EX-99.2 3 d453148dex992.htm PRESENTATION OF STEFAN KRAUSE, CHIEF FINANCIAL OFFICER Presentation of Stefan Krause, Chief Financial Officer
Deutsche Bank
Re-segmentation and
Non-Core Operations
Unit (NCOU)
Analyst call
Frankfurt, 13 December 2012
Exhibit 99.2

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NCOU Analyst Call
13 December 2012
Deutsche Bank
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Key messages
2
—
New segmental structure reflects progress on key elements of Strategy
2015+
—
NCOU established in 4Q2012
—
Single, integrated AWM division
—
Refinement in allocation of coverage expenses between CB&S and
GTB
—
NCOU fully operational
—
Governance structure and relationship with the core businesses
defined; financial reporting set up
—
EUR 122 bn assets (per 30 Sep 2012) are in NCOU; pro-forma Basel 3
RWA equivalent of EUR 125 bn
—
Risk profile well-understood and managed
—
Published targets of capital roadmap by 31 March 2013 reaffirmed:
—
Reduction in non-core assets to approx. EUR 90 bn pro-forma Basel 3
RWA equivalent
—
8% pro-forma Basel 3 Core Tier 1 ratio fully loaded

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
Agenda
1
Deutsche Bank re-segmentation
2
Establishment of NCOU
3
NCOU risk profile
3

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NCOU Analyst Call
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New Deutsche Bank –
Overview of changes in
segment composition
4
(1)
Adjustment to coverage cost allocation following further integration of these activities under Project Integra
1
2
3
Reassignment of management responsibilities for non-core operations
Changes
to
the
allocation
of
coverage
costs
to
reflect
new
organizational
responsibilities
(1)
Reassignment of management responsibilities for asset-gathering business
GTB
CB&S
AWM
PBC
C&A
CI
Non-Core
Operations
Unit
Operating Businesses
GTB
CB&S
AWM
PBC
C&A
1
3
New segmentation will take effect in 4Q2012 reporting

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Detailed re-segmentation effects
Corporate Banking & Securities
5
FY2011
9M2012
(in EUR m, unless stated otherwise)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Total net revenues
14,885
(53)
(723)
14,109
13,051
(117)
(715)
12,218
Provision for credit losses
(304)
214
(0)
(90)
(474)
411
0
(63)
Total noninterest expenses
(11,649)
805
502
(10,341)
(9,820)
609
550
(8,661)
Noncontrolling interests
(27)
5
0
(21)
(20)
4
(0)
(15)
Income (loss) before income taxes
2,905
971
(220)
3,657
2,737
907
(166)
3,479
Risk-weighted
assets
(at
period
end)
(2),
(3)
228.7
(71.1)
(2.3)
155.3
208.5
(63.4)
(1.8)
143.3
Average
active
equity
(3)
22.7
(7.9)
(0.4)
14.4
26.8
(7.6)
(0.4)
18.8
—
Financials affected by re-segmentation of EUR 69 bn (as of June 2012) of assets into NCOU
—
Non-interest expenses transferred to the NCOU are signifcantly impacted by litigation charges
(settlements /provisions)
—
In addition, financials affected by
—
Re-assignment of management responsibilities for asset-gathering businesses to AWM
—
Re-allocation of coverage costs
(1)
Preliminary as of 13 December 2012
(2)
As reported under Basel 2.5
(3)
In EUR bn

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Detailed re-segmentation effects
Global Transaction Banking
6
FY2011
9M2012
(in EUR m, unless stated otherwise)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Total net revenues
3,608
-
-
3,608
2,940
-
-
2,940
Provision for credit losses
(158)
-
-
(158)
(115)
-
-
(115)
Total noninterest expenses
(2,328)
-
(83)
(2,411)
(1,835)
-
(61)
(1,896)
Noncontrolling interests
-
-
-
-
-
-
-
-
Income (loss) before income taxes
1,122
-
(83)
1,039
990
-
(61)
929
Risk-weighted
assets
(at
period
end)
(2),
(3)
27.0
-
-
27.0
27.6
-
-
27.6
Average
active
equity
(3)
3.1
-
-
3.1
3.0
-
-
3.0
—
Financials affected by refinement of the allocation of coverage costs to reflect new organizational
responsibilities (i.e. EUR ~(80) m from CB&S for FY2011)
(1)
Preliminary as of 13 December 2012
(2)
As reported under Basel 2.5
(3)
In EUR bn

