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Financial Report 2014

Leveraging strengths, rising to the challenges, earning trust

Deutsche Bank Financial Report 2014

Deutsche Bank

The Group at a glance 2014 2013

Share price at period end 1 24.99 33.07 Share price high 1 38.15 36.94 Share price low 1 22.66 28.05 Basic earnings per share 2 1.34 0.64 Diluted earnings per share 2 1.31 0.62 Average shares outstanding, in m., basic 2 1,242 1,045 Average shares outstanding, in m., diluted 2 1,269 1,073 Pre-tax return on average shareholders equity 5.0 % 2.6 % Pre-tax return on average active equity 5.1 % 2.6 % Post-tax return on average shareholders equity 2.7 % 1.2 % Post-tax return on average active equity 2.7 % 1.2 % Cost/income ratio 3 86.7 % 89.0 % Compensation ratio 4 39.2 % 38.6 % Noncompensation ratio 5 47.5 % 50.3 % in m. Total net revenues 31,949 31,915 Provision for credit losses 1,134 2,065 Total noninterest expenses 27,699 28,394 Income before income taxes 3,116 1,456 Net income 1,691 681

Dec 31, 2014 in bn.

Dec 31, 2013 in bn.

Total assets 1,709 1,611 Total Shareholders equity 68.4 54.7 Book value per basic share outstanding 49.32 50.80 2 Tangible book value per basic share outstanding 38.53 37.87 2 Common Equity Tier 1 capital ratio (CRR/CRD 4) 6 15.2 % 12.8 % Common Equity Tier 1 capital ratio (CRR/CRD 4 fully loaded) 6 11.7 % 12.8 % Tier 1 capital ratio (CRR/CRD 4) 6 16.1 % 16.9 % Tier 1 capital ratio (CRR/CRD 4 fully loaded) 6 12.9 % 16.9 % Number Branches 2,814 2,907

thereof in Germany 1,845 1,924 Employees (full-time equivalent) 98,138 98,254

thereof in Germany 45,392 46,377 Long-term rating

Moodys Investors Service A3 A2 Standard & Poors A A Fitch Ratings A+ A+

1 To reflect the capital increase 2014, the historical share prices until and including June 5, 2014 (last trading day cum rights) have been adjusted with retroactive effect by multiplication with the correcting factor of 0.9538 (R-Factor).

2 All periods have been adjusted in order to reflect the effect of the bonus component of subscription rights issued in June 2014 in connection with the capital increase.

3 Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income. 4 Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income. 5 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. 6 Figures presented for 2014 are based on the transitional rules (CRR/CRD 4) and the full application (CRR/CRD 4 fully loaded) of the CRR/CRD 4 framework.

Figures presented for 2013 are based on Basel 2.5. The capital ratios relate the respective capital to risk-weighted assets. Until 2013 transitional items pursuant to the former Section 64h (3) of the German Banking Act are excluded.

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. The calculation of the regulatory capital numbers and ratios presented in this report include the proposal of the Management Board to the Supervisory Board and

Annual General Meeting of a dividend payment of 0.75 per share.

04 Operating and Financial Review Executive Summary 4 Deutsche Bank Group 8 Results of Operations 16 Financial Position 40 Liquidity and Capital Resources 45 Events after the Reporting Period 46

47 Outlook 56 Risk Report Introduction 57 65 Risk Management Executive Summary 68 Risk Management Principles Risk Management Framework 68 Risk Culture 72 Risk Appetite and Capacity 73 Strategic and Capital Plan 74

77 Risk Assessment and Reporting 79 Risk Inventory 83 Credit Risk Credit Exposure 91 Credit Exposure to Certain Eurozone Countries 101 Credit Exposure from Lending 105 Corporate Credit Exposure 106 Consumer Credit Exposure 109 Credit Exposure from Derivatives 110 Equity Exposure 114 Asset Quality 114 Counterparty Credit Risk: Regulatory Assessment 123 Securitization 159

179 Trading Market Risk Value-at-Risk (VaR) at Deutsche Bank Group 180 Trading Market Risk Requirements 183 Balance Sheet and Trading Book Assets 189 Value-at-Risk at Postbank 193 Results of Regulatory Backtesting of

Trading Market Risk 194

196 Nontrading Market Risk Assessment of Market Risk in Nontrading Portfolios 197

Economic Capital Usage for our Nontrading Market Risk Portfolios per Business Area 199 Equity Investments Held 200

