Presentation of Juergen Fitschen and Anshu Jain

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Results at a glance

In EUR bn, unless otherwise stated

Note: Core Bank includes CB&S, GTB, AWM, PBC, and C&A; numbers may not

add up due to rounding (1) Pro-forma (2) Proposed (3) Impairment of

intangible assets (4) >EUR 100m (5) Includes Cost-to-Achieve related to Postbank integration and OpEx, other litigation (<EUR 100m) and other

specific items

Performance

highlights

Impact on

profitability

Net revenues

Core Tier 1 ratio, Basel 3 fully loaded, in %

(1)

Dividend per share, EUR

Core Bank impairments

(3)

Core Bank significant litigation

(4)

Non-Core Operations Unit

Core Bank adjusted IBIT

Therein Cost-to-Achieve

and other specific items

(5)

Reported Group IBIT

2012

7.9

8.0

(1.5)

(1.0)

(1.1)

1.0

(0.4)

(2.6)

2012

33.7

8.0

0.75

(2)

(1.5)

(1.3)

(2.4)

6.5

(1.4)

1.4

2011

33.2

<6.0

0.75

(2.1)

7.5

(0.5)

5.4

2011

6.9

<6.0

(1.6)

1.2

(0.1)

(0.4)

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

>200bps

8.5

8.0

7.2

<6.0

Capital:

Ahead of target on capital strength

Accelerated capital demand reduction…

Pro-forma

RWA

equivalent

(1)

relief,

EUR

bn,

period

end

…

raising capital aspirations

Pro-forma B3 CT 1 ratio, (fully loaded), in %, period end

(2)

goal

Mar 2013

Achieved by

Dec 2012

Equivalent of >EUR 8bn

CT1 capital increase

Dec 2011

Dec 2012

Mar 2013

Actual

(2)

target

(2)

target

New

target

Core operating businesses

~45

~51

Non-Core Operations Unit

~45

~29

Total

~90

~80

New target

>100

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% (2) Investor Day (11/12 September 2012)

8.0

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Costs:

Operational Excellence Program well underway

Sourcing

excellence

streamlining

Footprint

rationalization

Front-to-back

productivity

IT platform

renewal

Cost savings

2012-2015 targets

Achievements by 4Q12 (selected examples)

—

100+ new initiatives, annual save of EUR 0.5bn by 2015

—

Stricter, centralized governance and controls for new spending

—

CB&S rightsizing and AWM integration:

reduction of 1,700 FTE

(3)

, 90% from U.S., UK and Asia

—

IT Center of Excellence: 1,800 FTE migrated, further 1,200 FTE

in scope

—

16 sites vacated, 7 more earmarked, 40 in scope

—

Scope for transfer of 8,000+ FTE across New York, London,

Hong Kong and Singapore to more cost-effective locations

—

Integrated retail middle office platform formed with 9,000 FTE

—

Rightsizing IT in Netherlands, achieved EUR 50m annual saves

—

660 applications decommissioned; new apps reduced by 50%

—

>20

million

clients

shifted

common

retail

banking

platform

(2)

In EUR bn

Target

Achieved / underway

Annual run rate savings of

EUR 4.5bn by 2015

Cumulative Cost-to-Achieve

of EUR 4.0bn

2012

2013

0.4

1.6

0.4

0.8

(1)

Organizational

(1) Total 2013 impact of measures implemented in 2012 (2) “Magellan” (3) ~1,300 front office FTEs and ~400 FTEs in related Infrastructure areas

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

PBC:

Solid

performance,

progress

Postbank

integration

Example challenges

Business response

Market share

growth in

lending

business

FY12 vs. FY11, mortgages in Adv. Banking Germany

Mortgage

volume

growth

+8%

+~30bps

Resilience in

Advisory

Banking

International

Persistently low interest

rate environment

Challenged peripheral

European economies

Complex, large-scale

integration

Postbank

integration

well on track

561

363

FY12

FY11

International

IBIT

(adjusted)

(3)

EUR m

FY 2012 synergies

(4)

, in EUR m

449

409

Achieved

Plan

Market

share gain

(2)

54%

10%

(1)

(1) Includes housing loans to employees and other individuals excluding home loan savings (2) Includes housing loans to employees and other individuals excluding

HLS based on latest Bundesbank statistics per November 2012 (3) Advisory Banking International: FY2011 adjusted for net HuaXia one-off gain of EUR 263m; FY2012

adjusted for cost-to-achieve related to OpEx of EUR 19m (4) Includes revenue & cost synergies

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

AWM:

