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Deutsche Bank AGDB

1 Quote

6 Analysis

8 Insiders

19 Performance

21 Financials

24 Valuation / Estimates

26 Key Ratios

29 Ownership

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Deutsche Bank AGDB Morningstar Analyst RatiLast Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

47.01 ]0.15 | 0.32 % 47.00 46.45-47.12 38.18-53.12 47.92 bil 347,328 996,751 8.50 0.61 0.93 -1

Stock Price2013-01-01 - 2013-10-01

XNYS:DB: 2.57|5.80%

20.00

40.00

60.00

2013Morningstars Take

We see a lot to like about Deutsche Bank . It avoided agovernment bailout during the subprime crisis, it hasreduced its reliance on investment banking by buyingDeutsche Postbank, Sal. Oppenheim, and parts of ABNAmro's Netherlands business, and it has manageableexposure to the European debt crisis. However, weremain concerned that investors are not being properlycompensated for the risks the bank is taking on. Evenafter its April 2013 EUR 2.8 billion capital raise,

Deutsche Bank's tangible common equity/tangible assetsratio is well under 4% (compared with the 5%-plus levelwe'd like to see) and gives the bank too little cushionagainst losses, in our opinion. We think the bank'sreturns simply do not justify the risk. We project thatDeutsche Bank will earn about an 8% post-tax return onequity in the near term, and that the bank will struggle toreach its 12% target unless interest rates improve. Wethink that the bank's earlier target of a pretax 25% returnis something that investors are unlikely to see again.

Fair Value Estimate $ 50.00Consider Buying $ 25.00Consider Selling $ 87.50Fair Value Uncertainty Economic Moat NarrowStewardship StandardGrowth CProfitability CMorningstar Credit Rating Z

Key Stats

Stock Ind Avg

Price/Earnings TTM 192.3 91.7Price/Book 0.6 0.9Price/Sales TTM 0.9 1.1Rev Growth (3 Yr Avg) 9 42

Net Income Growth (3 Yr Avg) -63.7 -62.6Operating Margin % TTM -3.5 43.1Net Margin % TTM 0.5 1.2ROA TTMROE TTM 0.3 1Debt/Equity 2.5 3.1

Relative to Industry

- Avg +

Financials

Annual Quarterly

Income Statement 2012-12 2011-12 2010-12 2013-06 2012-06

Revenue 36,163.00 33,228.00 28,567.00 8,214.00 8,022.00Net Interest Income 15,891.00 17,445.00 15,583.00 3,651.00 3,894.00

Net Income 237.00 4,132.00 2,310.00 334.00 650.00Earnings Per Share 0.25 4.30 2.92 0.32 0.68Shares Outstanding 959.90 957.30 790.80 1,027.30 954.60

Balance Sheet

Net Loans 397,279.00 412,514.00 407,729.00 387,751.00 410,219.00Total Assets 2,012,329.00 2,164,103.00 1,905,630.00 1,909,879.00 2,241,174.00Deposits 577,202.00 601,730.00 533,984.00 553,844.00 605,414.00Total Liabilities 1,958,326.00 2,110,713.00 1,856,787.00 1,852,400.00 2,185,429.00Stockholders' Equity 54,003.00 53,390.00 48,843.00 57,479.00 55,745.00

Dividends

Declared Date 05/08/20Ex-Dividend Date 05/24/20Latest Indicated Dividend Amount 0

Projected Yield

Recent Dividends &

Splits

Type Amo

06/01/2012 Cash Dividends 0.6805/27/2011 Cash Dividends 0.5505/28/2010 Cash Dividends 0.6805/27/2009 Cash Dividends 0.69

Purchase Options

Direct InvestmentDividend Reinvestment Plan

CompetitorsName Price % Chg TTM Sa

$

Deutsche Bank AG $47.01 0.32 ] 49,4BNP Paribas ADR $34.73 1.25 ] 91,4Lloyds Banking GroupPLC ADR

$4.88 -0.10 [ 74,7

Sberbank Of RussiaADR

$12.18 -0.91 [ 31,8

Nordea Bank AB ADR $12.20 0.41 ] 13,8Allied Irish Banks PLCADR

$1.21 -1.63 [ 8

Wall St. Recommendations

Current 4.0

Total Analysts: 4 5.0 3.0Buy Hold

Ownership

Fund Owners StarRating

% SharesHeld

% ToAss

Thornburg InternationalValue A

QQQ 1.24 2

American FundsEuroPacific Gr A

QQQQ 0.56 0

Vanguard Total Intl StockIndex Inv

QQQ 0.51 0

iShares MSCI GermanyIndex

0.51 4

Oppenheimer Global A QQQ 0.33 1

Release date 10-02-2013

2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

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Deutsche Bank AGDB Morningstar Analyst RatiLast Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

47.01 ]0.15 | 0.32 % 47.00 46.45-47.12 38.18-53.12 47.92 bil 347,328 996,751 8.50 0.61 0.93 -1

Cash Flow

Cash From Operations -24,447.00 7,802.00 -3,676.00 -5,639.00 -5,343.00Cash From Investing -2,645.00 11,915.00 7,477.00 -3,714.00 1,910.00Cash From Financing -2,359.00 -3,160.00 9,092.00 1,347.00 -1,653.00



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Deutsche Bank AGDB

Quote Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating47.01 50.00 QQQ

Industry Classification

NAICS Commercial Banking (522110)SIC Chartered Banks (7021);Commercial Banks, Not Elsewhere Classified (6029)ISIC Other Monetary Intermediation (6419)

Operation Details

Fiscal Year Ends 2013-12-31CIK 1159508Year EstablishedEmployees (12/31/2012) 97,794Full TimePart TimeAuditor (12/31/2009) KPMG AG WirtschaftspruefungsgesellschaftLegal Advisor ()Key Executives Jurgen Fitschen/Co-Chairman of the Management Board; Stefan Krause/Member of the

Management Board and Chief Financial Officer; Anshuman Jain/Co-Chairman of theManagement Board; Rainer Neske/Member of Management Board; StephanLeithner/Member of the Management Board; Henry Ritchotte/Member of Management

Board; Stuart Wilson Lewis/Member of the Management Board

Business Description

Deutsche Bank AG is an investment bank. It offersinvestment, financial and related products and servicesto private individuals, corporate entities and institutionclients around the world.

30-day Avg Volume 1.0MMarket Cap 47.8Net Income 0.2Sales 36.6Sector Financial ServicIndustry Banks - Regional - EuroStock Style 4Large CDirect InvestmentDividend Reinvestment



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Deutsche Bank AGDB


Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil

P/S P/B P/E DividendYield%

5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Deutsche Bank AG QQQ 47,755 178 0.9 0.6 192.3 1.4 3.3 3.1 1.0

Lloyds Banking Group PLC QQQQ 87,246 830 1.2 1.2 59.9 30.4 13.0 1.0BNP Paribas 85,370 5,181 0.9 0.7 12.2 2.9 4.9 15.0 1.5Sberbank Of Russia 66,325 347,700 2.1 1.3 6.2 47.9 2.0Allied Irish Banks PLC 63,605 -3,647 71.9 4.2 -33.4 -72.1 -0.4

Nordea Bank AB 49,207 3,092 3.5 1.3 11.7 3.6 5.4 41.4 1.6Nordea Bank AB 48,728 3,092 3.5 1.3 11.6 3.7 5.4 41.4 1.6Banco Popular Espaol S.A. 40,730 -2,466 2.9 2.9 0.9 24.3 -0.3 1Societe Generale SA 39,141 922 1.0 0.5 31.0 1.1 -12.2 14.3 1.1UniCredit SpA 37,648 591 1.8 0.4 31.8 1.4 -8.3 11.1 1.0

Intesa Sanpaolo 35,716 753 2.1 0.2 33.0 2.2 -3.6 20.6 1.4Svenska Handelsbanken 28,214 15,114 5.1 1.8 12.0 3.1 5.3 52.9 1.5Swedbank AB 27,168 12,998 4.6 1.7 11.6 5.4 0.4 39.0 1.6Crdit Agricole 26,605 -5,673 0.4 0.4 24.7 3.0 0.9

Crdit Agricole 26,510 -5,673 0.4 0.4 24.7 3.0 0.9DNB ASA. 25,506 13,861 3.1 1.3 11.1 2.3 2.1 44.7 1.5Danske Bank AS 22,210 5,439 2.4 0.9 21.1 1.4 17.4 1.2Danske Bank AS 21,770 5,439 2.4 0.9 20.7 1.4 17.4 1.2KBC Group SA/NV 21,148 2,739 2.7 1.0 7.0 1.7 -5.1 18.7 1.3Turkiye Garanti Bankasi AS 17,304 3,554 4.0 1.6 9.9 1.4 52.5 1.6

Yapi Ve Kredi Bankasi AS 16,518 2,547 5.0 2.1 13.1 47.7 1.5Akbank TAS 15,560 3,724 3.6 1.5 8.5 1.5 6.3 56.0 1.6Natixis 15,109 803 27.0 0.6 312.5 2.6 8.1 18.0 1.3Natixis 14,043 803 25.1 0.6 294.1 1.9 8.1 18.0 1.3PKO Bank Polski S.A. 13,601 3,173 4.1 1.8 13.4 3.8 7.0 40.0 1.9