202 Operational Risk

211 Liquidity Risk Short-term Liquidity and Wholesale Funding 211 Funding Markets and Capital Markets Issuance 212 FundingDiversification212 Liquidity Reserves 216 Asset Encumbrance 219 Maturity Analysis of Assets and Financial Liabilities 221

226 Capital Management229 Regulatory Capital Capital Adequacy 229 Regulatory Capital Requirements 244

251 Balance Sheet Management Leverage Ratio according to revised CRR/CRD 4 framework (fully loaded) (unaudited) 251

254 Overall Risk Position Economic Capital 254 Internal Capital Adequacy 255

257 Compensation Report Group Compensation Overview and Disclosure 257 Material Risk Takers 272 Management Board Report and Disclosure 275 Compensation System for Supervisory Board

Members 292

295 Corporate Responsibility298 Employees303 Internal Control over Financial Reporting307 Information pursuant to Section 315 (4) of the German Commercial Code and

Explanatory Report

Consolidated Financial Statements 2

313 Consolidated Statement of Income314 Consolidated Statement of Comprehensive Income315 Consolidated Balance Sheet316 Consolidated Statement of Changes in Equity318 Consolidated Statement of Cash Flows319 Notes to the Consolidated Financial Statements 01SignificantAccountingPoliciesandCritical

Accounting Estimates 319 02 Recently Adopted and New Accounting

Pronouncements 344

Content

Management Report1

03 Acquisitions and Dispositions 346 04 Business Segments and Related

Information 348 Notes to the Consolidated Income Statement 05 Net Interest Income and Net Gains (Losses)

on Financial Assets/Liabilities at Fair Value through Profit or Loss 352

06 Commissions and Fee Income 354 07 Net Gains (Losses) on Financial Assets

Available for Sale 354 08 Other Income 354 09 General and Administrative Expenses 355 10 Restructuring 355 11 Earnings per Share 356

Notes to the Consolidated Balance Sheet 12 Financial Assets/Liabilities at Fair Value through

Profit or Loss 357 13 Amendments to IAS 39 and IFRS 7,

Reclassification of Financial Assets 358 14 Financial Instruments carried at

Fair Value 361 15 Fair Value of Financial Instruments not carried

at Fair Value 376 16 Financial Assets Available for Sale 378 17 Equity Method Investments 379 18 Offsetting Financial Assets and Financial

Liabilities 380 19 Loans 383 20 Allowance for Credit Losses 383 21 Transfers of Financial Assets 383 22 Assets Pledged and Received as

Collateral 385 23 Property and Equipment 386 24 Leases 387 25 Goodwill and Other Intangible Assets 388 26 Non-Current Assets and Disposal

Groups Held for Sale 395 27 Other Assets and Other Liabilities 397 28 Deposits 398 29 Provisions 398 30 Credit related Commitments and Contingent

Liabilities 408 31 Other Short-Term Borrowings 409 32 Long-Term Debt and Trust Preferred

Securities 409 33 Maturity Analysis of the earliest contractual

undiscounted cash flows of Financial Liabilities 410

Additional Notes 34 Common Shares 411 35 Employee Benefits 413 36 Income Taxes 427 37 Derivatives 430 38 Related Party Transactions 432 39 Information on Subsidiaries 434 40 Structured Entities 435 41 Insurance and Investment Contracts 440 42 Current and Non-Current Assets and

Liabilities 443 43 Events after the Reporting Period 444 44 Supplementary Information to the Consolidated

Financial Statements according to Section 315a HGB 445

45 Country by Country Reporting 446 46 Shareholdings 448

Confirmation3

480 Independent Auditors Report482 Responsibility Statement by the Management Board483 Report of the Supervisory Board

Corporate Governance Statement/Corporate Governance Report

4492 Management Board and Supervisory Board503 Reporting and Transparency504 Related Party Transactions504 Auditing and Controlling506 Compliance with the German Corporate Governance Code

Supplementary Information5

509 Management Board510 Supervisory Board512 Advisory Boards513 Group Five-Year Record514 Declaration of Backing515 Impressum / Publications

04 Operating and Financial Review Executive Summary 4 Deutsche Bank Group 8 Results of Operations 16 Financial Position 40 Liquidity and Capital Resources 45 Events after the Reporting Period 46

47 Outlook 56 Risk Report Introduction 57 65 Risk Management Executive Summary 68 Risk Management Principles Risk Management Framework 68 Risk Culture 72 Risk Appetite and Capacity 73 Strategic and Capital Pl