DB

Deutsche Bank AG DB
1 6 8
Quote Analysis Insiders
19 Performance 21 Financials 24 Valuation / Estimates 26 Key Ratios 29 Ownership
Release date 10-02-2013
Page 1 of 34
Deutsche Bank AG DB
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
47.01
]0.15 | 0.32 %
47.00
46.45-47.12
38.18-53.12
47.92 bil
347,328
996,751
8.50
0.61
0.93
-1.4
Stock Price 2013-01-01 - 2013-10-01

XNYS:DB: 2.57|5.80% 60.00 40.00 20.00
Dividends Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield
Recent Dividends & Splits Type
05/08/2013 05/24/2013 0.72 %

Amount
2013
Morningstars Take We see a lot to like about Deutsche Bank . It avoided a government bailout during the subprime crisis, it has reduced its reliance on investment banking by buying Deutsche Postbank, Sal. Oppenheim, and parts of ABN Amro's Netherlands business, and it has manageable exposure to the European debt crisis. However, we remain concerned that investors are not being properly compensated for the risks the bank is taking on. Even after its April 2013 EUR 2.8 billion capital raise, Deutsche Bank's tangible common equity/tangible assets ratio is well under 4% (compared with the 5%-plus level we'd like to see) and gives the bank too little cushion against losses, in our opinion. We think the bank's returns simply do not justify the risk. We project that Deutsche Bank will earn about an 8% post-tax return on equity in the near term, and that the bank will struggle to reach its 12% target unless interest rates improve. We think that the bank's earlier target of a pretax 25% return is something that investors are unlikely to see again. Key Stats
Stock Ind Avg Relative to Industry
Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating
$ 50.00 $ 25.00 $ 87.50 Narrow Standard C C Z
06/01/2012 05/27/2011 05/28/2010 05/27/2009

Purchase Options
Cash Dividends Cash Dividends Cash Dividends Cash Dividends
0.6806 0.5522 0.6852 0.6975
Direct Investment Dividend Reinvestment Plan Competitors

Name Price % Chg
No No
TTM Sales $ mil
Deutsche Bank AG BNP Paribas ADR Lloyds Banking Group PLC ADR Sberbank Of Russia ADR Nordea Bank AB ADR Allied Irish Banks PLC ADR
$47.01 $34.73 $4.88 $12.18 $12.20 $1.21
0.32 ] 1.25 ] -0.10 [ -0.91 [ 0.41 ] -1.63 [
49,443 91,476 74,761 31,865 13,818 879
Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity
192.3 0.6 0.9 9 -63.7 -3.5 0.5 0.3 2.5
91.7 0.9 1.1 42 -62.6 43.1 1.2 1 3.1

Avg +
Wall St. Recommendations Current Total Analysts: 4 4.0

5.0 Buy 3.0 Hold 1.0 Sell
Ownership
Fund Owners Star Rating % Shares Held % Total Assets
Financials
Annual Income Statement 2012-12 2011-12 2010-12 2013-06 Quarterly 2012-06
Revenue Net Interest Income Net Income Earnings Per Share Shares Outstanding
Balance Sheet
36,163.00 15,891.00 237.00 0.25 959.90
33,228.00 17,445.00 4,132.00 4.30 957.30
28,567.00 15,583.00 2,310.00 2.92 790.80
8,214.00 3,651.00 334.00 0.32 1,027.30
8,022.00 3,894.00 650.00 0.68 954.60
Thornburg International Value A American Funds EuroPacific Gr A Vanguard Total Intl Stock Index Inv iShares MSCI Germany Index Oppenheimer Global A
QQQ QQQQ QQQ QQQ
1.24 0.56 0.51 0.51 0.33
2.01 0.24 0.24 4.39 1.55
Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity
397,279.00 2,012,329.00 577,202.00 1,958,326.00 54,003.00
412,514.00 2,164,103.00 601,730.00 2,110,713.00 53,390.00
407,729.00 1,905,630.00 533,984.00 1,856,787.00 48,843.00
387,751.00 1,909,879.00 553,844.00 1,852,400.00 57,479.00
410,219.00 2,241,174.00 605,414.00 2,185,429.00 55,745.00
2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of 34
Deutsche Bank AG DB
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
47.01
Cash Flow
]0.15 | 0.32 %
47.00
46.45-47.12
38.18-53.12
47.92 bil
347,328
996,751
8.50
0.61
0.93
-1.4
Cash From Operations Cash From Investing Cash From Financing
-24,447.00 -2,645.00 -2,359.00
7,802.00 11,915.00 -3,160.00
-3,676.00 7,477.00 9,092.00
-5,639.00 -3,714.00 1,347.00
-5,343.00 1,910.00 -1,653.00
Page 3 of 34
Deutsche Bank AG DB Quote

Industry Classification NAICS SIC ISIC Operation Details Fiscal Year Ends CIK Year Established Employees (12/31/2012) Full Time Part Time Auditor (12/31/2009) Legal Advisor () Key Executives 2013-12-31 1159508 97,794 Commercial Banking (522110) Chartered Banks (7021);Commercial Banks, Not Elsewhere Classified (6029) Other Monetary Intermediation (6419)
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
47.01
50.00 Business Description
QQQ
Deutsche Bank AG is an investment bank. It offers investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 1.0Mil 47.8Bil 0.2Bil 36.6Bil Financial Services Banks - Regional - Europe 4 Large Core No No
KPMG AG Wirtschaftspruefungsgesellschaft Jurgen Fitschen/Co-Chairman of the Management Board; Stefan Krause/Member of the Management Board and Chief Financial Officer; Anshuman Jain/Co-Chairman of the Management Board; Rainer Neske/Member of Management Board; Stephan Leithner/Member of the Management Board; Henry Ritchotte/Member of Management Board; Stuart Wilson Lewis/Member of the Management Board
Page 4 of 34

Industry Peers
Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage D/E Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
47.01
50.00
QQQ
Deutsche Bank AG Lloyds Banking Group PLC BNP Paribas Sberbank Of Russia Allied Irish Banks PLC Nordea Bank AB Nordea Bank AB Banco Popular Espaol S.A. Societe Generale SA UniCredit SpA Intesa Sanpaolo Svenska Handelsbanken Swedbank AB Crdit Agricole Crdit Agricole DNB ASA. Danske Bank AS Danske Bank AS KBC Group SA/NV Turkiye Garanti Bankasi AS Yapi Ve Kredi Bankasi AS Akbank TAS Natixis Natixis PKO Bank Polski S.A. Commerzbank AG Erste Bank der oesterreichischen Sparkassen AG Bank Pekao SA Bank of Ireland (Governor & Co of) Eurobank Ergasias S.A. Banco de Sabadell S.A. Raiffeisen Bank International AG Turkiye Vakiflar Bankasi TAO Mediolanum Bankinter SA. Mediobanca Bank Pekao SA Bankinter SA. Ubi Banca Banca Monte dei Paschi di Siena Banco Comercial Portugues SA Banco Popolare Societa Cooperativa Banca Popolare di Milano BPM Bipiemme Piraeus Bank SA Valiant Holding AG Aareal Bank AG Aareal Bank AG Liechtensteinische Landesbank AG Piraeus Bank SA Verwaltungs- und Privat-Bank AG Alpha Bank AE
QQQ QQQQ
47,755 87,246 85,370 66,325 63,605 49,207 48,728 40,730 39,141 37,648 35,716 28,214 27,168 26,605 26,510 25,506 22,210 21,770 21,148 17,304 16,518 15,560 15,109 14,043 13,601 13,559 12,752 12,118 8,685 8,558 7,872 6,490 5,600 5,485 4,604 4,572 4,317 4,314 3,534 3,154 2,739 2,716 2,453 2,286 1,476 1,394 1,376 874 743 407 400
178 830 5,181 347,700 -3,647 3,092 3,092 -2,466 922 591 753 15,114 12,998 -5,673 -5,673 13,861 5,439 5,439 2,739 3,554 2,547 3,724 803 803 3,173 -670 331 2,948 -1,824 -537 115 301 1,369 333 227 13 2,948 227 -23 -1,998 -1,162 -817 -436 3,373 129 103 103 46 3,373 39 2,106
0.9 1.2 0.9 2.1 71.9 3.5 3.5 2.9 1.0 1.8 2.1 5.1 4.6 0.4 0.4 3.1 2.4 2.4 2.7 4.0 5.0 3.6 27.0 25.1 4.1 0.5 1.8 5.4 1.8 0.1 1.7 1.2 2.5 0.4 400.0 3.9 1.9 384.6 1.1 1.5 31.3 0.6 1.2 0.3 3.7 1.9 1.8 1.6 0.1 1.6 2.2
0.6 1.2 0.7 1.3 4.2 1.3 1.3 2.9 0.5 0.4 0.2 1.8 1.7 0.4 0.4 1.3 0.9 0.9 1.0 1.6 2.1 1.5 0.6 0.6 1.8 0.4 0.6 1.7 0.7 1.5 0.6 0.5 1.0 2.7 1.0 0.5 0.6 1.0 0.2 0.4 0.6 0.2 0.4 0.2 0.7 0.4 0.4 0.5 0.1 0.4 0.0
192.3 59.9 12.2 6.2 11.7 11.6 31.0 31.8 33.0 12.0 11.6
1.4 2.9
3.3 30.4 4.9 -33.4
3.1 13.0 15.0 47.9 -72.1 41.4 41.4 24.3 14.3 11.1 20.6 52.9 39.0 3.0 3.0 44.7 17.4 17.4 18.7 52.5 47.7 56.0 18.0 18.0 40.0 6.0 19.4 50.5 -17.0 34.5 14.7 13.8 40.2 3.4 16.8 38.8 50.5 16.8 7.9 -3.0 -95.0 -12.9 -4.9 22.0 31.4 25.5 25.5 27.4 22.0 20.2 49.6
1.0 1.0 1.5 2.0 -0.4 1.6 1.6 -0.3 1.1 1.0 1.4 1.5 1.6 0.9 0.9 1.5 1.2 1.2 1.3 1.6 1.5 1.6 1.3 1.3 1.9 1.1 1.2 2.1 0.2 0.4 0.9 1.3 1.5 3.2 1.2 1.1 2.1 1.2 1.1 0.1 0.5 0.6 0.2 0.4 1.6 1.4 1.4 1.8 0.4 2.9 0.3
2.5 3.3 8.7 1.1 0.1
3.6 3.7 1.1 1.4 2.2 3.1 5.4
5.4 5.4 0.9 -12.2 -8.3 -3.6 5.3 0.4 24.7 24.7 2.1 1.4 1.4 -5.1
11.8 2.2
1.2
11.1 21.1 20.7 7.0 9.9 13.1 8.5 312.5 294.1 13.4 49.5 13.0
2.3
6.4 6.4 1.1 1.2
1.7 1.4 1.5 2.6 1.9 3.8 1.1 4.7
6.3 8.1 8.1 7.0 1.0 -1.6
0.1
2.4 0.2 0.8
66.2 15.9 8.3 12.5 1666.7 344.8 4.6 1666.7
0.3 3.2 0.8 1.0 13.1 1.3
9.0 5.2 11.4 22.9 -0.3 -2.6 -0.3 -7.0 -14.3 -28.3 -2.6 -3.1 6.3 -1.3 -6.3 -6.3 -6.2 6.3 -8.6
10.3
0.6 10.4 10.1 10.0 15.6 0.2 10.2 2.1
2.3
3.2
2.3
0.6
Page 5 of 34

