wilmington 100.0
505 -Tapeorder Limited London 100.0
506 -Tenedora de Valores S.A. Santiago 100.0
507 -TQI Exchange, LLC Wilmington 100.0
508 -VEXCO, LLC Wilmington 100.0
509 -Wilmington Trust B6 Wilmington 100.0
510 -Zumirez Drive LLC Wilmington 100.0
511 Deutsche Bank Trustee Services (Guernsey) Limited St. Peter Port 100.0
512 Deutsche Bank Österreich AG Vienna 100.0 14.8 (3.3)
513 Deutsche Bank, Sociedad Anónima Española Madrid 99.8 1,100.3 (6.2)
514 Deutsche Capital Finance (2000) Limited George Town 100.0
515 Deutsche Capital Financing (Singapore) Pte Ltd Singapore 100.0
516 Deutsche Capital Hong Kong Limited Hong Kong 100.0 77.2 1.0
517 Deutsche Capital Partners China Limited George Town 100.0
518 Deutsche Card Services GmbH Frankfurt 2 100.0
519 Deutsche CIB Centre Private Limited Mumbai 100.0 25.9 8.2
520 Deutsche Clubholding GmbH Frankfurt 95.0 12.0 4.3
521 Deutsche Colombia S.A. Bogotá 100.0
522 Deutsche Commodities Trading Co., Ltd. Shanghai 100.0 27.4 2.8
523 Deutsche Courcelles Paris 100.0
524 Deutsche Custody Global B.V. Amsterdam 100.0
525 Deutsche Custody N.V. Amsterdam 100.0
526 Deutsche Custody Nederland B.V. Amsterdam 100.0
527 Deutsche Emerging Markets Investments (Netherlands) B.V. Amsterdam 99.9
528 Deutsche Equities India Private Limited Mumbai 100.0 98.7 18.0
529 Deutsche Far Eastern Asset Management Company Limited Taipei 60.0 10.4 (1.1)
530 Deutsche Fiduciary Services (Suisse) SA Geneva 100.0
531 Deutsche Finance No. 1 Limited (in members' voluntary liquidation) London 100.0
532 Deutsche Finance No. 2 (UK) Limited London 100.0 39.1 0.0
533 Deutsche Finance No. 2 Limited George Town 1 100.0 27.3 93.0
534 Deutsche Finance No. 3 (UK) Limited (in members' voluntary liquidation) London 100.0
535 Deutsche Finance No. 4 (UK) Limited London 100.0
536 Deutsche Finance No. 6 (UK) Limited (in members' voluntary liquidation) London 100.0
537 Deutsche Financial Capital I Corp. Greensboro 50.0

F-II-110
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 111111
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
538 Deutsche Financial Capital Limited Liability Company Greensboro 50.0
539 Deutsche Friedland Paris 100.0 8.0 (9.0)
540 Deutsche Futures Singapore Pte Ltd Singapore 100.0 23.7 (0.6)
541 Deutsche Gesellschaft für Immobilien-Leasing mit beschränkter Haftung Duesseldorf 100.0
542 Deutsche Global Markets Limited Tel Aviv 100.0 45.8 0.6
543 Deutsche Group Holdings (SA) (Proprietary) Limited Johannesburg 100.0 111.3 23.9
544 Deutsche Grundbesitz Beteiligungsgesellschaft mbH Eschborn 100.0
545 Deutsche Grundbesitz-Anlagegesellschaft mbH & Co Löwenstein Palais Eschborn 100.0 39.6 0.0
546 Deutsche Grundbesitz-Anlagegesellschaft mit beschränkter Haftung Frankfurt 2 99.8
547 Deutsche Gulf Finance Riyadh 40.0 33.9 (4.7)
548 Deutsche GUO Mao Investments (Netherlands) B.V. Amsterdam 100.0
549 Deutsche Haussmann, S.à r.l. Luxembourg 100.0 (71.1) 3.9
550 Deutsche Holdings (BTI) Limited London 1 100.0 98.8 (2.3)
551 Deutsche Holdings (Chile) S.A. Santiago 100.0 21.2 1.4
552 Deutsche Holdings (Luxembourg) S.à r.l. Luxembourg 100.0
553 Deutsche Holdings (Malta) Ltd. St. Julians 100.0 700.8 7.7
554 Deutsche Holdings (SA) (Proprietary) Limited Johannesburg 100.0
555 Deutsche Holdings Limited London 1 100.0 1,533.6 6.0
556 Deutsche Holdings No. 2 Limited London 1 100.0 151.6 216.5
557 Deutsche Holdings No. 3 Limited London 1 100.0 (20.0) (23.4)
558 Deutsche Holdings No. 4 Limited London 1 100.0 1,187.8 0.0
559 Deutsche Immobilien Leasing GmbH Duesseldorf 2 100.0 26.5 0.0
560 Deutsche India Holdings Private Limited Mumbai 100.0 36.0 0.4
561 Deutsche International Corporate Services (Ireland) Limited Dublin 100.0 18.5 4.0
562 Deutsche International Corporate Services Limited St. Helier 100.0 14.2 4.9
563 Deutsche International Custodial Services Limited St. Helier 100.0
564 Deutsche International Finance (Ireland) Limited Dublin 100.0
565 Deutsche International Holdings (UK) Limited (in members' voluntary liquidation) London 100.0
566 Deutsche International Trust Company N.V. Amsterdam 100.0
567 Deutsche International Trust Corporation (Mauritius) Limited Port Louis 100.0 5.0 2.4
568 Deutsche Inversiones Dos S.A. Santiago 100.0 29.0 2.0
569 Deutsche Investments (Netherlands) N.V. Amsterdam 100.0
570 Deutsche Investments India Private Limited Mumbai 100.0 136.3 6.5
571 Deutsche Investor Services Private Limited Mumbai 100.0
572 Deutsche IT License GmbH Eschborn 2 100.0
573 Deutsche Knowledge Services Pte. Ltd. Singapore 100.0 43.9 0.0
574 Deutsche Morgan Grenfell Group Public Limited Company London 1 100.0 960.3 5.4
575 Deutsche Morgan Grenfell Nominees Pte Ltd Singapore 100.0
576 Deutsche Mortgage Securities, Inc. Wilmington 100.0
577 Deutsche New Zealand Limited (Sub-group) Auckland 4 100.0 38.7 (0.6)
578 -Deutsche (New Munster) Holdings New Zealand Limited Auckland 100.0
579 -Deutsche Domus New Zealand Limited Auckland 100.0
580 -Deutsche Foras New Zealand Limited Auckland 100.0
581 -Deutsche Overseas Issuance New Zealand Limited Auckland 100.0
582 -Deutsche Securities New Zealand Limited Auckland 100.0
583 -Kingfisher Nominees Limited Auckland 100.0
584 -LWC Nominees Limited Auckland 100.0
585 Deutsche Nominees Limited London 100.0
586 Deutsche Postbank AG (Sub-group) Bonn 1, 4 94.1 5,709.0 111.0
587 -Betriebs-Center für Banken AG Frankfurt 100.0
588 -BHW - Gesellschaft für Wohnungswirtschaft mbH Hameln 2 100.0
589 -BHW - Gesellschaft für Wohnungswirtschaft mbH & Co. Immobilienverwaltungs KG Hameln 100.0
590 -BHW Bausparkasse Aktiengesellschaft Hameln 2 100.0
591 -BHW Gesellschaft für Vorsorge mbH Hameln 2 100.0
592 -BHW Holding AG Hameln 2 100.0
593 -BHW Kreditservice GmbH Hameln 100.0
594 -BHW-Immobilien GmbH Hameln 100.0
595 -Deutsche Postbank Finance Center Objekt GmbH Schuttrange 100.0
596 -Deutsche Postbank Funding LLC I Wilmington 100.0
597 -Deutsche Postbank Funding LLC II Wilmington 100.0

F-II-111
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 112 112
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
598 -Deutsche Postbank Funding LLC III Wilmington 100.0
599 -Deutsche Postbank Funding LLC IV Wilmington 100.0
600 -Deutsche Postbank Funding Trust I Wilmington 100.0
601 -Deutsche Postbank Funding Trust II Wilmington 100.0
602 -Deutsche Postbank Funding Trust III Wilmington 100.0
603 -Deutsche Postbank Funding Trust IV Wilmington 100.0
604 -Deutsche Postbank International S.A. Schuttrange 100.0
605 -DSL Holding Aktiengesellschaft i.A. Bonn 100.0
606 -DSL Portfolio GmbH & Co. KG Bonn 100.0
607 -DSL Portfolio Verwaltungs GmbH Bonn 100.0
608 -PB (USA) Holdings, Inc. Wilmington 100.0
609 -PB (USA) Realty Corporation New York 94.7
610 -PB Capital Corporation Wilmington 100.0
611 -PB Factoring GmbH Bonn 2 100.0
612 -PB Finance (Delaware) Inc. Wilmington 100.0
613 -PB Firmenkunden AG Bonn 2 100.0
614 -PB Spezial-Investmentaktiengesellschaft mit Teilgesellschaftsvermögen Bonn 99.4
615 -PMG Collins, LLC Tallahassee 100.0
616 -Postbank Beteiligungen GmbH Bonn 2 100.0
617 -Postbank Direkt GmbH Bonn 2 100.0
618 -Postbank Filial GmbH Bonn 2 100.0
619 -Postbank Filialvertrieb AG Bonn 2 100.0
620 -Postbank Finanzberatung AG Hameln 100.0
621 -Postbank Immobilien und Baumanagement GmbH Bonn 2 100.0
622 -Postbank Immobilien und Baumanagement GmbH & Co. Objekt Leipzig KG Bonn 90.0
623 -Postbank Leasing GmbH Bonn 2 100.0
624 -Postbank P.O.S. Transact GmbH Eschborn 100.0
625 -Postbank Support GmbH Cologne 2 100.0
626 -Postbank Systems AG Bonn 2 100.0
627 -Postbank Versicherungsvermittlung GmbH Bonn 2 100.0
628 -VÖB-ZVD Processing GmbH Frankfurt 100.0
629 Deutsche Private Asset Management Limited London 100.0
630 Deutsche Regis Partners Inc Makati City 49.0 8.6 4.4
631 Deutsche Representaciones y Mandatos S.A. Buenos Aires 100.0
632 Deutsche Retail No.1 Private Real Estate Investment, LLC Seoul 100.0
633 Deutsche River Investment Management Company S.à r.l. Luxembourg 49.0
634 Deutsche Securities (India) Private Limited New Delhi 75.0 33.0 0.5
635 Deutsche Securities (Perú) S.A. Lima 100.0
636 Deutsche Securities (Proprietary) Limited Johannesburg 95.7 21.0 6.7
637 Deutsche Securities (SA) (Proprietary) Limited Johannesburg 95.7 14.5 2.9
638 Deutsche Securities Asia Limited Hong Kong 100.0 239.0 12.0
639 Deutsche Securities Inc. Tokyo 100.0 532.0 42.2
640 Deutsche Securities Israel Ltd. Tel Aviv 100.0
641 Deutsche Securities Korea Co. Seoul 100.0 206.3 3.4
642 Deutsche Securities Limited Hong Kong 100.0 1,302.9 0.1
643 Deutsche Securities Mauritius Limited Port Louis 100.0 4.8 5.6
644 Deutsche Securities Menkul Degerler A.S. Istanbul 100.0 12.9 3.1
645 Deutsche Securities Nominees Hong Kong Limited Hong Kong 100.0
646 Deutsche Securities Saudi Arabia LLC Riyadh 100.0 108.6 0.2
647 Deutsche Securities Sociedad de Bolsa S.A. Buenos Aires 100.0
648 Deutsche Securities Venezuela S.A. Caracas 100.0
649 Deutsche Services Polska Sp. z o.o. Warsaw 100.0
650 Deutsche StiftungsTrust GmbH Frankfurt 2 100.0
651 Deutsche TISCO Investment Advisory Company Limited Bangkok 49.0
652 Deutsche Transnational Trustee Corporation Inc Charlottetown 100.0
653 Deutsche Trustee Company Limited London 100.0 25.1 5.9
654 Deutsche Trustee Services (India) Private Limited Mumbai 100.0
655 Deutsche Trustees Malaysia Berhad Kuala Lumpur 100.0
656 Deutsche Zurich Pensiones Entidad Gestora de Fondos de Pensiones, S.A. Barcelona 50.0
657 Deutscher Pensionsfonds Aktiengesellschaft Bonn 25.1

F-II-112
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 113113
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
658 Deutsches Institut für Altersvorsorge GmbH Frankfurt 78.0
659 Deutz-Mülheim Grundstücksgesellschaft mbH Duesseldorf 40.2
660 DI 2 Y.K. Tokyo 100.0
661 DI Deutsche Immobilien Baugesellschaft mbH Frankfurt 100.0
662 DI Deutsche Immobilien Baugesellschaft mbH & Co. Vermietungs KG Frankfurt 100.0
663 DI Deutsche Immobilien Treuhandgesellschaft mbH Frankfurt 2 100.0
664 DI Investments Corporation Y.K. Tokyo 100.0
665 DIB-Consult Deutsche Immobilien- und Beteiligungs-Beratungsgesellschaft mbH Duesseldorf 100.0
666 DIL Europa-Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0
667 DIL Financial Services GmbH & Co. KG Duesseldorf 100.0
668 DIL Fonds-Beteiligungsgesellschaft mbH Duesseldorf 100.0
669 DIL Internationale Leasinggesellschaft mbH Duesseldorf 50.0
670 DISCA Beteiligungsgesellschaft mbH Duesseldorf 2 100.0
671 DIV Holding GmbH Luetzen-Gostau 100.0
672 DMG & Partners Securities Pte Ltd Singapore 49.0 85.4 6.6
673 Dogan Gazetecilik A.S. Istanbul 22.0
674 Domus Beteiligungsgesellschaft der Privaten Bausparkassen mbH Berlin 21.1 17.0 0.0
675 DONARUM Holding GmbH Duesseldorf 50.0
676 DPB Regent's Park Estates (GP) Holding Limited London 100.0
677 DPB Regent's Park Estates (LP) Holding Limited London 100.0 0.0 2.4
678 DPG Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH Frankfurt 20.0
679 DREIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
680 DREIZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
681 DRITTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
682 DRITTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
683 Drolla GmbH Frankfurt 100.0
684 DRT Limited International SRL Bucharest 100.0
685 Dusk II, LLC Wilmington 100.0
686 DVCG Deutsche Venture Capital Gesellschaft mbH & Co. Fonds II KG i.L. Munich 69.2
687 DWS Finanz-Service GmbH Frankfurt 2 100.0 13.8 0.0
688 DWS Holding & Service GmbH Frankfurt 2 100.0 294.1 0.0
689 DWS Investment GmbH Frankfurt 2 100.0 126.1 0.0
690 DWS Investment S.A. Luxembourg 100.0 396.5 136.0
691 DWS Investments (Spain), S.G.I.I.C., S.A. Madrid 100.0 20.7 1.0
692 DWS Mauritius Company Port Louis 100.0
693 DWS Schweiz GmbH Zurich 100.0 11.0 8.5
694 easyhyp GmbH Hameln 100.0
695 EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH & CO. KG Hamburg 1 65.2 (3.6) (6.6)
696 Ecnarf Paris 100.0 2.4 2.4
697 EDORA Funding GmbH Frankfurt 100.0
698 EINUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
699 Elba Finance GmbH Eschborn 100.0
700 Elbe Properties S.à r.l. Luxembourg 25.0
701 ELBI Funding GmbH Frankfurt 2 100.0
702 ELC Logistik-Centrum Verwaltungs-GmbH Erfurt 50.0
703 ELDO ACHTE Vermögensverwaltungs GmbH Eschborn 100.0
704 ELDO ERSTE Vermögensverwaltungs GmbH Eschborn 100.0
705 ELFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
706 Elizabethan Holdings Limited George Town 100.0
707 Elizabethan Management Limited George Town 100.0
708 Elmo Funding GmbH Eschborn 2 100.0 10.3 0.0
709 Elmo Leasing Dreizehnte GmbH Eschborn 100.0
710 Elmo Leasing Elfte GmbH Eschborn 100.0
711 Elmo Leasing Vierzehnte GmbH Eschborn 2 100.0
712 EOL2 Holding B.V. Amsterdam 45.0
713 eolec Issy-les- 33.3
Moulineaux
714 EQR-Mantena, LLC Wilmington 100.0
715 equiNotes Management GmbH Duesseldorf 50.0
716 Erda Funding GmbH Eschborn 100.0

F-II-113
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 114 114
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
717 Erica Società a Responsabilità Limitata Milan 40.0
718 Erste Frankfurter Hoist GmbH Frankfurt 100.0
719 European Asian Bank (Hong Kong) Nominees Limited Hong Kong 100.0
720 European Private Equity Portfolio (PE-EU) GmbH & Co. KG Cologne 20.4 13.0 0.5
721 Evergreen Amsterdam Holdings B.V. Amsterdam 100.0
722 Evergreen International Holdings B.V. Amsterdam 100.0
723 Evergreen International Investments B.V. Amsterdam 100.0
724 Evergreen International Leasing B.V. Amsterdam 100.0 127.8 1.1
725 EVROENERGIAKI S.A. Alexandroupolis 40.0
726 Exinor SA Bastogne 100.0
727 Exporterra GmbH i.L. Frankfurt 100.0
728 EXTOREL Private Equity Advisers GmbH Cologne 100.0
729 FARAMIR Beteiligungs- und Verwaltungs GmbH Cologne 100.0
730 Fenix Administración de Activos S. de R.L. de C.V. Mexico City 100.0
731 Fiduciaria Sant' Andrea S.r.L. Milan 100.0
732 Finanza & Futuro Banca SpA Milan 100.0 32.8 9.4
733 FJC Property Corp. Wilmington 100.0
734 FRANKFURT CONSULT GmbH Frankfurt 2 100.0
735 Frankfurt Family Office GmbH Frankfurt 100.0
736 Frankfurt Finanz-Software GmbH Frankfurt 100.0
737 FRANKFURT-TRUST Invest Luxemburg AG Luxembourg 100.0
738 FRANKFURT-TRUST Investment-Gesellschaft mit beschränkter Haftung Frankfurt 2 100.0 18.4 0.0
739 Frankfurter Beteiligungs-Treuhand Gesellschaft mit beschränkter Haftung Frankfurt 100.0
740 Frankfurter Vermögens-Treuhand Gesellschaft mit beschränkter Haftung Frankfurt 100.0
741 Franz Urbig- und Oscar Schlitter-Stiftung Gesellschaft mit beschränkter Haftung Frankfurt 100.0
742 FREUNDE DER EINTRACHT FRANKFURT Aktiengesellschaft Frankfurt 30.8
743 Funds Nominees Limited London 100.0
744 FÜNFTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
745 FÜNFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
746 Fünfte SAB Treuhand und Verwaltung GmbH & Co. "Leipzig-Magdeburg" KG Bad Homburg 40.7
747 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Dresden "Louisenstraße" KG Bad Homburg 30.6
748 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Suhl "Rimbachzentrum" KG Bad Homburg 74.0
749 FÜNFUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
750 FÜNFZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
751 GbR Goethestraße Cologne 94.0
752 German Public Sector Finance B.V. Amsterdam 50.0
753 Gesellschaft für Kreditsicherung mit beschränkter Haftung Berlin 36.7
754 giropay GmbH Frankfurt 33.3
755 Global Salamina, S.L. Madrid 30.0 (17.4) (19.4)
756 Goldman Sachs Multi-Strategy Portfolio XI, LLC Wilmington 33.8
757 Gordian Knot Limited London 32.4 12.5 (6.1)
758 Graphite Resources (Knightsbridge) Limited Newcastle upon 45.0
Tyne
759 Graphite Resources Holdings Limited Newcastle upon 70.0
Tyne
760 Great Future International Limited Road Town 43.0
761 Grundstücksgesellschaft Frankfurt Bockenheimer Landstraße GbR Troisdorf 94.9 19.9 (56.6)
762 Grundstücksgesellschaft Köln-Ossendorf VI GbR Troisdorf 44.9
763 Grundstücksgesellschaft Köln-Ossendorf VI mbH Cologne 100.0
764 Grundstücksgesellschaft Leipzig Petersstraße GbR Troisdorf 33.2
765 Grundstücksgesellschaft Wiesbaden Luisenstraße/Kirchgasse GbR Troisdorf 59.7 164.4 2.8
766 Grundstücksvermietungsgesellschaft Wilhelmstr. mbH Duesseldorf 100.0
767 Grundstücksverwaltungsgesellschaft Tankstelle Troisdorf Spich GbR Troisdorf 33.0
768 Guggenheim Concinnity Strategy Fund LP Wilmington 21.7
769 Gulara Pty Ltd Sydney 100.0 11.3 (3.9)
770 GUO Mao International Hotels B.V. Amsterdam 100.0 (59.0) (1.2)
771 HAH Limited London 100.0
772 Hakkeijima Godo Kaisha Tokyo 95.0
773 Harvest Fund Management Company Limited Shanghai 30.0 224.5 74.5
774 HealthCap 1999 GbR Berlin 41.5

F-II-114
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 115115
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
775 Herengracht Financial Services B.V. Amsterdam 100.0
776 HQ Limited Partnership Tokyo 37.5
777 HTB Spezial GmbH & Co. KG Cologne 100.0
778 Huarong Rongde Asset Management Company Limited Beijing 40.7
779 Hudson GmbH Eschborn 100.0
780 Hydro S.r.l. Rome 45.0
781 Hypotheken-Verwaltungs-Gesellschaft mbH Frankfurt 100.0
782 I.B.T. Lighting S.p.A. Milan 34.0
783 IB Associate, LLC New York 100.0
784 iCON Infrastructure Management Limited St. Peter Port 99.0 0.9 2.6
785 iFast India Investments Pte. Ltd. Singapore 49.0
786 IFN Finance N.V. Antwerp 100.0
787 IKARIA Beteiligungs- und Verwaltungsgesellschaft mbH Cologne 100.0
788 ILV Immobilien-Leasing Verwaltungsgesellschaft Düsseldorf mbH Duesseldorf 50.0
789 IMM Associate, LLC New York 100.0
790 Immobilien-Vermietungsgesellschaft Schumacher GmbH & Co. Objekt Rolandufer KG Berlin 20.5
791 Immobilienfonds Büro-Center Erfurt Am Flughafen Bindersleben II GbR Troisdorf 50.0
792 Imodan Limited Port Louis 100.0
793 Industrie-Beteiligungs-Gesellschaft mit beschränkter Haftung Frankfurt 2 100.0 51.1 0.0
794 Infigate GmbH i.K. Essen 69.3
795 Inn Properties S.à r.l. Luxembourg 25.0
796 Interessengemeinschaft Frankfurter Kreditinstitute GmbH Frankfurt 23.3 21.6 5.9
797 Intermodal Finance I Ltd. George Town 49.0
798 International Operator Limited London 100.0 (37.2) (0.4)
799 IOS Finance EFC, S.A. Barcelona 100.0 38.7 4.3
800 Iphigenie Verwaltungs GmbH Bonn 100.0
801 Isar Properties S.à r.l. Luxembourg 25.0
802 ISTRON Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
803 IVAF I Manager, S.à r.l. Luxembourg 100.0
804 IVAF II Manager, S.à r.l. Luxembourg 100.0
805 IZI Düsseldorf Informations-Zentrum Immobilien Gesellschaft mit beschränkter Haftung Duesseldorf 20.0
806 IZI Düsseldorf Informations-Zentrum Immobilien GmbH & Co. Kommanditgesellschaft Duesseldorf 22.9
807 Izumo Capital YK Tokyo 100.0
808 JADE Residential Property AG Eschborn 100.0 61.0 1.7
809 Jaya Holdings Limited Singapore 20.6 392.6 34.5
810 JG Japan Grundbesitzverwaltungsgesellschaft mbH i.L. Eschborn 100.0
811 JR Nominees (Proprietary) Limited Johannesburg 100.0
812 JWB Leasing Limited Partnership London 100.0 91.5 6.9
813 Jyogashima Godo Kaisha Tokyo 100.0
814 KEBA Gesellschaft für interne Services mbH Frankfurt 2 100.0
815 Kenanga Deutsche Futures Sdn Bhd Kuala Lumpur 27.0
816 KeyNeurotek Pharmaceuticals AG i.I. Magdeburg 29.0
817 KHP Knüppe, Huntebrinker & Co. GmbH Osnabrueck 100.0
818 Kidson Pte Ltd Singapore 100.0 10.1 (0.9)
819 Kingfisher (Ontario) LP Toronto 100.0 217.3 6.8
820 Kingfisher Holdings I (Nova Scotia) ULC Halifax 100.0
821 Kingfisher Holdings II (Nova Scotia) ULC Halifax 100.0 90.3 0.0
822 Kinneil Leasing Company London 35.0
823 Klöckner Industriebeteiligungsgesellschaft mbH Frankfurt 100.0 86.5 0.1
824 KOMPASS 3 Beteiligungsgesellschaft mbH Duesseldorf 50.0
825 KOMPASS 3 Erste Beteiligungsgesellschaft mbH & Co. Euro KG Duesseldorf 96.1 143.9 0.0
826 KOMPASS 3 Zweite Beteiligungsgesellschaft mbH & Co. USD KG Duesseldorf 96.9 95.6 0.0
827 Konsul Inkasso GmbH Essen 2 100.0
828 Kradavimd UK Lease Holdings Limited London 100.0 67.7 (8.5)
829 Kunshan RREEF Equity Investment Fund Management Co. Ltd. Kunshan 100.0
830 KölnArena Beteiligungsgesellschaft mbH Cologne 20.8
831 LA Water Holdings Limited George Town 75.0
832 Lambourn Spólka z ograniczona odpowiedzialnoscia (w likwidacji) Warsaw 100.0
833 Lammermuir Leasing Limited London 100.0 12.1 0.1
834 Latin America Recovery Fund LLC Wilmington 100.0

F-II-115
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 116 116
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
835 LAWL Pte. Ltd. Singapore 100.0 26.2 (0.5)
836 Leasing Verwaltungsgesellschaft Waltersdorf mbH Schoenefeld 100.0
837 Legacy BCC Receivables, LLC Wilmington 100.0
838 Leo Consumo 2 S.r.l. Conegliano 70.0
839 Lindsell Finance Limited Valletta 100.0
840 Lion Global Infrastructure Fund Limited St. Peter Port 50.0
841 London Dry Bulk Limited London 49.0
842 London Industrial Leasing Limited London 100.0
843 Luxembourg Family Office S.A. Luxembourg 100.0
844 M Cap Finance Mittelstandsfonds GmbH & Co. KG Frankfurt 99.7 47.1 2.2
845 Maestrale Projects (Holding) S.A. Luxembourg 49.7
846 Maher Terminals Holding Corp. Toronto 100.0 80.6 7.6
847 Main Properties S.à r.l. Luxembourg 25.0
848 Manuseamento de Cargas - Manicargas, S.A. Matosinhos 38.3 11.1 2.3
849 Marblegate Special Opportunities Master Fund, L.P. George Town 30.6 143.3 13.0
850 Maxblue Americas Holdings, S.A. Madrid 100.0
851 Media Entertainment Filmmanagement GmbH Pullach 100.0
852 MEF I Manager, S.à r.l. Luxembourg 100.0
853 MEFIS Beteiligungsgesellschaft mbH Frankfurt 62.0 86.7 0.1
854 Memax Pty. Limited Sydney 100.0
855 MergeOptics GmbH i.I. Berlin 24.3
856 Merit Capital Advance, LLC Wilmington 20.0
857 Metro plus Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 40.0
858 MFG Flughafen-Grundstücksverwaltungsgesellschaft mbH & Co. BETA KG Gruenwald 29.6
859 MidOcean (Europe) 2003 LP St. Helier 20.0
860 MidOcean Partners, LP New York 20.0
861 Midsel Limited London 100.0
862 Millennium Marine Rail, L.L.C. Elizabeth 50.0
863 Mira GmbH & Co. KG Frankfurt 100.0
864 "modernes Frankfurt" private Gesellschaft für Stadtentwicklung mbH i.L. Frankfurt 100.0
865 Moon Leasing Limited London 100.0
866 Morgan Grenfell & Co. Limited London 100.0
867 Morgan Grenfell (Local Authority Finance) Limited (in members’ voluntary liquidation) London 100.0
868 Morgan Grenfell Development Capital Holdings Limited (in members' voluntary London 100.0
liquidation)
869 Morgan Grenfell Private Equity Limited (in members' voluntary liquidation) London 100.0
870 Morgan Nominees Limited London 100.0
871 Mortgage Trading (UK) Limited London 100.0 3.2 2.8
872 Motion Picture Productions One GmbH & Co. KG Frankfurt 100.0
873 Mount Hope Community Center Fund, LLC Wilmington 50.0
874 Mountain Recovery Fund I Y.K. Tokyo 100.0
875 Mountaintop Energy Holdings LLC Wilmington 49.9
876 MPP Beteiligungsgesellschaft mbH Frankfurt 100.0
877 MRF2 Y.K. Tokyo 100.0
878 MXB U.S.A., Inc. Wilmington 100.0
879 Navegator - SGFTC, S.A. Lisbon 100.0
880 NBG Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
881 NCW Holding Inc. Vancouver 100.0
882 NEPTUNO Verwaltungs- und Treuhand-Gesellschaft mit beschränkter Haftung Cologne 2 100.0
883 NEUNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
884 NEUNZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
885 Nevada Mezz 1 LLC Wilmington 100.0
886 Nevada Parent 1 LLC Wilmington 100.0
887 Nevada Property 1 LLC (Sub-group) Wilmington 4 100.0 (262.9) (93.2)
888 -Nevada Restaurant Venture 1 LLC Wilmington 100.0
889 -Nevada Retail Venture 1 LLC Wilmington 100.0
890 New Hatsushima Godo Kaisha Tokyo 50.0
891 New Prestitempo S.p.A. Milan 100.0
892 Nexus Infrastruktur Beteiligungsgesellschaft mbH Duesseldorf 50.0
893 NIDDA Grundstücks- und Beteiligungs-Gesellschaft mit beschränkter Haftung Frankfurt 100.0

F-II-116
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 117117
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
894 Nineco Leasing Limited London 100.0
895 NOFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
896 Nordwestdeutscher Wohnungsbauträger Gesellschaft mit beschränkter Haftung Frankfurt 2 100.0 215.1 0.0
897 norisbank GmbH Berlin 2 100.0 433.9 0.0
898 Nortfol Pty. Limited Sydney 100.0
899 North Coast Wind Energy Corp. Vancouver 96.7
900 NV Profit Share Limited George Town 42.9
901 O.F. Finance, LLC Wilmington 53.6
902 Oder Properties S.à r.l. Luxembourg 25.0
903 Office Grundstücksverwaltungsgesellschaft mbH Frankfurt 100.0
904 OOO "Deutsche Bank" Moscow 100.0 417.8 91.2
905 OPB KRITI GmbH Koenigstein 100.0
906 OPB Verwaltungs- und Beteiligungs-GmbH Cologne 100.0
907 OPB Verwaltungs- und Treuhand GmbH Cologne 100.0
908 OPB-Decima GmbH i.L. Cologne 100.0
909 OPB-Holding GmbH Cologne 100.0
910 OPB-Mosel GmbH i.L. Cologne 100.0
911 OPB-Nona GmbH Frankfurt 100.0
912 OPB-Oktava GmbH Cologne 100.0
913 OPB-Quarta GmbH Cologne 100.0
914 OPB-Quinta GmbH Cologne 100.0
915 OPB-Rhein GmbH Cologne 100.0
916 OPB-Septima GmbH Cologne 100.0
917 OPB-Structuring GmbH Cologne 100.0
918 Oppenheim Asset Management GmbH Vienna 100.0
919 Oppenheim Asset Management Services S.à r.l. Luxembourg 100.0 7.3 4.2
920 OPPENHEIM Beteiligungs-Treuhand GmbH Cologne 100.0
921 OPPENHEIM Buy Out GmbH & Co. KG Cologne 27.7 2.7 3.6
922 OPPENHEIM Capital Advisory GmbH Cologne 100.0
923 Oppenheim Eunomia GmbH Cologne 100.0
924 OPPENHEIM Flottenfonds V GmbH & Co. KG Cologne 83.3
925 Oppenheim Fonds Trust GmbH Cologne 2 100.0
926 Oppenheim International Finance (in liquidation) Dublin 100.0
927 OPPENHEIM Internet Fonds Manager GmbH i.L. Cologne 100.0
928 Oppenheim Kapitalanlagegesellschaft mbH Cologne 2 100.0 25.9 0.0
929 OPPENHEIM Portfolio Advisors VI GmbH & Co. KG Cologne 100.0
930 OPPENHEIM PRIVATE EQUITY Manager GmbH Cologne 100.0
931 OPPENHEIM PRIVATE EQUITY Verwaltungsgesellschaft mbH Cologne 100.0
932 Oppenheim Vermögenstreuhand GmbH Cologne 2 100.0
933 OVT Trust 1 GmbH Cologne 2 100.0
934 OVV Beteiligungs GmbH Cologne 100.0
935 P.F.A.B. Passage Frankfurter Allee Betriebsgesellschaft mbH Berlin 22.2
936 PADEM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
937 PADOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
938 PADUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
939 Pago e Transaction Services GmbH Cologne 50.0
940 PAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
941 PALDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
942 PALLO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
943 PANIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
944 PANTUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
945 Parkhaus an der Börse GbR Cologne 37.7
946 PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
947 PB Kreditservice GmbH Hameln 100.0
948 PB Sechste Beteiligungen GmbH Bonn 100.0
949 PBC Banking Services GmbH Frankfurt 100.0 40.0 0.0
950 PBC Services GmbH der Deutschen Bank Frankfurt 2 100.0
951 PE-US/ASIA Beteiligungsgesellschaft mbH Cologne 100.0
952 PEDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
953 PEDUM Beteiligungsgesellschaft mbH Duesseldorf 50.0

F-II-117
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 118 118
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
954 PEIF II (Manager) Limited St. Helier 100.0
955 Pembol Nominees Limited London 100.0
956 PENDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
957 PENTOS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
958 PENTUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
959 Percy Limited Gibraltar 100.0
960 PERGOS Beteiligungsgesellschaft mbH Duesseldorf 50.0
961 PERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
962 PERILLA Beteiligungsgesellschaft mbH Duesseldorf 50.0
963 PERLIT Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
964 PERLU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
965 PERNIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
966 Pertwee Leasing Limited Partnership London 100.0
967 Peruda Leasing Limited London 100.0 (86.1) 5.7
968 PERXIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
969 PETA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
970 PHARMA/wHEALTH Management Company S.A. Luxembourg 99.9
971 Philippine Opportunities for Growth and Income (SPV-AMC), INC. Manila 95.0 10.1 0.5
972 Phoebus Investments LP Wilmington 5 100.0 851.0 (0.1)
973 Phoebus Leasing Limited George Town 100.0
974 PLAKIAS Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
975 Plantation Bay, Inc. St. Thomas 100.0
976 Plenary Group (Canada) Limited Vancouver 20.0 (23.9) 4.1
977 POND VENTURES II GmbH & Co. KG Cologne 99.9
978 PONTUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
979 POSEIDON Vermögensverwaltungsgesellschaft mbH Cologne 100.0
980 Postbank Akademie und Service GmbH Hameln 100.0
981 Postbank Service GmbH Essen 100.0
982 Powerlase Limited (in members' voluntary liquidation) Hove 24.8
983 PRADUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
984 PRASEM Beteiligungsgesellschaft mbH Duesseldorf 50.0
985 PRATES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
986 Primelux Insurance S.A. Luxembourg 100.0 16.9 0.7
987 Prince Rupert Luxembourg S.à r.l. Senningerberg 100.0 205.6 (1.7)
988 PRISON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
989 Private Capital Portfolio L.P. London 38.2 61.3 (0.3)
990 Private Equity Asia Select Company III S.à r.l. Luxembourg 100.0
991 Private Equity Global Select Company IV S.à r.l. Luxembourg 100.0
992 Private Equity Global Select Company V S.à r.l. Luxembourg 100.0
993 Private Equity Invest Beteiligungs GmbH Duesseldorf 50.0
994 Private Equity Life Sciences Beteiligungsgesellschaft mbH Duesseldorf 50.0
995 Private Equity Select Company S.à r.l. Luxembourg 100.0
996 Private Financing Initiatives, S.L. Barcelona 51.0
997 PS plus Portfolio Software + Consulting GmbH Roedermark 80.2
998 PT. Deutsche Securities Indonesia Jakarta 99.0 19.9 3.0
999 PT. Deutsche Verdhana Indonesia Jakarta 40.0
1000 Public joint-stock company "Deutsche Bank DBU" Kiev 100.0 18.3 3.4
1001 PUDU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1002 PUKU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1003 PURIM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1004 PX Holdings Limited Stockton on 42.4
Tees
1005 QUANTIS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1006 Quantum 13 LLC Wilmington 49.0
1007 QUELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1008 QUOTAS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1009 Raymond James New York Housing Opportunities Fund I-A L.L.C. New York 33.0
1010 Raymond James New York Housing Opportunities Fund I-B L.L.C. New York 33.3
1011 Reference Capital Investments Limited London 100.0
1012 registrar services GmbH Eschborn 2 100.0

F-II-118
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 119119
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1013 Regula Limited Road Town 100.0
1014 REIB Europe Investments Limited London 100.0 (11.3) 0.8
1015 REIB International Holdings Limited London 100.0
1016 Relax Holding S.à r.l. Luxembourg 20.0
1017 REON - Park Wiatrowy I Sp. z o.o. Warsaw 50.0
1018 REON-Park Wiatrowy II Sp. z o.o. Warsaw 50.0
1019 REON-Park Wiatrowy IV Sp. z o.o. Warsaw 50.0
1020 Rhine Properties S.à r.l. Luxembourg 25.0
1021 Rimvalley Limited Dublin 100.0
1022 Rosen Consulting Group, LLC Wilmington 40.0
1023 RPWire LLC Wilmington 33.3
1024 RREEF China REIT Management Limited Hong Kong 100.0
1025 RREEF Debt Investments Fund, L.P. Wilmington 66.7
1026 RREEF Debt Investments Master Fund I, L.P. Wilmington 100.0
1027 RREEF Debt Investments Master Fund II, L.P. Wilmington 66.7
1028 RREEF Debt Investments Offshore I REIT Baltimore 100.0
1029 RREEF Debt Investments Offshore II, L.P. George Town 50.0
1030 RREEF European Value Added I (G.P.) Limited London 100.0
1031 RREEF Fondimmobiliari Società di Gestione del Risparmio S.p.A. Milan 100.0 15.2 (2.2)
1032 RREEF India Advisors Private Limited Mumbai 100.0
1033 RREEF Investment GmbH Frankfurt 2 99.9 16.7 0.0
1034 RREEF Management GmbH Frankfurt 2 100.0 89.3 0.0
1035 RREEF Opportunities Management S.r.l. Milan 100.0
1036 RREEF Property Trust Inc. Baltimore 100.0
1037 RREEF Shanghai Investment Consultancy Company Shanghai 100.0
1038 RREEF Spezial Invest GmbH Frankfurt 2 100.0
1039 Rüd Blass Vermögensverwaltung AG Zurich 100.0
1040 SAB Real Estate Verwaltungs GmbH Hameln 100.0
1041 SABIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1042 Safron AMD Partners, L.P. George Town 22.0
1043 Safron NetOne Partners, L.P. George Town 21.7
1044 SAGITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1045 Sal. Oppenheim Alternative Investments GmbH Cologne 2 100.0 275.7 0.0
1046 Sal. Oppenheim Boulevard Konrad Adenauer S.à r.l. Luxembourg 100.0
1047 Sal. Oppenheim Corporate Finance North America Holding LLC Wilmington 100.0 20.6 (0.5)
1048 Sal. Oppenheim Global Invest GmbH Cologne 100.0 468.2 0.2
1049 Sal. Oppenheim Healthcare Beteiligungs GmbH Cologne 2 100.0 29.0 0.0
1050 Sal. Oppenheim Investments GmbH Cologne 2 100.0 28.6 0.0
1051 Sal. Oppenheim jr. & Cie. AG & Co. Kommanditgesellschaft auf Aktien Cologne 2 100.0 959.5 0.0
1052 Sal. Oppenheim jr. & Cie. Beteiligungs GmbH Cologne 100.0
1053 Sal. Oppenheim jr. & Cie. Komplementär AG Cologne 2 100.0
1054 Sal. Oppenheim jr. & Cie. Luxembourg S.A. Luxembourg 100.0 179.8 11.6
1055 Sal. Oppenheim PEP Treuhand GmbH Cologne 100.0
1056 Sal. Oppenheim Private Equity Partners S.A. Luxembourg 100.0
1057 Sal. Oppenheim Private Equity Partners US L.P. Wilmington 100.0
1058 Sal. Oppenheim Private Equity Partners US LLC Wilmington 100.0
1059 SALIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1060 SALOMON OPPENHEIM GmbH i.L. Cologne 100.0
1061 SALUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1062 SALUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Dresden KG Duesseldorf 58.5
1063 SAMOS Vermögensverwaltungs GmbH Cologne 100.0
1064 SANCTOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1065 SANDIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1066 SANO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1067 SAPIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1068 SARIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1069 SATINA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1070 SCANDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1071 SCHEDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1072 Schiffahrts UG (haftungsbeschränkt) & Co. KG MS "DYCKBURG" Hamburg 41.3

F-II-119
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 120 120
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1073 Schiffahrtsgesellschaft MS "Simon Braren" GmbH & Co KG Kollmar 26.6
1074 Schiffsbetriebsgesellschaft Brunswik mit beschränkter Haftung Hamburg 2 100.0
1075 Schiffsbetriebsgesellschaft FINNA mbH Hamburg 100.0
1076 Schiffsbetriebsgesellschaft GRIMA mbH Hamburg 100.0
1077 Schumacher Beteiligungsgesellschaft mbH Cologne 33.2
1078 SCITOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1079 SCITOR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heiligenstadt KG Duesseldorf 71.1
1080 SCUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1081 SCUDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kleine Duesseldorf 95.0
Alexanderstraße KG
1082 Sechste DB Immobilienfonds Beta Dr. Rühl KG Eschborn 100.0
1083 SECHSTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1084 SECHSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1085 SECHZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1086 SEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1087 SEGES Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1088 SEGU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1089 SELEKTA Grundstücksverwaltungsgesellschaft mbH Duesseldorf 50.0
1090 SENA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1091 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Fehrenbach KG Duesseldorf 94.7
1092 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Halle II KG i.L. Duesseldorf 100.0
1093 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kamenz KG Duesseldorf 100.0
1094 SERICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1095 SIDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1096 SIEBTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1097 SIEBZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1098 SIFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1099 SILANUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1100 SILEX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1101 SILEX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Berlin KG Duesseldorf 83.8
1102 SILIGO Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1103 SILUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1104 SIMA Private Equity 1 Beteiligungs GmbH Hamburg 1 100.0 13.6 2.8
1105 SIMILA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1106 Sixco Leasing Limited London 100.0
1107 SOLATOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1108 SOLIDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1109 SOLON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1110 SOLON Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heizkraftwerk Halle Halle/Saale 30.5
KG i.L.
1111 SOLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1112 SOMA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1113 SOREX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1114 SOSPITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1115 SPhinX, Ltd. (in voluntary liquidation) George Town 43.6
1116 Spin Holdco Inc. Wilmington 35.0
1117 SPINO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1118 SPLENDOR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1119 SRC Security Research & Consulting GmbH Bonn 22.5
1120 STABLON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1121 STAGIRA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1122 Starpool Finanz GmbH Berlin 50.0
1123 Station Holdco LLC Wilmington 25.0 287.3 7.9
1124 STATOR Heizkraftwerk Frankfurt (Oder) Beteiligungsgesellschaft mbH Schoenefeld 100.0
1125 STC Capital YK Tokyo 100.0
1126 Stores International Limited (in voluntary liquidation) George Town 100.0
1127 STUPA Heizwerk Frankfurt (Oder) Nord Beteiligungsgesellschaft mbH i.L. Schoenefeld 100.0
1128 SUBLICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1129 SUBLICA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Promohypermarkt Duesseldorf 48.7
Gelsenkirchen KG