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Detailed re-segmentation effects
Asset & Wealth Management
7
FY2011
9M2012
(in EUR m, unless stated otherwise)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Total net revenues
3,762
(208)
723
4,277
2,745
(95)
715
3,366
Provision for credit losses
(55)
33
0
(22)
(28)
13
(0)
(15)
Total noninterest expenses
(2,941)
48
(419)
(3,313)
(2,478)
36
(489)
(2,931)
Noncontrolling interests
1
(1)
(0)
(0)
3
(2)
0
0
Income (loss) before income taxes
767
(128)
303
942
241
(47)
227
421
Risk-weighted
assets
(at
period
end)
(2),
(3)
16.3
(4.0)
2.3
14.6
13.9
(3.3)
1.8
12.4
Average
active
equity
(3)
5.7
(0.4)
0.4
5.7
5.8
(0.3)
0.4
5.9
—
Financials affected by re-assignment of management responsibilities for certain asset-gathering
businesses to AWM
—
Additional financial impact due to the re-segmentation of EUR 2 bn (as of June 2012) of assets
into NCOU
(1)
Preliminary as of 13 December 2012
(2)
As reported under Basel 2.5
(3)
In EUR bn

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Detailed re-segmentation effects
Private & Business Clients
8
FY2011
9M2012
(in EUR m, unless stated otherwise)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Old Structure
(as reported)
Establishment
of NCOU
Other
New
structure
(1)
Total net revenues
10,617
(224)
-
10,393
7,480
(342)
-
7,138
Provision for credit losses
(1,309)
124
-
(1,185)
(665)
101
-
(564)
Total noninterest expenses
(7,336)
209
-
(7,128)
(5,469)
148
-
(5,322)
Noncontrolling interests
(190)
12
-
(178)
(42)
27
-
(15)
Income (loss) before income taxes
1,782
120
-
1,902
1,303
(67)
-
1,236
Risk-weighted
assets
(at
period
end)
(2),
(3)
95.5
(16.8)
-
78.6
92.5
(16.4)
-
76.1
Average active equity
(3)
13.7
(1.6)
-
12.1
13.6
(1.5)
-
12.0
(1)
Preliminary as of 13 December 2012
(2)
As reported under Basel 2.5
(3)
In EUR bn
(4)
Greece, Italy, Ireland, Portugal, Spain
—
Financials
affected
by
re-segmentation
of
EUR
44
bn
(as
of
June
2012)
of
assets
and
EUR
56
bn
liabilities into NCOU
—
P&L
mainly
driven
by
revenue
impacts
related
to
sales/impairments
of
the
GIIPS
bonds
(4)
portfolio
(especially Greek bonds in 2011) and the Structured Credit Portfolio (SCP)

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Detailed re-segmentation effects
NCOU
9
(1)
Preliminary as of 13 December 2012
(2)
As reported under Basel 2.5
(3)
In EUR bn
—
Corporate Investments in its entirety is now part of NCOU
—
Total non-interest expenses comprise significant special charges, such as litigation related
settlements and provisions, as well as specific CI impairments (e.g. Cosmopolitan)
—
Adjusted
for
these
significant
items,
we
expect
the
NCOU
to
have
a
cost
run-rate
of
approximately
EUR 0.5 bn per quarter (of which EUR 0.3 bn was the historical run-rate of CI)
FY2011
9M2012
(in EUR m, unless stated otherwise)
CI
(as reported)
From CB&S,
AWM and PBC
NCOU
(1)
CI
(as reported)
From CB&S,
AWM and PBC
NCOU
(1)
Total net revenues
394
485
879
507
554
1,061
Provision for credit losses
(14)
(371)
(385)
(4)
(525)
(529)
Total noninterest expenses
(1,492)
(1,062)
(2,554)
(983)
(793)
(1,776)
Noncontrolling interests
2
(16)
(14)
7
(29)
(22)
Income (loss) before income taxes
(1,111)
(963)
(2,074)
(473)
(793)
(1,266)
Risk-weighted
assets
(at
period
end)
(2),
(3)
11.8
92.0
103.8
11.2
83.1
94.3
Average active equity
(3)
1.4
10.0
11.4
1.3
9.5
10.8