Industry Peers Dexia Pohjola Pankki Oyj Bank Zachodni WBK S.A. Vozrozhdeniye Bank Schweizerische Nationalbank CIC (Crdit Industriel et Commercial) Megabank JSC Banca Pop Emilia Romagna Bankia S.A. Turkiye Sinai Kalkinma Bankasi A.S. Sekerbank T.A.S. Ukrsotsbank PJSC Bank for Social Development EuroBancshares, Inc. Turkiye Is Bankasi AS Industry Average 19,523 0
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
47.01
50.00
QQQ
-2,605 324 1,547 -19,859 722 -136 -14,408 311 250 -23 4,445 6,391
-0.0
0.0 6.1 3.8 0.0
22.7 34.6 43.4 96.2 22.5
0.9 2.2 2.4 17.8
1.1 1.0 -4.0 3.4 1.4 0.8 1.7 1.1
-5.5 21.5 21.5 0.0 0.0 7.2
20.6 -216.8 69.3 23.8 11.5 28.7 18.5
0.0
0.0 1.0 3.1
1.2
0.9
93.5
0.5
2.1
Page 6 of 34
Deutsche Bank AG DB Analysis

Analyst Note | 30 Jul 2013 | Erin Davis, Senior Stock Analyst
Deutsche Bank DB reported profit of EUR 334 million, or a return on equity of just 2.3%, as it absorbed EUR 630 million of provisions for legal expenses and EUR 356 million of restructuring expenses. In comparison, the bank earned EUR 1,651 million in the trailing quarter and EUR 650 million in the year-ago quarter. We've incorporated these charges into our fair value, but think that financial charges related to legacy issues continue to be a key risk for the bank. We plan to maintain our fair value estimate on the narrow-moat bank for now, but may raise this modestly as we consider the progress that Deutsche Bank has made on its capital deficit. Deutsche Bank's underlying earnings were in line with our expectations and reflect the difficult environment in Europe. Corporate Banking and Securities' profit before tax was down 58% from the year-ago quarter as the division absorbed the cost of risk-weighted asset mitigation. Debt trading revenue was down 11% from the year-ago quarter on lower market activity, especially in Europe, while equity trading revenue was up 55% on improved market sentiment. Private and Business Clients (retail and commercial banking) saw a 6% increase in revenue year over year and loan losses remained at low levels, but the bank continued to struggle to earn a decent return in Germany's overbanked market--return on equity was just 9%. We think this problem will persist, and, for the group, the now-higher levels of required capital will exacerbate the problem--we think medium-term returns on equity are likely to be below the bank's 12% cost of equity.
Investment Thesis | 01 May 2013 | Erin Davis, Senior Stock Analyst
We see a lot to like about Deutsche Bank DB. It avoided a government bailout during the subprime crisis, it has reduced its reliance on investment banking by buying Deutsche Postbank, Sal. Oppenheim, and parts of ABN Amro's Netherlands busi-
ness, and it has manageable exposure to the European debt crisis. However, we remain concerned that investors are not being properly compensated for the risks the bank is taking on. Even after its April 2013 EUR 2.8 billion capital raise, Deutsche Bank's tangible common equity/tangible assets ratio is well under 4% (compared with the 5%-plus level we'd like to see) and gives the bank too little cushion against losses, in our opinion. We think the bank's returns simply do not justify the risk. We project that Deutsche Bank will earn about an 8% post-tax return on equity in the near term, and that the bank will struggle to reach its 12% target unless interest rates improve. We think that the bank's earlier target of a pretax 25% return is something that investors are unlikely to see again. Until the credit crisis began in mid2007, Deutsche Bank reported outsized profitability, but it was largely built on trading in structured debt products, bolstered by high leverage. Deutsche Bank built a large business around making loans, repackaging the debt into a variety of securities, and pocketing a slice of the proceeds as trading income. As investors shied away from all but the least risky debt in late 2007 and 2008, though, trading income cratered and losses mounted. Business conditions have largely stabilized, but we doubt that Deutsche Bank will return to its former profitability. Costs eat up about 70% of the bank's revenue (compensation alone takes about 40%), and increasing capital requirements will further pressure profitability. While the Postbank acquisition will diversify revenue, we doubt it will increase profitability; we think Deutsche Bank significantly overpaid for the troubled bank and it will be hard to boost revenue much in Germany's overbanked marketplace. Moreover, the bank's sub-1% net interest margin (net interest income/interest earning assets) leaves little room for error on the credit front. Increases in trading revenue, which is one of banking's least stable businesses, drove Deutsche Bank's tentative recoveries in early 2011 and again in early 2012, as evidenced by the deep dives in revenue experienced in the subsequent quarters both years. While volatile trading results may occasionally boost results to historical levels,
we anticipate a slow recovery in Europe, at best, and think it will be difficult for the bank to consistently hit its 12% return on equity target by 2015. But even once it does, we don't think we will be convinced that Deutsche Bank is worth the risk.
Economic MoatTM | 01 May 2013
We assign a narrow moat to Deutsche Bank. We think the company's natural advantages--its dominant market position in Germany, its large market share in certain investment banking products such as foreign exchange trading, and its global reach-are somewhat offset by the difficult banking environment in Germany and the leverage taken on by the investment bank. The proliferation of small, regionally owned banks in Germany has meant that the country is overbanked and that returns are generally lower than elsewhere. While Deutsche Bank has historically enjoyed returns above its cost of capital, this is not only because of its market position and focus on efficiency, but also because the group employs an unusually large amount of leverage. While leverage can pump up profits, it also increases risk.
Valuation | 01 May 2013
We are maintaining our $50 per ADR fair value estimate for Deutsche Bank as we incorporate the dilution from its capital raise into our base case and lower the weight on our downside case. Our fair value estimate is about 0.7 times book value. In our base case, we forecast that trading income will increase to 2004 levels in 2013 and that trading revenue will average 1.5% of trading assets excluding derivatives in the medium term, compared with 1.3% in 2012. We expect loan losses to remain around 2010-12 levels, at 0.4% of loans, in the medium term as turmoil in Europe causes losses to remain above historical levels. We project that costs will continue to consume about 75% of the bank's revenue. We expect asset growth to average 2% annually in the medium term and assume that the equity/assets ratio will increase to 3.0% by 2016, compared with 2.7% in 2012, as Basel III regulations take effect. We assume a 28% tax rate and charge Deutsche Bank a
Page 7 of 34
Deutsche Bank AG DB Analysis

12% cost of equity to estimate a base-case fair value estimate of EUR 40 per common share, which is equivalent to one ADR, and weight it 85%. In our downside case, we assume that Deutsche Bank must raise EUR 6 billion at EUR 30 per share in order to increase equity/assets to 3.5% while contending with trading revenue of only 1.0% of trading assets. In this scenario, in which we weight 15%, our fair value estimate is EUR 29. We estimate a weighted fair value of EUR 38 and use an exchange rate of EUR 1 per $1.32 as of May 1.
Risk | 01 May 2013
have mixed feelings about the move. We have no qualms upfront with either man's leadership, but we worry that having co-CEOs, instead of a single boss, will lead to a muddled strategy and infighting. We think this may be especially true in the case of Deutsche Bank, which is trying to become a more diversified company less dependent on investment banking. We worry that a power struggle may develop between Fitschen, who has a background in retail banking, and Jain, whose background is in investment banking.
Bulls Say
Overview
Based in Frankfurt, Deutsche Bank is a global investment bank with lending operations in Germany. In 2012, 46% of its revenue was generated by Corporate Banking and Securities, 12% by Global Transaction Banking, 28% by Private (retail) and Business Clients, and 13% by Asset and Wealth Management. Deutsche Bank maintains deep roots in Germany, where 50% of its employees are based and where it earns 25% of its revenue.
Competitors
Name Price % Chg TTM Sales $ mil
Until the credit crisis, Deutsche Bank increased its profitability by focusing on its trading operations and investments in hedge funds. Although these investments can be very profitable, earnings are highly volatile. The bank scaled back but did not eliminate these operations in 2008, meaning that large losses are still possible and average profits are likely to be lower. Deutsche Bank is much more leveraged than U.S. investment banks-around 20/1 under its own target definition, compared with an average of about 15/1. This implies that shareholders would be more deeply damaged by losses at the bank and that the bank's business model and profitability could change significantly if it is forced to deleverage. Deutsche Bank holds about EUR 6 billion of net Greek, Portuguese, Irish, Italian, and Spanish sovereign debt in total, a manageable amount relative to its more than EUR 50 billion of equity. We don't think a sovereign default would have a significant direct impact on Deutsche Bank's solvency.
Management | 01 May 2013
Deutsche Bank is coming through the credit crisis in better shape than many of its competitors and has begun gaining share as markets recover. Management has sold one noncore business after another and bought attractive businesses from ailing competitors as part of its ambitious plan to turn Deutsche Bank into a top investment bank. The bank has proved adept at controlling costs while increasing revenue. It dramatically improved its performance between 2001 and 2007, before the crash, and its post-crash cost-cutting makes the bank seem to be on track for a repeat performance.
Bears Say
Deutsche Bank AG BNP Paribas ADR Lloyds Banking Group PLC ADR Sberbank Of Russia ADR Nordea Bank AB ADR Allied Irish Banks PLC ADR Analyst Price 10-02-2013 Fair Value Estimate Uncertainty Consider Buy Consider Sell Economic Moat Stewardship Rating Quantitative Price 10-02-2013 Quantitative Fair Value Quantitative Uncertainty Quantitative Moat As of 10/01/2013
$47.01 $34.73 $4.88 $12.18 $12.20 $1.21
0.32 ] 1.25 ] -0.10 [ -0.91 [ 0.41 ] -1.63 [
49,443 91,476 74,761 31,865 13,818 879
47.01 BASE 50.00 BASE Very High 25.00 BASE 87.50 BASE Narrow Standard
Deutsche Bank's profitability is inflated by its skyhigh leverage ratio. If the bank is forced to deleverage, shareholders could be diluted significantly and profitability may sink. Deutsche Bank's post-crisis trading profits have disguised the reality that its other businesses are faltering. If trading profits return to earth before they recover, the bank's profitability will be deeply disappointing. Deutsche Bank's turnaround, which began in 2002, has shallow roots. It prospered during the go-go days of 2005-07 but was deeply damaged by the credit crisis. Many of its earlier improvements may prove illusory as the bank emerges in a more sober environment.
47.01 BASE 52.1 BASE Low Narrow
We think management's stewardship of shareholder value has been standard. While the bank managed to avoid a government bailout during the financial crisis, it paid an excessive premium for Postbank and destroyed billions in value. Juergen Fitschen and Anshu Jain, formerly global head of regional management and head of the corporate and investment bank, respectively, were appointed to be co-CEOs of the bank in mid-2012. We
Page 8 of 34
Deutsche Bank AG DB Insiders

Total Executive Compensation
34.17 mil 32.43 mil 26.44 mil 22.28 mil 39.00
2012 Executive Compensation
Total Compensation 1-Year % Change