F-II-120
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 121121
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1130 SUBU Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1131 SULPUR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1132 Sundial Beteiligungsgesellschaft mbH Frankfurt 100.0
1133 Sunrise Beteiligungsgesellschaft mbH Frankfurt 2 100.0
1134 SUPERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1135 SUPLION Beteiligungsgesellschaft mbH Duesseldorf 50.0
1136 SUSA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0
1137 SUSIK Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1138 Swabia 1. Vermögensbesitz-GmbH Frankfurt 100.0
1139 Sylvester (2001) Limited George Town 100.0 516.0 2.5
1140 Süddeutsche Vermögensverwaltung Gesellschaft mit beschränkter Haftung Frankfurt 100.0
1141 TABA Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1142 TACET Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1143 TAF 2 Y.K. Tokyo 100.0
1144 TAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1145 Tagus - Sociedade de Titularização de Creditos, S.A. Lisbon 100.0 13.5 0.1
1146 TAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1147 TAKIR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1148 TARES Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0
1149 Taunus Corporation (Sub-group) Wilmington 4 100.0 3,190.5 249.6
1150 -ABFS I Incorporated Baltimore 100.0
1151 -ABS Leasing Services Company Chicago 100.0
1152 -ABS MB Limited Baltimore 100.0
1153 -Alex. Brown Financial Services Incorporated Baltimore 100.0
1154 -Alex. Brown Investments Incorporated Baltimore 100.0
1155 -Alex. Brown Management Services, Inc. Baltimore 100.0
1156 -Allsar Inc. Wilmington 100.0
1157 -Apexel LLC Wilmington 100.0
1158 -Argent Incorporated Baltimore 100.0
1159 -Axiom Shelter Island LLC San Diego 100.0
1160 -Azurix AGOSBA S.R.L. Buenos Aires 100.0
1161 -Azurix Argentina Holding, Inc. Wilmington 100.0
1162 -Azurix Buenos Aires S.A. (en liquidacion) Buenos Aires 100.0
1163 -Azurix Cono Sur, Inc. Wilmington 100.0
1164 -Azurix Corp. Wilmington 100.0
1165 -Azurix Latin America, Inc. Wilmington 100.0
1166 -B.T. Vordertaunus (Luxembourg), S.à r.l. Luxembourg 100.0
1167 -Bankers Trust International Finance (Jersey) Limited St. Helier 100.0
1168 -Barkly Investments Ltd. St. Helier 100.0
1169 -Bleeker Investments Limited Wilmington 100.0
1170 -Bluewater Creek Management Co. Wilmington 100.0
1171 -Bonsai Investment AG Frauenfeld 100.0
1172 -Broome Investments Limited Wilmington 100.0
1173 -BT Maulbronn GmbH Eschborn 100.0
1174 -BT Milford (Cayman) Limited George Town 100.0
1175 -BT Muritz GmbH Eschborn 100.0
1176 -BT Sable, L.L.C. Wilmington 100.0
1177 -BT Vordertaunus Verwaltungs- und Beteiligungsgesellschaft mbH Eschborn 100.0
1178 -BTAS Cayman GP George Town 100.0
1179 -BTFIC - Portugal, Gestao e Investimentos (Sociedade Unipessoal) S.A. Funchal 100.0
1180 -BTVR Investments No. 1 Limited St. Helier 100.0
1181 -C. J. Lawrence Inc. Wilmington 100.0
1182 -Castlewood Expansion Partners, L.P. Wilmington 87.5
1183 -Cedar Investment Co. Wilmington 100.0
1184 -Charlton (Delaware), Inc. Wilmington 100.0
1185 -CNS Cayman Holdings One Ltd. George Town 100.0
1186 -Coronus L.P. St. Helier 100.0
1187 -Cyrus J. Lawrence Capital Holdings, Inc. Wilmington 100.0
1188 -Dawn-BV II LLC Wilmington 100.0
1189 -Dawn-BV LLC Wilmington 100.0

F-II-121
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 122 122
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1190 -Dawn-BV-Helios LLC Wilmington 100.0
1191 -Dawn-G II LLC Wilmington 100.0
1192 -Dawn-G LLC Wilmington 100.0
1193 -Dawn-G-Helios LLC Wilmington 100.0
1194 -DB (Pacific) Limited, New York New York 100.0
1195 -DB Alex. Brown Holdings Incorporated Wilmington 100.0
1196 -DB Alternative Trading Inc. Wilmington 100.0
1197 -DB Aster II, LLC Wilmington 100.0
1198 -DB Aster, Inc. Wilmington 100.0
1199 -DB Aster, LLC Wilmington 100.0
1200 -DB Capital Management, Inc. Wilmington 100.0
1201 -DB Capital Partners, Inc. Wilmington 100.0
1202 -DB Capital, Inc. Wilmington 100.0
1203 -DB Clyde, LLC Wilmington 100.0
1204 -DB Commodity Services LLC Wilmington 100.0
1205 -DB Dawn, Inc. Wilmington 100.0
1206 -DB Depositor Inc. Wilmington 100.0
1207 -DB Elara LLC Wilmington 100.0
1208 -DB Energy Trading LLC Wilmington 100.0
1209 -DB Equipment Leasing, Inc. New York 100.0
1210 -DB ESC Corporation Wilmington 100.0
1211 -DB Finance (Delaware), LLC Wilmington 100.0
1212 -DB Funding LLC #4 Wilmington 100.0
1213 -DB Funding LLC #5 Wilmington 100.0
1214 -DB Funding LLC #6 Wilmington 100.0
1215 -DB Funding, L.P. Baltimore 100.0
1216 -DB Ganymede 2006 L.P. George Town 100.0
1217 -DB Global Technology, Inc. Wilmington 100.0
1218 -DB Green Holdings Corp. Wilmington 100.0
1219 -DB Green, Inc. New York 100.0
1220 -DB Hawks Nest, Inc. Wilmington 100.0
1221 -DB HedgeWorks, LLC Wilmington 100.0
1222 -DB Holdings (New York), Inc. New York 100.0
1223 -DB Horizon, Inc. Wilmington 100.0
1224 -DB Hypernova LLC Wilmington 100.0
1225 -DB Investment Partners, Inc. Wilmington 100.0
1226 -DB Investment Resources (US) Corporation Wilmington 100.0
1227 -DB Investment Resources Holdings Corp. Wilmington 100.0
1228 -DB Io LP Wilmington 100.0
1229 -DB IROC Leasing Corp. New York 100.0
1230 -DB Liberty, Inc. Wilmington 100.0
1231 -DB Litigation Fee LLC Wilmington 100.0
1232 -DB Management Partners, L.P. Wilmington 100.0
1233 -DB Managers, LLC West Trenton 100.0
1234 -DB Mortgage Investment Inc. Baltimore 100.0
1235 -DB Overseas Finance Delaware, Inc. Wilmington 100.0
1236 -DB Partnership Management II, LLC Wilmington 100.0
1237 -DB Perry Investments Limited Wilmington 100.0
1238 -DB Rivington Investments Limited George Town 100.0
1239 -DB RMS Leasing (Cayman) L.P. George Town 100.0
1240 -DB Samay Finance No. 2, Inc. Wilmington 100.0
1241 -DB Securities Services NJ Inc. New York 100.0
1242 -DB Servicios México, S.A. de C.V. Mexico City 100.0
1243 -DB Structured Derivative Products, LLC Wilmington 100.0
1244 -DB Structured Products, Inc. Wilmington 100.0
1245 -DB U.S. Financial Markets Holding Corporation Wilmington 100.0
1246 -DB Warren Investments Limited George Town 100.0
1247 -DBAB Wall Street, LLC Wilmington 100.0
1248 -DBAH Capital, LLC Wilmington 100.0
1249 -DBAS Cayman Holdings 1 Limited George Town 100.0

F-II-122
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 123123
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1250 -DBAS Cayman Holdings 2 Limited George Town 100.0
1251 -DBCCA Investment Partners, Inc. Wilmington 100.0
1252 -DBCIBZ1 George Town 100.0
1253 -DBCIBZ2 George Town 100.0
1254 -DBFIC, Inc. Wilmington 100.0
1255 -DBS Technology Ventures, L.L.C. Wilmington 100.0
1256 -DBUSBZ1, LLC Wilmington 100.0
1257 -DBUSBZ2, LLC Wilmington 100.0
1258 -DBUSH Markets, Inc. New York 100.0
1259 -DBVR Investments No. 3 Ltd. Wilmington 100.0
1260 -DBX Advisors LLC Wilmington 100.0
1261 -DBX Strategic Advisors LLC Wilmington 100.0
1262 -Deer River, L.P. Wilmington 100.0
1263 -Deutsche Asset Management Canada Limited Toronto 100.0
1264 -Deutsche Bank Americas Holding Corp. Wilmington 100.0
1265 -Deutsche Bank México, S.A., Institución de Banca Múltiple Mexico City 100.0
1266 -Deutsche Bank Securities Inc. Wilmington 100.0
1267 -Deutsche Bank Trust Company, National Association New York 100.0
1268 -Deutsche Cayman Ltd. George Town 100.0
1269 -Deutsche Investment Management Americas Inc. Wilmington 100.0
1270 -Deutsche Leasing New York Corp. New York 100.0
1271 -Deutsche Master Funding Corporation Wilmington 100.0
1272 -Deutsche Mortgage & Asset Receiving Corporation Wilmington 100.0
1273 -Deutsche Securities, S.A. de C.V., Casa de Bolsa Mexico City 100.0
1274 -DFC Residual Corp. Reno 100.0
1275 -DJ Williston Swaps LLC Wilmington 100.0
1276 -DMG Technology Management, L.L.C. Wilmington 100.0
1277 -Dusk LLC Wilmington 100.0
1278 -DWS Investments Distributors, Inc. Wilmington 100.0
1279 -DWS Investments Service Company Wilmington 100.0
1280 -DWS Trust Company Salem 100.0
1281 -ECT Holdings Corp. Wilmington 100.0
1282 -Equipment Management Services LLC Wilmington 100.0
1283 -Fenix Mercury 1 S. de R.L. de C.V. Mexico City 60.0
1284 -Firstee Investments LLC Wilmington 100.0
1285 -G Finance Holding Corp. Wilmington 100.0
1286 -GAC-HEL, Inc. Wilmington 100.0
1287 -Gemini Technology Services Inc. Wilmington 100.0
1288 -German American Capital Corporation Baltimore 100.0
1289 -Glacier Mountain, L.P. Wilmington 100.0
1290 -Global Alliance Finance Company, L.L.C. Wilmington 100.0
1291 -Global Commercial Real Estate Special Opportunities Limited St. Helier 100.0
1292 -Greene Investments Limited George Town 100.0
1293 -GWC-GAC Corp. Wilmington 100.0
1294 -Hotel Majestic LLC Wilmington 100.0
1295 -Kingfisher Canada Holdings LLC Wilmington 100.0
1296 -Kingfisher Holdings LLC Wilmington 100.0
1297 -Legacy Reinsurance, LLC Burlington 100.0
1298 -Liberty Investments Limited George Town 100.0
1299 -MacDougal Investments Limited Wilmington 100.0
1300 -Maher 1210 Corbin LLC Wilmington 100.0
1301 -Maher Chassis Management LLC Wilmington 100.0
1302 -Maher Terminals LLC Wilmington 100.0
1303 -Maher Terminals Logistics Systems LLC Wilmington 100.0
1304 -Maher Terminals USA, LLC Wilmington 100.0
1305 -Mallard Place, Inc. Wilmington 100.0
1306 -Manta Acquisition LLC Wilmington 100.0
1307 -Manta Group LLC Wilmington 100.0
1308 -Maritime Indemnity Insurance Co. Ltd. Hamilton 100.0
1309 -Mars Investment Trust II New York 100.0

F-II-123
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 124 124
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1310 -Mars Investment Trust III New York 100.0
1311 -Mayfair Center, Inc. Wilmington 100.0
1312 -Mercer Investments Limited Wilmington 100.0
1313 -MHL Reinsurance Ltd. Burlington 100.0
1314 -MIT Holdings, Inc. Baltimore 100.0
1315 -MMDB Noonmark L.L.C. Wilmington 100.0
1316 -MortgageIT Securities Corp. Wilmington 100.0
1317 -MortgageIT, Inc. New York 100.0
1318 -NCKR, LLC Wilmington 100.0
1319 -Newhall LLC Wilmington 100.0
1320 -North American Income Fund PLC Dublin 67.3
1321 -Northern Pines Funding, LLC Dover 100.0
1322 -Novelties Distribution LLC Wilmington 100.0
1323 -Operadora de Buenos Aires S.R.L. Buenos Aires 100.0
1324 -PARTS Funding, LLC Wilmington 100.0
1325 -PARTS Student Loan Trust 2007-CT1 Wilmington 100.0
1326 -PARTS Student Loan Trust 2007-CT2 Wilmington 100.0
1327 -Pollus L.P. St. Helier 100.0
1328 -Polydeuce LLC Wilmington 100.0
1329 -Port Elizabeth Holdings LLC Wilmington 100.0
1330 -Pyramid Ventures, Inc. Wilmington 100.0
1331 -Reade, Inc. Wilmington 100.0
1332 -Red Lodge, L.P. Wilmington 100.0
1333 -REO Properties Corporation Wilmington 100.0
1334 -Ripple Creek, L.P. Wilmington 100.0
1335 -RMS Investments (Cayman) George Town 100.0
1336 -RoCal, L.L.C. Wilmington 100.0
1337 -RoCalwest, Inc. Wilmington 100.0
1338 -RoPro U.S. Holding, Inc. Wilmington 100.0
1339 -RoSmart LLC Wilmington 100.0
1340 -Route 28 Receivables, LLC Wilmington 100.0
1341 -RREEF America L.L.C. Wilmington 100.0
1342 -RREEF Management L.L.C. Wilmington 100.0
1343 -RREEF North American Infrastructure Fund A, L.P. Wilmington 99.9
1344 -RREEF North American Infrastructure Fund B, L.P. Wilmington 99.9
1345 -RREEFSmart, L.L.C. Wilmington 95.0
1346 -Serviced Office Investments Limited St. Helier 100.0
1347 -Sharps SP I LLC Wilmington 100.0
1348 -Sherwood Properties Corp. Wilmington 100.0
1349 -Silver Leaf 1 LLC Wilmington 100.0
1350 -Structured Finance Americas, LLC Wilmington 100.0
1351 -STTN, Inc. Wilmington 100.0
1352 -Urbistar Settlement Services, LLC Harrisburg 100.0
1353 -Varick Investments Limited Wilmington 100.0
1354 -Village Hospitality LLC Wilmington 100.0
1355 -Whispering Woods LLC Wilmington 100.0
1356 -Whistling Pines LLC Wilmington 100.0
1357 -World Trading (Delaware) Inc. Wilmington 100.0
1358 TEBA Beteiligungsgesellschaft mbH i.L. Schoenefeld 100.0
1359 TEBOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1360 Teesside Gas Transportation Limited London 45.0 (240.0) 11.2
1361 Telefon-Servicegesellschaft der Deutschen Bank mbH Frankfurt 2 100.0
1362 TELO Beteiligungsgesellschaft mbH Schoenefeld 100.0
1363 TEMATIS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
1364 Tempurrite Leasing Limited London 100.0 25.4 (18.4)
1365 TERGO Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
1366 TERRUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1367 TESATUR Beteiligungsgesellschaft mbH Duesseldorf 50.0
1368 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Halle I KG Duesseldorf 100.0
1369 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Nordhausen I KG Duesseldorf 100.0

F-II-124
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 125125
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1370 Thai Asset Enforcement and Recovery Asset Management Company Limited Bangkok 100.0
1371 The Debt Redemption Fund Limited George Town 99.8
1372 The Topiary Select Equity Trust George Town 56.3
1373 The World Markets Company GmbH i.L. Frankfurt 74.8
1374 THG Beteiligungsverwaltung GmbH Hamburg 50.0
1375 TIEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1376 TIEDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Lager Nord KG Duesseldorf 25.0
1377 Tilney (Ireland) Limited Dublin 100.0
1378 Tilney Acquisitions Limited (in members' voluntary liquidation) Liverpool 100.0
1379 Tilney Asset Management International Limited St. Peter Port 100.0
1380 Tilney Funding Limited (in members' voluntary liquidation) Liverpool 100.0
1381 Tilney Group Limited Liverpool 100.0 177.0 (0.9)
1382 Tilney Holdings Limited (in members' voluntary liquidation) Liverpool 100.0
1383 Tilney Investment Management Liverpool 100.0 31.7 (21.2)
1384 Tilney Management Limited (in members' voluntary liquidation) Liverpool 100.0
1385 TIM (London) Limited (in members' voluntary liquidation) Liverpool 100.0
1386 TLDB Partners Limited Tokyo 50.0
1387 TOKOS GmbH Luetzen-Gostau 100.0 503.9 0.7
1388 TONGA Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
1389 TOSSA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1390 TRAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1391 Trave Properties S.à r.l. Luxembourg 25.0
1392 TREMA Grundstücks-Vermietungsgesellschaft mbH Berlin 50.0
1393 TRENTO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1394 Treuinvest Service GmbH Frankfurt 100.0
1395 Trevona Limited Road Town 100.0
1396 TRINTO Beteiligungsgesellschaft mbH Schoenefeld 50.0
1397 TRIPLA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
1398 Triplereason Limited London 100.0 328.3 0.5
1399 Triton Beteiligungs GmbH Frankfurt 33.1
1400 Triton Fund III G L.P. St. Helier 62.5
1401 TRS 1 LLC Wilmington 100.0
1402 TRS Aria LLC Wilmington 100.0
1403 TRS Babson I LLC Wilmington 100.0
1404 TRS Bluebay LLC Wilmington 100.0
1405 TRS Bruin LLC Wilmington 100.0
1406 TRS Callisto LLC Wilmington 100.0
1407 TRS Camulos LLC Wilmington 100.0
1408 TRS Cypress LLC Wilmington 100.0
1409 TRS DB OH CC Fund Financing LLC Wilmington 100.0
1410 TRS Eclipse LLC Wilmington 100.0
1411 TRS Elara LLC Wilmington 100.0
1412 TRS Elgin LLC Wilmington 100.0
1413 TRS Elm LLC Wilmington 100.0
1414 TRS Feingold O'Keeffe LLC Wilmington 100.0
1415 TRS Fore LLC Wilmington 100.0
1416 TRS Ganymede LLC Wilmington 100.0
1417 TRS GSC Credit Strategies LLC Wilmington 100.0
1418 TRS Haka LLC Wilmington 100.0
1419 TRS HY FNDS LLC Wilmington 100.0
1420 TRS Io LLC Wilmington 100.0
1421 TRS Landsbanki Islands LLC Wilmington 100.0
1422 TRS Leda LLC Wilmington 100.0
1423 TRS Metis LLC Wilmington 100.0
1424 TRS Plainfield LLC Wilmington 100.0
1425 TRS Poplar LLC Wilmington 100.0
1426 TRS Quogue LLC Wilmington 100.0
1427 TRS Scorpio LLC Wilmington 100.0
1428 TRS SeaCliff LLC Wilmington 100.0
1429 TRS Stag LLC Wilmington 100.0

F-II-125
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 126 126
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1430 TRS Stark LLC Wilmington 100.0
1431 TRS SVCO LLC Wilmington 100.0
1432 TRS Sycamore LLC Wilmington 100.0
1433 TRS Thebe LLC Wilmington 100.0
1434 TRS Tupelo LLC Wilmington 100.0
1435 TRS Venor LLC Wilmington 100.0
1436 TRS Watermill LLC Wilmington 100.0
1437 Tsubasa Angel Fund Y.K. Tokyo 100.0
1438 TUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1439 TUGA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1440 TYRAS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1441 U.F.G.I.S. Advisors Limited Larnaca 100.0 30.9 28.2
1442 U.F.G.I.S. Holdings (Cyprus) Limited Larnaca 100.0
1443 U.S.A. ITCF XCI L.P. New York 99.9
1444 UDS Capital Y.K. Tokyo 100.0
1445 Unter Sachsenhausen Beteiligungs GmbH i.L. Cologne 100.0
1446 US Real Estate Beteiligungs GmbH Frankfurt 100.0
1447 VARIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1448 VCG Venture Capital Fonds III Verwaltungs GmbH Munich 100.0
1449 VCG Venture Capital Gesellschaft mbH Munich 100.0
1450 VCG Venture Capital Gesellschaft mbH & Co. Fonds III KG i.L. Munich 1 37.0 13.6 (4.1)
1451 VCG Venture Capital Gesellschaft mbH & Co. Fonds III Management KG Munich 26.7
1452 VCM / BHF Initiatoren GmbH & Co. Beteiligungs KG Munich 48.8
1453 VCM III Institutional Beteiligungsgesellschaft mbH Cologne 100.0
1454 VCM PEP I Beteiligungsgesellschaft mbH Cologne 100.0
1455 VCM PEP II Beteiligungsverwaltung GmbH Cologne 100.0
1456 VCM REE Beteiligungstreuhand GmbH Cologne 100.0
1457 VCM Shott Private Equity Advisors, LLC Wilmington 50.0
1458 VCM Treuhand Beteiligungsverwaltung GmbH Cologne 100.0
1459 VCM VII European Mid-Market Buyout GmbH & Co. KG Cologne 28.8 30.5 1.4
1460 VCP Treuhand Beteiligungsgesellschaft mbH Cologne 100.0
1461 VCP Verwaltungsgesellschaft mbH Cologne 100.0
1462 VCPII Beteiligungsverwaltung GmbH Cologne 100.0
1463 Vertriebsgesellschaft mbH der Deutschen Bank Privat- und Geschäftskunden Berlin 100.0
1464 Verwaltung ABL Immobilienbeteiligungsgesellschaft mbH Hamburg 50.0
1465 VIERTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1466 VIERTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1467 VIERUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1468 VIERZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1469 Volbroker.com Limited London 23.8
1470 Warwick Lane Investments B.V. London 25.0
1471 Wealthspur Investment Company Limited Labuan 100.0
1472 WEPLA Beteiligungsgesellschaft mbH Frankfurt 100.0 86.4 2.3
1473 WERDA Beteiligungsgesellschaft mbH Frankfurt 100.0
1474 Weser Properties S.à r.l. Luxembourg 25.0
1475 WestLB Venture Capital Management GmbH & Co. KG Cologne 50.0
1476 Whale Holdings S.à r.l. Luxembourg 100.0
1477 Wheatfield GmbH & Co. KG Frankfurt 100.0
1478 Whitesmith Private Equity Investors, L.P. George Town 33.3
1479 Wilhelm von Finck Deutsche Family Office AG Grasbrunn 100.0 10.6 5.6
1480 Willem S.A. Luxembourg 95.0
1481 WMH (No. 15) Limited (in members' voluntary liquidation) London 100.0
1482 WMH (No. 16) Limited (in members' voluntary liquidation) London 100.0
1483 WohnBauEntwicklungsgesellschaft München-Haidhausen mbH & Co. KG i.L. Eschborn 33.3
1484 WohnBauEntwicklungsgesellschaft München-Haidhausen Verwaltungs-mbH i.L. Eschborn 33.3
1485 Wohnungs-Verwaltungsgesellschaft Moers mbH Duesseldorf 50.0
1486 Wohnungsgesellschaft HEGEMAG GmbH Darmstadt 50.0
1487 XARUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1488 Xchanging etb GmbH Frankfurt 49.0
1489 XELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0

F-II-126
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 127127
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Companies, where
Companies, wherethe
theholding equals
holding or exceeds
equals 20 %20 %
or exceeds

Share of Own funds Result

Serial Domicile Capital in € in €
No. Name of company of company Footnote in % million million
1490 XENTIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1491 XERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1492 XERIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1493 5000 Yonge Street Toronto Inc. Toronto 100.0
1494 ZABATUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1495 ZAKATUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1496 ZALLUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1497 ZANTOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1498 ZAO "UFG Invest" Moscow 100.0
1499 ZARAT Beteiligungsgesellschaft mbH Duesseldorf 50.0
1500 ZARAT Beteiligungsgesellschaft mbH & Co. Objekt Leben II KG Duesseldorf 97.5 46.0 (16.4)
1501 ZARGUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1502 ZEA Beteiligungsgesellschaft mbH Schoenefeld 25.0
1503 ZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1504 zeitinvest-Service GmbH Frankfurt 25.0
1505 ZELAS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1506 ZELAS Beteiligungsgesellschaft mbH & Co. Leben I KG Duesseldorf 97.8 38.8 (20.9)
1507 ZENO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1508 Zenwix Pty. Limited Sydney 100.0
1509 ZEPTOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1510 ZEREVIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1511 ZERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1512 Zhong De Securities Co., Ltd Beijing 33.3 125.9 0.4
1513 ZIBE Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1514 ZIDES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1515 ZIMBEL Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1516 ZINDUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
1517 ZINUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1518 ZIRAS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1519 ZITON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1520 ZITRAL Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
1521 ZITUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
1522 ZONTUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1523 ZORUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
1524 ZURET Beteiligungsgesellschaft mbH Duesseldorf 50.0
1525 ZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1526 ZWEITE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
1527 ZWEITE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1528 ZWEIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1529 ZWÖLFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
1530 ZYLUM Beteiligungsgesellschaft mbH Schoenefeld 25.0
1531 ZYRUS Beteiligungsgesellschaft mbH Schoenefeld 25.0
1532 ZYRUS Beteiligungsgesellschaft mbH & Co. Patente I KG Schoenefeld 20.4 7.2 (2.2)
1533 Zürich - Swiss Value AG Zurich 50.1 25.6 2.6

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02 Annual Financial
FinancialStatements
Statements 128 128
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Shareholdings
Shareholdings
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012 Holdings ininlarge
Holdings largecorporations,
corporations,where the holding
where exceeds
the holding 5 % of 5voting
exceeds % ofrights
voting rights

Holdings in large corporations, where the holding exceeds 5% of voting rights

Share of Own funds Result

Serial Domicile capital in € in €
No. Name of company of company Footnote in % million million
1534 Abode Mortgage Holdings Corporation Vancouver 8.5
1535 Abraaj Capital Holdings Limited George Town 8.8
1536 Accunia A/S Copenhagen 9.9
1537 BATS Global Markets, Inc. Wilmington 6.7
1538 BBB Bürgschaftsbank zu Berlin-Brandenburg GmbH Berlin 5.6
1539 Bürgschaftsbank Brandenburg GmbH Potsdam 8.5
1540 Bürgschaftsbank Mecklenburg-Vorpommern GmbH Schwerin 8.4
1541 Bürgschaftsbank Sachsen GmbH Dresden 6.3
1542 Bürgschaftsbank Sachsen-Anhalt GmbH Magdeburg 8.2
1543 Bürgschaftsbank Schleswig-Holstein Gesellschaft mit beschränkter Haftung Kiel 5.6
1544 Bürgschaftsbank Thüringen GmbH Erfurt 8.7
1545 Bürgschaftsgemeinschaft Hamburg GmbH Hamburg 8.7
1546 ConCardis Gesellschaft mit beschränkter Haftung Eschborn 16.8
1547 DB Platinum IV Luxembourg 6.9
1548 EFG Eurobank Properties S.A. Athens 5.8
1549 Gemeng International Energy Group Company Limited Taiyuan 9.0
1550 Hua Xia Bank Company Limited Beijing 19.9
1551 HYPOPORT AG Berlin 9.7
1552 Ingenious Media Active Capital Limited St. Peter Port 13.8
1553 ISWAP Limited London 16.4
1554 IVG Institutional Funds GmbH Frankfurt 6.0
1555 K & N Kenanga Holdings Bhd Kuala Lumpur 13.8
1556 Liquiditäts-Konsortialbank Gesellschaft mit beschränkter Haftung Frankfurt 8.5
1557 Markit Group Holdings Limited London 7.2
1558 NexPak Corporation Wilmington 6.5
1559 NÜRNBERGER Beteiligungs-Aktiengesellschaft Nuremberg 6.6
1560 OTCDeriv Limited London 7.2
1561 Philipp Holzmann Aktiengesellschaft i.I. Frankfurt 19.5
1562 Pilgrim America High Income Investments Ltd. George Town 14.9
1563 Prader Bank S.p.A. Bolzano 9.0
1564 Private Export Funding Corporation Wilmington 7.5
1565 Reorganized RFS Corporation Wilmington 6.2
1566 Saarländische Investitionskreditbank Aktiengesellschaft Saarbruecken 11.8
1567 4 SC AG Planegg 5.6
1568 Shunfeng Catering & Hotel Management Co., Ltd. Beijing 6.4
1569 Società per il Mercato dei Titoli di Stato - Borsa Obbligazionaria Europea S.p.A. Rome 5.0
1570 The Clearing House Association L.L.C. Wilmington 5.6
1571 TORM A/S Hellerup 6.2
1572 United Information Technology Co. Ltd. George Town 12.2
1573 3W Power S.A. Luxembourg 9.2
1574 Wilson HTM Investment Group Ltd Brisbane 19.8
1575 Yensai.com Co., Ltd. Tokyo 7.1
1576 Yieldbroker Pty Limited Sydney 16.7
1577 Yukon-Nevada Gold Corp. Vancouver 12.2

F-II-128
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02 Annual Financial
FinancialStatements
Statements 129129
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Management Bodies
Management Bodies
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Management Bodies
Management Board
Dr. Josef Ackermann
Chairman
until May 31, 2012

Dr. Hugo Bänziger

until May 31, 2012

Jürgen Fitschen
Co-Chairman since May 31, 2012

Anshuman Jain
Co-Chairman since May 31, 2012

Stefan Krause

Dr. Stephan Leithner

since June 1, 2012

Stuart Wilson Lewis

since June 1, 2012

Hermann-Josef Lamberti
until May 31, 2012

Rainer Neske

Henry Ritchotte
since June 1, 2012

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02 Annual Financial
FinancialStatements
Statements 130 130
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Management Bodies
Management Bodies
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Supervisory Board
Dr. Paul Achleitner Prof. Dr. Henning Kagermann Rudolf Stockem*
– Chairman President of acatech – German since June 1, 2012
since May 31, 2012 Academy of Science and Engineering, Trade Union Secretary of ver.di -
Munich Königs Wusterhausen Vereinte Dienstleistungsgesellschaft,
Aachen
Dr. Clemens Börsig Martina Klee*
– Chairman Deutsche Bank AG, Dr. Johannes Teyssen
until May 31, 2012 Frankfurt am Main Chairman of the
Frankfurt am Main Management Board of E.ON SE,
Suzanne Labarge Dusseldorf
Karin Ruck* Toronto
– Deputy Chairperson Marlehn Thieme*
Deutsche Bank AG, Maurice Lévy Deutsche Bank AG,
Bad Soden am Taunus until May 31, 2012 Bad Soden am Taunus
Chairman and Chief Executive
Wolfgang Böhr* Officer of Publicis Groupe S.A., Tilman Todenhöfer
Deutsche Bank AG, Paris Managing Partner of Robert Bosch
Dusseldorf Industrietreuhand KG,
Peter Löscher Madrid
Dr. Karl-Gerhard Eick since May 31, 2012
KGE Asset Management Chairman of the Management Prof. Dr. Klaus Rüdiger Trützschler
Consulting Ltd., Board of Siemens AG, since May 31, 2012
London Munich Essen

Katherine Garrett-Cox Henriette Mark* Stefan Viertel*

Chief Executive Officer of Deutsche Bank AG, Deutsche Bank AG,
Alliance Trust Plc, Munich Bad Soden am Taunus
Brechin, Angus
Gabriele Platscher* Renate Voigt*
Alfred Herling* Deutsche Bank Privat- und Deutsche Bank AG,
Deutsche Bank AG, Geschäftskunden AG, Stuttgart
Wuppertal Braunschweig
Werner Wenning
Gerd Herzberg* Dr. Theo Siegert Chairman of the Supervisory Board of
until May 31, 2012 until May 31, 2012 E.ON SE,
Hamburg Managing Partner of Chairman of the Supervisory Board of
de Haen Carstanjen & Söhne, Bayer AG since October 1, 2012,
Dusseldorf Leverkusen

*Elected by the employees in Germany;

Renate Voigt appointed by the court as
employee representative.

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02 Annual Financial
FinancialStatements
Statements 131131
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Management Bodies
Management Bodies
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Committees

Chairman’s Committee Risk Committee

Dr. Paul Achleitner
since May 31, 2012 Dr. Paul Achleitner
– Chairman since May 31, 2012
– Chairman
Dr. Clemens Börsig
until May 31, 2012 Dr. Clemens Börsig
– Chairman until May 31, 2012
– Chairman
Alfred Herling*
Prof. Dr. Henning Kagermann
Karin Ruck*
Suzanne Labarge
Tilman Todenhöfer
Dr. Theo Siegert
Mediation Committee until May 31, 2012
Dr. Paul Achleitner – substitute member
since May 31, 2012
– Chairman Nomination Committee
Dr. Paul Achleitner
Dr. Clemens Börsig since May 31, 2012
until May 31, 2012 – Chairman
– Chairman
Dr. Clemens Börsig
Wolfgang Böhr* until May 31, 2012
– Chairman
Karin Ruck*
Tilman Todenhöfer
Tilman Todenhöfer
Werner Wenning
Audit Committee
Dr. Karl-Gerhard Eick
– Chairman

Dr. Paul Achleitner

since May 31, 2012

Dr. Clemens Börsig

until May 31, 2012

Henriette Mark*

Karin Ruck*

Dr. Theo Siegert

until May 31, 2012

Marlehn Thieme*

Prof. Dr. Klaus Rüdiger Trützschler

since May 31, 2012

*Elected by the employees in Germany.

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 132 132
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report Management Bodies
Management Bodies
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Advisory Boards
The Advisory Boards are published
on Deutsche Bank’s website at
db.com/advisory-boards

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02 Annual Financial
FinancialStatements
Statements 133133
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

List of Mandates

Supervisory Board

Mandates according to § 285 No. 10 German Commercial Code (HGB) in conjunction with § 125 (1)
sentence 5 Stock Corporation Act (AktG)
Memberships in supervisory boards to be formed by law of German corporations and comparable supervisory
bodies at German and foreign business enterprises, as of February 2013. Changes in memberships during the
year are noted with the date of joining and/or leaving.

For Supervisory Board members who left earlier, the mandates are shown as of the date they left. For new
Supervisory Board members, the mandates shown are as of the date they joined.

Members of the Supervisory Board

Mandate-Holder Position Company Mandate
Dr. Paul Achleitner Chairman of the Supervisory Board External mandates
(since May 2012) of Deutsche Bank AG, Frankfurt Bayer AG Member of the Supervisory Board
Daimler AG Member of the Supervisory Board
RWE AG Member of the Supervisory Board
Dr. Clemens Börsig Chairman of the Supervisory Board External mandates
(until May 2012) of Deutsche Bank AG, Frankfurt Bayer AG Member of the Supervisory Board
Daimler AG Member of the Supervisory Board
Emerson Electric Company Member of the Board of Directors
Linde AG Member of the Supervisory Board
Wolfgang Böhr Chairman of the Combined Staff External mandates
Council Dusseldorf of Deutscher Bankangestellten Verband (DBV) Chairman of the Association Council
Deutsche Bank; Member of the (since July 2012)
General Staff Council of Deutsche
Bank; Member of the Group Staff
Council of Deutsche Bank
Dr. Karl-Gerhard Eick Management consultant KGE Asset External mandates
Management Consulting Ltd., CORPUS SIREO Holding GmbH & Co. KG Chairman of the Supervisory Board
London
Katherine Garrett-Cox Chief Executive Officer of Alliance External mandates
Trust PLC. Dundee Alliance Trust Asset Management Ltd. Chief Executive
Alliance Trust Savings Ltd. Executive Chairman
Alfred Herling Chairman of the Combined Staff No memberships or directorships subject to
Council Wuppertal/Sauerland of disclosure
Deutsche Bank; Chairman of the
General Staff Council of Deutsche
Bank; Chairman of the Group Staff
Council of Deutsche Bank; Member
of the European Staff Council
Gerd Herzberg Deputy Chairman of ver.di Vereinte External mandates
(until May 2012) Dienstleistungsgewerkschaft, Berlin BGAG - Beteiligungsgesellschaft der Member of the Supervisory Board
(until October 2011) Gewerkschaften AG
Franz Haniel & Cie GmbH Deputy Chairman of the Supervisory
Board
Vattenfall Europe AG Deputy Chairman of the Supervisory
Board

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02 Annual Financial
FinancialStatements
Statements 134 134
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Members of the Supervisory Board

Mandate-Holder Position Company Mandate
Professor Dr. Henning President of acatech – German External mandates
Kagermann Academy of Science and BMW Bayerische Motoren Werke AG Member of the Supervisory Board
Engineering, Munich Deutsche Post AG Member of the Supervisory Board
Franz Haniel & Cie. GmbH Member of the Supervisory Board
(since November 2012)
Münchener Rückversicherungs-Gesellschaft AG Member of the Supervisory Board
Nokia Corporation Member of the Board of Directors
Wipro Technologies Member of the Board of Directors
Martina Klee Chairperson of the Staff Council External mandates
GTO Eschborn/Frankfurt of Sterbekasse für die Angestellten der Deutschen Member of the Supervisory Board
Deutsche Bank; Bank VV a.G.
Member of the General Staff
Council of Deutsche Bank; Member
of the Group Staff Council of
Deutsche Bank; Member of the
European Staff Council
Suzanne Labarge External mandates
Coca-Cola Enterprises Inc. Member of the Board of Directors
XL Group PLC Member of the Management Board
Maurice Lévy Chairman and Chief Executive Externe Mandate
(until Mai 2012) Officer Publicis Groupe S.A., Paris Medias et Régies Europe S.A. Member of the Supervisory Board
MMS USA Holdings, Inc. Director
MMS USA Investments, Inc Member of the Board of Directors
MMS USA LLC Investments, Inc. Member of the Board of Directors
Publicis Conseil S.A. Chairman of the Board of Directors
Publicis Groupe U.S. Investments LLC Member of the Management Board
Zenith Optimedia Group Ltd. (UK) Director
Peter Löscher Chairman of the Management External mandates
(since May 2012) Board of Siemens AG, Munich Münchner Rückversicherungs-Gesellschaft AG Member of the Supervisory Board
TBG Limited (Thyssen Bornemisza Group) Non Executive Director
Henriette Mark Chairperson of the Combined Staff No memberships or directorships subject to
Council Munich and Southern disclosure
Bavaria of Deutsche Bank; Member
of the Group and General Staff
Councils of Deutsche Bank;
Chairperson of the European Staff
Council
Gabriele Platscher Chairperson of the Combined Staff External mandates
Council Braunschweig/Hildesheim BVV Versicherungsverein des Bankgewerbes a.G. Deputy Chairperson of the
of Deutsche Bank BVV Versorgungskasse des Bankgewerbes e.V. Supervisory Board
BVV Pensionsfonds des Bankgewerbes AG
Verwaltungs-Berufsgenossenschaft Member of the Board of Directors
Karin Ruck Deputy Chairperson of the External mandates
Supervisory Board of BVV Versicherungsverein des Bankgewerbes a.G. Member of the Supervisory Board
Deutsche Bank AG; Senior Advisor BVV Versorgungskasse des Bankgewerbes e.V.
Regional Transformation in the BVV Pensionsfonds des Bankgewerbes AG
Region Frankfurt/Hesse-East;
Member of the Combined Staff
Council Frankfurt branch of
Deutsche Bank
Dr. Theo Siegert Managing Partner of de Haen External mandates
(until May 2012) Carstanjen & Söhne, Dusseldorf DKSH Holding Ltd. Member of the Board of Directors
E. Merck OHG Member of the Shareholders’
Committee
E.ON SE Member of the Supervisory Board
Henkel AG & Co. KGaA Member of the Supervisory Board
Merck KGaA Member of the Supervisory Board

F-II-134
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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 135135
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Members of the Supervisory Board

Mandate-Holder Position Company Mandate
Rudolf Stockem Trade Union Secretary of ver.di External mandates
(since June 2012) Vereinte Dienstleistungsgewerkschaft, Generali Holding Deutschland AG Member of the Supervisory Board
Berlin Mandates in the Group
Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board
Dr. Johannes Teyssen Chairman of the Management External mandates
Board of E.ON SE, Dusseldorf E.ON Energie AG Member of the Supervisory Board
(until June 2012)
E.ON Ruhrgas AG Member of the Supervisory Board
(until August 2012)
E.ON US Investments Corporation Chairman of the Supervisory Board
Salzgitter AG Member of the Supervisory Board
Marlehn Thieme Director Infrastructure/Regional External mandates
Management Communications Zweites Deutsches Fernsehen (ZDF) Member of the ZDF Television
Corporate Citizenship Deutsche Council
Bank AG, Frankfurt
Tilman Todenhöfer Managing Partner of Robert Bosch External mandates
Industrietreuhand KG, Stuttgart Robert Bosch GmbH Member of the Supervisory Board
Robert Bosch Internationale Beteiligungen AG President of the Board of
Administration
Prof. Dr. Klaus Rüdiger External mandates
Trützschler Bilfinger SE Member of the Supervisory Board
(since May 2012) Sartorius AG Member of the Supervisory Board
(since April 2012)
TAKKT AG Chairman of the Supervisory Board
(May 2012 to February 2013);
Deputy Chairman
(since February 2013)
Wilh. Werhahn KG Member of the Board of Directors
Wuppermann AG Chairman of the Supervisory Board
Zwiesel Kristallglas AG Chairman of the Supervisory Board
Stefan Viertel Head of Cash Management No memberships or directorships subject to
Financial Institutions Austria and disclosure
Hungary, Senior Sales Manager,
Deutsche Bank AG, Frankfurt
Renate Voigt Chairperson of the Combined Staff No memberships or directorships subject to
Council Stuttgart/Esslingen/ disclosure
Heilbronn of Deutsche Bank
Werner Wenning Chairman of the Supervisory Board External mandates
of E.ON SE, Düsseldorf Bayer AG Chairman of the Supervisory Board
(since October 2012)
HDI VV.a.G. Member of the Supervisory Board
Siemens AG Member of the Supervisory Board
(since January 2013)
Talanx AG Member of the Supervisory Board

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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 136 136
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Management Board

Mandates according to § 285 No. 10 German Commercial Code (HGB) in conjunction with § 125 (1)
sentence 5 Stock Corporation Act (AktG)
Memberships in supervisory boards to be formed by law of German corporations and comparable supervisory
bodies at German and foreign business enterprises. Changes in memberships during the year are noted with
the date of joining and/or leaving.

Memberships in supervisory bodies to be formed by law of large German and foreign corporations according to
Section 340a (4) No. 1 of the German Commercial Code (HGB) are marked with *.