Commerzbank AG 13,559 -670 0.5 0.4 1.0 6.0 1.1Erste Bank der oesterreichischen Sparkassen AG 12,752 331 1.8 0.6 49.5 1.1 -1.6 19.4 1.2

Bank Pekao SA 12,118 2,948 5.4 1.7 13.0 4.7 50.5 2.1Bank of Ireland (Governor & Co of) 8,685 -1,824 1.8 0.7 -17.0 0.2Eurobank Ergasias S.A. 8,558 -537 0.1 1.5 34.5 0.4

Banco de Sabadell S.A. 7,872 115 1.7 0.6 66.2 0.3 9.0 14.7 0.9Raiffeisen Bank International AG 6,490 301 1.2 0.5 15.9 3.2 5.2 13.8 1.3Turkiye Vakiflar Bankasi TAO 5,600 1,369 2.5 1.0 8.3 0.8 11.4 40.2 1.5Mediolanum 5,485 333 0.4 2.7 12.5 22.9 3.4 3.2Bankinter SA. 4,604 227 400.0 1.0 1666.7 1.0 -0.3 16.8 1.2

Mediobanca 4,572 13 3.9 0.5 344.8 -2.6 38.8 1.1Bank Pekao SA 4,317 2,948 1.9 0.6 4.6 13.1 50.5 2.1Bankinter SA. 4,314 227 384.6 1.0 1666.7 1.3 -0.3 16.8 1.2Ubi Banca 3,534 -23 1.1 0.2 -7.0 7.9 1.1Banca Monte dei Paschi di Siena 3,154 -1,998 1.5 0.4 -14.3 -3.0 0.1

Banco Comercial Portugues SA 2,739 -1,162 31.3 0.6 10.3 -28.3 -95.0 0.5Banco Popolare Societa Cooperativa 2,716 -817 0.6 0.2 -2.6 -12.9 0.6Banca Popolare di Milano BPM Bipiemme 2,453 -436 1.2 0.4 -3.1 -4.9 0.2Piraeus Bank SA 2,286 3,373 0.3 0.2 0.6 6.3 22.0 0.4Valiant Holding AG 1,476 129 3.7 0.7 10.4 2.3 -1.3 31.4 1.6

Aareal Bank AG 1,394 103 1.9 0.4 10.1 -6.3 25.5 1.4Aareal Bank AG 1,376 103 1.8 0.4 10.0 -6.3 25.5 1.4Liechtensteinische Landesbank AG 874 46 1.6 0.5 15.6 -6.2 27.4 1.8Piraeus Bank SA 743 3,373 0.1 0.1 0.2 6.3 22.0 0.4Verwaltungs- und Privat-Bank AG 407 39 1.6 0.4 10.2 2.3 -8.6 20.2 2.9

Alpha Bank AE 400 2,106 2.2 0.0 2.1 49.6 0.3



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Deutsche Bank AGDB


Industry PeersDexia 0 -2,605 -0.0 0.0 22.7 0.9Pohjola Pankki Oyj 324 6.1 34.6Bank Zachodni WBK S.A. 1,547 3.8 43.4 2.2

Vozrozhdeniye Bank 0.0Schweizerische Nationalbank -19,859 96.2CIC (Crdit Industriel et Commercial) 722 22.5 1.1 1Megabank JSCBanca Pop Emilia Romagna -136 -5.5 20.6 1.0Bankia S.A. -14,408 -216.8 -4.0

Turkiye Sinai Kalkinma Bankasi A.S. 311 21.5 69.3 3.4Sekerbank T.A.S. 250 21.5 23.8 1.4Ukrsotsbank PJSC Bank for Social DevelopmentEuroBancshares, Inc. -23 0.0 0.0 7.2 11.5 0.8Turkiye Is Bankasi AS 4,445 28.7 1.7

Industry Average 19,523 6,391 1.2 0.9 93.5 0.5 2.1 18.5 1.1



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Deutsche Bank AGDB

Analysis

Analyst Note| 30 Jul 2013 | Erin Davis, Senior Stock

Analyst

Deutsche Bank DB reported profit of EUR 334 mil-

lion, or a return on equity of just 2.3%, as it ab-sorbed EUR 630 million of provisions for legal ex-penses and EUR 356 million of restructuring ex-penses. In comparison, the bank earned EUR 1,651million in the trailing quarter and EUR 650 millionin the year-ago quarter. We've incorporated thesecharges into our fair value, but think that financialcharges related to legacy issues continue to be akey risk for the bank. We plan to maintain our fairvalue estimate on the narrow-moat bank for now,but may raise this modestly as we consider theprogress that Deutsche Bank has made on its cap-

ital deficit.

Deutsche Bank's underlying earnings were in linewith our expectations and reflect the difficult en-vironment in Europe. Corporate Banking and Secur-ities' profit before tax was down 58% from theyear-ago quarter as the division absorbed the costof risk-weighted asset mitigation. Debt tradingrevenue was down 11% from the year-ago quarteron lower market activity, especially in Europe,while equity trading revenue was up 55% on im-proved market sentiment. Private and Business Cli-ents (retail and commercial banking) saw a 6% in-crease in revenue year over year and loan lossesremained at low levels, but the bank continued tostruggle to earn a decent return in Germany's over-banked market--return on equity was just 9%. Wethink this problem will persist, and, for the group,the now-higher levels of required capital will ex-acerbate the problem--we think medium-term re-turns on equity are likely to be below the bank's12% cost of equity.

Investment Thesis| 01 May 2013 | Erin Davis, SeniorStock Analyst

We see a lot to like about Deutsche Bank DB. Itavoided a government bailout during the subprimecrisis, it has reduced its reliance on investmentbanking by buying Deutsche Postbank, Sal. Oppen-heim, and parts of ABN Amro's Netherlands busi-

ness, and it has manageable exposure to theEuropean debt crisis. However, we remain con-cerned that investors are not being properly com-pensated for the risks the bank is taking on. Evenafter its April 2013 EUR 2.8 billion capital raise,Deutsche Bank's tangible common equity/tangibleassets ratio is well under 4% (compared with the5%-plus level we'd like to see) and gives the banktoo little cushion against losses, in our opinion.We think the bank's returns simply do not justifythe risk. We project that Deutsche Bank will earnabout an 8% post-tax return on equity in the nearterm, and that the bank will struggle to reach its12% target unless interest rates improve. Wethink that the bank's earlier target of a pretax 25%

return is something that investors are unlikely tosee again. Until the credit crisis began in mid-2007, Deutsche Bank reported outsized profitabil-ity, but it was largely built on trading in structureddebt products , bolstered by high leverage.Deutsche Bank built a large business around mak-ing loans, repackaging the debt into a variety ofsecurities, and pocketing a slice of the proceeds astrading income. As investors shied away from allbut the least risky debt in late 2007 and 2008,though, trading income cratered and losses moun-ted. Business conditions have largely stabilized,

but we doubt that Deutsche Bank will return to itsformer profitability. Costs eat up about 70% of thebank's revenue (compensation alone takes about40%), and increasing capital requirements will fur-ther pressure profitability. While the Postbank ac-quisition will diversify revenue, we doubt it will in-crease profitability; we think Deutsche Bank signi-ficantly overpaid for the troubled bank and it willbe hard to boost revenue much in Germany's over-banked marketplace. Moreover, the bank's sub-1%net interest margin (net interest income/interestearning assets) leaves little room for error on the

credit front. Increases in trading revenue, which isone of banking's least stable businesses, droveDeutsche Bank's tentative recoveries in early 2011and again in early 2012, as evidenced by the deepdives in revenue experienced in the subsequentquarters both years. While volatile trading resultsmay occasionally boost results to historical levels,

we anticipate a slow recovery in Europe, at beand think it will be difficult for the bank to consisently hit its 12% return on equity target by 20But even once it does, we don't think we will convinced that Deutsche Bank is worth the ris

Economic MoatTM| 01 May 2013

We assign a narrow moat to Deutsche Bank. Wthink the company's natural advantages--its doinant market position in Germany, its large markshare in certain investment banking products suas foreign exchange trading, and its global reacare somewhat offset by the difficult banking envonment in Germany and the leverage taken on the investment bank. The proliferation of small,

gionally owned banks in Germany has meant ththe country is overbanked and that returns agenerally lower than elsewhere. While DeutscBank has historically enjoyed returns above cost of capital, this is not only because of its maket position and focus on efficiency, but also bcause the group employs an unusually laramount of leverage. While leverage can pump profits, it also increases risk.