Compensation vs. Performance
EUR22,278,562 15.75 %[
1-Year % Change
26.00
13.00 4.48 mil 2008 2009 2010 2011 2012
CEO Compensation Stock Return Revenue Return on Equity Net Income
18.78% 0.19% -94.55% -94.26%
Stock Price
140.00 70.00
2008
2009
2010
2011
2012
Total Return
60.0 0
2008
2009
2010
2011
2012
Revenue
0.00 -1.00
2008
2009
2010
2011
2012
Return of Equity
0.00 -1.00
2008
2009
2010
2011
2012
Net Income
0.00 -1.00
2008
2009
2010
2011
2012
Page 9 of 34

Key Executive Compensation
Key Executive Compensation 2008 2009 2010 2011 2012
Salary Bonus Annual Other Income Restricted Stock Award Securities Options LTIP Payout Non-Equity Compensation Other Compensation Total
Stefan Krause / Chief Financial Officer and Member of the Management Board
3,350,000 0 0 0 0 0 0 501,945 3,851,945

2008
5,350,000 8,681,841 0 0 0 0 0 17,090,775 31,122,616

2009
8,550,000 4,628,576 0 4,860,005 0 0 0 10,998,869 29,037,450

2010
8,550,000 700,000 0 2,112,202 0 0 0 15,081,879 26,444,081

2011
9,599,999 1,282,124 0 4,381,813 0 0 0 7,014,626 22,278,562

2012
Anshuman Jain / Co-Chairman of the Management Board
600,000 0 0 0 0 0 0 107,306 707,306

2008
800,000 1,231,425 0 0 0 0 0 1,657,500 3,688,925

2009
1,150,000 539,066 0 566,019 0 0 0 849,029 3,104,114

2010
1,150,000 100,000 0 201,706 0 0 0 1,424,884 2,876,590

2011
1,150,000 150,000 0 459,829 0 0 0 807,000 2,566,829

2012
Jurgen Fitschen / Co-Chairman of the Management Board 2008
600,000 1,565,428 0 0 0 0 0 4,884,525 7,049,953

2009
1,150,000 992,752 0 1,042,390 0 0 0 4,367,413 7,552,555

2010
1,150,000 100,000 0 353,885 0 0 0 4,207,384 5,811,269

2011
1,820,833 150,000 0 1,492,968 0 0 0 1,365,250 4,829,051

2012
600,000 923,569 0 0 0 0 0 1,243,125 2,766,694
1,150,000 507,790 0 533,180 0 0 0 799,770 2,990,740
1,150,000 100,000 0 177,530 0 0 0 1,424,884 2,852,414
1,820,833 150,000 0 423,122 0 0 0 1,365,250 3,759,205
Page 10 of 34

Rainer Neske / Member of Management Board 2008 2009 2010 2011 2012
Josef Ackermann / Chairman of the Management Board 2008
600,000 923,569 0 0 0 0 0 1,243,125 2,766,694

2009
1,150,000 523,428 0 549,599 0 0 0 824,399 3,047,426

2010
1,150,000 100,000 0 177,530 0 0 0 1,424,884 2,852,414

2011
1,150,000 150,000 0 429,279 0 0 0 807,000 2,536,279

2012
Stephan Leithner / Member of the Management Board
1,150,000 0 0 0 0 0 0 239,586 1,389,586

2008
1,150,000 1,575,000 0 0 0 0 0 4,747,500 7,472,500

2009
1,650,000 1,034,322 0 1,086,038 0 0 0 2,534,089 6,304,449

2010
1,650,000 100,000 0 798,139 0 0 0 3,750,075 6,298,214

2011
687,500 150,000 0 849,347 0 0 0 730,000 2,416,847

2012
Stuart Wilson Lewis / Member of the Management Board 2008 2009 2010 2011
670,833 87,500 0 87,500 0 0 0 470,750 1,316,583

2012
Henry Ritchotte / Member of the Management Board 2008 2009 2010 2011
670,833 87,500 0 87,500 0 0 0 470,750 1,316,583

2012
670,833 87,500 0 87,500 0 0 0 470,750 1,316,583
Page 11 of 34

Hermann-josef Lamberti / Chief Operating Officer and Member of the Management Board 2008 2009 2010 2011 2012
Hugo Banziger / Chief Risk Officer and Member of the Management Board
800,000 0 0 0 0 0 0 92,893 892,893

2008
800,000 1,231,425 0 0 0 0 0 1,657,500 3,688,925

2009
1,150,000 507,790 0 533,180 0 0 0 799,770 2,990,740

2010
1,150,000 100,000 0 201,706 0 0 0 1,424,884 2,876,590

2011
479,167 134,812 0 232,384 0 0 0 263,938 1,110,301

2012
800,000 0 0 0 0 0 0 62,160 862,160
800,000 1,231,425 0 0 0 0 0 1,657,500 3,688,925
1,150,000 523,428 0 549,599 0 0 0 824,399 3,047,426
1,150,000 100,000 0 201,706 0 0 0 1,424,884 2,876,590
479,167 134,812 0 232,384 0 0 0 263,938 1,110,301
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Page 12 of 34

Weekly Insider Transactions
0 0 0 0 Buy Acquisition (Non-open Mkt) Option Exercise Sell Disposition (Non-open Mkt)
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Stock Price
60.00 30.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Total Return
20.0 0
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Revenue
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Return of Equity
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Net Income
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Page 13 of 34

Transaction History
Date * Name Title Transaction Shares Value
* Date represents the date on which the insider initiated the transaction
Holding Summary
Name Title Total Shares Held TTM Change % Shares Outstanding % Market Value
All Key Insiders All Key Insiders

* Based on DB Last Close Price: 45.88 10/01/2013 4:00:00 PM EST.
0 0
0% 0%
0% 0%
0 0
Page 14 of 34

Key Executive
Jurgen Fitschen, 64
Co-Chairman of the Management Board Since:2009
Jurgen Fitschen became a member of our Management Board on April 1, 2009. Since the end of the Annual General Meeting on May 31, 2012, he has been, together with Mr. Jain, Co-Chairman of the Management Board. Mr. Fitschen has been with Deutsche Bank since 1987, was already a member of the Management Board from 2001 to the beginning of 2002 and has been a member of the Group Executive Committee since 2002 as well as Head of Regional Management since 2005. Mr. Fitschen studied Economics and Business Administration at the University of Hamburg and graduated in 1975 with a masters degree in Business Administration. From 1975 to 1987, he worked at Citibank in Hamburg and Frankfurt am Main in various positions. In 1983 he was appointed member of the Executive Committee Germany of Citibank. Mr. Fitschen is a member of the Board of Directors of Kuhne + Nagel International AG, member of the Supervisory Board of METRO AG and was a member of the Supervisory Board of Schott AG until June 2012. Stefan Krause became a member of our Management Board and a member of the Group Executive the automotive industry, holding various senior management positions with a strong focus on Finance and Financial Services. Starting in 1987 at BMWs Controlling department in Munich, he transferred to the U.S. in 1993, building up and ultimately heading BMWs Financial Services Division in the Americas. Relocating to Munich in 2001, he became Head of Sales Western Europe (excluding Germany). He was appointed member of the Management Board of BMW Group in May 2002, serving as Chief Financial Officer until September 2007 and subsequently as Chief of Sales & Marketing. Mr. Krause studied Business Administration in Wurzburg and graduated in 1986 with a masters degree in Business Administration. Anshuman Jain became a member of our Management Board on April 1, 2009. Since the end of the Annual General Meeting on May 31, 2012, he has been, together with Mr. Fitschen, Co-Chairman of the Management Board. Mr. Jain joined Deutsche Bank in 1995 and became Head of Global Markets in 2001 as well as a member of the Group Executive Committee in 2002. Mr. Jain studied Economics at Shri Ram College (Delhi University), graduating in 1983, with a BA, and studied Business Administration at the University of Massachusetts, graduating in 1985 with an MBA in Finance. After his academic studies, Mr. Jain worked until 1988 for Kidder Peabody, New York, in the area of Derivatives Research. From 1988 to 1995 he set up and ran the global hedge fund coverage group for Merrill Lynch, New York. Rainer Neske became a member of our Management Board on April 1, 2009. He joined Deutsche Bank in 1990 and in 2000 was appointed member of the Management Board of Deutsche Bank Privat- und Geschaftskunden AG. Since 2003 he has been a member of the Group Executive Committee. From 2003 to 2011, Mr. Neske was Spokesman of the Management Board of Deutsche Bank Privat- und Geschaftskunden AG. On our Management Board, he is responsible for our Private & Business Clients division. Mr. Neske studied Computer Science and Business Administration at the University of Karlsruhe and graduated in 1990 with a masters degree in Information Technology.
Stefan Krause, 50
Member of the Management Board and Chief Financial Officer Committee on April 1, 2008. He is our Chief Financial Officer. Previously, Mr. Krause spent over 20 years in Since:2008
Anshuman Jain, 49
Co-Chairman of the Management Board Since:2009
Rainer Neske, 48
Member of Management Board Since:2009
Page 15 of 34

Key Executive
Stephan Leithner, 47
Member of the Management Board Since:2012
Dr. Stephan Leithner became a member of our Management Board and a member of the Group Executive Committee on June 1, 2012. He is our CEO Europe (excluding Germany and the UK,) and is responsible for Human Resources, Legal & Compliance and Government & Regulatory Affairs. He joined Deutsche Bank in 2000. Prior to his current role, Dr. Leithner co-headed the Corporate Finance division and was responsible for Deutsche Banks local Corporate Finance Country Coverage teams across Europe and Asia as well as for the Global Financial Institutions Group. His previous roles included responsibility for Deutsche Banks German and European M&A business. Before joining Deutsche Bank in 2000, Dr. Leithner was a partner at McKinsey & Co. He holds a PhD in Finance from the University of St. Gallen, Switzerland. Henry Ritchotte became a member of our Management Board and a member of the Group Executive Committee on June 1, 2012. He is our Chief Operating Officer. He joined Deutsche Bank in 1995. Prior to assuming his current role, Mr. Ritchotte held the position of Chief Operating Officer for the Corporate & Investment Bank from 2010 to 2012, having previously been COO for the Global Markets division. He played a decisive role in the strategic recalibration and further integration of the Corporate & Investment Bank. His previous roles at Deutsche Bank include serving as Head of Global Markets in Tokyo. Mr. Ritchotte joined Deutsche Bank in 1995 in fixed income sales after starting his career with Merrill Lynch in New York in 1993. He holds a Bachelors degree in History from Haverford College, a Masters degree in East Asian Studies and an MBA from the University of Chicago. Stuart Wilson Lewis became a member of our Management Board and a member of the Group Executive Committee on June 1, 2012. He is our Chief Risk Officer. He joined Deutsche Bank in 1996. Prior to assuming his current role, Mr. Lewis was the Deputy Chief Risk Officer and Chief Risk Officer of the Corporate & Investment Bank of Deutsche Bank from 2010 to 2012. Between 2006 and 2010 he was Chief Credit Officer. Before joining Deutsche Bank in 1996, he worked at Credit Suisse and Continental Illinois National Bank in London. He studied at the University of Dundee, where he obtained an LLB (Hons), and he holds an LLM from the London School of Economics. He also attended the College of Law, Guildford.
Henry Ritchotte, 50
Member of Management Board Since:2012
Stuart Wilson Lewis, 57
Member of the Management Board Since:2012
Board of Directors
Wolfgang Bohr, 49
Member of Supervisory Board Since:2008
Wolfgang Bohr, Chairman of the Combined Staff Council Dusseldorf of Deutsche Bank; member of the General Staff Council of Deutsche Bank; member of the Group Staff Council of Deutsche Bank. Deutscher Bankangestellten Verband (DBV) (Chairman of the Association Council) (since July 2012). Dr. Karl-Gerhard Eick, Principal occupation: Deputy Chairman of the Management Board of Deutsche Telekom AG, Bonn until February 28, 2009; Chairman of the Management Board of Arcandor AG, Essen since March 1, 2009. Supervisory board memberships and other directorships: T-Mobile International AG (until February 2009); T-Systems Enterprise Services GmbH (until February 2009); T-Systems Business Services GmbH (until February 2009); FC Bayern Munchen AG (until December 2009); CORPUS SIREO Holding GmbH & Co. KG (Chairman); STRABAG Property and Facility Services GmbH (until December 2009); Hellenic Telecommunications Organization S.A. (OTE S.A.) (until March 2009); Thomas Cook Group Plc (until September 2009). Tilman Todenhofer, Principal occupation: Managing Partner of Robert Bosch Industrietreuhand KG, Stuttgart. Supervisory board memberships and other directorships:Robert Bosch GmbH; Robert Bosch Int. Beteiligungen AG (President of the Board of Administration); HOCHTIEF AG (since September 2008); Carl Zeiss AG (Chairman, until September 2008; Schott AG (Chairman, until July 2008).
Karl-gerhard Eick, 58
Tilman Todenhofer, 69
Page 16 of 34