Laying foundations for future performance

Example challenges

Business response

Efficiency

measures

underway

AWM FTE

Complex five-way business

integration

Streamlining of platform

duplication

—

Integrated organization with clear leadership

and stabilized management team

—

Development of the integrated AWM Global

Client Group

—

Unified investment platform across styles,

vehicles, asset classes and solutions

—

Rationalization of platforms and processes

well underway

31 Dec 2012

~6,500

Peak

~7,100

Reshaping of

the business

Short-term

consequences

of strategic review

(June 2012)

(10)%

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

GTB:

Continued strong operating performance

Example challenges

Business response

Higher fee

income

Above market

revenue growth

Persistent low

interest rates

Competitive pressure

increasing

Challenging environment

in Netherlands

Decisive action

on turnaround

—

Charges in 4Q12

—

Turnaround measures on schedule

—

Further costs related to turnaround to

come in 2013

Revenue growth, FY 2012 vs. FY2011

(1)

Americas

APAC

Europe

Total GTB

FY07

FY12

(1) Excluding the commercial banking activities acquired from ABN AMRO in the Netherlands; 2007 based on structure as of 2009

31%

1.5

1.9

GTB fee income, in EUR bn

(1)

23%

19%

14%

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

CB&S:

Strengthening

our

leading

franchise

despite

challenging environment

Example challenges

Business response

Source: Greenwich Associates; Euromoney; Dealogic; Global Custodian

Lower industry volumes

Continued regulatory

uncertainty

Increased public scrutiny

Resource reduction

Global leader in

Fixed Income

(FI)

Strong market

share gains in

Equities

Highest ranked

European bank

in Corporate

Finance

Global rankings 2012

US Cash Equities

market share

Global rankings

7.4%

3.8%

Overall FI

con-

secutive

year)

Asia FI

US FI

EU FI

con-

secutive

year)

2008

2012

conse-

cutive year)

2008

2012

2008

2012

2008

2012

(highest

share ever)

Global prime

brokerage rankings

European rankings

Macroeconomic concerns

and market volatility

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

The Investment Bank: a lot has changed

We completely changed business mix...

... and de-risked in a lower return environment

Share of Markets revenues

(1)

Includes

revenues

for

businesses

transferred

AWM

and

NCOU

2012

(2) Unless stated differently (3) 2007/2008 except stress loss which is as of 1Q2009

(4) Pre-crisis based on FY 2006 reported figures, 2012 based on 9M12 annualized non-restated figures due to structural changes affecting FY2012 reporting

(5)

Incremental

RWA

under

Basel

2.5

(CRD

EUR

54bn

added

reported

2007

RWA;

2012

RWA

and

balance

sheet

based

9M12

prior

transfer

assets

to NCOU

(6) Differences vs. previously shown figures due to changes of calculation methodology (7) Estimated maximum traded market risk loss on a return to 1Q2009

conditions over a quarter, including offsetting revenues across businesses

Most liquid flow

Client solutions

Illiquid markets

Dedicated prop trading

CB&S, in EUR bn

(2)

Pre-

Crisis

(3)

2012

Change

Leveraged Finance pipeline

>36

<2.5

>(90)%

Commercial Real Estate pipeline

>17

<2.5

>(85)%

Credit correlation gross present value

~6.0

~0.2

~(95)%

RWA

(Basel

2.5

pro-forma)

(5)

~275

~200

~(30)%

Balance

Sheet

(adjusted

assets)

(5)

>1,200

~800

~(35)%

Stress

loss

(6)(7)

~(60)%

Value

Risk

(average

yearly)

(6)

>0.12

~0.06

~(50)%

Capital

requirements

(Average

Active

Equity)

(4)

<17

>26

>65%

Pre-tax

RoE

(4)

>30%

<15%

~(20)ppt

ILLUSTRATIVE

2006 –

2007

average

(1)

Today

~45%

~65%

~30%

~5%

~40%

~10%

<5%

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Leading financial advisor on

largest common stock follow-

on offer in US USD 21bn) in

sell down of AIG shares for

US government

Our journey to global leadership in investment banking

Largest ever corporate

European mandatory

bond issuance for

Volkswagen (EUR 3bn)

Financial advisor to Nestle

on acquisition of Pfizer

Nutrition (USD 12bn)

1995: A call to action

2012: A true global advisor

USD13bn Initial

Public Offering &

Privatization

November 1996

Germany’s largest bank initially

not appointed financial advisor

for privatization of national

telephone monopoly

Sole bookrunner on the four

biggest IPOs of all time, three

of which in China:

ABC (USD 22bn), ICBC

(USD 22bn), AIA (USD 21bn)

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

The quantum and uncertainty of regulation is a challenge

Enormous level of scrutiny…

...and implementation uncertainties remain

Tarullo says Fed Seeks More Capital

at Foreign Banks’

Units

Bloomberg, 28 November 2012

US banks call for easing of Basel III

Financial Times, 4 January 2013

EU continues poker around Basel III

Boersen-Zeitung, 4 January 2013

Regulatory black hole puts banks off

deals

Reuters, 21 December 2012

Supervisory

—

Banking union

—

Supervisory

change

Conduct

—

Market abuse

—

Money laundering

—

Compliance

—

Disclosures

Taxes

—

Financial

Transaction Taxes

—

FATCA

—

Bank Levies

—

OTC derivatives

—

HFT

—

Short selling

—

AIFMD

—

Market abuse

—

UCITS

—

Prospectus

Directive

—

MiFID

—

ETFs

Governance

—

Compensation

—

Board composition

—

Listing standards

Capital and Liquidity

—

Basel III

—

SIFI

—

NSFR / LCR

—

Leverage

—

Volcker

—

Liikanen

—

Vickers

—

Recovery and

Resolution

—

Subsidiarisation

—

US FBO rules

—

EBA stress tests

—

US stress tests

Other

—

Solvency II

—

Deposit Guarantee

schemes

—

Retail distribution

review

Securitization

Shadow banking

Systemic Risk

Markets

Bank Structure

Tests

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Clients:

Delivering on the promise of client-centricity

Note: figures as of 2012 (unless stated differently) (1) Related to letter of credit business (2) Based on average daily volumes in 2011 (3) Bundesbank,

based on EURO payments through RTGS+/Target 2 Germany Source: Deutsche Bank; CIA World Fact Book (2011)

Provided >300,000 new mortgages in Germany, EUR 24bn volume, 12%

of total new market

Supported ~60,000 small business clients in starting up or developing

Enabled 180 companies worldwide to access the capital markets for the

first time

Helped

~3,500

financial

institutions

countries

access

global

financial

markets

Processed one-seventh of global FX volumes and helped 8,000

corporates

and

institutions

hedge

their

risk

Supported

~EUR

56bn

trade

finance

activity

(1)

Cleared

EUR

1.3tn

daily

payment

volumes

(2)

and

one-fifth

all

EUR-

clearing

(3)

Clients:

Strengthening our franchise across all regions…

Germany

—

‘Best Bank in Germany’

—

‘Best Bank for Old Age

Provisioning advisory’

—

‘Most Innovative

Investment Bank’

—

‘Best Provider of Money

Market Funds‘

—

‘#1 US Fixed Income‘

year running)

—

Record Corporate Finance

market share in US

—

‘Best High-Yield Bond

House’

—

‘Best IPO House’

2012 achievements

—

Build on ‘bank of choice’

position

—

Launch of lending growth initiative

Regional strategy

EMEA ex

Germany

—

Align resources to growth prospects

—

Support leading corporates / institutions

Americas

—

Benefit from pro-cyclical recovery

—

Capture market share in key areas

APAC

—

Invest in CB&S flow franchise, GTB local

large cap clients and PWM in core markets

—

Focus: India, China, Korea, ASEAN

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Group

contribution

and

investments

—

46% of Group

(2)

IBIT (2008-2012)

—

EUR

8bn

invested

German-based

acquisitions

(3)

—

Additional EUR 10bn lending by 2015

—

>2,000 apprentices in 2012

—

EUR

~200m

cumulative

CSR

(4)

spend

(2008-2012)

(5)

—

>7,600 corporate volunteers in 2012

(5)

—

24m clients, covered by ~46,000 employees in ~1,900

locations

(1)

—

~100% of Large Caps and 80% of Large Mid Caps covered

—

Undisputed leadership across core divisions

... with strong commitment to our German home market

Note: figures as of 2012

(1) Incl. Postbank (2) CB&S, GTB, AWM & PBC only, incl. Postbank and excl. NCOU, CI, Infrastructure/ Regional Management and Consolidation &

Adjustments (3) Postbank, Sal. Oppenheim, Berliner Bank, norisbank (4) Corporate Social Responsibility (5) Excl. Postbank

Responsibility

and

social

capital

Clients

and market

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Entrepreneurial

spirit

Cultural

diversity

Performance

culture

Existing cultural

strengths

Client focus

Teamwork and

partnership

Long term

orientation and

sustainability

Further emphasis

required

Focus areas

Culture:

Deutsche

Bank

the

forefront

cultural

change

Creating sustainable and respected

compensation practices

Tightening the control environment

Enhancing integrity of client relationships

Improving operational discipline

Strengthening teamwork across businesses and

functions

Time

horizon

Near

term

Longer

term

Review and implementation of sustainable and responsible

compensation practices

Independent compensation review panel

Dr. Jürgen

Hambrecht

Chairman of the panel

and former CEO of

BASF

Dr. Theo Waigel

Former Federal

Minister

of Finance of Germany

Michael Dobson

CEO of Schroders

Dr. Michael Otto

Chairman of the

Supervisory Board of

Otto Group

Morris W. Offit

Chairman of Offit Capital and

Independent Director of AIG

Significant change underway

Status

ongoing

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Variable compensation as % of revenues

reduced by >50% vs. pre-crisis

—

Deferral extended from 3 to 5 years for

Top 150 management (‘cliff vesting’)

—

Multi-year guarantees eliminated

—

Transparency on compensation

increased

—

Future burden from deferrals reduced

—

Role of client metrics, cultural priorities

and risk management feedback in

compensation decisions enhanced

—

Fairer distribution of reward among

stakeholders

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

2009

2008

2007

2006

2012

2011

2010

22%

20%

19%

17%

15%

11%

(1) Variable remuneration awarded including deferrals. No adjustment made for pay mix change in 2010 (EUR 742 m)

…to an all-time low

In EUR bn

Variable comp

(1)

has decreased significantly…

2012

3.2

1.5

1.7

2011

3.6

2.2

1.4

2010

4.3

2.1

2.2

2009

4.8

2.1

2.7

47%

Deferred

Cash

Deferral rate

Balancing the interests of stakeholders

(11)%

Variable compensation in % of revenues

43%

49%

61%

(13)ppt

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

—

Over 250,000 mandatory training assignments completed

—

125 new compliance training courses introduced

—

Mandatory

Business

Conduct

and

Ethics

training

for

all

employees

roll-out

planned

—

‘Red flag’

system monitoring rolled out for AWM and strengthened for CB&S and GTB

—

4Q2012,

CB&S

GTB

‘red

flag’

incidents

down

nearly

50%

vs.

end-2011

—

Outcome of monitoring impacts promotion and compensation

—

Stricter sanctions implemented

We have fundamentally tightened our control environment

—

Client adoption procedures tightened

—

New product approval processes enhanced

—

Scope of Reputational Risk Committees expanded

—

Trade Detection Testing system rolled-out

—

Better escalation procedures adopted

—

Independent Benchmark Submission Oversight function established (Libor)

Monitoring

Systems /

processes

Enablement

Consequence

management

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Feedback from 52,000

employees:

A clear framework for long-term cultural change

Diagnostics

(4Q 2012)

Implementation

(Throughout 2013)

Board / GEC:

—

Integrity in client dealing

—

Operational discipline

—

Teamwork across

businesses and

functions

—

Realignment of DB

performance standards

—

2013 objective setting

—

+/-

100 Regional forums

for all MDs / new MD

induction

—

External stakeholder

input

Independent compensation

review panel: Compensation

policy and practices

Co-CEO led

operational focus

(Current)

DB People Survey

Focus Groups

Deep-dives

Discussion with leadership

cadre

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Strong underlying performance enabled us to embark upon a path of deliberate

but tough decisions

We are convinced that this path will lead us in the right direction –

becoming the world’s leading client-centric global universal bank

This is a journey that we will complete in years, not months

Together, we are determined and encouraged by initial results and the highly

supportive feedback from clients and employees

Strategy 2015+: Committed to delivery

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Net revenues and provision for credit losses

Provision for credit losses

Net revenues

In EUR bn

1.7

1.8

Non-Core Operations Unit

Core Bank

381

334

Basel 2.5 RWA

Loan loss ratio, in bps

(1)

Provision

for

credit

losses

loan

book

0.4

0.6

1.5

1.1

33.2

33.7

FY2011

FY2012

FY2011

FY2012

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Cost base development

Noninterest expenses

FY2011

FY2012

In %

Reported

25,999

30,623

4,624

18%

Impairments of goodwill

and other intangibles

(1,865)

Significant litigation related

charges (> EUR 100 m)

(277)

(1,626)

Noninterest expenses

(adjusted)

(25,722)

(27,133)

1,411

Impact from management

decisions

(1)

(1,156)

(1,595)

