Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Non-Deal Roadshow (July 2007)
31 slides from Deutsche Bank's roadshow presentation, Jul 6, 2007
Slide 1: Deutsche Bank Roadshow
Deutsche Bank Roadshow Anthony di Iorio Chief Financial Officer Milano, 6 July 2007
Slide 2: Agenda
financial transparency. Agenda 1 Outstanding performance 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 07/07· 2
Slide 3: Strong revenue momentum combined with cost control
financial transparency. Strong revenue momentum combined with cost control In EUR bn 1st quarter Revenues Noninterest expenses 28.5 10% CAGR 5% CAGR 25.6 19.9 21.3 21.9 17.5 19.2 17.4 9.6 6.3 20% 17% 8.0 5.4 2003 2004 2005 2006 1Q2007 2003 2004 2005 2006 1Q2007 Note: 2003-2005 based on U.S. GAAP, 20
Slide 4: Outstanding profit growth
financial transparency. Outstanding profit growth In EUR bn 1st quarter Income before income taxes Net income 8.3 6.1 6.1 3.5 4.0 3.2 2.5 2.8 2.1 1.4 2.6 22% 29% 1.6 2003 2004 2005 2006 1Q2007 2003 2004 2005 2006 1Q2007 Note: 2003-2005 based on U.S. GAAP, 2006 onwards based on IFRS Investor Relation
Slide 5: Outperformance against key targets
financial transparency. Outperformance against key targets 1st quarter Pre-tax RoE (target definition)(1) Diluted EPS (target definition)(2) In % In EUR 40 41 10.24 31 1ppt 25 6.95 16 4.53 13 3.88 2.31 2.87 35% 2003 2004 2005 2006 1Q 1Q 2003 2004 2005 2006 1Q 2006 2007 2007 (1) 2003-2004 underlying;
Slide 6: Delivery to shareholders
financial transparency. Delivery to shareholders Dividend per share Cash returned to shareholders In EUR In EUR bn 4.00 12.9 32% CAGR 2.50 Dividends 5.7 1.70 1.50 1.30 7.2 Share retirements 2002 2003 2004 2005 2006 2002 - 2006 Investor Relations 07/07· 6
Slide 7: Agenda
financial transparency. Agenda 1 Outstanding performance 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 07/07· 7
Slide 8: Well diversified global footprint
financial transparency. Well diversified global footprint Net revenues(1) Income before income taxes(2) Asia / Pacific 2006 Americas EUR 28 bn EUR Europe (ex. Germany) 8.1 bn Germany 12% 12% 100% 29% 29% EUR 10 bn 4% 34% 38% 7% 20% 69% 25% 20% 1995 2006 Germany Europe Americas Asia / Total (excl. Pa
Slide 9: A leading global investment bank …
financial transparency. A leading global investment bank … Revenues Corporate Banking & Securities 1Q2007, in EUR bn 7.2 Loan products 6.1 (2) 0.3 5.8 5.6 5.5 0.8 5.0 Investment banking 4.1 3.9 3.3 Sales & 5.1 Trading Goldman DB Morgan Citi JPMorgan Merrill Credit UBS Lehman (1) (1) (1) Sachs Stanle
Slide 10: … and a market leader in sales and trading
financial transparency. … and a market leader in sales and trading Revenues Sales & Trading 1Q2007, in EUR bn 5.9 5.1 2.4 4.4 Equity 3.9 3.9 1.7 1.7 3.3 3.1 1.1 3.1 1.8 2.7 Debt 1.2 1.9 1.3 1.0 3.5 3.4 2.7 2.9 2.1 2.0 1.7 1.4 1.6 Goldman DB Morgan Merrill Citi UBS JPMorgan Credit Lehman Sachs * Stan
Slide 11: Global Markets has shown consistent, stable earnings growth across market cycles
financial transparency. Global Markets has shown consistent, stable earnings growth across market cycles … DB rank 6 3 2 4 2 2 2 6 DB Sales & Trading revenues, 5 Peer average* 5 4 4 in EUR bn 33 22 11 00 1Q 2Q 1Q 2Q 3Q 3Q 4Q 4Q 1Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q
Slide 12: ... thanks to a well diversified business portfolio
financial transparency. ... thanks to a well diversified business portfolio Global Markets revenues, 2006 By region By product Prime Equity Brokerage Asia Pacific Prop Americas Structured Germany Equity Credit By client Cash Equity Commod- Government ities Europe Money Corporates EM (ex Germany) Man
Slide 13: Global Markets is superbly positioned for stable growth
financial transparency. Global Markets is superbly positioned for stable growth Sales & Trading (debt / equity) revenues Illustrative Equities Prop Credit Prop Proprietary risk Proprietary risk Rates Prop FX Prop Cash Equities Foreign Exchange Market access Market access Government Bonds Corporate B
Slide 14: GTB - leadership in key products
financial transparency. GTB - leadership in key products Product Rank Market share Euro clearing(1) 1 17% USD clearing(2) 5 8% Export LCs Germany(3) 1 23% Trustee for US Asset & Mortgage 2 22% Backed Securities(4) US Debt (all) Trustee(5) 2 13% Trade Finance Loans(6) 2 7% (1) Bundesbank: RTGS+/Targe
Slide 15: A strong and growing private clients franchise
financial transparency. A strong and growing private clients franchise In EUR bn Net new money (1Q2006 – 1Q2007) Leading asset gatherer PCAM invested assets, financial year end 2006 13 43 UBS MER(1) CS 19 936 MS JPM(2) 10 GS(3) Citi(2) LEH AM PWM PBC PCAM Asset Mgmt. Private Banking and others (1) T
Slide 16: AM is organized around four global business lines