Paul Achleitner, 57
Chairman of the Supervisory Board Since:2012
Dr. Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank AG, Frankfurt. Supervisory board memberships and other directorships: Bayer AG; Daimler AG; RWE AG (until April 18, 2013); Henkel AG & Co. KGaA; (member of the Shareholders Committee). Marlehn Thieme, Director Infrastructure/Regional Management Communications Corporate Citizenship Deutsche Bank AG, Frankfurt.
Marlehn Thieme, 55
Renate Voigt, 58
Renate Voigt, Chairperson of the Combined Staff Council Stuttgart/Esslingen/Heilbronn of Deutsche Bank.
Suzanne B. Labarge, 66
Suzanne Labarge, Supervisory board memberships and other directorships: Coca-Cola Enterprises Inc.
Alfred Herling, 60
Alfred Herling, Chairman of the Combined Staff Council Wuppertal/Sauerland of Deutsche Bank; Chairman of the General Staff Council of Deutsche Bank; member of the European Staff Council; Chairman of the Group Staff Council of Deutsche Bank. Dr. Johannes Teyssen, Chairman of the Management Board of E.ON AG, Dusseldorf (since May 2010). Principal occupation: E.ON Energie AG; E.ON Ruhrgas AG; E.ON Energy Trading SE (Chairman) (until June 2010); Salzgitter AG; E.ON Nordic AB (until June 2010); E.ON Sverige AB (until August 2010); E.ON Italia S.p.A. (formerly E.ON Italia Holding s.r.l.) (until August 2010); E.ON US Investments Corp. (Chairman) (since May 2010). Peter Loscher, Chairman of the Management Board of Siemens AG, Munich. Supervisory board memberships and other directorships: Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft, Thyssen-Bornemisza Group Limited. Stefan Viertel, Head of Cash Management Financial Institutions Austria and Hungary, Senior Sales Manager Deutsche Bank AG.
Johannes Teyssen, 52
Peter Loscher, 56
Stefan Viertel, 47
Gabriele Platscher, 55
Gabriele Platscher, Chairperson of the Combined Staff Council Braunschweig/Hildesheim of Deutsche Bank; Member of the Group and General Staff Councils of Deutsche Bank (until April 2010). BVV Versicherungsverein des Bankgewerbes a.G. (Deputy Chairperson); BVV Versorgungskasse des Bankgewerbes e.V. (Deputy Chairperson); BVV Pensionsfonds des Bankgewerbes AG (Deputy Chairperson). Werner Wenning, Principal occupation: Chairman of the Management Board of Bayer AG, Leverkusen. Supervisory board memberships and other directorships: E.ON AG; Henkel AG & Co. KGaA (Member of the Shareholders Committee); Bayer Schering Pharma AG (Chairman) (until August 2009); HDI V.a.G. (since October 2009); Talanx AG (since October 2009).
Werner Wenning, 66
Page 17 of 34

Martina Klee, 50
Martina Klee, Chairperson of the Staff Council GTO Eschborn/Frankfurt of Deutsche Bank; member of the General Staff Council of Deutsche Bank; member of the Group Staff Council of Deutsche Bank: member of the European Staff Council. Other Directorships: Sterbekasse fur die Angestellten der Deutschen Bank VVa.G. Henriette Mark, Chairperson of the Combined Staff Council Munich and Southern Bavaria of Deutsche Bank; member of the General Staff Council of Deutsche Bank; member of the Group Staff Council of Deutsche Bank; Chairperson of the European Staff Council. Rudolf Stockem, Trade Union Secretary to ver.di Vereinte Dienstleistungsgesellschaft, Berlin. Supervisory board memberships and other directorships: Generali Holding Deutschland AG, Deutsche Bank Privat- und Geschaftskunden AG. Karin Ruck, Deputy Chairperson of the Supervisory Board of Deutsche Bank AG; Senior Advisor Regional Transformation Region Frankfurt/Hesse-East, Deutsche Bank AG; member of the Combined Staff Council Frankfurt branch of Deutsche Bank. Supervisory board memberships and other directorships: BVV Versicherungsverein des Bankgewerbes a.G.; BVV Versorgungskasse des Bankgewerbes e.V.; BVV Pensionsfonds des Bankgewerbes AG. Katherine Garrett-Cox, Chief Executive Officer of Alliance Trust Plc, Dundee; Alliance Trust Savings Ltd. (Non Executive Director); Alliance Trust Asset Management Ltd. (Chief Executive).
Henriette Mark, 54
Rudolf Stockem, 57
Karin Ruck, 47
Katherine Lucy Garrett-cox, 45
Klaus Rdiger Trtzschler, 65
Professor Dr. Klaus Rudiger Trutzschler, Supervisory board memberships and other directorships: Bilfinger SE (until June 30, 2013); Sartorius AG; TAKKT AG (Chairman until January 31, 2013; Deputy Chairman since February 1, 2013); Wuppermann AG (Chairman); Zwiesel Kristallglas AG (Chairman); Wilhelm Werhahn KG. Prof. Dr. Henning Kagermann, President of acatech - German Academy of Science and Engineering, Munich; Other directorships: Munchener Ruckversicherungs-Gesellschaft; Aktiengesellschaft; Nokia Corporation; Deutsche Post AG; Wipro Technologies; BMW; Bayerische Motoren Werke AG; Franz Haniel & Cie. GmbH (since November 2012).
Henning Kagermann, 65
Page 18 of 34

Audit Committee
Name Title
Karl-gerhard Eick Henriette Mark Karin Ruck Marlehn Thieme Paul Achleitner Klaus Rdiger Trtzschler
Member Of Supervisory Board, Chairman Of Audit Committee Member Of Supervisory Board And Member Of Audit Committee Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member Of Mediation Committee Member Of Supervisory Board And Member Of Audit Committee Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee, Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee Member Of Supervisory Board And Member Of Audit Committee
Chairmans Committee
Name Title
Paul Achleitner Alfred Herling Karin Ruck Tilman Todenhofer
Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee, Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee Member Of Supervisory Board And Member Of Chairmans Committee Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member Of Mediation Committee Member Of Supervisory Board, Member Of Nomination Committee, Member Of Chairmans Committee And Member Of Mediation Committee
Mediation Committee
Name Title
Paul Achleitner Karin Ruck Tilman Todenhofer Wolfgang Bohr
Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee, Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee Member Of Supervisory Board, Member Of Audit Committee, Member Of Chairmans Committee And Member Of Mediation Committee Member Of Supervisory Board, Member Of Nomination Committee, Member Of Chairmans Committee And Member Of Mediation Committee Member Of Supervisory Board And Member Of Mediation Committee
Nomination Committee
Name Title
Paul Achleitner Tilman Todenhofer Werner Wenning
Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee, Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee Member Of Supervisory Board, Member Of Nomination Committee, Member Of Chairmans Committee And Member Of Mediation Committee Member Of Supervisory Board And Member Of Nomination Committee
Risk Committee
Name Title
Paul Achleitner Suzanne B. Labarge Henning Kagermann
Chairman Of The Supervisory Board, Chairman Of Nomination Committee, Chairman Of Chairmans Committee, Chairman Of Mediation Committee, Chairman Of Risk Committee And Member Of Audit Committee Member Of Supervisory Board And Member Of Risk Committee Member Of Supervisory Board And Member Of Risk Committee
Page 19 of 34
Deutsche Bank AG DB Performance

Growth of 10,000 09-30-2013
40k DB Banks - Regional - Europe 20k 15k 10k
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
43.42-49.14
38.18-53.12
21.13-84.93
11.50
44.65
5k
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YTD
History
84.35 46.68 37.67 1.87 46,455
10.50 19.69 -9.19 2.06 46,042
10.74 6.93 3.81 1.75 48,973
40.15 43.90 -3.75 1.90 66,440
0.31 5.30 -5.00 3.28 64,589
-63.16 -65.10 1.93 17.15 23,228
75.98 66.85 9.13 0.98 43,977
-25.63 -20.68 -4.95 1.32 47,837
-26.20 -44.83 18.62 1.46 34,249
18.78 32.64 -13.86 1.54 41,154
5.21 17.38 -12.18 46,756
DB Banks - Regional Europe +/- Banks - Regional Europe Dividend Yield % Market Cap USD Mil
Trailing Total Returns (Daily)

40.00 30.00 20.00 10.00 0.00 DB Banks - Regional - Europe S&P 500 TR USD
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-10-01
2.14 1.86 0.81 0.28 1.33
-1.76 0.75 -0.10 -2.51 -1.66
7.92 8.09 3.97 -0.17 3.95
11.62 21.11 5.51 -9.48 6.11
7.42 19.57 20.76 -12.15 -13.34
18.32 37.91 19.98 -19.60 -1.66
-3.97 -9.03 16.41 5.06 -20.38
-7.54 -9.69 10.29 2.15 -17.83
0.69 -0.41 7.41 1.10 -6.72
2.35 0.61 5.60 1.74 -3.25
DB Banks - Regional - Europe S&P 500 TR USD +/- Banks - Regional Europe) +/- S&P 500 TR USD
Trailing Total Returns (Month-End)

1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
5.67 6.12 3.14 -0.45 2.53
9.37 20.52 5.24 -11.15 4.12
19.11 31.63 8.31 -12.53 10.80
5.21 17.38 19.79 -12.18 -14.59
17.52 36.08 19.34 -18.56 -1.83
-4.51 -9.64 16.27 5.13 -20.78
-7.53 -8.54 10.02 1.01 -17.55
0.92 -0.30 7.57 1.22 -6.65
1.94 0.00 5.33 1.94 -3.39
Page 20 of 34
Deutsche Bank AG DB Performance

Trailing Total Returns (Quarter-End)
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
43.42-49.14
38.18-53.12
21.13-84.93
11.50
44.65
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
5.67 6.12 3.14 -0.45 2.53
9.37 20.52 5.24 -11.15 4.12
19.11 31.63 8.31 -12.53 10.80
5.21 17.38 19.79 -12.18 -14.59
17.52 36.08 19.34 -18.56 -1.83
-4.51 -9.64 16.27 5.13 -20.78
-7.53 -8.54 10.02 1.01 -17.55
0.92 -0.30 7.57 1.22 -6.65
1.94 0.00 5.33 1.94 -3.39
Historical Prices 5-Day

