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Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2016
Commission File Number 1-15242
DEUTSCHE BANK CORPORATION (Translation of Registrant’s Name Into English)
Deutsche Bank Aktiengesellschaft Taunusanlage 12
60325 Frankfurt am Main Germany
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Exhibit 99.2: Presentation of John Cryan, Co-Chief Executive Officer, and Marcus Schenck, Chief Financial Officer, given at Deutsche Bank AG’s Analyst Conference Call on January 28, 2016.
Exhibit 99.3: Presentation of John Cryan and Juergen Fitschen, Co-Chief Executive Officers, given at Deutsche Bank AG’s Press Conference on January 28, 2016.
Exhibit 99.4: 4Q2015 Financial Data Supplement, providing details of the preliminary results.
This Report on Form 6-K and Exhibits 99.1 and 99.4 and pages 26, 32 and 39 of Exhibit 99.2 are hereby incorporated by reference into Registration Statement No. 333-206013 of Deutsche Bank AG. Exhibit 99.3 and the other pages of Exhibit 99.2 are not so incorporated by reference.
The results provided hereby are presented under International Financial Reporting Standards (IFRS) and are preliminary and unaudited. Such results do not represent a full set of financial statements in accordance with IAS 1 and IFRS 1. Therefore, they may be subject to adjustments based on the preparation of the full set of financial statements for 2015.
Forward-looking statements contain risks
This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our 2014 Annual Report on Form 20-F, which was filed with the SEC on March 20, 2015, on pages 11 through 34 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.
2
For descriptions of certain of these non-GAAP financial measures and the adjustments made to the most directly comparable IFRS financial measures to obtain them, please refer to pages 26 and 32 of Exhibit 99.2 hereto and pages 13 through 17 of Exhibit 99.4 hereto.
CRR/CRD 4 Solvency Measures
Since January 1, 2014, our regulatory assets, exposures, risk-weighted assets, capital and ratios thereof are calculated for regulatory purposes under the regulation on prudential requirements for credit institutions and investment firms (“CRR”) and the Capital Requirements Directive 4 (“CRD 4”) implementing Basel 3, which were published on June 27, 2013. CRR/CRD 4 provides for “transitional” rules, under which capital instruments that are no longer eligible under the new rules are permitted to be phased out as the new rules on regulatory adjustments are phased in, as well as regarding the risk weighting of certain categories of assets. Unless otherwise noted, our CRR/CRD 4 solvency measures set forth in the exhibits reflect these transitional rules.
We also set forth in this and other documents such CRR/CRD 4 measures on a “fully loaded” basis, reflecting full application of the rules without consideration of the transitional provisions under CRR/CRD 4. Additionally, as part of our balance sheet management, we use a CRR/CRD 4 fully loaded leverage ratio, which is described on page 13 of Exhibit 99.4 hereto. Our Strategy 2020 capital targets are on a fully loaded basis.
As the final implementation of CRR/CRD 4 may differ from our expectations, and our competitors’ assumptions and estimates regarding such implementation may vary, our fully loaded CRR/CRD 4 measures, which are non-GAAP financial measures, may not be comparable with similarly labeled measures used by our competitors.
3
Non-GAAP Financial Measure Most Directly Comparable IFRS Financial MeasureIBIT attributable to Deutsche Bank shareholders, IBIT adjusted Income (loss) before income taxesAdjusted cost base, Adjusted costs Noninterest expensesAverage active equity Average shareholders’ equityPre-tax return on average active equity Pre-tax return on average shareholders’ equityPost-tax return on average active equity Post-tax return on average shareholders’ equityTangible book value, Tangible shareholders’ equity Total shareholders’ equity (book value)Post-tax return on average tangible shareholders’ equity Post-tax return on average shareholders’ equity
p p g (CRR/CRD 4) financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS (or CRR/CRD 4) financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS (or CRR/CRD 4) financial measure.
4
5
By: : /s/ Peter Burrill Name: Peter BurrillTitle: Managing Director
By: /s/ Mathias Otto Name: Mathias OttoTitle: Managing Director and Senior Counsel
Release
Deutsche Bank reports 2015 fourth quarter net loss of EUR 2.1 billion and full year net loss of EUR 6.8 billion
Group results at a glance
Core business revenues
Key items
John Cryan, Co-Chief Executive Officer, said: “In 2015 we made considerable progress on the implementation of our strategy. The much-needed decisions we took in the second half of the year contributed to a net loss for the fourth quarter and full year.”
He added: “We are focused on 2016 and continue to work hard to clear up our legacy issues. Restructuring work and investment in our platform will continue throughout the year.”
He concluded: “We know that periods of restructuring can be challenging. However, I’m confident that by continuing to implement our strategy in a disciplined manner, we can and will transform Deutsche Bank into a stronger, more efficient and better run institution.”
Release 1 | 7
Frankfurt am Main January 28, 2016
EUR bn (unless stated otherwise) 4Q2015 vs. 4Q2014 FY2015 vs. FY2014Net revenues 6.6 (15)% 33.5 5% Noninterest expenses 9.0 24% 38.7 40% Income before income taxes (2.7) N/M (6.1) N/M Net income (2.1) N/M (6.8) N/M Post tax RoTE (15.7)% N/M (12.3)% N/M CET 1 ratio, fully loaded 11.1% (40)bps* 11.1% (60)bps Leverage exposure 1,395 (2)%* 1,395 (3)% Leverage ratio 3.5% (10)bps* 3.5% — RWA 397 (3)%* 397 1% * Fully loaded Capital Requirements Regulation / Capital Requirements Directive 4 (CRR / CRD4) basis; vs. 3Q2015
EUR bn 4Q2015 4Q2014 FY2015 FY2014Corporate Banking & Securities 2.1 3.0 14.2 13.6 Private & Business Clients 2.2 2.4 8.9* 9.6 Global Transaction Banking 1.2 1.0 4.6 4.1 Deutsche Asset & Wealth Management 1.4 1.2 5.4 4.7 * After impairment of EUR 0.7bn on stake in Hua Xia Bank
EUR bn 4Q2015 4Q2014 FY2015 FY2014Impairments on goodwill/intangibles 0.0 0.1 5.8 0.1 Litigation charges 1.2 0.5 5.2 2.0 Restructuring/severance 0.8 0.1 1.0 0.4
Issued by the press relations department of Deutsche Bank AG Taunusanlage 12, 60325 Frankfurt am Main Phone +49 (0) 69 910 43800, Fax +49 (0) 69 910 33422
Internet: db.com https://www.db.com/media E-mail: [email protected]
Noninterest expenses
Note: Figures may not add up due to rounding
Commentary
Revenues were EUR 6.6 billion in 4Q 2015, down 15% year-on-year. This primarily reflected a year-on-year revenue decline in Corporate Banking & Securities (CB&S) and mark-to-market losses in the Non-Core Operating Unit (NCOU).
Revenues in the full year 2015 were EUR 33.5 billion, up 5% year-on-year. Revenues were slightly up at constant exchange rates and excluding the EUR 0.7 billion impact from the Hua Xia Bank transaction, including the impairment of the Bank’s 19.99% stake in the Chinese Bank as well as other transaction-related effects.
Noninterest expenses were EUR 9.0 billion in 4Q 2015, up 24% year-on-year. Noninterest expenses in the quarter included EUR 0.8 billion of expenses for restructuring and severance, predominantly in Private & Business Clients (PBC), and EUR 1.2 billion of litigation charges. The Adjusted Cost Base, which excludes litigation, impairments, policyholder benefits and claims and restructuring and severance, was EUR 6.8 billion in 4Q 2015, up from EUR 6.4 billion, and up slightly from EUR 6.7 billion at constant exchange rates, in 4Q 2014.
Noninterest expenses in the full year 2015 were EUR 38.7 billion, up from EUR 27.7 billion in 2014, and included: impairments of goodwill and other intangible assets of EUR 5.8 billion; litigation charges of EUR 5.2 billion (2014: EUR 2.0 billion); and restructuring and severance expenses of EUR 1.0 billion (2014: EUR 0.4 billion). These specific items totaled EUR 12.0 billion in 2015. The Adjusted Cost Base of EUR 26.5 billion was up slightly versus 2014, but slightly lower at constant exchange rates, reflecting lower expenses in NCOU due to disposals and other cost savings, counterbalanced by higher regulatory spending.