Other litigation related

charges

(438)

(290)

Policyholder benefits and

claims

(207)

(414)

Adjusted cost base

23,921

24,833

912

Impact of FX change

775

Change in bonus deferral

ratio / early retirement rules

~(250)

Adjustments to noninterest expenses

In EUR m

In EUR bn

Adjusted cost base

23.9

24.8

2011

2012

0.9

(1)

Includes cost-to-achieve (CtA) for Operational Excellence Program of EUR 484 m in 2012, CtA for Postbank integration of EUR 422 m in 2012

and EUR 283 m in 2011, severance unrelated to OpEx and Postbank integration of EUR 243 m in 2012 and EUR 428 m in 2011, Cosmo

impairment of EUR 135 m and VAT charge of EUR 310 m in 2011, as well as EUR 446 m for the following additional impacts in 2012: Charges

related to commercial banking activities in the Netherlands, IT write-down in AWM, non-recurring costs related to strategic review in AM

Note:

Figures may not add up due to rounding differences

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Group financial performance –

FY2012

In EUR m

Group

Core Bank

(1)

Non

-Core

Operations Unit

Net revenues

33,741

32,683

1,058

Provision for credit losses

(1,721)

(1,087)

(634)

Noninterest expenses (adjusted)

(2)

(27,133)

(25,060)

(2,073)

IBIT (adjusted)

4,887

6,536

(1,649)

Impairment of goodwill and other intangible assets

(1,865)

(1,465)

(400)

Significant litigation charges (> EUR 100 m)

(1,625)

(1,316)

(309)

IBIT (reported)

1,397

3,755

(2,358)

Memo: Total noninterest expenses

(30,623)

(27,874)

(2,749)

Income taxes

(732)

Net income

665

Pre-tax return on average active equity in %

(23)

(Adjusted) Pre-tax return on average active equity in %

(16)

(1)

Core Bank includes CB&S, GTB, AWM, PBC and C&A

(2)

Noninterest expenses (adjusted) excluding “Impairments of other intangible assets” as well as significant litigation related charges (charges

exceeding EUR 100 m)

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Key performance indicators: Balance sheet

31 Dec 2011

31 Dec 2012

Tier 1 ratio, Basel 2.5, in %

12.9

15.3

240 bps

Core Tier 1 ratio, Basel 2.5, in %

9.5

11.6

210 bps

Core Tier 1 ratio, Basel 3 fully loaded, in %

(1)

< 6.0

8.0

>200 bps

Total assets (IFRS), in EUR bn

2,164

2,012

(152)

Total assets, adjusted, in EUR bn

(2)

1,267

1,199

(68)

Risk-Weighted Assets, Basel 2.5, in EUR bn

381

334

(47)

Liquidity

Reserves,

EUR

(3),(4)

223

>230

Percentage of most stable funding sources

59%

62%

3 ppt

(1)

Pro-forma

(2)

Adjusted for netting of derivatives and certain other components

(3)

2011: Excluding Postbank; 2012: Including Postbank liquidity reserves in excess of EUR 25 bn from Dec 2012 onwards

(4)

An increase of EUR 8.1 bn in Dec 12 and EUR 3.9 bn in Dec 11 has been made to ensure a consistent recognition of 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

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

Lower capital consumption

EUR >4.4 bn

Regulatory capital impact from FY results

(2)

–

EUR ~1.9 bn

Regulatory

capital

accretion

(3)

EUR ~2.5 bn

2011

2012

Total assets, adjusted

(1)

130

(35)

Risk weighted assets,

Basel 3 fully loaded

>150

106

> (44)

Core tier 1 capital consumption, at 10%

>15.0

10.6

> (4.4)

NCOU: De-risking accomplished in 2012

In EUR bn

(1)

Total assets according to IFRS adjusted for netting of derivatives and certain other components

(2)

Excluding impairment of goodwill in 4Q2012 of EUR (400) m and any associated tax impact

(3)

Under Basel 3 fully loaded

financial transparency.

Jürgen Fitschen and Anshu Jain

31 January 2013

Deutsche Bank

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

undertake

obligation

update

publicly

any

them

light

new

information

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

our

strategic

initiatives,

the

reliability

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

detail

our

SEC

Form

20-F

March

2012

under

the

heading

“Risk

Factors.”

Copies

this

document

are

readily

available

upon

request

can

downloaded

from

www.db.com/ir.

This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures

reported under IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 4Q2012

Financial

Data

Supplement,

which

accompanying

this

presentation

and

available

www.db.com/ir.

Cautionary statements