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Agenda
1
Deutsche Bank re-segmentation
2
Establishment of NCOU
3
NCOU risk profile
10

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Non-Core Operations Unit –
Rationale and governance
—
Improve external transparency on non-core positions
—
Increase management focus on underlying operating businesses
—
Accelerate de-risking
Rationale
Governance
Organization
Mandate
—
New business segment of Deutsche Bank Group
—
One-time, irreversible assignment of assets to the business
segment –
ring-fenced but with no change in legal entity
ownership
—
Management team defined and in place
—
Aligned incentives and de-risking objectives
—
Manage assets to achieve deleveraging to free up capital
—
Protect shareholder value
—
Success measured on achieving de-risking and capital relief
—
Specific KPIs developed to track progress
11

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Organizational setup
12
Governance structure
Overview
—
Global Head of NCOU directly
accountable to Management
Board
—
NCOU ExCo
responsible for
coordinating resources / Group
functions
—
Chaired by Global Head of
NCOU
—
Dedicated, senior control
heads in NCOU ExCo with
reporting lines to respective
Board members
—
Sending business functions
not part of NCOU ExCo
Control functions
Business functions
Management
Board
Member
Head of
Operating Assets
Head of
Wholesale
Assets
NCOU
COO
NCOU
CRO
NCOU
CFO
Head of
NCOU
Legal
NCOU Executive Committee (ExCo)
Global Head
of NCOU

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Selection criteria for non-core positions
13
Assets
materially
affected
by
business
environment
or
regulatory
changes
Earmarked for de-risking
—
Assets in run-off mode
—
Exit already identified as preferred route
1
2
3
4
5
Non-core
operations
for
Deutsche
Bank
going
forward
(i.e.
no
client
business
relevance)
Significant capital absorption with low returns
Liabilities of businesses in run-off or dedicated to assets selected for NCOU
Suitable for separation
—
Better management possible outside of existing business unit
—
Limited operational issues making separation from current organization relatively
seamless
6

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NCOU portfolio overview
14
CB&S legacy portfolio
Postbank (PB) Structured Credit Portfolio (SCP),
GIIPS bonds
PB Repo with balance sheet leverage
—
Non-strategic balance sheet leverage driven Repo
Non-core loan portfolios
—
Selected loan portfolios, no longer core products or
In EUR bn
Key positions (non-exhaustive)
Key financials (as of 30 June 2012)
(1)
RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%
(1)
—
Sal. Oppenheim (SOP) assets in run-off
—
SOP workout credit portfolios
—
Exit of participations
—
Entire CI portfolio, e.g. Cosmopolitan, Maher, BHF-
Bank
—
SCP and GIIPS bonds in run-off mode since 2008/09
markets for PBC’s proposition
matched book
—
Correlation and capital intensive securitization
positions
—
Monoline positions
—
All IAS 39 reclassified assets
69
106
44
19
22
13
2
4
137
141
Assets
Pro-forma Basel 3
RWA equivalent
AWM
CI
PBC
CB&S
AWM non-core
50%
32%
16%
2%
3%
9%
13%
75%

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NCOU portfolio evolution since June 2012 and outlook
15
Pro-forma Basel 3 RWA equivalent
(1)
Note:
Numbers may not add up due to rounding
(1)
RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%
In EUR bn
Sending business divisions:
30 June 2012
30 September 2012
31 March 2013 (target)
AWM
CI
PBC
CB&S
106
90
~70
19
18
~13
13
13
~5
4
4
~2
141
125
~90

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Agenda
1
16
3
NCOU risk profile
2
Establishment of NCOU
Deutsche Bank re-segmentation

