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Deutsche Bank AG

Company Profile

Publication Date: 30 Jun 2010

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Deutsche Bank AG

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Deutsche Bank AG
TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................8
Key Employees...................................................................................................12
Key Employee Biographies................................................................................13
Major Products and Services............................................................................19
Revenue Analysis...............................................................................................21
SWOT Analysis...................................................................................................22
Top Competitors.................................................................................................26
Company View.....................................................................................................27
Locations and Subsidiaries...............................................................................30

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Deutsche Bank AG
Company Overview

COMPANY OVERVIEW

Deutsche Bank (DB) is the largest bank in Germany. It is one of the largest financial institutions in
Europe with assets of E1,500.7 billion. It offers a range of financial services such as asset
management, cash management, securities issuance, and trading and conventional banking services.
The bank has operations in 76 countries spread across Europe, Americas and the Asia-Pacific. It
is headquartered in Frankfurt, Germany and employs 77,053 people.

The company recorded revenues of E25,322 million ($36,294.8 million) in the financial year (FY)
ended December 2009, compared to E12,537 million ($17,969.7 million) in FY2008. The company
recorded an operating profit of E5,202 million ($7,456.2 million) in FY2009, as compared to an
operating loss of E5,741 million in ($8,228.8 million) FY2008. The company recorded a net profit of
E4,973 million ($7,128 million) in FY2009, as compared to a net loss of E3,835 million ($5,496.8
million) in FY2008.

KEY FACTS

Head Office Deutsche Bank AG


Deutsche Bank
Theodor Heuss Allee 70
60486 Frankfurt
DEU
Phone 49 69 910 00
Fax 49 69 910 34225
Web Address http://www.deutsche-bank.de/index_e.htm?ghpmeta=DEU_english
Revenue / turnover 25,322.0
(EUR Mn)
Financial Year End December
Employees 77,053
New York Ticker DB

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Deutsche Bank AG
Business Description

BUSINESS DESCRIPTION

Deutsche Bank (DB) is a leading global investment bank with a strong private clients franchise. It is
one of the largest financial services providers in Germany. It offers a range of investment, financial
and related products and services to private individuals, corporate entities and institutional clients
worldwide. They include asset management, cash management, securities issuance, and trading
and conventional banking services. It has 80456 employees and operates in 76 countries worldwide.
The bank primarily operates in Germany, other European countries, Americas and Asia-Pacific. DB
operates with 989 branches in Germany and 900 branches outside Germany.

Deutsche Bank is the holding company for its subsidiaries. Taunus Corporation, Deutsche Bank
Privat- und Geschäftskunden Aktiengesellschaft and DB Capital Markets (Deutschland) GmbH are
some of the significant subsidiaries of the company. Taunus Corporation is a holding company for
most of DB’s subsidiaries across America.

DB owns significant equity interests in a number of companies. It has business relationships with
these companies. It also has business relationships with many of the companies where members
of DB’s Management Board hold positions on boards of directors. The shares of DB are actively
traded on the Frankfurt stock exchange. DB has a 1% stake in Deutsche Börse AG, which operates
the Frankfurt stock exchange. They are also traded on Xetra, the electronic trading platform of the
exchange.

DB provide its private and business clients, conventional banking services extending from deposits
and securities investment to asset management. It also offers investment banking products. The
company undertakes activities from payments processing and corporate finance to assistance in
Initial public offerings (IPOs) and Mergers and Acquisitions (M&A). DB also deals in the management
of foreign exchange and in trading of fixed-income securities and equities.

DB has an infrastructure group centralizing the business support areas and corporate center. The
business support areas consist of control and service functions for the businesses relating to CIB
and PCAM. The corporate center covers the supra-divisional functions supporting the management
of the group. It also has a regional management function that covers regional responsibilities
worldwide.

The research wing of the company, DB research provides systematic analysis of key issues supported
by its global research platform and state-of-the-art analytical tools. The research activities are focused
on the trends in business, society and the financial markets. The research is undertaken in the areas
of banking, financial markets and regulation, economic and European policy issues, and emerging
markets. It also covers financial market monitoring, macro economic research, real estate and
eResearch. A sector research covering wholesale, retail, services, energy, transportation and
environment policy is also undertaken. The company operates through three business segments:
corporate and investment banking (CIB), private clients and asset management (PCAM) and corporate
investments.

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Business Description

Corporate and investment banking (CIB) combines DB's corporate banking, securities (including
sales and trading, corporate finance, global banking and loan exposure management activities) and
transaction banking activities. The company serves corporate and institutional clients. These clients
range from medium sized enterprises to multinational corporations and sovereign organizations.
CIB operates predominantly in global financial cities such as New York, London, Frankfurt, Tokyo,
Singapore and Hong Kong. This business segment includes two sub-divisions: ‘corporate banking
& securities corporate’, and ‘global transaction banking corporate’.

Corporate banking and securities has two business units: global markets, and corporate finance.
The global markets business is responsible for origination, sales, structuring and trading activities
across a range of debt, foreign exchange, commodities, derivative and money market products. The
corporate finance offers advice on mergers and acquisition advice, and general corporate finance
advice, leveraged debt and equity origination services, and credit products and financial services.
This division focuses on client relationships for its distribution activities through corporate and
institutional coverage bankers and sales teams. It has a structured client coverage model for providing
a variety of standardized services.

The global banking division includes relationship management functions related to multinational and
medium-sized companies, domiciled in Germany, as well as to corporate and institutional clients
located globally. In Germany, this business division provides varied financial services to public sector
customers.

CIB's global transaction banking corporate division offers cash management, trade finance, cash
management financial institutions and trust and securities services. The division is primarily engaged
in providing advisory, equity, and debt financing and structuring services. Global transaction banking
is aligned with corporate finance, but is a separately managed division. This provides trade finance,
cash management and trust and securities services.The global transaction banking corporate division
develops and markets its own products and services in Europe, Asia and the Americas.The marketing
activities are carried out together with those of corporate banking & securities corporate division.
The customers are categorized into two groups: financial institutions; and multinational corporations
and large local corporates.

Private clients and asset management (PCAM) combines DB's asset management, asset and wealth
management, and private and business clients (PBC) activities. Asset and wealth management
comprises two business divisions: asset management and private wealth management. Asset
management manages assets on behalf of institutional clients, including pension funds and insurance
companies. The services provided by the asset management division include traditional asset
management, alternative assets, sophisticated absolute return strategies and real estate asset
management. It provides asset management insurance services to the insurance companies
worldwide. This division manages general account assets on behalf of insurance companies and
offers investment solutions. It provides mutual fund products to retail clients through its DWS and
DWS Scudder franchises. The Private wealth management focuses on the specific needs of
high-net-worth clients, and selected institutions around the world. The division provides investment
advice, brokerage services, discretionary portfolio management, and securities custody services. It
also offers loan and deposit products, like any other conventional bank.