Valuation| 01 May 2013

We are maintaining our $50 per ADR fair value etimate for Deutsche Bank as we incorporate the lution from its capital raise into our base case alower the weight on our downside case. Our fvalue estimate is about 0.7 times book value. our base case, we forecast that trading incomwill increase to 2004 levels in 2013 and that traing revenue will average 1.5% of trading asseexcluding derivatives in the medium term, copared with 1.3% in 2012. We expect loan losses remain around 2010-12 levels, at 0.4% of loans,the medium term as turmoil in Europe caus

losses to remain above historical levels. Wproject that costs will continue to consume abo75% of the bank's revenue. We expect assgrowth to average 2% annually in the mediuterm and assume that the equity/assets ratio wincrease to 3.0% by 2016, compared with 2.7%2012, as Basel III regulations take effect. We asume a 28% tax rate and charge Deutsche Bank



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Deutsche Bank AGDB

Analysis

12% cost of equity to estimate a base-case fairvalue estimate of EUR 40 per common share,which is equivalent to one ADR, and weight it85%. In our downside case, we assume thatDeutsche Bank must raise EUR 6 billion at EUR 30per share in order to increase equity/assets to3.5% while contending with trading revenue ofonly 1.0% of trading assets. In this scenario, inwhich we weight 15%, our fair value estimate isEUR 29. We estimate a weighted fair value of EUR38 and use an exchange rate of EUR 1 per $1.32 asof May 1.

Risk| 01 May 2013

Until the credit crisis, Deutsche Bank increased its

profitability by focusing on its trading operationsand investments in hedge funds. Although theseinvestments can be very profitable, earnings arehighly volatile. The bank scaled back but did noteliminate these operations in 2008, meaning thatlarge losses are still possible and average profitsare likely to be lower. Deutsche Bank is muchmore leveraged than U.S. investment banks--around 20/1 under its own target definition, com-pared with an average of about 15/1. This impliesthat shareholders would be more deeply damagedby losses at the bank and that the bank's business

model and profitability could change significantlyif it is forced to deleverage. Deutsche Bank holdsabout EUR 6 billion of net Greek, Portuguese, Irish,Italian, and Spanish sovereign debt in total, a man-ageable amount relative to its more than EUR 50billion of equity. We don't think a sovereign de-fault would have a significant direct impact onDeutsche Bank's solvency.

Management | 01 May 2013

We think management's stewardship of share-

holder value has been standard. While the bankmanaged to avoid a government bailout during thefinancial crisis, it paid an excessive premium forPostbank and destroyed billions in value. JuergenFitschen and Anshu Jain, formerly global head ofregional management and head of the corporateand investment bank, respectively, were appoin-ted to be co-CEOs of the bank in mid-2012. We

have mixed feelings about the move. We have noqualms upfront with either man's leadership, butwe worry that having co-CEOs, instead of a singleboss, will lead to a muddled strategy and infight-ing. We think this may be especially true in thecase of Deutsche Bank, which is trying to becomea more diversified company less dependent on in-vestment banking. We worry that a power strugglemay develop between Fitschen, who has a back-ground in retail banking, and Jain, whose back-ground is in investment banking.

Bulls Say

Deutsche Bank is coming through the credit crisisin better shape than many of its competitors and

has begun gaining share as markets recover.

Management has sold one noncore business afteranother and bought attractive businesses from ail-ing competitors as part of its ambitious plan toturn Deutsche Bank into a top investment bank.

The bank has proved adept at controlling costswhile increasing revenue. It dramatically improvedits performance between 2001 and 2007, beforethe crash, and its post-crash cost-cutting makesthe bank seem to be on track for a repeat perform-

ance.Bears Say

Deutsche Bank's profitability is inflated by its sky-high leverage ratio. If the bank is forced to de-leverage, shareholders could be diluted signific-antly and profitability may sink.

Deutsche Bank's post-crisis trading profits havedisguised the reality that its other businesses arefaltering. If trading profits return to earth beforethey recover, the bank's profitability will be deeplydisappointing.

Deutsche Bank's turnaround, which began in 2002,has shallow roots. It prospered during the go-godays of 2005-07 but was deeply damaged by thecredit crisis. Many of its earlier improvements mayprove illusory as the bank emerges in a more soberenvironment.

Overview

Based in Frankfurt, Deutsche Bank is a global vestment bank with lending operations in Gemany. In 2012, 46% of its revenue was generat

by Corporate Banking and Securities, 12% by Gloal Transaction Banking, 28% by Private (retail) aBusiness Clients, and 13% by Asset and WeaManagement. Deutsche Bank maintains deroots in Germany, where 50% of its employees abased and where it earns 25% of its revenue.

Competitors

Name Price % Chg TTM Sa$

Deutsche Bank AG $47.01 0.32 ] 49,4BNP Paribas ADR $34.73 1.25 ] 91,4

Lloyds Banking GroupPLC ADR $4.88 -0.10 [ 74,7Sberbank Of RussiaADR

$12.18 -0.91 [ 31,8

Nordea Bank AB ADR $12.20 0.41 ] 13,8Allied Irish Banks PLCADR

$1.21 -1.63 [ 8

Analyst

Price 10-02-2013 47.01 BAFair Value Estimate 50.00 BAUncertainty Very HConsider Buy 25.00 BAConsider Sell 87.50 BAEconomic Moat Narr

Stewardship Rating StandQuantitative

Price 10-02-2013 47.01 BAQuantitative Fair Value 52.1 BAQuantitative Uncertainty LQuantitative Moat NarrAs of 10/01/2013



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Deutsche Bank AGDB

Insiders

Total Executive Compensation

4.48 mil

34.17 mil 32.43 mil

26.44 mil22.28 mil

13.00

26.00

39.00

2008 2009 2010 2011 2012

Stock Price

70.00

140.00

2008 2009 2010 2011 2012

Total Return

0

60.0

2008 2009 2010 2011 2012

Revenue

-1.00

0.00

2008 2009 2010 2011 2012

Return of Equity

-1.00

0.00

2008 2009 2010 2011 2012

Net Income

-1.00

0.00

2008 2009 2010 2011 2012

2012 Executive Compensation

Total Compensation EUR22,278,51-Year % Change 15.75 %

Compensation vs. Performance 1-Year % ChaCEO CompensationStock Return 18.78Revenue 0.19Return on Equity -94.55Net Income -94.26



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Deutsche Bank AGDB

Insiders

Key Executive Compensation

Key Executive Compensation 2008 2009 2010 2011 2

Salary 3,350,000 5,350,000 8,550,000 8,550,000 9,599,9Bonus 0 8,681,841 4,628,576 700,000 1,282,1

Annual Other Income 0 0 0 0Restricted Stock Award 0 0 4,860,005 2,112,202 4,381,8Securities Options 0 0 0 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 0 0Other Compensation 501,945 17,090,775 10,998,869 15,081,879 7,014,6

Total 3,851,945 31,122,616 29,037,450 26,444,081 22,278,5

Stefan Krause / Chief Financial Officer and Member of the

Management Board

2008 2009 2010 2011 2

Salary 600,000 800,000 1,150,000 1,150,000 1,150,0Bonus 0 1,231,425 539,066 100,000 150,0Annual Other Income 0 0 0 0Restricted Stock Award 0 0 566,019 201,706 459,8

Securities Options 0 0 0 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 0 0Other Compensation 107,306 1,657,500 849,029 1,424,884 807,0

Total 707,306 3,688,925 3,104,114 2,876,590 2,566,8

Anshuman Jain / Co-Chairman of the Management Board 2008 2009 2010 2011 2

Salary 600,000 1,150,000 1,150,000 1,820,8Bonus 1,565,428 992,752 100,000 150,0Annual Other Income 0 0 0Restricted Stock Award 0 1,042,390 353,885 1,492,9Securities Options 0 0 0LTIP Payout 0 0 0

Non-Equity Compensation 0 0 0Other Compensation 4,884,525 4,367,413 4,207,384 1,365,2

Total 7,049,953 7,552,555 5,811,269 4,829,0

Jurgen Fitschen / Co-Chairman of the Management Board 2008 2009 2010 2011 2

Salary 600,000 1,150,000 1,150,000 1,820,8Bonus 923,569 507,790 100,000 150,0Annual Other Income 0 0 0Restricted Stock Award 0 533,180 177,530 423,1Securities Options 0 0 0LTIP Payout 0 0 0Non-Equity Compensation 0 0 0Other Compensation 1,243,125 799,770 1,424,884 1,365,2

Total 2,766,694 2,990,740 2,852,414 3,759,2



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Deutsche Bank AGDB

Insiders

Hermann-josef Lamberti / Chief Operating Officer and Member of

the Management Board

2008 2009 2010 2011 2

Salary 800,000 800,000 1,150,000 1,150,000 479,1Bonus 0 1,231,425 507,790 100,000 134,8Annual Other Income 0 0 0 0

Restricted Stock Award 0 0 533,180 201,706 232,3Securities Options 0 0 0 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 0 0Other Compensation 92,893 1,657,500 799,770 1,424,884 263,9

Total 892,893 3,688,925 2,990,740 2,876,590 1,110,3

Hugo Banziger / Chief Risk Officer and Member of the Management

Board

2008 2009 2010 2011 2

Salary 800,000 800,000 1,150,000 1,150,000 479,1Bonus 0 1,231,425 523,428 100,000 134,8Annual Other Income 0 0 0 0Restricted Stock Award 0 0 549,599 201,706 232,3Securities Options 0 0 0 0

LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 0 0Other Compensation 62,160 1,657,500 824,399 1,424,884 263,9

Total 862,160 3,688,925 3,047,426 2,876,590 1,110,3

A publicly-traded company is only required t o disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information aboutcompensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.



