Consolidated Statement of Changes in Equity

in € m.

Common shares (no par value)

Additional paid-in capital

Retained earnings1

Common shares in treasury, at cost

Equity classified as obligation to purchase common shares

Unrealized net gains (losses) on financial assets available for sale, net of applicable tax and other4

Unrealized net gains (losses) on derivatives hedging variability of cash flows, net of tax4

Unrealized net gains (losses) on assets classified as held for sale, net of tax

Foreign currency translation, net of tax4

Unrealized net gains (losses) from equity method investments

Accumulated other comprehensive income, net of tax2

Total shareholders’ equity

Noncontrolling interests

Total equity

1

The initial acquisition accounting for ABN AMRO, which was finalized at March 31, 2011, resulted in a retrospective adjustment of retained earnings of € (24) million for December 31, 2010.

2

Excluding actuarial gains (losses) related to defined benefit plans, net of tax.

3

Includes the cumulative effect of the adoption of accounting pronouncements. Please refer to Note 2 “Recently Adopted and New Accounting Pronouncements” of this report.

4

Excluding unrealized net gains (losses) from equity method investments.

5

Of which approximately € (340) million are related to a capital repayment of an investment vehicle, which was part of a structured trade.

6

Of which approximately € (750) million are attributable to the noncontrolling interests in Deutsche Postbank AG, which were significantly reduced in 2012 as a result of both the increase in the Group’s shareholdings as well as the conclusion of a domination agreement between Postbank and its immediate parent DB Finanz-Holding GmbH (a wholly owned subsidiary of Deutsche Bank AG).

Balance as of December 31, 2010

2,380

23,515

25,975

(450)

0

(113)

(179)

(11)

(2,333)

35

(2,601)

48,819

1,549

50,368

Total comprehensive income, net of tax2

0

0

4,132

0

0

(504)

(47)

11

1,167

(7)

620

4,752

162

4,914

Common shares issued

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Cash dividends paid

0

0

(691)

0

0

0

0

0

0

0

0

(691)

(4)

(695)

Actuarial gains (losses) related to defined benefit plans, net of tax

0

0

666

0

0

0

0

0

0

0

0

666

(7)

659

Net change in share awards in the reporting period

0

153

0

0

0

0

0

0

0

0

0

153

0

153

Treasury shares distributed under share-based compensation plans

0

0

0

1,108

0

0

0

0

0

0

0

1,108

0

1,108

Tax benefits related to share-based compensation plans

0

(76)

0

0

0

0

0

0

0

0

0

(76)

0

(76)

Additions to Equity classified as obligation to purchase common shares

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Deductions from Equity classified as obligation to purchase common shares

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Option premiums and other effects from options on common shares

0

(131)

0

0

0

0

0

0

0

0

0

(131)

0

(131)

Purchases of treasury shares

0

0

0

(13,781)

0

0

0

0

0

0

0

(13,781)

0

(13,781)

Sale of treasury shares

0

0

0

12,300

0

0

0

0

0

0

0

12,300

0

12,300

Net gains (losses) on treasury shares sold

0

(32)

0

0

0

0

0

0

0

0

0

(32)

0

(32)

Other

0

266

37

0

0

0

0

0

0

0

0

303

(430)5

(127)

Balance as of December 31, 2011

2,380

23,695

30,119

(823)

0

(617)

(226)

0

(1,166)

28

(1,981)

53,390

1,270

54,660

Total comprehensive income, net of tax2

0

0

263

0

0

1,077

67

0

(424)

(38)

681

944

152

1,096

Common shares issued

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Cash dividends paid

0

0

(689)

0

0

0

0

0

0

0

0

(689)

(3)

(692)

Actuarial gains (losses) related to defined benefit plans, net of tax

0

0

(480)

0

0

0

0

0

0

0

0

(480)

(4)

(484)

Net change in share awards in the reporting period

0

(342)

0

0

0

0

0

0

0

0

0

(342)

0

(342)

Treasury shares distributed under share-based compensation plans

0

0

0

1,481

0

0

0

0

0

0

0

1,481

0

1,481

Tax benefits related to share-based compensation plans

0

2

0

0

0

0

0

0

0

0

0

2

0

2

Additions to Equity classified as obligation to purchase common shares

0

0

0

0

(4)

0

0

0

0

0

0

(4)

0

(4)

Deductions from Equity classified as obligation to purchase common shares

0

0

0

0

4

0

0

0

0

0

0

4

0

4

Option premiums and other effects from options on common shares

0

(63)

0

0

0

0

0

0

0

0

0

(63)

0

(63)

Purchases of treasury shares

0

0

0

(12,152)

0

0

0

0

0

0

0

(12,152)

0

(12,152)

Sale of treasury shares

0

0

0

11,434

0

0

0

0

0

0

0

11,434

0

11,434

Net gains (losses) on treasury shares sold

0

77

0

0

0

0

0

0

0

0

0

77

0

77

Other3

0

407

(14)

0

0

8

0

0

(3)

0

5

398

(1,176)6

(778)

Balance as of December 31, 2012

2,380

23,776

29,199

(60)

0

468

(159)

0

(1,593)

(10)

(1,294)

54,001

239

54,240

Total comprehensive income, net of tax2

0

0

666

0

0

(165)

57

2

(1,121)

63

(1,164)

(498)

13

(485)

Common shares issued

230

2,731

0

0

0

0

0

0

0

0

0

2,961

0

2,961

Cash dividends paid

0

0

(764)

0

0

0

0

0

0

0

0

(764)

(13)

(777)

Actuarial gains (losses) related to defined benefit plans, net of tax

0

0

(659)

0

0

0

0

0

0

0

0

(659)

0

(659)

Net change in share awards in the reporting period

0

(385)

0

0

0

0

0

0

0

0

0

(385)

0

(385)

Treasury shares distributed under share-based compensation plans

0

0

0

1,160

0

0

0

0

0

0

0

1,160

0

1,160

Tax benefits related to share-based compensation plans

0

30

0

0

0

0

0

0

0

0

0

30

0

30

Additions to Equity classified as obligation to purchase common shares

0

0

0

0

(1)

0

0

0

0

0

0

(1)

0

(1)

Deductions from Equity classified as obligation to purchase common shares

0

0

0

0

1

0

0

0

0

0

0

1

0

1

Option premiums and other effects from options on common shares

0

(49)

0

0

0

0

0

0

0

0

0

(49)

0

(49)

Purchases of treasury shares

0

0

0

(13,648)

0

0

0

0

0

0

0

(13,648)

0

(13,648)

Sale of treasury shares

0

0

0

12,535

0

0

0

0

0

0

0

12,535

0

12,535

Net gains (losses) on treasury shares sold

0

(49)

0

0

0

0

0

0

0

0

0

(49)

0

(49)

Other

0

150

(65)

0

0

0

0

0

0

0

0

85

8

93

Balance as of December 31, 2013

2,610

26,204

28,376

(13)

0

303

(101)

2

(2,713)

53

(2,457)

54,719

247

54,966

The accompanying notes are an integral part of the Consolidated Financial Statements.