Release 2 | 7
Net income (2,125) 441 (2,567) (6,772) 1,691 (8,463) RWA (in EUR bn) 397 394 3 397 394 3 Tangible book value per share (in EUR) 37.90 38.53 (0.63) 37.90 38.53 (0.63)
in EUR m. (unless stated otherwise) 4Q2015 3Q2015 2Q2015 1Q2015 4Q2014 3Q2014 2Q2014 1Q2014 FY2015 FY2014Adjusted Cost Base 6,811 6,210 6,516 6,914 6,380 6,248 6,045 6,280 26,451 24,953 Noninterest expenses 8,967 13,224 7,798 8,678 7,211 7,328 6,693 6,466 38,667 27,699 therein:
Impairment of Goodwill & Intangibles 6 5,770 0 0 111 0 0 0 5,776 111 Litigation 1,238 1,209 1,227 1,544 538 932 501 0 5,218 1,971 Policyholder benefits and claims 122 (29) 10 153 80 77 80 52 256 289 Restructuring and Severance 790 63 45 67 103 71 67 134 965 375
Cost/income ratio 135% 180% 85% 84% 92% 93% 85% 77% 115% 87% Compensation ratio 47% 45% 38% 33% 38% 41% 38% 40% 40% 39%
Commentary
The Common Equity Tier 1 (CET 1) capital ratio was 11.1% at the end of 4Q 2015, down from 11.5% at the end of the third quarter. This decline primarily reflected the net loss in the quarter. The sale of the Bank’s 19.99% stake in Hua Xia Bank, on a pro-forma basis, would have improved the CET 1 ratio (CRR/CRD4 fully-loaded) as of December 31, 2015, by approximately 50-60 basis points.
The CRD4 leverage ratio declined from 3.6% to 3.5% during 4Q 2015, reflecting the quarterly loss. The aforementioned sale of the Bank’s stake in Hua Xia Bank, on a pro-forma basis, would have improved the CRD4 leverage ratio as of December 31, 2015, by approximately 10 basis points.
Risk Weighted Assets (RWA) were reduced by EUR 11 billion to EUR 397 billion at the end of 4Q 2015. This was largely driven by reductions in market risk, credit risk and credit valuation adjustments, which more than offset increases in RWAs for operational risk and exchange rate movements during the quarter. Reductions occurred primarily in CB&S and NCOU.
Segment results
Corporate Banking & Securities (CB&S)
Commentary
Revenues were EUR 2.1 billion in 4Q 2015, down 30% year-on-year, reflecting valuation adjustments in Debt Sales & Trading, a challenging trading environment, and lower client activity. Debt Sales & Trading revenues were EUR 947 million in 4Q 2015, down 16%. Excluding the impact of CVA/DVA/FVA adjustments, Debt Sales & Trading revenues were 6% lower. Strong revenues in Rates and Emerging Market Debt trading were offset by lower revenues in Credit Solutions and RMBS, where the Bank is exiting the Agency RMBS business. Equity Sales & Trading revenues were down 28%, driven by lower
Release 3 | 7
CRD4 leverage exposure2 1,395 1,420 1,445 Leverage ratio3 3.5% 3.6% 3.5%
1) based on CRR/CRD4 fully loaded 2) based on CRR/CRD4 rules 3) based on fully loaded CRR/CRD4 T1 capital and leverage ratio exposure according to CRR/CRD4 rules
in EUR m. (unless stated otherwise) 4Q2015 4Q2014 4Q15 vs. 4Q14 FY2015 FY2014 FY15 vs. FY14Net revenues 2,079 2,961 (882) 14,219 13,629 589 Provision for credit losses 115 9 106 265 103 162 Noninterest expenses 3,117 2,627 490 15,963 10,593 5,371 Noncontrolling interest 1 2 (1) 26 25 0
Income (loss) before income taxes (1,153) 323 (1,476) (2,035) 2,909 (4,944)
RWA (in EUR bn) 195 176 20 195 176 20
EUR 335 million, regulatory related expenditure and exchange rate movements.
Private & Business Clients (PBC)
Commentary
Revenues were EUR 2.2 billion in 4Q 2015, down 7% year-on-year, impacted by valuation and transaction-related effects relating to the Bank’s investment in Hua Xia Bank, and lower Deposit revenues in an ongoing low interest rate environment, which were partly counterbalanced by sustained revenue growth in Credit products.
For the full year, revenues were EUR 8.9 billion, down 7% year-on-year; adjusted for valuation and other transaction-related effects on the Bank’s stake in Hua Xia Bank, revenues were broadly stable year-on-year.
Noninterest expenses were EUR 2.8 billion in 4Q 2015, up 26% year-on-year, reflecting restructuring and severance charges of EUR 669 million mainly relating to PBC’s restructuring of its branch network and a partial write-off of software of EUR 131 million.
Release 4 | 7
in EUR m. (unless stated otherwise) 4Q2015 4Q2014 4Q15 vs. 4Q14 FY2015 FY2014 FY15 vs. FY14Net revenues 2,232 2,389 (156) 8,911 9,565 (654) Provision for credit losses 150 187 (37) 501 622 (121) Noninterest expenses 2,757 2,194 564 11,700 7,753 3,948 Noncontrolling interest 0 0 0 1 1 (0)
Income (loss) before income taxes (675) 8 (683) (3,291) 1,189 (4,480)
RWA (in EUR bn) 80 80 0 80 80 0
Commentary
Revenues were EUR 1.2 billion in 4Q 2015, up 13% year-on-year in a challenging market environment. This result reflected solid business volumes in Trade Finance & Cash Management for Corporates and in Institutional Cash & Securities Services, together with a positive exchange rate impact.
For the full year, revenues were EUR 4.6 billion, up 12% year-on-year.
Noninterest expenses were EUR 737 million in 4Q 2015, down 2% year-on-year despite an adverse exchange rate impact, reflecting lower litigation and performance-related expenses during 4Q 2015.
Income before income taxes for the full year was a record EUR 1.4 billion, up 25% year-on-year.
Deutsche Asset & Wealth Management (Deutsche AWM)
Commentary
Net revenues were EUR 1.4 billion in 4Q 2015, up 14% year-on-year, reflecting cumulative net money inflows totalling EUR 70 billion across 2014 and 2015 and increased business activity in Active, Passive and Alternative Products and the positive effect of exchange rate movements.
For the full year, revenues were EUR 5.4 billion, up 15% year-on-year.
Noninterest expenses were EUR 1.1 billion in 4Q 2015, up 30% year-on-year, partly reflecting the non-recurrence of a partial reversal of intangible write-downs related to Scudder which reduced costs by EUR 83 million in 4Q 2014 and the impact of exchange rates.
Invested Assets were EUR 1.1 trillion at the end of 4Q 2015, up 8% versus 4Q 2014. After seven consecutive quarters of net new asset inflows, Deutsche AWM saw a net asset outflow of EUR 4 billion in 4Q 2015, compared with net inflows of EUR 10 billion in 4Q 2014. However, cumulative net money inflows for the year 2015 were EUR 29 billion.
Release 5 | 7
Income (loss) before income taxes 347 247 99 1,439 1,152 287
RWA (in EUR bn) 52 43 9 52 43 9
in EUR m. (unless stated otherwise) 4Q2015 4Q2014 4Q15 vs. 4Q14 FY2015 FY2014 FY15 vs. FY14Net revenues 1,416 1,240 176 5,408 4,704 705 Provision for credit losses 4 (0) 5 9 (7) 16 Noninterest expenses 1,137 878 259 4,149 3,691 459 Noncontrolling interest 0 4 (4) 0 4 (4)
Income (loss) before income taxes 274 358 (84) 1,250 1,016 234
RWA (in EUR bn) 24 17 7 24 17 7
Commentary
Revenues were EUR (304) million in 4Q 2015, down by EUR 457 million year-on-year, primarily reflecting mark-to-market losses which were partly offset by net gains on the sales of assets.
For the full year, net revenues were EUR 401 million.