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Overview of the NCOU portfolio
In EUR bn, as of 30 Sep 2012
2010 DB Blue template
17
—
NCOU
portfolio
primarily
comprises
already
disclosed
assets
–
it
is
not
a
‘bad
bank’
—
Diversified assets partially with high capital requirements but low RoA/RoE
—
Expected
LLPs
p.a.
amount
to
~1%
of
loans
(5)
(total
loans:
EUR
54
bn)
Total
adjusted
assets
(1)
(Total:
EUR
122
bn)
In EUR bn, as of 30 Sep 2012
(Total: EUR 125 bn)
IAS 39 re-
classified
assets
Other trading
positions
Other
loans
Monolines
(3)
Credit
trading –
correlation
book
CI
CI
6
1
2
3
4
CB&S
PBC
CI
AWM
(1)
Total assets according to IFRS adjusted for netting of derivatives and certain other components
(2)
RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%.
Breakdown excludes EUR 22.6 bn related to operational risk RWA
(3)
Includes bonds wrapped by monolines
(4)
Includes EUR 7.6 bn capital deduction items from securitization assets
(5)
Includes potential LLPs from accelerated de-risking based on current plan
AWM
AWM
17
PBC: Postbank
non-core
IAS 39 re-
classified assets
Other loans
Monolines
Credit
trading –
correlation
book
Other trading
positions
(4)
1
2
3
4
6
7
5
7
5
Other
Other
PBC: Other
PBC: Postbank
non-core
PBC: Other
Pro-forma
Basel
3
RWA
equivalent
(2)

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18
Carrying value, in EUR bn
Carrying
value,
in EUR bn
In %
Leverage Finance
0.6
15
Commercial real estate
1.5
40
—
EU
1.2
33
—
Other
0.3
7
ABS (mainly CDOs)
1.4
39
—
European mortgages
1.0
26
—
US
0.3
9
—
US RMBS / Other
0.1
4
US municipalities
0.2
6
Total higher risk
portfolio
3.6
100
0.8
0.8
0.3
Assets by risk category (CV & valuation gap)
Higher risk portfolio by asset type
30 Sep 2012 CV/FV gap
(vs. peak of EUR 6.7 bn in Mar
2009 and EUR 2.4 bn in Jun
2012)
1.9
Medium
risk
Lower risk
10.1
30 Sep
2012
(2)
Higher
risk
31 Mar
2009
30 Jun
2012
38.0
22.0
18.8
1
Note:
CV = Carrying value net of loan loss allowance (LLA), FV = Fair value. Figures may not add up due to rounding.
(1)
Assets originally reclassified in 2008/2009; 100% loans
(2)        Net of LLPs
(3)         Internal ratings
(4)
CV sold figure is CV at reclassification date (EUR 6.2 bn CV at disposal date)
(5)
Does not include potential LLPs from accelerated de-risking; forecasted incremental loss down from EUR ~500 m in 2Q mainly driven by asset
disposals
(51)%
IG rating
(3)
iBB range
(3)
Below iB+ & NR
(3)
—
IAS 39 portfolio decreasing and >50% IG rated; higher risk sub-portfolio (EUR 3.6 bn, down 33% qoq) either diversified
or adequately reserved
—
Since
reclassification,
EUR
7.0
bn
CV
sold
at
a
net
cost
of
EUR
472
m
(4)
representing
only
7%
of
initial
CV
—
Limited
concentration
with
potential
for
LLP
increases
of
EUR
~325
m
(5)
over
the
remaining
lifetime
across
all portfolios,
only representing ~17% of CV/FV gap
IAS 39 reclassified assets
(1)
Portfolio significantly reduced, higher risk assets manageable
5.0
3.6

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19
Other loans (non IAS 39 reclassified)
Portfolio well diversified, higher risk assets manageable
Assets by risk category
Portfolio by assets
Higher risk
Medium risk
Lower risk
30 Sep 2012
(1)
IG rating
(2)
iBB range
(2)
iB & below
(2)
Net loans, in EUR bn, as of 30 Sep 2012
19
Note:
Numbers may not add up due to rounding
(1)
Net of LLPs
(2)
Internal ratings
(3)
Based on contractual maturity dates
7%
Other
Mortgages
Asset finance
Collateralized structured loans
6.5
64%
15%
21%
8%
27%
53%
CRE
—
Overall satisfactory portfolio quality with 64% IG rated. Portfolio diversified across ~5,000 names with
larger exposures geared towards better rated clients. 44% with roll-off profile within 24 months
(3)
—
Higher risk bucket includes two large collateralized CRE exposures, adequately reserved, limiting
further downside; additional EUR 525 m of highly diversified UK residential mortgages
—
Remaining higher risk assets well diversified across ~3,000 names, with ~50% maturing <1 year and
an additional ~15% maturing <2 years
(3)
; supported by adequate LTVs
10.1
1.5
2.1
4%