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Deutsche Bank AGDB

Insiders

Weekly Insider Transactions

0

0

0

0

Oct Nov Dec 2013 Feb Mar A r Ma Jun Jul Au Se

Buy

Acquisition (Non-open Mkt)

Option Exercise

SellDisposition (Non-open Mkt)

Stock Price

30.00

60.00


Total Return

0

20.0


Revenue

-1.00

0.00


Return of Equity

-1.00

0.00


Net Income

-1.00

0.00




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Deutsche Bank AGDB

Insiders

Transaction History

Date * Name Title Transaction Shares Va

* Date represents the date on which the insider initiated the transaction

Holding Summary

Name Title Total Shares Held TTM Change % Shares Outstanding % Market Va

All Key Insiders 0 0% 0%

All Key Insiders 0 0% 0%

* Based on DB L ast Close Price: 45.88 10/01/2013 4:00:00 PM EST.



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Deutsche Bank AGDB

Insiders

Key Executive

Jurgen Fitschen, 64

Co-Chairman of the Management BoardSince:2009

Jurgen Fitschen became a member of our Management Board on April 1, 2009. Since the end of theAnnual General Meeting on May 31, 2012, he has been, together with Mr. Jain, Co-Chairman of the

Management Board. Mr. Fitschen has been with Deutsche Bank since 1987, was already a member of thManagement Board from 2001 to the beginning of 2002 and has been a member of the Group ExecutiveCommittee since 2002 as well as Head of Regional Management since 2005. Mr. Fitschen studiedEconomics and Business Administration at the University of Hamburg and graduated in 1975 with amasters degree in Business Administration. From 1975 to 1987, he worked at Citibank in Hamburg andFrankfurt am Main in various positions. In 1983 he was appointed member of the Executive CommitteeGermany of Citibank. Mr. Fitschen is a member of the Board of Directors of Kuhne + Nagel InternationalAG, member of the Supervisory Board of METRO AG and was a member of the Supervisory Board of SchoAG until June 2012.

Stefan Krause, 50

Member of the Management Board and Chief Financial Officer

Since:2008

Stefan Krause became a member of our Management Board and a member of the Group ExecutiveCommittee on April 1, 2008. He is our Chief Financial Officer. Previously, Mr. Krause spent over 20 years

the automotive industry, holding various senior management positions with a strong focus on Finance anFinancial Services. Starting in 1987 at BMWs Controlling department in Munich, he transferred to the U.in 1993, building up and ultimately heading BMWs Financial Services Division in the Americas. Relocatinto Munich in 2001, he became Head of Sales Western Europe (excluding Germany). He was appointedmember of the Management Board of BMW Group in May 2002, serving as Chief Financial Officer untilSeptember 2007 and subsequently as Chief of Sales & Marketing. Mr. Krause studied BusinessAdministration in Wurzburg and graduated in 1986 with a masters degree in Business Administration.

Anshuman Jain, 49

Co-Chairman of the Management BoardSince:2009

Anshuman Jain became a member of our Management Board on April 1, 2009. Since the end of theAnnual General Meeting on May 31, 2012, he has been, together with Mr. Fitschen, Co-Chairman of theManagement Board. Mr. Jain joined Deutsche Bank in 1995 and became Head of Global Markets in 200

as well as a member of the Group Executive Committee in 2002. Mr. Jain studied Economics at Shri RamCollege (Delhi University), graduating in 1983, with a BA, and studied Business Administration at theUniversity of Massachusetts, graduating in 1985 with an MBA in Finance. After his academic studies, MJain worked until 1988 for Kidder Peabody, New York, in the area of Derivatives Research. From 1988 to1995 he set up and ran the global hedge fund coverage group for Merrill Lynch, New York.

Rainer Neske, 48

Member of Management BoardSince:2009

Rainer Neske became a member of our Management Board on April 1, 2009. He joined Deutsche Bank in1990 and in 2000 was appointed member of the Management Board of Deutsche Bank Privat- undGeschaftskunden AG. Since 2003 he has been a member of the Group Executive Committee. From 2003 t2011, Mr. Neske was Spokesman of the Management Board of Deutsche Bank Privat- und Geschafts-kunden AG. On our Management Board, he is responsible for our Private & Business Clients division. Mr.Neske studied Computer Science and Business Administration at the University of Karlsruhe and

graduated in 1990 with a masters degree in Information Technology.



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Deutsche Bank AGDB

Insiders

Key ExecutiveStephan Leithner, 47

Member of the Management BoardSince:2012

Dr. Stephan Leithner became a member of our Management Board and a member of the Group ExecutiveCommittee on June 1, 2012. He is our CEO Europe (excluding Germany and the UK,) and is responsible foHuman Resources, Legal & Compliance and Government & Regulatory Affairs. He joined Deutsche Bank i

2000. Prior to his current role, Dr. Leithner co-headed the Corporate Finance division and was responsiblefor Deutsche Banks local Corporate Finance Country Coverage teams across Europe and Asia as well as the Global Financial Institutions Group. His previous roles included responsibility for Deutsche BanksGerman and European M&A business. Before joining Deutsche Bank in 2000, Dr. Leithner was a partner McKinsey & Co. He holds a PhD in Finance from the University of St. Gallen, Switzerland.

Henry Ritchotte, 50

Member of Management BoardSince:2012

Henry Ritchotte became a member of our Management Board and a member of the Group ExecutiveCommittee on June 1, 2012. He is our Chief Operating Officer. He joined Deutsche Bank in 1995. Prior toassuming his current role, Mr. Ritchotte held the position of Chief Operating Officer for the Corporate &Investment Bank from 2010 to 2012, having previously been COO for the Global Markets division. Heplayed a decisive role in the strategic recalibration and further integration of the Corporate & Investment

Bank. His previous roles at Deutsche Bank include serving as Head of Global Markets in Tokyo. Mr.Ritchotte joined Deutsche Bank in 1995 in fixed income sales after starting his career with Merrill Lynch New York in 1993. He holds a Bachelors degree in History from Haverford College, a Masters degree inEast Asian Studies and an MBA from the University of Chicago.

Stuart Wilson Lewis, 57

Member of the Management BoardSince:2012

Stuart Wilson Lewis became a member of our Management Board and a member of the Group ExecutiveCommittee on June 1, 2012. He is our Chief Risk Officer. He joined Deutsche Bank in 1996. Prior toassuming his current role, Mr. Lewis was the Deputy Chief Risk Officer and Chief Risk Officer of theCorporate & Investment Bank of Deutsche Bank from 2010 to 2012. Between 2006 and 2010 he was ChieCredit Officer. Before joining Deutsche Bank in 1996, he worked at Credit Suisse and Continental IllinoisNational Bank in London. He studied at the University of Dundee, where he obtained an LLB (Hons), and hholds an LLM from the London School of Economics. He also attended the College of Law, Guildford.

Board of Directors

Wolfgang Bohr, 49

Member of Supervisory BoardSince:2008

Wolfgang Bohr, Chairman of the Combined Staff Council Dusseldorf of Deutsche Bank; member of theGeneral Staff Council of Deutsche Bank; member of the Group Staff Council of Deutsche Bank. DeutscheBankangestellten Verband (DBV) (Chairman of the Association Council) (since July 2012).

Karl-gerhard Eick, 58


Dr. Karl-Gerhard Eick, Principal occupation: Deputy Chairman of the Management Board of DeutscheTelekom AG, Bonn until February 28, 2009; Chairman of the Management Board of Arcandor AG, Essensince March 1, 2009. Supervisory board memberships and other directorships: T-Mobile International AG(until February 2009); T-Systems Enterprise Services GmbH (until February 2009); T-Systems Business

Services GmbH (until February 2009); FC Bayern Munchen AG (until December 2009); CORPUS SIREOHolding GmbH & Co. KG (Chairman); STRABAG Property and Facility Services GmbH (until December 200Hellenic Telecommunications Organization S.A. (OTE S.A.) (until March 2009); Thomas Cook Group Plc(until September 2009).

Tilman Todenhofer, 69


Tilman Todenhofer, Principal occupation: Managing Partner of Robert Bosch Industrietreuhand KG,Stuttgart. Supervisory board memberships and other directorships:Robert Bosch GmbH; Robert Bosch Int.Beteiligungen AG (President of the Board of Administration); HOCHTIEF AG (since September 2008); CarlZeiss AG (Chairman, until September 2008; Schott AG (Chairman, until July 2008).



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Deutsche Bank AGDB

Insiders

Paul Achleitner, 57

Chairman of the Supervisory BoardSince:2012

Dr. Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank AG, Frankfurt. Supervisory boamemberships and other directorships: Bayer AG; Daimler AG; RWE AG (until April 18, 2013); Henkel AG &Co. KGaA; (member of the Shareholders Committee).

Marlehn Thieme, 55


Marlehn Thieme, Director Infrastructure/Regional Management Communications Corporate CitizenshipDeutsche Bank AG, Frankfurt.