Date Open High Low Close Volume
Split History
Date Ratio
2013-10-01 2013-09-30 2013-09-27 2013-09-26 2013-09-25 Five Year Dividend History

Annual Dividends
46.34 45.65 46.42 46.15 46.90
46.89 46.18 46.47 46.56 47.01
46.21 45.58 46.05 46.09 46.27
46.86 45.88 46.20 46.30 46.57
0.66 Mil 0.67 Mil 1.04 Mil 0.77 Mil 1.49 Mil
1995-06-01
10:1
12-2008
12-2009
12-2010
12-2011
12-2012
Dividend Amount Year-end Yield %
6.98 17.15
0.70 0.98
0.69 1.32
0.55 1.46
0.68 1.54
*Dividend Amount is calculated using the ex-dividend date
Dividend History
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2013 2012 2011 2010 2009
2013-05-24 2012-06-01 2011-05-27 2010-05-28 2009-05-27
2013-05-08 2012-04-12 2011-02-08 2010-02-05 2009-01-28
2013-05-23 2012-05-31 2011-05-26 2010-05-27 2009-05-26
2013-05-24 2012-06-01 2011-05-27 2010-05-28 2009-05-27
USD 0.7154 USD 0.6806 USD 0.5522 USD 0.6852 USD 0.6975
Page 21 of 34
Deutsche Bank AG DB Financials

Income Annual Statement As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Loans and Leases Deposits with banks Federal funds sold Securities Trading assets Other assets Total interest income Deposits Federal funds purchased Short-term borrowing Long-term debt Other expense Total interest expense Net interest income Commissions and fees Equity investment income Securities gains (losses) Insurance premium Other income Total noninterest revenue Total net revenue Provisions for credit losses Compensation and benefits Tech, communication and equipment Professional and outside services Merger, acquisition and restructuring Other special charges Other expenses Total noninterest expenses Income (loss) from cont ops before taxes Provision (benefit) for taxes Other income (expense) Cumulative effect of accounting change Net income Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA
Fiscal year ends in December EUR in Million except per share data
27,535 27,535 21,698 21,698 5,837 9,316 20 112 5,946 15,394 21,231 1,111 10,476 110 (29) 6,810 17,368 2,752 1,540 (1) 151 1,363 1,363 2.44 2.31 558 589 5,819
28,002 28,002 22,824 22,824 5,179 9,499 235 123 6,867 16,724 21,902 372 10,215 260 400 19 6,611 17,504 4,026 1,556 2,470 2,470 5.03 4.54 491 544 5,801
41,676 41,676 35,680 35,680 5,996 10,082 1,055 8,488 19,624 25,621 374 10,984 767 7,389 19,140 6,107 2,581 1 3,527 3,527 7.59 6.92 465 510 7,579
8,601 1,363 11,349 7,881 22,784 3,239 55,217 15,403 16,306 1,927 4,534 10,128 48,298 6,918 11,544 919 8,956 21,419 28,338 330 12,649 192 31 7,011 19,883 8,125 2,185 1 46 5,987 5,987 13.30 11.54 450 519 9,683
14,708 1,386 1,092 1,599 46,023 3,004 67,813 17,398 6,880 27,725 4,920 2,027 58,950 8,863 12,309 807 8,815 21,931 30,794 613 13,143 193 (13) 128 7,966 21,418 8,763 2,243 (36) 6,484 6,484 13.69 13.09 474 496 10,497
12,298 1,316 966 1,014 39,085 54,679 13,046 4,436 2,482 5,286 16,947 42,196 12,483 9,772 (9,348) 616 1,039 13,522 1,078 8,236 (253) 586 9,629 18,198 (5,754) (1,850) 60 (3,844) (3,844) (7.60) (7.60) 504 504 (2,700)
10,555 633 320 14,197 1,248 26,953 5,119 280 798 3,292 5,005 14,494 12,459 8,911 59 (403) 6,926 15,493 27,952 2,630 11,310 8,944 (134) 20,120 5,202 244 15 4,973 4,973 7.92 7.59 628 655 6,984
28,779 28,779 13,196 13,196 15,583 10,669 (2,004) 3,555 764 12,984 28,567 1,274 12,671 10,618 29 23,318 3,975 1,645 (20) 2,310 2,310 3.07 2.92 753 791 8,230
34,878 34,878 17,433 17,433 17,445 11,544 (264) 3,181 1,322 15,783 33,228 1,839 13,135 12,864 25,999 5,390 1,064 (194) 4,132 4,132 4.45 4.30 928 957 9,087
13,662 919 762 15,573 1,326 32,242 5,725 315 342 2,350 7,619 16,351 15,891 11,511 159 5,900 280 17,850 33,741 1,721 13,526 11,445 1,870 394 1,886 4,537 33,658 (1,638) 493 2,368 237 237 0.25 0.25 934 960 1,597
28,159 28,159 13,117 13,117 15,042 11,776 392 6,517 406 19,091 34,133 1,816 13,248 11,562 1,780 651 1,915 4,447 33,603 (1,286) 924 2,388 178 178 0.19 0.18 953 981 1,531
Page 22 of 34

Annual Cash Flow As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Net income Provision for credit losses Depreciation & amortization Deferred tax (benefit) expense Investments (gains) losses Loans Other assets and liabilities Other operating activities Net cash provided by operating activities Sales/maturity of investments Purchases of investments Acquisitions and dispositions Property, and equipments, net Other investing activities Net cash used for investing activities Change in deposits Change in short-term borrowing Long-term debt issued Long-term debt repayment Common stock issued Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period
1,363 1,111 3,067 268 (201) (14,191) (220) (8,803) 21,094 (19,907) (989) 7,257 7,455 (21,386) 13,425 43,116 (32,310) (754) (2,109) (18) (973) (2,339) 8,963 6,624
2,470 372 1,775 837 (476) (35,707) 799 (29,929) 33,927 (26,382) (792) (7,481) (727) 23,330 4,319 34,438 (25,754) (828) (3,607) 31,899 (299) 943 6,631 7,574
3,527 374 1,472 963 (1,493) (68,566) (189) (63,912) 49,945 (49,439) (701) (49,407) (49,602) 59,994 50,345 44,540 (39,786) (867) (2,207) 112,019 486 (1,008) 7,573 6,565
5,986 330 1,557 84 (953) (57,977) (5) (50,978) 21,073 (27,371) (1,944) (544) (26,221) (35,007) 26,528 41,507 64,603 (42,944) (1,239) (1,644) 86,812 (389) 438 6,571 7,009
6,521 613 1,734 (920) (1,910) 12,368 (1,590) 16,816 22,014 (26,537) (649) 313 464 (4,395) 429 (2,813) (2,008) 1,018 (3,374) (289) 8,757 17,381 26,139
(3,905) 1,078 3,054 (1,529) (1,736) 43,062 (2,820) 37,205 38,918 (38,792) (834) (63) (771) 3,937 (661) (2,279) 2,231 3,228 (403) 39,259 26,160 65,419
4,958 2,630 1,782 (296) 17,213 (39,228) (845) (13,786) 18,535 (15,812) (20) (553) (1,749) 401 1,760 (1,448) 18,111 (19,238) (314) 109 (1,020) 690 (13,715) 65,264 51,549
2,330 1,274 4,255 315 (2,823) (8,207) (820) (3,676) 15,083 (14,232) 8,580 (765) (1,189) 7,477 1,431 (280) 23,579 (15,366) (465) 193 9,092 1,911 14,804 51,549 66,353
4,326 1,839 3,697 (387) (7,092) 6,482 (1,063) 7,802 32,919 (20,208) 348 (693) (451) 11,915 113 (760) 12,229 (13,781) (695) (266) (3,160) (964) 15,593 66,353 81,946
291 1,721 3,235 720 (626) 11,715 (41,500) (3) (24,447) 20,563 (22,184) 96 (417) (703) (2,645) 61 (708) 11,418 (12,152) (694) (284) (2,359) 40 (29,411) 81,946 52,535
212 1,816 2,817 871 (552) 22,045 (52,237) 218 (24,810) 23,202 (30,509) 48 (419) (590) (8,268) 1,227 (1,863) 14,190 (11,992) (766) (175) 621 (275) (32,732) 76,914 44,182
Page 23 of 34

Annual Balance Sheet As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12
Cash and due from banks Deposits with banks Federal funds sold Securities borrowed Trading assets Derivative assets Debt securities Loans Allowance for loan losses Net loans Receivables Premises and equipment Goodwill Other intangible assets Other assets Total assets Deposits Federal funds purchased Trading liabilities Derivative liabilities Payables Short-term borrowing Long-term debt Other liabilities Total liabilities Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity
21,248 14,624 112,223 344,768 97,257 148,149 (3,275) 144,693 3,606 5,776 7,843 50,175 802,212 305,620 102,254 3,787 22,251 97,310 242,837 774,059 1,487 11,128 20,450 (970) (3,942) 28,153 802,212
25,649 18,075 123,829 372,871 85,901 138,663 (2,344) 136,244 5,221 7,442 64,214 839,447 329,226 105,215 20,103 106,791 252,228 813,562 1,391 11,139 19,799 (1,572) (4,872) 25,885 839,447
18,520 11,954 130,893 448,053 122,707 153,167 (1,927) 151,240 5,075 8,237 94,729 991,408 380,498 143,415 20,534 113,468 303,581 961,495 1,419 11,663 22,611 (3,365) (2,415) 29,913 991,408
26,479 19,470 138,763 516,839 135,677 206,464 (1,754) 204,857 68,055 4,149 8,411 3,529 1,126,229 408,782 187,129 62,167 43,033 132,495 259,815 1,093,421 15,767 25,069 (2,378) (5,650) 32,808 1,126,229
30,294 21,649 225,093 1,158,802 43,297 350,985 (1,708) 349,185 158,958 2,413 9,398 24,444 2,023,533 458,667 364,257 135,407 63,601 179,312 785,185 1,986,431 17,193 25,156 (2,824) (2,423) 37,102 2,023,533
74,742 64,893 94,951 1,475,446 52,810 313,043 (1,942) 309,950 3,721 9,900 121,234 2,207,646 396,491 87,324 116,855 42,432 134,173 1,399,596 2,176,870 16,461 20,121 (941) (4,865) 30,776 2,207,646
9,346 47,233 6,820 43,509 596,410 18,819 262,698 (3,343) 258,105 3,426 2,777 10,169 504,050 1,500,664 344,220 45,495 64,501 576,973 3,713 42,897 131,782 254,436 1,464,017 16,419 24,056 (48) (3,780) 36,647 1,500,664
17,157 92,377 20,365 28,916 271,291 657,780 54,266 407,729 407,729 5,802 15,594 334,353 1,905,630 533,984 27,922 68,859 647,171 64,990 169,660 344,201 1,856,787 2,380 23,515 25,999 (450) (2,601) 48,843 1,905,630
15,928 162,000 25,773 31,337 240,924 859,582 45,281 412,514 412,514 5,509 15,802 349,453 2,164,103 601,730 35,311 63,886 2,524 65,356 163,416 1,178,490 2,110,713 26,075 30,119 (823) (1,981) 53,390 2,164,103
27,885 119,548 36,570 23,947 245,538 768,316 236,406 402,112 (4,696) 397,279 102,900 4,963 10,185 4,034 34,758 2,012,329 577,202 36,144 164,080 752,706 1,589 69,060 158,097 199,448 1,958,326 26,158 29,198 (60) (1,293) 54,003 2,012,329
Page 24 of 34
Deutsche Bank AG DB Valuation / Estimates

