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Strategy 2020: Delivering Value Deutsche Bank Strategy 2020: Delivering Value Press Conference Frankfurt, 27 April 2015 Jürgen Fitschen and Anshu Jain Co-Chief Executive Officers Strategy 2020: Focusing Deutsche Bank to deliver value A leading global bank based in Germany What’s constant What changes Client-centricity: placing our clients Refocusing on clients who offer at the centre of what we do mutually beneficial partnerships Moving toward a more focused Keeping a global footprint geographic reach Maintaining a universal banking Tightening our product perimeter – product offering not all things to all people Proactive stance on future regulatory direction and robust controls Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 1 Deutsche Bank’s unique positioning is a long-term competitive advantage Market position of Deutsche Bank Positioning of Deutsche Bank Germany Europe Global Capital markets expertise and global cash / trade platform CB&S No. 1 Top 1-3 Top 5 Leading domestic retail franchise International reach with No. 1(1) positioned for multi-channel delivery PBC strong home base in Europe Global model anchored in one of the world’s GTB No. 1 Top 1-3 Top 5-10 strongest economies Deutsche Global asset and wealth proposition No. 1 Top 1-3 Top 5-10 AWM (1) Among private sector banks Source: Dealogic, BVI, Coalition, Lipper, BCG, Scorpio, company data Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 2 Agenda 1 Taking stock 2 Strategy 2020 3 Delivering value Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 3 Taking stock: Strategy 2015+ achievements Balance and Core business balance and performance: All core performance businesses exceeding EUR 1 billion IBIT for the first time(1) Capital Stronger capital position, with strong deleveraging, de- position risking and near-doubling of CET 1 ratio More resilient: Substantially invested in infrastructure and Resilience regulatory compliance Cultural Embedding deep-rooted cultural change change (1) In FY 2014 Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 4 In 2012, we identified five key levers Strong capital base and capital Capital management toolkit Businesses built on the best people and Competencies world-class products Focused portfolio of clients and regions Clients based on our ability to generate value Culture that sustainably rewards Culture performance in line with societal values Disciplined cost management and Costs consistent productivity gains Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 5 Capital: Significantly improved capital strength CRD4, fully loaded, in % CET1 ratio Leverage ratio RWA, in EUR bn Leverage exposure, in EUR trn >530 431 ~1.8 1.5 11.1 3.4 ~1.9x ~1.7x <2.0 <6.0 Jun 2012(1) Mar 2015 Jun 2012(1) Mar 2015 (1) Estimates based on June 2012 Basel 3 / CRD4 rule interpretation Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 6 Competencies: Four EUR 1 billion+ businesses Reported IBIT, full year(1), in EUR bn Profit growth outside investment banking… …delivers a better balanced bank 6.8 1.0 Strategic priority: four strong pillars 5.2 IBIT in all four core businesses exceeds 0.2 1.2 52% 0.7 EUR 1bn for the first time 45% 1.3 Robust investment banking earnings 1.5 PBC, GTB, Deutsche AWM in 2014: - 52% of core business IBIT - IBIT up by ~50% since 2012 2.9 3.3 Performance, balance, diversification 2012 2014 Deutsche AWM PBC GTB CB&S (1) 2014 does not reflect C&A clear-out adjustments as per 1Q2015 disclosure Note: Figures may not add up due to rounding differences Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 7 Culture: Embedding deep-rooted cultural change What’s different How we engaged our staff Responsibility ~700 people added to strengthen controls for controls in businesses Culture and conduct workshops with >6,000 bankers in CB&S Risk ~180 transactions escalated through governance Reputational Risk Management Process Culture seminars for >400 MDs ~25% of all senior leadership appointments in Germany Diversity were female Compensation +34% increase in risk culture and compliance 5 years max; strengthened clawbacks deferral trainings globally vs. prior year Material risk Compensation Negative consequences for ~50 material takers Up to five years; strengthened clawbacks deferral risk takers due to cultural considerations compensation 10 employee teams received Co-CEO sponsored “Living the Values” award Source: HR Culture initiative Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 8 Costs: Invested significantly in efficiency, controls and systems Operational Excellence program delivered Investments in our platform Cost savings, in EUR bn Achieved 2012-2014/ CtA and CtB(3), in EUR bn delta to FY15 target(1) FY14 target(1) ~5.8 1.7 4.5 2.3 1.9 2.8 1.1 