Renate Voigt, 58


Renate Voigt, Chairperson of the Combined Staff Council Stuttgart/Esslingen/Heilbronn of Deutsche Ban

Suzanne B. Labarge, 66


Suzanne Labarge, Supervisory board memberships and other directorships: Coca-Cola Enterprises Inc.

Alfred Herling, 60


Alfred Herling, Chairman of the Combined Staff Council Wuppertal/Sauerland of Deutsche Bank; Chairmaof the General Staff Council of Deutsche Bank; member of the European Staff Council; Chairman of theGroup Staff Council of Deutsche Bank.

Johannes Teyssen, 52


Dr. Johannes Teyssen, Chairman of the Management Board of E.ON AG, Dusseldorf (since May 2010).Principal occupation: E.ON Energie AG; E.ON Ruhrgas AG; E.ON Energy Trading SE (Chairman) (until June2010); Salzgitter AG; E.ON Nordic AB (until June 2010); E.ON Sverige AB (until August 2010); E.ON ItaliaS.p.A. (formerly E.ON Italia Holding s.r.l.) (until August 2010); E.ON US Investments Corp. (Chairman) (sinMay 2010).

Peter Loscher, 56


Peter Loscher, Chairman of the Management Board of Siemens AG, Munich. Supervisory boardmemberships and other directorships: Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft,Thyssen-Bornemisza Group Limited.

Stefan Viertel, 47


Stefan Viertel, Head of Cash Management Financial Institutions Austria and Hungary, Senior SalesManager Deutsche Bank AG.

Gabriele Platscher, 55


Gabriele Platscher, Chairperson of the Combined Staff Council Braunschweig/Hildesheim of DeutscheBank; Member of the Group and General Staff Councils of Deutsche Bank (until April 2010). BVVVersicherungsverein des Bankgewerbes a.G. (Deputy Chairperson); BVV Versorgungskasse des

Bankgewerbes e.V. (Deputy Chairperson); BVV Pensionsfonds des Bankgewerbes AG (Deputy Chairperso

Werner Wenning, 66


Werner Wenning, Principal occupation: Chairman of the Management Board of Bayer AG, Leverkusen.Supervisory board memberships and other directorships: E.ON AG; Henkel AG & Co. KGaA (Member of thShareholders Committee); Bayer Schering Pharma AG (Chairman) (until August 2009); HDI V.a.G. (sinceOctober 2009); Talanx AG (since October 2009).



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Deutsche Bank AGDB

Insiders

Martina Klee, 50


Martina Klee, Chairperson of the Staff Council GTO Eschborn/Frankfurt of Deutsche Bank; member of theGeneral Staff Council of Deutsche Bank; member of the Group Staff Council of Deutsche Bank: member othe European Staff Council. Other Directorships: Sterbekasse fur die Angestellten der Deutschen BankVVa.G.

Henriette Mark, 54


Henriette Mark, Chairperson of the Combined Staff Council Munich and Southern Bavaria of DeutscheBank; member of the General Staff Council of Deutsche Bank; member of the Group Staff Council ofDeutsche Bank; Chairperson of the European Staff Council.

Rudolf Stockem, 57


Rudolf Stockem, Trade Union Secretary to ver.di Vereinte Dienstleistungsgesellschaft, Berlin. Supervisorboard memberships and other directorships: Generali Holding Deutschland AG, Deutsche Bank Privat- unGeschaftskunden AG.

Karin Ruck, 47

Member of Supervisory Board

Since:2003

Karin Ruck, Deputy Chairperson of the Supervisory Board of Deutsche Bank AG; Senior Advisor RegionalTransformation Region Frankfurt/Hesse-East, Deutsche Bank AG; member of the Combined Staff CouncilFrankfurt branch of Deutsche Bank. Supervisory board memberships and other directorships: BVVVersicherungsverein des Bankgewerbes a.G.; BVV Versorgungskasse des Bankgewerbes e.V.; BVVPensionsfonds des Bankgewerbes AG.

Katherine Lucy Garrett-cox, 45


Katherine Garrett-Cox, Chief Executive Officer of Alliance Trust Plc, Dundee; Alliance Trust Savings Ltd.(Non Executive Director); Alliance Trust Asset Management Ltd. (Chief Executive).

Klaus Rdiger Trtzschler, 65


Professor Dr. Klaus Rudiger Trutzschler, Supervisory board memberships and other directorships: BilfingeSE (until June 30, 2013); Sartorius AG; TAKKT AG (Chairman until January 31, 2013; Deputy Chairmansince February 1, 2013); Wuppermann AG (Chairman); Zwiesel Kristallglas AG (Chairman); Wilhelm

Werhahn KG.

Henning Kagermann, 65


Prof. Dr. Henning Kagermann, President of acatech - German Academy of Science and Engineering,Munich; Other directorships: Munchener Ruckversicherungs-Gesellschaft; Aktiengesellschaft; NokiaCorporation; Deutsche Post AG; Wipro Technologies; BMW; Bayerische Motoren Werke AG; Franz Hanie& Cie. GmbH (since November 2012).



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Deutsche Bank AGDB

Insiders

Audit Committee

Name Title

Karl-gerhard Eick Member Of Supervisory Board, Chairman Of Audit Committee

Henriette Mark Member Of Supervisory Board And Member Of Audit CommitteeKarin Ruck Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member Of

Mediation Committee

Marlehn Thieme Member Of Supervisory Board And Member Of Audit Committee

Paul Achleitner Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee,Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee

Klaus Rdiger Trtzschler Member Of Supervisory Board And Member Of Audit Committee

Chairmans Committee

Name Title


Alfred Herling Member Of Supervisory Board And Member Of Chairmans CommitteeKarin Ruck Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member Of

Mediation Committee

Tilman Todenhofer Member Of Supervisory Board, Member Of Nomination Committee, Member Of Chairmans Committee And Member OMediation Committee

Mediation Committee

Name Title


Karin Ruck Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member OfMediation Committee


Wolfgang Bohr Member Of Supervisory Board And Member Of Mediation Committee

Nomination Committee

Name Title



Werner Wenning Member Of Supervisory Board And Member Of Nomination Committee

Risk Committee

Name Title


Suzanne B. Labarge Member Of Supervisory Board And Member Of Risk Committee

Henning Kagermann Member Of Supervisory Board And Member Of Risk Committee



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Deutsche Bank AGDB

Performance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H43.42-49.14 38.18-53.12 21.13-84.93 11.50 44.65

Growth of 10,00009-30-2013

5k

10k

15k

20k

40k DB

Banks - Regional - Europe

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD History

84.35 10.50 10.74 40.15 0.31 -63.16 75.98 -25.63 -26.20 18.78 5.21 DB46.68 19.69 6.93 43.90 5.30 -65.10 66.85 -20.68 -44.83 32.64 17.38 Banks - Regional -

Europe37.67 -9.19 3.81 -3.75 -5.00 1.93 9.13 -4.95 18.62 -13.86 -12.18 +/- Banks - Regional -

Europe1.87 2.06 1.75 1.90 3.28 17.15 0.98 1.32 1.46 1.54 Dividend Yield %

46,455 46,042 48,973 66,440 64,589 23,228 43,977 47,837 34,249 41,154 46,756 Market Cap USD Mil

Trailing Total Returns (Daily)

0.00

10.00

20.00

30.00

40.00 DB


S&P 500 TR USD

1-Day 1-week 1-Month 3-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year Total Ret %2013-10-01

2.14 -1.76 7.92 11.62 7.42 18.32 -3.97 -7.54 0.69 2.35 DB1.86 0.75 8.09 21.11 19.57 37.91 -9.03 -9.69 -0.41 0.61 Banks - Regional - Euro0.81 -0.10 3.97 5.51 20.76 19.98 16.41 10.29 7.41 5.60 S&P 500 TR USD

0.28 -2.51 -0.17 -9.48 -12.15 -19.60 5.06 2.15 1.10 1.74 +/- Banks - Regional -Europe)

1.33 -1.66 3.95 6.11 -13.34 -1.66 -20.38 -17.83 -6.72 -3.25 +/- S&P 500 TR USD

Trailing Total Returns (Month-End)

0.00

10.00

20.00

30.00

40.00 DB


S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year Total Ret %2013-09-30

5.67 9.37 19.11 5.21 17.52 -4.51 -7.53 0.92 1.94 DB6.12 20.52 31.63 17.38 36.08 -9.64 -8.54 -0.30 0.00 Banks - Regional - Euro3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR USD

-0.45 -11.15 -12.53 -12.18 -18.56 5.13 1.01 1.22 1.94 +/- Banks - Regional -Europe)

2.53 4.12 10.80 -14.59 -1.83 -20.78 -17.55 -6.65 -3.39 +/- S&P 500 TR USD



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Deutsche Bank AGDB

Performance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H43.42-49.14 38.18-53.12 21.13-84.93 11.50 44.65

Trailing Total Returns (Quarter-End)

0.00

10.00

20.00

30.00

40.00 DB


S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year Total Ret %2013-09-30

5.67 9.37 19.11 5.21 17.52 -4.51 -7.53 0.92 1.94 DB6.12 20.52 31.63 17.38 36.08 -9.64 -8.54 -0.30 0.00 Banks - Regional - Euro3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR USD