Noninterest expenses were EUR 840 million in 4Q 2015, up 15% year-on-year, including EUR 544 million of litigation charges. Excluding litigation charges, noninterest expenses were down 53%, reflecting the non-recurrence of a one-time impairment on a specific asset in 4Q 2014, and the impact of asset sales including The Cosmopolitan of Las Vegas.
RWAs were EUR 34 billion at the end of 4Q 2015, down 41% versus EUR 59 billion at the end of 4Q 2014. During 4Q 2015, NCOU reduced RWAs by approximately EUR 7 billion and CRD4 Leverage Exposures by approximately EUR 18 billion.
The figures in this release are preliminary and unaudited. The Annual Report 2015 and Form 20-F are scheduled to be published on 11 March 2016.
For further information please contact:
Deutsche Bank AG Press & Media Relations
Today a press conference will be held at 10:00 CET. This event can be followed by webcast. Further details can be found on the Deutsche Bank website: https://www.db.com/newsroom.
Release 6 | 7
Noncontrolling interest 0 (2) 0 1 (2) 3
Income (loss) before income taxes (1,163) (709) (455) (2,732) (2,899) 167
RWA (in EUR bn) 34 59 (24) 34 59 (24)
Press and Media Relations Investor Relations
Dr. Ronald Weichert +49 69 910 38664 +49 69 910 35395 (Frankfurt)Christian Streckert +49 69 910 38079 +44 20 754 50279 (London)Eduard Stipic +49 69 910 41864 [email protected] [email protected]
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 20 March 2015 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
Release 7 | 7
verance
Litigationim
pairmentofgoodw
illandotherintangiblesand
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ainlyfrom
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ighertaxbenefitdue
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ote:Com
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ote:Figuresmay
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ererecalculatedusing
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ote:Comm
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ote:Figuresmay
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Excludesimpairm
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Noninterestexpenses4Q
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Adjusted
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asthe
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Sep2015
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ec2015
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ChangeTherein
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Total408397
(11)3N
ote:Figuresm
aynotadd
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roundingdifferences(1)CreditV
aluationA
djustments
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Thisrequirem
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notincludethe
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eutscheBank)to
bephased-in
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Jan01
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toa
1225%
minim
umonce
allbuffersarephased-in
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orethan
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ufferof
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ther57
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Total1420
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Leverageratio
fullyloaded
Note:Figures
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strongde-leveraging
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quarterofEU
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bnon
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inderivatives
Fullyear2015de-leveraging
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onan
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First
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49m
CV
Alossfrom
RW
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asedon
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SecondEU
R(146)m
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6m
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R56
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DebtSales
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revenueshighery-o-y
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atessignificantly
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lowerclientactivity
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erivativessignificantlylow
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visory
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revenuesdown
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incertain
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declinedy-o-y
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offsetbyincrease
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revenueslow
ery-o-ydriven
byEurope
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eakerdealvolume
assomedelayed
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arketconditionsEquity
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FY2015
revenuesdow
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revenuessignificantly
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inglobalH
ighY
ieldand
#3in
globalLoansinFY
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finition
3Q2015
includesGoodw
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ankstake
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06
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Includesreversalofimpairm
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ankPrivate
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FY2015
IBITsignificantly
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revenuesbroadly
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pactedby
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Hua
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erDepositrevenues(due
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offsetbysustained
revenuegrow
thin
Creditproducts4Q
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pactedby
Restructuring
andSeverance
expensesaswellas
asoftware
write-offofEU
R131
mLow
erloanloss
provisionsreflectingportfolio
qualityand
thebenign
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ent
ly
impacted
byrestructuring
costsofE
UR
06
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rite-offofEUR
01
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ontinuedgrow
thin
creditproductrevenues4Q
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ITim
pactedby
negativeH
uaX
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valuation/transaction-relatedeffects