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Business Description

Retail products are marketed across Germany and other Continental European countries through
established internal distribution channels in PWM and PBC. Distribution of funds is also done through
other banks, insurance companies and independent investment advisors. DWS Scudder distributes
its retail products to US investors through financial representatives at major national and regional
wirehouses, independent and bank-based broker dealers, and independent financial advisors and
registered investment advisors. The sales and marketing network of the division and third-party
distribution channels market products to institutional clients.

Private and Business Clients (PBC) provides private individuals and small businesses with a range
of traditional banking products. These traditional banking products include current accounts, deposits
and loans, investment management products and business banking services. PBC operates outside
Germany predominantly in Europe. This sub-division operates in Italy, Spain, Belgium and Portugal.
It is currently expanding presence in emerging markets of Central and Eastern Europe. These
emerging markets include Poland. PCB is also expanding operations in emerging Asian markets of
India and China.

This division markets its services across Europe through various channels of in-person and remote
distribution points. They include investment and finance centers, financial agents, call centers,
internet and self-service terminals.

The corporate investments division combines the management of DB's industrial holdings, private
equity investments and other corporate principal investment activities. Corporate investments
encompasses DB's private equity and venture capital investments, private equity fund investments,
corporate real estate investments, certain credit exposures, portfolio of industrial holdings, holdings
in Eurohypo and Atradius and certain other non-strategic investments.

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Deutsche Bank AG
History

HISTORY

Deutsche Bank (DB) was formed in 1870 for financing foreign trade. The company was founded by
Adelbert Delbruck in Berlin, Germany. Between 1871 and 1873 DB opened five branches, two in
Germany and one each in Japan, China and the UK.

DB made two acquisitions in 1876. In the mentioned year DB acquired Berliner Bank-Verein and
Deutsche Union-Bank. DB began underwriting securities for large corporations particularly, of
electrical engineering and steel industries in 1880s.

It expanded its domestic presence by opening new branches and acquiring smaller regional banks.
The company opened a branch in Munich in 1892. And DB opened branches in Leipzig and Dresden
in 1901.

In 1903, DB acquired the Romanian oil company Steaua Romana. Between 1905 and 1910, DB
opened branches in Nuremberg, Augsburg, Istanbul and Brussels.

In 1914, it acquired Bergisch Merkische Bank in Elberfeld and its branches in the
Rhineland-Westphalia industrial region. These were integrated into DB’s operations resulting in the
expansion of DB’s branch network from 8 to 60 outlets. The company acquired Schlesischer
Bankverein in Breslau and Norddeutsche Creditanstalt in Konigsberg in 1917. These entities were
merged with DB’s operations expanding the branch network throughout Germany.

Deutsche bank acquired interests in Hannoversche Bank, Braunschweigische Bank and Privatbank
zu Gotha in 1920. Between 1924 and 1925, DB merged with Wurttembergische Vereinsbank in
Stuttgart and Essener Credit-Anstalt.

In 1929, the company merged with Disconto-Gesellschaft and received the name ‘Deutsche Bank
und Disconto-Gesellschaft’.

DB closed down its head office located in Berlin during the year 1945. Meanwhile in Russia, DB
shut-down all branch operations.

During 1947-1948, DB was split into 10 autonomous institutions. In the year 1952, these 10 institutions
were combined into three joint-stock companies. The companies set up were Rheinisch-Westfalische
Bank in Dusseldorf, Suddeutsche Bank in Frankfurt and Munich and Norddeutsche Bank in Hamburg.
These three companies were merged into a single joint-stock company with the name Deutsche
Bank AG in 1957.

In 1959, DB set up retail banking operations by offering small personal loans.The company introduced
its present logo in 1974. Between 1976 and 1979, DB set up branch offices in London, Tokyo, Paris,
Brussels, Antwerp, New York, Hong Kong, Milan, and Madrid. DB acquired Banca d'America e d'Italia
in 1986. DB formed Deutsche Bank Australia Ltd in Australia in the year 1987. in the same year DB

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History

formed Deutsche Bank Bauspar AG and Deutsche Gesellschaft für Mittelstandsberatung mbH in
Germany.

The company opened branches in 12 countries in the Asian-Pacific region in the year 1988. At the
same time, DB set up branch networks in Australia, Brazil, Canada, the Netherlands and Portugal.
DB acquired Morgan Grenfell in 1989. This acquisition strengthened DB’s position in the international
equity business and expanded DB’s presence in the capital market London.

DB continued to grow during the 1990s. It acquired Banco de Madrid and Banca Popolare di Lecco
in 1993. In 1998, DB acquired Crédit Lyonnais Belgiuma. DB also acquired Bankers Trust entering
the US financial market. .This acquisition was the largest buyout ever of an American bank by a
German organization.

In 2000, DB cancelled the merger it had planned with Dresdner Bank. DB was listed on the New
York Stock Exchange in 2001. DB acquired the US asset manager Zurich Scudder Investments in
2002.

In 2003, DB acquired the Swiss private bank ‘Rued Blass & Cie’. And in 2004, DB opened a branch
office in Beijing. In Istanbul, DB became the sole owner of Bender Securities (Istanbul), by acquiring
the remaining 60% stake in 2005.

DB acquired United Financial Group (UFG) in 2006. This acquisition strengthened DB's position as
one of the leading investment banks in Russia. In the same year, the company purchased the Latin
American equity research firm ‘Deutsche Ixe’. DB also acquired a 49% interest in Fincasa Hipotecaria,
a Mexican mortgage originator active in the low income social housing market in Mexico, from Ixe
Grupo Financiero. DB also acquired a 30.99% stake in Paternoster Limited.

In North America, DB acquired MortgageIT, an originator of residential mortgages. This acquisition


was a significant step for DB’s presence in the North American securitization market. The company
launched credit cards in India in 2006. This launch was in line with DB’s consumers banking strategies
in India. DB acquired a 1% stake in Deutsche Börse AG. In Germany, DB made two acquisitions:
Norisbank, which expanded DB’s presence in consumer finance, and Berliner Bank, which doubled
DB’s branch network in Berlin and gave it a market share of approximately 15% in Germany’s capital.
In 2006, DB acquired Chapel Funding, a California-based mortgage originator. DB acquired Tilney
Group Limited, strengthening DB’s private wealth management's positioning in the UK, the second
largest wealth management market in Europe. DB sold its 21.16 % stake in Atradius N.V. to Credito
y Caución and Seguros Catalana Occidente of Spain for E 208 million.