Valuation History
200.00 160.00 120.00 80.00 40.00 DB S&P 500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Price/Earnings
31.6 21.1 1.3 3.1 1.8 1.6 -4.4 11.9 Yields
14.5 19 1.3 3 1.6 1.6 -1.2 11.4
11.8 17.3 1.4 2.8 1.6 1.5 -0.7 10.7
8.8 16.8 1.5 2.9 1.8 1.6 -1 11.1
6.8 16.5 1.2 2.7 1.4 1.5 2.6 11.6
-3.8 10.9 0.5 1.7 1.1 0.9 0.4 6.8
6.5 18.6 0.8 2.2 1.2 1.2 -2.4 9.1
13.4 15.5 0.7 2.2 1.1 1.3 -8.4 9.3
6.8 13.7 0.5 2 0.8 1.2 3.6 8.5
133.3 15 0.6 2.1 0.9 1.3 -1.3 9.2
192.3 17 0.6 2.4 0.9 1.5 -1.4 10.2
DB S&P 500
Price/Book
DB S&P 500
Price/Sales
DB S&P 500
Price/Cash Flow
DB S&P 500
5.9
Current Rates of Return %
DB
3.7 2.2 1.5 0.5 NA

Earnings Yield Dividend Yield Cash Return S&P 500 Earnings Yield S&P 500 Dividend Yield 30-year T-Bond Yield
4.00
2.00
Current Valuation 2013-10-01

DB Industry Avg S&P 500 DB 5Y Avg* Relative to Industry Relative to S&P 500
Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Price/Fair Value

*Price/Cash Flow uses 3-year average.
192.3 0.6 0.9 -1.4 1.5 0.9
93.5 0.9 1.2 -1.5 0.5
17.0 2.4 1.5 10.2 2.2
31.2 0.6 1.0 -2.0 4.5

Avg + Avg +
Forward Valuation 2013-10-01

DB Industry Avg S&P 500 Relative to Industry Relative to S&P 500
Forward Price/Earnings PEG Ratio PEG Payback (Yrs)
8.5 0.1 2.4
15.2
Avg + Avg +
Page 25 of 34
Deutsche Bank AG DB Valuation / Estimates

Analyst Ratings
%
Five-Year Growth Forecast Industry Avg Average Rating Last Month Industry Avg S&P 500 Avg
84.5% 4.0
Total Number of Analysts: Buy Outperform Hold Underperform Sell
2 0 2 0 0
Annual Earnings Estimates Data as of10/01/2013

12/2013 EUR Growth % EUR 12/2014 Growth %
Forward Comparisons
5Y Growth Forecast % Forward P/E PEG Ratio
High Low Mean 30 Days Ago 60 Days Ago 90 Days Ago Number of Estimates
4.81 2.59 3.35 3.38 3.45 3.97
1824.0 936.0 1240.0 1252.0 1280.0 1488.0 6
5.19 2.79 4.06 4.14 4.34 4.77
7.9 7.7 21.2 22.5 25.8 20.2 6
DB Industry S&P 500
84.50 9.83
8.50 15.24
0.10
Page 26 of 34
Deutsche Bank AG DB Key Ratios

Financials
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Revenue EUR Mil Gross Margin % Operating Income EUR Mil Operating Margin % Net Income EUR Mil Earnings Per Share EUR Dividends EUR Payout Ratio % Shares Mil Book Value Per Share EUR Operating Cash Flow EUR Mil Cap Spending EUR Mil Free Cash Flow EUR Mil Free Cash Flow Per Share EUR Working Capital EUR Mil Profitability
Margins % of Sales
21,231 2,752 13.0 1,363 2.31 1.34 64.9 589 62.75 -8,803 3,227 6.90
21,902 4,026 18.4 2,470 4.54 1.50 33.1 544 67.84 -29,929 4,738 11.81
25,621 6,107 23.8 3,527 6.92 1.38 19.9 510 70.01 -63,912 -501 -1.16
28,338 8,125 28.7 5,987 11.54 1.97 17.2 519 86.71 -50,978 3,092 7.87
30,794 8,763 28.5 6,484 13.09 3.15 24.1 496 108.38 16,816 2,190 6.44
13,522 -5,754 -42.6 -3,844 -7.60 4.49 504 74.87 37,205 2,482 6.85
27,952 5,202 18.6 4,973 7.59 0.49 6.5 655 84.66 -13,786 -592 -898 -1.96
28,567 3,975 13.9 2,310 2.92 0.56 19.1 791 70.68 -3,676 -873 -9,886 -16.63
33,228 5,390 16.2 4,132 4.30 0.39 9.0 957 76.45 7,802 -794 -415 -0.56
36,163 -1,638 -4.5 237 0.25 0.55 220.0 960 76.86 -24,447 -614 -376 -0.52
36,555 -1,286 -3.5 178 0.18 981 76.27 -24,810 -595 -1,556
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Revenue COGS Gross Margin SG&A R&D Other Operating Margin Net Int Inc & Other EBT Margin
Profitability
100.00 49.86 31.94 12.96 -5.23 12.96
100.00 47.82 32.10 18.38 -1.70 18.38
100.00 42.87 31.83 23.84 -1.46 23.84
100.00 44.64 25.53 28.67 -1.17 28.67
100.00 44.64 24.91 28.46 -1.99 28.46
100.00 59.04 75.54 -42.55 -7.97 -42.55
100.00 72.46 -0.48 18.61 -9.41 18.61
100.00 81.52 0.10 13.91 -4.46 13.91
100.00 78.24 16.22 -5.53 16.22
100.00 69.05 24.02 -4.53 -4.76 2.17
100.00 67.77 24.15 -3.52 -4.97 3.11
Profitability Tax Rate % Net Margin % Asset Turnover (Average) Return on Assets % Financial Leverage (Average) Return on Equity % Return on Invested Capital % Interest Coverage
2003-12 53.05 6.42 0.03 0.17 28.49 4.68 -10.16
2004-12 38.64 11.28 0.03 0.30 32.43 9.14 -7.68
2005-12 42.26 13.77 0.03 0.39 33.14 12.64 -14.67
2006-12 26.74 21.13 0.03 0.57 34.33 19.09 -15.79
2007-12 25.59 21.06 0.02 0.41 54.54 18.55 -15.31
2008-12 -28.43 0.01 -0.18 71.73 -11.33 -13.33
2009-12 4.69 17.79 0.02 0.27 40.95 14.75 -4.22
2010-12 41.38 8.09 0.02 0.14 39.02 5.40 -3.60
2011-12 19.74 12.44 0.02 0.20 40.53 8.08 -3.49
2012-12 62.88 0.66 0.02 0.01 37.26 0.44 -4.85
TTM 81.34 0.49 0.02 0.01 33.23 0.31 -3.98
Page 27 of 34

Growth
Revenue % 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Year over Year 3-Year Average 5-Year Average 10-Year Average

Operating Income %
-20.09 -15.00
3.16 -9.63
16.98 -1.20 -5.82
10.61 10.10 -0.92
8.66 12.03 3.00
-56.09 -19.19 -8.63
106.71 -0.46 5.00
2.20 -2.47 2.20 -1.89
16.32 34.94 3.23 1.14
8.83 8.96 3.27 3.13
2.39

Net Income %
-22.51 -26.35
46.30 30.61
51.68 19.80 -2.38
33.05 43.46 35.07
7.84 29.59 19.80
-13.81 5.26
-23.59 -23.16 -8.23 -5.35
35.60 -7.88 11.55
-17.60

EPS %
243.70 -53.50
81.31 145.26
42.75 107.20 -23.60
69.75 63.78 104.48
8.31 37.94 74.88
-6.00 15.02
-53.55 -29.11 -8.11 -16.22
78.87 -7.15 37.79
-94.26 -63.74 -48.41 -5.01
Year over Year 3-Year Average 5-Year Average 10-Year Average Cash Flow
Cash Flow Ratios
267.22 -52.64
96.33 156.17
52.38 122.30 -20.49
66.72 70.86 111.89
13.40 42.29 83.44
-13.03 10.81
-61.53 -39.35 -15.85 -18.21
47.26 -17.92 31.88
-94.19 -67.94 -54.69 -8.83
-52.94
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales Free Cash Flow/Sales % Free Cash Flow/Net Income
15.20 2.37
21.63 1.92
-1.96 -0.14
10.91 0.52
7.11 0.34
18.36 -0.65
2.12 -3.21 -0.18
3.06 -34.61 -4.28
2.39 -1.25 -0.10
1.70 -1.04 -1.59
1.63 -4.26 -8.74
Page 28 of 34

Financial Health
Balance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Cash & Short-Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net PP&E Intangibles Other Long-Term Assets Total Assets Accounts Payable Short-Term Debt Taxes Payable Accrued Liabilities Other Short-Term Liabilities Total Current Liabilities Long-Term Debt Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Equity
Liquidity/Financial Health
2.65 0.45 0.72 0.98 100.00 2.77 0.47 12.13 96.49 3.51 100.00 2003-12 28.49 3.46
3.06 0.62 0.89 100.00 2.39 12.72 96.92 3.08 100.00 2004-12 32.43 4.13
1.87 0.51 0.83 100.00 2.07 11.45 96.98 3.02 100.00 2005-12 33.14 3.79
2.35 6.04 0.37 0.75 100.00 4.98 3.82 0.54 11.76 97.09 2.91 100.00 2006-12 34.33 4.04
1.50 7.86 0.12 0.46 100.00 6.36 3.14 0.34 8.86 98.17 1.83 100.00 2007-12 54.54 4.83
3.39 0.17 0.45 100.00 5.06 1.92 0.23 6.08 98.61 1.39 100.00 2008-12 71.73 4.36
3.77 0.23 0.19 0.68 100.00 2.86 0.25 8.78 97.56 2.44 100.00 2009-12 40.95 3.60
5.75 0.30 0.82 100.00 3.41 8.90 97.44 2.56 100.00 2010-12 39.02 3.47
8.22 0.25 0.73 100.00 0.12 3.02 0.12 7.55 97.53 2.47 100.00 2011-12 40.53 3.06
7.33 5.11 0.25 0.71 100.00 0.08 3.43 0.08 7.86 97.32 2.68 100.00
6.11 0.48 0.25 0.74 100.00 0.16 3.76 0.16 7.48 96.99 3.01 100.00
Liquidity/Financial Health Quick Ratio Financial Leverage Debt/Equity Efficiency Ratios

Efficiency
2012-12 Latest Qtr 37.26 33.23 2.93 2.48
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle Receivables Turnover Inventory Turnover Fixed Assets Turnover Asset Turnover
2.90 0.03
3.98 0.03
4.98 0.03
6.14 0.03
9.39 0.02
4.41 0.01
8.60 0.02
6.66 0.02
5.88 0.02
6.91 0.02
7.35 0.02
Page 29 of 34
Deutsche Bank AG DB Ownership

Equity and Debt
Type Mil EUR Current Ownership (8 Qtrs)
400.00 320.00 240.00 160.00 80.00
Current Ownership (10 Yrs)