InEurope
stablerevenuesand
highercosts(m
ainlyregulatory-driven)4Q
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significantlyim
pactedby
severancecostsofEU
R0
1bn
Creditproducts
with
continuedstrong
growth
Containsthe
majorcore
businessactivitiesofPostbankA
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Wand
norisbankExcludes
EUR
(06)bn
Hua
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Bank
stakeim
pairmentExcludesEU
R(49)m
Hua
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stakevaluation/transaction-relatedeffectsN
etIBITofH
uaX
iaafterEU
R(649)m
stakeim
pairmentN
etIBIT
ofHua
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afterEUR
(49)mstakevaluation/transaction-related
effects
and
SecuritiesServicesThe
Banker
TransactionBanking
Aw
ards2015O
ct2015Eurom
oneyCash
Managem
entSurvey2015
Oct2015
GlobalTransaction
Banking
GlobalTransaction
Banking
FY2015
pre-taxprofitincreased
25%to
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R1
4bn
drivenby
goodbusinessdevelopm
entinstilldifficultenvironm
entFY2015
revenuesincreased12%
supportedby
favourableforeign
exchangem
ovementsSolid
4Q2015
revenuedevelopment;volum
esinT
F/CM
C(3)and
ICSS(4)holdingup
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EMEA
LLP
increasem
ainlydue
tospecificcasesin
TradeFinance
Despite
adverseFX
impact
non-interestexpensesdecreasedm
ainlydue
tolow
erlitigationand
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expenses‘BestTransaction
Bankfrom
Europe’(5)N
o1
BestCash
ManagerforFinancialInstitutions’(6)and
‘No
1Cash
Managem
entProviderforCorporatesin
Western
Europe’(6)
D
eutscheA
sset&W
ealthM
anagementD
eutscheA
sset&W
ealthM
anagement(4)(4)FY
2015IBIT
rose23%
;4Q2015
IBIT
wasbroadly
flaty-o-yexcluding
ScuddereffectofEUR
83m
in4Q
2014FY
2015revenuesup
15%reflecting
assetinflows
increasedbusinessactivity
inA
ctivePassive
Alternativesand
FXeffectsEU
R29
bnnetnew
assetinflowsin
2015;outflowsin
4Qm
ainlyin
Germ
anyand
Am
ericasandpartially
offsetbyEM
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sNoninterestexpenses
were
upy-o-y
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andFY
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fullyeartheincreasew
asdriven
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andcom
pensationcosts
FXand
partiallyoffsetby
costsavingsSaleofU
SPrivate
ClientServicesbusinessannounced
tostream
lineW
Min
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ithD
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in3Q
2016
%
lowercom
paredto
FY2014
mainly
dueto
Cosmo
salein
4Q2014
Litigationrem
ainsam
aterialdriverofNCO
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anceD
e-riskingactivity
wasthe
main
driverofBalance
Sheetreductionsin
4Q2015:R
WA
EUR
~7bn
CRD
4Leverage
ExposureEU
R~16
bnIFR
SassetsEU
R~6
bnN
ote:Figuresm
aynotadd
updueto
roundingdifferencesFully
loadedin
EUR
bnIn
EUR
bn
justm
ent(FVA
)Charges
reflectedin
1Q2015
allocatedto
corporateD
ivisionsoverthe
courseofthe
yearConsolidation&
Adjustm
entsConsolidation&
Adjustm
entsNegative
effectsin
4Q2015
fromV
&T
drivenby
anarrow
ingofD
B’sow
ncreditspreads
narrowing
ofthebasis
spreadbetw
eenEU
R/U
SDand
finalizationofm
ethodologyrefinem
entsRem
ainingincludes
negativeim
pactofEUR
358m
Litigationcostsrelated
toinfrastructure
functionsreallocatedfrom
CB&
Sto
C&A
partiallyoffsetby
positiveFV
Aon
uncollateralizedintercom
panyderivatives
asw
ellasam
ethodologychange
in4Q
20154Q
2015positiveim
pactfromoffsetofdivisionalaccrualsofB
ankLevies(3)
sofEU
R~1
0billion
in2016
Costpressureto
beoffsetbysavings
Adjusted
Costexpected
tobe
flatin2016
2016peak
restructuringyearCET
1ratio
expectedto
declineslightly
in1Q
2016butincreasesteadily
fromthereLLPsto
increasein2016
fromhistoric
lowlevels
DB
exposureto
energysector“underw
eight”versus
industryand
biasedtow
ardsinvestmentgrade
orwellsecured
exposuresRW
Areduction
fromN
COU
likelyoffsetby
OpRisk
RW
Aexpected
tobe
flatin2016
apacity
(TLA
C)3839
Investedassets
40G
roupH
eadcount43
bn
favorableFX
movem
ents
03
265G
TB24
4743
4215
(12)3491
156127
PBC140
145150
187135
100116
150622
501N
ote:Divisionalfiguresdo
notaddup
dueto
omission
ofDeutsche
AW
M;figures
may
notaddup
duetorounding
differences(1)Provisionforcreditlosses
annualizedin
%oftotalloan
book;totalloanbook
seepage
35380
A
Pfinancialm
easuremostdirectly
comparable
tothe
IFRS
financialmeasurenoninterestexpenses
Adjusted
Costiscalculated
byadjusting
noninterestexpensesunderIFRS
fortheexcluded
itemsm
entionedabove
Figuresmay
notaddup
dueto
roundingdifferences
4Q2014
includesrecovery
ofgoodwilland
otherintangiblesofEU
R83
mand
EUR
~200m
Maherim
pairmentin
NC
OU
;3Q2015
includesgoodwilland
otherintangiblesim
pairmentofEU
R5
8bn
inC
B&S
andPB
C2Q
2014–
4Q2014
includecharges
fromloan
processingfees
(EUR
32m
2Q2014
EUR
38m
3Q2014
EUR
330m
in4Q
2014)(inEU
Rm
)
ranceIm
pairmentsPolicyholderbenefitsand
claimsA
llothercostsareincluded
inA
djustedCost
Restructuring
andSeverance
arethem
ostsignificanttoachieve
ourcostsavings(2)(1)(3)~
~(4)Future
bankperim
eter(1)Impairm
entsrefertoIm
pairmentsofgoodw
illandotherintangibles
Theold
definitionalso
includesotherdisclosed
costspecificitems
which
become
partofadjustedcostsunderthe
newdefinition
(2)Includesloanprocessing
feesrecorded
inPB
C(3)C
tAincludesotherseverance
(4)Executedand
planneddisposals
eg
relatedto
Postbankand
NC
OU
operatingassets2015
newdefinition
effects
23
(25)(50)(42)0PBC
80
(86)(330)0G
TB247
0(13)(18)0
AW
M358
017
(13)83C&
A25
1831
(30)0C
oreBank
961(7)(101)(433)83
NC
OU
(709)(8)(1)(104)(194)Group
253(15)(103)(538)(111)4Q
2014
giblesofEU
R(2
2)bnin
CB&
Sand
EUR
(36)bn
inPBC
aswellasEU
R(649)m
Hua
Xia
Bankstake
impairm
entinPB
C;includesEUR
(49)mH
uaXia
Bankreversalofstake
impairm
entandothertransaction
relatedvaluation
effects
rs’equity
Netincom
e(loss)attributable
toD
eutscheBank
shareholdersisdefinedasnetincom
e(loss)excluding
post-taxincom
e(loss)attributableto
noncontrollinginterests
Atthe
Group
levelthe
post-taxreturn
reflectsthereportedeffectivetax
rateforthe
Group
which
was21
%forthe
threemonthsended
Decem
ber2015
and(75)%
fortheprioryear’squarterThe
taxrate
was
11%
forthefullyear2015
and46
%forthe
prioryear’scom
parativeperiod
Tocalculate
post-taxreturn
forthesegm
entstheapplied
taxrate
was35
%fortherespective
periodsA
ttheG
rouplevel
tangibleshareholders’equityisthe
shareholders’equityperbalancesheetexcluding
goodwilland
otherintangibleassets
Average
tangibleshareholders‘equity
forthesegm
entsiscalculated
bydeducting
averagegoodw
illandotherintangible
assetsfrom
averageactive
equityas
allocatedto
thesegm
entsC&
Acontains
thedividend
accrualIn
EUR
munless
otherwise
statedPost-tax
RoTE4Q
154Q