DB's asset management division planned to acquire a minority stake in Aldus Equity during the first
quarter of 2007. Aldus Equity was an alternative asset management and advisory company
specializing in customized private equity investing. In the following month, DB acquired a 10 % stake
in Dedalus GmbH & Co. In April 2007, DB formed a joint venture with Strabag to develop and finance
real estate and infrastructure projects in Russia & CIS. DB launched three iTraxx indices under its
db x-trackers Exchange Traded Fund (ETF) platform, in May 2007. These products would enable

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History

European clients to trade ETFs on Credit Default Swap (CDS) indices for the first time. In June 2007,
DB set up a new office in Oslo, Norway, reinforcing its strong presence in the Nordic region.

During the third quarter of 2007, DB acquired the domestic custody business of ‘Turkye Garanti
Bankasi A.S. Frankfurt am Main’. This acquisition would establish a strong local market presence.
DB launched the first internationally-traded ETF linked to the S&P CNX Nifty, the flagship index for
the Indian stock market, in the third quarter of 2007. The db x-trackers S&P CNX Nifty ETF, which
would be listed on Deutsche Boerse Frankfurt, was one of the 41 new ETFs recently launched by
DB.

Also in the third quarter of 2007, MortgageIT, a subsidiary of DB, announced $500 million of residential
mortgage financing to qualified purchasers of properties within Cap Cana, Dominican Republic.
State Administration of Foreign Exchange (SAFE) approved a $300m qualified domestic institutional
investors (QDII) quota in the same month allowing the DB China to offer overseas investment
products to domestic clients. In the same quarter, DB successfully closed Vityaz CDO I, a full capital
structure RUB denominated synthetic CDO of Russian corporates. DB launched trading in catastrophe
event-linked futures (ELF) on the Chicago Climate Futures Exchange (CCFE) along with Climate
Exchange Plc. Deutsche Securities Inc (DSI) launched a Yen-denominated 'samurai' bond issue for
DB. In the same month, DB announced the launch of the Single Euro Payments Area in January
2008. This is designed to deliver its clients instant financial and business benefits. DB successfully
placed the world's first externally rated securitization of subordinated microcredits on the German
market with its newly launched db Microfinance-Invest Nr. 1. These subordinated loans would help
21 microfinance institutions by distributing at least 120,000 very small loans to microbusinesses in
15 developing and emerging market countries. DB sold its Australian private equity operations, DB
Capital Partners. DB and Lufthansa German Airlines, in association with Visa International, launched
the Miles & More credit card in India, available as a Visa Platinum or Visa Signature card.

In the fourth quarter of 2007, DB completed the purchase of 10% of the issued capital of Hanoi
Building Commercial Joint Stock Bank (Habubank). DB enhanced its United States check processing
platform from paper to full image-based capabilities. In the same month, DB acquired Abbey Life
Assurance Company from Lloyds TSB Group. DB closed an Islamic Profit Rate Collar structure of
over $500m with Dubai Islamic Bank (DIB). This is the largest such structure done in the Islamic
Markets. DB finalized an agreement to operate on the Open Platform for Unregistered Securities
(OPUS-5), the new trading platform for equity securities. dbFX, the online retail foreign exchange
margin trading platform of DB launched its Middle East offering, the Arabic language website offering
retail investors an alternative asset class for investment and trading. Deutsche Bank Global
Transaction Banking (GTB) expanded its treasury sales team in the United States by creating 14
new treasury sales positions in key locations. Ten of these professionals are focused on corporate
cash management sales and four to trade finance sales.

Also in the fourth quarter of 2007, DB officially opened its branch in the Qatar Financial Centre
offering investment banking and Private Wealth Management services. DB entered into definitive
agreements for the sale of DWS Vita SpA, an Italian life insurance company, to Zurich Financial
Services Group in the last quarter of 2007. DB's Asset Management division announced its entry

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History

into the Taiwanese funds management market by signing of an agreement to acquire a 60% majority
stake in Taiwanese investment management firm, Far Eastern Alliance Asset Management Co., Ltd.

Deutsche Bank China, a wholly foreign-funded subsidiary bank of DB commenced its operations
following approval from the China Banking Regulatory Commission in January 2008. DB’s Asset
Management division increased its stake in Harvest Fund Management Co. Ltd, a China funds
management company to 30%.

In 2008, DB acquired HedgeWorks, LLC, a hedge fund administrator with more than $10 billion in
assets under administration. The company launched a new commodity index, the Deutsche Bank
Commodity Harvest Index. DB’s Asset Management division completed the acquisition of a 60%
interest in Taiwanese investment management firm, Far Eastern Alliance Asset Management. The
company was renamed Deutsche Far Eastern Asset Management Company Limited. RREEF
Alternative Investments, the property arm of DB launched a new operation named RREEF India
Advisors Private Limited in India.

DB integrated its shipping operations in 2008. Schiffshypothekenbank zu Lübeck AG (SHL), a wholly


owned subsidiary was merged with DB to form Deutsche Shipping. DB raised its stake in Atos Origin
to above 5%, to control 6.26% of the capital and voting rights in the IT services group. DB launched
its first subsidiary in Peru, Deutsche Bank (Peru) S.A.

In February 2009, Deutsche Bank AG and Deutsche Post AG announced that they completed the
transaction disclosed on January 14, 2009 for the acquisition of shares of Deutsche Postbank AG.
Deutsche Bank's acquisition of 50 million Postbank shares (approximately 22.9%) will be effective
with the registration in the commercial register of the capital increase in kind of 50 million Deutsche
Bank shares in the name of Deutsche Post. In March 2009, Deutsche Bank AG acquired a stake in
London Dry Bulk, a subsidiary of London Commodity Brokers, Ltd., a UK-based inter dealer broking
house. In April 2009, DB integrated Rued, Blass & Cie. AG into its structure. In November 2009,
Dow Jones reported that Deutsche Bank AG acquired a 6.78% stake in Grontmij NV. In December
2009, DB a completed its acquisition of Dresdner Bank AG's Global Agency Securities Lending
business from Commerzbank AG, pursuant to the agreement entered into by the parties in May
2009. DB received an International Islamic Banking license from Bank Negara Malaysia, in March
2010. Also in the same month, Deutsche Bank AG closed the acquisition of Sal. Oppenheim Group.
In April 2010, DB acquired commercial bank business in Holland from ABN Amro N.V.