As of: February 2013

For Management Board members who left earlier, the mandates are shown as of the date they left. For new
Supervisory Board members, the mandates shown are as of the date they joined.

Members of the Management Board

Mandate-Holder Position Company Mandate
Jürgen Fitschen Co-Chairman of the Management External mandates
Board and of the Kühne + Nagel International AG* Member of the Board of Directors
Group Executive Committee METRO AG* Member of the Supervisory Board
Schott AG* Member of the Supervisory Board
(until June 2012)
Mandates in the Group
Deutsche Bank A.S.* Chairman of the Board of Directors
(until November 2012)
Deutsche Bank Società per Azioni* Chairman of the Supervisory Board
Deutsche Securities Saudi Arabia Chairman of the Board of Directors
OOO "Deutsche Bank"* Chairman of the Supervisory Board
(until December 2012)
Anshuman Jain Co-Chairman of the Management No memberships or directorships subject to
Board and of the disclosure
Group Executive Committee
Dr. Josef Ackermann Chairman of the Management Board External mandates
(until May 2012) and of the Group Executive Belenos Clean Power Holding Ltd.* Vice-Chairman of the Board of
Committee Directors
Royal Dutch Shell Plc* Non-executive member of the Board
of Directors
Siemens AG* 2. Deputy Chairman of the
Supervisory Board
Zurich Financial Services Ltd.* Chairman of the Board of Directors
(since March 2012)
Dr. Hugo Bänziger Member of the Management Board External mandates
(until May 2012) and of the Group Executive EUREX Clearing AG* Member of the Supervisory Board
Committee EUREX Frankfurt AG* Member of the Supervisory Board
EUREX Zürich AG* Member of the Board of Directors
Mandates in the Group
Deutsche Bank Luxembourg S.A.* Chairman of the Board of Directors
Deutsche Bank Trust Company Americas Member of the Board of Directors
Deutsche Bank Trust Corporation Member of the Board of Directors
Deutsche Postbank AG* Member of the Supervisory Board
DWS Investment GmbH Chairman of the Supervisory Board
Stefan Krause Member of the Management Board Mandates in the Group
and of the Group Executive BHF-BANK Aktiengesellschaft* Chairman of the Supervisory Board
Committee DEUKONA Versicherungs-Vermittlungs-GmbH Chairman of the Advisory Board
Deutsche Bank Europe GmbH Chairman of the Supervisory Board
Deutsche Bank Financial LLC* Member of the Board of Directors
Deutsche Bank Luxembourg S.A. Chairman of the Board of Directors
(since July 2012)

F-II-136
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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 137137
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Members of the Management Board

Mandate-Holder Position Company Mandate
Hermann-Josef Lamberti Member of the Management Board External mandates
(until May 2012) and of the Group Executive BVV Pensionsfonds des Bankgewerbes AG Member of the Supervisory Board
Committee BVV Versicherungsverein des Bankgewerbes a.G. Member of the Supervisory Board
BVV Versorgungskasse des Bankgewerbes e.V. Member of the Supervisory Board
Carl Zeiss AG* Member of the Supervisory Board
Deutsche Börse AG Member of the Supervisory Board
(until May 2012)
European Aeronautic Defence and Space Member of the Board of Directors
Company EADS N.V.*
Mandates in the Group
Deutsche Bank Nederland N.V.* Member of the Supervisory Board
(since February 2012)
Deutsche Bank Privat- und Geschäftskunden AG* Member of the Supervisory Board
Dr. Stephan Leithner Member of the Management Board Mandates in the Group
(since May 2012) and of the Group Executive OOO "Deutsche Bank" Member of the Supervisory Board
Committee (since December 2012)
Stuart Lewis Member of the Management Board Mandates in the Group
(since May 2012) and of the Group Executive Deutsche Bank Società per Azioni* Member of the Board of Directors
Committee
Rainer Neske Member of the Management Board Mandates in the Group
and of the Group Executive Deutsche Bank Privat- und Geschäftskunden AG* Chairman of the Supervisory Board
Committee Deutsche Postbank AG* Chairman of the Supervisory Board
Henry Ritchotte Member of the Management Board No memberships or directorships subject to
(since May 2012) and of the Group Executive disclosure
Committee

F-II-137
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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 138 138
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Employees of Deutsche Bank AG

Mandates according to Section 340a (4) No. 1 of the German Commercial Code (HGB)
Memberships in supervisory bodies to be formed by law of large German and foreign corporations;
As of: December 31, 2012

Employees of Deutsche Bank AG

Mandate-Holder Company Mandate
Yasukazu Aiuchi External mandates
So-net Entertainment Corporation Member of the Board of Statutory
Auditors
Dr. Robin Bartels External mandates
Saint-Gobain Autoglas GmbH Member of the Supervisory Board
Saint-Gobain Glass Deutschland GmbH Member of the Supervisory Board
Rainer Bender External mandates
Saint-Gobain Building Distribution Deutschland GmbH Member of the Supervisory Board
Bill Broeksmit Mandates in the Group
Deutsche Bank Trust Company Americas Member of the Board of Directors
Deutsche Bank Trust Corporation Member of the Board of Directors
Ralf Brümmer External mandates
Bankpower GmbH Personaldienstleistungen Chairman of the Supervisory Board
Matthias Buck Mandates in the Group
Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board
Thomas Buschmann External mandates
V & M Deutschland GmbH Member of the Supervisory Board
VSM Vereinigte Schmirgel- und Maschinen-Fabriken AG Member of the Supervisory Board
Dr. Thorsten Demel External mandates
GFT Technologies AG Member of the Supervisory Board
Alexis Depetris Mandates in the Group
DB Commodity Services LLC Member of the Board of Directors
Robert J. Dibble Mandates in the Group
DB U.S. Financial Markets Holding Corporation Member of the Board of Directors
Taunus Corporation Member of the Board of Directors
Dario Di Muro Mandates in the Group
Finanza & Futuro Banca S.p.A. Member of the Supervisory Board
Karin Dohm External mandates
Deutsche EuroShop AG Member of the Supervisory Board
Andreas Dörhöfer External mandates
Valovis Bank AG Member of the Supervisory Board
Annemarie Ehrhardt Mandates in the Group
Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board
Gerhard Erb External mandates
Bezirksbaugenossenschaft Altwürttemberg e.G. Member of the Supervisory Board
Michele Faissola Mandates in the Group
Deutsche Bank (Suisse) S.A. Chairman of the Supervisory Board
DWS Investment GmbH Chairman of the Supervisory Board
Richard W. Ferguson Mandates in the Group
DB U.S. Financial Markets Holding Corporation Member of the Board of Directors
Deutsche Bank Americas Holding Corp. Member of the Board of Directors
Deutsche Bank Securities Inc. Member of the Board of Directors
Taunus Corporation Member of the Board of Directors
Wolfgang Gaertner External mandates
S.W.I.F.T. SCRL Member of the Supervisory Board
Mandates in the Group
Deutsche Bank Società per Azioni Member of the Supervisory Board
Michael Gilligan Mandates in the Group
DB Commodity Services LLC Member of the Board of Directors

F-II-138
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Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 139139
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Employees of Deutsche Bank AG

Mandate-Holder Company Mandate
Philipp von Girsewald Mandates in the Group
BHF-BANK Aktiengesellschaft Deputy Chairman of the Supervisory
Board
OOO "Deutsche Bank" Member of the Supervisory Board
ZAO „Deutsche Securities“ Member of the Supervisory Board
James Gnall Mandates in the Group
Deutsche Bank Securities Inc. Member of the Board of Directors
Jules S. Goodman Mandates in the Group
DB Holdings (New York), Inc. Member of the Board of Directors
Henning Heuerding Mandates in the Group
BHF-BANK Aktiengesellschaft Member of the Supervisory Board
Sal. Oppenheim jr. & Cie. AG & Co. KGaA Deputy Chairman of the Supervisory
Board
Guido Heuveldop Mandates in the Group
Deutsche Bank PBC S.A. Chairman of the Supervisory Board
Deutsche Bank Polska S.A. Member of the Supervisory Board
Deutsche Bank Società per Azioni Member of the Supervisory Board
RREEF Investment GmbH Member of the Supervisory Board
Maria Ivanova External mandates
National Settlement Depository Member of the Supervisory Board
Thomas Keller External mandates
GEZE GmbH Member of the Supervisory Board
Homag Group AG Member of the Supervisory Board
Caio Koch-Weser External mandates
BG Group plc Member of the Board of Directors
Martin Kremenstein Mandates in the Group
DB Commodity Services LLC Member of the Board of Directors
Frank Kuhnke Mandates in the Group
Deutsche Bank Nederland N.V. Member of the Supervisory Board
DWS Investment S.A. Member of the Board of Directors
Britta Lehfeldt Mandates in the Group
Deutsche Bank Bauspar-AG Member of the Supervisory Board
Igor Lojevsky External mandates
JSC „Aeroflot – Russian Airlines“ Non-Executive Directorship
Marc Melzer External mandates
Investitionsbank Sachsen-Anhalt Member of the Board of Directors
Olaf Meuser External mandates
Fritz Köster Handelsgesellschaft AG Member of the Supervisory Board
Klaus Michalak External mandates
AKA Ausfuhrkredit-Gesellschaft m.b.H. Chairman of the Supervisory Board
Alban J. Miranda Mandates in the Group
Deutsche Investment Management Americas Inc. Member of the Board of Directors
Joseph Polizzotto Mandates in the Group
Taunus Corporation Member of the Board of Directors
Nikitas Psyllakis Mandates in the Group
DB Consorzio S.Cons.a.r.l. Member of the Board of Directors
Deutsche Bank (Malta) Ltd. Member of the Board of Directors
Robert Rankin External mandates
Hua Xia Bank Company Limited Member of the Board of Directors
Joseph J. Rice Mandates in the Group
DB Holdings (New York), Inc. Member of the Board of Directors
DB Structured Products, Inc. Member of the Board of Directors
German American Capital Corporation Member of the Board of Directors
Dr. Christian Ricken Mandates in the Group
Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board
Deutsche Postbank AG Member of the Supervisory Board
Dr. Herbert Schäffner External mandates
BHS tabletop AG Member of the Supervisory Board

F-II-139
Deutsche Bank
Deutsche Bank 02 –– Annual
02 Annual Financial
FinancialStatements
Statements 140 140
Annual Financial
Annual FinancialStatements
Statements Notes to
Notes to the
theAccounts
Accounts
and Management
and Management Report
Report List of
List of Mandates
Mandates
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Employees of Deutsche Bank AG

Mandate-Holder Company Mandate
Dr. Carsten Schildknecht Mandates in the Group
Deutsche Bank (Suisse) S.A. Member of the Board of Directors
Deutsche Bank Luxembourg S.A. Member of the Board of Directors
Sal. Oppenheim jr. & Cie. AG & Co. KGaA Chairman of the Supervisory Board
Manuel J. Schnaidman Mandates in the Group
DB Holdings (New York), Inc. Member of the Board of Directors
Alexander Schuetz Mandates in the Group
DB Consorzio S.c.a.r.l. Member of the Board of Directors
Deutsche Bank PBC S.A. Member of the Supervisory Board
Christian Sewing Mandates in the Group
BHF-BANK Aktiengesellschaft Member of the Supervisory Board
Deutsche Postbank AG Member of the Supervisory Board
Dwight A. Silvera Mandates in the Group
DB Structured Products, Inc. Member of the Board of Directors
MortgageIT, Inc. Member of the Board of Directors
Scott Simon Mandates in the Group
Deutsche Bank Securities Inc. Member of the Board of Directors
M. Eric Smith Mandates in the Group
DB U.S. Financial Markets Holding Corporation Member of the Board of Directors
Deutsche Bank Americas Holding Corp. Member of the Board of Directors
Deutsche Bank Trust Company Americas Member of the Board of Directors
Deutsche Bank Trust Corporation Member of the Board of Directors
Taunus Corporation Member of the Board of Directors
Jürgen Sonnenberg External mandates
Xchanging Transaction Bank GmbH Member of the Supervisory Board
Mandates in the Group
PBC Services GmbH der Deutschen Bank Member of the Supervisory Board
Werner Steinmüller Mandates in the Group
Deutsche Bank Luxembourg S.A. Member of the Board of Directors
Deutsche Bank Nederland N.V. Chairman of the Supervisory Board
Deutsche Postbank AG Member of the Supervisory Board
Peter Tils Mandates in the Group
Deutsche Bank Polska S.A. Chairman of the Supervisory Board
OOO "Deutsche Bank" Member of the Supervisory Board
Public joint-stock company "Deutsche Bank DBU" Chairman of the Supervisory Board
Nikolaus von Tippelskirch Mandates in the Group
Deutsche Bank (Malta) Ltd. Member of the Board of Directors
Deutsche Bank SAE Member of the Board of Directors
Deutsche Bank Società per Azioni Member of the Supervisory Board
Deutsche Holdings (Luxembourg) S.à.r.l. Member of the Supervisory Board
Jim Turley Mandates in the Group
Deutsche Bank Trust Company Americas Member of the Board of Directors
Deutsche Bank Trust Corporation Member of the Board of Directors
Dr. Stefan Walter Mandates in the Group
Public joint-stock company "Deutsche Bank DBU" Member of the Supervisory Board
Ulf Wokurka External mandates
Kazakhstan Development Bank Joint-Stock Company Member of the Supervisory Board
Dr. Tanja Zschach External mandates
Thüringer Aufbaubank, Anstalt des öffentlichen Rechts Deputy Member of the Board of
Directors

F-II-140
Deutsche Bank
Deutsche Bank 0202– –Annual
AnnualFinancial
Financial Statements
Statements 141141
Annual Financial
Annual FinancialStatements
Statements Notestotothe
Notes the Accounts
Accounts
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Frankfurt am Main, March 12, 2013

Deutsche Bank Aktiengesellschaft

The Management Board

Jürgen Fitschen Anshuman Jain Stefan Krause

Stephan Leithner Stuart Lewis Rainer Neske

Henry Ritchotte

F-II-141
03 -
Confirmations
Responsibility Statement by the Management Board – 143
Auditor’s Report – 144

F-II-142
Deutsche Bank
Deutsche Bank 0303– –Confirmations
Confirmations 143143
Annual Financial
Annual FinancialStatements
Statements Responsibility Statement
Responsibility Statementbyby
the Management
the Board
Management Board
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Responsibility Statement by the Management Board

To the best of our knowledge, and in accordance with the applicable reporting principles, the financial state-
ments of Deutsche Bank AG give a true and fair view of the assets and liabilities, financial position and profit or
loss of the Deutsche Bank AG, and the management report of Deutsche Bank AG includes a fair review of the
development and performance of the business and the position of Deutsche Bank AG, together with a descrip-
tion of the principal opportunities and risks associated with the expected development of Deutsche Bank AG.

Frankfurt am Main, March 12, 2013

Jürgen Fitschen Anshuman Jain Stefan Krause

Stephan Leithner Stuart Lewis Rainer Neske

Henry Ritchotte

F-II-143
Deutsche Bank
Deutsche Bank 03 –– Confirmations
03 Confirmations 144 144
Annual Financial
Annual FinancialStatements
Statements Auditor’s Report
Auditor’s Report
and Management
and Management Report
Report
of Deutsche Bank AG
of Deutsche Bank AG 2012
2012

Auditor’s Report
We have audited the annual financial statements, comprising the balance sheet, the income statement and the
notes to the financial statements, together with the bookkeeping system, and the management report of the
Deutsche Bank AG for the business year from January 1, 2012 to December 31, 2012. The maintenance of the
books and records and the preparation of the annual financial statements and management report in accord-
ance with German commercial law are the responsibility of the Company’s management. Our responsibility is
to express an opinion on the annual financial statements, together with the bookkeeping system, and the man-
agement report based on our audit.

We conducted our audit of the annual financial statements in accordance with § 317 HGB
[„Handelsgesetzbuch“: „German Commercial Code“] and German generally accepted standards for the audit of
financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany]
(IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting
the presentation of the net assets, financial position and results of operations in the annual financial statements
in accordance with [German] principles of proper accounting and in the management report are detected with
reasonable assurance. Knowledge of the business activities and the economic and legal environment of the
Company and expectations as to possible misstatements are taken into account in the determination of audit
procedures. The effectiveness of the accounting-related internal control system and the evidence supporting
the disclosures in the books and records, the annual financial statements and the management report are
examined primarily on a test basis within the framework of the audit. The audit includes assessing the account-
ing principles used and significant estimates made by management, as well as evaluating the overall presenta-
tion of the annual financial statements and management report. We believe that our audit provides a
reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the annual financial statements comply with the legal re-
quirements and give a true and fair view of the net assets, financial position and results of operations of the
Company in accordance with [German] principles of proper accounting. The management report is consistent
with the annual financial statements and as a whole provides a suitable view of the Company’s position and
suitably presents the opportunities and risks of future development.

Frankfurt am Main, April 11, 2013

KPMG AG
Wirtschaftsprüfungsgesellschaft

Dielehner Beier
Wirtschaftsprüfer Wirtschaftsprüfer

F-II-144
Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60262 Frankfurt am Main
Germany
Telephone: +49 69 9 10 00
deutsche.bank@db.com

F-II-145
 Annex III

Interim Report
as of March 31, 2013

F-III
Deutsche Bank
Interim Report as of March 31, 2013

Deutsche Bank

The Group at a glance

Three months ended

Mar 31, 2013 Mar 31, 2012
Share price at period end € 30.42 € 37.31
Share price high € 38.73 € 39.51
Share price low € 29.93 € 26.17
Basic earnings per share € 1.76 € 1.49
Diluted earnings per share € 1.71 € 1.45
Average shares outstanding, in m., basic 938 929
Average shares outstanding, in m., diluted 966 960
Pre-tax return on average shareholders’ equity 17.6 % 13.7 %
Pre-tax return on average active equity 18.0 % 13.8 %
Post-tax return on average shareholders’ equity 12.1 % 10.2 %
Post-tax return on average active equity 12.3 % 10.3 %
Book value per basic share outstanding 1 € 59.36 € 58.73
Cost/income ratio 2 70.5 % 76.1 %
Compensation ratio3 37.8 % 39.7 %
Noncompensation ratio 4 32.7 % 36.4 %
in € m. in € m.
Total net revenues 9,391 9,194
Provision for credit losses 354 314
Total noninterest expenses 6,623 6,993
Income before income taxes 2,414 1,887
Net income 1,661 1,407
Mar 31, 2013 Dec 31, 2012
in € bn. in € bn.
Total assets 2,033 2,022
Shareholders’ equity 55.8 54.0
Core Tier 1 capital ratio 5 12.1 % 11.4 %
Tier 1 capital ratio 5 16.0 % 15.1 %
Number Number
Branches 2,963 2,984
thereof in Germany 1,944 1,944
Employees (full-time equivalent) 97,794 98,219
thereof in Germany 46,577 46,308
Long-term rating
Moody’s Investors Service A2 A2
Standard & Poor’s A+ A+
Fitch Ratings A+ A+
The reconciliation of average active equity and related ratios is provided in the section “Other Information” of this Interim Report.
1 Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).
2 Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.
3 Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.
4 Noncompensation noninterest expenses, which are defined as total noninterest expenses less compensation and benefits, as a percentage of total net interest

income before provision for credit losses plus noninterest income.

5 The capital ratios relate the respective capital to risk-weighted assets for credit, market and operational risk. Excludes transitional items pursuant to section 64h (3) of

the German Banking Act.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided
and percentages may not precisely reflect the absolute figures.

Comparative financial information for the year 2012 presented throughout this document has been restated in
the context of the adoption of IFRS 10. For more details please see the note “Impact of Changes in Accounting
Principles“ of this Interim Report.

F-III-0
Deutsche Bank Content 1
Interim Report as of March 31, 2013

Management Report
Operating and Financial Review – 2
Economic Environment – 2
Consolidated Results of Operations – 3
Segment Results of Operations – 4
Financial Position – 9
Risk Report – 13
Outlook – 42
Review Report – 46
Consolidated Financial Statements
Consolidated Statement of Income – 47
Consolidated Statement of Comprehensive Income – 48
Consolidated Balance Sheet – 49
Consolidated Statement of Changes in Equity – 50
Consolidated Statement of Cash Flows – 52
Notes to the Consolidated Financial Statements
Basis of Preparation – 53
Impact of Changes in Accounting Principles – 54
Segment Information – 56
Information on the Consolidated Income Statement – 59
Information on the Consolidated Balance Sheet – 61
Other Financial Information – 78
Other Information – 85

F-III-1
Deutsche Bank Management Report 2
Interim Report as of March 31, 2013 Operating and Financial Review

Management Report

Operating and Financial Review

Economic Environment

The development of the economic indicators available to date, in particular, the purchasing managers’ assess-
ments, point to a slight acceleration in the pace of global growth in the first quarter of 2013 compared with the
previous quarter. This is probably primarily attributable to the emerging market economies and also the U.S.,
where real GDP is expected to have expanded by roughly 3 % compared with 0.4 % (on an annualized basis)
in the last quarter of 2012. The purchasing managers expect growth to accelerate moderately in the large
emerging market economies Brazil, Russia, India and China as a whole in the first quarter of 2013 compared
to the previous quarter. By contrast, the eurozone economy is expected to have contracted further in the first
quarter of 2013. However, different trends can be seen within the eurozone. After a decline of 0.6 % in the
fourth quarter of 2012, German economic output regained a flat growth path in the first three months of the
year, while the recession in the other eurozone countries continued essentially unchanged.

In the first quarter of 2013, the European financial markets were marked by a fragile stability. The way in which
the banking and sovereign debt crisis in Cyprus was handled by the Cypriot government and its European
partners caused uncertainty at times. For the first time in the crisis, depositors were called on to participate in
the banks’ losses. In the long term, from an investor perspective, this could have just as severe consequences
for this important asset class as the haircut on Greek government bonds last year. So far, however, there have
been no major upheavals as a result of this move. At the same time, banks’ funding in the capital markets was
very slow: the issuance volume of senior and subordinated bonds was well below levels in previous years,
probably mainly due to reduced refinancing needs.

Global investment banking saw a solid start to the year with a slight increase in revenues compared with the
same period last year. Revenues from equity issues and syndicated loans picked up, while they remained at
the same level for debt origination and were down only for mergers and acquisitions (albeit with a larger trans-
action volume). Once again, there was a substantial increase in business in the U.S., while activity contracted
in Europe. In securities trading as a whole there was a slight decline.

The asset management business benefited from favorable developments on the international capital markets,
where key stock indices came close to or topped all-time highs.

The trend seen in the European lending business in recent months continued in the first quarter of 2013 –
lending to companies continued to decline while lending to households remained stagnant. This reflects pro-
gress in private-sector deleveraging: while debt levels are shrinking, savings are increasing. By contrast,
in the U.S. the moderate growth in loans to private individuals and companies may have continued. The
recovery in the mortgage business led to increased securitisation activity but not a higher credit volume on
banks’ balance sheets.

F-III-2
Deutsche Bank Management Report 3
Interim Report as of March 31, 2013 Operating and Financial Review

Consolidated Results of Operations

Our net revenues increased by 2 % in the first quarter 2013 to € 9.4 billion compared to € 9.2 billion in the first
quarter 2012. Revenues in Corporate Banking & Securities (CB&S) were € 4.6 billion, down € 209 million, or
4 %, versus the first quarter 2012 as a less favorable market environment led to reduced client activity com-
pared to the prior year quarter. In Global Transaction Banking (GTB) revenues increased by € 25 million to
€ 992 million, up 3 % from the first quarter 2012 as volume-driven revenue growth offset continued interest
margin pressure. Asset & Wealth Management (AWM) revenues increased by € 88 million, or 8 %, to € 1.2 bil-
lion, mainly reflecting higher revenues associated with Abbey Life, which are largely offset by related expenses,
and higher performance fees. Private & Business Clients (PBC) revenues were € 2.4 billion in the current quar-
ter, down € 12 million, or 1 %, versus the first quarter 2012, as strong performance from credit products partly
offset lower deposit based revenues. Revenues in the Non-Core Operations Unit (NCOU) increased 76 % to
€ 427 million compared to € 243 million in the prior year quarter which included an impairment of € 257 million
on Actavis. Consolidation & Adjustments (C&A) net revenues improved by € 121 million, or 32 %, versus the
prior year quarter to negative € 261 million, mainly reflecting less negative effects from different accounting
methods used for management reporting and IFRS.

Provisions for credit losses were € 354 million in the first quarter 2013 versus € 314 million in first quarter 2012.
The majority of the increase was driven by GTB where provisions for credit losses increased by € 63 million
year over year primarily attributable to a single client credit event within the trade finance business. In PBC,
provisions for credit losses continued to improve, down € 48 million, or 30 %, versus the prior year quarter
mainly reflecting a favorable environment in Germany. The remaining net increase of € 25 million primarily
relates to CB&S and AWM.

Noninterest expenses were € 6.6 billion in the quarter, down € 370 million, or 5 %, compared to the first quarter
2012. Compensation and benefits were € 3.5 billion, a decrease of € 99 million, or 3 %, versus the first quarter
2012. General and administrative expenses declined by € 368 million, or 12 %, compared to prior year quarter
to € 2.8 billion. The decrease reflects a disciplined cost management within the Group.

Income before income taxes was € 2.4 billion in the first quarter 2013 versus € 1.9 billion in the first quarter
2012, an increase of € 527 million, or 28 %.

Net income for the first quarter 2013 was € 1.7 billion, compared to € 1.4 billion in the first quarter 2012. In-
come tax expense in the first quarter 2013 was € 753 million versus € 480 million in the comparative period.
The effective tax rate in the current quarter was 31 %. In the prior year quarter, the effective tax rate was 25 %,
which mainly benefited from share-based payments related tax effects.

F-III-3
Deutsche Bank Management Report 4
Interim Report as of March 31, 2013 Operating and Financial Review

Segment Results of Operations

Corporate Banking & Securities Corporate Division (CB&S)

Three months ended
in € m.
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Absolute Change Change in %
Net revenues:
Sales & Trading (debt and other products) 2,727 3,165 (438) (14)
Sales & Trading (equity) 766 683 83 12
Origination (debt) 455 379 76 20
Origination (equity) 152 138 13 10
Advisory 69 121 (52) (43)
Loan products 296 325 (29) (9)
Other products 138 1 137 N/M
Total net revenues 4,604 4,813 (209) (4)
Provision for credit losses 48 32 16 50
Total noninterest expenses 2,695 2,895 (201) (7)
therein:
Restructuring activities 54 − 54 N/M
Noncontrolling interests 10 5 4 88
Income before income taxes 1,852 1,881 (28) (2)
N/M – Not meaningful

Overall, net revenues in CB&S decreased slightly by € 209 million, or 4 %, compared to the first quarter 2012.
Net revenues in the first quarter 2013 included € 122 million related to the impact of a Debt Valuation Adjust-
ment (DVA) on certain derivative liabilities, and a loss of € 25 million related to the mitigation of pro forma
Basel 3 RWA on Credit Valuation Adjustment (CVA). Excluding these impacts, net revenues decreased by
€ 306 million, or 6 %, compared to the first quarter 2012. The decrease was driven by less favorable market
conditions than in the first quarter 2012.

Sales & Trading (debt and other products) net revenues decreased by € 438 million, or 14 %, compared to the
first quarter 2012. Improved performances in Flow Credit, Client Solutions and Emerging Markets were more
than offset by lower revenues in Global Liquidity Management and notably in European Rates as macroeco-
nomic uncertainty impacted client activity. This compared to a more favorable market environment in the first
quarter 2012. During the quarter, Deutsche Bank was ranked number one in the Greenwich Associates 2012
Global Foreign Exchange Study.

Sales & Trading (equity) net revenues increased by € 83 million, or 12 %, compared to the first quarter 2012,
driven by strong performance in Equity Derivatives and in Equity Trading, following improved market sentiment
during the quarter.

Origination and Advisory net revenues increased by € 38 million, or 6 %, compared to the first quarter 2012.
Debt and Equity Origination revenues were higher, reflecting strong corporate debt issuance and ECM activity,
partly offset by significantly lower Advisory revenues reflecting a fall in deal volumes. Deutsche Bank was
ranked number one in Europe by share of Corporate Finance fees, and number two in Europe in Equity
Origination. (All rankings sourced from Dealogic unless stated.)

Loan products revenues were € 296 million in the first quarter 2013 compared to € 325 million in the first
quarter 2012.

Net revenues from Other products were € 138 million, compared to € 1 million in the first quarter 2012. The
increase was driven by the aforementioned DVA on certain derivative liabilities.

Provision for credit losses were € 48 million in the first quarter 2013 compared to € 32 million in the first
quarter 2012.

F-III-4
Deutsche Bank Management Report 5
Interim Report as of March 31, 2013 Operating and Financial Review

Noninterest expenses decreased by € 201 million, or 7 %, compared to the first quarter 2012. This decrease
was driven by lower compensation and non-compensation related costs reflecting the ongoing implementation
of the OpEx program, partly offset by cost-to-achieve related to OpEx in the first quarter 2013.

Income before income taxes decreased by € 28 million, or 2 %, compared to the first quarter 2012, reflecting
the decrease in revenues as a result of less favorable market conditions, partly offset by the aforementioned
reduction in costs.

Global Transaction Banking Corporate Division (GTB)

Three months ended
in € m.
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Absolute Change Change in %
Net revenues
Transaction services 992 967 25 3
Other products – – – N/M
Total net revenues 992 967 25 3
Provision for credit losses 96 32 63 196
Total noninterest expenses 587 615 (28) (5)
therein:
Restructuring activities 2 – 2 N/M
Noncontrolling interests – – – N/M
Income before income taxes 309 320 (10) (3)
N/M – Not meaningful

Net revenues increased by € 25 million, or 3 %, in the first quarter 2013, compared to the prior year quarter.
The increase was driven by a growth in fee income reflecting strong volumes as well as a robust interest in-
come. Trade Finance profited from an ongoing strong demand for financing products. Revenues in Trust &
Securities Services remained under pressure due to the low interest rate environment. Cash Management
continued to benefit from strong deposit volumes.

Provision for credit losses were € 96 million in the first quarter 2013, versus € 32 million in the prior year quar-
ter. The increase was primarily driven by a single client credit event in Trade Finance. In addition, provision for
credit losses in the prior year quarter contained net releases in businesses other than the commercial banking
activities in the Netherlands.

Noninterest expenses decreased by € 28 million, or 5 %, compared to the first quarter 2012. In addition to the
continued focus on cost management, the decrease was supported by the non-recurrence of integration costs
related to the commercial banking activities acquired in the Netherlands in prior periods. This was partly offset
by higher compensation-related expenses as well as insurance related costs.

Income before income taxes decreased by € 10 million, or 3 %, compared to the prior year quarter.

F-III-5
Deutsche Bank Management Report 6
Interim Report as of March 31, 2013 Operating and Financial Review

Asset & Wealth Management Corporate Division (AWM)

Three months ended
in € m.
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Absolute Change Change in %
Net revenues:
Discretionary portfolio/fund management 523 486 37 8
Advisory/brokerage 214 199 15 8
Credit products 92 100 (8) (8)
Deposits and payment services 69 68 1 2
Other products 345 302 43 14
Total net revenues 1,243 1,155 88 8
Provision for credit losses 13 (1) 13 N/M
Total noninterest expenses 1,008 947 61 6
therein:
Policyholder benefits and claims 191 149 43 28
Restructuring activities 7 − 7 N/M
Noncontrolling interests 1 0 0 91
Income before income taxes 221 208 13 6
N/M – Not meaningful

In AWM net revenues increased by € 88 million, or 8 %, in the first quarter 2013 compared to the same period
in 2012. Discretionary portfolio management/fund management net revenues increased by € 37 million, or 8 %,
due to a higher asset base resulting from positive market growth and net inflows of funds. Net revenues from
advisory/brokerage services increased by € 15 million, or 8 %, driven by higher wealth and private client activ-
ity levels. In credit products revenues decreased by € 8 million, or 8 %, due to reduced lending volumes mainly
in Asia and Americas. Net revenues from deposits and payment services were essentially unchanged com-
pared to the first quarter 2012. Net revenues from other products increased by € 43 million, or 14 %, versus the
first quarter 2012, mainly due to mark-to-market movements on investments held to back insurance policy-
holder claims in Abbey Life, largely offset in noninterest expenses.

Provision for credit losses increased by € 13 million compared to the first quarter 2012 resulting from US lend-
ing businesses.

Noninterest expenses in the first quarter 2013 increased by € 61 million, or 6 %, compared to the first quarter
2012. The increase included the impact related to the aforementioned effects from Abbey Life, higher litigation
related charges and cost-to-achieve related to OpEx.

Income before income taxes in the first quarter 2013 increased by € 13 million compared to the first quarter
2012, mainly due to higher net revenues.

In the first quarter 2013, invested assets were up by € 29 billion. The increase primarily included € 18 billion
from market appreciation, € 8 billion from foreign currency movements and € 6 billion net inflows. After several
quarters with net outflows, net asset inflows were achieved in Institutional and Retail active asset management
products as well as from Wealth Management clients.

F-III-6
Deutsche Bank Management Report 7
Interim Report as of March 31, 2013 Operating and Financial Review

Private & Business Clients Corporate Division (PBC)

Three months ended
in € m. Absolute Change
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Change in %
Net revenues:
Discretionary portfolio management/fund management 59 53 6 11
Advisory/brokerage 258 278 (20) (7)
Credit products 836 793 43 5
Deposits and payment services 954 1,006 (52) (5)
Other products 278 268 11 4
Total net revenues 2,386 2,398 (12) (1)
Provision for credit losses 111 160 (48) (30)
Total noninterest expenses 1,792 1,770 21 1
therein:
Impairment of intangible assets – 10 (10) N/M
Noncontrolling interests 0 8 (8) (98)
Income before income taxes 482 460 22 5

Breakdown of PBC by business

Advisory Banking Germany:
Net revenues 932 994 (62) (6)
Provision for credit losses 4 18 (14) (78)
Noninterest expenses 810 742 68 9
Income before income taxes 117 233 (116) (50)

Advisory Banking International:

Net revenues 507 478 29 6
Provision for credit losses 55 45 10 21
Noninterest expenses 291 294 (3) (1)
Income before income taxes 161 139 22 16

Consumer Banking Germany: 1

Net revenues 947 926 21 2
Provision for credit losses 52 96 (43) (45)
Noninterest expenses 691 735 (44) (6)
Noncontrolling interests 0 8 (8) (98)
Income before income taxes 204 88 116 132
N/M – Not meaningful
1 Mainly Postbank (including purchase price allocation, noncontrolling interests and other transaction related components).

Net revenues in PBC were stable with a decrease by € 12 million, or 1 %, versus the first quarter 2012.
Advisory/brokerage revenues decreased by € 20 million, or 7 %, mainly in insurance brokerage, whereas
revenues from discretionary portfolio management/fund management increased by € 6 million, or 11 %, mainly
in Advisory Banking Germany. Revenues from deposits and payment services were down by € 52 million, or
5 %, reflecting reduced margins resulting from the low interest rate environment. Credit products were up by
€ 43 million, or 5 %, driven by higher volumes and higher margins with improved contribution from all business
units. Other product revenues increased by € 11 million, or 4 %, primarily due to a higher contribution from
Hua Xia Bank.

Provision for credit losses decreased by € 48 million, or 30 % versus the first quarter 2012 mainly driven by
a favorable environment in Germany. This excludes releases from Postbank-related loan loss allowances rec-
orded prior to consolidation. The impact of such releases is reported as interest income.

Noninterest expenses increased by € 21 million, or 1 %, compared to the first quarter 2012, mainly driven by
higher cost-to-achieve related to the Postbank integration.

Income before income taxes increased by € 22 million, or 5 %, compared to the first quarter 2012, mainly
driven by higher credit product revenues and lower provisions for credit losses.

F-III-7
Deutsche Bank Management Report 8
Interim Report as of March 31, 2013 Operating and Financial Review

Invested assets decreased by € 3 billion versus December 31, 2012, driven by € 4 billion net outflows, mainly
in deposits, partly offset by € 1 billion market appreciation.

Non-Core Operations Unit Corporate Division (NCOU)

Three months ended
in € m. Absolute Change
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Change in %
Net revenues 427 243 184 76
Provision for credit losses 87 91 (4) (5)
Total noninterest expenses 537 685 (148) (22)
therein:
Restructuring activities 1 – 1 N/M
Noncontrolling interests (1) 15 (16) N/M
Income (loss) before income taxes (196) (549) 353 (64)
N/M – Not meaningful

The revenue performance of NCOU was driven by de-risking activities, fair value movements and impairments
as well as increases in underlying net interest margin and revenues on operating assets. Net revenues in the
first quarter 2013 were € 184 million higher than in the first quarter 2012, which was materially impacted by an
impairment of € 257 million related to our exposure in Actavis.

Provision for credit losses in the first quarter 2013 decreased slightly compared to last year’s first quarter.

Noninterest expenses decreased by € 148 million, or 22 %, compared to first quarter 2012. While the reporting
period included € 320 million expenses relating to investments in operating assets, such as The Cosmopolitan
of Las Vegas, Maher Terminals and BHF-BANK, the decrease to previous year was driven by lower litigation
charges and settlement costs.

The loss before income taxes improved by 64 % to € 196 million. Favorable market conditions during the quar-
ter enabled de-risking activity to be executed whilst delivering a small gain. The pro forma Basel 3 RWA
equivalent capital savings achieved during the first quarter 2013 equated to € 15 billion with associated ad-
justed balance sheet reduction of € 9 billion.

Consolidation & Adjustments (C&A)

Three months ended
in € m. Absolute Change
(unless stated otherwise) Mar 31, 2013 Mar 31, 2012 Change in %
Net revenues (261) (382) 121 (32)
Provision for credit losses 0 0 0 N/M
Noninterest expenses 4 79 (75) (95)
Noncontrolling interests (10) (29) 19 (66)
Income (loss) before income taxes (255) (432) 177 (41)
N/M – Not meaningful

Loss before income taxes in C&A was € 255 million in the first quarter 2013, compared to a loss of € 432 mil-
lion in the prior year quarter. This development was predominantly attributable to timing differences from differ-
ent accounting methods used for management reporting and IFRS which amounted to negative € 159 million
in the first quarter 2013 compared to negative € 319 million in the prior year quarter. These effects from Valua-
tion & Timing differences were particularly related to the narrowing of mid- to long-term spreads on the mark-
to-market valuation of U.S. dollar/euro basis swaps and the widening of credit spreads on our own debt, re-
flecting significantly lower material movements in the first quarter 2013 compared to the prior year quarter.
Results in C&A also included lower accruals for German bank levy in the first quarter 2013 compared to
the prior year quarter, reflecting a reduction of relevant 2012 net income of Deutsche Bank AG according to
German GAAP.

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Deutsche Bank Management Report 9
Interim Report as of March 31, 2013 Operating and Financial Review

Financial Position
in € m. Absolute
(unless stated otherwise) Mar 31, 2013 Dec 31, 2012 Change Change in %
Cash and due from banks 26,813 27,877 (1,064) (4)
Interest-earning deposits with banks 123,508 120,637 2,871 2
Central bank funds sold, securities purchased under resale
agreements and securities borrowed 65,521 60,583 4,938 8
Trading assets 251,014 254,459 (3,445) (1)
Positive market values from derivative financial instruments 708,938 768,353 (59,415) (8)
Financial assets designated at fair value through profit or loss 194,512 187,027 7,485 4
thereof: Securities purchased under resale agreements 125,697 124,987 710 1
thereof: Securities borrowed 31,897 28,304 3,593 13
Loans 395,045 397,377 (2,332) (1)
Brokerage and securities related receivables 158,522 97,312 61,210 63
Remaining assets 108,817 108,650 167 0
Total assets 2,032,690 2,022,275 10,415 1
Deposits 575,165 577,210 (2,045) (0)
Central bank funds purchased, securities sold under repurchase
agreements and securities loaned 36,051 39,310 (3,259) (8)
Trading liabilities 65,929 54,400 11,529 21
Negative market values from derivative financial instruments 694,862 752,652 (57,790) (8)
Financial liabilities designated at fair value through profit or loss 117,801 110,409 7,392 7
thereof: Securities sold under repurchase agreements 87,296 82,267 5,029 6
thereof: Securities loaned 11,017 8,443 2,574 30
Other short-term borrowings 75,465 69,661 5,804 8
Long-term debt 148,161 157,325 (9,164) (6)
Brokerage and securities related payables 181,390 127,456 53,934 42
Remaining liabilities 81,788 79,612 2,176 3
Total liabilities 1,976,612 1,968,035 8,577 0
Total equity 56,078 54,240 1,838 3

Movements in Assets
The marginal growth of € 10 billion compared to December 31, 2012, was primarily driven by a € 61 billion
increase of brokerage and securities related receivables, following the usual pattern of lower year-end levels
versus higher volumes over the course of the year.

This increase was almost fully offset by a € 59 billion reduction in positive market values from derivative finan-
cial instruments, primarily due to shifts in U.S. dollar, euro and pound sterling yield curves over the quarter.

Whilst from an overall perspective loans remained virtually unchanged over the first quarter 2013, further re-
ductions in NCOU were almost fully offset by a € 5 billion increase in GTB, predominantly in Trade Finance
reflecting GTB’s growth strategy.

Foreign exchange rate movements (included in numbers above), in particular of the U.S. dollar versus the euro,
contributed € 20 billion to the growth of our balance sheet in the first three months 2013.

Movements in Liabilities
As of March 31, 2013, total liabilities increased marginally by € 9 billion compared to year-end 2012.

Brokerage and securities related payables were up € 54 billion compared to December 31, 2012, whilst nega-
tive market values from derivative financial instruments declined by € 58 billion, primarily due to the same rea-
sons driving the movements in brokerage and securities related receivables and positive market values from
derivative financial instruments as outlined above.

Trading liabilities contributed another € 12 billion to the overall growth in the first quarter of 2013, with more
than half of the increase relating to debt securities.

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Deutsche Bank Management Report 10
Interim Report as of March 31, 2013 Operating and Financial Review

The € 9 billion reduction in long-term debt largely reflects the concentration of 2013 capital markets maturities
in the first quarter.

Equity
Total equity as of March 31, 2013 increased by € 1.8 billion compared to December 31, 2012. The main factors
contributing to this development were net income attributable to Deutsche Bank shareholders of € 1.7 billion
and unrealized net gains recognized in accumulated other comprehensive income of € 664 million. Partly off-
setting were net negative changes in share awards of € 331 million, which are recorded in additional paid-in
capital and remeasurement losses related to defined benefit plans of € 194 million, which are recorded in re-
tained earnings. The increase in accumulated other comprehensive income was mainly attributable to positive
effects from exchange rate changes of € 415 million namely related to the U.S. dollar.

Regulatory Capital
Starting December 31, 2011, the calculation of our regulatory capital and capital ratios incorporates the
amended capital requirements for trading book and securitization positions following the Capital Require-
ments Directive 3, also known as “Basel 2.5”.

Tier 1 capital as of March 31, 2013 was € 51.9 billion, € 1.4 billion higher than at the end of 2012, resulting in
a Tier 1 capital ratio of 16.0 % as of March 31, 2013, up from 15.1 % at December 31, 2012. Common Equity
Tier 1 capital increased in the first three months of 2013 by € 1.3 billion to € 39.3 billion, resulting in a Common
Equity Tier 1 capital ratio of 12.1 % as of March 31, 2013, compared to 11.4 % at the end of 2012.