144Q
154Q
144Q
154Q
144Q
154Q
144Q
154Q
144Q
154Q
144Q
154Q
14IB
IT(1
153)323(675)8
347247
274358
(1163)(709)(333)25
(2704)253
Taxes(408)113(239)3
12387
97125
(412)(248)260(268)(579)(189)N
etIncome
(745)210(436)5
224161
177233
(751)(461)(594)293(2
125)441N
oncontrollingInterest0
00
00
00
00
05
(4)5(4)N
etIncome
DB
shareholders(745)210
(436)5224
161177
233(751)(461)(589)290
(2120)438
Average
Active
Equity29
52028
97912
88215
5147
7526
7258
2566
9515
6938
1550
064
10466
324A
verageG
oodwilland
otherintangibles2799
3977
1736
4096
1078
9225
4384
837451
827(1
370)14710
13214
808D
ividendA
ccrual00
00
00
00
00
(194)(3276)(194)(3
276)Average
TangibleShareholders'Equity
26721
25002
11147
11417
6673
5803
2818
2114
5242
7328
1564
3129
54166
54793
Post-taxRoTE
(in%
)(112)3
4(15
6)02
134
111
252
441
N/M
N/M
N/M
N/M
(1326)(526)(6
794)1663
Average
Active
Equity30
94825
44515
09914
8537
6076
0338
0236
5326
6747
7627
068
35960
624A
verageG
oodwilland
otherintangibles3897
3759
3407
4107
1053
8835
3624
678573
809(383)63
13909
14299
Dividend
Accrual0
00
00
00
00
0(696)(785)(696)(785)A
verageTangible
Shareholders'Equity27
05121
68611
69310
7466
5545
1512
6621
8546
1006
9531
087722
55146
47111
Post-taxRoTE
(in%
)(49)8
7(18
2)72
142
145
303
356
N/M
N/M
N/M
N/M
(123)3
5G
roupC
B&S
PBC
GTB
AW
MN
CO
UC&
A
n
excludesPostbankrelated
mattersN
CO
U(2
899)(2732)A
ssetDriven
PortfolioR
evenuesD
e-riskingIB
IT(1)MtM
/OtherLLPsCostsTotalTim
ingand
sizeofpotentialim
pactdifficulttoassessIm
pactexpectedto
decreasealbeitnotlinkedto
assetprofile(1
163)11343
(220)(13)(161)(238)(531)(115)(5)(120)Allocations
&O
therItems
994179
(885)(301)(1135)(1
148)509412
(77)(102)(643)99A
llocatedCostsO
therTotalLitigation(2)(531)(30)(561)(712)(478)(37)(514)(1849)Reported
IBIT
NetIBIT
expectedto
beimpacted
byaccelerated
wind
down
strategyQ
uarterlyperform
anceim
pactedby
MtM
volatilityTo
bereportedin
aseparate
Postbankdivision
in2016
(274)(88)PostbankIBIT
ofwhich:PB
Liabilities(477)(413)(467)(330)FY2014
FY2015
Com
ments/O
utlook4Q
2015Com
ponent
nding
differences;Dec
2014:ND
TAL
oansC
ashand
depositsfortheleverage
exposureare
basedon
theIFR
Sconsolidation
circleR
WA
excludesO
perationalRisk
RW
AofEU
R89
9bn
Excludesanyrelated
MarketR
iskRW
Aw
hichhas
beenfully
allocatedto
non-derivativestradingassetsLending
comm
itmentsand
contingentliabilities
185
185188
184184
186184
loan
lossallowance
hasbeenestablished
aswellas
loanscollectivelyassessed
forimpairm
entwhich
havebeen
putonnonaccrualstatus(2)Totalon-balance
sheetallowances
dividedby
IFRSim
pairedloans(excluding
collateral);totalon-balancesheetallow
ancesincludeallow
ancesforallloansindividually
impaired
orcollectivelyassessed
(3)Impaired
loansin%
oftotalloanbook
(3)(3)
at-Risk
iscalculated
onthe
sameportfolio
asV
aRbutusesa
historicalmarketdata
froma
periodofsignificantfinancialstress(ie
characterizedby
highvolatilitiesand
extreme
pricem
ovements)
nside
interpolatedCD
Sand
averagetenorof6
3years
EUR
11bn
bypublic
benchmark
issuances/EU
R28
bnraised
viaissuancein
retailnetworksand
otherprivateplacem
ents2016:Fundingplan
ofupto
EUR
35bn
DB
issuancespread
4w
eekm
ovingaverage
inbps(1)Issuance
inEU
Rbn
Asof31
Decem
ber201574%
fromm
oststablefunding
sourcesTotal:EU
R976
bnTotalexternalfunding
increasedby
EUR
57bn
toEU
R976
bn(vs
EUR
919bn
asofDec
2014)74%oftotalfunding
fromm
oststablesources(vs
76%asofD
ec2014)LiquidityR
eservesEUR
215bn
Note:Figures
may
notaddup
duetorounding
differences(1)Overrelevantfloating
index;AT
1instrum
entsexcluded
fromspread
calculation
erof16%
RW
As(plus
buffers)and6%
leverageexposure
from2019;higherof18%
RWA
s(plusbuffers)and6
75%leverage
exposurefrom
2022N
ewG
erman
legislationranksplain-vanillaseniordebtbelow
otherseniorliabilitiesincaseofinsolvency
from2017
onwards
with
retroactiveeffectforalloutstanding
bondsCET1
andcapitalinstrum
ents(A
T1/T2)ofEUR
59bn
availableto
protectseniordebtholdersPlain-vanillaseniordebt(1)8%
15%
45%
20%
Tier2A
T1CET1
AdditionalTLA
Crequirem
ent20%
25%
G-SIB
bufferCapitalConservation
buffer205%
~EU
R110
bnEstim
atedavailable
TLAC
forDB
EUR
81bn
Surplusof~EU
R26
-28bn
AT1/legacy
Tier1(2)Tier2(2)16%TLA
Crequirem
ent31D
ec2015
RWA
-basedLeverage-based
6%EU
R84
bnBased
onthe
newG
erman
legislationincludesallnon-callable
plain-vanillaseniordebt(including
Schuldscheineand
otherdomestic
registeredissuance)>
1year
irrespectiveofissuerjurisdictionand
governinglaw
;assumesEU
R11
5bn
oflegacybonds
undernon-EUlaw
withoutbail-in
clausew
illbereplaced
overtime
(caEU
R1
6bn
outstandingin
2019w
henTLA
Centersinto
force)Instrumentsissued
byD
BA
GorD
B-related
trustsw
ithtim
eto
maturity
ortime
tocall>
1year;nom
inalvalues
ing
differences2Q
20143Q
20144Q
20141Q
20152Q
20153Q
20154Q
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2015Retail4
72
89
1(2)15
Institutional25
67
2(5)(0)4
PrivateClient5
51
25
5(1)10
AW
M11
1710
1715
1(4)29
30Jun
201430
Sep2014
31D
ec2014
31M
ar201530
Jun2015
30Sep
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Dec2015
31D
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vs30
Sep2015
Retail255
267272
310338
308327
19Institutional406
432449
495445
440441
1PrivateC
lient294307
317354
351340
3509
AW
M955
1006
1039
1159
1135
1089
1118
29
underlying
themThese
statements
arebased
onplans
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tothem
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Forward-looking
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datethey
aremade
andw
eundertakenoobligation
toupdate
publiclyany
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ationorfuture
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ytheirvery
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ard-lookingstatem
entsinvolverisksand
uncertaintiesA
numberofim
portantfactorscould
thereforecause
actualresultsto
differmaterially
fromthose
containedin
anyforw
ard-lookingstatem
entSuch
factorsincludetheconditionsin
thefinancialm
arketsin
Germ
anyin
Europein
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nitedStates
andelsew
herefrom
which
wederivea
substantialportionofourrevenuesand
inw
hichw
ehold
asubstantialportion
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entofassetpricesand
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potentialdefaultsofborrow
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counterpartiesthe
implem
entationofourstrategic
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andotherrisksreferenced
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6161
6065
247(38)%
9%
(41)%O
therRevenues371
14688
109120
463144
105(396)57
(91)(53)%N
/MN
/MTotalPrivate
&B
usinessClients9
3952
4492
3532
3752
3899
5652
4702
3581
8512
2328
911(7)%
21%
(7)%G
lobalTransactionB