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Key Employees

KEY EMPLOYEES

Name Job Title Board Compensation


Josef Ackermann Chairman, Management Board Executive Board 9551530 EUR
Hugo Banziger Member, Management Board Executive Board 4008888 EUR
Stefan Krause Member, Management Board Executive Board 4015767 EUR
Hermann Josef Lamberti Member, Management Board and Executive Board 4059623 EUR
Chief Operating Officer
Michael Cohrs Member, Management Board Executive Board 3221874 EUR
Jürgen Fitschen Member, Management Board Executive Board 3099236 EUR
Rainer Neske Member, Management Board Executive Board 3228194 EUR
Clemens Borsig Chairman, Supervisory Board Non Executive Board 281733 EUR
Heidrun Forster Deputy Chairperson, Supervisory Non Executive Board 140867 EUR
Board
Karl Gerhard Eick Member, Supervisory Board Non Executive Board 206300 EUR
Gerd Herzberg Member, Supervisory Board Non Executive Board 70433 EUR
Peter Job Member, Supervisory Board Non Executive Board 212300 EUR
Henning Kagermann Member, Supervisory Board Non Executive Board 138867 EUR
Maurice Levy Member, Supervisory Board Non Executive Board 69433 EUR
Henriette Mark Member, Supervisory Board Non Executive Board 142867 EUR
Gabriele Platscher Member, Supervisory Board Non Executive Board 70433 EUR
Karin Ruck Member, Supervisory Board Non Executive Board 245017 EUR
Theo Siegert Member, Supervisory Board Non Executive Board 138867 EUR
Tilman Todenhofer Member, Supervisory Board Non Executive Board 140867 EUR
Jurgen Weber Member, Supervisory Board Non Executive Board
Leo Wunderlich Member, Supervisory Board Non Executive Board
Anshu Jain Head, Global Markets Senior Management
Kevin Parker Head, Asset Management Senior Management
Pierre de Weck Head, Private Wealth Management Senior Management

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Josef Ackermann

Board: Executive Board


Job Title: Chairman, Management Board
Since: 1996
Age: 61

Mr. Ackermann has been the Chairman of DB’s Management Board since 2006. He was appointed
a Member of the Management Board in 1996 and Spokesman of the Management Board and
Chairman of the Group Executive Committee in 2002. Mr. Ackermann started his professional career
in 1977 at Schweizerische Kreditanstalt (SKA) where he held a variety of positions in Corporate
Banking, Foreign Exchange/ Money Markets and Treasury, Investment Banking and Multinational
Services. Between 1993 and 1996, he served as President of SKA’s Executive Board, following his
appointment to that Board in 1990. Mr. Ackermann is a Member of the Supervisory Boards of Bayer
and Siemens (second deputy chairman). Until June 2006, he was a Member of the Supervisory
Boards of Deutsche Lufthansa and Linde.

Hugo Banziger

Board: Executive Board


Job Title: Member, Management Board
Since: 2006
Age: 53

Mr. Banziger has been a Member of DB’s Management Board since 2006. He is also the Chief Risk
Officer and a Member of the Group Executive Committee. He joined Deutsche Bank in 1996 as
Head of Global Markets Credit. He was appointed Chief Credit Officer in 2000 and became Chief
Risk Officer for Credit and Operational Risk in 2004. Mr. Banziger began his career in 1983 at the
Swiss Federal Banking Commission in Berne. From 1985 to 1996, he worked at Credit Suisse in
Zürich and London, first in Retail Banking and subsequently as Relationship Manager in Corporate
Finance. In 1990 he was appointed Global Head of Credit for CS Financial Products. He is also a
Member of the Supervisory Board of EUREX Clearing, EUREX Frankfurt and a Member of the Board
of EUREX Zurich.

Stefan Krause

Board: Executive Board


Job Title: Member, Management Board
Since: 2008
Age: 48

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Key Employee Biographies

Mr. Krause has been a Member of DB’s Management Board since 2008. Previously, he spent over
20 years in the automotive industry, holding various senior management positions with a strong
focus on Finance and Financial Services. Starting in 1987 at BMW’s Controlling department in
Munich, he transferred to the USA in 1993, building up and ultimately heading BMW’s Financial
Services Division in the Americas.

Hermann Josef Lamberti

Board: Executive Board


Job Title: Member, Management Board and Chief Operating Officer
Since: 1999
Age: 52

Mr. Lamberti has been a Member of DB’s Management Board since 1999. He is the Chief Operating
Officer and a Member of the Group Executive Committee. He joined DB in 1998 as an Executive
Vice President. Mr. Lamberti began his professional career in 1982 with Touche Ross in Toronto
and subsequently joined Chemical Bank in Frankfurt. From 1985 to 1998 he worked for IBM. In
1993, he was appointed General Manager of the Personal Software Division for Europe, the Middle
East and Africa at IBM Europe in Paris. In 1995, he moved to IBM in the US, where he was the Vice
President for Marketing and Brand Management. In 1997 he was appointed the Chairman of the
Management of IBM Germany in Stuttgart. He is also a Member of the supervisory board or similar
bodies of Deutsche Borse Fiat and Carl Zeiss and was a Member of the Supervisory Board of
Schering until March 2006.

Michael Cohrs

Board: Executive Board


Job Title: Member, Management Board
Since: 2009
Age: 54

Mr. Cohrs has been a Member of DB’s Management Board since 2009. He joined Deutsche Bank
in 1995 from S.G. Warburg in London where he was Joint Head of Global Equity Capital Markets.
From 1989 to 1991 he worked for Goldman Sachs in London where he was Head of Equity Capital
Markets.

Jürgen Fitschen

Board: Executive Board


Job Title: Member, Management Board
Since: 2009
Age: 62

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Key Employee Biographies

Mr. Fitschen has been a Member of DB’s Management Board since 2009. He started his career in
the corporate banking business at Citibank in 1975, ultimately serving as a member of the
Management Committee, Germany. After joining Deutsche Bank in 1987, Fitschen held executive
positions in Thailand, Japan and Singapore, before becoming a member of the "Global Corporates
and Institutions" Divisional Board in 1997, based in Frankfurt.

Rainer Neske

Board: Executive Board


Job Title: Member, Management Board
Since: 2009
Age: 46

Mr. Neske has been a Member of DB’s Management Board since 2009. He joined Deutsche Bank's
IT division in 1990 and became member of the Transaction Services division's management team
in 1998.

Clemens Borsig

Board: Non Executive Board


Job Title: Chairman, Supervisory Board
Since: 2006
Age: 61

Mr. Borsig is the Chairman of DB’s Supervisory Board. He is also a Member of the Supervisory
Board of Deutsche Lufthansa, Heidelberger Druckmaschinen and Foreign & Colonial Eurotrust.

Heidrun Forster

Board: Non Executive Board


Job Title: Deputy Chairperson, Supervisory Board
Since: 1993
Age: 62

Mr. Forster is the Deputy Chairperson of DB’s Supervisory Board. He is also the Chairperson of the
combined staff council Berlin of DB.

