Deutsche Bank

Annual Report 2017

Annual Report 2017

Dear Shareholders,

Our results were actually better than they may seem at first glance. Although we reported a loss of 735 million euros after income taxes, on a pre-tax basis we earned income of 1.2 billion euros – the first such profit since 2014. The difference was largely driven by a write down in the carrying value of our deferred tax asset relating to our US operations. This in turn was driven by the tax reform enacted in the US at the end of December 2017. The good news about the tax reform is that it low-ers our future corporate tax rate in the US, the effect of which will improve our results in the coming years. The Management Board and the Supervisory Board will propose a dividend of 11 cents per share to the Annual General Meeting.

Letter from the Chairman of the Management Board