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20
Monolines
Portfolio significantly reduced, exposure dynamically reserved
1.9
0.5
Non-IG
1.0
0.7
0.3
IG
3.5
2.6
0.9
31 Dec
2011
4.1
2.9
1.1
31 Dec
2008
8.3
6.1
2.2
30 Sep
2012
Exposure reserves
Portfolio development
Exposure, in EUR bn
(1)
In EUR bn, as of 30 Sep 2012
Fair value after CVA
CVA
Fair value after CVA
CVA
53%
15%
17%
14%
—
Exposure reduction benefited from improved asset valuations, portfolio run-off and voluntary commutations
—
73% of existing net exposure is to highest rated monoline (AA-/Aa3); remainder on lower risk pool of underlying
assets (no sub-prime/Alt-A RMBS)
—
Portfolio dynamically reserved; additional EUR 0.7 bn incremental CVA estimated in a stress case scenario (~45%
monoline spread widening, ~55% reduction in underlyings & ~15% USD strengthening vs. EUR)
Note:
Figures may not add up due to rounding.
(1)
Excludes indirect counterparty exposure to monoline insurers relating to wrapped bonds
(2)
Other includes Project Finance, Military Housing, Aircraft, Public Sector, Corp CDO
3
(58%)
20
30 Jun
2012
3.9
2.9
1.0
1%
Student
loan
Other
(2)
2.5
22% CVA
33% CVA

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Credit trading –
Correlation book
Significantly reduced since 2009
21
Portfolio development
Outstanding notional, in EUR bn
—
Significant focus on credit correlation for de-risking and unwinds post 2009
—
As a result 70% reduction in notional size with market risk metrics down ~90% (VaR) and ~70%
(EC)
—
Portfolio substantially rolls off within 3 years
Development of key risk metrics, in EUR m
Dec 2009
Jun 2010
Dec 2010
Jun 2011
Dec 2011
Sep 2012
Economic capital (rhs)
200
31 Dec 2009
Unwound
Matured
30 Sep 2012
90
50
60
(45)%
(25)%
30%
Risk development
(70)%
200
400
600
800
1,000
-
20
40
60
80
100
VaR (lhs)
4

2010 DB Blue template
22
22
Assets by risk category
Higher risk portfolio by
asset type
Fair value, in EUR bn, as of 30 Sep 2012
Higher Risk
2.2
Medium Risk
Low Risk
9.2
Total
IG
rating
(1)
iBB
range
(1)
iB
&
below
(1)
Other
22%
Bonds
21%
Traded
loans
57%
58%
28%
14%
(1)
Internal ratings
15.8
4.4
9.2
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Other trading positions
5
—
Overall satisfactory portfolio quality with 58% IG rated. Portfolio diversified across ~14,000 names
—
Top higher risk assets comprise two collateralized CRE assets (fair valued) and one hedged EM
sovereign bond
—
Remainder well diversified across ~3,500 names, with no other major concentrations