Karl Gerhard Eick

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2004
Age: 56

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Key Employee Biographies

Mr. Eick is a Member of DB’s Supervisory Board. He is also the Deputy Chairman of the Board of
Managing Directors of Deutsche Telekom, Bonn. Mr. Eick also serves as a Member of the Supervisory
Board of DeTe Immobilien Deutsche Telekom Immobilien und Service, T Mobile International,
T-Systems Enterprise Services, TSystems Business Services, GMG Generalmietgesellschaft, Sireo
Real Estate Asset Management, FC Bayern Munchen.

Gerd Herzberg

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2006
Age: 59

Mr. Herzbergis a Member of DB’s Supervisory Board. He is also the Deputy Chairman of ver.di
Vereinte Dienstleistungsgewerkschaft, Berlin. Mr. Herzbergis also serves on the Supervisory Board
of Franz Haniel & Cie GmbH (Deputy Chairman), DBV Winterthur Lebensversicherung, BGAG
Beteiligungsgesellschaft der Gewerkschaften, DAWAG Deutsche Angestellten Wohnungsbau
(Chairman), and Vattenfall Europe.

Peter Job

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2001
Age: 68

Mr. Job is a Member of DB’s Supervisory Board. He also serves on the Supervisory Board of
Schroders, Tibco Software and Royal Dutch Shell. He was appointed on the Advisory Board of
Mathon Systems in January 2007.

Henning Kagermann

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2004
Age: 56

Mr. Kagermann is a Member of DB’s Supervisory Board. He is also the Chairman and Chief Executive
Officer of SAP, Walldorf. He also serves on the Supervisory Board of Munchener
Rückversicherungs-Gesellschaft.

Maurice Levy

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Deutsche Bank AG
Key Employee Biographies

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2006
Age: 68

Mr. Levy is a Member of DB’s Supervisory Board. He is also the Chairman and Chief Executive
Officer of Publicis Groupe. He also serves on the Supervisory Board of Publicis Conseil (France),
Publicis USA Holdings (the US), Medias et Regies Europe (France), MMS USA Holdings and Fallon
Group.

Henriette Mark

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2003
Age: 52

Mr. Mark is a Member of DB’s Supervisory Board. He is also the Chairperson of the combined staff
council Munich and Southern Bavaria of DB.

Gabriele Platscher

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2003
Age: 52

Mr. Platscher is a Member of DB’s Supervisory Board. He is also the Chairperson of the combined
staff council Braunschweig/ Hildesheim of DB. He also serves on the Supervisory Board of DB Privat-
und Geschaftskunden and BVV Versicherungsverein des Bankgewerbes.

Karin Ruck

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2004
Age: 56

Mr. Ruck is a Member of DB’s Supervisory Board. He is also the Deputy Chairperson of the combined
staff council Frankfurt branch of DB. He also serves on the Supervisory Board of DB Privat- und
Geschaftskunden and BVV Versicherungsverein des Bankgewerbes.

Theo Siegert

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Deutsche Bank AG
Key Employee Biographies

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2006
Age: 62

Mr. Siegert is a Member of DB’s Supervisory Board. He is also the Managing Partner of de Haen
Carstanjen & Sohne, Dusseldorf. He also serves on the Supervisory Board of Celesio, ERGO, Metro,
Merck and E Merck. He is a Member of the shareholders’ committee of DKSH Holding and a Member
of the Board of administration of Takkt.

Tilman Todenhofer

Board: Non Executive Board


Job Title: Member, Supervisory Board
Since: 2001
Age: 66

Mr. Todenhofer is a Member of DB’s Supervisory Board. He is also the Managing Partner of Robert
Bosch Industrietreuhand, Stuttgart. He also serves on the Supervisory Board of Robert Bosch,
Beteiligungen (President of the Board of Administration), Carl Zeiss (Chairman) and Schott
(Chairman).

Jurgen Weber

Board: Non Executive Board


Job Title: Member, Supervisory Board

Mr. Weber is a Member of DB’s Supervisory Board. He is also the Chairman of the Supervisory
Board of Deutsche Lufthansa, Cologne. He also serves on the Supervisory Board of Allianz
Lebensversicherungs, Bayer, Deutsche Post (Chairman), Voith, LP Holding (Chairman), Tetra Laval
Group, Willy Bogner.

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Deutsche Bank AG
Major Products and Services

MAJOR PRODUCTS AND SERVICES

Deutsche Bank (DB) is the largest bank in Germany with assets of E 1,126 billion. It offers a range
of financial services such as asset management, cash management, securities issuance, and trading
and conventional banking services.

The company's key products and services include the following:

Corporate Banking and Securities:

Origination, sales, financing, structuring and trading activities for:


Capital-raising
Mergers and acquisitions
Corporate finance advice
Leveraged debt and equity origination services
Credit products

Global Transaction Banking:


Custom-made solutions for structured trade and export finance
Global and regional treasury functions
Trust & securities services

Asset and Wealth Management:


Fund management
Portfolio management
Mutual funds
Structured products
Commingled funds
Real estate and infrastructure investment management products
Hedge funds
Investment brokerage services
Loans/deposits products
Payment services
Processing
Disposition of cash and non-cash
Payments in local currency payments in local currency
International payments
Letters of credit
Guarantees
Other cash transactions

Private and Business Clients Corporate:


Investment advice

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Deutsche Bank AG
Major Products and Services

Discretionary portfolio management


Securities custody services
Loan and deposit services
Payments, account & other financial services

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Deutsche Bank AG
Revenue Analysis

REVENUE ANALYSIS

Deutsche Bank

The company recorded revenues of E25,322 million ($36,294.8 million) in the financial year (FY)
ended December 2009, compared to E12,537 million ($17,969.7 million) in FY2008. For FY2009,
Europe, Middle East and Africa, the company's largest geographic market, accounted for 39.2% of
the total revenues.

DB generates revenues through three business divisions: corporate and investment banking (66.9%
of the total revenues in FY2009), private clients and asset management (29.4%), and corporate
investments (3.7%).

Revenues by Division

In FY2009, the corporate and investment banking division recorded revenues of E18,804 million
($26,952.3 million), compared to E3,201 million ($4,588 million) in FY2008.

The private clients and asset management division recorded revenues of E8,264 million in FY2009,
a decrease of 8.6% over FY2008.

The corporate investments division recorded revenues of E1,044 million ($1,496.4 million) in FY2009,
a decrease of 19.1% over FY2008.

Revenues by Geography

Europe, Middle East and Africa, DB's largest geographical market, accounted for 39.2% of the total
revenues in FY2009. Revenues from Europe, Middle East and Africa reached E10,964 million
($15,715 million) in FY2009, compared to E1,762 million ($2,525.5 million) in FY2008.

