Slide 1: 2Q2007 Results
1H2007 financials, including reference to comparable 2006 data, have been prepared under IFRS 2Q2007 Results Anthony di Iorio Chief Financial Officer 1 August 2007
Slide 2: Agenda
financial transparency. Agenda 1 Summary 2 Group results 3 Segment results 4 Risk and capital management Investor Relations 08/07 · 2
Slide 3: Outstanding second-quarter and half-year results
financial transparency. Outstanding second-quarter and half-year results 2Q2007 1H2007 EUR EUR Revenues Revenues 27% 8.8 bn 23% 18.4 bn Income before EUR Income before EUR income taxes 32% 2.7 bn income taxes 26% 5.9 bn EUR EUR Net income Net income 31% 1.8 bn 30% 3.9 bn Record revenues in investm
Slide 4: Sustained delivery for shareholders
financial transparency. Sustained delivery for shareholders 2006 2007 Pre-tax RoE EPS (diluted) In % In EUR 3ppt 41% 45 3ppt 7.86 42 40 36 38 33 5.56 48% 4.28 3.60 3.11 2.44 1Q 2Q 1H 1Q 2Q 1H Note: Ratios on a reported basis and RoE annualized; figures may not add up due to rounding differences Inve
Slide 5: RoE growth despite a 22% increase in average active equity
financial transparency. RoE growth despite a 22% increase in average active equity Income before income taxes Pre-tax return on equity In EUR bn In % 32% 2.7 2.0 3ppt 36 33 2Q2006 2Q2007 Average active equity In EUR bn 22% 29.8 24.4 2Q2006 2Q2007 2Q2006 2Q2007 Note: Ratios on a reported basis and Ro
Slide 6: Results of a clear management agenda
financial transparency. Results of a clear management agenda Pre-tax RoE (target definition)(1) Diluted EPS (target definition)(2) In % In EUR 1ppt 10.24 37 38 38% 31 7.32 6.95 25 5.31 4.53 16 13 2.31 2003 2004 2005 2006 1H 1H 2003 2004 2005 2006 1H 1H 2006 2007 2006 2007 (1) 2003-2004 underlying; 2
Slide 7: Agenda
financial transparency. Agenda 1 Summary 2 Group results 3 Segment results 4 Risk and capital management Investor Relations 08/07 · 7
Slide 8: Strong year-on-year profit growth
financial transparency. Strong year-on-year profit growth Income before income taxes, in EUR bn 32% 26% 5.9 3.2 2.7 4.6 2.6 2.0 1.9 1.8 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 2006 2007 2006 2007 Investor Relations 08/07 · 8
Slide 9: Significant quarterly and half-yearly net income growth
financial transparency. Significant quarterly and half-yearly net income growth Net income, in EUR bn 31% 30% 2.1 3.9 1.8 1.8 3.0 1.6 1.4 1.2 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 2006 2007 2006 2007 Investor Relations 08/07 · 9
Slide 10: Another quarter of substantial year-on-year revenue growth
financial transparency. Another quarter of substantial year-on-year revenue growth Net revenues, in EUR bn 23% 27% 18.4 9.6 8.8 14.9 8.0 6.9 7.2 6.4 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 2006 2007 2006 2007 Investor Relations 08/07 · 10
Slide 11: Noninterest expenses reflect business performance and growth initiatives
financial transparency. Noninterest expenses reflect business performance and growth initiatives Noninterest expenses, in EUR bn 21% 25% 12.3 6.3 10.2 6.0 5.4 5.1 4.8 4.5 8.2 4.3 3.9 6.7 3.6 3.1 3.0 2.7 2.0 2.0 2.1 3.6 4.1 1.8 1.8 1.8 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 2006 2007 2006 2007 Compensation and bene
Slide 12: Progress on key cost ratios sustained
financial transparency. Progress on key cost ratios sustained In % Cost / income ratio(1) 67 69 71 71 66 68 68 67 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 2006 2007 2006 2007 Compensation ratio(2) Non-compensation ratio(3) 45 44 43 43 45 44 45 45 26 28 29 22 21 24 24 22 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H 1Q 2Q 3Q 4Q 1Q 2Q 1H 1
Slide 13: Agenda
financial transparency. Agenda 1 Summary 2 Group results 3 Segment results 4 Risk and capital management Investor Relations 08/07 · 13
Slide 14: Significant profit growth across all segments
financial transparency. Significant profit growth across all segments Income before income taxes, in EUR m CB&S GTB 30% 1,752 1,345 24% 247 199 2Q2006 2Q2007 2Q2006 2Q2007 AWM PBC 21% 292 18% 297 242 252 2Q2006 2Q2007 2Q2006 2Q2007 Investor Relations 08/07 · 14
Slide 15: CB&S: A record second quarter