anking:TradeFinance&
Cash
Managem
entCorporates2547
630630
639638
2537
689663
693705
2750
11%
2%
8%
InstitutionalCash
&SecuritiesServices
1481
Netinterestrevenues560
148151
144164
607192
191178
184745
12%
3%
23%
Mark-to-m
arketmovem
entson
policyholderpositionsin
Abbey
Life49449
8080
82291
1761
(47)127258
56%
N/M
(12)%O
therproductrevenues36084
115145
87429
49213
146138
54659
%(5)%
27%
TotalDeutsche
Asset&
Wealth
Managem
ent4718
1065
1133
1266
1240
4704
1379
1415
1198
1416
5408
14%
18%
15%
Non-C
oreO
perationsUnit896
62(53)11
152172
336201
169(304)401
N/M
N/M
133%
Consolidation&
Adjustm
ents(519)(242)(111)6152
(240)404(254)(224)44
(30)(15)%N
/M(87)%
Netrevenues
31915
8392
7860
7864
7832
31949
10376
9177
7330
6642
33525
(15)%(9)%
5%
015
4Q2015
vs4Q
20144Q
2015vs
3Q2015
FY2015
vsFY
2014O
rigination(equity)732
160265
175161
761206
25377
122658
(25)%57
%(14)%
Origination
(debt)1557
357415
360390
1522
431456
378184
1449
(53)%(51)%
(5)%O
rigination2
290517
680535
5512
283637
709455
3062
107(45)%
(33)%(8)%
Sales&
Trading(equity)2
719767
698726
7252
9171
009975
587520
3091
(28)%(11)%
6%
Sales&
Trading(debtand
otherproducts)6709
2406
1804
1411
1125
6747
2617
2113
1714
9477
391(16)%
(45)%10
%Sales&
Trading9
4293
1732
5022
1381
8519
6643
6263
0882
3011
46710
482(21)%
(36)%8
%A
dvisory478
106130
155187
578145
145181
116586
(38)%(36)%
1%
Loanproducts1
222252
253338
3451
189274
283253
2841
094(18)%
12%
(8)%O
therproducts(18)(7)(57)(47)26
(84)(28)89(17)(93)(50)N
/MN
/M(41)%
Totalnetrevenues13
4004
0413
5093
1192
96113
6294
6544
3133
1722
07914
219(30)%
(34)%4
%Provision
forcreditlosses189
1644
339
10337
5756
115265
N/M
105%
158%
Compensation
andbenefits
3591
1089
893909
8203
7121
0401
023919
7583
739(8)%
(18)%1
%G
eneralandadm
inistrativeexpenses6
5831
4321
7061
8501
7816
7692
8962
0042
7662
2669
93227
%(18)%
47%
Policyholderbenefitsand
claims0
00
00
00
00
00
N/M
N/M
N/M
Impairm
entofgoodwilland
otherintangibleassets0
00
00
00
02
1680
2168
N/M
N/M
N/M
Restructuringactivities130
4437
626
11222
71
93124
N/M
N/M
11%
Totalnoninterestexpenses10303
2565
2635
2765
2627
10593
3958
3034
5854
3117
15963
19%
(47)%51
%N
oncontrollinginterests16
211
22
2516
22(13)1
26(68)%
N/M
1%
Income
(loss)beforeincom
etaxes2
8911
439829
319323
2909
6441
200(2
726)(1153)(2
035)N/M
(58)%N
/MR
esourcesEmployees(frontoffice
full-time
equivalentatperiod
end)8354
8211
8113
838
831831
919843
802807
807(3)%
1%
(3)%A
verageactive
equity20
16120
93723
73328
58828
97925
44530
59532
51131
05429
52030
9482
%(5)%
22%
EfficiencyRatios2
Cost/incom
eratio76
9%
635
%75
1%
886
%88
7%
777
%85
0%
703
%184
6%
1499
%112
3%
612
ppt(346)ppt34
6pptPre-tax
returnon
averageactive
equity14
3%
275
%14
0%
45
%4
5%
114
%8
4%
148
%(35
1)%(15
6)%(6
6)%(20
1)ppt195
ppt(180)pptPost-tax
returnon
averageactiveequity9
8%
179
%9
1%
29
%2
9%
74
%5
4%
95
%(22
7)%(10
1)%(4
2)%(13
0)ppt126
ppt(117)pptPost-tax
returnon
averagetangibleshareholders'equity12
5%
216
%10
7%
33
%3
4%
87
%6
3%
111
%(26
6)%(11
2)%(4
9)%(14
5)ppt154
ppt(136)ppt
2015
vs4Q
20144Q
2015vs
3Q2015
FY2015
vsFY
2014Creditproducts3
345845
858866
8533
423930
914946
9263
7158
%(2)%
9%
Depositproducts3
009757
749742
7282
975694
685665
6522
696(10)%
(2)%(9)%
Payments
cards&accountproducts1
017247
246249
240982
235239
244234
952(2)%
(4)%(3)%
Investment&
insuranceproducts1
220348
308306
3431
305406
355332
2991
392(13)%
(10)%7
%Postaland
supplementary
PostbankServices433
104103
103105
41661
6160
65247
(38)%9
%(41)%
Otherproducts371
14688
109120
463144
105(396)57
(91)(53)%N
/MN
/MTotalnetrevenues
9395
2449
2353
2375
2389
9565
2470
2358
1851
2232
8911
(7)%21
%(7)%
Provisionforcreditlosses719
140145
150187
622135
100116
150501
(20)%29
%(20)%
Mem
o:Impactofreleases
ofcertainPostbank
allowances13
860
00
00
00
00
0N
/MN
/MN
/MCom
pensationand
benefits2
955738
673716
7352
863702
695699
7512
8472
%7
%(1)%
Generaland
administrative
expenses4
3291
0931
1521
1801
4564
8801
0961
0821
0681
4174
664(3)%
33%
(4)%Policyholderbenefitsand
claims0
00
00
00
00
00
N/M
N/M
N/M
Impairm
entofgoodwilland
otherintangibleassets7
00
00
00
03
6030
3603
N/M
(100)%N
/MRestructuring
activities223
31
29
1(2)(1)589
587N
/MN
/MN
/MTotalnoninterestexpenses
7312
1834
1828
1897
2194
7753
1799
1775
5369
2757
11700
26%
(49)%51
%N
oncontrollinginterests0
00
00
10
00
01
48%
N/M
(17)%Incom
e(loss)before
income
taxes1
363474
379328
81
189536
483(3
634)(675)(3291)N
/M(81)%
N/M
Resources
Employees
(frontofficefull-tim
eequivalent
atperiodend)37
88538
22338
21738
40138
06438
06438
35138
27938
09637
79937
799(1)%
(1)%(1)%
Totalemployees
(full-timeequivalent
atperiodend)11
46781
47104
47165
47891
47613
47613
48911
48782
49231
4919
303295
283288
288(1)%
2%
(1)%N
etnewm
oney(in
EU
Rbn
)(15)20
31
60
(2)(2)(1)(4)N/M
(45)%N
/MEfficiency
Ratios2C
ost/income
ratio77
8%
749
%77
7%
799
%91
8%
811
%72
8%
753
%N
/M123
5%
1313
%31
7pptN
/M50
2pptPre-tax
returnon
averageactive
equity9
8%
132
%10
5%
86
%0
2%
80
%13
2%
121
%(92
0)%(21
0)%(21
8)%(21
2)ppt711
ppt(298)pptPost-tax
returnon
averageactive
equity6
7%
86
%6
9%
56
%0
1%
52
%8
5%
78
%(59
5)%(13
5)%(14
1)%(13
7)ppt459
ppt(193)pptPost-tax
returnon
averagetangible
shareholders'equity9
1%
122
%9
6%
76
%0
2%
72
%11
4%
106
%(80
9)%(15
6)%(18
2)%(15
8)ppt653
ppt(254)pptB
reakdown
ofPBCby
businessunit14Private
&C
omm
ercialBanking
15Totalnetrevenues
3685
1026
923932
9633
845954
9191
027894
3794
(7)%(13)%
(1)%Provision
forcreditlosses128
2019
2020
7914
158
1653
(19)%109
%(33)%
Totalnoninterestexpenses3234
804809
8711
0363
520816
7681
3951
5364
51448
%10
%28
%Incom
e(loss)before
income
taxes323201
9641
(93)245124
137(376)(659)(774)N
/M75
%N
/MA
dvisoryBanking
InternationalTotalnetrevenues1966
520531
530520
2100
583601
(94)4651
556(10)%
N/M
(26)%Provision
forcreditlosses24866
6357
85272
6057
4469
229(19)%
56%
(16)%T
otalnoninterestexpenses1181
349322
313266
1250
317320
493375
1505
41%
(24)%20
%Incom
e(loss)before
income
taxes538105
146160
168579
206224
(630)22(179)(87)%
N/M
N/M
Postbank16
Totalnetrevenues3744
903898
913906
3620
933838
918874
3562
(4)%(5)%
(2)%Provision
forcreditlosses343
5464
7381
27160
2964
65218
(20)%1
%(20)%
Totalnoninterestexpenses2898
681697
713891
2982
666687
3481
8475
682(5)%
(76)%90
%N
oncontrollinginterests0
00
00
10
00
01
79%
123%
(13)%Incom
e(loss)before
inc
Q
2015vs
4Q2014
4Q2015
vs3Q
2015FY
2015vs
FY2014
TradeFinance
&C
ashM
anagementC
orporates2547
630630
639638
2537
689663
693705
2750
11%
2%
8%
InstitutionalCash&
SecuritiesServices1481
388398
395405
1587
435468
478490
1870
21%
3%
18%
Otherproducts(2)1
1(2)(4)(5)9
14(6)(20)(4)N
/MN
/M(20)%
Totalnetrevenues4025
1019
1029
1032
1039
4119
1133
1144
1164
1175
4616
13%
1%
12%
Provisionforcreditlosses
31524
4743
42156
15(12)34
91127
118%
169%
(18)%Com