The main driver of the increase in Tier 1 capital and Common Equity Tier 1 capital (also referred to as Core
Tier 1 capital) in the first quarter of 2013 was the net income attributable to Deutsche Bank shareholders of
€ 1.7 billion, partially offset by a remeasurement loss resulting from defined benefit plans of € 194 million.

Risk-weighted assets were € 325 billion as of March 31, 2013, € 8.7 billion lower than at the end of 2012,
largely reflecting reductions in credit risk. Risk-weighted assets for credit risk decreased by € 14.1 billion,
primarily due to asset sales and hedging as well as model enhancements. The decrease was partly offset
by organic growth in the core businesses and the effects of exchange rate movements. Additionally, risk-
weighted assets for market risk increased by € 4.4 billion mainly driven by higher risk levels in relation to our
internal stressed value-at-risk models. Risk-weighted assets for operational risk increased to € 53 billion as of
March 31, 2013, compared to € 52 billion at year-end 2012.

Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”

As of March 31, 2013 and December 31, 2012 the carrying value of reclassified assets was € 15.3 billion and
€ 17.0 billion, respectively, compared with a fair value of € 14.3 billion and € 15.4 billion as of March 31, 2013
and December 31, 2012, respectively. These assets are held in the NCOU.

Please refer to the note “Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”” for addi-
tional information on these assets and on the impact of their reclassification.

Exposure to Monoline Insurers

The following is an update on the development of protection purchased from monoline insurers.

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Deutsche Bank Management Report 11
Interim Report as of March 31, 2013 Operating and Financial Review

Monoline exposure
related to U.S. residential
mortgages 1,2 Mar 31, 2013 Dec 31, 2012
Value prior Fair value Value prior Fair value
to CVA3 3
after CVA 3 to CVA3 3
in € m. Notional amount CVA Notional amount CVA after CVA 3
AA Monolines: 4
Other subprime 113 41 (8) 33 112 47 (11) 36
Alt-A 2,981 1,073 (117) 956 3,011 1,181 (191) 990
Total AA Monolines 3,094 1,114 (125) 989 3,123 1,228 (202) 1,026
1 Excludes counterparty exposure to monoline insurers that relates to wrapped bonds of € 11 million as of March 31, 2013 and € 11 million as of December 31, 2012, which represents an estimate of
the potential mark-downs of wrapped assets in the event of monoline defaults.
2 A portion of the mark-to-market monoline exposure has been mitigated with CDS protection arranged with other market counterparties and other economic hedge activity.
3 For monolines with actively traded CDS, the Credit Valuation Adjustment (CVA) is calculated using a full CDS-based valuation model. For monolines without actively traded CDS, a model-based
approach is used with various input factors, including relevant market driven default probabilities, the likelihood of an event (either a restructuring or an insolvency), an assessment of any potential
settlement in the event of a restructuring, and recovery rates in the event of either restructuring or insolvency. The monolines CVA methodology is reviewed on a quarterly basis by management.
4 Ratings are the lowest of Standard & Poor’s, Moody’s or our own internal credit ratings.

Other Monoline
1,2
exposure Mar 31, 2013 Dec 31, 2012
Value prior Fair value Value prior Fair value
in € m. Notional amount to CVA3 CVA 3 after CVA 3 Notional amount to CVA3 CVA 3 after CVA 3
4
AA Monolines:
TPS-CLO 2,015 504 (59) 445 2,441 575 (101) 474
CMBS 1,121 (1) − (1) 1,092 2 − 2
Student loans 305 − − − 297 29 (3) 26
Other 880 265 (117) 148 882 274 (127) 147
Total AA Monolines 4,321 768 (176) 592 4,712 880 (231) 649
Non Investment- 4
Grade Monolines:
TPS-CLO 453 126 (30) 96 455 147 (40) 107
CMBS 3,380 45 (19) 26 3,377 92 (28) 64
Corporate single
name/Corporate
CDO 8 − − − 12 − − −
Student loans 655 148 (23) 125 1,284 534 (170) 364
Other 1,087 159 (46) 113 1,084 185 (66) 119
Total Non Investment-
Grade Monolines 5,583 478 (118) 360 6,212 958 (304) 654
Total 9,904 1,246 (294) 952 10,924 1,838 (535) 1,303
1 Excludes counterparty exposure to monoline insurers that relates to wrapped bonds of € 36 million as of March 31, 2013, and € 40 million as of December 31, 2012, which represents an estimate of
the potential mark-downs of wrapped assets in the event of monoline defaults.
2 A portion of the mark-to-market monoline exposure has been mitigated with CDS protection arranged with other market counterparties and other economic hedge activity.
3 For monolines with actively traded CDS, the Credit Valuation Adjustment (CVA) is calculated using a full CDS-based valuation model. For monolines without actively traded CDS, a model-based
approach is used with various input factors, including relevant market driven default probabilities, the likelihood of an event (either a restructuring or an insolvency), an assessment of any potential
settlement in the event of a restructuring, and recovery rates in the event of either restructuring or insolvency. The monolines CVA methodology is reviewed on a quarterly basis by management.
4 Ratings are the lowest of Standard & Poor’s, Moody’s or our own internal credit ratings.

Related Party Transactions

We have business relationships with a number of companies in which we own significant equity interests. We
also have business relationships with a number of companies where members of our Management Board hold
positions on boards of directors or non-executive boards. Our business relationships with these companies
cover many of the financial services we provide to our clients generally. For more detailed information, please
refer to the section “Other Financial Information” of this Interim Report.

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Deutsche Bank Management Report 12
Interim Report as of March 31, 2013 Operating and Financial Review

Significant Transactions

BHF-BANK
On September 20, 2012, the Group announced that it has reached an agreement with Kleinwort Benson Group,
a wholly owned subsidiary of RHJ International, on the sale of BHF-BANK AG. The transaction is subject to
regulatory approvals. Closing is not expected to occur before the publication of this Interim Report.

For further details, please refer to the section “Other Financial Information” of this Interim Report.

Events after the Reporting Date

We have announced an intention to place up to 90 million newly issued shares from our authorized capital in
institutional private placements. This transaction is expected to add approximately € 2.8 billion to our Core
Tier 1 capital and increase our pro forma fully loaded Basel 3 Core Tier 1 ratio from 8.8 % as at March 31,
2013 to approximately 9.5 %. In addition, we plan to create approximately € 2 billion of subordinated capital
over the next twelve months.

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Deutsche Bank Management Report 13
Interim Report as of March 31, 2013 Risk Report

Risk Report
Risk Management Framework
The wide variety of our businesses requires us to identify, measure, aggregate and manage our risks effec-
tively, and to allocate our capital among our businesses appropriately. We operate as an integrated group
through our divisions, business units and infrastructure functions. We manage risk and capital through a
framework of principles, organizational structures as well as measurement and monitoring processes that are
closely aligned with the activities of the divisions and business units. Further information about our risk man-
agement framework, which has remained principally unchanged, can be found in our Financial Report 2012.

General Approach
The qualitative and quantitative risk disclosures provide a comprehensive view on the risk profile of Deutsche
Bank Group. All quantitative information generally reflects Deutsche Bank Group including Postbank for the
reporting dates March 31, 2013 and December 31, 2012.

With the legally enforceable domination agreement between Deutsche Bank and Postbank in place since Sep-
tember 2012, Postbank´s risk management function has been functionally integrated in our risk function, e.g.,
regarding functional reporting lines, joint committee structure and group-wide policies. Statements regarding
risk management hence generally refer to the Group including Postbank. In limited instances where differing
approaches remain or where a consolidated view for quantitative information cannot be presented, this is sepa-
rately highlighted.

Disclosures according to principles and recommendations of the Enhanced Disclosure Task Force
(EDTF)
In 2012 the Enhanced Disclosure Task Force (“EDTF”) was established as a private sector initiative under the
auspice of the Financial Stability Board, with the primary objective to develop fundamental principles for en-
hanced risk disclosures and to recommend improvements to existing risk disclosures. As a member of the
EDTF we also implement certain of these disclosure recommendations into this quarterly Risk Report.

Scope of Consolidation
The following sections providing quantitative information refer to our financial statements in accordance with
International Financial Reporting Standards. Consequently, the reporting is generally based on the IFRS prin-
ciples of valuation and consolidation. However, for a few disclosures, regulatory principles of consolidation are
relevant which differ from those applied for our financial statements and are described in more detail in our
Financial Report 2012. Where the regulatory relevant scope is used this is explicitly stated.

Overall Risk Assessment

Key risk categories for us include credit risk, market risk, operational risk, business risk (including tax and stra-
tegic risk), reputational risk and liquidity risk. We manage the identification, assessment and mitigation of top
and emerging risks through a rigorous governance process and robust risk management tools and processes.
Our proactive approach to identification and impact assessment aims to ensure that we mitigate the impact of
these risks on our financial results, long term strategic goals and reputation.

As part of our regular risk and cross-risk analysis, sensitivities of the key portfolio risks are reviewed through a
bottom-up risk assessment and through a top-down macro-economic and political scenario analysis. This two-
pronged approach allows us to capture risks that have an impact across our risk inventories and business
divisions or those that are relevant only to specific portfolios.

Current portfolio wide risks on which we continue to focus include: the potential escalation of the European
sovereign debt crisis, the impact of a potential US fiscal austerity shock, a potential slowdown in Asian growth
and the potential risk of a steep oil price increase resulting from a geopolitical shock. These risks have been a
consistent focus throughout recent quarters. The assessment of the potential impacts of these risks is made

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Deutsche Bank Management Report 14
Interim Report as of March 31, 2013 Risk Report

through integration into our group-wide stress tests which assess our ability to absorb these events should they
occur. The results of these tests showed that we currently have adequate capital and liquidity reserves to ab-
sorb the impact of these risks if they were to materialize.

The year 2012 saw increased regulation in the financial services industry and the first quarter of 2013 has
confirmed that this trend is likely to continue through 2013. We are focused on ensuring that we act proactively
to identify potential political and regulatory changes and assess the possible impact on our business model
or processes.

Risk Management Executive Summary

The overall focus of Risk and Capital Management in the first three months of 2013 was on maintaining our
risk profile in line with our risk strategy, strengthening our capital base and supporting our strategic manage-
ment initiatives. This approach is reflected across the different risk metrics summarized below.

Credit Risk Summary

— In our efforts to manage the ongoing volatile macroeconomic environment we have adhered to core credit
principles of proactive and prudent risk management through maintenance of strong underwriting standards,
active concentration risk management and risk mitigation strategies.
— Despite concerns related to the European sovereign crisis, the relatively resilient German and US econo-
mies, a diversified and predominantly investment-grade-rated portfolio and active de-risking of more vulner-
able assets has allowed us to contain credit losses.
— Our provision for credit losses in the first three months of 2013 was € 354 million, a € 40 million increase
compared to the same period of 2012. The provision for credit losses in our Core business amounted to
€ 267 million in the first three months of 2013, an increase of € 44 million compared to the same period of
2012 and was driven by a one-off item in GTB which was partially offset by lower provisions required in PBC
mainly a result of the continued robust performance in the German retail portfolio. The level of provisions for
credit losses in the first quarter 2013 for our NCOU slightly reduced to € 87 million.
— Our corporate credit loan exposure decreased by 1.2 % or € 2.7 billion in the first three months of 2013
mainly due to a reduction in IAS 39 reclassified exposure.
— The portion of our corporate credit portfolio book carrying an investment-grade rating amounted to 72 % at
March 31, 2013, marginally lower compared to December 31, 2012.
— The economic capital usage for credit risk decreased to € 11.3 billion as of March 31, 2013, compared to
€ 12.6 billion at year-end 2012 reflecting operating model improvements and exposure reductions, primarily
in NCOU.

Market Risk Summary

— Nontrading market risk economic capital usage totalled € 8.3 billion as of March 31, 2013, compared to
€ 8.5 billion at year-end 2012. The decrease is primarily driven by de-risking activities in the NCOU.
— The economic capital usage for trading market risk totalled € 4.9 billion as of March 31, 2013, compared
with € 4.7 billion at year-end 2012. The increase is mainly driven by slightly higher exposures for traded de-
fault risk.
— The average value-at-risk of our trading units was € 59.3 million during the first three months of 2013, com-
pared to € 57.1 million for the full year 2012 mainly due to a lower level of diversification benefit across the
portfolio.

Operational Risk Summary

— The economic capital usage for operational risk increased to € 5.1 billion as of March 31, 2013, compared to
€ 5.0 billion at year-end 2012. This is mainly due to increased litigation provisions relating to events over the
past decade. The economic capital continues to include the safety margin applied in our AMA model, which
was implemented in 2011 to cover unforeseen legal risks from the current financial crisis.

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Deutsche Bank Management Report 15
Interim Report as of March 31, 2013 Risk Report

Liquidity Risk Summary

— Liquidity reserves were € 230 billion as of March 31, 2013, which support a comfortable net liquidity position
under stress.
— Capital markets issuance activities in the first three months 2013 amounted to € 6 billion as compared to a
planned volume of € 18 billion for the full year 2013.
— 61 % of our overall funding came from the funding sources we categorize as the most stable including long-
term issuance, retail and transaction banking deposits.

Capital Management Summary

— The Common Equity Tier 1 capital (also referred to as Core Tier 1 capital) ratio was 12.1 % as of March 31,
2013, compared to 11.4 % at year-end 2012.
— Risk-weighted assets decreased by € 8.7 billion to € 325 billion as of March 31, 2013, compared to
€ 334 billion at year-end 2012, mainly driven by a € 14.1 billion decrease in risk-weighted assets from credit
risk, primarily due to asset sales and hedging as well as model enhancements.
— The internal capital adequacy ratio, signifying whether the total capital supply is sufficient to cover the capi-
tal demand determined by our risk positions, increased to 166 % as of March 31, 2013, compared to 158 %
as of December 31, 2012.
— After achieving a Basel 3 pro forma fully loaded Common Equity Tier 1 ratio of 7.8 % by year-end 2012,
ahead of our stated target of 7.2 %, we also revised our March 31, 2013 target from above 8.0 % to 8.5 %,
primarily driven by lower capital demand. Our Basel 3 pro forma fully loaded Common Equity Tier 1 ratio in-
creased to 8.8 % as of March 31, 2013.

Balance Sheet Management Summary

— As of March 31, 2013, our adjusted leverage ratio was 21, improved compared to year-end 2012, and well
below our target leverage ratio of 25. Our leverage ratio calculated as the ratio of total assets under IFRS to
total equity under IFRS was 36 as of March 31, 2013, also an improvement compared to year end 2012.

Risk Profile

Our mix of various business activities implies diverse risk taking by our business divisions. We measure the
key risks inherent in their respective business models through the undiversified Total Economic Capital metric,
which mirrors each business division’s risk profile before cross-risk effects on group level. The changes from
year-end 2012 mainly reflect our de-risking strategy as well as operating model improvements.

Risk profile of our business areas as measured by total economic capital

Mar 31, 2013
Corporate Global Asset & Private & Non-Core Consoli-
Banking & Transaction Wealth Business Operations dation &
Securities Banking Management Clients Unit Adjustments Total
in % (unless
stated otherwise) in € m. in %
Credit Risk 14 6 1 14 6 0 11,298 41
Market Risk 16 1 5 12 10 4 13,262 48
Operational Risk 8 0 2 1 8 − 5,100 19
Diversification
Benefit (6) (1) (1) (2) (6) (0) (4,513) (16)
Business Risk 8 − 0 − − − 2,307 8
Total EC in € m. 11,053 1,657 2,037 6,849 4,757 1,101 27,454 100
in % 40 6 7 25 18 4 100 −

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Deutsche Bank Management Report 16
Interim Report as of March 31, 2013 Risk Report

Dec 31, 2012

Corporate Global Asset & Private & Non-Core Consoli-
Banking & Transaction Wealth Business Operations dation &
Securities Banking Management Clients Unit Adjustments Total
in % (unless
stated otherwise) in € m. in %
Credit Risk 17 5 1 13 8 0 12,574 44
Market Risk 14 1 5 11 10 5 13,185 46
Operational Risk 7 0 2 1 7 − 5,018 17
Diversification
Benefit (5) (1) (1) (2) (6) (0) (4,435) (15)
Business Risk 8 − 0 − − − 2,399 8
Total EC in € m. 11,766 1,456 2,009 6,720 5,459 1,331 28,741 100
in % 41 5 7 23 19 5 100 −

Corporate Banking & Securities’ (CB&S) risk profile is dominated by its trading activities, in particular market
risk from position taking and credit risk primarily from derivatives exposure. Further credit risks originate from
lending to corporates and financial institutions. Under CB&S’ current business model, the remainder is divided
equally between operational risks and business risk, primarily from potential legal and earnings volatility risks,
respectively.

Global Transaction Banking (GTB) has the lowest risk (as measured by economic capital) of all our segments.
GTB’s focus on trade finance implies that the vast majority of its risk originates from credit with a small portion
from market risk mainly in derivatives positions.

The main risk driver of Asset & Wealth Management’s (AWM) business are guarantees on investment funds,
which we report as nontrading market risk. Otherwise AWM’s advisory and commission focused business
attracts primarily operational risk.

In contrast to this, Private & Business Clients’ (PBC) risk profile is comprised of credit risk from retail and SME
lending and nontrading market risk from Postbank’s investment portfolio.

Credit Risk

Credit Exposure Classifications

We classify our credit exposure under two broad headings: corporate credit exposure and consumer
credit exposure.

— Our corporate credit exposure consists of all exposures not defined as consumer credit exposure.
— Our consumer credit exposure consists of our smaller-balance standardized homogeneous loans, primarily
in Germany, Italy and Spain, which include personal loans, residential and nonresidential mortgage loans,
overdrafts and loans to self-employed and small business customers of our private and retail businesses.

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Deutsche Bank Management Report 17
Interim Report as of March 31, 2013 Risk Report

Corporate Credit Exposure

Main corporate credit exposure categories according to our internal creditworthiness categories of our counterparties
Mar 31, 2013
Irrevocable
Probability lending Contingent Debt securities
in € m. of default 1 Loans 2 commitments3 liabilities OTC derivatives 4 available for sale Total
iAAA–iAA 0.00–0.04 % 46,064 18,911 9,748 22,629 33,320 130,672
iA 0.04–0.11 % 44,447 36,747 21,417 20,377 7,362 130,350
iBBB 0.11–0.50 % 52,153 36,757 21,653 7,746 3,538 121,847
iBB 0.50–2.27 % 46,115 27,329 11,774 6,270 2,031 93,519
iB 2.27–10.22 % 17,304 11,471 4,713 2,170 82 35,740
iCCC and
below 10.22–100 % 13,235 1,496 2,356 1,046 90 18,223
Total 219,318 132,711 71,661 60,238 46,423 530,351
1 Reflects the probability of default for a one year time horizon.
2 Includes impaired loans mainly in category CCC and below amounting to € 5.8 billion as of March 31, 2013.
3 Includes irrevocable lending commitments related to consumer credit exposure of € 11.0 billion as of March 31, 2013.
4 Includes the effect of netting agreements and cash collateral received where applicable.

Dec 31, 2012

Irrevocable
Probability lending Contingent Debt securities
in € m. of default 1 Loans 2 commitments3 liabilities OTC derivatives 4 available for sale Total
iAAA–iAA 0.00–0.04 % 49,386 20,233 9,064 23,043 30,054 131,780
iA 0.04–0.11 % 42,611 37,456 19,192 22,308 8,186 129,753
iBBB 0.11–0.50 % 53,539 37,754 21,304 7,713 3,788 124,098
iBB 0.50–2.27 % 45,624 22,631 11,457 5,778 1,749 87,239
iB 2.27–10.22 % 17,997 10,068 4,886 2,415 227 35,593
iCCC and
below 10.22–100 % 12,907 1,515 2,455 1,187 151 18,215
Total 222,064 129,657 68,358 62,444 44,155 526,678
1 Reflects the probability of default for a one year time horizon.
2 Includes impaired loans mainly in category CCC and below amounting to € 6.1 billion as of December 31, 2012.
3 Includes irrevocable lending commitments related to consumer credit exposure of € 10.4 billion as of December 31, 2012.
4 Includes the effect of netting agreements and cash collateral received where applicable.

The above table shows an overall increase in our corporate credit exposure during the first three months of
2013 of € 3.7 billion or 0.7 % which primarily reflects increases in contingent liabilities of € 3.3 billion, irrevoca-
ble commitments of € 3.1 billion, debt securities available for sale of € 2.3 billion, partly offset by decreases in
loans of € 2.7 billion and OTC derivatives of € 2.2 billion. The increase in irrevocable commitments and contin-
gent liabilities is mainly from foreign exchange rate changes. Loan reductions were predominantly due to sales
of exposures reclassified in accordance with IAS 39 in the first three months of 2013. Lower exposures in OTC
derivatives were mainly a result of shifts in U.S. dollar, euro and pound sterling yield curves over the quarter.

Counterparty Credit Risk: Regulatory Assessment

This section provides details on our exposure at default (“EAD”) and RWA by regulatory defined exposure
classes and model approaches, including our securitization positions. The line item “Other exposures” contains
predominantly collective investment undertakings, equity exposures and non-credit obligations treated under
the other internal rating based approach (IRBA) as well as remaining exposures classes for the standardized
approach which do not fall under central governments, institutions, corporates or retail. The information provid-
ed in this section about the regulatory assessment of counterparty credit risk is based upon regulatory princi-
ples of consolidation.

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Deutsche Bank Management Report 18
Interim Report as of March 31, 2013 Risk Report

EAD and RWA according to the model approaches applied to our credit risk portfolios
Mar 31, 2013
Advanced IRBA Foundation IRBA Other IRBA Standardized Approach Total
Capital
Require-
in € m. EAD RWA EAD RWA EAD RWA EAD RWA EAD RWA ments
Central governments 123,171 4,204 83 21 − − 84,488 91 207,742 4,316 345
Institutions 66,844 8,862 19,548 2,747 − − 6,474 533 92,866 12,142 971
Corporates 283,703 77,623 11,064 6,891 17,619 10,926 29,417 17,967 341,803 113,407 9,073
Retail exposures
secured by real
estate property 148,639 20,566 − − − − 5,364 2,343 154,003 22,909 1,833
Qualifying revolving
retail exposures 4,733 637 − − − − − − 4,733 637 51
Other retail exposures 32,762 15,505 − − − − 9,155 5,723 41,917 21,229 1,698
Other exposures − − − − 9,266 10,915 47,350 16,725 56,616 27,639 2,211
Securitizations 60,590 11,290 − − − − 2,701 1,531 63,290 12,820 1,026
Total 720,442 138,686 30,695 9,659 26,885 21,841 184,950 44,913 962,971 215,099 17,208
Thereof counterparty
credit risk from 152,596 30,199 6,260 603 688 608 13,464 1,850 173,008 33,260 2,661
Derivatives 88,843 28,106 1,304 526 688 608 11,076 1,773 101,911 31,013 2,481
Securities financing
transactions 63,753 2,092 4,955 77 − − 2,389 78 71,097 2,247 180

Dec 31, 2012

Advanced IRBA Foundation IRBA Other IRBA Standardized Approach Total
Capital
Require-
in € m. EAD RWA EAD RWA EAD RWA EAD RWA EAD RWA ments
Central governments 103,199 3,762 112 35 − − 100,612 379 203,923 4,176 334
Institutions 65,856 8,946 22,658 3,156 − − 4,619 230 93,133 12,331 987
Corporates 281,190 81,646 11,936 7,349 17,672 10,957 26,392 18,640 337,191 118,593 9,487
Retail exposures
secured by real
estate property 145,828 20,164 − − − − 6,253 2,728 152,080 22,891 1,831
Qualifying revolving
retail exposures 4,550 623 − − − − − − 4,550 623 50
Other retail exposures 32,716 15,259 − − − − 10,604 6,564 43,320 21,823 1,746
Other exposures − − − − 9,937 11,635 27,830 22,342 37,767 33,977 2,718
Securitizations 62,549 13,325 − − − − 2,720 1,457 65,269 14,782 1,183
Total 695,887 143,725 34,707 10,539 27,609 22,592 179,030 52,340 937,232 229,196 18,336
Thereof counterparty
credit risk from 143,190 32,711 8,471 736 726 636 13,485 1,906 165,872 35,989 2,879
Derivatives 87,857 30,870 1,552 595 726 636 10,658 1,696 100,792 33,797 2,704
Securities financing
transactions 55,333 1,841 6,919 140 − − 2,827 210 65,079 2,191 175

The increase in exposure at default under the advanced IRBA in the central governments segment is
primarily due to an increase in interest earning deposits with central banks. The RWA decrease in the stand-
ardized approach is primarily due to de-risking initiatives in our pension assets which are reflected in the other
exposures segment.

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Deutsche Bank Management Report 19
Interim Report as of March 31, 2013 Risk Report

Advanced IRBA Exposure with Corporates

The table below shows our advanced IRBA exposures with Corporates excluding counterparty credit risk
exposures from derivatives and securities financing transactions (SFT), distributed on our internal rating scale,
showing also the PD range for each grade. Our internal ratings correspond to the respective external Standard
& Poors rating equivalents. The EAD net is presented in conjunction with exposures-weighted average PD and
LGD, the RWA and the average risk weight (RW). The information is shown after credit risk mitigation obtained
in the form of financial, physical and other collateral as well as guarantees and credit derivatives. The effect of
double default, to the extent applicable to exposures outside of Postbank is considered in the average risk
weight. It implies that for a guaranteed exposure a loss only occurs if the primary obligor and the guarantor fail
to meet their obligations at the same time.

EAD net for Advanced IRBA non-retail Credit Exposures by PD Grade with Corporates (excluding derivatives and SFTs)
in € m.
(unless
stated
otherwise) Mar 31, 2013 Dec 31, 2012
Internal PD range Average Average Average Average Average Average
rating in % 1 EAD net PD in % 2 LGD in % RWA RW in % EAD net PD in % 2 LGD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 7,519 0.03 16.82 366 4.87 6,209 0.03 21.99 332 5.35
iAA+ > 0.01 ≤ 0.02 3,829 0.03 23.27 223 5.82 4,018 0.03 31.40 290 7.23
iAA > 0.02 ≤ 0.03 6,099 0.03 18.37 290 4.76 6,406 0.03 19.20 333 5.19
iAA- > 0.03 ≤ 0.04 11,300 0.04 27.67 824 7.29 12,073 0.04 27.36 939 7.78
iA+ > 0.04 ≤ 0.05 10,883 0.05 30.44 1,226 11.27 12,553 0.05 30.89 1,543 12.29
iA > 0.05 ≤ 0.07 14,314 0.07 30.94 1,981 13.84 14,201 0.07 30.99 2,152 15.16
iA- > 0.07 ≤ 0.11 18,763 0.09 35.85 3,726 19.86 20,571 0.09 37.20 4,503 21.89
iBBB+ > 0.11 ≤ 0.18 18,431 0.14 31.92 4,367 23.69 18,108 0.14 32.92 4,676 25.82
iBBB > 0.18 ≤ 0.30 19,459 0.23 26.54 5,058 25.99 19,811 0.23 27.15 5,121 25.85
iBBB- > 0.30 ≤ 0.50 13,932 0.39 28.18 4,736 33.99 13,699 0.39 29.28 4,939 36.06
iBB+ > 0.50 ≤ 0.83 10,364 0.64 28.90 5,036 48.59 10,284 0.64 28.43 4,966 48.29
iBB > 0.83 ≤ 1.37 10,355 1.07 25.56 5,471 52.83 10,388 1.07 24.13 5,331 51.32
iBB- > 1.37 ≤ 2.27 11,377 1.76 24.46 5,516 48.48 13,386 1.76 23.01 6,191 46.25
iB+ > 2.27 ≤ 3.75 5,934 2.92 21.53 3,907 65.84 6,154 2.92 20.14 3,743 60.83
iB > 3.75 ≤ 6.19 5,329 4.82 20.16 3,839 72.04 5,305 4.82 19.46 3,673 69.23
iB- > 6.19 ≤ 10.22 3,167 7.95 20.95 2,714 85.70 3,362 7.95 19.71 2,731 81.26
iCCC+ > 10.22 ≤ 16.87 1,614 13.00 15.95 1,315 81.48 1,485 13.00 16.16 1,210 81.47
iCCC > 16.87 ≤ 27.84 545 22.00 26.03 851 156.20 682 22.00 24.09 972 142.56
iCCC- > 27.84 ≤ 99.99 941 31.00 9.17 496 52.68 1,612 31.00 6.88 637 39.53
Default 100.00 7,552 100.00 29.50 1,876 24.85 7,141 100.00 28.73 1,664 23.30
Total 181,710 5.18 27.52 53,815 29.62 187,450 4.94 27.98 55,958 29.85
1 Reflects the probability of default for a one year time horizon.
2 Higher average PD in % than defined for the internal rating scales iAAA and iAA+ results for Corporates exposure subject to a PD floor of 3 basis points.

The majority of these exposures are assigned to investment-grade customers. The exposures in the lowest
rating class are largely collateralized.

Foundation IRBA Exposure with Corporates

The table below shows our foundation IRBA exposures with Corporates excluding counterparty credit risk
exposures from derivatives and SFT, distributed on our internal rating scale, showing also the PD range for
each grade. The internal ratings correspond to the respective external Standard & Poor’s rating equivalents.
The EAD net is presented in conjunction with risk-weighted assets calculated and the average RW. The infor-
mation is shown after credit risk mitigation obtained in the form of financial, physical and other collateral as well
as guarantees and credit derivatives.

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Deutsche Bank Management Report 20
Interim Report as of March 31, 2013 Risk Report

EAD net for Foundation IRBA Credit Exposures by PD Grade for Corporates (excluding derivative positions and SFTs)
in € m.
(unless
stated
otherwise) Mar 31, 2013 Dec 31, 2012
Internal PD range Average Average Average Average
rating in % 1 EAD net PD in % RWA RW in % EAD net PD in % RWA RW in %
iAAA > 0.00 ≤ 0.01 − − − − − − − −
iAA+ > 0.01 ≤ 0.02 − − − − − − − −
iAA > 0.02 ≤ 0.03 42 0.03 7 15.31 37 0.03 6 15.31
iAA- > 0.03 ≤ 0.04 15 0.04 3 18.21 13 0.04 2 18.44
iA+ > 0.04 ≤ 0.05 − − − − − − − −
iA > 0.05 ≤ 0.07 346 0.06 76 22.07 225 0.06 50 22.12
iA- > 0.07 ≤ 0.11 1,428 0.10 453 31.72 1,341 0.10 427 31.86
iBBB+ > 0.11 ≤ 0.18 1,201 0.15 471 39.21 1,194 0.15 469 39.30
iBBB > 0.18 ≤ 0.30 2,735 0.23 1,377 50.33 2,938 0.23 1,481 50.41
iBBB- > 0.30 ≤ 0.50 1,720 0.38 1,115 64.85 2,226 0.38 1,447 64.99
iBB+ > 0.50 ≤ 0.83 1,738 0.69 1,461 84.07 1,796 0.69 1,536 85.53
iBB > 0.83 ≤ 1.37 620 1.23 646 104.28 634 1.23 663 104.64
iBB- > 1.37 ≤ 2.27 288 2.06 351 121.56 291 2.06 357 122.63
iB+ > 2.27 ≤ 3.75 − − − − − − − −
iB > 3.75 ≤ 6.19 72 3.78 104 145.55 77 3.78 115 149.52
iB- > 6.19 ≤ 10.22 42 7.26 71 170.27 45 7.26 78 174.28
iCCC+ > 10.22 ≤ 16.87 15 12.76 31 207.86 10 12.76 19 198.09
iCCC > 16.87 ≤ 27.84 194 18.00 483 249.61 160 18.00 452 282.66
iCCC- > 27.84 ≤ 99.99 − − − − − − − −
Default 100.00 261 100.00 − − 551 100.00 − −
Total 10,717 3.22 6,649 62.04 11,538 5.48 7,102 61.55
1 Reflects the probability of default for a one year time horizon.

Credit Risk Exposure to certain Eurozone Countries

Certain eurozone countries are presented within the tables below due to heightened concerns around sover-
eign risk caused by the wider European sovereign debt crisis as evidenced by widening and volatile credit
default swap spreads. This heightened risk is driven by a number of factors impacting the associated sovereign
including high public debt levels and/or large deficits, limited access to capital markets, proximity of debt re-
payment dates, poor economic fundamentals and outlook (including low gross domestic product growth, weak
competitiveness, high unemployment and political uncertainty). Some of these countries have accepted “bail
out” packages.

For the presentation of our exposure to these certain eurozone countries we apply two general concepts as
follows:

— In our “risk management view”, we consider the domicile of the group parent, thereby reflecting the one
obligor principle. All facilities to a group of borrowers which are linked to each other (e.g., by one entity hold-
ing a majority of the voting rights or capital of another) are consolidated under one obligor. This group of
borrowers is usually allocated to the country of domicile of the respective parent company. As an example, a
loan to a counterparty in Spain is Spanish risk as per a domicile view but considered a German risk from a
risk management perspective if the respective counterparty is linked to a parent company domiciled in Ger-
many following the above-mentioned one obligor principle. In this risk management view we also consider
derivative netting and present exposures net of hedges and collateral. The collateral valuations follow the
same stringent approach and principles as outlined in our Financial Report 2012. Also, in our risk manage-
ment we classify exposure to special purpose entities based on the domicile of the underlying assets as op-
posed to the domicile of the special purpose entities. Additional considerations apply for structured products.
If, for example, a structured note is issued by a special purpose entity domiciled in Ireland, it will be consid-
ered an Irish risk in a “country of domicile” view, but if the underlying assets collateralizing the structured

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Deutsche Bank Management Report 21
Interim Report as of March 31, 2013 Risk Report

note are German mortgage loans, then the exposure would be included as German risk in the ”risk man-
agement” view.
— In our “country of domicile view” we aggregate credit risk exposures to counterparties by allocating them to
the domicile of the primary counterparty, irrespective of any link to other counterparties, or in relation to
credit default swaps underlying reference assets from, these eurozone countries. Hence we also include
counterparties whose group parent is located outside of these countries and exposures to special purpose
entities whose underlying assets are from entities domiciled in other countries.

Net credit risk exposure with certain eurozone countries – Risk Management View
in € m. Mar 31, 2013 Dec 31, 2012
Greece 617 646
Ireland 1,361 1,443
Italy 17,650 19,068
Portugal 1,439 1,187
Spain 10,789 12,664
Total 31,856 35,008

Net credit risk exposure with certain eurozone countries is down € 3.2 billion since year-end 2012. This was
primarily driven by decreases in Spain and Italy from lower trading positions as well as reductions, largely in
Spain, related to corporates and financial institutions exposure in the Postbank portfolio. Cyprus credit expo-
sure stands at € 26 million (risk management view) and will continue to be closely monitored in light of the
banking sector restructuring, ongoing capital controls and the impact of these on macro fundamentals which
may further impact creditworthiness more broadly in the country.

Our above exposure is principally to highly diversified, low risk retail portfolios and small and medium enter-
prises in Italy and Spain, as well as stronger corporate and diversified mid-cap clients. Our financial institutions
exposure is predominantly geared towards larger banks in Spain and Italy, typically under collateral agree-
ments, with the majority of Spanish financial institution exposure being covered bonds. Sovereign exposure is
moderate and principally in Italy and Spain.

The following tables, which are based on the country of domicile view, present our gross position, the included
amount thereof of undrawn exposure and our net exposure to these eurozone countries. The gross exposure
reflects our net credit risk exposure grossed up for net credit derivative protection purchased with underlying
reference assets domiciled in one of these countries, guarantees received and collateral. Such collateral is
particularly held with respect to the retail category, but also for financial institutions predominantly in relation to
derivative margining arrangements, as well as for corporates. In addition the amounts also reflect the allow-
ance for credit losses. In some cases, our counterparties’ ability to draw on undrawn commitments is limited by
terms included within the specific contractual documentation. Net credit exposures are presented after effects
of collateral held, guarantees received and further risk mitigation, but excluding net notional amounts of credit
derivatives for protection sold/(bought). The provided gross and net exposures to certain eurozone countries
do not include credit derivative tranches and credit derivatives in relation to our correlation business which, by
design, is structured to be credit risk neutral. Additionally the tranche and correlated nature of these positions
does not lend itself to a disaggregated notional presentation by country, e.g., as identical notional exposures
represent different levels of risk for different tranche levels.

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Deutsche Bank Management Report 22
Interim Report as of March 31, 2013 Risk Report

Gross position, included undrawn exposure and net exposure to certain eurozone countries – Country of Domicile View
Sovereign Financial Institutions Corporates Retail Other Total 2
Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31,
in € m. 2013 2012 1 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Greece
Gross 59 40 588 715 1,264 1,501 9 9 5 − 1,925 2,265
Undrawn − − 12 8 127 160 3 2 − − 142 170
Net 59 39 66 67 286 356 3 3 5 − 419 465
Ireland
Gross 1,020 932 1,151 1,438 7,239 6,612 56 56 4,325 3 4,300 3 13,791 13,338
Undrawn − − 16 14 2,152 1,581 3 2 498 3 366 3 2,669 1,963
Net 525 400 845 1,016 5,514 4,768 7 7 3,017 3 2,922 3 9,908 9,113
Italy
Gross 2,268 3,059 6,622 7,154 8,063 8,740 19,991 20,291 551 149 37,495 39,393
Undrawn 1 1 799 809 3,044 3,162 211 261 2 − 4,057 4,233
Net 2,171 2,969 2,317 3,263 5,562 6,653 7,548 7,749 483 (51) 18,081 20,583
Portugal
Gross 291 258 413 456 1,560 1,548 2,356 2,375 118 33 4,738 4,670
Undrawn − − 10 52 198 188 34 5 6 − 248 245
Net 291 153 353 322 852 769 354 501 117 32 1,967 1,777
Spain
Gross 1,069 1,659 5,570 5,605 9,713 10,296 10,905 11,106 800 221 28,057 28,887
Undrawn 4 − 576 563 2,803 2,684 521 547 3 − 3,907 3,794
Net 1,065 1,659 3,299 3,683 6,997 7,683 1,759 1,789 731 149 13,851 14,963
Total gross 4,707 5,948 14,344 15,368 27,839 28,697 33,317 33,837 5,799 4,703 86,006 88,553
Total undrawn 5 1 1,413 1,446 8,324 7,775 772 817 509 366 11,023 10,405
Total net 4 4,111 5,220 6,880 8,351 19,211 20,229 9,671 10,049 4,353 3,052 44,226 46,901
1 Includes impaired available for sale sovereign debt positions in relation to Greece as of December 31, 2012. There are no other sovereign related impaired exposures included.
2 Approximately 72 % of the overall exposure will mature within the next 5 years.
3 Other exposures to Ireland include exposures to counterparties where the domicile of the group parent is located outside of Ireland as well as exposures to special purpose entities whose
underlying assets are from entities domiciled in other countries.
4 Total net exposure excludes credit valuation reserves for derivatives amounting to € 208 million as of March 31, 2013 and € 231 million as of December 31, 2012.

Total net exposure to the above selected eurozone countries decreased by € 2.7 billion in the first three months
of 2013 driven largely by sovereign exposure reductions in Italy and Spain, partly offset by increases in
corporates in Ireland and to a lesser extent in Portugal.

Aggregate net credit risk exposure to certain eurozone countries by type of financial instrument
Financial assets
measured at Financial instruments
Financial assets carried at amortized cost fair value at fair value through profit or loss Mar 31, 2013
Loans Loans Financial assets
before loan after loan available
Other 1 2
in € m. loss allowance loss allowance for sale Derivatives Other Total 3
Greece 258 220 17 5 74 90 406
Ireland 2,387 2,380 3,251 1,221 1,159 3,146 11,157
Italy 10,881 10,108 3,626 1,792 4,272 (3,056) 16,742
Portugal 802 762 357 209 288 461 2,077
Spain 5,821 5,243 3,063 2,792 832 1,891 13,821
Total 20,149 18,713 10,314 6,019 6,625 2,532 44,203
1 Primarily includes contingent liabilities and undrawn lending commitments.
2 Excludes equities and other equity interests.
3 After loan loss allowances.

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Deutsche Bank Management Report 23
Interim Report as of March 31, 2013 Risk Report

Financial assets
measured at Financial instruments
Financial assets carried at amortized cost fair value at fair value through profit or loss Dec 31, 2012
Loans Loans Financial assets
before loan after loan available
in € m. loss allowance loss allowance Other 1 for sale 2 Derivatives Other Total 3
Greece 324 296 23 5 58 73 455
Ireland 2,188 2,181 2,982 978 1,387 3,048 10,576
Italy 11,345 10,615 3,817 1,585 4,132 (2,145) 18,004
Portugal 939 901 379 202 323 437 2,242
Spain 5,986 5,481 3,263 3,254 591 1,970 14,559
Total 20,782 19,474 10,464 6,024 6,491 3,383 45,836
1 Primarily includes contingent liabilities and undrawn lending commitments.
2 Excludes equities and other equity interests.
3 After loan loss allowances.

For our credit derivative exposure with these eurozone countries we present the notional amounts for protec-
tion sold and protection bought on a gross level as well as the resulting net notional position and its fair value.
For a more detailed description of our usage of credit derivatives to manage credit risk see the respective risk
sections of our Financial Report 2012.

Credit derivative exposure with underlying assets domiciled in certain eurozone countries
Notional amounts Mar 31, 2013 Notional amounts Dec 31, 2012
Net Net
Protection Protection protection Net Protection Protection protection Net
in € m. sold bought sold/(bought) fair value sold bought sold/(bought) fair value
Greece 1,521 (1,508) 13 (8) 1,396 (1,386) 10 (8)
Ireland 9,120 (10,368) (1,248) 27 8,280 (9,743) (1,463) 55
Italy 68,503 (67,165) 1,338 157 60,638 (58,059) 2,579 145
Portugal 11,781 (11,892) (111) (11) 10,744 (11,209) (465) (5)
Spain 33,261 (33,231) 30 (10) 30,408 (30,004) 404 (8)
Total 124,186 (124,164) 22 155 111,466 (110,401) 1,065 179

Sovereign Credit Risk Exposure to certain Eurozone Countries

The amounts below reflect a net “country of domicile view” of our sovereign exposure.

Sovereign credit risk exposure to certain eurozone Countries

Mar 31, 2013 Dec 31, 2012
Memo Item: Memo Item:
Net Notional Net fair value Net Notional Net fair value
Direct of CDS of CDS Direct of CDS of CDS
Sovereign referencing Net sovereign referencing Sovereign referencing Net sovereign referencing
in € m. exposure 1 sovereign debt exposure sovereign debt 2 exposure 1 sovereign debt exposure sovereign debt 2
Greece 59 − 59 − 39 − 39 −
Ireland 419 106 525 (5) 355 45 400 (4)
Italy 768 1,403 2,171 185 847 2,122 2,969 159
Portugal 233 58 291 (9) 258 (105) 153 (4)
Spain 1,007 58 1,065 (11) 1,544 115 1,659 (4)
Total 2,486 1,625 4,111 160 3,043 2,177 5,220 147
1 Includes sovereign debt classified as financial assets/liabilities at fair value through profit or loss, available for sale and loans carried at amortized cost.
2 The amounts reflect the net fair value in relation to default swaps referencing sovereign debt of the respective country representing the counterparty credit risk.

The decrease compared to year-end 2012 mainly reflects market making activities and fair value changes from
market price movements occurring within the first three months of 2013. The exposure decrease to Italy pri-
marily reflects changes in the levels of market making related positions in sovereign debt.