-0.45 -11.15 -12.53 -12.18 -18.56 5.13 1.01 1.22 1.94 +/- Banks - Regional -Europe)

2.53 4.12 10.80 -14.59 -1.83 -20.78 -17.55 -6.65 -3.39 +/- S&P 500 TR USD

Historical Prices 5-DayDate Open High Low Close Volume

2013-10-01 46.34 46.89 46.21 46.86 0.66 Mil2013-09-30 45.65 46.18 45.58 45.88 0.67 Mil2013-09-27 46.42 46.47 46.05 46.20 1.04 Mil2013-09-26 46.15 46.56 46.09 46.30 0.77 Mil2013-09-25 46.90 47.01 46.27 46.57 1.49 Mil

Five Year Dividend History

Annual Dividends 12-2008 12-2009 12-2010 12-2011 12-2012

Dividend Amount 6.98 0.70 0.69 0.55 0.68Year-end Yield % 17.15 0.98 1.32 1.46 1.54

*Dividend Amount is calculated using the ex-dividend date

Dividend History Ex-Dividend Date Declaration Date Record Date Payable Date $ Amount

2013 2013-05-24 2013-05-08 2013-05-23 2013-05-24 USD 0.71542012 2012-06-01 2012-04-12 2012-05-31 2012-06-01 USD 0.68062011 2011-05-27 2011-02-08 2011-05-26 2011-05-27 USD 0.55222010 2010-05-28 2010-02-05 2010-05-27 2010-05-28 USD 0.68522009 2009-05-27 2009-01-28 2009-05-26 2009-05-27 USD 0.6975

Split History

Date Ra

1995-06-01 1



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Deutsche Bank AGDB

Financials

Income Annual StatementAs of Reported

2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Loans and Leases 8,601 14,708 12,298 10,555 13,662Deposits with banks 1,363 1,386 1,316 633 919

Federal funds sold 11,349 1,092 966 320 762Securities 7,881 1,599 1,014 14,197 15,573Trading assets 22,784 46,023 Other assets 27,535 28,002 41,676 3,239 3,004 39,085 1,248 28,779 34,878 1,326 28,1

Total interest income 27,535 28,002 41,676 55,217 67,813 54,679 26,953 28,779 34,878 32,242 28,1Deposits 15,403 17,398 13,046 5,119 5,725Federal funds purchased 16,306 6,880 4,436 280 315Short-term borrowing 1,927 27,725 2,482 798 342Long-term debt 4,534 4,920 5,286 3,292 2,350Other expense 21,698 22,824 35,680 10,128 2,027 16,947 5,005 13,196 17,433 7,619 13,1

Total interest expense 21,698 22,824 35,680 48,298 58,950 42,196 14,494 13,196 17,433 16,351 13,1Net interest income 5,837 5,179 5,996 6,918 8,863 12,483 12,459 15,583 17,445 15,891 15,0

Commissions and fees 9,316 9,499 10,082 11,544 12,309 9,772 8,911 10,669 11,544 11,511 11,7Equity investment income 59 (2,004) (264) 159 3Securities gains (losses) 20 235 1,055 919 807 (9,348) (403) 3,555 3,181 5,900 6,5Insurance premium 112 123 Other income 5,946 6,867 8,488 8,956 8,815 616 6,926 764 1,322 280 4

Total noninterest revenue 15,394 16,724 19,624 21,419 21,931 1,039 15,493 12,984 15,783 17,850 19,0

Total net revenue 21,231 21,902 25,621 28,338 30,794 13,522 27,952 28,567 33,228 33,741 34,1Provisions for credit losses 1,111 372 374 330 613 1,078 2,630 1,274 1,839 1,721 1,8

Compensation and benefits 10,476 10,215 10,984 12,649 13,143 8,236 11,310 12,671 13,135 13,526 13,2Tech, communication and equipment 110 260 193 (253) 8,944 10,618 12,864 11,445 11,5Professional and outside services 1,870 1,7Merger, acquisition and restructuring (29) 400 767 192 (13) 394 6Other special charges 19 31 128 586 (134) 29 1,886 1,9

Other expenses 6,810 6,611 7,389 7,011 7,966 9,629 4,537 4,4Total noninterest expenses 17,368 17,504 19,140 19,883 21,418 18,198 20,120 23,318 25,999 33,658 33,6Income (loss) from cont ops before taxes 2,752 4,026 6,107 8,125 8,763 (5,754) 5,202 3,975 5,390 (1,638) (1,2

Provision (benefit) for taxes 1,540 1,556 2,581 2,185 2,243 (1,850) 244 1,645 1,064 493 9Other income (expense) (1) 1 1 (36) 60 15 (20) (194) 2,368 2,3Cumulative effect of accounting change 151 46 Net income 1,363 2,470 3,527 5,987 6,484 (3,844) 4,973 2,310 4,132 237 1

Net income available to common shareholders 1,363 2,470 3,527 5,987 6,484 (3,844) 4,973 2,310 4,132 237 1

Earnings per shareBasic 2.44 5.03 7.59 13.30 13.69 (7.60) 7.92 3.07 4.45 0.25 0Diluted 2.31 4.54 6.92 11.54 13.09 (7.60) 7.59 2.92 4.30 0.25 0Weighted average shares outstanding

Basic 558 491 465 450 474 504 628 753 928 934 9Diluted 589 544 510 519 496 504 655 791 957 960 9

EBITDA 5,819 5,801 7,579 9,683 10,497 (2,700) 6,984 8,230 9,087 1,597 1,5

Fiscal year ends in DecemberEUR in Million except per share data



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Deutsche Bank AGDB

Financials

Annual Cash Flow As of Reported

2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Net income 1,363 2,470 3,527 5,986 6,521 (3,905) 4,958 2,330 4,326 291 2Provision for credit losses 1,111 372 374 330 613 1,078 2,630 1,274 1,839 1,721 1,8

Depreciation & amortization 3,067 1,775 1,472 1,557 1,734 3,054 1,782 4,255 3,697 3,235 2,8Deferred tax (benefit) expense 268 837 963 84 (920) (1,529) (296) 315 (387) 720 8Investments (gains) losses (201) (476) (1,493) (953) (1,910) (1,736) (626) (5Loans 17,213 (2,823) (7,092) 11,715 22,0Other assets and liabilities (14,191) (35,707) (68,566) (57,977) 12,368 43,062 (39,228) (8,207) 6,482 (41,500) (52,2Other operating activities (220) 799 (189) (5) (1,590) (2,820) (845) (820) (1,063) (3) 2

Net cash provided by operating activities (8,803) (29,929) (63,912) (50,978) 16,816 37,205 (13,786) (3,676) 7,802 (24,447) (24,8Sales/maturity of investments 21,094 33,927 49,945 21,073 22,014 38,918 18,535 15,083 32,919 20,563 23,2Purchases of investments (19,907) (26,382) (49,439) (27,371) (26,537) (38,792) (15,812) (14,232) (20,208) (22,184) (30,5Acquisitions and dispositions (1,944) (649) (20) 8,580 348 96Property, and equipments, net (989) (792) (701) (544) 313 (834) (553) (765) (693) (417) (4Other investing activities 7,257 (7,481) (49,407) (26,221) 464 (63) (1,749) (1,189) (451) (703) (5

Net cash used for investing activities 7,455 (727) (49,602) (35,007) (4,395) (771) 401 7,477 11,915 (2,645) (8,2

Change in deposits (21,386) 23,330 59,994 26,528 Change in short-term borrowing 13,425 4,319 50,345 41,507 Long-term debt issued 43,116 34,438 44,540 64,603 429 3,937 1,760 1,431 113 61 1,2Long-term debt repayment (32,310) (25,754) (39,786) (42,944) (2,813) (661) (1,448) (280) (760) (708) (1,8Common stock issued 18,111 23,579 12,229 11,418 14,1Repurchases of treasury stock (19,238) (15,366) (13,781) (12,152) (11,9Cash dividends paid (754) (828) (867) (1,239) (2,008) (2,279) (314) (465) (695) (694) (7Other financing activities (2,109) (3,607) (2,207) (1,644) 1,018 2,231 109 193 (266) (284) (1

Net cash provided by (used for) financingactivities

(18) 31,899 112,019 86,812 (3,374) 3,228 (1,020) 9,092 (3,160) (2,359) 6

Effect of exchange rate changes (973) (299) 486 (389) (289) (403) 690 1,911 (964) 40 (2Net change in cash (2,339) 943 (1,008) 438 8,757 39,259 (13,715) 14,804 15,593 (29,411) (32,7Cash at beginning of period 8,963 6,631 7,573 6,571 17,381 26,160 65,264 51,549 66,353 81,946 76,9Cash at end of period 6,624 7,574 6,565 7,009 26,139 65,419 51,549 66,353 81,946 52,535 44,1




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Deutsche Bank AGDB

Financials

Annual Balance SheetAs of Reported

2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Cash and due from banks 21,248 25,649 18,520 26,479 30,294 74,742 9,346 17,157 15,928 27,8Deposits with banks 14,624 18,075 11,954 19,470 21,649 64,893 47,233 92,377 162,000 119,5