1.6 3.3 2.2 Businesses(2) Infrastructure Total 2012 2013 2014 Efficiency investments Regulatory investments Business / stability investments Invested in sustainable, Enhanced regulatory Standardized technology efficient, scalable platforms preparedness Improved data integrity Implemented structural Consolidated financial and Supported selected growth initiatives to reinforce savings regulatory reporting processes Optimized front-to-back Strengthened regulatory processes compliance (1) Communicated targets as of Investor Day 2012 (2) Includes EUR ~0.1bn cost savings in NCOU (3) Includes DB platform investments both within and outside OpEx; CtA: Cost-to- Achieve, (OpEx & Powerhouse CtA, excluding severance payments); CtB: IT Change-the-Bank cost Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 9 However, we have also faced significant setbacks Environment Execution Regulatory bar raised: Cost of regulatory compliance ‒ FBO / CCAR(1) rules in the US and new controls materially higher than originally (2) ‒ TLAC foreseen ‒ Leverage ratios in Europe / US Costs of Regulation regulatory ‒ Bank levies compliance ‒ CRD4 compensation rules ‒ Bank structure reforms / German bank separation Record low interest rates taking Execution of efficiency drive a toll on deposit gathering Costs of negatively impacted by high Macro business complexity operational and structural complexity Costs of resolving legacy High level of optionality Costs of issues and litigation soared, Business maintained – at a cost legacy / particularly in the US model litigation (1) Foreign Banking Organizations (FBO) / Comprehensive Capital Analysis and Review (CCAR) (2) Total Loss Absorbing Capacity (TLAC) Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 10 The efficiency drive has been largely offset by material cost increases Adjusted Cost Base development(1) In EUR bn ■ Business growth ~0.5 ■ Mandatory 25.1 wage increases ~0.3 ■ Remaining ~0.2 (0.3) 23.8 (3.3) ~1.0 ~1.6 ~(0.3) ~EUR 0.7bn run-rate impact of portfolio actions in 2015 2012 OpEx OpEx savings Portfolio Regulatory & Other cost FX 2014 baseline(2) actions(3) control costs effects Note: Numbers may not add up due to rounding (1) Excludes Cost-to-Achieve, litigation, policyholder benefits and claims, other severances and smaller specific one-offs and impairments (2) 1H 2012 x 2 as communicated at Investor Day 2012 (3) Mainly divestment of Cosmopolitan of Las Vegas, Tilney, Deutsche Card Services and BHF Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 11 Agenda 1 Taking stock 2 Strategy 2020 3 Delivering value Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 12 A rigorous strategy review process focused on delivering value Macro assumptions Dec 2014 Environment Regulatory assumptions analysis Competitive landscape Client / product trends Jan 2015 Competitive Sustainable competitive advantages position Evolving challenges Client segments Emphasis / Feb 2015 Product areas de-emphasis Regions Range of models developed Mar 2015 Strategic Detailed strategic and financial assessment models Downside assessment Model selection Apr 2015 Today Announcement: Strategy 2020 Up to Detailed operating model and governance Further detailing 90 days implications Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 13 We analyzed our operating environment… Positive outlook Negative outlook Key themes Outlook 2015 to 2020 US and Asia: recovery / sustainable growth Macro Europe: historically low interest rates persist Rising geopolitical tensions create uncertainties Improving global outlook anchored to US and EM growth Recovering Primary markets benefit from buoyant valuations markets Return of volatility supports tentative recovery in fixed income and currency markets Improving Global universal leaders consolidate further competitive Business model choices: a transatlantic divide dynamics Requirements for capital, leverage, liquidity and funding Tighter continue to increase regulation Additional challenges arise from resolution, TLAC, bank levies, RWA harmonization and continued subsidiarization Deutsche Bank Jürgen Fitschen and Anshu Jain 27 April 2015 14 …especially trends that affect our clients’ needs Our clients are getting… …leading to… Population aged 60+, 2010 vs. 2050 Wealthier and Increasing demand for sophisticated wealth more senior transfer and protection +1.1bn # of UHNWI in top 25 cities, 2013 Increasing concentration of wealth in emerging vs. 2023 Urban markets’ megacities +128% # of large corps in EM, 2010 vs. 2025 Emerging Rising importance of large, emerging market markets corporates +322% centered # transactions in US digital channels, Technologically Growing focus on convenience, price transparency, 2014 vs. 2020 savvy product access
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