Germany accounted for 25.5% of the total revenues in FY2009. Revenues from Germany reached
E7,122 million ($10,208.2 million) in FY2009, a decrease of 13.2% over FY2008.

Americas accounted for 21.5% of the total revenues in FY2009. Revenues from Americas reached
E6,020 million ($8,628.6 million) in FY2009, compared to E133 million ($190.6 million) in FY2008.

Asia/Pacific accounted for 10.6% of the total revenues in FY2009. Revenues from Asia/Pacific
reached E2,961 million ($3,070.2 million) in FY2009, an increase of 38.2% over FY2008.

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Deutsche Bank AG
SWOT Analysis

SWOT ANALYSIS

Deutsche Bank (DB) is a leading financial services company offering a range of services, including
asset management, cash management, securities issuance and trading and conventional banking.
It is the largest bank in Germany with an asset base of over about E1,500.7 billion and an extensive
network of global operations. Given the intensity of the competition in the financial service market,
Deutsche bank relies on the strength of its market position to win business. However, weak economic
growth in eurozone, and competition for retail deposits could impact the company’s revenue and
earnings.

Strengths Weaknesses

Strong market position in Germany and Higher expenses affecting profitability


global financial markets Increasing non performing assets impacting
Broad product offerings helping retain large asset turnover and profitability
customers with varied needs
Strong capital position cushions against
market volatility

Opportunities Threats

Acquisitions likely to sustain growth Weak economic growth in Germany and


Organic growth initiatives complementing other Euro zone economies
inorganic growth initiatives Regulatory changes could increase
Buoyant asset management market likely compliance spending and alter business
provide upside to fee income plans
Competition for retail deposits likely to
increase funding costs

Strengths

Strong market position in Germany and global financial markets

DB is one of the largest financial services providers in Germany. It is the largest bank in Germany
with an asset base of E1,500.7 billion ($2,151 billion), and 961 domestic branches at end FY2009.
The company has significant market share in the global financial services industry across product
segments. For instance at end 2009, the company’s global market share in credit derivatives was
14.6% (ranked #1). DB was voted world’s top prime broker for a second year by Global Custodian,
in 2009. The company’s global market share in foreign exchange market was 21% at end 2009
(ranked #1). DB’s corporate finance division gained market share and improved its league table

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Deutsche Bank AG
SWOT Analysis

positions in key areas in 2009.This large scale of operations provides the company with a strong
competitive advantage and enables it to serve multiple customer segments.

Broad product offerings helping retain large customers with varied needs

The company enjoys a strong brand image and maintains long-term relationships with its clients by
delivering a wide range of innovative commercial banking solutions across geographies.The company
virtually offers a one-stop shop for asset management, investment banking and conventional banking
needs of its customers. It provides various products and services through its business segments.
Corporate and investment bank division conducts capital markets business including debt, equity,
and other securities, together with corporate advisory, corporate lending and transaction banking
businesses. Private client and asset management division provides asset and wealth management,
absolute return strategies, real estate asset management, portfolio management, tax advisory,
inheritance planning and philanthropic advisory services. It also offers various traditional banking
products, including current accounts, deposits and loans, investment management products and
business banking services. Corporate investment division includes real estate assets, private equity
and venture capital activities. Leveraging its broad products portfolio, DB efficiently caters to its
global clients with special requirements.

Strong capital position cushions against market volatility

DB improved its capital position significantly in 2009, despite not accepting any government aid.
The company’s Tier 1 capital ratio improved from 10.1% at end 2008 to 12.6% at end 2009, its best
level since the introduction of the Basel capital framework. DB’s ‘core’ Tier 1 ratio, which excludes
hybrid instruments, improved from 7.0% at end 2008 to 8.7% at end 2009. The company’s total
capital ratio improved to 13.9% at end 2009 from 12.2% at end 2008. DB also reduced its leverage
ratio to 23% by the end of 2009, compared to 28% in 2008. Strong capital position enables the
company to withstand market volatility with ease.

Weaknesses

Higher expenses affecting profitability

DB’s expense management has been deteriorating (as indicated by cost/income ratio) over the last
few quarters. The company’s cost/income ratio (total noninterest expenses as a percentage of total
net interest income before provision for credit losses plus noninterest income) has deteriorated
sharply from 69.6% in 2007 to 134.6%. Although it improved to 72% in 2009, that is still high relative
to its peers and also by its own historical standards. Compared to its peers, the company’s profitability
is low on account of higher expenses.

Increasing non performing assets impacting asset turnover and profitability

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Deutsche Bank AG
SWOT Analysis

DB continues to report increasing non performing assets in 2009. As on December 31, 2009, Deutsche
Bank’s impaired loans totaled E7.2 billion ($10.3 billion), compared to E3.7 billion ($10.3 billion) in
2008. In 2008 also, the company reported significant jump in non performing assets. Increase in
impaired loans was broads based. Impaired loans in Germany rose to E1.7 billion ($2.4 billion),
compared to E1.6 billion ($2.3 billion) in 2008. Impaired loans outside of Germany rose to E5.5 billion
($7.9 billion), compared to E3.7 billion ($5.3 billion) in 2008. As a result, the company’s asset turnover
was considerably impacted in 2009. Continued rise in non-performing assets could lead to significant
write-downs and curtailment of lending operations in those markets.

Opportunities

Acquisitions likely to sustain growth

In the last three years, DB made a number of acquisitions that are expected to provide long term
growth opportunities for the company. For instance, in October 2008, DB completed the acquisition
of the operating platform of Pago eTransaction GmbH into the Deutsche Card Services GmbH,
based in Germany. In November 2008, the company acquired a 40% stake in UFG Invest, the
Russian investment management company of UFG Asset Management, with an option to become
a 100% owner in the future. In March 2009, Deutsche Bank AG acquired a stake in London Dry
Bulk, a subsidiary of London Commodity Brokers, Ltd., a UK-based inter dealer broking house. In
November 2009, Dow Jones reported that Deutsche Bank AG acquired a 6.78% stake in Grontmij
NV. In December 2009, DB a completed its acquisition of Dresdner Bank AG's Global Agency
Securities Lending business from Commerzbank AG. In March 2010, DB closed the acquisition of
Sal. Oppenheim Group and in April 2010, DB acquired commercial bank business in Holland from
ABN Amro N.V. These acquisitions are expected to provide significant upside potential to the
company’s revenue and earnings.