1,750.00 1,400.00 1,050.00 700.00 350.00
Equity Debt
57,479.0 214,506.0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
04
05
06
07
08
09
10
11
12
13
Equity Owners
Current Ownership
30,000 20,000
Institutions
339.27
390.00 260.00 130.00
Institutions
339.27
1,410.00 940.00 470.00
10,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 05 06 07 08 09 10 11 12 13
Type
Mil USD
Mutual Funds
236.87
240.00 160.00 80.00
Mutual Funds
236.87
1,710.00 1,140.00 570.00
Institutions Mutual Funds Insiders
15,554.3 10,940.5 0.0

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
04
05
06
07
08
09
10
11
12
13
Insiders
0.00
0.00
-1.00 -2.00
Insiders
0.00
0.00
-1.00 -2.00
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
04
05
06
07
08
09
10
11
12
13
Fund Owners' Style

Style # of Funds Shares Buy Sell Net % Chg
Buying Trend SellingTrend
880 19 3
Value
1,428 9 2
Blend
174 6 0
Growth
Large Value Large Blend Large Growth Mid Value Mid Blend Mid Growth Small Value Small Blend Small Growth Total
880 1,428 174 19 9 6 3 2 0 2,521
49,470,234 146,071,400 40,841,052 249,248 65,732 26,993 11,401 129,043 0 236,865,103
4,737,929 7,885,301 6,088,305 79,131 12,535 13,175 -4,043 -18,820,419
5,705,966 11,167,016 1,907,894 153,889 76,591 202,565 --2,968 19,216,889
-1.92 -2.2 11.4 -23.07 -49.35 -87.53 ----0.17
Large Mid Small
Page 30 of 34

Owner Activity
Institutions Name Current % Chg from Prev Qtr Current Funds % Chg from Prev Qtr
Total Owners New Owners Sold Out # of Owners Buying # of Owners Selling Total Shares Owned (Mil) Total Shares Bought (Mil) Total Shares Sold (Mil) Net Share Change (Mil) Peer Comparison
Equity Ownership
901 113 75 258 241 339 56 33 23
24.62 117.31 -18.48 10.73 15.31 28.33 88.65 -22.35 -282.96
2,521 215 214 568 503 237 19 19 0
30.89 91.96 -2.73 23.48 24.81 29.49 63.16 -17.65 -96.53
DB
JPM
HBC
Market Cap (Mil USD) # of Institution Owners Equity Ownership

Funds Shares
47,755 901
195,588 2,720
202,690 487
147,794 1,983
Change
% Total Shares Held
% Total Assets
Date
Thornburg International Value A American Funds EuroPacific Gr A Vanguard Total Intl Stock Index Inv iShares MSCI Germany Index Oppenheimer Global A Total: Top 5 funds
Institutions
12,622,485 5,732,146 5,200,013 4,683,910 3,343,582 0
0 0 77,297 0 531,169 0
1.24 0.56 0.51 0.51 0.33 0
2.01 0.24 0.24 4.39 1.55
07/31/2013 06/30/2013 07/31/2013 09/20/2013 08/31/2013
BlackRock Asset Management (DEU) AG DekaBank Deutsche Girozentrale Commerzbank AG Government Pension Fund of Norway - Global Credit Agricole Asset Management Group Vanguard Group, Inc. Merrill Lynch International J.P.Morgan Securities Inc. Capital Research Global Investors HSBC Holdings PLC Total: Top 10 institutions
25,146,585 23,529,706 19,790,330 21,416,802 13,974,088 10,410,240 10,564,610 8,926,550 7,634,441 7,383,521 148,776,873
-1,031,830 -982,040 -195,485 4,184,033 -1,141,672 354,039 5,291,203 6,764,300 -1,394,300 1,461,748 13,309,996
2.47 2.32 1.95 2.37 1.37 1.02 1.04 0.88 0.75 0.73 14.9
3.68 19.38 3.66 0.15 5.25 0.3 7.4 0.61 0.14 0.94
09/30/2013 06/30/2013 06/30/2013 12/31/2011 06/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 31 of 34

Major Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
Thornburg International Value A American Funds EuroPacific Gr A Vanguard Total Intl Stock Index Inv iShares MSCI Germany Index Oppenheimer Global A BlackRock Global Allocation Inv B Janus Overseas D American Funds New Perspective A CREF Stock DFA International Value I Vanguard European Stock Index Inv iShares MSCI EMU Index SPDR EURO STOXX 50 Vanguard Tax-Managed Intl Adm Vanguard Developed Markets Index Inv T. Rowe Price Intl Gr & Inc Oppenheimer Global VA IV Fidelity Spartan International Index Inv CREF Global Equities Fidelity Series International Growth
Institutions
QQQ QQQQ QQQ QQQ QQQ QQ QQQQ QQQ QQ QQQ Q Q QQQ QQQ QQQQ QQQQ QQQ QQQ QQQQQ
12,622,485 5,732,146 5,200,013 4,683,910 3,343,582 2,674,854 2,793,658 2,000,000 1,722,810 1,542,687 1,504,646 1,395,072 1,387,569 1,314,446 1,183,652 1,058,722 949,933 930,405 890,413 903,600
Shares Held
1.24 0.56 0.51 0.51 0.33 0.26 0.27 0.20 0.17 0.15 0.15 0.15 0.14 0.13 0.12 0.10 0.09 0.09 0.09 0.09
% Total Shares Held
0 0 77,297 0 531,169 -26,536 -571,440 2,000,000 -249,719 368 93,236 31,140 0 54,399 25,500 64,408 145,874 6,274 -174,170 0
Shares Change
0.00 0.00 1.51 0.00 18.89 -0.98 -16.98 New -12.66 0.02 6.61 2.28 0.00 4.32 2.20 6.48 18.14 0.68 -16.36 0.00
% Chg from Prior Port
2.01 0.24 0.24 4.39 1.55 0.21 2.45 0.19 0.07 1.16 0.58 1.3 1.94 0.36 0.35 0.61 1.55 0.36 0.23 0.4
% Total Assets
07/31/2013 06/30/2013 07/31/2013 09/20/2013 08/31/2013 07/31/2013 06/30/2013 06/30/2013 07/31/2013 07/31/2013 07/31/2013 09/20/2013 10/01/2013 07/31/2013 07/31/2013 06/30/2013 08/31/2013 08/31/2013 07/31/2013 08/31/2013
Date of Portfolio
BlackRock Asset Management (DEU) AG DekaBank Deutsche Girozentrale Commerzbank AG Government Pension Fund of Norway - Global Credit Agricole Asset Management Group Vanguard Group, Inc. Merrill Lynch International J.P.Morgan Securities Inc. Capital Research Global Investors HSBC Holdings PLC Legal and General Fidelity Management and Research Company Union Investment Privatfonds GmbH Allianz Global Investors Europe GmbH DWS Deutsche GmbH Goldman, Sachs & Co. OFI Global Asset Management, Inc. Janus Capital Management LLC AllianceBernstein LP Ontario Teachers Pension Plan Board
25,146,585 23,529,706 19,790,330 21,416,802 13,974,088 10,410,240 10,564,610 8,926,550 7,634,441 7,383,521 6,752,573 6,783,106 5,983,455 4,631,258 4,942,566 4,913,740 4,433,553 4,280,505 4,014,257 3,689,032
2.47 2.32 1.95 2.37 1.37 1.02 1.04 0.88 0.75 0.73 0.73 0.67 0.59 0.45 0.49 0.48 0.44 0.42 0.40 0.36
-1,031,830 -982,040 -195,485 4,184,033 -1,141,672 354,039 5,291,203 6,764,300 -1,394,300 1,461,748 214,636 5,594,860 450,522 -965,302 861,026 1,825,456 694,415 -372,528 4,014,257 1,144,460
-3.94 -4.01 -0.98 24.28 -7.55 3.52 100.34 312.84 -15.44 24.68 3.28 470.85 8.14 -17.25 21.10 59.11 18.57 -8.01 New 44.98
3.68 19.38 3.66 0.15 5.25 0.3 7.4 0.61 0.14 0.94 0.05 0.05 2.4 2.06 1.07 0.12 1.4 1.91 0.9 1.15
09/30/2013 06/30/2013 06/30/2013 12/31/2011 06/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013
Page 32 of 34

Concentrated Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
iShares MSCI Germany Index db X-trackers MSCI Germany Hedged Eq ETF PowerShares KBW International Financial iShares MSCI Europe Financials Janus Aspen Overseas Instl Janus Overseas D Market Vectors Bank and Brokerage ETF Thornburg International Value A ING Euro STOXX 50 Index Port I Transamerica Partners Intl Equity Transamerica Intl Val Opportunities I2 SPDR EURO STOXX 50 Frost International Equity Inst Wells Fargo/Thornburg International CIT N Thornburg International Equity Strategy Shelton European Growth & Income Direct Lord Abbett Series Intl Core Eq VC Dreyfus International Value A Dreyfus VIF International Value Svc Schroder International Alpha Inv
Institutions
Q QQ QQ QQQ Q Q QQ Q QQQ QQQ QQ QQQ QQ QQ QQQQ
4,683,910 6,299 1,473 136,477 793,419 2,793,658 7,861 12,622,485 228,394 272,812 113,805 1,387,569 114,613 296,609 53,096 5,544 7,110 51,390 23,730 66,583
Shares Held
0.51 0.00 0.00 0.01 0.08 0.27 0.00 1.24 0.02 0.03 0.01 0.14 0.01 0.03 0.01 0.00 0.00 0.01 0.00 0.01
% Total Shares Held
0 2,093 0 0 0 -571,440 19 0 -82,490 45,950 20,190 0 -6,250 41,670 6,030 0 7,110 2,850 1,490 66,583
Shares Change
0.00 49.76 0.00 0.00 0.00 -16.98 0.24 0.00 -26.53 20.25 21.57 0.00 -5.17 16.35 12.81 0.00 New 5.87 6.70 New
4.39 4.16 2.8 2.65 2.58 2.45 2.43 2.01 2 2 1.94 1.94 1.93 1.91 1.9 1.85 1.71 1.65 1.65 1.63
% Total Assets
09/20/2013 08/31/2013 10/01/2013 10/01/2013 06/30/2013 06/30/2013 08/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 10/01/2013 08/31/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013
Date of Portfolio
DekaBank Deutsche Girozentrale FRANKFURT-TRUST Investment-GmbH Dr. Bauer & Co. Vermgensverwalter Oppenheim Kapital-Gessellschaft mbH Merrill Lynch International GFBK Calyon landsbanken Rahastoyhti Oy Isis Asset Management Credit Agricole Asset Management Group Kornhaah 8 Cie Vermogensverwaltung AG HSBC Global Asset Management(DE) GmbH ACATIS Investment GmbH Finlandia Group Plc Interacciones Sociedad Op de SI SA de CV UBS Global Asset Mgmt (Deutschland) GmbH Aktia Rahastoyhti Oy InCapital GmbH SEB Asset Management S.A. PKB Privatbank AG
23,529,706 3,064,121 54,500 866,553 10,564,610 17,000 234,625 19,000 3,000 13,974,088 8,500 37,950 50,000 4,000 157,100 273,800 10,000 15,000 1,277,227 70,000
2.32 0.30 0.01 0.09 1.04 0.00 0.02 0.00 0.00 1.37 0.00 0.00 0.00 0.00 0.02 0.03 0.00 0.00 0.13 0.01
-982,040 71,854 0 47,181 5,291,203 0 217,090 4,000 3,000 -1,141,672 1,500 -14,150 50,000 500 0 0 10,000 15,000 -116,875 20,000
-4.01 2.40 0.00 5.76 100.34 0.00 1238.04 26.67 New -7.55 21.43 -27.16 New 14.29 0.00 0.00 New New -8.38 40.00
19.38 19.1 10.83 8.66 7.4 6.57 6.49 5.42 5.34 5.25 5.22 4.71 4.66 4.63 4.49 4.48 4.48 4.46 4.43 4.38
06/30/2013 06/30/2013 09/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 04/30/2013 06/30/2013 06/30/2013 09/30/2013 08/31/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013 12/31/2012 09/30/2013 12/31/2012
Page 33 of 34

