Deutsche Bank Performance

Overall results in the first quarter 2015 were strong, excluding € 1.5 billion litigation costs recorded. Results benefited from an improved market environment, increased market volatility and favorable movements in foreign exchange rates. Offsetting these were the aforementioned legal and regulatory matters, as well as impacts from the low interest rate environment, higher bank levy and increased regulatory expenditures. We strengthened our capital base and have continued to implement our cultural and cost initiatives.

The key financial results for the Group in the first quarter 2015 are summarized as follows:

  • Group net revenues were € 10.4 billion in the first quarter 2015, increased by 24 % as compared to the first quarter 2014;
  • Income before income taxes was € 1.5 billion, decreased by 12 % as compared to the first quarter 2014;
  • Net income was € 559 million, decreased by 49 % as compared to the first quarter 2014;
  • Post-tax return on average tangible shareholders’ equity was 3.9 % at the end of first quarter 2015;
  • Capital Requirements Regulation/Capital Requirements Directive 4 (CRR/CRD 4) fully loaded Common Equity Tier 1 capital ratio was 11.1 % at the end of the first quarter 2015;
  • Fully loaded CRR/CRD 4 leverage ratio was 3.4 % at the end of the first quarter 2015; and
  • CRR/CRD 4 fully loaded risk-weighted assets were € 431 billion as of March 31, 2015.

The financial Key Performance Indicators (KPIs) of the Group for the first quarter are detailed in the table below:

Group Key Performance Indicators

Mar 31, 2015

Mar 31, 2014

1

Based on Net Income attributable to Deutsche Bank shareholders.

2

Based on Net Income attributable to Deutsche Bank shareholders, adjusted for litigation, CtA, impairment of goodwill and intangible assets, other severances and CRR/CRD 4 Credit Valuation Adjustment (CVA)/Debt Valuation Adjustment (DVA)/Funding Valuation Adjustment (FVA). Calculation is based on an adjusted tax rate of 35 % for three months ended March 31, 2015 and 34 % for three months ended March 31, 2014. For further information, please refer to “Other Information: Non-GAAP Financial Measures” of this report.

3

Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.

4

Based on noninterest expenses, adjusted for litigation, CtA, impairment of goodwill and intangible assets, policyholder benefits and claims, other severances and other divisional specific cost one-offs; divided by reported revenues. For further information, please refer to “Other Information: Non-GAAP Financial Measures” of this report.

5

Cost savings resulting from the implementation of the OpEx program.

6

Costs-to-achieve (CtA) savings are costs which are directly required for the realization of savings in the OpEx program.

7

The CRR/CRD 4 fully loaded Common Equity Tier 1 ratio represents our calculation of our Common Equity Tier 1 ratio without taking into account the transitional provisions of CRR/CRD 4. Further detail on the calculation of this ratio is provided in the Risk Report.

8

Further detail on the calculation of this ratio is provided in the Risk Report.

Post-tax return on average active equity (reported)1

3.1 %

8.0 %

Post-tax return on average active equity (adjusted)2

13.2 %

10.2 %

Cost/income ratio (reported)3

83.6 %

77.0 %

Cost/income ratio (adjusted)4

64.6 %

71.4 %

Cost savings5

€ 3.6 bn

€ 2.3 bn

Costs to achieve savings6

€ 3.1 bn

€ 2.1 bn

CRR/CRD 4 fully loaded Common Equity Tier 1 ratio7

11.1 %

9.5 %

Fully loaded CRR/CRD 4 leverage ratio8

3.4 %

2.5 %