The above mentioned direct sovereign exposure included the carrying value of loans held at amortized cost to
sovereigns which, as of March 31, 2013, amounted to € 820 million for Italy and € 614 million for Spain and, as
of December 31, 2012 amounted to € 797 million for Italy and € 591 million for Spain.

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Deutsche Bank Management Report 24
Interim Report as of March 31, 2013 Risk Report

Fair value of sovereign credit risk exposure to certain eurozone countries classified as financial assets at fair value
through profit or loss
Mar 31, 2013 Dec 31, 2012
Fair value of Fair value of
derivatives with derivatives with
sovereign Total fair value sovereign Total fair value
Fair value of counterparties of sovereign Fair value of counterparties of sovereign
1
in € m. sovereign debt (net position) exposures sovereign debt (net position) 1 exposures
Greece 46 13 59 24 15 39
Ireland 112 − 112 28 27 55
Italy 2 (4,383) 3,590 (793) (3,974) 3,279 (695)
Portugal 140 42 182 150 59 209
Spain 160 27 187 734 29 763
Total (3,925) 3,672 (253) (3,038) 3,409 371
1 Includes the impact of master netting and collateral arrangements.
2 Short sovereign debt position for Italy predominantly related to structured trades with corresponding credit derivatives offset.

Sovereign credit risk exposure to certain eurozone countries classified as financial assets available for sale
Mar 31, 2013 Dec 31, 2012
Accumulated Accumulated
impairment losses impairment losses
Fair value of Original carrying recognized in Fair value of Original carrying recognized in
in € m. sovereign debt amount net income sovereign debt amount net income
Greece − − − − − −
Ireland 313 213 − 300 213 −
Italy 736 720 − 741 720 −
Portugal 52 47 − 48 46 −
Spain 209 194 − 201 194 −
Total 1,310 1,174 − 1,290 1,173 −

Consumer Credit Exposure

In our consumer credit exposure we monitor consumer loan delinquencies in terms of loans that are 90 days or
more past due and net credit costs, which are the annualized net provisions charged after recoveries.

Consumer Credit Exposure

Total exposure 90 days or more past due Net credit costs
in € m. as a % of total exposure as a % of total exposure
Mar 31, 2013 Dec 31, 2012 Mar 31, 2013 Dec 31, 2012 Mar 31, 2013 Dec 31, 2012
Consumer credit exposure
Germany: 140,807 139,939 0.77 % 0.84 % 0.28 % 0.29 %
Consumer and small business
financing 20,249 20,137 0.94 % 1.20 % 1.22 % 1.20 %
Mortgage lending 120,558 119,802 0.74 % 0.78 % 0.13 % 0.14 %
Consumer credit exposure
outside Germany 39,782 40,065 4.74 % 4.58 % 0.68 % 0.66 %
Consumer and small business
financing 13,106 13,448 9.50 % 9.01 % 1.58 % 1.52 %
Mortgage lending 26,677 26,617 2.41 % 2.34 % 0.24 % 0.23 %
Total consumer credit exposure 1 180,590 180,004 1.65 % 1.67 % 0.37 % 0.38 %
1 Includes impaired loans amounting to € 4.3 billion as of March 31, 2013 and € 4.2 billion as of December 31, 2012.

From year-end 2012 to March 31, 2013 the volume of our consumer credit exposure excluding Postbank in-
creased by € 0.7 billion, or 0.7 %, mainly driven by our mortgage lending activities in Germany (up € 0.9 billion).
As part of our de-risking strategy the credit exposure in Spain decreased by € 187 million and in Italy by
€ 144 million. The consumer credit exposure of Postbank decreased slightly by € 115 million, or 0.1 %.

The 90 days or more past due ratio in Germany declined driven mainly by a sale of non-performing loans, in
addition to benefiting from the favourable economic environment. Apart from the economic development in the
rest of Europe the increase in the ratio outside Germany is mainly driven by changes in the charge-off criteria
for certain portfolios in 2009. Loans, which were previously fully charged-off upon reaching 270 days past due
(180 dpd for credit cards), are now provisioned based on the level of historical loss rates derived from ob-
served recoveries of formerly charged off similar loans. This leads to an increase in 90 days or more past due

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Deutsche Bank Management Report 25
Interim Report as of March 31, 2013 Risk Report

exposure as it is increasing the time until the respective loans are completely charged-off. Assuming no change
in the underlying credit performance, the effect will continue to increase the ratio until the portfolio has reached
a steady state, which is expected approximately 5 years after the change.

The reduction of net credit costs as a percentage of total exposure is mainly driven by the favourable economic
developments in the German market.

Asset Quality

Impaired Loans
Credit Risk Management regularly assesses whether there is objective evidence that a loan or group of loans
is impaired. A loan or group of loans is impaired and impairment losses are incurred if:

— there is objective evidence of impairment as a result of a loss event that occurred after the initial recognition
of the asset and up to the balance sheet date (a “loss event”),
— the loss event had an impact on the estimated future cash flows of the financial asset or the group of finan-
cial assets, and
— a reliable estimate of the loss amount can be made.

Credit Risk Management’s loss assessments are subject to regular review in collaboration with Group Finance.
The results of this review are reported to and approved by an oversight committee comprised of Group Fi-
nance and Risk senior management.

As a result of consolidations we acquired certain loans for which an impairment had been established previ-
ously by the consolidated entities. These loans were taken onto our balance sheet at their fair values as de-
termined by their expected cash flows which reflected the credit quality of these loans at the time of acquisition.
As long as our cash flow expectations regarding these loans have not deteriorated since acquisition, they are
not considered impaired loans.

Impairment Loss and Allowance for Loan Losses

If there is evidence of impairment the impairment loss is generally calculated on the basis of discounted ex-
pected cash flows using the original effective interest rate of the loan. If the terms of a loan are renegotiated or
otherwise modified because of financial difficulties of the borrower without qualifying for a derecognition of the
loan, the impairment loss is measured using the original effective interest rate before modification of terms. We
reduce the carrying amount of the impaired loan by the use of an allowance account and recognize the amount
of the loss in the consolidated statement of income as a component of the provision for credit losses. We re-
cord increases to our allowance for loan losses as an increase of the provision for loan losses in our income
statement. Charge-offs reduce our allowance while recoveries, if any, are credited to the allowance account. If
we determine that we no longer require allowances which we have previously established, we decrease our
allowance and record the amount as a reduction of the provision for loan losses in our income statement.
When it is considered that there is no realistic prospect of recovery and all collateral has been realized or trans-
ferred to us, the loan and any associated allowance for loan losses is charged off (i.e., the loan and the related
allowance for loan losses are removed from the balance sheet).

While we assess the impairment for our corporate credit exposures individually, we assess the impairment of
our smaller-balance standardized homogeneous loans collectively.

Our collectively assessed allowance for non-impaired loans reflects allowances to cover for incurred losses
that have neither been individually identified nor provided for as part of the impairment assessment of smaller-
balance homogeneous loans.

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Deutsche Bank Management Report 26
Interim Report as of March 31, 2013 Risk Report

For further details regarding our accounting treatment regarding impairment loss and allowance for credit
losses please refer to Note 01 “Significant Accounting Policies” of our Financial Report 2012.

Impaired loans by region

Mar 31, 2013 Dec 31, 2012
Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total
Germany 1,769 1,831 3,600 1,822 1,793 3,615
Western Europe
(excluding Germany) 3,224 2,314 5,538 3,276 2,200 5,476
Eastern Europe 132 190 322 137 207 344
North America 487 3 490 624 2 626
Central and South America 42 − 42 41 − 41
Asia/Pacific 124 4 128 229 4 233
Africa − 1 1 − − −
Other − − − − − −
Total 5,778 4,343 10,121 6,129 4,206 10,335

Impaired loans by industry sector

Mar 31, 2013 Dec 31, 2012
Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total
Banks and insurance 23 − 23 53 − 53
Fund management activities 43 1 44 127 1 128
Manufacturing 677 205 882 720 206 926
Wholesale and retail trade 482 209 691 355 199 554
Households 497 3,249 3,746 562 3,145 3,707
Commercial real estate activities 2,759 279 3,038 3,087 271 3,358
Public sector − − − − − −
Other 1,297 400 1,697 1,225 384 1,609
Total 5,778 4,343 10,121 6,129 4,206 10,335

Development of Impaired Loans

Three months ended Mar 31, 2013 Dec 31, 2012
Individually Collectively Individually Collectively
in € m. assessed assessed Total assessed assessed Total
Balance, beginning of year 6,129 4,206 10,335 6,262 3,808 10,070
Classified as impaired
during the year 1 1,080 878 1,958 2,860 1,912 4,772
Transferred to not impaired
during the year 1 (1,223) (621) (1,844) (1,932) (930) (2,862)
Charge-offs (96) (55) (151) (798) (483) (1,281)
Disposals of impaired loans (108) (52) (160) (249) (122) (371)
Exchange rate and other
movements (4) (13) (17) (14) 21 7
Balance, end of period 5,778 4,343 10,121 6,129 4,206 10,335
1 Includes repayments.

Our impaired loans decreased by € 214 million to € 10.1 billion in the first quarter 2013 as a result of net de-
crease in impaired loans of € 46 million as well as charge-offs of € 151 million and exchange rate movements
by € 17 million. The overall decrease mainly results from a € 351 million reduction in individually assessed
impaired loans partly offset by a €137 million increase in collectively assessed impaired loans. The reduction in
individually assessed impaired loans is mainly driven by commercial real estate activities in North America and
Asia/Pacific partly compensated by increases in wholesale and retail trade in Western Europe. The increase in
collectively assessed impaired loans mainly stems from Households in Western Europe and Germany.

The impaired loan coverage ratio increased from 45 % to 48 % which is mainly attributable to Postbank. At
change of control, all loans classified as impaired by Postbank were classified as performing by Deutsche
Bank and also initially recorded at fair value. Increases in provisions after change of control at the Postbank
level resulted in an impairment of the full loan from a Deutsche Bank consolidated perspective, but with an

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Deutsche Bank Management Report 27
Interim Report as of March 31, 2013 Risk Report

allowance being built for only the incremental provision, resulting into a lower coverage ratio. Due to subse-
quent improvements in credit quality of these assets this effect has been partially reversed. In addition, the
overall increased level of our allowance for loan losses contributed to the coverage ratio increase.

Our impaired loans included € 1.4 billion among the loans reclassified to loans and receivables in accordance
with IAS 39. This position decreased by € 147 million, which is mainly attributable to the commercial real estate
sector in Asia /Pacific and was partially due to sales and charge-offs.

Movements in the Allowance for Credit Losses

Our allowance for credit losses is comprised of the allowance for loan losses and the allowance for off-balance
sheet positions.

Development of allowance for credit losses

Three months ended Mar 31, 2013
Allowance for Loan Losses Allowance for Off-Balance Sheet Positions
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of year 2,266 2,426 4,692 118 97 215 4,907
Provision for credit losses 233 111 344 2 9 11 354
thereof: (Gains)/Losses from
disposal of impaired loans 10 (36) (26) − − − (26)
Net charge-offs: (96) (55) (151) − − − (151)
Charge-offs (105) (118) (223) − − − (223)
Recoveries 9 63 72 − − − 72
Changes in the group of
consolidated companies − − − − − − −
Exchange rate changes/other (15) (7) (22) 0 1 1 (21)
Balance, end of period 2,389 2,474 4,863 120 106 226 5,089

Changes compared to prior year

Provision for credit losses
absolute 49 (29) 20 12 8 20 40
relative 27 % (21 %) 6% (120 %) 800 % (222 %) 13 %
Net charge-offs
absolute 178 41 219 − − − 219
relative (65 %) (43 %) (59 %) − − − (59 %)

In a volatile economic environment our credit standards have kept new provisions for loan losses under control.
This included pro-active management of the homogeneous retail portfolios as well as strict underwriting stand-
ards in CB&S and continued diligent monitoring of higher risk exposures. This includes the NCOU where we
continue to actively de-risk higher risk assets.

Our allowance for credit losses was € 5.1 billion as at March 31, 2013, thereof 96 % or € 4.9 billion related to
our loan portfolio and 4 % or € 226 million to off-balance sheet positions (predominantly loan commitments
and guarantees). Our allowance for loan losses as of March 31, 2013 was € 4.9 billion, 51 % of which is relat-
ed to collectively assessed and 49 % to individually assessed loan losses. The increase in our allowance for
loan losses of € 171 million mainly relates to € 344 million of additional loan loss provisions partly offset by
€ 151 million of charge-offs. Our allowance for off-balance sheet positions increased by € 11 million compared
to the prior year due to additional provisions mainly in our collectively assessed portfolio.

Provisions for credit losses recorded in the first quarter 2013 increased by € 40 million or 13 % to € 354 million
compared to the first quarter 2012. The overall loan loss provisions increased by € 20 million or 6 % in the first
quarter 2013 compared to the first quarter 2012. This increase was driven by our individually assessed loan
portfolio and is a result of a single client charge recorded in GTB. The reduction of loan loss provisions of
€ 29 million in our collectively assessed loan portfolio was mainly driven by asset sales in our portfolio of non-
impaired IAS 39 reclassified assets, which are part of our NCOU. Our overall provisions for off-balance sheet

F-III-27
Deutsche Bank Management Report 28
Interim Report as of March 31, 2013 Risk Report

positions increased by € 20 million compared to previous year’s first quarter due to lower releases of previously
established allowances in both portfolios for individually as well as for collectively assessed loans.

Net charge-offs decreased by € 219 million or 59 % in the first quarter 2013 due to prior year’s high level of
charge-offs which were driven by a large charge-off related to a single client.

Development of allowance for credit losses

Three months ended Mar 31, 2012
Allowance for Loan Losses Allowance for Off-Balance Sheet Positions
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of year 2,011 2,147 4,158 127 98 225 4,383
Provision for credit losses 184 140 324 (10) 1 (9) 314
thereof: (Gains)/Losses from
disposal of impaired loans 1 (51) (50) − − − (50)
Net charge-offs: (274) (96) (370) − − − (370)
Charge-offs (283) (179) (462) − − − (462)
Recoveries 9 83 92 − − − 92
Changes in the group of
consolidated companies − − − − − − −
Exchange rate changes/other (35) 1 (34) (0) (1) (1) (35)
Balance, end of period 1,887 2,190 4,077 117 97 214 4,291

Changes compared to prior year

Provision for credit losses
absolute 30 (75) (45) (15) 2 (13) (58)
relative 19 % (35 %) (12 %) (300 %) (200 %) (325 %) (16 %)
Net charge-offs
absolute (145) 5 (140) − − − (140)
relative 112 % (5 %) 61 % − − − 61 %

Market Risk

Market Risk of Trading Units excluding Postbank

The tables below present the value-at-risk metrics calculated with a 99 % confidence level and a one-day hold-
ing period for our Trading Units.

Value-at-Risk of our Trading Units by Risk Type

Total Diversification effect Interest rate risk Equity price risk Foreign exchange risk Commodity price risk 3
in € m. 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Average 1 59.3 57.1 (45.8) (61.1) 53.5 58.4 13.0 14.6 19.3 24.5 19.3 20.7
Maximum 1 69.0 80.1 (55.7) (85.1) 62.8 75.8 22.6 27.4 32.0 43.4 23.5 31.8
Minimum 1 53.3 43.3 (36.5) (35.3) 50.0 44.3 9.0 7.5 12.5 9.4 16.2 9.1
Period-end 2 58.2 58.1 (53.9) (44.4) 52.7 53.9 9.3 11.6 29.0 15.3 21.0 21.7
1 Amounts show the bands within which the values fluctuated during the period January 1 to March 31, 2013 and the full year 2012, respectively.
2 Amounts for 2013 as of March 31, 2013 and for 2012 as of December 31, 2012.
3 Includes value-at-risk from gold positions.

The average value-at-risk for first quarter 2013 was € 59.3 million and increased slightly by € 2.2 million com-
pared to the full year 2012. The increase is primarily driven by a lower level of diversification across the portfo-
lio due to higher idiosyncratic risk concentrations, partly offset by the benefit of lower levels of volatility within
the one year of historical market data used in the calculation, particularly in credit risk factors.

During the first three months of 2013 our trading units achieved a positive actual income for 100 % of the trad-
ing days compared to 96 % in full year 2012.

F-III-28
Deutsche Bank Management Report 29
Interim Report as of March 31, 2013 Risk Report

Basel 2.5 Regulatory Trading Market Risk Measures

The following table shows the stressed value-at-risk (with a 99 % confidence level and a one-day holding peri-
od) for our Trading Units.

Stressed Value-at-Risk by Risk Type

Total Diversification effect Interest rate risk Equity price risk Foreign exchange risk Commodity price risk
in € m. 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Average 1 136.0 120.6 (125.3) (115.8) 150.6 142.0 24.5 19.8 45.0 38.1 41.2 36.5
Maximum 1 169.2 152.2 (156.1) (163.7) 172.1 178.9 50.5 47.8 75.9 67.9 48.6 61.0
Minimum 1 115.1 91.0 (97.4) (73.9) 138.3 110.2 9.9 7.7 27.5 14.5 33.7 11.1
Period-end 2 135.1 146.3 (153.2) (98.7) 155.6 157.7 12.0 16.0 75.9 27.5 44.9 43.8
1 Amounts show the bands within which the values fluctuated during the period January 1 to March 31, 2013 and the full year 2012, respectively.
2 Amounts for 2013 as of March 31, 2013 and for 2012 as of December 31, 2012.

The average Stressed value-at-risk for first quarter 2013 was € 136.0 million and increased by € 15.4 million
compared to the full year 2012. The increase is primarily driven by higher idiosyncratic risk concentrations in
equities and credit. The Stressed Value-at-Risk per end of the first three month 2013 was € 135.1 million and
decreased by € 11.2 million (8 %) compared to year end 2012. The decrease at the end of the quarter was
driven by lower exposure in equity risk factors and methodology enhancements reducing Interest rate risk.

Incremental Risk Charge of Trading Units (with a 99.9 % confidence level and one-year capital horizon)
Global Finance and Rates and Emerging
Total Foreign Exchange Credit Trading NCOU Markets - Debt Other
in € m. 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Average 1 750.6 760.7 69.8 107.4 489.3 482.2 (1.9) (23.0) 196.7 197.2 (3.4) (3.1)
Maximum 1 860.0 821.5 90.6 139.3 598.1 579.6 49.1 29.1 242.0 273.5 3.2 0.6
Minimum 1 666.6 705.9 46.7 70.1 420.7 406.1 (38.0) (120.9) 150.2 150.0 (9.5) (6.1)
Period-end 2 822.8 712.8 46.7 70.8 598.1 441.3 (38.0) (20.9) 215.3 224.6 0.7 (3.0)
1 Amounts show the bands within which the values fluctuated during the period January 1 to March 31, 2013 and the full year 2012, respectively.
2 Amounts for 2013 as of March 31, 2013 and for 2012 as of December 31, 2012.

The Incremental Risk Charge per end of the first three months 2013 was € 822.8 million and increased by
€ 110 million (15 %) compared to year end 2012. The increase was driven by higher single name exposures in
the Rates and Credit Trading Business. The average Incremental Risk Charge was € 750.6 million and was
slightly reduced compared to year end 2012.

For regulatory reporting purposes, the comprehensive risk measure for the respective reporting dates repre-
sents the highest of the spot value at the reporting dates, their preceding 12-week average calculation, and the
floor, where the floor is equal to 8 % of the equivalent capital charge under the securitization framework. In
contrast to this, the comprehensive risk measure presented for the reporting dates below is the spot value and
the average, maximum and minimum values have been calculated for the 12 weeks period preceding these
reporting dates.

Comprehensive Risk Measure of Trading Units (with a 99.9 % confidence level and one-year capital horizon)
in € m. 2013 2012
Average 1 586.2 613.4
Maximum 1 673.4 650.9
Minimum 1 517.9 562.8
Period-end 2 611.3 543.8
1 Amounts show the bands within which the values fluctuated during the period January 1 to March 31, 2013 and the full year 2012, respectively.
2 Amounts for 2013 as of March 31, 2013 and figures for 2012 as of December 31, 2012.

The Comprehensive Risk Measure per end of the first three month 2013 was € 611.3 million and increased by
€ 67.5 million (12 %) compared to year end 2012. The increase was mainly driven by higher credit spreads in
the calculation at the period end.

F-III-29
Deutsche Bank Management Report 30
Interim Report as of March 31, 2013 Risk Report

As at March 31, 2013, the securitization positions using the market risk standardized approach generated risk-
weighted assets of € 7.5 billion and capital deduction items of € 1.0 billion. As of December 31, 2012, these
positions amounted to € 5.5 billion and € 0.6 billion respectively.

As at March 31, 2013, the capital charge for longevity risk was € 37.6 million corresponding to risk-weighted
assets of € 470 million. As of December 31, 2012, these positions amounted to € 32 million and € 403 million
respectively.

Market Risk of Trading Book at Postbank

Value-at-Risk of Postbank trading book (with a 99 % confidence level and a one-day holding period)
Total Diversification effect Interest rate risk Equity price risk Foreign exchange risk Commodity price risk
in € m. 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Average 1 0.6 3.4 (0.2) (0.2) 0.5 3.4 0.1 0.1 0.1 0.1 − −
Maximum 1 1.1 5.9 (0.1) (0.0) 1.1 6.0 0.1 0.2 0.5 0.7 − −
Minimum 1 0.3 0.9 (0.5) (1.0) 0.3 0.9 − − 0.1 0.0 − −
Period-end 2 0.4 1.2 (0.1) (0.3) 0.3 1.2 − 0.1 0.1 0.2 − −
1 Amounts show the bands within which the values fluctuated during the period January 1 to March 31, 2013 and the full year 2012, respectively.
2 Amounts for 2013 as of March 31, 2013 and figures for 2012 as of December 31, 2012.

In line with Postbank’s trading book strategy the Value-at-Risk in the first three months 2013 was reduced to
€ 0.4 million. The decrease of € 0.8 million reflects the reduction in repo transactions qualifying for an assign-
ment to the trading book.

Liquidity Risk
Composition of our external funding sources in euro billion and as a percentage of our total external funding sources
in € bn. (unless stated otherwise) Mar 31, 2013 Dec 31, 2012
Capital Markets and Equity 194 17 % 202 18 %
Retail 286 26 % 291 26 %
Transaction Banking 193 17 % 194 18 %
Other Customers 1 107 10 % 109 10 %
Discretionary Wholesale 102 9% 93 8%
Secured Funding and Shorts 208 19 % 193 18 %
Financing Vehicles 2 17 2% 19 2%
Total external funding 1,107 100 % 1,101 100 %
1 Other includes fiduciary, self-funding structures (e.g. X-markets) and margin/prime brokerage cash balances (shown on a net basis).
2 Includes ABCP conduits.
Reference: To reconcile to the total balance sheet, add derivatives & settlement balances € 785 billion (€ 786 billion), netting effect for margin & prime brokerage cash
balances (shown on a net basis) € 73 billion (€ 71 billion), and other non-funding liabilities € 67 billion (€ 65 billion) for March 31, 2013, and December 31, 2012,
respectively.

The increase of secured funding and shorts by € 15 billion during the first three months of 2013 reflects in-
creased business in comparison to year-end levels. The higher volume of discretionary wholesale funding
(€ 9 billion more) at the end of the first three months 2013 reflects increased business activity in the first quarter.
The decrease of € 8 billion in capital markets and equity reflects a concentration of capital markets maturities,
exceeding issuance, over the first quarter.

During the first quarter of 2013, Deutsche Bank raised € 6 billion out of a total 2013 funding plan of € 18 billion,
equating to a completion rate of 33 %, 8 percentage points ahead of the pro-rata equivalent. The average
spread during the first three months of the year over the relevant floating index (e.g. Libor) was 49 bps, with an
average tenor of 5.1 years. The most significant transaction over this period was a € 1.75 billion senior unse-
cured benchmark issue with a tenor of 10 years and a re-offer spread of 78 bps over mid swaps. This was our
first fixed rate senior unsecured benchmark issue since February 2008. For the remainder of the year we in-
tend to source the rest of our requirements through a variety of channels, including issuance targeted at retail
investors, private placements with institutional investors and further public benchmark issuance.

Regular stress test analyses aim to ensure that we always hold sufficient cash and liquid assets to close a
potential funding gap which could open under a combined scenario comprising idiosyncratic and market re-
lated stress. For this purpose the bank holds Liquidity Reserves which comprise available cash and cash

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Deutsche Bank Management Report 31
Interim Report as of March 31, 2013 Risk Report

equivalents, highly liquid securities (includes government, government guaranteed and agency securities) as
well as other unencumbered central bank eligible assets. The volume of the Liquidity Reserves is a function of
the expected stress result, both at an aggregate level as well as at an individual currency level. To the extent
we receive incremental short-term wholesale liabilities which attract a high stress roll-off, we will largely keep
the proceeds of such liabilities in cash or highly liquid securities as a stress mitigant. As such, the total volume
of Liquidity Reserves will fluctuate according to the level of short-term wholesale liabilities held, although this
has no material impact on our overall liquidity position under stress. Liquidity Reserves only include assets that
are freely transferable within the group, or can be applied against local entity stress outflows. These reserves
are held across major currencies and key locations in which the bank is active. The vast majority of our Liquid-
ity Reserves are centrally held at our parent level or at our foreign branches. Size and composition are subject
to regular senior management review. The haircuts applied reflect our assumption of the actual liquidity value
that could be obtained, primarily through secured funding, and take into account the experience observed in
secured funding markets at times of stress.

Composition of our liquidity reserves by parent company (including branches) and subsidiaries
Mar 31, 2013 Dec 31, 2012
in € bn. Carrying Value Liquidity Value Carrying Value Liquidity Value
Available cash and cash equivalents (held primarily at central banks) 130 130 128 128
Parent (incl. foreign branches) 115 115 112 112
Subsidiaries 15 15 16 16
Highly liquid securities (includes government, government
guaranteed and agency securities) 88 79 91 82
Parent (incl. foreign branches) 62 56 56 52
Subsidiaries 26 23 35 30
Other unencumbered central bank eligible securities 12 9 13 10
Parent (incl. foreign branches) 10 8 12 9
Subsidiaries 2 1 1 1
Total liquidity reserves 230 218 232 220
Parent (incl. foreign branches) 187 179 180 173
Subsidiaries 43 39 52 47

As of March 31, 2013, our liquidity reserves decreased by € 2 billion or 1 %.

Capital Management
Since the first quarter 2013, we have used a changed methodology for allocating average active equity to the
business segments and to Consolidation & Adjustments. The total amount allocated continues to be deter-
mined based on the higher of our overall economic risk exposure or regulatory capital demand. However, the
internal demand for regulatory capital has been derived assuming a Common Equity Tier 1 capital ratio (for-
merly: Core Tier 1 capital ratio) of 10 % at Group level and assuming full implementation of Basel 3 rules. This
compares to 2012 methodology of applying a 9 % Common Equity Tier 1 ratio based on Basel 2.5 rules. The
change has further aligned the allocation of capital with our communicated capital and return on equity targets.

The 2012 Annual General Meeting granted our management board the authority to buy back up to 92.9 million
shares before the end of November 2016. Thereof 46.5 million shares can be purchased by using derivatives.
These authorizations replaced the authorizations of the 2011 Annual General Meeting. As of the 2012 Annual
General Meeting, the number of shares held in Treasury from buybacks totaled 10.9 million. During the period
from the 2012 Annual General Meeting until March 31, 2013, a total of 16.8 million shares were purchased,
thereof 6.8 million via derivatives. In the same period 27.7 million shares were used for equity compensation
purposes. The number of shares held in Treasury from buybacks was thus close to zero as of March 31, 2013.

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Deutsche Bank Management Report 32
Interim Report as of March 31, 2013 Risk Report

The total face value of available conditional capital amounts to € 691.2 million (270 million shares). In addition,
the authorized capital available to the Management Board has a total face value of € 1.2 billion (450 million
shares).

Total outstanding hybrid Tier 1 capital according to Basel 2.5 rules (substantially all noncumulative trust pre-
ferred securities) as of March 31, 2013 amounted € 12.6 billion compared to € 12.5 billion as of December 31,
2012. This increase was mainly due to the foreign exchange effects of the strengthened U.S. dollar to the U.S.
dollar denominated hybrid Tier 1 capital. In the first quarter of 2013, the Group neither raised nor redeemed
any hybrid Tier 1 capital.

In the first three months of 2013, we did not issue any lower Tier 2 capital (qualified subordinated liabilities).
Profit participation rights according to Basel 2.5 rules amounted to € 1.1 billion, unchanged from December 31,
2012. Total lower Tier 2 capital according to Basel 2.5 rules as of March 31, 2013 amounted to € 7.0 billion
compared to € 8.0 billion as of December 31, 2012. This decrease was mainly driven by redemptions and
regulatory maturity deductions. Cumulative preferred securities according to Basel 2.5 rules amounted to
€ 294 million as of March 31, 2013, compared to € 292 million as of December 31, 2012.

Regulatory Capital
Starting December 31, 2011, the calculation of our regulatory capital is based on the “Basel 2.5”-framework as
implemented by the Capital Requirements Directive 3 into the German Banking Act and the Solvency Regula-
tion. The information in this section as well as in the section “Development of Risk-weighted Assets” are based
on the regulatory principles of consolidation.

Although the pending Capital Requirements Directive 4 (“CRD 4”) legislation and the related Regulation on
prudential requirements for credit institutions and investment firms (“Capital Requirements Regulation”, or
“CRR”), implementing the “Basel 3” framework into European law, have not yet entered into force, we make
use of the terms from the Basel 3 framework in the following section and tables on capital adequacy and regu-
latory capital. Nevertheless the numbers disclosed are still based on the Basel 2.5 framework.

Basel 2.5 requires the deduction of goodwill from Tier 1 capital. However, for a transitional period, section
64h (3) of the German Banking Act allows the partial inclusion of certain goodwill components in Tier 1 capital.
We make use of this transition rule in our capital adequacy reporting to the German regulatory authorities.

As of March 31, 2013, the transitional item amounted to € 200 million compared to € 236 million as of Decem-
ber 31, 2012. In our reporting to the German regulatory authorities, the Tier 1 capital, total regulatory capital
and the total risk-weighted assets were increased by this amount. Correspondingly, our reported Tier 1 capital
ratio and our total capital ratio including this item were 16.0 % and 17.7 % at the end of the first quarter 2013,
compared to 15.2 % and 17.1 % on December 31, 2012.

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Deutsche Bank Management Report 33
Interim Report as of March 31, 2013 Risk Report

Regulatory Capital, RWA and Capital Ratios

in € m. Mar 31, 2013 Dec 31, 2012
Common Equity Tier 1 capital: instruments and reserves
Capital instruments and the related share premium accounts 25,795 26,096
Retained earnings 29,004 28,936
Accumulated other comprehensive income (630) (1,294)
Noncontrolling interests 130 124
Independently reviewed interim profits net of any foreseeable charge or dividend 780 (432)
Common Equity Tier 1 capital before regulatory adjustments 55,079 53,430

Common Equity Tier 1 capital: regulatory adjustments

Intangible assets (net of related tax liability) (11,713) (11,579)
Negative amounts resulting from the calculation of expected loss amounts (431) (440)
Gains or losses on liabilities designated at fair value resulting from changes in own credit standing (56) (2)
Direct holdings by an institution of own Common Equity Tier 1 capital instruments1 – –
Direct holdings by the institution of the Common Equity Tier 1 capital instruments of relevant entities where the
institution has a significant investment in those entities (1,567) (1,493)
Exposure amount of the following items which qualify for a RW of 1250 %, where the institution opts for the
deduction alternative (878) (953)
of which: securitization positions (878) (953)
of which: free deliveries – –
Other, including consolidation and regulatory adjustments (674) (748)
Regulatory adjustments relating to unrealized gains and losses (499) (259)
Amount to be deducted from or added to Common Equity Tier 1 capital with regard to additional filters and
deductions required pre CRR – –
Total regulatory adjustments to Common Equity Tier 1 capital (15,818) (15,473)
Common Equity Tier 1 capital 39,261 37,957

Additional Tier 1 capital: instruments

Capital instruments and the related share premium accounts 13,193 13,025
Additional Tier 1 capital before regulatory adjustments 13,193 13,025

Additional Tier 1 capital: regulatory adjustments

Direct holdings by an institution of own Additional Tier 1 capital instruments (575) (499)
Additional Tier 1 capital 12,618 12,526
Tier 1 capital 2 51,879 50,483

Tier 2 capital: instruments and provisions

Capital instruments and the related share premium accounts 10,287 11,852
Tier 2 capital before regulatory adjustments 10,287 11,852

Tier 2 capital: regulatory adjustments

Direct holdings by an institution of own Tier 2 capital instruments and subordinated loans (130) (152)
Amortization (1,753) (2,283)
Items to be partly deducted from Tier 2 capital pursuant to Section 10 (6) and (6a) KWG (2,876) (2,885)
Tier 2 capital 5,528 6,532
Total Regulatory capital 57,408 57,015

Total risk-weighted assets 324,908 333,605

Credit risk 214,899 228,952
Market risk 57,506 53,058
Operational risk 52,503 51,595
Capital ratios and buffers
Common Equity Tier 1 capital (as a percentage of risk exposure amount) 12.1 11.4
Tier 1 capital (as a percentage of risk exposure amount) 16.0 15.1
Total Regulatory capital (as a percentage of risk exposure amount) 17.7 17.1
1
Excludes holdings that are already considered in the accounting base of common equity.
2
Included € 20 million silent participation as of March 31, 2013 and December 31, 2012.

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Deutsche Bank Management Report 34
Interim Report as of March 31, 2013 Risk Report

The following table details the main changes in our Common Equity Tier 1 (formerly: Core Tier 1) capital, Addi-
tional Tier 1 and Tier 2 capital from the beginning of the year 2013 to the end of the first quarter respectively
from the beginning to the end of the year 2012:

Development of regulatory capital

in € m. Mar 31, 2013 Dec 31, 2012
Common Equity Tier 1 Capital
Opening amount 37,957 36,313
Common shares, net effect / (+) issued (-) retirement − −
Additional paid-in capital (297) 83
Retained earnings 1,457 (234)
therein:
Remeasurement effects related to defined benefit plans, net of tax/CTA (194) (480)
Net income attributable to Deutsche Bank Shareholders 1,651 263
Common shares in treasury, net effect / (+) sales (-) purchase (5) 763
Movements in accumulated other comprehensive income 415 (424)
Foreign currency translation, net of tax 415 (424)
Dividend accrual (174) (697)
Removal of gains/losses resulting from changes in own credit standing in liabilities
designated at fair value (net of tax) (54) 126
Goodwill and other intangible assets (deduction net of related tax liability) (134) 1,330
Noncontrolling interest 6 (875)
Deductible investments in banking, financial and insurance entities (74) (161)
Securitization positions not included in risk-weighted assets 75 1,911
Excess of expected losses over risk provisions 9 69
Other, including regulatory adjustments 82 (247)
Closing amount 39,261 37,957

Additional Tier 1 Capital

Opening amount 12,526 12,734
New Additional Tier 1 eligible capital issues − −
Buybacks − −
Other, including regulatory adjustments 93 (208)
Closing amount 12,618 12,526

Tier 1 capital 51,879 50,483

Tier 2 capital:
Opening amount 6,532 6,179
New Tier 2 eligible capital issues − −
Buybacks − (179)
Amortization 530 (1,071)
Other, including regulatory adjustments (1,534) 1,603
Closing amount 5,528 6,532

Total Regulatory capital 57,408 57,015

The increase of € 1.3 billion in Common Equity Tier 1 capital in the first three months of 2013 was primarily
driven by first quarter’s net income attributable to Deutsche Bank shareholders of € 1.7 billion, partially offset
by reduction of € 318 million in relation to equity compensation and by an actuarial loss resulting from
retirement benefit plans of € 194 million.

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Deutsche Bank Management Report 35
Interim Report as of March 31, 2013 Risk Report

Reconciliation of shareholders’ equity to regulatory capital

in € m. Mar 31, 2013 Dec 31, 2012
Total shareholders’ equity per accounting balance sheet 55,820 54,001
Common shares 2,380 2,380
Additional paid-in capital 23,479 23,776
Retained earnings 30,656 29,199
therein:
Remeasurement effects related to defined benefit plans, net of tax/CTA (169) 26
Net income attributable to Deutsche Bank Shareholders 1,651 263
Common shares in treasury, at cost (65) (60)
Equity classified as obligation to purchase common shares − −
Accumulated other comprehensive income, net of tax (630) (1,294)

Prudential filters (556) (263)

Own credit spread of liabilities designated at fair value (56) (2)
Unrealized gains and losses (499) (261)

Regulatory adjustments to accounting basis (16,004) (15,781)

Dividend accrual (871) (697)
Goodwill (8,674) (8,583)
Per balance sheet (9,399) (9,297)
Goodwill from at-equity investments (28) (30)
Goodwill relating to non-regulatory consolidation circle 752 745
Other intangibles assets (3,039) (2,996)
Per balance sheet (4,943) (4,922)
Deferred tax liability 588 583
Other intangible assets relating to non-regulatory consolidation circle 1,317 1,343
Noncontrolling interests 130 124
Per balance sheet 258 239
Noncontrolling interests relating to non-regulatory consolidation circle (128) (115)
Securitization positions (878) (953)
Shortfall of provisions to expected loss (431) (440)
Free-deliveries outstanding − −
Significant investments in the capital of financial sector entities (1,567) (1,493)
Other, including consolidation and regulatory adjustments (674) (743)

Common Equity Tier 1 capital 39,261 37,957

Additional Tier 1 capital 12,618 12,526

Hybrid capital securities 12,618 12,526
Per balance sheet 12,664 12,091
Regulatory adjustments (45) 435
Deductions from Additional Tier 1 capital − −

Tier 1 capital 51,879 50,483

Tier 2 capital 5,528 6,532

Subordinated debt 8,337 9,362
Per balance sheet 9,970 11,282
Amortization (1,753) (2,283)
Regulatory adjustments 120 364
Deductions from Tier 2 capital (2,876) (2,885)
Other 67 55

Total Regulatory capital 57,408 57,015

F-III-35
Deutsche Bank Management Report 36
Interim Report as of March 31, 2013 Risk Report

Development of Risk-weighted Assets

The tables below provide an overview of risk-weighted assets on a Basel 2.5 basis broken down by model
approach and business division.

Risk-weighted Assets by Model Approach and Business Division

Mar 31, 2013
Corporate Global Asset & Private & Non-Core Consolidation &
Banking & Transaction Wealth Business Operations Adjustments
in € m. Securities Banking Management Clients Unit and Other Total
Credit Risk 67,383 27,292 6,002 66,646 33,283 14,492 215,099
Advanced IRBA 60,424 19,675 2,911 39,509 15,237 929 138,686
Central Governments 2,877 833 11 70 256 156 4,204
Institutions 5,807 1,800 175 201 862 17 8,862
Corporates 45,608 16,566 2,607 2,859 9,229 756 77,623
Retail 212 19 119 35,344 1,014 0 36,708
Other 5,921 458 − 1,035 3,876 0 11,290
Foundation IRBA − − − 8,527 1,132 − 9,659
Central Governments − − − 19 2 − 21
Institutions − − − 1,911 836 − 2,747
Corporates − − − 6,598 294 − 6,891
Retail − − − − − − −
Other − − − − − − −
Other IRBA 2,577 45 428 8,989 7,520 2,281 21,841
Central Governments − − − − − − −
Institutions − − − − − − −
Corporates 1,325 26 − 5,918 3,657 − 10,926
Retail − − − − − − −
Other 1,252 19 428 3,071 3,864 2,281 10,915
Standardized Approach 4,382 7,572 2,663 9,620 9,394 11,282 44,913
Central Governments 4 63 0 1 24 1 91
Institutions 13 23 33 409 52 3 533
Corporates 3,153 6,986 848 2,186 4,311 482 17,967
Retail 15 385 42 4,953 2,670 0 8,066
Other 1,197 115 1,739 2,072 2,337 10,796 18,255
Market Risk 37,911 282 1,040 536 17,737 − 57,506
Internal Model Approach 31,582 282 1,040 − 15,851 − 48,755
Standardized Approach 6,329 − − 536 1,886 − 8,751
Operational Risk 19,538 546 4,766 4,892 22,761 − 52,503
Advanced measurement
approach 19,538 546 4,766 4,892 22,761 − 52,503
Total 124,832 28,120 11,809 72,074 73,781 14,492 325,108

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Deutsche Bank Management Report 37
Interim Report as of March 31, 2013 Risk Report

Dec 31, 2012

Corporate Global Asset & Private & Non-Core Consolidation &
Banking & Transaction Wealth Business Operations Adjustments
in € m. Securities Banking Management Clients Unit and Other Total
Credit Risk 70,590 26,398 6,134 67,511 40,329 18,235 229,196
Advanced IRBA 63,727 18,464 2,823 38,637 19,501 573 143,725
Central Governments 2,440 818 11 76 266 151 3,762
Institutions 5,686 1,607 93 200 1,333 27 8,946
Corporates 49,258 15,610 2,589 2,796 10,999 395 81,646
Retail 217 20 130 34,529 1,150 0 36,046
Other 6,125 409 1 1,037 5,753 0 13,325
Foundation IRBA − − − 8,726 1,813 − 10,539
Central Governments − − − 32 2 − 35
Institutions − − − 2,217 939 − 3,156
Corporates − − − 6,477 872 − 7,349
Retail − − − − − − −
Other − − − − − − 0
Other IRBA 2,487 261 455 9,042 8,027 2,321 22,592
Central Governments − − − − − − −
Institutions − − − − − − −
Corporates 1,341 240 − 5,574 3,802 − 10,957
Retail − − − − − − −
Other 1,146 20 455 3,467 4,225 2,321 11,635
Standardized Approach 4,376 7,673 2,856 11,105 10,988 15,340 52,340
Central Governments 2 68 0 87 222 1 379
Institutions 13 16 9 112 77 3 230
Corporates 3,070 7,125 1,038 2,733 4,273 401 18,640
Retail 16 392 134 5,991 2,758 1 9,292
Other 1,275 73 1,675 2,183 3,658 14,935 23,799
Market Risk 35,656 365 1,166 360 15,512 − 53,058
Internal Model Approach 31,280 365 1,166 − 13,761 − 46,571
Standardized Approach 4,376 − − 360 1,751 − 6,487
Operational Risk 19,221 331 4,904 4,530 22,609 − 51,595
Advanced measurement
approach 19,221 331 4,904 4,530 22,609 − 51,595
Total 125,467 27,093 12,204 72,401 78,449 18,235 333,849

The table below provides an analysis of key drivers for risk-weighted asset movements on a Basel 2.5 basis
observed for credit and market risk in the reporting period.