financial transparency. CB&S: A record second quarter Results at a glance Condensed P&L Income before income taxes, in EUR m In EUR m Key ratios, in % 2Q Δ vs. 1H Δ vs. 30% 2007 2Q2006 2007 1H2006 2,181 1,977 Revenues 5,308 31% 11,426 24% 1,752 1,345 Provisions* 42 221% 63 (9)% 1,027 1,030 Nonintere
Slide 16: Sales & Trading debt: Market leader by revenues
financial transparency. Sales & Trading debt: Market leader by revenues S&T (debt and other products) Trends vs. 2Q2006 / key features Net revenues, in EUR m Credit Strong contribution from infrastructure business 18% Favorable market positioning through 3,354 volatile quarter 2,806 2,889 EM deb
Slide 17: Sales & Trading equity: Strong across the board
financial transparency. Sales & Trading equity: Strong across the board S&T (equity) Trends vs. 2Q2006 / key features Net revenues, in EUR m Equity Strong contribution from institutional Derivatives and retail 89% Robust activity in Europe 1,714 Prime 1,546 Services Strong market volumes 1,403
Slide 18: Origination & Advisory: Record quarter
financial transparency. Origination & Advisory: Record quarter Origination & Advisory Trends vs. 2Q2006 / key features Net revenues, in EUR m Advisory Advisory Origination Record revenues in strong market 23% Pipeline up significantly vs. 2Q2006 895 845 Equity Record revenues: up 53% vs. 797 O
Slide 19: GTB: Strong increase in profitability
financial transparency. GTB: Strong increase in profitability Results at a glance Condensed P&L Income before income taxes, in EUR m In EUR m Key ratios, in % 2Q Δ vs. 1H Δ vs. 24% 2007 2Q2006 2007 1H2006 247 199 214 Revenues 656 16% 1,268 15% 182 170 153 Provisions* 0 n.m. (1) n.m. Noninterest exp.
Slide 20: AWM: Strong year-on-year and quarter-on-quarter growth
financial transparency. AWM: Strong year-on-year and quarter-on-quarter growth Results at a glance Condensed P&L Income before income taxes, in EUR m In EUR m Key ratios, in % 2Q Δ vs. 1H Δ vs. 21% 2007 2Q2006 2007 1H2006 292 Revenues 1,140 7% 2,147 1% 233 242 237 182 188 Provisions* 0 n.m. (0) n.m.
Slide 21: PBC: Another strong quarter
financial transparency. PBC: Another strong quarter Results at a glance Condensed P&L Income before income taxes, in EUR m In EUR m Key ratios, in % 2Q Δ vs. 1H Δ vs. 18% 2007 2Q2006 2007 1H2006 Revenues 1,442 15% 2,867 12% 301 293 297 252 264 Provisions* (124) 32% (241) 34% 223 Noninterest exp. (1,
Slide 22: Agenda
financial transparency. Agenda 1 Summary 2 Group results 3 Segment results 4 Risk and capital management Investor Relations 08/07 · 22
Slide 23: Problem loans remain at low levels
financial transparency. Problem loans remain at low levels Problem loans not considered Problem loans, in EUR bn impaired under IFRS IFRS impaired loans(1) IFRS impaired loans coverage ratio(2) 3.5 3.4 3.4 3.2 3.1 2.9 2.9 2.8 2.7 2.7 2.6 2.5 61% 61% 63% 66% 59% 60% 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
Slide 24: Provisions reflect PBC strategy and releases in CIB
financial transparency. Provisions reflect PBC strategy and releases in CIB Provision for credit losses, in EUR m 178 131 98 91 82 76 81 9 1Q 2Q 3Q 4Q 1Q 2Q 1H 1H Thereof: CIB 2006 2007 2006 2007 (72) (19) (27) 24 (20) (42) (91) (62) 85 94 104 107 117 124 179 241 Thereof: PCAM Note: Divisional figur
Slide 25: RWA increase, but Tier I ratio remains within range
financial transparency. RWA increase, but Tier I ratio remains within range 8.8 8.7 8.9 8.7 9% 8.5 8.4 8.4 Target range 308 8% 285 271 275 256 263 Tier I ratio, in % RWA, 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun in EUR bn 2006 2007 Note: March, June and September 2006 based on U.S. GAAP Investor Re
Slide 26: Outstanding second-quarter and half-year results
financial transparency. Outstanding second-quarter and half-year results 2Q2007 1H2007 EUR EUR Revenues Revenues 27% 8.8 bn 23% 18.4 bn Income before EUR Income before EUR income taxes 32% 2.7 bn income taxes 26% 5.9 bn EUR EUR Net income Net income 31% 1.8 bn 30% 3.9 bn Record revenues in investm
Slide 27: Additional information
financial transparency. Additional information Analyst Call A Passion to Perform. Deutsche Bank
Slide 28: Number of shares for EPS calculation