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PBC non-core portfolio
De-risking via targeted capital intensive assets sale & near term roll-offs
Non-core asset breakdown (EUR 39 bn)
Non-core RWA equivalent breakdown (EUR 18 bn)
As of 30 Sep 2012
As of 30 Sep 2012, under pro-forma Basel 3
6
23
(1)
Includes dedicated investment portfolios (high yield, corporate bonds, non-German municipal bonds)
(2)
Exposures to financial institutions, corporates and covered bonds
20%
Selected foreign
residential mortgages
15%
Selected CRE
Postbank
13%
GIIPS bonds
Postbank
(2)
7%
Others
Other financial
investments
(1)
30%
Repo
Postbank
2%
Structured Credit
Products (SCP) Postbank
GIIPS bonds Postbank
(2)
12%
Others
Other financial
investments
(1)
0%
Repo
Postbank
12%
Structured Credit
Products (SCP) Postbank
21%
Selected foreign
residential mortgages
23%
Selected CRE
Postbank
6%
—
Targeted de-risking of higher capital intensive Structured Credit Products, Investment
portfolios and selected CRE assets (EUR 11.7 bn or 30% of total assets consume EUR
11.0 bn or 61% of total RWA equivalent)
—
Regular roll-off of less capital intensive selected foreign loan portfolios, remaining GIIPS
bonds and low risk, short-term repo (EUR 25.0 bn or 63% of assets consume EUR 4.9 bn
or 27% of RWA equivalent)

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
In EUR bn
(1)
Excludes Postbank originated securitizations
(2)     
(3)
Portfolio view including hedges and accrued interests
Deep-dive on selected Postbank non-core portfolios
De-risking improves credit quality, further downside protection from PPA
Selected Commercial Real Estate
3.9
1.3
Carrying value
Delta-to-notional
AAA-A range
BBB range
Non-IG
Structured Credit Portfolio
(1)
GIIPS bonds
6
24
Comments
IG
Non-IG
Investment loans
Development loans
1.2
4.3
Book Value
(3)
(68)%
2.6
1.5
Fin. instit.
Covered
Sovereign
0.7
0.3
0.2
—
Structured Credit Portfolio:
Material de-risking achieved
while improving asset quality
—
Selected Commercial Real
Estate:
Diversified portfolio with no
single large concentration;
adequately LLP provisioned
(>25% covered)
—
GIIPS bonds:
Significant reduction
achieved, ~60% covered
bonds with the remainder of
strong issuer credit quality
(>98% IG)
(67)%
5.5
5.8
In EUR bn
In EUR bn
2.1
0.8
1.8
0.5
Dec 2010
Sep 2012
33%
34%
7%
16%
60%
50%
Dec 2010
Sep 2012
59%
72%
41%
28%
Dec 2010
Sep 2012
4.3
4.9
1.2
0.9
Dec 2010
Sep 2012
15.9
5.0
Dec 2010
Sep 2012
Spain
Italy
Ireland
Portugal
2.3
0.8
0.6
per Sep 2012
LLP coverage ratio (LLPs over impaired loans) excluding additional PPA protection

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
(1)
As of 30 September 2012
(2)
Based on pro-forma Basel 3 RWA equivalent as of 30 September 2012
25
Corporate Investments
—
CI characterized by large operating
assets: as of 30 September 2012,
over three quarters of RWA
(2)
concentrated in Cosmopolitan,
Maher, BHF and Actavis
—
Focus on de-risking confirmed:
—
Sale of Actavis to Watson
closed on 31 October 2012,
reducing pro-forma Basel 3
RWA equivalent by approx.
EUR 4 bn
—
Contract to sell BHF to
Kleinwort Benson Group signed
on 20 September 2012
—
For Cosmopolitan and Maher,
continuing to improve the
underlying operating performance
is key for successful de-risking
Largest operating assets in CI portfolio
Focus on de-risking
Assets: EUR 19.8 bn
(1)
RWA
equivalent
(B3):
EUR
13.3
bn
(1)
25
—
Largest container terminal in the Port
of New York and one of the fastest-
growing North American terminals at
Prince Rupert, B.C., Canada
—
One of the world's leading players in
generic pharmaceuticals
—
Recently sold to Watson
Pharmaceuticals
—
Opened in
2010
—
One of the
leading
luxury resort
casinos on
the Las
Vegas Strip
—
German private
bank since
1854
7