Development of Risk-weighted Assets for Credit Risk and Market Risk

Mar 31, 2013 Dec 31, 2012
thereof: thereof:
derivatives and derivatives and
Counterparty repo-style Counterparty repo-style
in € m. credit risk transactions credit risk transactions
Credit risk RWA balance, beginning of period 229,196 35,274 262,764 50,973
Book Quality / Growth 3,185 (1,076) 3,400 3,283
Operating Model Improvements (3,815) (1,525) (13,534) (12,800)
Advanced Model Roll out (5,217) (600) (7,325) (4,180)
Asset Sale / Hedging (9,734) − (14,470) (1,567)
Foreign exchange movements 1,484 418 (1,639) (436)
Credit risk RWA balance, end of period 215,099 32,490 229,196 35,274

in € m. Mar 31, 2013 Dec 31, 2012

Market risk RWA balance, beginning of period 53,058 68,095
Movement in risk levels 4,201 (322)
Market data changes and recalibrations (404) (2,577)
Model updates (953) (707)
Methodology and policy 1,200 (11,215)
Acquisitions and disposals − −
Foreign exchange movements 404 (216)
Market risk RWA balance, end of period 57,506 53,058

F-III-37
Deutsche Bank Management Report 38
Interim Report as of March 31, 2013 Risk Report

The decrease in RWA for counterparty credit risk by 6.2 % since December 31, 2012 mainly reflects the ongo-
ing RWA reduction efforts focusing on de-risking as well as model and process enhancements. The category
Asset Sale/Hedging mainly includes de-risking activities through disposals, restructuring and additional hedg-
ing. Regular process and data enhancements like continuing usage of master netting and collateral agree-
ments are considered in the category Operating Model improvements. The Advanced Model Roll-out category
primarily shows the impact of regularly parameter recalibration as well as BaFin approvals received for certain
advanced IRBA models. The category Book Quality/Growth includes organic changes in the book size as well
as the effects from portfolio rating migrations.

The analysis for market risk covers movements in relation to our internal models for value-at-risk, stressed
value-at-risk, incremental risk charge and comprehensive risk measure as well as results from the market risk
standardized approach, e.g. for trading securitizations and nth-to-default derivatives or trading exposures for
Postbank.

The 8.4 % RWA increase for market risk since December 31, 2012 is mainly driven by movements in risk levels
in relation to our internal value-at-risk and stressed value-at-risk models, which saw increased values mainly
due to a lower level of diversification across the portfolio driven by higher idiosyncratic risk concentrations in
equities and credit, as well as by an increase in the incremental risk charge, driven by higher single name
exposures in the Rates and Credit Trading Business. Smaller moves in the comprehensive risk measure and
Postbank were also observed. In the “Methodology and policy” category we reflect regulatory-driven changes
to our market risk RWA models and calculations. The market risk RWA movements due to changes in market
data levels, volatilities, correlations, liquidity and ratings are included under the market data changes category.
In the first three months 2013 we saw a 0.8 % reduction in market risk RWA due to lower levels of volatility
within the historical market data used in the calculation. Changes to our market risk RWA internal models, such
as methodology enhancements or risk scope extensions, are included in the category of “Model updates”.
Significant new businesses and disposals would be assigned to the line item Acquisition and disposal, which
was not applicable in this reporting period.

Balance Sheet Management

We manage our balance sheet on a Group level and, where applicable, locally in each region. In the alloca-
tion of financial resources we favor business portfolios with the highest positive impact on our profitability and
shareholder value. We monitor and analyze balance sheet developments and track certain market-observed
balance sheet ratios. Based on this we trigger discussion and management action by the Capital and Risk
Committee. While we monitor IFRS balance sheet developments, our balance sheet management is principally
focused on adjusted values as used in our adjusted leverage ratio, which is calculated using adjusted total
assets and adjusted total equity figures.

F-III-38
Deutsche Bank Management Report 39
Interim Report as of March 31, 2013 Risk Report

Leverage Ratio: We calculate our leverage ratio as a non-GAAP financial measure by dividing total assets by
total equity. We disclose an adjusted leverage ratio for which the following adjustments are made to the report-
ed IFRS assets and equity:

— Total assets under IFRS are adjusted to reflect additional netting provisions to obtain total assets adjusted.
Under IFRS offsetting of financial assets and financial liabilities is required when an entity, (1) currently has
a legally enforceable right to set off the recognized amounts; and (2) intends either to settle on a net basis,
or to realize the asset and settle the liability simultaneously. IFRS specifically focuses on the intention to set-
tle net in the ordinary course of business, irrespective of the rights in default. As most derivative contracts
covered by a master netting agreement do not settle net in the ordinary course of business they must be
presented gross under IFRS. Repurchase and reverse repurchase agreements are also presented gross, as
they also do not settle net in the ordinary course of business, even when covered by a master netting
agreement. It has been industry practice in the U.S. to net the receivables and payables from unsettled
regular way trades. This is not permitted under IFRS.
— Total equity under IFRS is adjusted to reflect pro forma fair value gains and losses on our own debt (post-
tax, estimate assuming that substantially all of our own debt was designated at fair value), to obtain total
equity adjusted. The tax rate applied for this calculation is a blended uniform tax rate of 35 %.

We apply these adjustments in calculating the adjusted leverage ratio to improve comparability with competi-
tors. The definition of the adjusted leverage ratio is used consistently throughout the Group in managing the
business. There will still be differences in the way competitors calculate their leverage ratios compared to our
definition of the adjusted leverage ratio. Therefore our adjusted leverage ratio should not be compared to other
companies’ leverage ratios without considering the differences in the calculation. Our adjusted leverage ratio is
not likely to be identical to, nor necessarily indicative of, what our leverage ratio would be under any current or
future bank regulatory leverage ratio requirement.

Leverage ratio
Assets and equity
in € bn. Mar 31, 2013 Dec 31, 2012
Total assets (IFRS) 2,033 2,022
Adjustment for additional derivatives netting 1 (642) (705)
Adjustment for additional pending settlements netting
(138) (82)
and netting of pledged derivatives cash collateral 2
Adjustment for additional reverse repo netting (28) (26)
Total assets (adjusted) 1,225 1,209

Total equity (IFRS) 56.1 54.2

Adjustment for pro forma fair value gains (losses) on the Group’s own debt (post-tax) 3 2.4 1.7
Total equity (adjusted) 58.5 55.9

Leverage Ratio (IFRS) 36 37

Leverage Ratio (adjusted) 21 22
1 Includes netting of cash collateral received in relation to derivative margining.
2 Includes netting of cash collateral pledged in relation to derivative margining.
3 The estimated cumulative tax effect on pro forma fair value gains (losses) on such own debt was € (1.3) billion and € (0.9) billion at March 31, 2013 and at
December 31, 2012, respectively.

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Deutsche Bank Management Report 40
Interim Report as of March 31, 2013 Risk Report

As of March 31, 2013, on a consolidated basis our adjusted leverage ratio amounted to 21, improved com-
pared to year-end 2012, and well below our leverage ratio target of 25. Our leverage ratio calculated as the
ratio of total assets under IFRS to total equity under IFRS was 36 as of March 31, 2013, also an improvement
compared to 37 at the end of 2012.

Overall Risk Position

The table below shows our overall risk position as measured by the economic capital usage calculated for
credit, market, operational and business risk for the dates specified. To determine our overall (nonregulatory)
risk position, we generally consider diversification benefits across risk types except for business risk, which we
aggregate by simple addition.

Overall risk position as measured by economic capital usage

Economic capital usage by risk type
in € m. Mar 31, 2013 Dec 31, 2012
Credit risk 11,298 12,574
Market risk 13,262 13,185
Trading market risk 4,921 4,690
Nontrading market risk 8,341 8,495
Operational risk 5,100 5,018
Diversification benefit across credit, market and operational risk (4,513) (4,435)
Economic capital usage for credit, market and operational risk 25,147 26,342
Business risk 2,307 2,399
Total economic capital usage 27,454 28,741

As of March 31, 2013, our economic capital usage amounted to € 27.5 billion, which was € 1.3 billion, or 4 %,
below the € 28.7 billion economic capital usage as of December 31, 2012, mainly due to lower economic capi-
tal usage for credit risk. The economic capital usage for credit risk decreased to € 11.3 billion as of March 31,
2013, compared to € 12.6 billion at year-end 2012 reflecting operating model improvements and exposure
reductions, primarily in NCOU. The economic capital usage for trading market risk increased by € 231 million,
mainly driven by slightly higher exposures for traded default risk. Our nontrading market risk economic capital
usage decreased by € 154 million reflecting de-risking activities in NCOU. The economic capital usage for
operational risk increased by € 82 million to € 5.1 billion as of March 31, 2013. This is mainly due to increased
litigation provisions relating to events over the past decade. The economic capital continues to include the
safety margin applied in our AMA model, which was implemented in 2011 to cover unforeseen legal risks from
the current financial crisis.

Internal Capital Adequacy

As the primary measure of our Internal Capital Adequacy Assessment Process (ICAAP) we assess our internal
capital adequacy based on our “gone concern approach” as the ratio of our total capital supply divided by our
total capital demand as shown in the table below. In the first quarter 2013 our capital supply definition was
aligned with Basel 3 capital framework by discontinuing the adjustment for unrealized gains/losses on cash
flow hedges and inclusion of the debt valuation adjustments. The prior year information has been changed
accordingly.

F-III-40
Deutsche Bank Management Report 41
Interim Report as of March 31, 2013 Risk Report

Internal Capital Adequacy

in € m.
(unless stated otherwise) Mar 31, 2013 Dec 31, 2012
Capital Supply
Shareholders’ Equity 55,820 54,001
Fair Value gains on own debt and debt valuation adjustments, subject to own credit risk 1 (684) (569)
Deferred Tax Assets (7,585) (7,712)
Fair Value adjustments for financial assets reclassified to loans 2 (1,052) (1,992)
Noncontrolling Interests 3 − −
Hybrid Tier 1 capital instruments 12,618 12,526
Tier 2 capital instruments 4 10,090 11,646
Capital Supply 69,207 67,900

Capital Demand
Economic Capital Requirement 27,454 28,741
Intangible Assets 14,342 14,219
Capital Demand 41,796 42,960

Internal Capital Adequacy Ratio 166 % 158 %

1 Includes deduction of fair value gains on own credit-effect relating to own liabilities designated under the fair value option as well as the debt valuation adjustments.
2 Includes fair value adjustments for assets reclassified in accordance with IAS 39 and for banking book assets where no matched funding is available.
3 Includes noncontrolling interest up to the economic capital requirement for each subsidiary.
4 Tier 2 capital instruments excluding items to be partly deducted from Tier 2 capital pursuant to Section 10 (6) and (6a) KWG, unrealized gains on listed securities
(45 % eligible) and certain haircut-amounts that only apply under regulatory capital assessment.

A ratio of more than 100 % signifies that the total capital supply is sufficient to cover the capital demand deter-
mined by the risk positions. This ratio was 166 % as of March 31, 2013, compared to 158 % as of December
31, 2012. The increase in capital supply driven by higher shareholders’ equity and the decrease in the ob-
served capital demand due to lower economic capital requirement described above determined the develop-
ment in favor of the ratio. The shareholders’ equity increase by € 1.8 billion mainly reflected the net income of
the first quarter 2013.

F-III-41
Deutsche Bank Management Report 42
Interim Report as of March 31, 2013 Outlook

Outlook

The following section should be read in conjunction with the Outlook section in the Management Report pro-
vided in the Financial Report 2012 that outlined our expectations for 2013 and 2014.

The Global Economy

We expect the global economy as a whole to grow by approximately 3.25 % in 2013 (compared with 2.9 %
in 2012). In 2014, it could expand by 4 %, slightly exceeding the average of the preceding ten years.

We anticipate that the eurozone economy will bottom out in autumn 2013 although on an annualized average it
is expected to contract again by 0.6 % as in 2012. In 2014, economic growth of 1 % is possible in our assess-
ment. Germany is expected to continue to be a positive exception with annualized average growth of 0.3 % in
2013 and 1.5 % in 2014.

Despite the fiscal resistance, the U.S. economy is expected to expand by just over 2 % this year followed by
growth of just over 3 % in 2014. In Japan, growth could reach 1.4 % this year thanks to the stimulating eco-
nomic policy and the weak yen, however, it is likely to decelerate to a good 0.5 % in 2014. Thus, as a whole,
the industrialized countries are only expected to grow by just over 1 % in 2013 as in 2012. Growth could reach
the 2 % mark in 2014.

By contrast, a noticeable increase in the pace of growth is expected in the developing and emerging market
economies this year, rising from 4.7 % to 5.5 %, and reaching just over 6 % in 2014. This is largely attributable
to China, which accounts for approximately 30 % of GDP in the developing and emerging market economies.
We are anticipating economic growth of just over 8 % for China in 2013 and almost 9 % in 2014. In the other
large emerging market economies economic activity should also increase. Brazil’s economy should grow
by 3.3 % in 2013 and 4.2 % in 2014. We expect economic activity in India to accelerate to 6.9 % in 2013 and
7.2 % in 2014. Economic growth in Russia will probably amount to 4.3 % in 2013 and 4.2 % in 2014.

The Banking Industry

As set out in the Financial Report 2012, the key issues facing the banking industry in Europe in this and the
coming year are expected to be the potential bottoming-out of the operating performance, progress with regard
to the reshaping of business models and adjustment to a fundamentally new environment, as well as the im-
pact of further significant regulatory changes.

Central banks’ aggressive monetary stimulation of the financial markets should bring about advantages for
global investment banking. Generally low financing costs combined with reduced risk premiums constitute a
favorable environment for issuing debt securities and equities, as well as for corporate mergers and acquisi-
tions, and could thus trigger an increase in capital market activity.

With regard to asset management, a continuing rally in the global stock markets could have positive effects on
the volume of the assets under management by banks, net inflows, the number of transactions and investors’
risk appetite (and consequently on achievable margins). In that case, fee and commission revenues may show
solid growth.

F-III-42
Deutsche Bank Management Report 43
Interim Report as of March 31, 2013 Outlook

Lending to European companies may stabilize in the second half of 2013 provided the slowdown in economic
activity eases off as expected. By contrast, the hitherto stagnating retail business is likely to take longer to
recover (at least until 2014) owing to the customary delayed reaction of the labor market.

In the U.S., increasing momentum appears possible in the lending business, especially regarding loans to
private individuals. Thus far, the recovery here has had a beneficial effect on the securitization market only and
not on the lending volumes kept on banks’ balance sheets.

From a regulatory perspective, the coming months should see the final adoption of Basel 3 in Europe and the
establishment of a single supervisory authority for larger credit institutions at the ECB. The introduction of a
financial transaction tax will be on the agenda in at least eleven EU states. Work is continuing on legislative
measures to improve the possibilities for restructuring and, where applicable, resolving failed banks. However,
based on corresponding announcements by the European Commission, it is now already apparent that this will
merely be an intermediate target to be followed up by more far-reaching proposals. It remains unclear as to
what proposals for structural changes in the banking industry the European Commission will bring forward
next autumn.

Litigation proceedings may continue to constitute a drag on both the sector’s financial performance as well as
on its reputation.

The Deutsche Bank Group

Influenced by the macroeconomic environment and legal risks we intend to continue to run lower levels of risk
and reduce expenses, while remaining focused on serving our clients in the best possible way.

We reaffirm our commitment to our strategic and financial aspirations for 2015 which we published in our Strat-
egy 2015+ and which we further explained in our Financial Report 2012.

The implementation of our initiatives and the realization of the anticipated benefits might be negatively impact-
ed by certain factors. Economic factors that might impact us are the continuation of the European sovereign
debt crisis, the recurrence of extreme turbulence in the markets in which we are active, weakness of global,
regional and national economic conditions and increased competition for business. Additionally, regulatory
changes might increase our costs or restrict our activities as capital requirements are in focus and different
authorities are pushing for structural changes. Given the fact that these governmental initiatives are all subject
to discussions, we cannot quantify any future impact as of today. Due to the nature of our business, we are
involved in litigation, arbitration and regulatory proceedings in jurisdictions around the world and such matters
are subject to many uncertainties. Whilst we have resolved a number of important legal matters and made
progress on others, we expect the litigation environment to continue to be challenging.

F-III-43
Deutsche Bank Management Report 44
Interim Report as of March 31, 2013 Outlook

The Business Segments

In Corporate Banking & Securities (CB&S) we expect the investment banking industry to remain susceptible to
uncertainty surrounding the macroeconomic and political environment, as discussed above. Industry challeng-
es likely to impact performance include the changing regulatory environment and the transformation of the
competitive landscape. CB&S will seek to realize the benefits from the strategic plan laid out in September
2012, as we seek to achieve our 2015 strategic targets. We will continue to leverage strengths in fixed income
flow through further platform integration, while scaling back higher risk, capital and regulatory intensive prod-
ucts. Geographically we will continue to streamline the business and ensure that resources are appropriately
allocated to market opportunities. However, there remain a number of risks and uncertainties, including poten-
tial slowdown in activity due to protracted sovereign debt crisis and contagion risk; the impact of potential regu-
latory changes; potential margin compression and increased competition in products with lower capital
requirements; outcome of litigation cases; risk of OpEx benefits not being fully realized; and a potential delay in
execution of risk mitigation strategies.

In Global Transaction Banking (GTB), low interest rate levels will likely continue to impact net interest income in
the near- and medium-term. Furthermore, the highly competitive market environment and the difficult macro
environment in core markets may continue to have an adverse impact on revenues. The pressure on margins
as well as on costs will remain a challenge throughout the banking industry. These factors could potentially be
counterbalanced by the ongoing strong volumes of trade finance and cash management transactions. The
successful continuation of the turnaround of the commercial banking activities in the Netherlands will be an
integral part of GTB’s future performance.

In Asset & Wealth Management (AWM), we expect the business to be influenced by ongoing integration, plat-
form re-engineering and cost efficiency efforts and externally by the developments in the market environments.
Key initiatives that have been announced in 2012 are already resulting in a positive impact on both revenues
and costs. Equity markets were improving during the second half of 2012 and are continuing to gain momen-
tum in 2013, however, uncertainty persists amid continuing economic concerns and global political tension.
The adoption and implementation of multiple new regulatory reforms and stricter capital requirements contin-
ues to be a major challenge, especially where uncertainty of the impact exists.

The success of Private & Business Clients (PBC) is based on a solid and well diversified business model: With
the combination of Advisory Banking and Consumer Banking, PBC has built a leading position in its home
market, Germany. This is accompanied by strong positions in other important European markets, and growth
investments in key Asian countries. With the alignment and integration of Deutsche Bank’s commercial banking
coverage for small and mid-sized corporate clients (the “Mittelstand”), we will further strengthen our home
market presence. With this new set-up, we will enhance our client-centric business approach and facilitate
sustainable growth in Germany. The integration of Postbank will continue and enable PBC to fully achieve the
targeted synergies. The overall macroeconomic outlook for countries in which PBC operates is mixed. Conse-
quently, PBC aims at strengthening its German credit business and at further expanding its margins, while
maintaining strict risk discipline and carefully optimizing capital demand. The continued low interest rates may
negatively impact PBC’s deposit margins. The development of investment product markets and the respective
revenues depend especially on the further development of the European macro-economic environment.

F-III-44
Deutsche Bank Management Report 45
Interim Report as of March 31, 2013 Outlook

The Non-Core Operations Unit (NCOU) is expected to continue to contribute significantly to the Group’s capital
roadmap and remains on target to achieve a reduction of Basel 3 equivalent RWAs to less than € 80 billion in
total by December 31, 2013. Market conditions will impact the pace and cost of selling assets. Further, the
pace of reduction in assets and associated capital demand is anticipated to decline over time. The NCOU will
continually evaluate the rationale of exit versus hold, to take advantage of market conditions and to optimize
and protect shareholder value.

F-III-45
Deutsche Bank Confirmations 46
Interim Report as of March 31, 2013 Review Report

Review Report

To Deutsche Bank Aktiengesellschaft, Frankfurt am Main

We have reviewed the condensed interim consolidated financial statements of Deutsche Bank Aktiengesell-
schaft, Frankfurt am Main – comprising the statement of income, statement of comprehensive income, balance
sheet, statement of changes in equity, statement of cash flows and selected explanatory notes – together with
the interim group management report of Deutsche Bank Aktiengesellschaft, for the period from January 1 to
March 31, 2013 that are part of the quarterly financial report according to Section 37x Abs. 3 WpHG (German
Securities Trading Act). The preparation of the condensed interim consolidated financial statements in accor-
dance with those International Financial Reporting Standards (IFRS) applicable to interim financial reporting as
adopted by the EU, and in accordance with the IFRS for interim financial reporting as issued by the Interna-
tional Accounting Standards Board (IASB), and of the interim group management report in accordance with the
requirements of the WpHG applicable to interim group management reports, is the responsibility of Deutsche
Bank Aktiengesellschaft’s management. Our responsibility is to issue a report on the condensed interim con-
solidated financial statements and on the interim group management report based on our review.

We performed our review of the condensed interim consolidated financial statements and the interim group
management report in accordance with the German generally accepted standards for the review of financial
statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and
perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that
the condensed interim consolidated financial statements have not been prepared, in material respects, in ac-
cordance with the IFRS applicable to interim financial reporting as adopted by the EU, and in accordance with
the IFRS for interim financial reporting as issued by the IASB, and that the interim group management report
has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to
interim group management reports. A review is limited primarily to inquiries of company employees and ana-
lytical assessments and therefore does not provide the assurance attainable in a financial statement audit.
Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot
issue an auditor’s report.

Based on our review, no matters have come to our attention that cause us to presume that the condensed
interim consolidated financial statements have not been prepared, in material respects, in accordance with the
IFRS applicable to interim financial reporting as adopted by the EU, and in accordance with the IFRS for in-
terim financial reporting as issued by the IASB, or that the interim group management report has not been
prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group
management reports.

KPMG AG
Wirtschaftsprüfungsgesellschaft

Frankfurt am Main (Germany), April 29, 2013

Pastor Beier
Wirtschaftsprüfer Wirtschaftsprüfer

F-III-46
Deutsche Bank Consolidated Financial Statements 47
Interim Report as of March 31, 2013 Consolidated Statement of Income (unaudited)

Consolidated Statement of Income (unaudited)

Income Statement

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Interest and similar income 6,748 8,413
Interest expense 3,098 4,175
Net interest income 3,650 4,238
Provision for credit losses 354 314
Net interest income after provision for credit losses 3,296 3,924
Commissions and fee income 2,849 2,815
Net gains (losses) on financial assets/liabilities at fair value through profit or loss 2,843 2,635
Net gains (losses) on financial assets available for sale 110 (46)
Net income (loss) from equity method investments 36 (149)
Other income (loss) (97) (299)
Total noninterest income 5,741 4,956
Compensation and benefits 3,548 3,647
General and administrative expenses 2,818 3,186
Policyholder benefits and claims 192 150
Impairment of intangible assets − 10
Restructuring activities 65 −
Total noninterest expenses 6,623 6,993
Income before income taxes 2,414 1,887
Income tax expense 753 480
Net income 1,661 1,407
Net income attributable to noncontrolling interests 10 19
Net income attributable to Deutsche Bank shareholders 1,651 1,388

Earnings per Common Share

Three months ended

Mar 31, 2013 Mar 31, 2012
Earnings per common share:
Basic € 1.76 € 1.49
Diluted € 1.71 € 1.45
Number of shares in million:
Denominator for basic earnings per share – weighted-average shares outstanding 938.3 929.4
Denominator for diluted earnings per share – adjusted weighted-average share
after assumed conversions 965.6 959.8

F-III-47
Deutsche Bank Consolidated Financial Statements 48
Interim Report as of March 31, 2013 Consolidated Statement of Comprehensive Income (unaudited)

Consolidated Statement of Comprehensive Income (unaudited)

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Net income recognized in the income statement 1,661 1,407
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement gains (losses) related to defined benefit plans, before tax (256) (230)
Total of income tax related to items that will not be reclassified to profit or loss 62 137
Items that are or may be reclassified to profit or loss
Financial assets available for sale
Unrealized net gains (losses) arising during the period, before tax 296 749
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax (91) 72
Derivatives hedging variability of cash flows
Unrealized net gains (losses) arising during the period, before tax (1) 48
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax 9 12
Assets classified as held for sale
Unrealized net gains (losses) arising during the period, before tax − −
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax − −
Foreign currency translation:
Unrealized net gains (losses) arising during the period, before tax 416 (659)
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax − (5)
Equity Method Investments
Net gains (losses) arising during the period 75 (16)
Total of income tax related to items that are or may be reclassified to profit or loss (36) (161)
Other comprehensive income (loss), net of tax 474 (53)
Total comprehensive income, net of tax 2,135 1,354
Attributable to:
Noncontrolling interests 14 100
Deutsche Bank shareholders 2,121 1,254

F-III-48
Deutsche Bank Consolidated Financial Statements 49
Interim Report as of March 31, 2013 Consolidated Balance Sheet (unaudited)

Consolidated Balance Sheet (unaudited)

Assets
in € m. Mar 31, 2013 Dec 31, 2012
Cash and due from banks 26,813 27,877
Interest-earning deposits with banks 123,508 120,637
Central bank funds sold and securities purchased under resale agreements 35,827 36,570
Securities borrowed 29,693 24,013
Financial assets at fair value through profit or loss
Trading assets 251,014 254,459
Positive market values from derivative financial instruments 708,938 768,353
Financial assets designated at fair value through profit or loss 194,512 187,027
Total financial assets at fair value through profit or loss 1,154,464 1,209,839
Financial assets available for sale 51,493 49,400
Equity method investments 3,765 3,577
Loans 395,045 397,377
Property and equipment 4,953 4,963
Goodwill and other intangible assets 14,342 14,219
Other assets 182,774 123,702
Income tax assets 1 10,013 10,101
Total assets 2,032,690 2,022,275

Liabilities and Equity

in € m. Mar 31, 2013 Dec 31, 2012
Deposits 575,165 577,210
Central bank funds purchased and securities sold under repurchase agreements 32,499 36,144
Securities loaned 3,552 3,166
Financial liabilities at fair value through profit or loss
Trading liabilities 65,929 54,400
Negative market values from derivative financial instruments 694,862 752,652
Financial liabilities designated at fair value through profit or loss 117,801 110,409
Investment contract liabilities 8,115 7,732
Total financial liabilities at fair value through profit or loss 886,707 925,193
Other short-term borrowings 75,465 69,661
Other liabilities 234,392 179,099
Provisions 5,164 5,110
Income tax liabilities 1 3,245 3,036
Long-term debt 148,161 157,325
Trust preferred securities 12,262 12,091
Obligation to purchase common shares − −
Total liabilities 1,976,612 1,968,035
Common shares, no par value, nominal value of € 2.56 2,380 2,380
Additional paid-in capital 23,479 23,776
Retained earnings 30,656 29,199
Common shares in treasury, at cost (65) (60)
Equity classified as obligation to purchase common shares − −
Accumulated other comprehensive income (loss), net of tax2 (630) (1,294)
Total shareholders’ equity 55,820 54,001
Noncontrolling interests 258 239
Total equity 56,078 54,240
Total liabilities and equity 2,032,690 2,022,275
1 Income tax assets and Income tax liabilities comprise both deferred and current taxes.
2 Excluding remeasurement effects related to defined benefit plans, net of tax.

F-III-49
Deutsche Bank Consolidated Financial Statements 50
Interim Report as of March 31, 2013 Consolidated Statement of Changes in Equity (unaudited)

Consolidated Statement of Changes in Equity (unaudited)

Equity
classified as
Common shares obligation to
Common shares Additional Retained in treasury, purchase
in € m. (no par value) paid-in capital earnings at cost common shares
Balance as of December 31, 2011 2,380 23,695 30,119 (823) −
Total comprehensive income, net of tax1 − − 1,388 − −
Common shares issued − − − − −
Cash dividends paid − − − − −
Remeasurement gains (losses) related to defined benefit plans,
net of tax − − (86) − −
Net change in share awards in the reporting period − (678) − − −
Treasury shares distributed under share-based compensation plans − − − 938 −
Tax benefits related to share-based compensation plans − 1 − − −
Additions to Equity classified as obligation to purchase common shares − − − − (1)
Deductions from Equity classified as obligation to purchase
common shares − − − − −
Option premiums and other effects from options on common shares − (26) − − −
Purchases of treasury shares − − − (4,510) −
Sale of treasury shares − − − 4,147 −
Net gains (losses) on treasury shares sold − 5 − − −
Other 2 − 437 3 − −
Balance as of March 31, 2012 2,380 23,434 31,424 (248) (1)

Balance as of December 31, 2012 2,380 23,776 29,199 (60) −

Total comprehensive income, net of tax1 − − 1,651 − −
Common shares issued − − − − −
Cash dividends paid − − − − −
Remeasurement gains (losses) related to defined benefit plans, net of
tax − − (194) − −
Net change in share awards in the reporting period − (331) − − −
Treasury shares distributed under share-based compensation plans − − − 541 −
Tax benefits related to share-based compensation plans − (2) − − −
Additions to Equity classified as obligation to purchase common shares − − − − −
Deductions from Equity classified as obligation to purchase
common shares − − − − −
Option premiums and other effects from options on common shares − (49) − − −
Purchases of treasury shares − − − (3,166) −
Sale of treasury shares − − − 2,620 −
Net gains (losses) on treasury shares sold − 1 − − −
Other − 84 − − −
Balance as of March 31, 2013 2,380 23,479 30,656 (65) −
1 Excluding remeasurement gains (losses) related to defined benefit plans, net of tax.
2 Includes the cumulative effect of the adoption of accounting pronouncements. Please refer to the note “Impact of Changes in Accounting Principles” of this Interim Report.

F-III-50
Deutsche Bank Consolidated Financial Statements 51
Interim Report as of March 31, 2013 Consolidated Statement of Changes in Equity (unaudited)

Unrealized net Unrealized net

gains (losses) gains (losses) Unrealized net
on financial on derivatives gains (losses) Unrealized net Accumulated
assets available hedging on assets gains (losses) other
for sale, net of variability classified as Foreign currency from equity comprehensive Total
applicable tax of cash flows, held for sale, translation, method income (loss), shareholders’ Noncontrolling
and other net of tax net of tax net of tax investments net of tax equity interests Total equity
(617) (226) − (1,166) 28 (1,981) 53,390 1,270 54,660
519 35 − (586) (16) (48) 1,340 107 1,447
− − − − − − − − −
− − − − − − − − −

− − − − − − (86) (7) (93)

− − − − − − (678) − (678)
− − − − − − 938 − 938
− − − − − − 1 − 1
− − − − − − (1) − (1)

− − − − − − − − −
− − − − − − (26) − (26)
− − − − − − (4,510) − (4,510)
− − − − − − 4,147 − 4,147
− − − − − − 5 − 5
8 − − (3) − 5 445 (886) (441)
(90) (191) − (1,755) 12 (2,024) 54,965 484 55,449

468 (159) − (1,593) (10) (1,294) 54,001 239 54,240

177 (3) − 415 75 664 2,315 14 2,329
− − − − − − − − −
− − − − − − − − −

− − − − − − (194) − (194)
− − − − − − (331) − (331)
− − − − − − 541 − 541
− − − − − − (2) − (2)
− − − − − − − − −

− − − − − − − − −
− − − − − − (49) − (49)
− − − − − − (3,166) − (3,166)
− − − − − − 2,620 − 2,620
− − − − − − 1 − 1
− − − − − − 84 5 89
645 (162) − (1,178) 65 (630) 55,820 258 56,078

F-III-51
Deutsche Bank Consolidated Financial Statements 52
Interim Report as of March 31, 2013 Consolidated Statement of Cash Flows (unaudited)

Consolidated Statement of Cash Flows (unaudited)

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Net income 1,661 1,407
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses 354 314
Restructuring activities 65 −
Gain on sale of financial assets available for sale, equity method investments, and other (118) (90)
Deferred income taxes, net 522 222
Impairment, depreciation and other amortization, and accretion 715 1,011
Share of net income (loss) from equity method investments (104) (99)
Income adjusted for noncash charges, credits and other items 3,095 2,765
Adjustments for net change in operating assets and liabilities:
Interest-earning time deposits with banks 2,554 18,791
Central bank funds sold, securities purchased under resale agreements, securities borrowed (4,983) (16,353)
Financial assets designated at fair value through profit or loss (8,246) (8,307)
Loans 1,851 4,582
Other assets (60,626) (46,668)
Deposits (1,623) (12,204)
Financial liabilities designated at fair value through profit or loss and investment contract liabilities 1 8,097 (5,564)
Central bank funds purchased, securities sold under repurchase agreements and securities loaned (3,272) 23,808
Other short-term borrowings 5,749 (4,730)
Other liabilities 55,972 41,050
Senior long-term debt 2 (7,848) (129)
Trading assets and liabilities, positive and negative market values from derivative financial instruments, net 16,290 (14,125)
Other, net 746 (628)
Net cash provided by (used in) operating activities 7,756 (17,712)
Cash flows from investing activities:
Proceeds from:
Sale of financial assets available for sale 3,210 1,102
Maturities of financial assets available for sale 4,489 5,156
Sale of equity method investments 16 11
Sale of property and equipment 13 10
Purchase of:
Financial assets available for sale (8,795) (4,012)
Equity method investments − −
Property and equipment (113) (119)
Net cash received in (paid for) business combinations/divestitures 2 92
Other, net (151) (155)
Net cash provided by (used in) investing activities (1,329) 2,085
Cash flows from financing activities:
Issuances of subordinated long-term debt 19 11
Repayments and extinguishments of subordinated long-term debt (1,347) (176)
Issuances of trust preferred securities − −
Repayments and extinguishments of trust preferred securities (3) (21)
Purchases of treasury shares (3,166) (4,510)
Sale of treasury shares 2,620 4,144
Dividends paid to noncontrolling interests − −
Net change in noncontrolling interests 11 (67)
Cash dividends paid − −
Net cash provided by (used in) financing activities (1,866) (619)
Net effect of exchange rate changes on cash and cash equivalents (284) (473)
Net increase (decrease) in cash and cash equivalents 4,277 (16,719)
Cash and cash equivalents at beginning of period 53,321 82,032
Cash and cash equivalents at end of period 57,598 65,313
Net cash provided by (used in) operating activities include
Income taxes paid, net 330 176
Interest paid 2,966 3,996
Interest and dividends received 5,940 8,236
Cash and cash equivalents comprise
Cash and due from banks 26,813 14,689
Interest-earning demand deposits with banks (not included: time deposits of € 92,723 million as of March 31, 2013, and
€ 76,327 million as of March 31, 2012) 30,785 50,624
Total 57,598 65,313
1 Included are senior long-term debt issuances of € 3,012 million and € 3,493 million and repayments and extinguishments of € 4,732 million and € 3,686 million through March 31, 2013
and March 31, 2012, respectively.
2 Included are issuances of € 11,424 million and € 10,196 million and repayments and extinguishments of € 18,624 million and € 10,860 million through March 31, 2013 and March 31, 2012,
respectively.

F-III-52
Deutsche Bank Consolidated Financial Statements 53
Interim Report as of March 31, 2013 Basis of Preparation (unaudited)

Basis of Preparation (unaudited)

The accompanying condensed consolidated interim financial statements, which include Deutsche Bank AG
and its subsidiaries (collectively the “Group”), are stated in euros, the presentation currency of the Group. They
are presented in accordance with the requirements of IAS 34, “Interim Financial Reporting”, and have been
prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the Interna-
tional Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”). The Group’s applica-
tion of IFRS results in no differences between IFRS as issued by the IASB and IFRS as endorsed by the EU.
In the first quarter 2013 the Group adopted several new accounting pronouncements. Please refer to the sec-
tion “Impact of Changes in Accounting Principles” for further details.

Deutsche Bank’s condensed consolidated interim financial statements are unaudited and include supplemen-
tary disclosures on segment information, income statement, balance sheet and other financial information.
They should be read in conjunction with the audited consolidated financial statements of Deutsche Bank for
2012, for which the same accounting policies have been applied.

The preparation of financial statements under IFRS requires management to make estimates and assumptions
for certain categories of assets and liabilities. Areas where this is required include the fair value of certain
financial assets and liabilities, the reclassification of financial assets, the impairment of loans and provision for
off-balance-sheet positions, the impairment of other financial assets and non-financial assets, the recognition
and measurement of deferred tax assets, and the accounting for legal and regulatory contingencies and uncer-
tain tax positions. These estimates and assumptions affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenue
and expenses during the reporting period. Actual results could differ from management’s estimates and the
results reported should not be regarded as necessarily indicative of results that may be expected for the
entire year.

In 2012, the Group decided to broaden and hence stabilize the underlying bond portfolio relating to the dis-
count rate applied in the eurozone for defined benefit pension plans by including high quality covered bonds
and to refine the curve extrapolation by adjusting the underlying bond portfolio while retaining the overall AA-
credit quality of the curve. The refinement resulted in an increase in the discount rate of 70 basis points and
consequently reduced the actuarial losses flowing through other comprehensive income by approximately
€ 308 million before tax in the first quarter 2012 and approximately € 395 million before tax in the second
quarter 2012.

In the fourth quarter 2012, the Group’s valuation methodology for incorporating the impact of own credit risk in
the fair value of derivative contracts was refined (commonly referred to as Debt Valuation Adjustment or DVA).
Previously the Group had calculated the effect of own credit risk on derivative liabilities using historic default
levels. The refinement in methodology has moved DVA to a market based approach. In addition, during the
fourth quarter 2012 the Group made refinements to its Credit Valuation Adjustment (“CVA”) methodology as
greater transparency of the market value of counterparty credit became possible. The impacts of these refine-
ments were disclosed in the Group’s consolidated financial statements as at December 31, 2012.

F-III-53
Deutsche Bank Consolidated Financial Statements 54
Interim Report as of March 31, 2013 Impact of Changes in Accounting Principles (unaudited)

Impact of Changes in Accounting Principles (unaudited)

Recently Adopted Accounting Pronouncements

The following are those accounting pronouncements which are relevant to the Group and which have been
adopted in the first quarter of 2013 in the preparation of these condensed consolidated interim financial
statements.

IAS 1
On January 1, 2013, the Group adopted the amendments to IAS 1, “Presentation of Financial Statements”
which require companies to group together items within other comprehensive income (“OCI”) that may be
reclassified to the statement of income. The amendments also reaffirm existing requirements that items in OCI
and profit or loss should be presented as either a single statement or two separate statements. The adoption of
the amendments did not have a material impact on presentation of other comprehensive income in the Group’s
consolidated financial statements.

IFRS 10, IFRS 11, IAS 27 and IAS 28

On January 1, 2013, the Group adopted IFRS 10, “Consolidated Financial Statements”, IFRS 11, “Joint
Arrangements”, a revised version of IAS 27, “Separate Financial Statements”, and a revised version of IAS 28,
“Investments in Associates and Joint Ventures” which have been amended for conforming changes based on
the issuance of IFRS 10 and IFRS 11. The Group also adopted the amendments to the transition guidance
for IFRS 10 and IFRS 11. The Group recorded a cumulative charge to total equity as at January 1, 2012 of
€ 195 million, net of tax, for the initial adoption of these standards. Comparative information for 2012 has
been restated.

IFRS 10 replaces IAS 27, “Consolidated and Separate Financial Statements” and SIC-12, “Consolidation –
Special Purpose Entities”, and establishes a single control model that applies to all entities, including those that
were previously considered special purpose entities under SIC-12. An investor controls an investee when it has
power over the relevant activities, exposure to variable returns from the investee, and the ability to affect those
returns through its power over the investee. The assessment of control is based on all facts and circumstances
and the conclusion is reassessed if there is an indication that there are changes in facts and circumstances.

IFRS 11 supersedes IAS 31, “Interests in Joint Ventures” and SIC-13, “Jointly-controlled Entities – Non-
monetary Contributions by Venturers”. IFRS 11 classifies joint arrangements as either joint operations or joint
ventures and focuses on the nature of the rights and obligations of the arrangement. IFRS 11 requires the use
of the equity method of accounting for joint arrangements by eliminating the option to use the proportionate
consolidation method, which had not been applied by the Group. The adoption of IFRS 11 did not have a mate-
rial impact on the consolidated financial statements.

The following table reflects the incremental impact of the adoption of these standards on the Group’s assets,
liabilities and total equity as at December 31, 2012.

F-III-54
Deutsche Bank Consolidated Financial Statements 55
Interim Report as of March 31, 2013 Impact of Changes in Accounting Principles (unaudited)

in € m. Dec 31, 2012

Assets
Interest-earning deposits with banks 1,088
Financial assets at fair value through profit or loss 8,958
Loans 94
Other assets (189)
Total assets 9,951

Liabilities
Financial liabilities at fair value through profit or loss 675
Other short-term borrowings 601
Long-term debt (772)
Other liabilities 9,628
Total liabilities 10,133

Total equity
Total shareholders’ equity (14)
Noncontrolling interests (168)

The majority of the impacts above arose from the consolidation of certain funds where the Group provides
guarantee protection to third parties over the fund’s assets. Under IFRS 10 the Group was deemed to have
power over the funds as it acts as investment manager and cannot be removed, has variable returns through
significant unit holdings and/or the guarantee, and is able to influence the returns of the funds through its power.

IAS 19
On January 1, 2013, the Group adopted IAS 19R, “Employee Benefits” which introduces the net interest ap-
proach which is based on the discount rate used to measure the defined benefit obligation multiplied with the
net defined benefit asset/liability recognized on the balance sheet, both as determined at the start of the report-
ing period and adjusted for expected changes in the net defined benefit asset/liability due to contributions and
benefit payments during the year. This measure of net interest cost replaces the interest cost on the defined
benefit obligation and the expected return on plan assets. The standard also requires immediate recognition of
remeasurement effects associated with all post-employment benefits through other comprehensive income
such as actuarial gains and losses and any deviations between the actual return on plan assets and the return
implied by the net interest cost, which is already consistent with the Group’s previous accounting policy. In
addition, IAS 19R requires immediate recognition of any past service cost and will enhance the disclosure
requirements for defined benefit plans. The adoption of IAS 19R did not have a material impact on the con-
solidated financial statements.

IFRS 13
On January 1, 2013, the Group adopted, IFRS 13, “Fair Value Measurement” which establishes a single
source of guidance for fair value measurement under IFRS. IFRS 13 provides a revised definition of fair value
and guidance on how it should be applied where its use is already required or permitted by other standards
within IFRS and introduces more comprehensive disclosure requirements on fair value measurement. There
was no impact on the consolidated financial statements from the adoption of the measurement requirements
of IFRS 13. The Group has provided the disclosures as required by IFRS 13 in the note “Financial Instruments
carried at Fair Value” of this Interim Report.

IFRS 7
In December 2011, the IASB issued amendments to IFRS 7, “Disclosures – Offsetting Financial Assets and
Financial Liabilities” (“IFRS 7R”) requiring extended disclosures to allow investors to better compare financial
statements prepared in accordance with IFRS or U.S. GAAP. The amendments were effective for annual peri-
ods beginning on or after January 1, 2013 but also interim periods thereafter. The adoption of the amendments
in the first quarter 2013 did not have a material impact on the Group’s consolidated financial statements. The
Group has provided the extended disclosures in the note “Offsetting Financial Assets and Financial Liabilities”
of this Interim Report.

F-III-55
Deutsche Bank Consolidated Financial Statements 56
Interim Report as of March 31, 2013 Segment Information (unaudited)

Improvements to IFRS 2009-2011 Cycle

In May 2012, the IASB issued amendments to IFRS, which resulted from the IASB’s annual improvement
project. They comprise amendments that result in accounting changes for presentation, recognition or meas-
urement purposes as well as terminology or editorial amendments related to a variety of individual IFRS
standards. The adoption of the amendments did not have a material impact on the Group’s consolidated
financial statements.

New Accounting Pronouncements

IAS 32, “Offsetting Financial Assets and Financial Liabilities”, IFRS 9 and IFRS 9R, “Financial Instruments” will
be relevant to the Group but were not effective as of March 31, 2013 and therefore have not been applied in
preparing these financial statements. While approved by the IASB, each of the standards – except for IAS 32,
“Offsetting Financial Assets and Financial Liabilities” – have yet to be endorsed by the EU.