Organic growth initiatives complementing inorganic growth initiatives

DB focus on growth is well balanced with organic and inorganic initiatives. Since 2007, the company
has been investing significant capital to increase its organic growth. For instance in September 2007,
DB launched trading in catastrophe event-linked futures (ELF) on the Chicago Climate Futures
Exchange (CCFE) along with Climate Exchange Plc. DB launched the Single Euro Payments Area
in 2008. This is designed to deliver its clients instant financial and business benefits. DB finalized
an agreement to operate on the Open Platform for Unregistered Securities (OPUS-5), the new trading
platform for equity securities. DB opened its new Beijing office tower with 500 staff in April 2008. DB
received an International Islamic Banking license from Bank Negara Malaysia, in March 2010. The
launch of Islamic Banking is expected to enable the bank accelerate its growth in Islamic markets
and complement the company’s inorganic growth initiatives.

Buoyant asset management market likely provide upside to fee income

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Deutsche Bank AG
SWOT Analysis

The global asset management and custody banks sector grew by 14.9% in 2009 to reach a value
of $70,758.3 billion. The sector is anticipated to reach a value of $142,366.5 billion by the end of
2014. The main factor driving this growth is the need for private individuals to make provision for
their pension requirements to counter the widespread weakening of government pension products.
Since, DB is one of the largest asset managing companies in the world, a positive outlook in the
global asset management market would enable it to improve its fee income.

Threats

Weak economic growth in Germany and other Euro zone economies

In January, the International Monetary Fund (IMF) forecasted Germany’s economic growth of 1.5%
in 2010 and 1.9% in 2011. However, in March 2010, IMF revised down its forecasts for Germany
economic growth to 1.2% in 2010 and 1.7% in 2011. So was the case in several Euro zone economies.
In the euro zone, Greece, Spain, Italy, and Ireland are facing a tough time emerging from recession.
Weak economic growth in major economies within euro zone could impact the company’s prospects
in 2010.

Regulatory changes could increase compliance spending and alter business plans

There are potential strategic and structural risks to the organisation, nature and scope of the group's
business activities and opportunities posed by many of the proposals for regulatory reform being
debated both internationally and domestically in response to the recent financial crisis. The Basel
Committee on Banking Supervision has issued a comprehensive reform package to address the
lessons of the crisis which includes proposals on strengthening global capital and liquidity regulations
and the resolution of systemically significant crossborder banks such as DB. The reforms could be
implemented by 2012. DB is also subject to several regulations across geographies that could have
an impact on its strategy, and financial performance and health.

Competition for retail deposits likely to increase funding costs

The financial crisis has begun to re-shape the banking landscape globally and those institutions
which have emerged the strongest have reinforced both the importance of a core retail and commercial
deposit funding base and strong capitalisation. As a consequence, financial firms have sought to
reduce the proportion of their balance sheets funded in the wholesale markets. As a result,
competitions for retail deposits and tighter balance sheet control have resulted in re-pricing of loans
and advances. Competition for retail deposits is expected to intensify further in 2010 as conditions
in the global wholesale markets are still not favorable. Consequently, funding costs could go up and
decrease net interest margin.

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Deutsche Bank AG
Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Deutsche Bank AG

Bank of America Corporation


Citigroup Inc.
Credit Suisse Group
Dresdner Bank AG
Goldman Sachs Group
Barclays PLC
Morgan Stanley
UBS AG
JPMorgan Chase & Co.
Merrill Lynch & Co., Inc.

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Deutsche Bank AG
Company View

COMPANY VIEW

A statement by Josef Ackermann, the Chairman of the Management Board and the Group Executive
Committee of DB is given below. The statement has been taken from the company's 2009 annual
report.

2009 was a year of considerable achievement for Deutsche Bank. Financially, we delivered a
significant turnaround after the exceptionally difficult conditions of 2008, and strategically, we laid a
firm basis for success in the post-crisis era.

For the global economy, 2009 was a year of stabilisation, after the exceptionally turbulent final
months of 2008. In the first quarter of 2009, financial markets witnessed high volatility, volumes and
margins, while the rest of the year saw a steady trend toward normalisation. As the year progressed,
mature economies showed signs of recovery, and in economies in emerging markets, including in
Asia, healthier growth rates returned. Equity markets rallied worldwide. Nonetheless, the economic
environment in mature markets remained fragile in 2009, with high levels of unemployment and
continued reliance on the external stimulus measures taken by governments around the world in
the wake of the financial crisis.

Against this backdrop, our financial results for the year 2009 demonstrate just how far we have
progressed in re-positioning Deutsche Bank. Pre-tax profits were € 5.2 billion, versus a loss before
income taxes of € 5.7 billion in 2008. Net income was 5.0 billion, or € 7.59 per share on a diluted
basis, compared to a net loss of € 3.9 billion in the previous year, or € 7.61 per share on a diluted
basis. Pre-tax return on average active equity, as per our target definition, was 15 %. Furthermore,
2009’s profit figures include the absorption of significant write-downs and trading losses from legacy
positions impacted by the crisis. We also did more with less. We delivered substantial profitability
with a significantly lower balance sheet, while risk-weighted assets declined steadily from their peak
at the end of the first quarter. As a result, we strengthened our capital base. Our Tier 1 capital ratio
improved from 10.1 % to 12.6 %, its best level since the introduction of the Basel capital framework.
Our ‘core’ Tier 1 ratio, which excludes hybrid instruments, improved from 7.0 % to 8.7 %. We also
reduced our leverage ratio to 23 ( per target definition ) by the end of the year, compared to 28 a
year ago and 37 at its peak. Thus on three critical dimensions – profitability, capital strength, and
risk profile – Deutsche Bank at the end of 2009 was a much stronger bank from a year earlier. Our
share price rose 78 % during 2009, far outperforming the DAX index, which rose 24 %, and the
STOXX banks index, which rose 47 %.

At our Annual General Meeting on 27 May, the Management Board and Supervisory Board will
recommend an annual dividend of 75 cents per share - up from 50 cents for the year 2008. This
reflects our confidence in the future, but above all our firm conviction that in the current environment,
our shareholders’ interests are best served by further strengthening our capital base.

The Corporate and Investment Bank, or CIB, turned in a pre-tax profit of € 4.3 billion for the year,
compared to a loss before income taxes of € 7.4 billion in 2008. Our investment banking business,

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Deutsche Bank AG
Company View

Corporate Banking and Securities, delivered a pre-tax profit of € 3.5 billion, versus a loss before
income taxes of € 8.5 billion in the prior year. This result reflects supportive market conditions of the
first half of 2009, but also our success in re-orienting our sales and trading platform towards liquid,
customer-driven ‘flow’ businesses. Our foreign exchange, interest rate and money market trading
businesses delivered revenues that were higher than in pre-crisis years, while key investment areas
– commodities trading and emerging markets debt trading – turned in record years.