Federal funds sold 112,223 123,829 130,893 138,763 225,093 94,951 6,820 20,365 25,773 36,5Securities borrowed 43,509 28,916 31,337 23,9Trading assets 344,768 372,871 448,053 516,839 1,158,802 1,475,446 271,291 240,924 245,5Derivative assets 596,410 657,780 859,582 768,3Debt securities 97,257 85,901 122,707 135,677 43,297 52,810 18,819 54,266 45,281 236,4Loans 148,149 138,663 153,167 206,464 350,985 313,043 262,698 407,729 412,514 402,1Allowance for loan losses (3,275) (2,344) (1,927) (1,754) (1,708) (1,942) (3,343) (4,6Net loans 144,693 136,244 151,240 204,857 349,185 309,950 258,105 407,729 412,514 397,2Receivables 3,606 68,055 158,958 3,426 102,9Premises and equipment 5,776 5,221 5,075 4,149 2,413 3,721 2,777 5,802 5,509 4,9Goodwill 10,1

Other intangible assets 7,843 7,442 8,237 8,411 9,398 9,900 10,169 15,594 15,802 4,0Other assets 50,175 64,214 94,729 3,529 24,444 121,234 504,050 334,353 349,453 34,7

Total assets 802,212 839,447 991,408 1,126,229 2,023,533 2,207,646 1,500,664 1,905,630 2,164,103 2,012,3Deposits 305,620 329,226 380,498 408,782 458,667 396,491 344,220 533,984 601,730 577,2Federal funds purchased 102,254 105,215 143,415 187,129 364,257 87,324 45,495 27,922 35,311 36,1Trading liabilities 64,501 68,859 63,886 164,0Derivative liabilities 576,973 647,171 752,7Payables 3,787 62,167 135,407 116,855 3,713 2,524 1,5Short-term borrowing 22,251 20,103 20,534 43,033 63,601 42,432 42,897 64,990 65,356 69,0Long-term debt 97,310 106,791 113,468 132,495 179,312 134,173 131,782 169,660 163,416 158,0Other liabilities 242,837 252,228 303,581 259,815 785,185 1,399,596 254,436 344,201 1,178,490 199,4

Total liabilities 774,059 813,562 961,495 1,093,421 1,986,431 2,176,870 1,464,017 1,856,787 2,110,713 1,958,3Common stock 1,487 1,391 1,419 2,380 Additional paid-in capital 11,128 11,139 11,663 15,767 17,193 16,461 16,419 23,515 26,075 26,1Retained earnings 20,450 19,799 22,611 25,069 25,156 20,121 24,056 25,999 30,119 29,1

Treasury stock (970) (1,572) (3,365) (2,378) (2,824) (941) (48) (450) (823) (Accumulated other comprehensive income (3,942) (4,872) (2,415) (5,650) (2,423) (4,865) (3,780) (2,601) (1,981) (1,2

Total stockholders' equity 28,153 25,885 29,913 32,808 37,102 30,776 36,647 48,843 53,390 54,0

Total liabilities and stockholders' equity 802,212 839,447 991,408 1,126,229 2,023,533 2,207,646 1,500,664 1,905,630 2,164,103 2,012,3




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Deutsche Bank AGDB

Valuation / Estimates

Valuation History

40.00

80.00

120.00

160.00

200.00 DB

S&P 500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM Price/Earnings

31.6 14.5 11.8 8.8 6.8 -3.8 6.5 13.4 6.8 133.3 192.3 DB21.1 19 17.3 16.8 16.5 10.9 18.6 15.5 13.7 15 17 S&P 500

Price/Book

1.3 1.3 1.4 1.5 1.2 0.5 0.8 0.7 0.5 0.6 0.6 DB3.1 3 2.8 2.9 2.7 1.7 2.2 2.2 2 2.1 2.4 S&P 500

Price/Sales

1.8 1.6 1.6 1.8 1.4 1.1 1.2 1.1 0.8 0.9 0.9 DB

1.6 1.6 1.5 1.6 1.5 0.9 1.2 1.3 1.2 1.3 1.5 S&P 500Price/Cash Flow

-4.4 -1.2 -0.7 -1 2.6 0.4 -2.4 -8.4 3.6 -1.3 -1.4 DB11.9 11.4 10.7 11.1 11.6 6.8 9.1 9.3 8.5 9.2 10.2 S&P 500

Yields

2.00

4.00

urrent atesof Return %

Earnings Yield Dividend Yield Cash Return S&P 500 Earnings Yield S&P 500 Dividend Yield 30-year T-Bond Yield

0.5

1.5

NA

2.2

3.7

DB

Current Valuation2013-10-01DB Industry Avg S&P 500 DB 5Y Avg*

Price/Earnings 192.3 93.5 17.0 31.2Price/Book 0.6 0.9 2.4 0.6Price/Sales 0.9 1.2 1.5 1.0Price/Cash Flow -1.4 -1.5 10.2 -2.0Dividend Yield % 1.5 0.5 2.2 4.5Price/Fair Value 0.9

*Price/Cash Flow uses 3-year average.


- Avg +

Relative to S&P 500

- Avg

Forward Valuation2013-10-01DB Industry Avg S&P 500

Forward Price/Earnings 8.5 15.2PEG Ratio 0.1 PEG Payback (Yrs) 2.4


- Avg +

Relative to S&P 500

- Avg



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Deutsche Bank AGDB

Valuation / Estimates

Analyst Ratings

%

Five-Year Growth Forecast 84.5%Industry Avg

Average Rating 4.0Last Month Industry Avg S&P 500 Avg

Total Number of Analysts:

Buy 2Outperform 0

Hold 2Underperform 0Sell 0 0 1 2 3

Annual Earnings EstimatesData as of10/01/201312/2013 12/2014

EUR Growth % EUR Growth %

High 4.81 1824.0 5.19 7.9Low 2.59 936.0 2.79 7.7Mean 3.35 1240.0 4.06 21.230 Days Ago 3.38 1252.0 4.14 22.560 Days Ago 3.45 1280.0 4.34 25.8

90 Days Ago 3.97 1488.0 4.77 20.2Number of Estimates 6 6

Forward Comparisons

5Y GrowthForecast %

ForwardP/E

PRa

DB 84.50 8.50 0Industry S&P 500 9.83 15.24



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Deutsche Bank AGDB

Key Ratios

Financials

2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Revenue EUR Mil 21,231 21,902 25,621 28,338 30,794 13,522 27,952 28,567 33,228 36,163 36,5Gross Margin %

Operating Income EUR Mil 2,752 4,026 6,107 8,125 8,763 -5,754 5,202 3,975 5,390 -1,638 -1,2Operating Margin % 13.0 18.4 23.8 28.7 28.5 -42.6 18.6 13.9 16.2 -4.5 -Net Income EUR Mil 1,363 2,470 3,527 5,987 6,484 -3,844 4,973 2,310 4,132 237 1Earnings Per Share EUR 2.31 4.54 6.92 11.54 13.09 -7.60 7.59 2.92 4.30 0.25 0Dividends EUR 1.34 1.50 1.38 1.97 3.15 4.49 0.49 0.56 0.39 0.55Payout Ratio % 64.9 33.1 19.9 17.2 24.1 6.5 19.1 9.0 220.0Shares Mil 589 544 510 519 496 504 655 791 957 960 9Book Value Per Share EUR 62.75 67.84 70.01 86.71 108.38 74.87 84.66 70.68 76.45 76.86 76Operating Cash Flow EUR Mil -8,803 -29,929 -63,912 -50,978 16,816 37,205 -13,786 -3,676 7,802 -24,447 -24,8Cap Spending EUR Mil -592 -873 -794 -614 -5Free Cash Flow EUR Mil 3,227 4,738 -501 3,092 2,190 2,482 -898 -9,886 -415 -376 -1,5Free Cash Flow Per Share EUR 6.90 11.81 -1.16 7.87 6.44 6.85 -1.96 -16.63 -0.56 -0.52Working Capital EUR Mil

Profitability

Margins % of Sales 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100COGS Gross Margin

SG&A 49.86 47.82 42.87 44.64 44.64 59.04 72.46 81.52 78.24 69.05 67R&D Other 31.94 32.10 31.83 25.53 24.91 75.54 -0.48 0.10 24.02 24Operating Margin 12.96 18.38 23.84 28.67 28.46 -42.55 18.61 13.91 16.22 -4.53 -3

Net Int Inc & Other -5.23 -1.70 -1.46 -1.17 -1.99 -7.97 -9.41 -4.46 -5.53 -4.76 -4EBT Margin 12.96 18.38 23.84 28.67 28.46 -42.55 18.61 13.91 16.22 2.17 3