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
Liability transfer and funding
Overview
Rationale for transfer & observations
—
Liabilities of business in run-off or for sale
—
Legacy Postbank/BHW bond formats not to be
issued in future (unsecured, covered issuance
backed by registers A, B, C, E)
—
Various other short-dated liabilities linked to
transferred assets (e.g. repos, CP)
—
No impact from transfer on credit quality of
investment
—
Transferred liabilities will partially fund NCOU
assets, residual from funding pool
—
NCOU run-down expected to have a positive
impact on DB Group’s funding profile
26
Composition of transferred liabilities
Capital markets portfolio
—
Primarily
composed
of
Postbank
Group
(1) 
issuance with weighted average tenor of 7
years; EUR 8.4 bn to mature in the next 5 years
—
Liability management may be considered in
future to accelerate maturities in line with asset
de-risking
Total: EUR 77 bn, as of 30 September 2012
26
(1)
Postbank and BHW
Capital
markets
29%
Retail deposits
32%
Secured
funding &
shorts
17%
Discretionary
wholesale
2%
Financing
vehicles
12%
Other
customers
8%

Deutsche Bank
Additional information

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
Further information on allegations about the Bank’s
bespoke trading book
28
—
Some media reported allegations of a former employee concerning the valuation of the Bank’s
bespoke trading book during the credit crisis
—
Focused primarily on valuation of leveraged super senior trades and the possibility that
collateral posted for those trades may not cover all potential losses
—
None
of
the
sources
for
these
allegations
had
any
responsibility
for,
or
direct
knowledge
of,
valuation of this trading book –
or other key facts
—
The Bank promptly disclosed the substance of these allegations to the SEC first and before any
employee
did
so,
including
before
the
current
“whistleblower”
was
even
employed
by
the
Bank
and approximately ten months before he first raised some of the same allegations already
disclosed
—
The Bank undertook a comprehensive two-year long internal review conducted by outside
counsel that concluded:
—
Prior to any allegations being made, each of the issues raised by the former employees
had been the subject of extensive discussion among the relevant business and control
groups
—
Bank personnel
evaluated all available information and tools and employed their best
judgment for the fair value of this trading book during unprecedented market conditions
—
The risks of this book were regularly disclosed to the management and supervisory boards
and the Bank’s outside auditor
—
External auditors were aware of, and comfortable with, the Bank’s treatment of these
issues
—
The Bank remains confident that these unsubstantiated allegations of wrongdoing, which date
back to March 2010, are wholly unfounded and that its valuation of the bespoke book
throughout
the credit crisis was reasonable and well-supported

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
Refinement of the size of the Non Core Operations Unit
since September 2012 Investor Day
CB&S
PBC
CI
AWM
CB&S
~6
–
Population changes
~0
–
Refined financials
~6
CI
-
–
Population changes
-
–
Refined financials
-
PBC
~(0)
–
Population changes
~1
–
Refined financials
~(1)
In EUR bn
In EUR bn
Note:
Numbers may not add up due to rounding
(1)
RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%
CB&S
~(1)
–
Population changes
~(1)
–
Refined financials
~(1)
CI
-
–
Population changes
-
–
Refined financials
-
PBC
~9
–
Population changes
~12
–
Refined financials
~(3)
29
~70
~35
~20
~1
137
69
44
22
2
~125
~100
~20
~13
~3
141
106
19
13
4
~135
Assets
Pro-forma Basel 3 RWA equivalent
(1)
AWM
~1
–
Population changes
~0
–
Refined financials
~0
AWM
~1
–
Population changes
~0
–
Refined financials
~1
30 June 2012
(final)
30 June 2012
(Investor Day Sep)
30 June 2012
(final)
30 June 2012
(Investor Day Sep)

financial transparency.
NCOU Analyst Call
13 December 2012
Deutsche Bank
Investor Relations
This presentation contains forward-looking statements. Forward-looking statements are statements that are not
historical facts; they include statements about our beliefs and expectations and the assumptions underlying
them. These statements are based on plans, estimates and projections as they are currently available to the
management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made,
and
we
undertake
no
obligation
to
update
publicly
any
of
them
in
light
of
new
information
or
future
events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors
could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and
elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion
of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading
counterparties,
the
implementation
of
our
strategic
initiatives,
the
reliability
of
our
risk
management
policies,
procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange
Commission.
Such
factors
are
described
in
detail
in
our
SEC
Form
20
F
of
20
March
2012
under
the
heading
“Risk
Factors.”
Copies
of
this
document
are
readily
available
upon request or can be downloaded from
Cautionary statements
30
www.db.com/ir.