financial transparency. AM is organized around four global business lines Retail Alternatives Insurance Institutional Clients: Clients: Clients: Clients: – Retail – Institutional – General account assets – Pension Funds – Institutional – High Net Worth of 120+ insurance – Endowments Produc
Slide 17: Our higher margin businesses drive 89% of revenues
financial transparency. Our higher margin businesses drive 89% of revenues(1) Reported revenues, 2006 Invested assets, 31 Dec 2006 In EUR m Total(2): EUR 2,833 m In EUR bn Total: EUR 543 bn Retail 1,356 236 59 bps 89% Alternatives 1,140 58 201 bps Insurance 57 111 5 bps Institutional 251 139 19 bps
Slide 18: PWM - asset growth across most markets
financial transparency. PWM - asset growth across most markets 15-month NNM*, in EUR bn PWM invested assets, in EUR bn growth 2006 1Q2007 Germany 49 20% 4 1 41 UK 12 - - 0 Europe / Latin America / 58 16% 4 2 Middle East 50 USA 55 (1)% 3 (1) 56 Asia / Pacific 20 32% 4 1 15 Global 194 19% 15 4 163 31
Slide 19: PBC - a dynamic business
financial transparency. PBC - a dynamic business Expansion of distribution network Initiatives & acquisitions 2004 2005 2006 2007 Co-operations Investor Relations 07/07· 19
Slide 20: PBC - revenue growth outperforming GDP growth in all markets
financial transparency. PBC - revenue growth outperforming GDP growth in all markets PBC revenues, in EUR bn GDP Regional split growth(3) 3.4 3.8 CAGR > 8% Germany 1.4% CAGR 6% CAGR 9% CAGR 7% >6 5.1 4.5 1.1 1.2 Europe(1) 1.5% CAGR 8% CAGR 5% CAGR 79% CAGR 67% Emerging 0.0 0.1 8.0% Markets(2) 2004 2
Slide 21: PBC - results include massive investments in future growth
financial transparency. PBC - results include massive investments in future growth Noninterest expenses, in EUR m PBC total CIR PBC total PBC without initiatives* CIR PBC without initiatives* CAGR 8% CAGR 3% 4.1 3.7 3.6 3.5 3.6 3.4 73.9% 72.2% 73.3% 71.3% 71.0% 68.8% 2005 2006 1Q2007 annualised * No
Slide 22: PBC will deliver on clear targets
financial transparency. PBC will deliver on clear targets Strategic focus Vision 2008 Advisory Consumer Banking Banking Keep revenue momentum > EUR 6 bn revenues Germany and capitalise on acquisitions Strengthen ‘visibility’ of our Europe > EUR 1.3 bn franchises pre-tax profit Emerging Get foothold
Slide 23: Returns on capital have improved strongly in all businesses
financial transparency. Returns on capital have improved strongly 2002 in all businesses 2006 Average active equity Pre-tax RoE(2) (in %) (in EUR bn) 31.2 4 Group(1) 25.4 33 15.3 6 Corporate Banking & Securities 16.0 34 CIB 2.2 22 Global Transaction Banking 66 1.1 5.7 7 Asset and Wealth Management 1
Slide 24: Agenda
financial transparency. Agenda 1 Outstanding performance 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 07/07· 24
Slide 25: The current phase of our strategy
financial transparency. The current phase of our strategy Management Agenda Phase 1 Management Agenda Phase 2 2002 – 2003: 2004 – 2005: Refocusing the business Growth and 25% RoE Management Agenda Phase 3 2006 – 2008 Leveraging our global platform for accelerated growth Maintain our cost, risk capit
Slide 26: Maintain our cost, risk, capital and regulatory discipline
financial transparency. Maintain our cost, risk, capital and regulatory discipline Cost Risk Capital CIR, in % Problem loan ratio(1), in % Tier 1 ratio(2), in % 6.3 10.0 9.6 82 80 4.5 8.6 8.7 8.5 8.7 79 75 3.5 70 2.5 1.8 1.6 66 '02 '03 '04 '05 '06 1Q07 '02 '03 '04 '05 '06 1Q07 '02 '03 '04 '05 '06 1Q
Slide 27: Continue to invest in organic growth and 'bolt-on' acquisitions
financial transparency. Continue to invest in organic growth and ‘bolt-on’ acquisitions Acquisitions, partnerships and organic investments UK China Tilney JPM Depository and Partnership with Hua Xia and Clearing Centre Harvest Fund Management USA PWM office in Shanghai MortgageIT PBC bra
Slide 28: Further grow our 'stable' businesses
financial transparency. Further grow our ‘stable’ businesses Income before income taxes, in EUR bn GTB AWM 2x PBC 2.6 1.9 1.6 1.3 2003* 2004 2005 2006 * GTB 2002 excl. gain on sale of GSS Note: 2003 results have not been adjusted to latest structure; 2003 – 2005 based on U.S. GAAP; 2006 based on IFR
Slide 29: Build on our competitive edge in investment banking
financial transparency. Build on our competitive edge in investment banking Income before income taxes CB&S, in EUR bn 2x 5.4 3.9 2.7 2.5 2003 2004 2005 2006 Note: 2003 results have not been adjusted to latest group structure. 2003-2005 numbers based on U.S. GAAP, 2006 based on IFRS Investor Relatio
Slide 30: We are confident of delivering on our Group targets
financial transparency. We are confident of delivering on our Group targets Group targets “over-the-cycle” Vision 2008 Income before income taxes*, in EUR bn Corporate Banking & Securities 5.3 Sustainable profitability of 25% pre-tax RoE Global Transaction Banking 1.0 Maintaining Maintaining Asset a
Slide 31: 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