Profitability

Profitability 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TT

Tax Rate % 53.05 38.64 42.26 26.74 25.59 4.69 41.38 19.74 62.88 81Net Margin % 6.42 11.28 13.77 21.13 21.06 -28.43 17.79 8.09 12.44 0.66 0Asset Turnover (Average) 0.03 0.03 0.03 0.03 0.02 0.01 0.02 0.02 0.02 0.02 0Return on Assets % 0.17 0.30 0.39 0.57 0.41 -0.18 0.27 0.14 0.20 0.01 0Financial Leverage (Average) 28.49 32.43 33.14 34.33 54.54 71.73 40.95 39.02 40.53 37.26 33Return on Equity % 4.68 9.14 12.64 19.09 18.55 -11.33 14.75 5.40 8.08 0.44 0Return on Invested Capital % -10.16 -7.68 -14.67 -15.79 -15.31 -13.33 -4.22 -3.60 -3.49 -4.85 -3Interest Coverage



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Deutsche Bank AGDB

Key Ratios

Growth

Revenue % 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest

Year over Year -20.09 3.16 16.98 10.61 8.66 -56.09 106.71 2.20 16.32 8.83 23-Year Average -15.00 -9.63 -1.20 10.10 12.03 -19.19 -0.46 -2.47 34.94 8.96

5-Year Average -5.82 -0.92 3.00 -8.63 5.00 2.20 3.23 3.2710-Year Average -1.89 1.14 3.13

Operating Income %

Year over Year -22.51 46.30 51.68 33.05 7.84 -23.59 35.60 -173-Year Average -26.35 30.61 19.80 43.46 29.59 -13.81 -23.16 5-Year Average -2.38 35.07 19.80 5.26 -8.23 -7.88 10-Year Average -5.35 11.55

Net Income %

Year over Year 243.70 81.31 42.75 69.75 8.31 -53.55 78.87 -94.263-Year Average -53.50 145.26 107.20 63.78 37.94 -6.00 -29.11 -63.745-Year Average -23.60 104.48 74.88 15.02 -8.11 -7.15 -48.41

10-Year Average -16.22 37.79 -5.01

EPS %

Year over Year 267.22 96.33 52.38 66.72 13.40 -61.53 47.26 -94.19 -523-Year Average -52.64 156.17 122.30 70.86 42.29 -13.03 -39.35 -67.945-Year Average -20.49 111.89 83.44 10.81 -15.85 -17.92 -54.6910-Year Average -18.21 31.88 -8.83

Cash Flow

Cash Flow Ratios 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales 2.12 3.06 2.39 1.70 1

Free Cash Flow/Sales % 15.20 21.63 -1.96 10.91 7.11 18.36 -3.21 -34.61 -1.25 -1.04 -4Free Cash Flow/Net Income 2.37 1.92 -0.14 0.52 0.34 -0.65 -0.18 -4.28 -0.10 -1.59 -8



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Deutsche Bank AGDB

Key Ratios

Financial Health

Balance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest

Cash & Short-Term Investments 2.65 3.06 1.87 2.35 1.50 3.39 3.77 5.75 8.22 7.33 6Accounts Receivable 0.45 6.04 7.86 0.23 5.11 0

Inventory Other Current Assets Total Current Assets

Net PP&E 0.72 0.62 0.51 0.37 0.12 0.17 0.19 0.30 0.25 0.25 0Intangibles 0.98 0.89 0.83 0.75 0.46 0.45 0.68 0.82 0.73 0.71 0Other Long-Term Assets Total Assets 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100

Accounts Payable 4.98 6.36 5.06 0.12 0.08 0Short-Term Debt 2.77 2.39 2.07 3.82 3.14 1.92 2.86 3.41 3.02 3.43 3Taxes Payable 0.12 0.08 0Accrued Liabilities 0.47 0.54 0.34 0.23 0.25 Other Short-Term Liabilities Total Current Liabilities

Long-Term Debt 12.13 12.72 11.45 11.76 8.86 6.08 8.78 8.90 7.55 7.86 7Other Long-Term Liabilities Total Liabilities 96.49 96.92 96.98 97.09 98.17 98.61 97.56 97.44 97.53 97.32 96

Total Stockholders' Equity 3.51 3.08 3.02 2.91 1.83 1.39 2.44 2.56 2.47 2.68 3

Total Liabilities & Equity 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100

Liquidity/Financial Health

Liquidity/Financial Health 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Q

Quick Ratio Financial Leverage 28.49 32.43 33.14 34.33 54.54 71.73 40.95 39.02 40.53 37.26 33Debt/Equity 3.46 4.13 3.79 4.04 4.83 4.36 3.60 3.47 3.06 2.93 2

Efficiency Ratios

Efficiency 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 T

Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle

Receivables Turnover Inventory Turnover Fixed Assets Turnover 2.90 3.98 4.98 6.14 9.39 4.41 8.60 6.66 5.88 6.91 7Asset Turnover 0.03 0.03 0.03 0.03 0.02 0.01 0.02 0.02 0.02 0.02 0



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Deutsche Bank AGDB

Ownership

Equity and Debt

Type Mil EUR

Equity 57,479.0Debt 214,506.0

Equity Owners

Current Ownership

10,000

20,000

30,000

Type Mil USD

Institutions 15,554.3Mutual Funds 10,940.5Insiders 0.0

Current Ownership (8 Qtrs)

80.00

160.00

240.00

320.00

400.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Institutions 339.27

130.00

260.00

390.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Mutual Funds 236.87

80.00

160.00

240.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Insiders 0.00

-2.00

-1.00

0.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Current Ownership (10 Yrs)

350.0

700.0

1,050

1,400

1,750

04 05 06 07 08 09 10 11 12 13

Institutions 339

470.0

940.0

1,410

04 05 06 07 08 09 10 11 12 13

Mutual Funds 236

570.0

1,140

1,710

04 05 06 07 08 09 10 11 12 13

Insiders 0

-2.00

-1.00

0.00

04 05 06 07 08 09 10 11 12 13

Fund Owners' Style

880 1,428 174

19 9 6

3 2 0

Value Blend Growth

Large

Mid

Small

Buying TrendSellingTrend

Style # of Funds Shares Buy Sell Net % CLarge Value 880 49,470,234 4,737,929 5,705,966 -1Large Blend 1,428 146,071,400 7,885,301 11,167,016 -Large Growth 174 40,841,052 6,088,305 1,907,894 1Mid Value 19 249,248 79,131 153,889 -23Mid Blend 9 65,732 12,535 76,591 -49Mid Growth 6 26,993 13,175 202,565 -87Small Value 3 11,401 -- --Small Blend 2 129,043 4,043 --Small Growth 0 0 -- 2,968

Total 2,521 236,865,103 18,820,419 19,216,889 -0



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Deutsche Bank AGDB

Ownership

Owner Activity

Institutions Fun

Name Current % Chg from Prev Qtr Current % Chg from Prev

Total Owners 901 24.62 2,521 30New Owners 113 117.31 215 91Sold Out 75 -18.48 214 -2# of Owners Buying 258 10.73 568 23# of Owners Selling 241 15.31 503 24Total Shares Owned (Mil) 339 28.33 237 29Total Shares Bought (Mil) 56 88.65 19 63Total Shares Sold (Mil) 33 -22.35 19 -17Net Share Change (Mil) 23 -282.96 0 -96

Peer Comparison

Equity Ownership DB JPM HBC

Market Cap (Mil USD) 47,755 195,588 202,690 147,7# of Institution Owners 901 2,720 487 1,9

Equity Ownership

Funds Shares Change % TotalShares Held

% TotalAssets

D

Thornburg International Value A 12,622,485 0 1.24 2.01 07/31/20American Funds EuroPacific Gr A 5,732,146 0 0.56 0.24 06/30/20Vanguard Total Intl Stock Index Inv 5,200,013 77,297 0.51 0.24 07/31/20iShares MSCI Germany Index 4,683,910 0 0.51 4.39 09/20/20Oppenheimer Global A 3,343,582 531,169 0.33 1.55 08/31/20

Total: Top 5 funds 0 0 0

Institutions

BlackRock Asset Management (DEU) AG 25,146,585 -1,031,830 2.47 3.68 09/30/20DekaBank Deutsche Girozentrale 23,529,706 -982,040 2.32 19.38 06/30/20Commerzbank AG 19,790,330 -195,485 1.95 3.66 06/30/20Government Pension Fund of Norway - Global 21,416,802 4,184,033 2.37 0.15 12/31/20Credit Agricole Asset Management Group 13,974,088 -1,141,672 1.37 5.25 06/30/20Vanguard Group, Inc. 10,410,240 354,039 1.02 0.3 07/31/20Merrill Lynch International 10,564,610 5,291,203 1.04 7.4 06/30/20J.P.Morgan Securities Inc. 8,926,550 6,764,300 0.88 0.61 06/30/20Capital Research Global Investors 7,634,441 -1,394,300 0.75 0.14 06/30/20HSBC Holdings PLC 7,383,521 1,461,748 0.73 0.94 06/30/20

Total: Top 10 institutions 148,776,873 13,309,996 14.9



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Deutsche Bank AGDB

Ownership

Major Shareholders

Funds Star Rating Shares Held % TotalShares Held

SharesChange

% Chg fromPrior Port

% TotalAssets

DatePortf

Thornburg International Value A QQQ 12,622,485 1.24 0 0.00 2.01 07/31/20

American Funds EuroPacific Gr A QQQQ 5,732,146 0.56 0 0.00 0.24 06/30/20Vanguard Tota

201310021344490473600_db

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