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DEUTSCHE POSTBANK AG, BONN 2016ANNUAL FINANCIAL STATEMENTS (HGB) AS OF DECEMBER 31, 2016 DEUTSCHE POSTBANK AG, BONN ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2016 AND MANAGEMENT REPORT FOR FISCAL YEAR 2016 CONTENTS Management Report 2 Balance Sheet as of December 31, 2016 46 Income Statement for the Period January 1, 2016 to December 31, 2016 48 Notes 50 Auditor‘s Report 96 POSTBANK MANAGEMENT REPORT range for retail customers. In all these areas, Postbank offers some products and services as part of partnerships with fund BUSINESS AND ENVIRONMENT companies, banks, and insurance companies. The Bank also wants to offer its customers prudent guidance on invest - Corporate profile and business model of Postbank ments in a low interest rate environment that go above and beyond savings and checking products, and has recently Corporate profile introduced a new securities strategy in connection with a Postbank has been part of the Deutsche Bank Group, new integrated advisory concept for that purpose. Frankfurt am Main, since December 3, 2010. On its journey to independence Postbank has succeeded with efforts to In its own 1,043 Finance Centers, including the recently estab - create in fiscal year 2016 the general framework for techni- lished sales centers, Postbank offers both comprehensive cal and operational deconsolidation from Deutsche Bank. banking and financial services as well as Deutsche Post AG These efforts have been based on the results of internal services. In addition, the Bank has more than 4,300 Deutsche projects and constitute a necessary prerequisite for the Post AG partner retail outlets, where customers can access planned deconsolidation on the balance sheet. Deutsche select Postbank financial services, as well as some 700 Postbank Postbank AG is now positioned in such a way that it will be Finanzberatung AG advisory centers. Postbank’s major able to operate independently within a short period of time. competitors in the retail banking business in Germany are providers from the sector of savings banks and cooperative Business model banks as well as several major banks. Offering a range of simple, standardized products, Deutsche Postbank AG (Postbank) views itself as a banking In addition to retail banking, Postbank is involved in the and financial services provider that is oriented on the corporate banking business. As a mid-sized market player needs of our customer base. As a bank for retail, business in this area, it focuses particularly on German SMEs and and corporate customers, Postbank sells its products and major payment transaction addresses. In the area of pay- services through a nationwide branch network in Germany ment transactions, as well as in factoring, Postbank is one of of Finance, Advisory and Sales Centers, as well as through the leading providers in Germany. It also serves as a partner mobile sales, call centers, and direct banking via online sales for commercial real estate finance with an international channels. In addition, selected Postbank financial services orientation for its corporate customers. The Bank’s most sig - are offered in third-party sales through brokers and nificant competitors also in this business area are providers cooper ation partners. from the sector of savings banks and cooperative banks as well as several major banks. On the basis of a unique cooperation with Deutsche Post AG in Germany, Postbank also generates fee and commission Management at Postbank income through the provision of postal services in its branch Postbank is responsible for the Group-wide management network. The resultant increase in customer traffic allows of the Postbank subgroup. for a more efficient operation of the branch network and offers numerous opportunities to approach customers for Non-financial key performance indicators at Postbank selling Postbank products. In its corporate management, Postbank makes use of finan- cial as well as non-financial key performance indicators. Key locations The essential non-financial key performance indicators are The head office of Postbank is located in Bonn. In addition, measures of employee and customer satisfaction. Both are Postbank operates a national network of branches that had Group targets within the target system and as such were 1,043 Finance Centers in Germany at the end of 2016, as well relevant to the remuneration of all Management Board as a branch in Luxembourg. members in 2016. The subsidiary BHW Bausparkasse Aktiengesellschaft is Employee satisfaction is measured by evaluating the results domiciled in Hameln. of Postbank’s annual people survey. It poses a number of questions related to the dimensions of identification, Fundamental sales markets and competitive position leadership, business success/targets, customer orientation, In retail banking, Postbank conducts its business almost productivity and efficiency, vision and mission, ability to exclusively in Germany and is one of the largest financial change, communication, and work load. Employees indi - service providers in the country. The Bank wants to position cate their approval ratings on a five-point scale. The degree itself as a fair and reliable partner in financial questions and of employee satisfaction is primarily derived from the results excels in the savings and deposit business owing primarily from the “identification” dimension, which consists of vari- to a demand-actuated offer of checking accounts as well as ous questions used to determine motivation and workforce home savings and investment products. With some 6.4 million loyalty to the Company. retail and business customers who have the option of bank - ing online, Postbank is one of the largest direct banks in Customer satisfaction is measured quarterly in telephone Germany. In the lending business with private mortgage interviews using a structured questionnaire with consistent loans, Postbank with its DSL Bank and BHW brands is one core content to ensure that trends in the results are compa - of the largest mortgage lenders in Germany based on balance- rable. The survey’s underlying random sample is representa - sheet volumes. In its business with private mortgage lending tive of the Postbank customer population. The research and consumer loans, Postbank continues to grow faster than design makes it possible to conduct systematic time series the German market when it comes to new business volumes. analyses and causal analyses. The questions probe both Private retirement provision solutions, diverse insurance the overall satisfaction of customers with the Postbank products, and the securities business round out the product products and services as well as satisfaction with some of 2 Annual Financial Statements (HGB) as of December 31, 2016 MANAGEMENT REPORT BUSINESS AND ENVIRONMENT the Bank’s central performance factors such as accessibility, Financial key performance indicators speed, friendliness, propriety, professional advice, satisfac - Primary Definition tion with sales channels and self-service systems, and financial key complaints management. Satisfaction is measured using a performance verbalized scale from one to five (1 = completely satisfied, indicators 5 = dissatisfied). The study is conducted by a renowned Profit Profit before tax, as the most important metric used to external market research institute, which ensures high qual - before tax judge and manage the performance of Postbank, contains ity standards. all of the components of the consolidated income state - ment before taxation. Total income (consisting of net interest income, net fee and commission income, net income The target system for executive employees also includes from investment securities, and net trading income), the target dimensions that make it possible to derive targets allowance for losses on loans and advances, administrative expenses (consisting of staff costs, other administrative for Postbank executives from the non-financial key perfor- expenses, and writedowns) and other comprehensive income mance indicators at the Group level. Apart from the targets (net other income and expenses) are taken into considera - tion here. in the cost/ finance dimension as an individual financial target, each executive employee is assigned targets for Adjusted The starting point for determining adjusted profit before profit tax is profit before tax, which is then adjusted in relation the dimensions markets/customers, process/quality, and before tax to the following material issues: employees/team, which are relevant to the individual’s own - Effects from the sale or acquisition of companies in area of responsibility. This creates a consistent system that connection with initial consolidation and/or deconsolida- tion facilitates Group-wide management in accord with essential - Non-recurring effects from writedowns of goodwill, non-financial key performance indicators. equity investments and intangible assets - Expenses for strategic initiatives (ESI) that are incurred outside the normal line activities in temporary projects Financial key performance indicators with separate governance structures1 The key performance indicators at the subgroup level are - Expenses for legal risks in conjunction with consumer relevant to management at Postbank. protection rulings - Results from prior periods (e.g., interest on payments of tax arrears from previous years, additional payments under the bank levy). Potential sales of investment securities at the behest of Postbank for operational reasons occur regularly and are not adjusted.

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