Events after the Reporting Date

 (unaudited)

Deutsche Bank has announced an intention to place up to 90 million newly issued shares from its authorized capital in institutional private placements. This transaction is expected to add approximately € 2.8 billion to Deutsche Bank’s Core Tier 1 capital and increase its pro forma fully loaded Basel 3 Core Tier 1 ratio from 8.8 % as at March 31, 2013 to approximately 9.5 %. In addition, the Group plans to create approximately € 2 billion of subordinated capital over the next twelve months.