pensationand
benefits614160
155159
160634
175177
169159
679(1)%
(6)%7
%G
eneralandadm
inistrativeexpenses1
932477
601502
5872
166535
700558
5742
368(2)%
3%
9%
Policyholderbenefitsandclaim
s00
00
00
00
00
0N
/MN
/MN
/MIm
pairmentofgoodw
illandotherintangible
assets570
00
00
00
00
0N
/MN
/MN
/MR
estructuringactivities54
26
(1)310
0(2)2
43
44%
146%
(68)%Totalnoninterestexpenses2
657639
762660
7502
811710
875728
7373
050(2)%
1%
9%
Noncontrolling
interests00
00
00
00
00
0N
/MN
/MN
/MIncom
e(loss)before
income
taxes1
053356
220329
2471
152408
282402
3471
43940
%(14)%
25%
ResourcesE
mployees(frontoffice
full-time
equivalentatperiod
end)4095
4083
4035
4131
4146
4146
4123
4109
4187
4290
4290
3%
2%
3%
Totalemployees(full-tim
eequivalent
atperiodend)11
11501
11468
11190
11064
11283
11283
10490
10537
10585
10791
10791
(4)%2
%(4)%
Assets
(atperiodend
inEU
Rbn
)1297
108111
110106
106117
114110
100100
(6)%(9)%
(6)%Risk-w
eightedassets(atperiod
endin
EUR
bn)4
3742
4243
4343
5252
5452
5220
%(4)%
20%
CRR/CR
D4
leverageexposure(atperiod
endin
EUR
bn)1
173185
200209
172172
192188
214197
19715
%(8)%
15%
Average
activeequity
5136
5327
5597
6525
6725
6033
7159
7673
7633
7752
7607
15%
2%
151
%11
1%
145
%17
1%
110
%15
9%
134
%14
2%
23
ppt(25)ppt(0
4)ppt
015
4Q2015
vs4Q
20144Q
2015vs
3Q2015
FY2015
vsFY
2014M
anagementfeesand
otherrecurringrevenues2
380601
629648
6742
551777
785761
7603
08313
%0
%21
%Perform
anceand
transfeesand
othernonrecurring
revenues924183
159250
235826
185225
160207
777(12)%
29%
(6)%N
etinterestrevenues560
148151
144164
607192
191178
184745
12%
3%
23%
Mark-to-m
arketmovem
entsonpolicyholderpositions
inA
bbeyLife
49449
8080
82291
1761
(47)127258
56%
N/M
(12)%O
therproductrevenues36084
115145
87429
49213
146138
54659
%(5)%
27%
Totalnetrevenues4
7181
0651
1331
2661
2404
7041
3791
4151
1981
4165
40814
%18
%15
%Provision
forcreditlosses23(1)(6)1
0(7)4
10
49
N/M
N/M
N/M
Compensation
andbenefits1
291343
335375
3461
398411
406426
3621
6054
%(15)%
15%
Generaland
administrativeexpenses
1997
501511
519558
2090
520577
538651
2286
17%
21%
9%
Policyholderbenefitsandclaim
s46052
8077
80289
15310
(29)122256
53%
N/M
(11)%Im
pairmentofgoodw
illandotherintangible
assets140
00
(83)(83)00
06
6N
/MN
/MN
/MR
estructuringactivities
1704
106
(23)(3)00
0(4)(4)(84)%
N/M
13%
Totalnoninterestexpenses3
932899
936977
8783
6911
084993
9351
1374
14930
%22
%12
%N
oncontrollinginterests1
00
04
40
00
00
N/M
N/M
N/M
Income
(loss)beforeincom
etaxes762
167204
287358
1016
291422
263274
1250
(23)%4
%23
%ResourcesEm
ployees(frontofficefull-timeequivalent
atperiodend)6
1366
0095
9345
9455
9975
9975
9235
8936
0886
1546
1543
%1
%3
%Totalem
ployees(full-timeequivalent
atperiodend)11
11464
11513
11334
11434
11635
11635
10793
10730
11141
11299
11299
(3)%1
%(3)%
Assets(atperiod
endin
EUR
bn)12
7373
7578
8181
9091
9189
8910
%(2)%
10%
Risk-w
eightedassets(atperiod
endin
EUR
bn)4
131
391
0391
1591
1351
0891
1181
1188
%3
%8
%N
etnewm
oney(in
EUR
bn)(13)3
1117
1040
1715
1(4)29
N/M
N/M
(28)%Efficiency
Ratios
2C
ost/income
ratio83
3%
845
%82
6%
772
%70
8%
785
%78
6%
701
%78
1%
803
%76
7%
95
ppt22
ppt(17)pptPre-tax
returnon
averageactive
equity13
0%
108
%13
0%
171
%20
6%
156
%15
5%
207
%13
0%
133
%15
6%
(73)ppt0
3ppt0
0pptPost-tax
returnon
averageactive
equity8
9%
70
%8
5%
111
%13
4%
101
%10
0%
134
%8
4%
86
%10
1%
(48)ppt0
2ppt0
0pptPost-tax
returnon
averagetangible
shareholders'equity43
1%
273
%31
6%
364
%44
1%
356
%32
0%
402
%25
6%
252
%30
3%
(189)ppt(0
4)ppt(53)ppt
4Q
2015vs
4Q2014
4Q2015
vs3Q
2015FY
2015vs
FY2014
Totalnetrevenues896
62(53)11
152172
336201
169(304)401
N/M
N/M
133%
Provisionforcreditlosses818
6719
42131
25928
52
1954
(86)%N
/M(79)%
Compensation
andbenefits234
4620
2219
10732
2118
2294
14%
19%
(12)%G
eneralandadm
inistrativeexpenses3
299490
4971
003518
2508
6581
081426
8222
98659
%93
%19
%Policyholderbenefitsand
claims0
00
00
00
00
00
N/M
N/M
N/M
Impairm
entofgoodwilland
otherintangibleassets0
00
0194
1940
00
00
N/M
N/M
N/M
Restructuringactivities25
21
10
40
30
(4)(1)N/M
N/M
N/M
Totalnoninterestexpenses3
558538
5181
026731
2813
6901
104444
8403
07915
%89
%9
%N
oncontrollinginterests(3)(1)0
0(2)(2)0
01
01
(81)%N
/MN
/MIncom
e(loss)beforeincom
etaxes(3
478)(543)(590)(1058)(709)(2
899)(381)(909)(278)(1163)(2
732)64%
N/M
(6)%R
esourcesEm
ployees(frontoffice
full-time
equivalentatperiod
end)1544
318288
269254
254250
220210
196196
(23)%(7)%
(23)%Totalem
ployees(full-time
equivalentatperiod
end)113
3961
7321
6901
6791
7631
7631
5421
5181
5481
5381
538(13)%
(1)%(13)%
Assets(atperiod
endin
EUR
bn)12
6451
4845
3939
3935
3427
27(30)%
(19)%(30)%
Risk-w
eightedassets(atperiod
endin
EUR
bn)4
5258
5760
5959
4644
4134
34(41)%
(17)%(41)%
CRR
/CRD
4leverage
exposure(atperiod
endin
EUR
bn)1
8973
6661
9191
8068
5941
41(55)%
(31)%(55)%
Average
activeequity
10296
7684
7446
7763
8155
7762
8410
6673
5837
5693
6674
(30)%(2)%
(14)%
4Q
2015vs
4Q2014
4Q2015
vs3Q
2015FY
2015vs
FY2014
Totalnetrevenues(519)(242)(111)61
52(240)404
(254)(224)44(30)(15)%
N/M
(87)%Provision
forcreditlosses01
00
01
10
(1)11
N/M
N/M
18%
Compensation
andbenefits3
644973
9151
010900
3798
1072
1126
1079
1052
4329
17%
(2)%14
%G
eneralandadm
inistrativeexpenses(3
013)(982)(901)(1006)(869)(3
759)(634)(1109)(1
186)(675)(3604)(22)%
(43)%(4)%
Policyholderbenefitsandclaim
s00
00
00
00
00
0N
/MN
/MN
/MIm
pairmentofgoodw
illandotherintangibleassets0
00
00
00
00
00
N/M
N/M
N/M
Restructuring
activities0
00
00
00
00
00
(100)%(92)%
N/M
Totalnoninterestexpenses631
(9)143
3139
43717
(107)377724
N/M
N/M
N/M
Noncontrolling
interests(15)(20)(1)(3)(4)(28)(16)(22)12(1)(27)(85)%
N/M
(4)%Incom
e(loss)beforeincom
etaxes(1
136)(213)(124)6125
(251)(18)(250)(127)(333)(729)N/M
161%
190%
ResourcesEmployees(full-tim
eequivalent
atperiodend)40
24140
34040
14640
63241
47341
47341
94142
25143
75344
70644
7068
%2
%8
%A
ssets(atperiodend
inEU
Rbn
)1210
109
1010
1010
910
1111
4%
14%
4%
Risk-w
eightedassets(atperiod
endin
EUR
bn)4
1115
1919
2020
2119
1211
11(45)%
(4)%(45)%
CRR
/CRD
4leverageexposure
(atperiodend
inEU
Rbn
)119
2023
2526
2625
245
77
(75)%21
%(75)%
Average
activeequity
00
00
00
240
00
7N
/M56
%N
/M
FRS
andthe
Group’sratios
basedon
averageactive
equityshould
notbecom
paredto
othercompanies’ratios
withoutconsidering
differencesinthe
calculationsThe
Group
adjuststhe
averageshareholders’equity
foraveragedividendsforw
hicha
proposalisaccruedon
aquarterly
basisand
which
arepaidaftertheapprovalatthe
AnnualG
eneralMeeting
eachyear
Thetotalam
ountofaverageactive
equityallocated
isdeterm
inedbased
onthe
higheroftheGroup’s
overalleconomicrisk
exposureorregulatory
capitaldemand
Starting2015
theG
rouprefined
itsallocationofaverage
activeequity
tothe
businesssegments
toreflectthe
comm
unicatedcapitaland
leveragetargets