Shareholders Buying
Funds Star Rating Shares Bought % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
American Funds New Perspective A American Funds Growth Fund of Amer A Oppenheimer Global A ING Oppenheimer Global Port I Lord Abbett Intl Core Equity A Met Invt Ser Oppenheimer Glbl Eq B JNL/Oppenheimer Global Growth B BlackRock Global Allocation V.I. III Putnam International Equity A ING Glb Eqty Div & Prem Opps Common T. Rowe Price Overseas Stock Janus Aspen Global Research Instl Oppenheimer Global VA IV CapGuard Int'l Equity Unit S MassMutual Premier Global A Vanguard European Stock Index Inv Putnam VT International Equity IA Vanguard Total Intl Stock Index Inv Schroder International Alpha Inv T. Rowe Price Intl Gr & Inc
Institutions
QQQQ QQQ QQQ QQQQ QQ QQQQ QQQQ QQQQ QQ QQQ QQQQ QQ QQQQ QQQ QQQ QQ QQQ QQQQ QQQQ
2,000,000 859,375 531,169 502,685 278,259 262,930 235,272 219,900 214,463 203,287 183,969 149,077 145,874 141,113 114,324 93,236 88,518 77,297 66,583 64,408
Shares Bought
0.20 0.08 0.33 0.05 0.03 0.03 0.02 0.05 0.02 0.02 0.07 0.01 0.09 0.02 0.01 0.15 0.01 0.51 0.01 0.10
% Total Shares Held
New New 18.89 New New New New 66.54 New New 35.96 New 18.14 1243.51 New 6.61 New 1.51 New 6.48
0.19 0.03 1.55 1.28 1.59 1.27 1.27 0.2 0.93 0.97 0.48 0.89 1.55 0.48 1.28 0.58 0.94 0.24 1.63 0.61
% Total Assets
06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 03/31/2013 06/30/2013 07/31/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013
Date of Portfolio
J.P.Morgan Securities Inc. Fidelity Management and Research Company Merrill Lynch International Government Pension Fund of Norway - Global AllianceBernstein LP Goldman, Sachs & Co. HSBC Holdings PLC Fidelity International Ltd Marsh and Mclennan Companies Retirement Plan Citigroup Inc La Banque Postale Asset Management Ontario Teachers Pension Plan Board Mellon Capital Management Corporation DWS Deutsche GmbH Newton Management Ltd Deutsche Asset Mgmt Invst Gesenschaft OFI Global Asset Management, Inc. Capital World Investors Directed Services LLC MainFirst Bank AG
6,764,300 5,594,860 5,291,203 4,184,033 4,014,257 1,825,456 1,461,748 1,455,293 1,398,302 1,293,595 1,236,348 1,144,460 920,025 861,026 779,772 774,063 694,415 575,000 502,685 497,902
0.88 0.67 1.04 2.37 0.40 0.48 0.73 0.16 0.00 0.21 0.23 0.36 0.30 0.49 0.08 0.35 0.44 0.22 0.05 0.05
312.84 470.85 100.34 24.28 New 59.11 24.68 1005.77 New 153.03 116.90 44.98 42.55 21.10 225367.63 28.12 18.57 33.82 New 5737.52
0.61 0.05 7.4 0.15 0.9 0.12 0.94 0.38 0.03 0.09 1.5 1.15 0.11 1.07 0.2 2.9 1.4 0.03 1.28 1.21
06/30/2013 06/30/2013 06/30/2013 12/31/2011 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013
Page 34 of 34

Shareholders Selling
Funds Star Rating Shares Sold % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
Janus Overseas D CREF Stock CREF Global Equities Pru Ret International Blend/AQR SP ING Euro STOXX 50 Index Port I GMO International Core Equity III American Funds IS Intl Gr And Inc 1 CapGuardian Int'l Equity DB GE Instl International Equity Inv Laudus International MarketMasters Inv BlackRock Global Allocation Inv B AST International Value QMA International Core Equity Fund CapGuard Int'l All Countries Eq Unit T EB DL International Stock Index Fd UC3 AST Schroders Multi-Asset World Strats Elfun International Equity Frost International Equity Inst Gabelli Equity Income AAA Janus Global Research D
Institutions
QQ QQQ QQQ Q QQQQ QQQQ QQQQ QQQ QQQQ QQQ QQQQ QQQ QQ QQQ QQQ QQQ QQQQ QQQ
-571,440 -249,719 -174,170 -120,405 -82,490 -76,502 -70,400 -68,000 -51,950 -29,967 -26,536 -25,180 -15,479 -11,100 -8,877 -7,967 -7,722 -6,250 -6,000 -5,986
Shares Sold
0.27 0.17 0.09 0.00 0.02 0.01 0.01 0.03 0.04 0.00 0.26 0.06 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.05
% Total Shares Held
-16.98 -12.66 -16.36 -77.99 -26.53 -57.97 -36.59 -18.39 -11.65 -67.95 -0.98 -4.21 -79.47 -34.12 -34.86 -12.84 -11.80 -5.17 -20.00 -1.22
2.45 0.07 0.23 0.18 2 0.08 0.64 0.47 0.96 0.04 0.21 1.08 0.17 0.11 0.38 0.06 0.95 1.93 0.04 0.87
% Total Assets
06/30/2013 07/31/2013 07/31/2013 03/31/2013 06/30/2013 05/31/2013 06/30/2013 03/31/2013 07/31/2013 01/31/2013 07/31/2013 08/31/2013 12/31/2012 03/31/2013 06/30/2013 08/31/2013 07/31/2013 08/31/2013 06/30/2013 06/30/2013
Date of Portfolio
Deutsche Bank AG UBS Securities LLC BlackRock Investment Management (UK) Ltd. Capital Research Global Investors Credit Agricole Asset Management Group Assenagon Asset Management S.A. BlackRock Asset Management (DEU) AG DekaBank Deutsche Girozentrale Allianz Global Investors Europe GmbH Lyxor International Asset Management THEAM S.A.S Renaissance Technologies Corp TIAA-CREF Investment Management LLC Royal Bank Of Canada Janus Capital Management LLC Goldman Sachs Asset Management, L.P. St James's Place Group AXA Investment Managers Paris Commerzbank AG Anima Sgr S.p.A
-10,462,032 -2,385,140 -1,593,412 -1,394,300 -1,141,672 -1,103,000 -1,031,830 -982,040 -965,302 -803,688 -783,957 -479,000 -423,889 -392,502 -372,528 -286,056 -263,493 -246,465 -195,485 -194,589
0.23 0.14 0.07 0.75 1.37 0.08 2.47 2.32 0.45 0.06 0.00 0.02 0.26 0.01 0.42 0.04 0.01 0.01 1.95 0.04
-81.90 -62.31 -68.92 -15.44 -7.55 -61.18 -3.94 -4.01 -17.25 -55.51 -96.40 -70.05 -13.96 -79.89 -8.01 -39.15 -75.33 -81.74 -0.98 -35.19
0.14 0.17 0.2 0.14 5.25 2.55 3.68 19.38 2.06 2.86 0.83 0.02 0.09 0 1.91 0.02 0.1 0.16 3.66 0.31
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2012 09/30/2013 06/30/2013 07/31/2013 08/31/2013 05/31/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 03/31/2013 06/30/2013 06/30/2013 08/31/2013

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Deutsche Bank AG DB

Quote Analysis Insiders

19 Performance 21 Financials 24 Valuation / Estimates 26 Key Ratios 29 Ownership

Release date 10-02-2013

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Stock Price 2013-01-01 - 2013-10-01

05/08/2013 05/24/2013 0.72 %

$ 50.00 $ 25.00 $ 87.50 Narrow Standard C C Z

06/01/2012 05/27/2011 05/28/2010 05/27/2009

Cash Dividends Cash Dividends Cash Dividends Cash Dividends

0.6806 0.5522 0.6852 0.6975

Direct Investment Dividend Reinvestment Plan Competitors

TTM Sales $ mil

$47.01 $34.73 $4.88 $12.18 $12.20 $1.21

0.32 ] 1.25 ] -0.10 [ -0.91 [ 0.41 ] -1.63 [

49,443 91,476 74,761 31,865 13,818 879

192.3 0.6 0.9 9 -63.7 -3.5 0.5 0.3 2.5

91.7 0.9 1.1 42 -62.6 43.1 1.2 1 3.1

Wall St. Recommendations Current Total Analysts: 4 4.0

36,163.00 15,891.00 237.00 0.25 959.90

33,228.00 17,445.00 4,132.00 4.30 957.30

28,567.00 15,583.00 2,310.00 2.92 790.80

8,214.00 3,651.00 334.00 0.32 1,027.30

8,022.00 3,894.00 650.00 0.68 954.60

QQQ QQQQ QQQ QQQ

1.24 0.56 0.51 0.51 0.33

2.01 0.24 0.24 4.39 1.55

Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

397,279.00 2,012,329.00 577,202.00 1,958,326.00 54,003.00

412,514.00 2,164,103.00 601,730.00 2,110,713.00 53,390.00

407,729.00 1,905,630.00 533,984.00 1,856,787.00 48,843.00

387,751.00 1,909,879.00 553,844.00 1,852,400.00 57,479.00

410,219.00 2,241,174.00 605,414.00 2,185,429.00 55,745.00

Release date 10-02-2013

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Cash From Operations Cash From Investing Cash From Financing

-24,447.00 -2,645.00 -2,359.00

7,802.00 11,915.00 -3,160.00

-3,676.00 7,477.00 9,092.00

-5,639.00 -3,714.00 1,347.00

-5,343.00 1,910.00 -1,653.00

Release date 10-02-2013

Deutsche Bank AG DB Quote

50.00 Business Description

Release date 10-02-2013

Deutsche Bank AG DB Quote

3.3 30.4 4.9 -33.4

2.5 3.3 8.7 1.1 0.1

3.6 3.7 1.1 1.4 2.2 3.1 5.4

6.4 6.4 1.1 1.2

1.7 1.4 1.5 2.6 1.9 3.8 1.1 4.7

6.3 8.1 8.1 7.0 1.0 -1.6

2.4 0.2 0.8

66.2 15.9 8.3 12.5 1666.7 344.8 4.6 1666.7

0.3 3.2 0.8 1.0 13.1 1.3

0.6 10.4 10.1 10.0 15.6 0.2 10.2 2.1

Release date 10-02-2013

Deutsche Bank AG DB Quote

0.0 6.1 3.8 0.0

22.7 34.6 43.4 96.2 22.5

0.9 2.2 2.4 17.8

1.1 1.0 -4.0 3.4 1.4 0.8 1.7 1.1

-5.5 21.5 21.5 0.0 0.0 7.2