financial transparency. Number of shares for EPS calculation In million Average At end of period 2Q 1Q 2Q 30 Jun 31 Mar 30 Jun 2006 2007 2007 2006 2007 2007 Common shares issued 519 525 527 519 525 528 Total shares in treasury (18) (27) (26) (24) (22) (28) Common shares outstanding 501 498 501 496 5
Slide 29: Group headcount
financial transparency. Group headcount Full-time equivalents, at period end 30 Jun 2007 vs. 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 31 Mar 2007 2006 2006 2006 2006 2007 2007 Net of Total change de-/consoli- dation CIB 12,889 13,230 13,860 14,364 16,295 16,610 315 315 PCAM 27,160 27,821 28,166 28,
Slide 30: Invested assets report
financial transparency. Invested assets(1) report Net new 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun In EUR bn 2006 2006 2006 2006 2007 2007 money 2Q2007 Asset and Wealth Management 713 683 713 732 747 765 11 Asset Management 544 518 540 543 553 564 6 Institutional 150 143 150 152 153 159 6 Retail 23
Slide 31: Regional invested assets – AM and PWM
financial transparency. Regional invested assets(1) – AM and PWM In EUR bn 30 Jun vs. 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 31 Mar 2006 2006 2006 2006 2007 2007 2007 Asset Management 544 518 540 543 553 564 2% Germany 238 230 237 238 249 265 7% UK 7 8 8 10 12 13 9% Rest of Europe 50 48 49 48 45
Slide 32: Regional net new money – AM and PWM
financial transparency. Regional net new money – AM and PWM In EUR bn 1Q2006 2Q2006 3Q2006 4Q2006 FY2006 1Q2007 2Q2007 Asset Management 5 (5) 6 (0) 6 4 6 Germany 7 (1) 1 (3) 5 8 11 UK (1) 0 0 1 1 1 1 Rest of Europe (1) (1) 0 (2) (4) (3) (6) Americas (1) (4) 3 3 0 (3) 1 Asia / Pacific 2 1 0 1 4 1 (1)
Slide 33: Corporate Investments
financial transparency. Corporate Investments Results at a glance Condensed P&L (reported) Income before income taxes, in EUR m In EUR m 2Q Δ vs. 1H Δ vs. 2007 2Q2006 2007 1H2006 Revenues 259 62% 697 114% 305 233 Provisions* 0 n.m. (0) n.m. Noninterest exp. (32) (27)% (166) 91% 127 109 80 IBIT 233 1
Slide 34: Alternative assets exposure
financial transparency. Alternative assets exposure Book values, in EUR bn 2.6 2.7 2.6 2.5 2.5 2.4 0.2 0.2 0.1 0.1 0.3 CI - Private Equity funds 0.4 0.3 0.3 0.3 CI - Private Equity directs 0.4 0.3 0.6 0.4 0.4 0.3 CI - Real Estate 0.4 0.4 0.4 1.0 1.0 1.0 PCAM 0.9 0.9 1.0 0.8 0.8 0.9 CIB 0.5 0.6 0.2 3
Slide 35: Listed holdings – unrealised net gains of EUR 3.7 bn
financial transparency. Listed holdings – unrealised net gains of EUR 3.7 bn In EUR m Stake Market value (in %) 30 Jun 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 2007 2006 2006 2006 2006 2007 2007 DaimlerChrysler AG 4.3% 2,124 1,728 1,770 2,103 2,766 3,058 Allianz AG 2.1% 1,330 1,191 1,316 1,494 1,48
Slide 36: Loan book
financial transparency. Loan book In EUR bn 9% 189 189 195 178 183 CI/Other 172 98 CIB 100 91 94 85 91 94 96 PCAM 85 86 88 90 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 2006 2007 Note: Figures may not add up due to rounding differences Investor Relations 08/07 · 36
Slide 37: Risk
financial transparency. Risk VaR of CIB trading units (99%, 1 day), in EUR m EUR 3.2 bn Sales & Trading revenues EUR 4.3 bn 100 90 80 70 60 50 ∅ 68.2 ∅ 67.6 ∅ 69.3 ∅ 72.9 ∅ 77.5 ∅ 83.6 1Q2006 2Q2006 3Q2006 4Q2006 1Q2007 2Q2007 Investor Relations 08/07 · 37
Slide 38: Update on share buybacks
financial transparency. Update on share buybacks Total repurchases 1.6 m 2.8 m 3.3 m 5.8 m In % of shares issued* 0.3% 0.5 % 0.6 % 1.1 % Capital consumption EUR 0.1 bn EUR 0.3 bn EUR 0.3 bn EUR 0.6 bn Share Share price, in EUR Number of shares, in ‘000 buybacks 120 2,500 115 Weekly 2,000 repurchase
Slide 39: Our target definition
financial transparency. Our target definition Pre-tax return on equity (target definition) IBIT attributable to DB shareholders (target definition) IBIT attributable to DB shareholders (target definition) Reported income before income tax expense Less minority interest Average active equity IBIT att
Slide 40: Cautionary statements
financial transparency. Cautionary statements Unless otherwise indicated, the financial information provided herein has been prepared under the International Financial Reporting Standards (IFRS). It may be subject to adjustments based on the preparation of the full set of financial statements for 20