Our equities derivatives business also benefited from a successful recalibration, while in both fixed
income and in equities we captured market share gains in the all-important U.S. market.
Simultaneously, we reduced risk: balance sheet, risk-weighted assets and value at risk have all been
taken down considerably from peak levels, while proprietary trading activities have been either
considerably scaled back or discontinued altogether. Corporate Finance remained impacted by low
levels of market activity in the wake of market turbulence. Global Transaction Banking turned in
pre-tax profits of € 776 million, significantly below 2008’s record performance, reflecting the combined
impact of historically low interest rates and equity market valuations which remain lower than pre-crisis.

Private Clients and Asset Management, or PCAM, delivered pre-tax profits of € 660 million, up from
€ 420 million in 2008. This development principally reflected a turnaround in Asset and Wealth
Management, which recorded pre-tax profits of € 202 million in 2009, compared to a loss before
income taxes of € 525 million in 2008, due mainly to a non-recurrence of the specific charges in the
prior year, together with significantly lower non-interest expenses. Asset and Wealth Management
also attracted net money inflows of € 16 billion in the year, compared to outflows of € 13 billion in
2008. Private & Business Clients produced profits of € 458 million, significantly lower than in 2008,
reflecting a rise in severance charges associated with efficiency measures and lower revenues in
deposit products as a result of low interest rates, and lower revenues in investment products, reflecting
wariness on the part of retail investors.

2009 was also a defining year for Deutsche Bank’s strategy. We defined in detail how we aim to
turn strong relative performance through the crisis into profitable growth for our shareholders in the
post-crisis environment. In December, at an Investor Day in Frankfurt, we launched ‘Phase four’ of
our Management Agenda. Taking account of environmental and internal assumptions which we
outlined at our Investor Day, we believe ‘Phase four’ has a pre-tax profit potential of € 10 billion from
our core businesses in 2011, whilst continuing to meet our targets of a Tier 1 capital ratio of around
10 % and a leverage ratio of 25 per target definition. Our overall strategic goal is clear: to be a leading
global corporate and investment bank, supported by a private client franchise with undisputed
leadership in our home market and a strong Asian growth engine. We have identified four priorities:

First, to increase CIB profitability with renewed risk and balance sheet discipline. Through the crisis,
we have cemented our position as a global leader in corporate and investment banking, and in 2009
we made an excellent start in delivering substantial profits with a lower risk profile. As we build on
this, and as governments and regulators around the world seek to strengthen the financial system,
efficiency in risk, leverage and capital usage will be critical. Our strategy takes full account of this.

Second, to focus on core PCAM businesses and home market leadership. We have created decisive
optionality to achieve this goal. Our minority stake in Deutsche Postbank, with an exclusive option

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Deutsche Bank AG
Company View

to take a majority position, would give us a commanding lead in retail banking in Germany. During
2009, we started our strategic co-operation with Postbank, and the results of this collaboration have
exceeded our expectations. In October, we signed an agreement to purchase Sal. Oppenheim, a
well renowned German private wealth manager with a long tradition – giving us a leading position
in serving wealthy clients in our home market. Worldwide, we rigorously re-focused our Asset
Management business on core activities, resulting in substantial cost savings.

Third, to focus on Asia as a key driver of revenue growth. Through the crisis, the Asian region has
emerged as an increasingly important constituent of the global economy. Our goal is to capitalise
and build on the investments we have made, and our China strategy clearly illustrates this. We have
a substantial minority stake in Hua Xia, China’s 10 th largest bank, and via our 30 % stake in Harvest
Fund Management, we are partners in the largest sino-western asset management joint venture in
China. Through our Zhong De joint venture, we can now also issue bonds and handle IPOs on the
Chinese stock exchange. Across Asia, we aim to double our revenues in the next two years.

Fourth, to reinvigorate our performance culture. We will focus on cost and improve infrastructure
efficiency. We have significantly enhanced the way in which we measure performance, aligning this
more closely with shareholder value. We will continue to drive capital efficiency, reducing capital
consumption of non-core assets and rigorously assessing capital demand when evaluating growth
investments. We have also aligned our compensation plan more closely to the creation of sustainable
value for shareholders. The rigour and discipline of this plan has been confirmed by our discussions
with our major supervisory authorities. We are strongly committed to compensation which rewards
and retains top talents in the service of shareholders, but which is performance oriented, proportionate
and responsible.

Looking ahead, we see challenges and opportunities. Economic recovery remains fragile.
Unemployment, and the recovery of housing markets in the United States and some European
economies, will be key challenges in the year ahead. Sovereign risk, and the timing of the withdrawal
of economic and fiscal stimulus measures by governments around the world, will be important factors
in the post-crisis environment. Nevertheless, Deutsche Bank is very well positioned not only to meet
these challenges but also to seize opportunities. We have moved swiftly and decisively to reposition
our business, acquired highly important strategic leverage through targeted investments, and
demonstrated profitability, capital strength and risk discipline. Our strategy is clear; we have all the
resources we need to deliver it. Much in our environment may change. However, my colleagues and
I are absolutely determined that Deutsche Bank’s commitment to its stakeholders will not change.
We continue to commit ourselves to the communities in which we operate, and right through the
crisis, we kept up our financial donations, and contributed our expertise and our time to these
communities. We continue to believe that our long-term success lies in delivery of outstanding service
to our clients. We continue to invest in the skills and the future development of our uniquely diverse
employee base, and to create for them an environment of true meritocracy. And we will continue to
strive to deliver sustainable value for you, our shareholders. Thank you for your loyalty and support.

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Deutsche Bank AG
Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES


Head Office
Deutsche Bank AG
Deutsche Bank
Theodor Heuss Allee 70
60486 Frankfurt
DEU
P:49 69 910 00
F:49 69 910 34225
http://www.deutsche-bank.de/index_e.htm?ghpmeta=DEU_english

Other Locations and Subsidiaries

Deutsche Bank Germany Deutsche Bank Mexico


Burgstrabe 10 Blvd Manuel Avila Camacho No 40
26603 Aurich Colonia Lomas de Chapultepec
DEU Piso 17
11000 Mexico City
MEX

Deutsche Bank USA Deutsche Bank Switzerland


101 California Street Place des Bergues 3
46th Floor 1201 Geneva
California 94111 CHE
San Francisco
California
USA

Deutsche Bank Singapore Deutsche Bank Australia


60 Alexandra Terrace Level 23
Floor 09 07 333 Collins Street
118502 Singapore Victoria 3000
SGP Melbourne
AUS

Deutsche Bank South Africa Deutsche Bank Brazil


9 Riebeek Street Rua Alexandre Dumas
9th Floor 2200 Chacara Santo Antonio
8000 Cape Town CEP 04717-910 Sao Paulo
ZAF BRA

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