Related Party Transactions

 (unaudited)

Transactions with related parties are made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing for comparable transactions with other parties.

Transactions with Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of Deutsche Bank Group, directly or indirectly. The Group considers the members of the Management Board as currently mandated and the Supervisory Board to constitute key management personnel for purposes of IAS 24. Among the Group’s transactions with key management personnel as of March 31, 2011, were loans and commitments of € 9 million and deposits of € 12 million. As of December 31, 2010, there were loans and commitments of € 10 million and deposits of € 9 million among the Group’s transactions with key management personnel. In addition, the Group provides banking services, such as payment and account services as well as investment advice, to key management personnel and their close family members.

In the first quarter 2011 and during 2010, a member of key management personnel received payments from a Group company. At the time the contractual arrangement was executed the payor company was not included in the Group of consolidated companies.

Transactions with Subsidiaries, Joint Ventures and Associates

Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between the Group and its associated companies and joint ventures also qualify as related party transactions. Due to a revised version of IAS 24, “Related Party Disclosures” (“IAS 24 R”) the definition of a related party has been amended, in part, to clarify that an associate includes subsidiaries of an associate and a joint venture includes subsidiaries of the joint venture. IAS 24 R was applied retrospectively for 2010.

Loans

In the three months ended March 31, 2011, and in the year 2010 loans issued and guarantees granted to related parties developed as follows.

 

Associated companies and other related parties

in € m.

Mar 31, 2011

Dec 31, 20101

1

Prior year numbers were adjusted as a result of the adoption of IAS 24 R.

2

In 2010, some entities were fully consolidated. Therefore, loans issued to these investments were eliminated on consolidation.

3

Loans past due were nil as of March 31, 2011, and December 31, 2010. Loans included loans to joint ventures of € 16 million as of March 31, 2011, and € 17 million as of December 31, 2010.

4

Includes financial and performance guarantees, standby letters of credit, indemnity agreements and irrevocable lending-related commitments.

Loans outstanding, beginning of period

4,329

1,002

Loans issued during the period

89

3,585

Loan repayments during the period

52

148

Changes in the group of consolidated companies2

(126)

Exchange rate changes/other

6

16

Loans outstanding, end of period3

4,372

4,329

Other credit risk related transactions:

 

 

Allowance for loan losses

31

32

Provision for loan losses

0

26

Guarantees and commitments4

257

255

Deposits

In the three months ended March 31, 2011, and in the year 2010 deposits received from related parties developed as follows.

 

Associated companies and other related parties

in € m.

Mar 31, 2011

Dec 31, 20101

1

Prior year numbers were adjusted as a result of the adoption of IAS 24 R.

2

In 2010, some entities were fully consolidated. Therefore, deposits received from these investments were eliminated on consolidation.

Deposits, beginning of period

220

369

Deposits received during the period

146

162

Deposits repaid during the period

78

220

Changes in the group of consolidated companies2

(93)

Exchange rate changes/other

2

Deposits, end of period

288

220

Other Transactions

Trading assets and positive market values from derivative financial transactions with associated companies amounted to € 186 million as of March 31, 2011, and € 149 million as of December 31, 2010. Trading liabilities and negative market values from derivative financial transactions with associated companies amounted to € 54 million as of March 31, 2011, and € 15 million as of December 31, 2010.

Transactions with Pension Plans

The Group has business relationships with a number of its pension plans pursuant to which it provides financial services to these plans, including investment management. Pension funds may hold or trade Deutsche Bank AG shares or securities. As of March 31, 2011, transactions with these plans were not material for the Group.

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