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Annual Financial Statements and Management Report of Deutsche Bank AG 2018 2018 of Deutsche Bank AG Report Management and Statements Financial Annual Deutsche Bank

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Annual Financial Statements and Management Report of Deutsche Bank AG 2018 2018 of Deutsche Bank AG Report Management and Statements Financial Annual Deutsche Bank Deutsche Bank Annual Financial Annual Financial Statements and Management Report of Deutsche Bank 2018 AG Statements and Management Report of Deutsche Bank AG 2018 Deutsche Bank Content 1 — Management Report 3 Operating and financial review 14 Outlook 20 Risks and opportunities 26 Risk report 62 Compensation report 105 Internal control over financial reporting 107 Non-financial Statement 124 Information pursuant to Section 289 (4) of the German Commercial Code and explanatory report 2 — Annual Financial Statement 130 Balance sheet as of December 31, 2018 132 Income Statement for the period from January 1 to December 31, 2018 133 Notes to the Accounts 3 — Confirmations 190 Responsibility Statement by the Management Board 191 Independent Auditor’s Report 1 Management Report 3 Operating and financial review 3 Our organization 6 Economic environment 6 Executive summary 9 Income statement 12 Balance sheet 14 Outlook 20 Risks and opportunities 26 Risk report 26 The risks of Deutsche Bank AG within the Group 27 Risk and capital overview 27 Key risk metrics 28 Risk profile 30 Risk and capital framework 30 Risk management principles 31 Risk governance 34 Risk appetite and capacity 34 Risk and capital plan 36 Credit risk management 39 Market risk management 42 Operational risk management 44 Liquidity risk management 45 Business (strategic) risk management 45 Model risk management 46 Reputational risk management 47 Risk and capital performance 47 Capital and leverage ratio 55 Credit risk exposure 60 Trading market risk exposures 60 Operational risk exposure 61 Liquidity risk exposure 62 Compensation report 63 Management board compensation report 89 Employee compensation report 102 Compensation system for supervisory board members 105 Internal control over ­financial reporting 107 Non-financial Statement 124 Information pursuant to Section 289 (4) of the German Commercial Code and explanatory report Deutsche Bank Operating and financial review Annual Financial Statements and Deutsche Bank Group Management Report of Deutsche Bank AG Operating and financial review Our organization Deutsche Bank Group Deutsche Bank: our organization Headquartered in Frankfurt am Main, Germany, we are the largest bank in Germany and one of the largest financial institutions in Europe and the world, as measured by total assets of € 1,348 billion as of December 31, 2018. As of that date, we employed 91,737 full-time equivalent internal employees and operated in 59 countries out of 2,064 branches worldwide, of which 68 % were in Germany. We offer a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. As of December 31, 2018, we were organized into the following three corporate divisions: – Corporate & Investment Bank (CIB) – Private & Commercial Bank (PCB) – Asset Management (AM) The three corporate divisions are supported by infrastructure functions. In addition, Deutsche Bank has a local and regional organizational layer to facilitate a consistent implementation of global strategies. We have operations or dealings with existing or potential customers in most countries in the world. These operations and dealings include working through: – subsidiaries and branches in many countries; – representative offices in many other countries; and – one or more representatives assigned to serve customers in a large number of additional countries. For Deutsche Bank AG, the most important branches besides our operations in Germany are located in London, New York, Cayman Islands and Singapore. These branches are mainly providing services in the Corporate & Investment Bank and Wealth Management divisions. Please see below for an overview on our corporate divisions. Corporate & Investment Bank (CIB) Corporate division overview CIB comprises our Global Transaction Banking, Origination & Advisory, Sales & Trading (FIC) and Sales & Trading (Equity) businesses. The division brings together wholesale banking expertise across, coverage, risk management, sales and trading, Investment Banking and infrastructure across Deutsche Bank. This enables CIB to align resourcing and capital across our client and product perimeter to effectively serve the Bank’s clients. Products and services Global Transaction Banking (GTB) is a global provider of cash management, trade finance and securities services, delivering the full range of commercial banking products and services for both corporate clients and financial institutions worldwide. Origination and Advisory is responsible for mergers and acquisitions (M&A) as well as debt and equity advisory and origination. Regional and industry-focused coverage teams ensure the delivery of the entire range of financial products and services to our corporate and institutional clients. Sales & Trading (FIC) and Sales & Trading (Equity) combine sales, trading and structuring of a wide range of financial market products, including bonds, equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market instruments, and structured products, while Research provides analysis of markets, products and trading strategies for clients. 3 Deutsche Bank 1 – Management Report Annual Financial Statements and Management Report of Deutsche Bank AG All our trading activities are covered by our risk management procedures and controls which are described in detail in the Risk Report. Distribution channels and marketing As part of our strategy, we are re-focusing and optimizing our client coverage model to the benefit of our core clients. We are exiting client relationships where we consider returns to be too low or risks to be too high while also strengthening our client on-boarding and know-your-client (KYC) procedures. Coverage of our clients is provided by the Institutional and Treasury Coverage group, which combines our Equity and Debt sales teams, Financial Solutions Group and Corporate Banking Coverage. This new consolidated group is intended to benefit the division through closer cooperation and enhanced synergies leading to increased cross selling of products/solutions to our clients, while working closely with the Investment Banking Coverage team within Corporate Finance. Private & Commercial Bank (PCB) Corporate division overview In PCB, we serve personal and private clients, small and medium-sized enterprises as well as wealthy private clients. We are organized along three core business divisions: Private and Commercial Business (Germany), Private and Commercial Business (International) and Wealth Management (Global). Our product range includes payment and account services, credit and deposit products as well as investment advice and selected digital offerings. In these products, we offer our customers both the coverage of all basic financial needs and individual, tailor-made solutions. Products and services In our Private and Commercial Business (Germany) division, we pursue a differentiated, customer-focused approach with two brands – “Deutsche Bank” and “Postbank”. With our “Deutsche Bank” brand we focus on providing our private customers with banking and financial products and services that include sophisticated and individual advisory solutions. For small and medium-sized corporate clients, we provide an integrated commercial banking coverage model in collaboration with the Corporate & Investment Bank. The focus of our “Postbank” brand remains on providing our retail and corporate customers with standard products and daily retail banking services. In cooperation with Deutsche Post DHL AG, we also offer postal and parcel services in the Postbank branches. Our Private and Commercial Business (International) division provide banking and other financial services to private and commercial clients in Belgium, India, Italy and Spain with some variations in the product offering among countries that are driven by local market, regulatory and customer requirements. The Wealth Management (Global) division serves wealthy, high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families. We support our clients in planning, managing and investing their wealth, financing their personal and business interests and servicing their institutional and corporate needs. We also provide institutional-like services for sophisticated clients and complement our offerings by closely collaborating with the Corporate & Investment Bank and Asset Management. We also have consolidated activities, which are no longer part of our core businesses, into a separate unit (called “Exited Businesses”) and have established a Digital Ventures unit to holistically steer PCB’s digital agenda across businesses and brands, focusing on new platform-based digital business models, venture capital investments as well as end-to-end process digitalization and appropriate data architecture as a basis for structured data analysis and application of Artificial Intelligence. Distribution channels and marketing We pursue an omni-channel approach and our customers can flexibly choose between different possibilities to access our services and products (branches, advisory centers, mobile networks of independent consultants and online/mobile banking). In our Private and Commercial Business (Germany) and Private and Commercial Business (International) we have similar distribution channels. Those include our branch network, supported by customer call centers and self-service terminals; advisory centers of Deutsche Bank brand in Germany, which connect
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