Underthe
newm
ethodologytheinternaldem
andforregulatory
capitalisbasedon
aCom
mon
EquityTier1
targetratioof10
%(11
%from
June2015)and
ona
CRD
4leveragetargetratio
of35
%(5
%from
June2015)both
ataG
roupleveland
assuming
fullimplem
entationofC
RR/C
RD4
rulesIfthe
Group
exceedsthe
Comm
onEquity
Tier1targetratio
andthe
CRD
4leverage
targetratioexcessaverage
equityis
assignedto
C&A
AverageA
ctiveEquity
isablend
oftheaforementioned
differenttargetsProfitability
ratiosThepost-tax
returnon
averageshareholders’equity
averageactive
equityand
averagetangible
shareholders’equityatthe
Group
levelreflectsthereported
effectivetax
ratefortheG
roupw
hichw
as21%
forthethree
monthsended
Decem
ber312015
and(75)%
fortheprioryear’s
quarterThe
taxratew
as(11)%forthe
yearendedD
ecember31
2015and
46%
fortheprioryear’scom
parativeperiod
Forthepost-tax
returnon
averageactive
equityofthe
segments
theappliedtax
ratew
as35%
forthecurrentquarterand35
%fortheprioryear’squarter
Thetax
ratew
as35
%forthe
yearendedD
ecember31
2015and
35%
fortheprioryear'scom
parativeperiod
Post-taxreturn
onaverage
shareholders'equity:Netincom
e(loss)attributableto
Deu
onaveragetangible
shareholders'equityiscalculated
asnetincome
(loss)attributableto
DeutscheB
ankshareholdersasa
percentageofaverage
tangibleshareholders'equity
Netincom
e(loss)attributableto
Deutsche
Bankshareholders
isdefinedasnetincom
e(loss)excluding
post-taxincom
e(loss)attributable
tononcontrolling
interestsA
ttheG
rouplevel
tangibleshareholders’equity
istheshareholders’equityperbalance
sheetexcludinggoodw
illandotherintangible
assetsTangible
shareholders’equityforthesegm
entsiscalculatedby
deductingaveragegoodw
illandotherintangible
assetsfromaverageactiveequity
asallocatedto
thesegments
Pre-taxreturn
onaverage
shareholders'equity:Income
(loss)beforeincom
etaxesattributableto
Deutsche
Bank
shareholders(annualized)w
hichisdefined
asIBITexcluding
pre-taxnoncontrolling
interestsasa
percentageofaverage
shareholders'equityPre-tax
returnon
averageactive
equity:Income(loss)beforeincom
etaxesattributable
toD
eutscheBank
shareholders(annualized)
which
isdefinedas
IBIT
excludingpre-tax
noncontrollinginterests
asapercentage
ofaverageactive
equityD
efinitionofcertain
financialmeasures
eragenum
berofdilutedsharesoutstanding
Diluted
earningspershareassum
ethe
conversioninto
comm
onsharesofoutstanding
securitiesorothercontractsto
issuecomm
onstock
suchas
shareoptions
convertibledebt
unvesteddeferred
shareaw
ardsandforw
ardcontracts
Bookvalue
perbasicshare
outstanding:Bookvalue
perbasicshare
outstandingisdefined
asshareholders’equitydivided
bythe
numberofbasic
sharesoutstanding
(bothatperiod
end)Tangiblebook
valueperbasicshareoutstanding:Tangible
bookvalue
perbasicshare
outstandingisdefined
asshareholders’equityless
goodwilland
otherintangibleassets
dividedby
thenumberofbasic
sharesoutstanding(both
atperiod-end)Tier1
capitalratio:Tier1capital
asapercentage
oftherisk-w
eightedassetsforcredit
marketand
operationalriskCom
mon
EquityTier1
capitalratio:Com
mon
EquityTier1
capitalasa
percentageofthe
risk-weighted
assetsforcreditm
arketandoperationalrisk
Fullyloaded
CRR/CR
D4
LeverageR
atio:Tier1capital(CR
R/CRD
4fully
loaded)asa
percentageofthe
CRR
/CRD
4leverage
ratioexposurem
easureD
efinitionofcertain
financialmeasures(cont)CostratiosC
ost/incomeratio:N
oninterestexpensesasapercentage
oftotalnetrevenuesw
hichare
definedasnetinterestincom
ebefore
provisionforcreditlossesplusnoninterestincom
eCom
pensationratio:C
ompensation
andbenefitsasa
percentageoftotalnetrevenues
which
aredefined
asnetinterestincom
ebeforeprovision
forcreditlossesplus
noninterestincome
Noncom
pensationratio:N
oncompensation
noninterestexpensesw
hicharedefined
astotalnoninterestexpenseslesscom
pensationand
benefitsasa
percentageoftotalnetrevenues
which
aredefined
asnetinterestincom
ebeforeprovision
forcreditlossesplus
noninterestincome
on
onJanuary
172015)
1Q14-3Q
14isbased
onCR
R/CRD
4(notconsidering
amendm
entsintroducedby
Comm
issionD
elegatedR
egulation(EU
)2015/62)FY
2013isbased
onCR
R/CRD
4pro-form
afigures
Additionally
Group
neutralreallocationofC
entralLiquidityReservesto
businessdivisionsim
plemented
in3Q
15m
ajorityre-allocation
fromC
B&S
toG
TBand
AW
MD
efinitionsofratiosare
providedon
pages15
and16
ofthisdocument
Atperiod
endRegulatory
capitalamounts
riskw
eightedassetsand
capitalratiosarebasedupon
Basel2
5rules
forDec
312013
andupon
CRR
/CRD
4fully-loaded
fromM
ar312014
onwards
Thereconciliation
ofaverageactive
equityand
averagetangible
shareholders‘equityare
providedon
page14
ofthisdocum
entIncluding
numeratoreffectofassum
edconversions
Sourceforshare
priceinform
ation:Bloom
bergbased
onX
ETRA
;highand
lowbased
onintraday
pricesTo
reflectthecapitalincrease
2014the
historicalsharepricesuntiland
inclJune
52014
[lasttradingday
cumrights]have
beenadjusted
with
retroactiveeffect(m
ultipliedby
thecorrecting
factorof09538)
DB
RSinitiated
ratingcoverage
forDeutsche
Bank
onFebruary
272015
Am
ounthasbeenrestated
€349
million
werereclassified
fromnetgains(losses)on
financialassets/liabilitiesatfairvaluethrough
profitorlossto
comm
issionsand
feeincom
eIncludes
netinterestincome
andnetgains(losses)on
financialassets/liabilitiesatfairvaluethrough
profitorlossnetfee
andcom
mission
income
andrem
ainingrevenues
Reflectsfrontofficeemployeesand
relatedInfrastructureem
ployees(allocatedon
apro
forma
basis)Segm
entassetsrepresentconsolidatedview
iethe
amountsdo
notincludeintersegm
entbalances(exceptforCentralLiquidity
Reserveim
plemented
3Q15
ShortsCoverage
Liquidity
Portfolioand
Repack
reallocationsfromC
B&S
toG
TBA
WM
andN
CO
Uregarding
assetsconsumed
byothersegm
entsbocation
among
theB
usinessUnitsPrivate
&C
omm
ercialBanking
andA
dvisoryBanking
InternationalPriorperiodshave
beenrestated
accordinglyIncludescosts
relatedto
Postbankintegration
Containsthem
ajorcorebusinessactivitiesofPostbank
AG
asw
ellasBH
Wand
norisbankTotalnetrevenuesexcluding
therevenue
impactfrom
Mark-to-m
arketmovem
entsonpolicyholderbenefitsand
claims(annualized)asa
percentageofaverage
investedassets
Income(loss)beforeincom
etaxesattributable
toD
eutscheBank
shareholders(annualized)
which
isdefined
asIB
ITexcluding
pre-taxnoncontrolling
interestsas
apercentageofaverage
investedassets
Includesprovisionforloan
lossesandprovision
foroff-balancesheetpositionsIm
pairedloan
coverageratio:balance
oftheallow
anceforloan
lossesasapercentage
ofimpaired
loans(bothatperiod
end)B
asel25
figures:excludestransitionalitems
pursuanttosection
64h(3)G
erman
Banking
Act
Basedon
IBIT
attributableto
DeutscheB
ankshareholders(Pre-tax)/N
etincome
(loss)attributableto
Deutsche
Bank
shareholders(Post-tax)definitions
ofratiosareprovided
onpages
15and
16ofthisdocum
entFootnotes