The Group is currently evaluating the potential impact that the adoption of the amendments to IAS 32, IFRS 9
and IFRS 9R will have on its consolidated financial statements.

Segment Information (unaudited)

The following segment information has been prepared in accordance with the “management approach”, which
requires presentation of the segments on the basis of the internal management reports of the entity which are
regularly reviewed by the chief operating decision maker, which is the Deutsche Bank Management Board, in
order to allocate resources to a segment and to assess its financial performance.

Business Segments

The Group’s segment reporting follows the organizational structure as reflected in its internal management
reporting systems, which are the basis for assessing the financial performance of the business segments
and for allocating resources to the business segments. During the first quarter 2013, there were no material
changes in the organizational structure which affected the composition of the business segments. Generally,
restatements due to minor changes in the organizational structure were implemented in the presentation of
prior period comparables if they were considered in the Group’s management reporting systems.

Allocation of Average Active Equity

The total amount of average active equity allocated is determined based on the higher of the Group’s overall
economic risk exposure or regulatory capital demand. Starting 2013, the Group refined its allocation of average
active equity to the business segments to reflect the further increased regulatory requirements under Basel 3
and to align the allocation of capital with the communicated capital and return on equity targets. Under the new
methodology, the internal demand for regulatory capital is derived based on a Common Equity Tier 1 ratio of
10.0 % at a Group level and assuming full implementation of Basel 3 rules. Therefore, the basis for allocation,
i.e., risk-weighted assets and certain regulatory capital deduction items, is also on a Basel 3 fully-loaded basis.
As a result, the amount of capital allocated to the segments has increased, predominantly in CB&S and the
NCOU. The figures for 2012 were adjusted to reflect this effect. In 2012, the Group derived its demand for
regulatory capital assuming a Core Tier 1 ratio of 9.0 % (under Basel 2.5 rules), reflecting increased regulatory
requirements at the time. If the Group’s average active equity exceeds the higher of the overall economic risk
exposure or the regulatory capital demand, this surplus is assigned to Consolidation & Adjustments.

F-III-56
Deutsche Bank Consolidated Financial Statements 57
Interim Report as of March 31, 2013 Segment Information (unaudited)

Segmental Results of Operations

The following tables present the results of the business segments, including the reconciliation to the consoli-
dated results under IFRS, for the three months ended March 31, 2013 and March 31, 2012.

Three months ended

Mar 31, 2013
Corporate Global Asset & Private & Non-Core Consoli-
in € m. Banking & Transaction Wealth Business Operations dation & Total
(unless stated otherwise) Securities Banking Management Clients Unit Adjustments Consolidated
Net revenues 4,604 992 1,243 2,386 427 (261) 9,391
Provision for credit losses 48 96 13 111 87 0 354
Total noninterest expenses 2,695 587 1,008 1,792 537 4 6,623
therein:
Policyholder benefits and claims − − 191 − − 0 192
Impairment of intangible assets − − − − − − −
Restructuring activities 54 2 7 1 1 − 65
Noncontrolling interests 10 − 1 0 (1) (10) −
Income (loss) before income taxes 1,852 309 221 482 (196) (255) 2,414
Cost/income ratio 59 % 59 % 81 % 75 % 126 % N/M 71 %
Assets 1 1,497,381 88,025 79,712 271,041 85,255 11,275 2,032,690
Risk-weighted assets 125,976 28,166 12,057 72,419 73,856 12,434 324,908
Average active equity 19,996 3,676 5,477 13,211 11,139 − 53,499
Pre-tax return on average active equity 37 % 34 % 16 % 15 % (7) % N/M 18 %
Post-tax return on average active equity2 25 % 23 % 11 % 10 % (5) % N/M 12 %
N/M – Not meaningful
1 Starting December 31, 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
2 The post-tax return on average active equity at the Group level is based on the reported effective tax rate for the Group, which was 31 % for the period ended March 31, 2013. For the

post-tax return on average active equity of the segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that
a rate of 33 % was used for the period ended March 31, 2013.

Three months ended

Mar 31, 2012
Corporate Global Asset & Private & Non-Core Consoli-
in € m. Banking & Transaction Wealth Business Operations dation & Total
(unless stated otherwise) Securities Banking Management Clients Unit Adjustments Consolidated
Net revenues 4,813 967 1,155 2,398 243 (382) 9,194
Provision for credit losses 32 32 (1) 160 91 0 314
Total noninterest expenses 2,895 615 947 1,770 685 79 6,993
therein:
Policyholder benefits and claims − − 149 − − 0 150
Impairment of intangible assets − − − 10 − − 10
Restructuring activities − − − − − − −
Noncontrolling interests 5 − 0 8 15 (29) −
Income (loss) before income taxes 1,881 320 208 460 (549) (432) 1,887
Cost/income ratio 60 % 64 % 82 % 74 % N/M N/M 76 %
Assets (as of Dec 31, 2012) 1 1,474,799 77,915 78,107 282,587 97,291 11,577 2,022,275
Risk-weighted assets (as of Dec 31, 2012) 124,640 27,392 12,429 72,695 80,317 16,133 333,605
Average active equity 20,872 3,058 5,700 11,801 12,625 − 54,056
Pre-tax return on average active equity 36 % 42 % 15 % 16 % (17) % N/M 14 %
Post-tax return on average active equity2 25 % 29 % 10 % 11 % (12) % N/M 10 %
N/M – Not meaningful
1 Starting December 31, 2012, segment assets represent consolidated view, i.e. the amounts do not include intersegment balances. Prior periods were adjusted accordingly.
2 The post-tax return on average active equity at the Group level is based on the reported effective tax rate for the Group, which was 25 % for the period ended March 31, 2012. For the

post-tax return on average active equity of the segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that
a rate of 32 % was used for the period ended March 31, 2012.

F-III-57
Deutsche Bank Consolidated Financial Statements 58
Interim Report as of March 31, 2013 Segment Information (unaudited)

Reconciliation of Segmental Results of Operations to Consolidated Results of Operations

Loss before income taxes in C&A was € 255 million in the first quarter 2013, compared to a loss of € 432 mil-
lion in the prior year quarter. This development was predominantly attributable to timing differences from differ-
ent accounting methods used for management reporting and IFRS which amounted to negative € 159 million
in the first quarter 2013 compared to negative € 319 million in the prior year quarter. These effects from Valua-
tion & Timing differences were particularly related to the narrowing of mid- to long-term spreads on the mark-
to-market valuation of U.S. dollar/euro basis swaps and the widening of credit spreads on our own debt, re-
flecting significantly lower material movements in the first quarter 2013 compared to the prior year quarter.
Results in C&A also included lower accruals for the German bank levy in the first quarter 2013 compared to
the prior year quarter, reflecting a reduction of relevant 2012 net income of Deutsche Bank AG according to
German GAAP.

Entity-Wide Disclosures

Net Revenue Components

Three months ended
in € m. Mar 31, 2013 Mar 31, 2012
Corporate Banking & Securities:
Sales & Trading (debt and other products) 2,727 3,165
Sales & Trading (equity) 766 683
Sales & Trading (equity, debt & other) 3,494 3,849
Origination (debt) 455 379
Origination (equity) 152 138
Origination (equity & debt) 607 517
Advisory 69 121
Loan products 296 325
Other products 138 1
Total Corporate Banking & Securities 4,604 4,813

Global Transaction Banking:

Transaction services 992 967
Other products − −
Total Global Transaction Banking 992 967

Asset & Wealth Management:

Discretionary portfolio management/fund management 523 486
Advisory/brokerage 214 199
Credit products 92 100
Deposits and payment services 69 68
Other products 1 345 302
Total Asset & Wealth Management 1,243 1,155

Private & Business Clients:

Discretionary portfolio management/fund management 59 53
Advisory/brokerage 258 278
Credit products 836 793
Deposits and payment services 954 1,006
Other products 278 268
Total Private & Business Clients 2,386 2,398
Total Non-Core Operations Unit 427 243
Consolidation & Adjustments (261) (382)
Total 2 9,391 9,194
1
Includes revenues from ETF business.
2
Total net revenues presented above include net interest income, net gains (losses) on financial assets/liabilities at fair value through profit and loss and other
revenues such as commissions and fee income.

F-III-58
Deutsche Bank Consolidated Financial Statements 59
Interim Report as of March 31, 2013 Information on the Consolidated Income Statement (unaudited)

Information on the Consolidated Income Statement (unaudited)

Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities

at Fair Value through Profit or Loss

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Net interest income 3,650 4,238
Trading income 1 2,646 2,619
Net gains (losses) on financial assets/liabilities designated at
fair value through profit or loss 2 197 16
Total net gains (losses) on financial assets/liabilities at fair value
through profit or loss 2,843 2,635
Net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss 6,493 6,873
Sales & Trading (equity) 628 513
Sales & Trading (debt and other products) 2,767 2,765
Total Sales & Trading 3,396 3,278
Loan products 118 89
Remaining products 3 137 160
Corporate Banking & Securities 3,651 3,527
Global Transaction Banking 4 510 499
Asset & Wealth Management 714 757
Private & Business Clients 1,486 1,537
Non-Core Operations Unit 97 355
Consolidation & Adjustments 35 198
Total net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss 6,493 6,873
1 Trading income includes gains and losses from derivatives held for trading and from derivatives not qualifying for hedge accounting.
2 Includes € (101) million and € 31 million from securitization structures for the three months ended March 31, 2013 and March 31, 2012, respectively. Fair value
movements on related instruments of € 187 million and of € (24) million for the three months ended March 31, 2013 and March 31, 2012, respectively, are reported within
trading income. Both are reported under Sales & Trading (debt and other products). The total of these gains and losses represents the Group’s share of the losses in
these consolidated securitization structures.
3 Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss.
4 Includes net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss on origination, advisory and other products.

Commissions and Fee Income

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Commissions and fees from fiduciary activities 818 782
Commissions, brokers’ fees, mark-ups on securities underwriting and other securities activities 851 868
Fees for other customer services 1,180 1,165
Total commissions and fee income 2,849 2,815

F-III-59
Deutsche Bank Consolidated Financial Statements 60
Interim Report as of March 31, 2013 Information on the Consolidated Income Statement (unaudited)

Pensions and Other Post-Employment Benefits

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Service cost for defined benefit plans:
Germany 47 39
UK 6 7
Other countries 19 22
Total service cost 72 68
Net interest cost (income) for defined benefit plans:
Germany 13 9
UK (7) (10)
Other countries 4 4
Total net interest cost (income) 10 3
Total expenses defined benefit plans:
Germany 60 48
UK (1) (3)
Other countries 23 26
Total expenses defined benefit plans 82 71
Total expenses for defined contribution plans 108 106
Total expenses for post-employment benefits 190 177

Employer contributions to mandatory German social security pension plan 60 62

The Group expects to pay approximately € 190 million in regular contributions to its retirement benefit plans
in 2013. Furthermore the Group made an additional contribution of € 819 million to fund the majority of Post-
bank’s unfunded defined benefit obligations in the first quarter of 2013. It is not expected that any plan assets
will be returned to the Group during the year ending December 31, 2013.

The discount rate applied to determine the defined benefit pension obligations in the eurozone as of
March 31, 2013 is 3.5 %.

General and Administrative Expenses

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
General and administrative expenses:
IT costs 676 587
Occupancy, furniture and equipment expenses 484 527
Professional service fees 356 402
Communication and data services 223 232
Travel and representation expenses 95 124
Payment, clearing and custodian services 148 131
Marketing expenses 74 85
Consolidated investments 193 177
Other expenses 1 569 921
Total general and administrative expenses 2,818 3,186
1 Included within other expenses are litigation related expenses of € 120 million for the first quarter 2013 and of € 205 million for the first quarter 2012.

Restructuring

The Group aims to enhance its long-term competitiveness through major reductions in costs, duplication and
complexity in the years ahead. The Group plans to spend approximately € 4 billion over a three year period
starting 2012 with the aim of achieving full run-rate annual cost savings of € 4.5 billion by 2015.

F-III-60
Deutsche Bank Consolidated Financial Statements 61
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

As of March 31, 2013 the Group’s Management Board approved three phases of restructuring which form part
of the planned amount of approximately € 4 billion. The restructuring expense is comprised of termination ben-
efits, additional expenses covering the acceleration of deferred compensation awards not yet amortized due to
the discontinuation of employment and contract termination costs related to real estate. Restructuring expens-
es of € 65 million were recognized in the first quarter of 2013, thereof € 20 million for termination benefits relat-
ing to the reduction of headcount according to the Group’s accounting policy for restructuring expenses. An
additional expense amount of € 45 million was incurred for the acceleration of deferred compensation awards
not yet amortized. Of the total amount of € 65 million, the Corporate Banking & Securities Corporate Division
was charged € 54 million, the Asset & Wealth Management Corporate Division € 7 million, the Global Transac-
tion Banking Corporate Division € 2 million, the Private & Business Clients Corporate Division € 1 million and
the Non-Core Operations Unit Corporate Division € 1 million respectively, including allocations from Infrastruc-
ture functions. Provisions for restructuring as of March 31, 2013 amounted to € 119 million. The majority of the
remaining approved restructuring expense budget is expected to be utilized during 2013.

In this year’s first quarter 381 full-time equivalent (FTE) staff had been reduced through restructuring and other
means. Of these reductions, 38 FTE have been reduced through activities that were not eligible for treatment
as restructuring charges pursuant to the restructuring program described above, for instance voluntary leavers
and retirements where the roles will not be replaced. The remaining 343 FTE have been identified as restruc-
turing eligible. The total FTE reductions were identified within the Corporate Banking & Securities Corporate
Division (176 FTE), the Asset & Wealth Management Corporate Division (97 FTE) and Infrastructure
functions (108 FTE).

Information on the Consolidated Balance Sheet (unaudited)

Financial Assets/Liabilities at Fair Value through Profit or Loss

in € m. Mar 31, 2013 Dec 31, 2012

Trading assets:
Trading securities 225,772 227,845
Other trading assets 1 25,242 26,614
Total trading assets 251,014 254,459
Positive market values from derivative financial instruments 708,938 768,353
Financial assets designated at fair value through profit or loss:
Securities purchased under resale agreements 125,697 124,987
Securities borrowed 31,897 28,304
Loans 18,402 18,248
Other financial assets designated at fair value through profit or loss 18,516 15,488
Total financial assets designated at fair value through profit or loss 194,512 187,027
Total financial assets at fair value through profit or loss 1,154,464 1,209,839
1 Includes traded loans of € 17,018 million and € 17,638 million as of March 31, 2013 and December 31, 2012, respectively.

F-III-61
Deutsche Bank Consolidated Financial Statements 62
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

in € m. Mar 31, 2013 Dec 31, 2012

Trading liabilities:
Trading securities 62,492 52,722
Other trading liabilities 3,437 1,678
Total trading liabilities 65,929 54,400
Negative market values from derivative financial instruments 694,862 752,652
Financial liabilities designated at fair value through profit or loss:
Securities sold under repurchase agreements 87,296 82,267
Loan commitments 440 463
Long-term debt 12,948 13,436
Other financial liabilities designated at fair value through profit or loss 17,117 14,243
Total financial liabilities designated at fair value through profit or loss 117,801 110,409
Investment contract liabilities 1 8,115 7,732
Total financial liabilities at fair value through profit or loss 886,707 925,193
1 These are investment contracts where the policy terms and conditions result in their redemption values equaling fair values.

Financial Assets Available for Sale

in € m. Mar 31, 2013 Dec 31, 2012

Debt securities 46,424 44,155
Equity securities 1,303 1,305
Other equity interests 983 986
Loans 2,783 2,954
Total financial assets available for sale 51,493 49,400

Amendments to IAS 39 and IFRS 7, “Reclassification of Financial Assets”

Under the amendments to IAS 39 and IFRS 7, issued in October 2008, certain financial assets were reclassi-
fied in the second half of 2008 and the first quarter 2009 from the financial assets at fair value through profit
or loss and the available for sale classifications into the loans classification. No reclassifications have been
made since the first quarter 2009.

The Group identified assets, eligible under the amendments, for which at the reclassification date it had a
clear change of intent and ability to hold for the foreseeable future rather than to exit or trade in the short term.
The reclassifications were made at the fair value of the assets at the reclassification date.

Reclassified Financial Assets

Financial assets
Trading assets available for sale
in € bn. reclassified to reclassified to
(unless stated otherwise) loans loans
Carrying value at reclassification date 26.6 11.4
Unrealized fair value losses in accumulated other comprehensive income − (1.1)
Effective interest rates at reclassification date:
upper end of range 13.1 % 9.9 %
lower end of range 2.8 % 3.9 %
Expected recoverable cash flows at reclassification date 39.6 17.6

F-III-62
Deutsche Bank Consolidated Financial Statements 63
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Carrying values and fair values by asset type of assets reclassified in 2008 and 2009
Mar 31, 2013 Dec 31, 2012
in € m. Carrying value Fair value Carrying value Fair value
Trading assets reclassified to loans:
Securitized assets 1 2,853 2,401 3,599 2,783
Debt securities 773 751 795 757
Loans 6,380 5,807 6,810 6,226
Total trading assets reclassified to loans 10,0062 8,959 11,204 9,766
Financial assets available for sale reclassified to loans:
Securitized assets 1 4,000 3,826 4,501 4,218
Loans 1,326 1,494 1,293 1,446
Total financial assets available for sale reclassified to loans 5,326 3 5,320 5,794 5,664
Total financial assets reclassified to loans 15,3323 14,279 16,9983 15,430
1 Securitized assets consist of mortgage- and asset-backed securities.
2 For the three months ended March 31, 2013, the Group sold assets that were previously classified as trading with a carrying value of € 1.0 billion, including
€ 0.6 billion of asset-backed securities and € 0.3 billion of loans.
3 In addition to the carrying value of the reclassified assets shown in the table above there is an associated effect on the carrying value from effective fair value hedge
accounting for interest rate risk. This effect increases carrying value by € 179 million and € 209 million as at March 31, 2013 and December 31, 2012 respectively.

Sales of reclassified assets are individually subject to a governance and approval process to determine if a
sale is the best course of action for the Group’s overall profitability, capital position and regulatory compliance.
For the three months ended March 31, 2013, the Group sold reclassified assets with a carrying value of
€ 1.1 billion, resulting in net losses of € 162 million. The aforementioned governance and approval process
determined that the assets sold were due to circumstances that were not foreseeable at the time of the reclas-
sification, including amendments to the capital rules that led to significantly higher absolute capital require-
ments for the Group as a whole.

In addition to sales, the decrease in the carrying value of reclassified assets previously classified as available
for sale includes € 460 million attributable to redemptions. Provisions for credit losses taken during the period
were mostly against loans formerly classified as trading.

Unrealized fair value gains (losses) that would have been recognized in profit or loss and net gains (losses) that would
have been recognized in other comprehensive income if the reclassifications had not been made
Three months ended
in € m. Mar 31, 2013 Mar 31, 2012
Unrealized fair value gains (losses) on the reclassified trading
assets, gross of provisions for credit losses 225 186
Impairment (losses) on the reclassified financial assets available
for sale which were impaired − (5)
Net gains (losses) recognized in other comprehensive income representing additional unrealized
fair value gains (losses) on the reclassified financial assets available for sale which were not impaired 121 98

Pre-tax contribution of all reclassified assets to the income statement (after reclassification)
Three months ended
in € m. Mar 31, 2013 Mar 31, 2012
Interest income 106 156
Provision for credit losses (8) (42)
Other income 1 (139) (13)
Income before income taxes on reclassified trading assets (41) 101
Interest income 27 38
Provision for credit losses − (12)
Other income 1 (3) (2)
Income (loss) before income taxes on reclassified financial assets available for sale 23 24
1 Predominantly relates to losses from the sale of reclassified assets.

F-III-63
Deutsche Bank Consolidated Financial Statements 64
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Financial Instruments carried at Fair Value

Fair Value Hierarchy

The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair
value hierarchy as follows:

Level 1 – Instruments valued using quoted prices in active markets are instruments where the fair value can be
determined directly from prices which are quoted in active, liquid markets and where the instrument observed
in the market is representative of that being priced in the Group’s inventory.

These include: high-liquidity treasuries and derivative, equity and cash products traded on high-liquidity ex-
changes.

Level 2 – Instruments valued with valuation techniques using observable market data are instruments where
the fair value can be determined by reference to similar instruments trading in active markets, or where a tech-
nique is used to derive the valuation but where all inputs to that technique are observable.

These include: many OTC derivatives; many investment-grade listed credit bonds; some CDS; many collateral-
ized debt obligations (“CDO”); and many less-liquid equities.

Level 3 – Instruments valued using valuation techniques using market data which is not directly observable
are instruments where the fair value cannot be determined directly by reference to market-observable informa-
tion, and some other pricing technique must be employed. Instruments classified in this category have an ele-
ment which is unobservable and which has a significant impact on the fair value.

These include: more-complex OTC derivatives; distressed debt; highly-structured bonds; illiquid asset-backed
securities (“ABS”); illiquid CDO’s (cash and synthetic); monoline exposures; private equity placements; many
commercial real estate (“CRE”) loans; illiquid loans; and some municipal bonds.
1
Carrying value of the financial instruments held at fair value
Mar 31, 2013
Valuation Valuation
Quoted technique technique
prices in observable unobservable
active market parameters parameters
in € m. (Level 1) (Level 2) (Level 3)
Financial assets held at fair value:
Trading securities 117,513 99,745 8,514
Positive market values from derivative financial instruments 21,719 675,012 12,207
Other trading assets 695 20,024 4,523
Financial assets designated at fair value through profit or loss 6,910 183,788 3,814
Financial assets available for sale 21,914 25,868 3,711
Other financial assets at fair value − 6,051 2 −
Total financial assets held at fair value 168,751 1,010,488 32,769

Financial liabilities held at fair value:

Trading securities 48,028 14,382 83
Negative market values from derivative financial instruments 18,893 667,286 8,683
Other trading liabilities 173 3,263 −
Financial liabilities designated at fair value through profit or loss 1 116,574 1,226
Investment contract liabilities 4 − 8,115 −
Other financial liabilities at fair value − 4,171 2 (147) 3
Total financial liabilities held at fair value 67,095 813,791 9,845
1 Amounts in this table are generally presented on a gross basis, in line with the Group’s accounting policy regarding offsetting of financial instruments, as described in
Note 01 “Significant Accounting Policies” of the Financial Report 2012.
2 Predominantly relates to derivatives qualifying for hedge accounting.
3 Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. The
separated embedded derivatives may have a positive or a negative fair value but have been presented in this table to be consistent with the classification of the host
contract. The separated embedded derivatives are held at fair value on a recurring basis and have been split between the fair value hierarchy classifications.
4 These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value. See Note 39 “Insurance and Investment
Contracts” of the Financial Report 2012 for more detail on these contracts.

F-III-64
Deutsche Bank Consolidated Financial Statements 65
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

There have been no significant transfers of instruments between level 1 and level 2 of the fair value hierarchy.

Analysis of Financial Instruments with Fair Value Derived from Valuation Techniques Containing
Significant Unobservable Parameters (Level 3)
Financial instruments categorized in level 3
in € m. Mar 31, 2013
Financial assets held at fair value:
Trading securities:
Sovereign and quasi-sovereign obligations 743
Mortgage and other asset-backed securities 2,647
Corporate debt securities and other debt obligations 4,916
Equity securities 208
Total trading securities 8,514
Positive market values from derivative financial instruments 12,207
Other trading assets 4,523
Financial assets designated at fair value through profit or loss:
Loans 3,200
Other financial assets designated at fair value through profit or loss 614
Total financial assets designated at fair value through profit or loss 3,814
Financial assets available for sale 3,711
Other financial assets at fair value −
Total financial assets held at fair value 32,769

Financial liabilities held at fair value:

Trading securities 83
Negative market values from derivative financial instruments 8,683
Other trading liabilities −
Financial liabilities designated at fair value through profit or loss:
Loan commitments 446
Long-term debt 712
Other financial liabilities designated at fair value through profit or loss 68
Total financial liabilities designated at fair value through profit or loss 1,226
Other financial liabilities at fair value (147) 1
Total financial liabilities held at fair value 9,845
1 Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. The
separated embedded derivatives may have a positive or a negative fair value but have been presented in this table to be consistent with the classification of the host
contract. The separated embedded derivatives are held at fair value on a recurring basis and have been split between the fair value hierarchy classifications.

Some of the instruments in level 3 of the fair value hierarchy have identical or similar offsetting exposures to
the unobservable input. However, according to IFRS they are required to be presented as gross assets and
liabilities in the table above.

Trading Securities: Certain illiquid emerging market corporate bonds and illiquid highly structured corporate
bonds are included in this level of the hierarchy. In addition, some of the holdings of notes issued by securitization
entities, commercial and residential MBS, collateralized debt obligation securities and other ABS are reported
here. The decrease in the period is mainly due to a combination of sales, settlements and transfers from level 3
into level 2 due to changes in the observability of input parameters used to value these instruments.

Positive and Negative Market Values from Derivative Instruments categorized in this level of the fair value
hierarchy are valued based on one or more significant unobservable parameters. The unobservable parame-
ters may include certain correlations, certain longer-term volatilities, certain prepayment rates, credit spreads
and other transaction-specific parameters.

F-III-65
Deutsche Bank Consolidated Financial Statements 66
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Level 3 derivatives include customized CDO derivatives in which the underlying reference pool of corporate
assets is not closely comparable to regularly market-traded indices; certain tranched index credit derivatives;
certain options where the volatility is unobservable; certain basket options in which the correlations between
the referenced underlying assets are unobservable; longer-term interest rate option derivatives; multi-currency
foreign exchange derivatives; and certain credit default swaps for which the credit spread is not observable.

The decrease in the quarter was due to mark-to-market losses on the instruments, settlements and transfers of
derivative assets from level 3 to level 2 of the hierarchy due to improved observability of input parameters used
to value these instruments.

Other Trading Instruments classified in level 3 of the fair value hierarchy mainly consist of traded loans valued
using valuation models based on one or more significant unobservable parameters. Level 3 loans comprise
illiquid leveraged loans and illiquid residential and commercial mortgage loans.

Financial Assets/Liabilities designated at Fair Value through Profit or Loss: Certain corporate loans and struc-
tured liabilities which were designated at fair value through profit or loss under the fair value option are catego-
rized in this level of the fair value hierarchy. The corporate loans are valued using valuation techniques which
incorporate observable credit spreads, recovery rates and unobservable utilization parameters. Revolving loan
facilities are reported in the third level of the hierarchy because the utilization in the event of the default pa-
rameter is significant and unobservable.

In addition, certain hybrid debt issuances designated at fair value through profit or loss containing embedded
derivatives are valued based on significant unobservable parameters. These unobservable parameters include
single stock volatility correlations. The slight decrease in assets during the period is primarily due to settle-
ments while the decrease in liabilities is mainly due to transfers from level 3 into level 2.

Financial Assets Available for Sale include unlisted equity instruments where there is no close proxy and the
market is very illiquid.

F-III-66
Deutsche Bank Consolidated Financial Statements 67
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Reconciliation of financial instruments classified in Level 3

Mar 31, 2013
Changes in
the group
Balance, of consoli- Total Transfers Transfers Balance,
beginning dated com- gains/ Settle- into out of end of
1
in € m. of year panies losses Purchases Sales Issuances 5 ments 6 Level 3 7 Level 3 7 year
Financial assets held
at fair value:
Trading securities 10,306 − 363 381 (583) − (669) 619 (1,903) 8,514
Positive market values
from derivative financial
instruments 15,210 − (811) − − − (1,117) 1,086 (2,161) 12,207
Other trading assets 4,609 − 127 152 (686) 56 (105) 649 (279) 4,523
Financial assets
designated at fair value
through profit or loss 3,956 − 198 169 (128) 217 (544) 227 (281) 3,814
Financial assets
available for sale 3,940 (80) 74 2 45 (57) − (205) 246 (252) 3,711
Other financial assets
at fair value − − − − − − − − − −
Total financial assets
held at fair value 38,021 (80) (49) 3,4 747 (1,454) 273 (2,640) 2,827 (4,876) 32,769
Financial liabilities held
at fair value:
Trading securities 318 − (1) − − − 8 22 (264) 83
Negative market values
from derivative financial
instruments 9,286 − 567 − − − (700) 1,132 (1,602) 8,683
Other trading liabilities − − − − − − − − − −
Financial liabilities
designated at fair value
through profit or loss 1,417 − (21) − − 61 (79) 92 (244) 1,226
Other financial liabilities
at fair value (176) − 65 − − − 19 (18) (37) (147)
Total financial liabilities
held at fair value 10,845 − 610 3,4 − − 61 (752) 1,228 (2,147) 9,845
1 Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The
balance also includes net gains (losses) on financial assets available for sale reported in the consolidated statement of income and unrealized net gains (losses) on financial assets
available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain instruments are hedged with instruments in level 1 or level 2 but the
table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of
an instrument classified within level 3 of the fair value hierarchy; the gains and losses presented above are attributable to movements in both the observable and unobservable
parameters.
2 Total gains and losses on financial assets available for sale include a gain of € 28 million recognized in other comprehensive income, net of tax, and a gain of € 6 million recognized in the
income statement presented in net gains (losses) on financial assets available for sale.
3 This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is positive € 144 million and for total financial liabilities held at fair value
this is a negative € 21 million. This predominantly relates to derivatives. The effect of exchange rate changes is reported in other comprehensive income, net of tax.
4 For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent gains.
5 Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower.
6 Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and principal repayments. For
derivatives all cash flows are presented in settlements.
7 Transfers in and transfers out of level 3 during the year are recorded at their fair value at the beginning of year in the table below. For instruments transferred into level 3 the table shows
the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not
show any gains or losses or cash flows on the instruments during the year since the table is presented as if they have been transferred out at the beginning of the year.

Sensitivity Analysis of Unobservable Parameters

Where the value of financial instruments is dependent on unobservable parameter inputs, the precise level for
these parameters at the balance sheet date might be drawn from a range of reasonably possible alternatives.
In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen
so that they are consistent with prevailing market evidence and in line with the Group’s approach to valuation
control detailed above. Were the Group to have marked the financial instruments concerned using parameter
values drawn from the extremes of the ranges of reasonably possible alternatives then as of March 31, 2013 it
could have increased fair value by as much as € 3.2 billion or decreased fair value by as much as € 3.2 billion.

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Deutsche Bank Consolidated Financial Statements 68
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

In estimating these impacts, the Group either re-valued certain financial instruments using reasonably possible
alternative parameter values, or used an approach based on its valuation adjustment methodology for bid/offer
spread valuation adjustments. Bid/offer spread valuation adjustments reflect the amount that must be paid in
order to close out a holding in an instrument or component risk and as such they reflect factors such as market
illiquidity and uncertainty.

This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of finan-
cial instruments for which valuation is dependent on unobservable input parameters. However, it is unlikely in
practice that all unobservable parameters would be simultaneously at the extremes of their ranges of rea-
sonably possible alternatives. Hence, the estimates disclosed above are likely to be greater than the true un-
certainty in fair value at the balance sheet date. Furthermore, the disclosure is not predictive or indicative of
future movements in fair value.

For many of the financial instruments considered here, in particular derivatives, unobservable input parameters
represent only a subset of the parameters required to price the financial instrument, the remainder being ob-
servable. Hence for these instruments the overall impact of moving the unobservable input parameters to the
extremes of their ranges might be relatively small compared with the total fair value of the financial instrument.
For other instruments, fair value is determined based on the price of the entire instrument, for example, by
adjusting the fair value of a reasonable proxy instrument. In addition, all financial instruments are already carried
at fair values which are inclusive of valuation adjustments for the cost to close out that instrument and hence
already factor in uncertainty as it reflects itself in market pricing. Any negative impact of uncertainty calculated
within this disclosure, then, will be over and above that already included in the fair value contained in the finan-
cial statements.
1
Breakdown of the sensitivity analysis by type of instrument
Mar 31, 2013
Positive fair value Negative fair value
movement from using movement from using
reasonable possible reasonable possible
in € m. alternatives alternatives
Derivatives:
Credit 688 1,020
Equity 195 147
Interest related 96 151
Hybrid 268 123
Other 91 77
Securities:
Debt securities 1,461 1,261
Equity securities 42 61
Mortgage- and asset-backed − −
Loans:
Leveraged loans − −
Commercial loans − −
Traded loans 336 331
Total 3,177 3,171
1 Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table.

Quantitative Information about the Sensitivity of Significant Unobservable Inputs

The behavior of the unobservable parameters on Level 3 fair value measurement is not necessarily independ-
ent, and dynamic relationships often exist between both other unobservable parameters, and observable pa-
rameters. Such relationships, where material to the fair value of a given instrument, are explicitly captured via
correlation parameters, or are otherwise controlled via pricing models or valuation techniques. Frequently,
where a valuation technique utilises more than one input, the choice of a certain input will bound the range of
possible values for other inputs. In addition, broader market factors (such as interest rates, equity, credit or
commodity indices or foreign exchange rates) can also have effects.

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Deutsche Bank Consolidated Financial Statements 69
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

The range of values shown below represents the highest and lowest inputs used to value the significant expo-
sures within Level 3. As Level 3 contains the less liquid fair value instruments, the wide ranges of parameters
seen is to be expected, as there is a high degree of pricing differentiation within each exposure type to capture
the relevant market dynamics. There follows a brief description of each of the principle parameter types, along
with a commentary on significant interrelationships between them.

Credit Parameters are used to assess the credit worthiness of an exposure, by enabling the probability of de-
fault and resulting losses of a default to be represented. The credit spread is the primary reflection of credit
worthiness, and represents the premium or yield return above the benchmark reference instrument (typically
LIBOR, or relevant Treasury Instrument, depending upon the asset being assessed), that a bond holder would
require in order to allow for the credit quality difference between that entity and the reference benchmark.
Higher credit spreads will indicate lower credit quality, and lead to a lower value for a given bond, or other loan-
asset that is to be repaid to the Bank by the borrower. Recovery Rates represent an estimate of the amount a
lender would receive in the case of a default of a loan, or a bond holder would receive in the case of default of
the bond. Higher recovery rates will give a higher valuation for a given bond position, if other parameters are
held constant. Constant Default Rate (CDR) and Constant Prepayment Rate (CPR) allow more complex loan
and debt assets to be assessed, as these parameters estimate the ongoing defaults arising on scheduled
repayments and coupons, or whether the borrower is making additional (usually voluntary) prepayments.
These parameters are particularly relevant when forming a fair value opinion for mortgage or other types of
lending, where repayments are delivered by the borrower through time, or where the borrower may pre-pay the
loan (seen for example in some residential mortgages). Higher CDR will lead to lower valuation of a given loan
or mortgage as the lender will ultimately receive less cash.

Interest rates, credit spreads, inflation rates, foreign exchange rates and equity prices are referenced in some
option instruments, or other complex derivatives, where the payoff a holder of the derivative will receive is
dependent upon the behavior of these underlying references through time. Volatility parameters describe key
attributes of option behavior by enabling the variability of returns of the underlying instrument to be assessed.
This volatility is a measure of probability, with higher volatilities denoting higher probabilities of a particular
outcome occurring. The underlying references (interest rates, credit spreads etc) have an effect on the valua-
tion of options, by describing the size of the return that can be expected from the option. Therefore the value of
a given option is dependent upon the value of the underlying instrument, and the volatility of that instrument,
representing the size of the payoff, and the probability of that payoff occurring. Where volatilities are high, the
option holder will see a higher option value as there is greater probability of positive returns. A higher option
value will also occur where the payoff described by the option is significant.

Correlations are used to describe influential relationships between underlying references where a derivative or
other instrument has more than one underlying reference. Behind some of these relationships, for example
commodity correlation and interest rate-foreign exchange correlations, typically lie macro economic factors
such as the impact of global demand on groups of commodities, or the pricing parity effect of interest rates on
foreign exchange rates. More specific relationships can exist between credit references or equity stocks in the
case of credit derivatives and equity basket derivatives, for example. Credit correlations are used to estimate
the relationship between the credit performance of a range of credit names, and stock correlations are used to
estimate the relationship between the returns of a range of equities. A derivative with a correlation exposure will
be either long- or short-correlation. A high correlation suggests a strong relationship between the underlying
references is in force, and this will lead to an increase in value of a long-correlation derivative. Negative corre-
lations suggest that the relationship between underlying references is opposing, ie. an increase in price of one
underlying reference will lead to a reduction in the price of the other.

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Deutsche Bank Consolidated Financial Statements 70
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

An EBITDA (‘earnings before interest, tax, depreciation and amortization’) multiple approach can be used in
the valuation of less liquid securities. Under this approach the enterprise value (‘EV’) of an entity can be esti-
mated via identifying the EV/EBITDA multiple of a comparable observable entity and applying this multiple to
the EBITDA of the entity for which a valuation is being estimated. Under this approach a liquidity adjustment is
often applied due to the difference in liquidity between the generally listed comparable used and the company
under valuation. A higher EV/EBITDA multiple will result in a higher fair value.

Mar 31, 2013 Fair value

in € m. Significant unobservable
(unless stated otherwise) Assets Liabilities Valuation technique(s) input(s) (Level 3) Range
Financial instruments held at fair value:
Mortgage and other asset backed
securities
Commercial mortgage-backed
securities 270 − Discounted cash flow Credit spread (bps) 146 1,650
Recovery rate 47 % 100 %
Constant default rate 0% 9%
Constant prepayment rate 0% 15 %
Mortgage and other asset backed
securities 2,377 − Discounted cash flow Credit spread (bps) 83 3,250
Recovery rate 0% 80 %
Constant default rate 1% 100 %
Constant prepayment rate 0% 20 %
Total mortgage and other asset-backed
securities 2,647 −
Debt securities and other debt obligations 5,707 795 Price Price 0% 150 %
Discounted cash flow Credit spread (bps) 10 350
Equity securities 804 − Market approach Price/net asset value 80 % 100 %
Enterprise value/EBITDA
(multiple) 1 14
Discounted cash flow Weighted average cost capital 9% 12 %
Loans 9,536 − Price Price 0% 127 %
Discounted cash flow Credit spread (bps) 49 2,450
Constant default rate 9% 20 %
Recovery rate 12 % 60 %
Loan commitments − 446 Discounted cash flow Credit spread (bps) 17 1,900
Recovery rate 10 % 80 %
Utilization 0% 100 %
Other financial instruments 1,868 68 Price Price 1% 105 %
Discounted cash flow IRR 3% 46 %
Total financial instruments held at fair
value 1 20,562 1,309
1 The presentation of the Level 3 financial instruments in this table follows a product breakdown rather than accounting classification.

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Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Mar 31, 2013 Fair value

in € m. Significant unobservable
(unless stated otherwise) Assets Liabilities Valuation technique(s) input(s) (Level 3) Range
Financial instruments held at fair value:
Market values from derivative
financial instruments
Interest rate derivatives 3,146 2,713 Discounted cash flow Swap rate (bps) 10 935
Inflation swap rate 1% 7%
Option pricing model Inflation volatility 0% 7%
Interest rate volatility 8% 89 %
IR - IR correlation (49) % 99 %
Hybrid correlation (70) % 100 %
Credit derivatives 6,985 3,073 Discounted cash flow Credit spread (bps) 9 2,940
Recovery rate 0% 80 %
Option pricing model Credit correlation 13 % 90 %
Equity derivatives 848 1,430 Option pricing model Stock volatility 10 % 99 %
Index volatility 10 % 95 %
Index - index correlation 61 % 99 %
Stock - stock correlation 13 % 99 %
FX derivatives 65 247 Option pricing model Volatility 1% 20 %
Other derivatives 1,163 1,073 1 Discounted cash flow Credit spread (bps) 390 1,150
Long term power prices
(EUR/MWh) 31 61
Option pricing model Commodity correlation (30) % 100 %
Total market values from derivative
financial instruments 12,207 8,536
1 Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated.

Unrealized Gains or Losses on Level 3 Instruments held or in Issue at the Reporting Date
The unrealized gains or losses are not due solely to unobservable parameters. Many of the parameter inputs
to the valuation of instruments in this level of the hierarchy are observable and the gain or loss is partly due to
movements in these observable parameters over the period. Many of the positions in this level of the hierarchy
are economically hedged by instruments which are categorized in other levels of the fair value hierarchy. The
offsetting gains and losses that have been recorded on all such hedges are not included in the table below,
which only shows the gains and losses related to the level 3 classified instruments themselves held at the
reporting date in accordance with IFRS 13.

in € m. Mar 31, 2013

Financial assets held at fair value:
Trading securities 343
Positive market values from derivative financial instruments (457)
Other trading assets 122
Financial assets designated at fair value through profit or loss 268
Financial assets available for sale 105
Other financial assets at fair value −
Total financial assets held at fair value 381
Financial liabilities held at fair value:
Trading securities 5
Negative market values from derivative financial instruments (710)
Other trading liabilities −
Financial liabilities designated at fair value through profit or loss (55)
Other financial liabilities at fair value (56)
Total financial liabilities held at fair value (816)
Total (435)

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Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Recognition of Trade Date Profit

If there are significant unobservable inputs used in a valuation technique, the financial instrument is recognized
at the transaction price and any trade date profit is deferred. The table below presents the year-to-date move-
ment of the trade date profits deferred due to significant unobservable parameters for financial instruments
classified at fair value through profit or loss. The balance is predominantly related to derivative instruments.

in € m.
Balance as of Dec 31, 2012 699
New trades during the period 172
Amortization (103)
Matured trades (31)
Subsequent move to observability (10)
Exchange rate changes 5
Balance as of Mar 31, 2013 732

Fair Value of Financial Instruments not carried at Fair Value

This section should be read in conjunction with Note 16 “Fair Value of Financial Instruments not carried at Fair
Value” of our Financial Report 2012.

The valuation techniques used to establish fair value for the Group’s financial instruments which are not carried
at fair value in the balance sheet are consistent with those outlined in Note 15 “Financial Instruments carried at
Fair Value” of our Financial Report 2012. As described in section “Amendments to IAS 39 and IFRS 7, ‘Reclas-
sification of Financial Assets’”, the Group reclassified certain eligible assets from the trading and available for
sale classifications to loans. The Group continues to apply the relevant valuation techniques set out in Note 15
“Financial Instruments carried at Fair Value” of our Financial Report 2012, to the reclassified assets.

Other financial instruments not carried at fair value are not managed on a fair value basis, for example, retail
loans and deposits and credit facilities extended to corporate clients. For these instruments fair values are
calculated for disclosure purposes only and do not impact the balance sheet or income statement. Additionally,
since the instruments generally do not trade there is significant management judgment required to determine
these fair values.

F-III-72
Deutsche Bank Consolidated Financial Statements 73
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

1
Estimated fair value of financial instruments not carried at fair value on the balance sheet
Mar 31, 2013
in € m. Carrying value Fair value
Financial assets:
Cash and due from banks 26,813 26,813
Interest-earning from banks 123,508 123,523
Central bank funds sold and securities purchased under resale agreements 35,827 35,827
Securities borrowed 29,693 29,693
Loans 395,045 397,678
Other Assets 2 168,928 168,904

Financial liabilities:
Deposits 575,165 575,778
Central bank funds purchased and securities sold under repurchase agreements 32,499 32,499
Securities loaned 3,552 3,552
Other short-term borrowings 75,465 75,464
Other liabilities 2 207,100 207,100
Long-term debt 148,161 148,248
Trust preferred securities 12,262 12,966
1 Amounts generally presented on a gross basis, in line with the Group’s accounting policy regarding offsetting of financial instruments as described in
Note 01 “Significant Accounting Policies” of our Financial Report 2012.
2 Only includes financial assets or financial liabilities.

Offsetting Financial Assets and Financial Liabilities

The Group is eligible to present net on the balance sheet, certain financial assets and financial liabilities, ac-
cording to criteria described in Note 01 “Significant Accounting Policies: Offsetting Financial Instruments” of our
Financial Report 2012.

The following tables provide information on the impact of offsetting on the consolidated balance sheet, as well
as the financial impact of netting for instruments subject to an enforceable master netting arrangement or simi-
lar agreement.

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Deutsche Bank Consolidated Financial Statements 74
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Assets
Mar 31, 2013
Net amounts
of financial
Gross Gross assets Impact of
amounts amounts presented Master Financial
of financial set off on the on the Netting Cash instrument
in € m. assets balance sheet balance sheet Agreements collateral collateral Net amount
Central bank funds sold and securities purchased
under resale agreements (enforceable) 29,521 (450) 29,071 − − (29,071) −
Central bank funds sold and securities purchased
under resale agreements (non-enforceable) 6,756 − 6,756 − − (6,756) −
Securities borrowed (enforceable) 18,876 − 18,876 − − (18,876) −
Securities borrowed (non-enforceable) 10,817 − 10,817 − − (10,817) −
Financial assets at fair value through profit or loss
Trading assets 252,012 (998) 251,014 − (60) (1,474) 249,480
Positive market values from derivative financial
instruments (enforceable) 994,418 (338,210) 656,208 (576,228) (60,299) (10,246) 9,435
Positive market values from derivative financial
instruments (non-enforceable) 52,730 − 52,730 − − − 52,730
Financial assets designated at fair value through
profit or loss (enforceable) 166,801 (34,863) 131,938 (28,176) − (94,420) 9,342
Financial assets designated at fair value through
profit or loss (non-enforceable) 62,574 − 62,574 − − (43,760) 18,814
Total financial assets at fair value through profit
or loss 1,528,535 (374,071) 1,154,464 (604,404) (60,359) (149,901) 339,800
Loans 395,194 (149) 395,045 − (15,470) (192,367) 187,208
Other assets 203,570 (20,796) 182,774 (66,889) (217) (58) 115,610
Therein: Positive market values from derivatives
qualifying for hedge accounting (enforceable) 20,937 (14,841) 6,096 (5,531) − − 565
Remaining assets not subject to netting 234,887 − 234,887 − − (755) 234,132
Total assets 2,428,156 (395,466) 2,032,690 (671,293) (76,046) (408,602) 876,749

Liabilities
Mar 31, 2013
Net amounts
of financial
Gross Gross liabilities Impact of
amounts amounts presented Master Financial
of financial set off on the on the Netting Cash instrument
in € m. liabilities balance sheet balance sheet Agreements collateral collateral Net amount
Deposit 575,268 (103) 575,165 − − − 575,165
Central bank funds purchased and securities sold
under repurchase agreements (enforceable) 8,533 (450) 8,083 − (73) (8,010) −
Central bank funds purchased and securities sold
under repurchase agreements (non-enforceable) 24,416 − 24,416 − − (23,199) 1,217
Securities loaned (enforceable) 3,455 − 3,455 − − (3,251) 204
Securities loaned (non-enforceable) 96 − 96 − − (96) −
Financial liabilities at fair value through profit or loss
Trading liabilities 76,965 (11,036) 65,929 − − − 65,929
Negative market values from derivative financial
instruments (enforceable) 1,005,379 (347,543) 657,836 (579,766) (61,359) (14,664) 2,047
Negative market values from derivative financial
instruments (non-enforceable) 37,027 − 37,027 − − − 37,027
Financial liabilities designated at fair value through
profit or loss (enforceable) 83,686 (24,172) 59,514 (28,176) (1,258) (30,049) 31
Financial liabilities designated at fair value through
profit or loss (non-enforceable) 66,401 − 66,401 − − (38,799) 27,602
Total financial liabilities at fair value through profit
or loss 1,269,458 (382,751) 886,707 (607,942) (62,617) (83,512) 132,636
Other liabilities 246,554 (12,162) 234,392 (62,292) − − 172,100
Therein: Negative market values from derivatives
qualifying for hedge accounting (enforceable) 8,992 (5,784) 3,208 (1,993) − − 1,215
Remaining liabilities not subject to netting 244,298 − 244,298 − − − 244,298
Total liabilities 2,372,078 (395,466) 1,976,612 (670,233) (62,690) (118,068) 1,125,621

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Deutsche Bank Consolidated Financial Statements 75
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Assets
Dec 31, 2012
Net amounts
of financial
Gross Gross assets Impact of
amounts amounts presented Master Financial
of financial set off on the on the Netting Cash instrument
in € m. assets balance sheet balance sheet Agreements collateral collateral Net amount
Central bank funds sold and securities purchased
under resale agreements (enforceable) 32,416 (427) 31,989 − − (31,874) 115
Central bank funds sold and securities purchased
under resale agreements (non-enforceable) 4,581 − 4,581 − − (4,475) 106
Securities borrowed (enforceable) 10,272 − 10,272 − − (9,972) 300
Securities borrowed (non-enforceable) 13,741 − 13,741 − − (13,336) 405
Financial assets at fair value through profit or loss
Trading assets 255,745 (1,286) 254,459 − (52) (1,979) 252,428
Positive market values from derivative financial
instruments (enforceable) 1,089,047 (377,671) 711,376 (631,791) (66,467) (9,032) 4,086
Positive market values from derivative financial
instruments (non-enforceable) 56,977 − 56,977 − − − 56,977
Financial assets designated at fair value through
profit or loss (enforceable) 147,254 (34,316) 112,938 (26,035) (973) (75,370) 10,560
Financial assets designated at fair value through
profit or loss (non-enforceable) 74,089 − 74,089 − − (55,279) 18,810
Total financial assets at fair value through profit
or loss 1,623,112 (413,273) 1,209,839 (657,826) (67,492) (141,660) 342,861
Loans 397,520 (143) 397,377 − (16,324) (192,205) 188,848
Other assets 144,735 (21,033) 123,702 (69,546) (267) (6,883) 47,006
Therein: Positive market values from derivatives
qualifying for hedge accounting (enforceable) 23,893 (15,531) 8,362 (7,119) − (452) 791
Remaining assets not subject to netting 230,774 − 230,774 − − (1,287) 229,487
Total assets 2,457,150 (434,875) 2,022,275 (727,372) (84,084) (401,693) 809,126

Liabilities
Dec 31, 2012
Net amounts
of financial
Gross Gross liabilities Impact of
amounts amounts presented Master Financial
of financial set off on the on the Netting Cash instrument
in € m. liabilities balance sheet balance sheet Agreements collateral collateral Net amount
Deposit 577,316 (106) 577,210 − − − 577,210
Central bank funds purchased and securities sold
under repurchase agreements (enforceable) 8,806 (426) 8,380 − (13) (8,124) 243
Central bank funds purchased and securities sold
under repurchase agreements (non-enforceable) 27,764 − 27,764 − − (27,042) 722
Securities loaned (enforceable) 2,614 − 2,614 − − (2,464) 150
Securities loaned (non-enforceable) 552 − 552 − − (246) 306
Financial liabilities at fair value through profit or loss
Trading liabilities 65,284 (10,884) 54,400 − − − 54,400
Negative market values from derivative financial
instruments (enforceable) 1,098,493 (386,949) 711,544 (636,450) (62,428) (11,298) 1,368
Negative market values from derivative financial
instruments (non-enforceable) 41,108 − 41,108 − − − 41,108
Financial liabilities designated at fair value through
profit or loss (enforceable) 78,675 (23,869) 54,806 (26,035) (474) (27,403) 894
Financial liabilities designated at fair value through
profit or loss (non-enforceable) 63,335 − 63,335 − − (35,193) 28,142
Total financial liabilities at fair value through profit
or loss 1,346,894 (421,701) 925,193 (662,485) (62,902) (73,895) 125,911
Other liabilities 191,740 (12,641) 179,099 (68,927) − − 110,172
Therein: Negative market values from derivatives
qualifying for hedge accounting (enforceable) 10,410 (6,735) 3,675 (2,460) − − 1,215
Remaining liabilities not subject to netting 247,223 − 247,223 − − − 247,223
Total liabilities 2,402,910 (434,875) 1,968,035 (731,412) (62,914) (111,771) 1,061,938

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Deutsche Bank Consolidated Financial Statements 76
Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

The column ‘Gross amounts set off on the balance sheet’ discloses the amounts offset in accordance with all
the criteria described in Note 01 “Significant Accounting Policies: Offsetting Financial Instruments” of our
Financial Report 2012.

The column ‘Impact of Master Netting Agreements’ discloses the amounts that are subject to master netting
agreements but were not offset due to not meeting the net settlement/simultaneous settlement criteria; or be-
cause the rights of set off are conditional upon the default of the counterparty only.

Non enforceable master netting agreements refer to contracts executed in jurisdictions where the rights of set
off may not be upheld under the local bankruptcy laws.

The cash collateral received against the positive market values of derivatives and the cash collateral pledged
towards the negative mark to market values of derivatives are booked within the ‘Other liabilities’ and ‘Other
assets’ balances respectively.

The financial instrument and cash collateral amounts disclosed reflect their fair values. The rights of set off
relating to the financial instruments and cash collateral are conditional upon the default of the counterparty.

Allowance for Credit Losses

Three months ended Mar 31, 2013
Allowance for Loan Losses Allowance for Off-Balance Sheet Positions
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of year 2,266 2,426 4,692 118 97 215 4,907
Provision for credit losses 233 111 344 2 9 11 354
thereof: (Gains)/Losses from
disposal of impaired loans 10 (36) (26) − − − (26)
Net charge-offs: (96) (55) (151) − − − (151)
Charge-offs (105) (118) (223) − − − (223)
Recoveries 9 63 72 − − − 72
Changes in the group of
consolidated companies − − − − − − −
Exchange rate changes/other (15) (7) (22) 0 1 1 (21)
Balance, end of period 2,389 2,474 4,863 120 106 226 5,089

Changes compared to prior year

Provision for credit losses
absolute 49 (29) 20 12 8 20 40
relative 27 % (21) % 6% (120) % 800 % (222) % 13 %
Net charge-offs
absolute 178 41 219 − − − 219
relative (65) % (43) % (59) % − − − (59) %

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Interim Report as of March 31, 2013 Information on the Consolidated Balance Sheet (unaudited)

Three months ended Mar 31, 2012

Allowance for Loan Losses Allowance for Off-Balance Sheet Positions
Individually Collectively Individually Collectively
in € m. assessed assessed Subtotal assessed assessed Subtotal Total
Balance, beginning of year 2,011 2,147 4,158 127 98 225 4,383
Provision for credit losses 184 140 324 (10) 1 (9) 314
thereof: (Gains)/Losses from
disposal of impaired loans 1 (51) (50) − − − (50)
Net charge-offs: (274) (96) (370) − − − (370)
Charge-offs (283) (179) (462) − − − (462)
Recoveries 9 83 92 − − − 92
Changes in the group of
consolidated companies − − − − − − −
Exchange rate changes/other (35) 1 (34) (0) (1) (1) (35)
Balance, end of period 1,887 2,190 4,077 117 97 214 4,291

Changes compared to prior year

Provision for credit losses
absolute 30 (75) (45) (15) 2 (13) (58)
relative 19 % (35 %) (12 %) (300 %) (200 %) (325 %) (16 %)
Net charge-offs
absolute (145) 5 (140) − − − (140)
relative 112 % (5 %) 61 % − − − 61 %

Other Assets and Other Liabilities

in € m. Mar 31, 2013 Dec 31, 2012

Other assets:
Brokerage and securities related receivables
Cash/margin receivables 65,942 67,390
Receivables from prime brokerage 8,890 6,068
Pending securities transactions past settlement date 5,456 4,096
Receivables from unsettled regular way trades 78,234 19,758
Total brokerage and securities related receivables 158,522 97,312
Accrued interest receivable 4,041 3,238
Assets held for sale 111 107
Other 20,100 23,045
Total other assets 182,774 123,702

in € m. Mar 31, 2013 Dec 31, 2012

Other liabilities:
Brokerage and securities related payables
Cash/margin payables 68,186 74,650
Payables from prime brokerage 32,868 30,520
Pending securities transactions past settlement date 3,859 3,029
Payables from unsettled regular way trades 76,476 19,257
Total brokerage and securities related payables 181,390 127,456
Accrued interest payable 3,727 3,592
Liabilities held for sale 60 78
Other 49,216 47,972
Total other liabilities 234,392 179,099

F-III-77
Deutsche Bank Consolidated Financial Statements 78
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

Long-Term Debt

in € m. Mar 31, 2013 Dec 31, 2012

Senior debt:
Bonds and notes
Fixed rate 84,964 89,623
Floating rate 26,458 29,138
Subordinated debt:
Bonds and notes
Fixed rate 3,120 4,218
Floating rate 4,565 4,567
Other 29,054 29,779
Total long-term debt 148,161 157,325

Shares Issued and Outstanding

in million Mar 31, 2013 Dec 31, 2012

Shares issued 929.5 929.5
Shares in treasury 0.3 0.3
– thereof buyback – 0.0
– thereof other 0.3 0.3
Shares outstanding 929.2 929.2

Other Financial Information (unaudited)

Credit related Commitments and Contingent Liabilities

In the normal course of business the Group enters regularly into irrevocable lending commitments as well as
lending-related contingent liabilities consisting of financial and performance guarantees, standby letters of
credit and indemnity agreements on behalf of its customers. Under these contracts the Group is required to
perform under an obligation agreement or to make payments to the beneficiary based on a third party’s failure
to meet its obligations. For these instruments it is not known to the Group in detail, if, when and to what extent
claims will be made. The Group considers these instruments in monitoring its credit exposure and may agree
upon collateral to mitigate inherent credit risk. If the credit risk monitoring provides sufficient evidence of a loss
from an expected claim, a provision is established and recorded on the balance sheet.

The following table shows the Group’s irrevocable lending commitments and lending-related contingent liabili-
ties without considering collateral or provisions. It shows the maximum potential impact to the Group in the
event that all of these liabilities must be fulfilled. The table does not show the expected future cash outflows
from these obligations as many of them will expire without being drawn, arising claims will be honoured by the
customers, or such claims may be recovered from proceeds from obtained collateral.

in € m. Mar 31, 2013 Dec 31, 2012

Irrevocable lending commitments 132,711 129,657
Contingent liabilities 71,661 68,358
Total 204,372 198,014

F-III-78
Deutsche Bank Consolidated Financial Statements 79
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

Other Contingencies

Litigation
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. As a
result, the Group is involved in litigation, arbitration and regulatory proceedings in Germany and in a number of
jurisdictions outside Germany, including the United States, arising in the ordinary course of business. The legal
and regulatory claims for which the Group has taken material provisions or for which there are material contin-
gent liabilities that are more than remote are described below; similar matters are grouped together and some
matters consist of a number of claims. The estimated loss in respect of each, where such an estimate can be
made, has not been disclosed for individual matters because the Group has concluded that such disclosure
can be expected to seriously prejudice their outcome. Note 29 “Provisions” of the Group’s Financial Report
2012 describes how the Group estimates provisions and expected losses in respect of its contingent liabilities,
and the uncertainties and limitations inherent in such process. For those matters where an estimate can be
made, the Group currently estimates that, as of March 31, 2013, the aggregate future loss of which the possi-
bility is more than remote but less than probable is approximately € 1.3 billion (December 31, 2012: € 1.5 bil-
lion). This figure includes contingent liabilities on matters where the Group’s potential liability is joint and
several and where the Group expects any such liability to be paid by a third party.

The Group may settle litigation or regulatory proceedings prior to a final judgment or determination of liability.
It may do so to avoid the cost, management efforts or negative business, regulatory or reputational conse-
quences of continuing to contest liability, even when the Group believes it has valid defenses to liability. It may
also do so when the potential consequences of failing to prevail would be disproportionate to the costs of set-
tlement. Furthermore, the Group may, for similar reasons, reimburse counterparties for their losses even in
situations where it does not believe that it is legally compelled to do so.

Interbank Offered Rates Matters. Deutsche Bank has received subpoenas and requests for information from
various regulatory and law enforcement agencies in Europe, North America and Asia Pacific in connection with
industry-wide investigations concerning the setting of London Interbank Offered Rate (LIBOR), Euro Interbank
Offered Rate (EURIBOR), Tokyo Interbank Offered Rate (TIBOR), Singapore Interbank Offered Rate (SIBOR)
and other interbank offered rates. Deutsche Bank is cooperating with these investigations.

In connection with the above-referenced investigations, in the period from mid-2012 to early 2013, three finan-
cial institutions entered into settlements with the U.K. Financial Services Authority, U.S. Commodity Futures
Trading Commission and U.S. Department of Justice (DOJ). While the terms of the various settlements differed,
they all involved significant financial penalties and regulatory consequences. For example, one financial institu-
tion’s settlement included a Deferred Prosecution Agreement, pursuant to which the DOJ agreed to defer
prosecution of criminal charges against that entity provided that the financial institution satisfies the terms of
the Deferred Prosecution Agreement. The terms of the other two financial institutions’ settlements included
Non-Prosecution Agreements, pursuant to which the DOJ agreed not to file criminal charges against the enti-
ties so long as certain conditions are met. In addition, affiliates of two of the financial institutions agreed to
plead guilty to a crime in a United States court for related conduct.

In addition, a number of civil actions, including putative class actions, are pending in federal court in the United
States District Court for the Southern District of New York against Deutsche Bank and numerous other banks.
All but one of these actions are filed on behalf of certain parties who allege that they held or transacted in U.S.
Dollar LIBOR-based derivatives or other financial instruments and sustained losses as a result of collusion or
manipulation by the defendants regarding the setting of U.S. Dollar LIBOR. These U.S. Dollar LIBOR civil ac-
tions have been consolidated for pre-trial purposes, and Deutsche Bank and the other bank defendants moved
to dismiss the amended complaints that had been filed by the end of April 2012. On March 29, 2013, the Court
dismissed a substantial portion of plaintiffs’ claims, such as the federal and state antitrust claims. The Court
allowed some manipulation claims to proceed and granted plaintiffs’ motion to amend their complaints based
on information that emerged in regulatory settlements.

F-III-79
Deutsche Bank Consolidated Financial Statements 80
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

Additional complaints against Deutsche Bank and other banks relating to the alleged manipulation of U.S.
Dollar LIBOR have been filed in or otherwise transferred to the Southern District of New York by the Judicial
Panel on Multidistrict Litigation but have been stayed pending the resolution of the motions to dismiss. Other
actions against Deutsche Bank and other banks concerning U.S. Dollar LIBOR are currently pending in other
federal district courts, and defendants are seeking to have them transferred to the Southern District of New
York. One complaint relating to the alleged manipulation of Yen LIBOR and Euroyen TIBOR has also been filed
in the Southern District of New York. Claims for damages are asserted under various legal theories, including
violations of the Commodity Exchange Act, state and federal antitrust laws, the Racketeer Influcenced and
Corrupt Organizations Act and other state laws.

Kirch Litigation. In May 2002, Dr. Leo Kirch personally and as an assignee of two entities of the former Kirch
Group, i.e., PrintBeteiligungs GmbH and the group holding company TaurusHolding GmbH & Co. KG, initiated
legal action against Dr. Rolf-E. Breuer and Deutsche Bank alleging that a statement made by Dr. Breuer (then
the Spokesman of Deutsche Bank’s Management Board) regarding the Kirch Group in an interview with
Bloomberg television on February 4, 2002, was in breach of laws and resulted in financial damage.

On January 24, 2006, the German Federal Supreme Court sustained the action for the declaratory judgment
only in respect of the claims assigned by PrintBeteiligungs GmbH. Such action and judgment did not require a
proof of any loss caused by the statement made in the interview. PrintBeteiligungs GmbH is the only company
of the Kirch Group which was a borrower of Deutsche Bank. Claims by Dr. Kirch personally and by Taurus-
Holding GmbH & Co. KG were dismissed. In May 2007, Dr. Kirch filed an action for payment of approximately
€ 1.3 billion plus interest as assignee of PrintBeteiligungs GmbH against Deutsche Bank and Dr. Breuer. On
February 22, 2011, the District Court Munich I dismissed the lawsuit in its entirety. Dr. Kirch has filed an appeal
against the decision. In these proceedings Dr. Kirch has to prove that such statement caused financial dam-
ages to PrintBeteiligungs GmbH and the amount thereof.

On December 31, 2005, KGL Pool GmbH filed a lawsuit against Deutsche Bank and Dr. Breuer. The lawsuit is
based on alleged claims assigned from various subsidiaries of the former Kirch Group. KGL Pool GmbH seeks
a declaratory judgment to the effect that Deutsche Bank and Dr. Breuer are jointly and severally liable for dam-
ages as a result of the interview statement and the behavior of Deutsche Bank in respect of several subsidiar-
ies of the Kirch Group. In December 2007, KGL Pool GmbH supplemented this lawsuit by a motion for pay-
ment of approximately € 2.0 billion plus interest as compensation for the purported damages which two sub-
sidiaries of the former Kirch Group allegedly suffered as a result of the statement by Dr. Breuer. On March 31,
2009, the District Court Munich I dismissed the lawsuit in its entirety. KGL Pool GmbH appealed the decision.
On December 14, 2012, the appellate court altered the judgment by District Court Munich I and held that
Deutsche Bank and Dr. Breuer are liable for damages assigned by one subsidiary of the former Kirch Group
and claimed under the motion for payment, rendered a declaratory judgment in favor of certain subsidiaries
and dismissed the claims assigned by certain other subsidiaries. On March 12, 2013, the appellate court
handed down the written judgment containing the reasons. Deutsche Bank and Dr. Breuer filed a request for
leave to appeal with the German Federal Supreme Court. As a next step, the appellate court will request an
expert opinion on possible damages to decide on the amount owed under the payment claim.

Mortgage-Related and Asset-Backed Securities Matters. Deutsche Bank AG, along with certain affiliates (col-
lectively referred in these paragraphs to as “Deutsche Bank”), have received subpoenas and requests for in-
formation from certain regulators and government entities concerning its activities regarding the origination,
purchase, securitization, sale and/or trading of mortgage loans, residential mortgage-backed securities
(RMBS), collateralized debt obligations, other asset-backed securities, commercial paper and credit derivatives.
Deutsche Bank is cooperating fully in response to those subpoenas and requests for information.

Deutsche Bank has been named as defendant in numerous civil litigations in various roles as issuer or under-
writer in offerings of RMBS and other asset-backed securities. These cases include putative class action suits,
actions by individual purchasers of securities, actions by trustees on behalf of RMBS trusts, and actions by
insurance companies that guaranteed payments of principal and interest for particular tranches of securities

F-III-80
Deutsche Bank Consolidated Financial Statements 81
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

offerings. Although the allegations vary by lawsuit, these cases generally allege that the RMBS offering docu-
ments contained material misrepresentations and omissions, including with regard to the underwriting stan-
dards pursuant to which the underlying mortgage loans were issued, or assert that various representations or
warranties relating to the loans were breached at the time of origination.

Deutsche Bank and several current or former employees were named as defendants in a putative class action
commenced on June 27, 2008, relating to two Deutsche Bank-issued RMBS offerings. Following a mediation,
the court has approved a settlement of the case.

Deutsche Bank is a defendant in putative class actions relating to its role, along with other financial institutions,
as underwriter of RMBS issued by various third-parties and their affiliates including Countrywide Financial
Corporation, IndyMac MBS, Inc., Novastar Mortgage Corporation, and Residential Accredit Loans, Inc. These
cases are in various stages up through discovery. On March 29, 2012, the United States District Court for the
Southern District of New York dismissed with prejudice and without leave to replead the putative Novastar
Mortgage Corporation class action, which the plaintiffs appealed. On March 1, 2013, the United States Court of
Appeals for the Second Circuit reversed the dismissal and remanded the case for further proceedings to the
District Court.

Deutsche Bank is a defendant in various non-class action lawsuits by alleged purchasers of, and counterpar-
ties involved in transactions relating to, RMBS, and their affiliates, including Allstate Insurance Company, Asset
Management Fund, Assured Guaranty Municipal Corporation, Bayerische Landesbank, Cambridge Place
Investments Management Inc., the Federal Deposit Insurance Corporation (as conservator for Colonial Bank,
Franklin Bank S.S.B., Guaranty Bank, Citizens National Bank and Strategica Capital Bank), the Federal Home
Loan Bank of Boston, the Federal Home Loan Bank of San Francisco, the Federal Home Loan Bank of Seattle,
the Federal Housing Finance Agency (as conservator for Fannie Mae and Freddie Mac), HSBC Bank USA,
National Association (as trustee for certain RMBS trusts), Freedom Trust 2011-2, John Hancock, Landesbank
Baden-Württemberg, Mass Mutual Life Insurance Company, Moneygram Payment Systems, Inc., Phoenix
Light SF Limited (as purported assignee of claims of special purpose vehicles created and/or managed by
WestLB AG), Royal Park Investments (as purported assignee of claims of a special-purpose vehicle created to
acquire certain assets of Fortis Bank), RMBS Recovery Holdings 4, LLC, VP Structured Products, LLC, Sealink
Funding Ltd. (as purported assignee of claims of special purpose vehicles created and/or managed by Sach-
sen Landesbank and its subsidiaries), Spencerview Asset Management Ltd., The Charles Schwab Corporation,
The Union Central Life Insurance Company, The Western and Southern Life Insurance Co., and the West
Virginia Investment Management Board. These civil litigations are in various stages up through discovery.

In the actions against Deutsche Bank solely as an underwriter of other issuers’ RMBS offerings, Deutsche
Bank has contractual rights to indemnification from the issuers, but those indemnity rights may in whole or in
part prove effectively unenforceable where the issuers are now or may in the future be in bankruptcy or other-
wise defunct.

On February 6, 2012, the United States District Court for the Southern District of New York issued an order
dismissing claims brought by Dexia SA/NV and Teachers Insurance and Annuity Association of America and
their affiliates, and on January 4, 2013, the court issued an opinion explaining the basis for this order. The court
dismissed some of the claims with prejudice and granted the plaintiffs leave to replead other claims. The plain-
tiffs repled the claims dismissed without prejudice by filing a new complaint on February 4, 2013.

On July 16, 2012, the Minnesota District Court dismissed with prejudice without leave to replead claims by
Moneygram Payment Systems, Inc., which the plaintiffs have appealed. On January 13, 2013, Moneygram
filed a summons with notice in New York State Supreme Court seeking to assert claims similar to those dis-
missed in Minnesota.

F-III-81
Deutsche Bank Consolidated Financial Statements 82
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

On February 4, 2013, pursuant to the terms of a settlement agreement, Stichting Pensioenfonds ABP dis-
missed two lawsuits that had been filed against Deutsche Bank. The financial terms of the settlement are not
material to Deutsche Bank.

A number of entities have threatened to assert claims against Deutsche Bank in connection with various RMBS
offerings and other related products, and Deutsche Bank has entered into agreements with a number of these
entities to toll the relevant statutes of limitations. It is possible that these potential claims may have a material
impact on Deutsche Bank. In addition, Deutsche Bank has entered into settlement agreements with some of
these entities, the financial terms of which are not material to Deutsche Bank.

U.S. Embargoes-Related Matters. Deutsche Bank has received requests for information from regulatory agen-
cies concerning its historical processing of US-Dollar payment orders through U.S. financial institutions for
parties from countries subject to U.S. embargo laws and as to whether such processing complied with U.S.
and state laws. Deutsche Bank is cooperating with the regulatory agencies.

Mortgage Repurchase Demands

From 2005 through 2008, as part of Deutsche Bank’s U.S. residential mortgage loan business, Deutsche Bank
sold approximately U.S. $ 84 billion of private label securities and U.S. $ 71 billion of loans through whole loan
sales, including to U.S. government-sponsored entities such as the Federal Home Loan Mortgage Corporation
and the Federal National Mortgage Association. Deutsche Bank has been presented with demands to repur-
chase loans from or to indemnify purchasers, investors or financial insurers with respect to losses allegedly
caused by material breaches of representations and warranties. Deutsche Bank’s general practice is to pro-
cess valid repurchase demands that are presented in compliance with contractual rights.

As of March 31, 2013, Deutsche Bank has approximately U.S. $ 5.3 billion of outstanding mortgage repur-
chase demands (based on original principal balance of the loans). Against these outstanding demands,
Deutsche Bank recorded provisions of € 394 million as of March 31, 2013. There are other potential mortgage
loan repurchase demands that Deutsche Bank anticipates may be made, but Deutsche Bank cannot reliably
estimate their timing or amount.

As of March 31, 2013, Deutsche Bank has completed repurchases and otherwise settled claims on loans with
an original principal balance of approximately U.S. $ 2.7 billion. In connection with those repurchases and
settlements, Deutsche Bank has obtained releases for potential claims on approximately U.S. $ 41.7 billion of
loans sold by Deutsche Bank as described above.

Related Party Transactions

Transactions with related parties are made in the ordinary course of business and on substantially the same
terms, including interest rates and collateral, as those prevailing for comparable transactions with other parties.

Transactions with Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of Deutsche Bank Group, directly or indirectly. The Group considers the members
of the Management Board as currently mandated and the Supervisory Board of the parent company to consti-
tute key management personnel for purposes of IAS 24. Among the Group’s transactions with key manage-
ment personnel as of March 31, 2013, were loans and commitments of € 9 million and deposits of € 15 million.
As of December 31, 2012, there were loans and commitments of € 7 million and deposits of € 13 million among
the Group’s transactions with key management personnel. In addition, the Group provides banking services,
such as payment and account services as well as investment advice, to key management personnel and their
close family members.

F-III-82
Deutsche Bank Consolidated Financial Statements 83
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

Transactions with Subsidiaries, Associates and Joint Ventures

Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions.
If these transactions are eliminated on consolidation, they are not disclosed as related party transactions.
Transactions between the Group and its associated companies and joint ventures and their respective subsidi-
aries also qualify as related party transactions.

Loans issued and guarantees granted

Associated companies and
other related parties
in € m. Mar 31, 2013 Dec 31, 2012
Loans outstanding, beginning of period 918 5,151
Loans issued during the period 313 436
Loan repayments during the period 543 4,610 1
Changes in the group of consolidated companies − 0
Exchange rate changes/other 10 (58)
Loans outstanding, end of period 2 698 918
Other credit risk related transactions:
Allowance for loan losses 51 47
Provision for loan losses 6 47
Guarantees and commitments 60 55
1 The increase in repayments during 2012 is mainly related to the sale of a restructured loan transaction in Europe.
2 Loans past due were € 2 million as of March 31, 2013, and € 3 million as of December 31, 2012.

Deposits received
Associated companies and
other related parties
in € m. Mar 31, 2013 Dec 31, 2012
Deposits, beginning of period 245 247
Deposits received during the period 36 284
Deposits repaid during the period 69 284
Changes in the group of consolidated companies (1) (3)
Exchange rate changes/other 1 1
Deposits, end of period 212 245

Other Transactions
Trading assets and positive market values from derivative financial transactions with associated companies
amounted to € 210 million as of March 31, 2013, and € 110 million as of December 31, 2012. Trading liabilities
and negative market values from derivative financial transactions with associated companies amounted to
€ 3 million as of March 31, 2013, and € 4 million as of December 31, 2012.

Transactions with Pension Plans

The Group has business relationships with a number of its pension plans pursuant to which it provides financial
services to these plans, including investment management. Pension funds may hold or trade Deutsche Bank AG
shares or securities. As of March 31, 2013, transactions with these plans were not material for the Group.

Significant Transactions

BHF-BANK
On September 20, 2012, the Group announced that it has reached an agreement with Kleinwort Benson Group,
a wholly owned subsidiary of RHJ International, on the sale of BHF-BANK AG. The transaction is subject to
regulatory approvals. Closing is not expected to occur before the publication of this interim report. Given the
uncertainty created by outstanding substantive approvals, the Group does not consider held for sale classifica-
tion appropriate as of March 31, 2013 and will not reclassify the disposal group as held for sale until such ap-
provals are given.

F-III-83
Deutsche Bank Consolidated Financial Statements 84
Interim Report as of March 31, 2013 Other Financial Information (unaudited)

Non-Current Assets and Disposal Groups Held for Sale

Within the balance sheet, non-current assets and disposal groups held for sale are reported in Other assets
and Other liabilities. This note provides further explanation on the nature and the financial impact of the non-
current assets and disposal groups held for sale as of March 31, 2013.

Non-Current Assets and Disposal Groups Held for Sale at the Reporting Date
Total assets held for sale amounted to € 111 million as of March 31, 2013 (December 31, 2012: € 107 million)
and the disposal groups included liabilities of € 60 million (December 31, 2012: € 78 million).

In the first quarter 2013, the Group classified several disposal groups mainly consisting of foreclosures as held
for sale within the Corporate Division Corporate Banking & Securities. All assets are expected to be sold within
one year. The classification as held for sale did not result in an impairment loss. The respective assets have
been measured at fair value less costs to sell on a non-recurring basis, with fair value measurement catego-
rized as level 3 in the fair value hierarchy.

As of March 31, 2013 and December 31, 2012, no unrealized net gains (losses) relating to non-current assets
and disposal groups classified as held for sale were recognized directly in accumulated other comprehensive
income (loss).

Disposals
Division Disposal Financial impact1 Date of the disposal
Asset & Wealth A disposal group mainly consisting of real None First quarter of 2013
Management estate fund units
1 Impairment losses and reversals of impairment losses are included in Other income.

Events after the Reporting Date

Deutsche Bank has announced an intention to place up to 90 million newly issued shares from its authorized
capital in institutional private placements. This transaction is expected to add approximately € 2.8 billion to
Deutsche Bank’s Core Tier 1 capital and increase its pro forma fully loaded Basel 3 Core Tier 1 ratio from 8.8 %
as at March 31, 2013 to approximately 9.5 %. In addition, the Group plans to create approximately € 2 billion of
subordinated capital over the next twelve months.

F-III-84
Deutsche Bank Other Information (unaudited) 85
Interim Report as of March 31, 2013 Non-GAAP Financial Measures

Other Information (unaudited)

Non-GAAP Financial Measures

This document and other documents the Group has published or may publish contain non-GAAP financial
measures. Non-GAAP financial measures are measures of the Group’s 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 ac-
cordance with IFRS in the Group’s financial statements.

Pre-Tax and Post-Tax Return on Average Active Equity

The pre-tax return on average active equity non-GAAP financial measure is based on IBIT attributable to
Deutsche Bank shareholders, as a percentage of the Group’s average active equity, both as defined below.

In connection with the implementation of the Group’s communicated strategy, the Group considers the post-tax
return on average active equity, both on a Group and a segment basis. The post-tax return on both average
shareholders’ equity and average active equity at the Group level reflects the reported effective tax rate for the
Group, which were 31 % and 25 % for the periods ended March 31, 2013 and March 31, 2012, respectively.
For the post-tax return on average active equity of the segments, the Group effective tax rate was adjusted to
exclude the impact of permanent differences not attributable to the segments, so that rates of 33 % and 32 %
were used for the periods ended March 31, 2013 and March 31, 2012, respectively.

IBIT attributable to Deutsche Bank Shareholders: The IBIT attributable to Deutsche Bank shareholders non-
GAAP financial measure is based on income (loss) before income taxes attributable to Deutsche Bank share-
holders (i.e., excluding pre-tax noncontrolling interests) as follows:

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Income (loss) before income taxes (IBIT) 2,414 1,887
Less pre-tax noncontrolling interests (10) (28)
IBIT attributable to Deutsche Bank shareholders 2,405 1,859

Average Active Equity: The Group calculates active equity to make comparisons to its competitors easier and
refers to active equity in several ratios. However, active equity is not a measure provided for in IFRS and you
should not compare the Group’s ratios based on average active equity to other companies’ ratios without con-
sidering the differences in the calculation. The items for which the Group adjusts the average shareholders’
equity are average accumulated other comprehensive income (loss) excluding foreign currency translation (all
components net of applicable taxes), as well as average dividends, for which a proposal is accrued on a quar-
terly basis and which are paid after the approval by the Annual General Meeting following each year. Tax rates
applied in the calculation of average active equity are those used in the financial statements for the individual
items and not an average overall tax rate.

F-III-85
 Deutsche Bank Other Information (unaudited) 86
Interim Report as of March 31, 2013 Non-GAAP Financial Measures

Three months ended

in € m. Mar 31, 2013 Mar 31, 2012
Average shareholders’ equity 54,621 54,300
Add (deduct):
Average accumulated other comprehensive income excluding foreign currency translation,
net of applicable tax1 (337) 540
Average dividend accruals (784) (784)
Average active equity 53,499 54,056
1 The tax effect on average accumulated other comprehensive income (loss) excluding foreign currency translation was € (47) million for the three months ended
March 31, 2013. For the three months ended March 31, 2012, the tax effect was € (472) million.

Pre-tax and post-tax returns on average active equity are presented below. For comparison, also presented
are the pre-tax and post-tax returns on average shareholders’ equity, which are defined as IBIT and net income,
respectively, attributable to Deutsche Bank shareholders (i.e., excluding pre-tax and post-tax noncontrolling
interests), as a percentage of average shareholders’ equity.

Three months ended

in % Mar 31, 2013 Mar 31, 2012
Pre-tax return on average shareholders’ equity 17.6 % 13.7 %
Pre-tax return on average active equity 18.0 % 13.8 %
Post-tax return on average shareholders’ equity 12.1 % 10.2 %
Post-tax return on average active equity 12.3 % 10.3 %

Adjusted Leverage Ratio

As part of its balance sheet management, the Group uses an adjusted leverage ratio, which is calculated after
applying adjustments to reported total assets and total equity under IFRS. Such adjusted measures, which are
non-GAAP financial measures, are described within this report in the section “Risk Report – Balance Sheet
Management”.

Basel 3 Pro Forma Solvency Measures

While the Group’s regulatory risk-weighted assets, capital and ratios thereof are set forth throughout this
document under the Basel 2.5 capital rules, the Group also sets forth in several places measures of the
Group’s regulatory risk-weighted assets, capital and ratios thereof under a pro forma application of the Ba-
sel 3 rules, based on the Group’s assumptions as to how such rules will be implemented in European Union
and adopted in Germany. These assumptions will be refined over time as the relevant regulators further
clarify the applicable rules, as the Group continues to refine the Group’s models and as the Group’s and the
industry’s understanding and interpretation of the rules evolve. Because the Basel 3 rules are not yet im-
plemented, such measures are also non-GAAP financial measures. Deutsche Bank Group believes that
these pro forma Basel 3 calculations provide useful information to investors as they reflect the Group’s pro-
gress against future regulatory capital standards and as many of the Group’s competitors have been de-
scribing Basel 3 calculations on a “fully loaded” basis, as described below.

Although rules are still being finalized by legislators and regulatory guidance on implementation is incomplete
in many ways, the Group determines pro forma Common Equity Tier 1 capital (CET 1 capital) and pro forma
risk-weighted assets (RWA) according to expected solvency rules under Basel 3. In doing so, the Group makes
use of the latest available draft legislation of the European Union, the fourth Capital Requirements Directive
(CRD 4) and the Capital Requirements Regulation (CRR). The Group’s interpretation is formally incorporated
in policies governed by the same structures and committees as the policies that Deutsche Bank Group uses to
calculate RWA or Core Tier 1 capital (CT 1 capital) under Basel 2.5.

F-III-86
Deutsche Bank Other Information (unaudited) 87
Interim Report as of March 31, 2013 Non-GAAP Financial Measures

The “fully loaded” Basel 3 metrics, which are implemented on a pro forma basis, reflect the application of the
rules that are expected to govern Deutsche Bank as of 2019 according to that draft legislation. The “transitional”
Basel 3 measures account for the probable phase-in of provisions which are expected to be allowed to ease
the transition for banks to the “fully loaded” capital rules. As the final implementation of Basel 3 may differ from
the Group’s expectations, and the Group’s competitors’ assumptions and estimates regarding such implemen-
tation may vary, the Group’s Basel 3 non-GAAP financial measures may not be comparable with similarly
labeled measures used by the Group’s competitors.

The following table presents a reconciliation of the estimated pro forma CET 1 capital as of March 31, 2013
under Basel 3 rules compared to Basel 2.5 rules, along with the Group’s estimated RWAs and capitalization
ratios under Basel 3 rules.

Comparison of Common Equity Tier 1 Capital, Risk-Weighted Assets and Common Equity Tier 1 Capital Ratio
under Basel 2.5 Reporting, Pro Forma Basel 3 Transition-Phase and Pro Forma Basel 3 “fully-loaded”
Mar 31, 2013 Dec 31, 2012
Pro forma Pro forma
in € bn. Basel 2.5 Basel 3 Basel 3 Basel 2.5 Basel 3 Basel 3
(unless stated otherwise) reported transitional ‘fully-loaded’ reported transitional ‘fully-loaded’
Common Equity Tier 1 capital 39.3 38.0
CRD 4/CRR impact on CET 1
Adjustments not impacted by transitional provisions
Conversion from securitization deductions to RWA 0.9 0.9 1.0 1.0
Prudential valuation adjustments − − − −
Other − − − −
Adjustments impacted by transitional provisions
Goodwill and other intangible assets 1 11.3 − 11.3 −
Debt Valuation Adjustments (DVA) 2 − (0.6) (0.6) (0.6)
Expected Loss > impairment (0.1) (0.6) (0.1) (0.6)
Deferred tax assets subject to full deduction
treatment − (2.0) − (1.7)
Noncontrolling interests included in CET 1 capital 3 − (0.1) − (0.1)
Defined benefit pension fund assets − (0.9) − (0.9)
Gains on AFS equity and debt 4 − 0.5 − 0.3
Other 5 1.2 (3.2) 1.0 (3.9)
Common Equity Tier 1 capital Proforma 52.6 33.3 50.5 31.3

Risk-Weighted Assets 325 334

CRD 4/CRR impact on RWA
New charge for Credit Valuation
Adjustments (CVA) 19 19 28 28
Reclassification of high risk securitization positions
from CET 1 capital deductions into RWA 22 22 24 24
New charge for business with Central Counter-
parties and clearing 3 3 4 4
Other 6 18 12 19 12
Risk-Weighted Assets Pro forma 386 380 408 401
Common Equity Tier 1 capital ratio 12.1 % 13.6 % 8.8 % 11.4 % 12.4 % 7.8 %
1 Only eligible goodwill/other intangible asset amount that is put against Additional Tier 1 instruments is shown here.
2 DVAs previously reported under "Adjustments not impacted by transitional provisions” are be subject to transitional provisions of latest CRD 4/CRR proposal and thus
reported under "Adjustments impacted by transitional provisions" in the future.
3 The Group’s noncontrolling interests are not eligible for recognition as CET 1 under CRD 4/CRR rules.
4 Also includes unrealized gains and losses from instruments measured at fair value (other than AFS instruments) and that fall under the treatment of article 32 of CRR
5 Includes own shares in trading book, deductions from significant investments in financial sector entities and deferred tax assets from temporary differences that arise
from the application of the 10/15 % threshold rule.
6 Includes changes to Credit Risk and Market Risk RWA calculation as well as RWA related to capital deductions.

F-III-87
 SIGNATURES

Frankfurt am Main, May 2013

Deutsche Bank Aktiengesellschaft

by Ingo Hatzmann by Dr. Robert Müller

U-1