Deutsche Bank AG · XETR:DBK
Deutsche Bank — Debt Investor Presentation (May 2013)
32 slides from Deutsche Bank's debt investor presentation, May 2013
Slide 1: Tier 2 Fixed Income Roadshow
Deutsche Bank Tier 2 Fixed Income Roadshow London / New York / Boston / Chicago Jonathan Blake, Global Head of Debt Issuance Friedrich Karl Stroedter, Head of Debt IR & Rating Agency Relations May y 2013
Slide 2: Deutsche Bank at a glance
Deutsche Bank at a glance FY2012 Key facts Revenues per region(1) Revenues by business(2) Revenues 33.7 in EUR bn Employees ~98,000 Asia/Pacific GTB 11% 12% AWM Retail customers, 28.4 13% in m Germany Americas CB&S 37% 25% 46% Number of ~2,800 branches PBC EMEA(3) 28% 30% Invested Assets, Assets 1,2
Slide 3: Agenda
Agenda 1 Financials 2 Positioning g and strategy gy 3 Capital, liquidity and funding Deutsche Bank Tier 2 Fixed Income Roadshow financial transparency. 3 Treasury / Investor Relations
Slide 4: Results at a glance
Results at a glance In EUR bn, bn unless otherwise stated 1Q2013 FY2012 N t revenues Net 94 9.4 33 7 33.7 Performance Common Equity Tier 1 ratio, Basel 3 fully loaded%(1) 8.8% 7.8% highlights Common Equity Tier 1 ratio, Basel 2.5 12.1% 11.4% Post tax return on average active equity Post-tax equity,
Slide 5: Divisional performance: CB&S and GTB
Divisional performance: CB&S and GTB Income before income taxes taxes, in EUR m Corporate Banking & Securities Global Transaction Banking In EUR m In EUR m IImpairment i t off goodwill d ill and d IImpairment i t off goodwill d ill and d other intangible assets other intangible assets 1,881 1,852 32
Slide 6: Divisional performance: AWM and PBC
Divisional performance: AWM and PBC Income before income taxes taxes, in EUR m Asset & Wealth Management Private & Business Clients In EUR m In EUR m IImpairment i t off goodwill d ill and d other intangible assets 208 221 460 482 98 114 404 (1) 367 (56) 287 (202) (258) 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q
Slide 7: NCOU: Pre-tax profit & roll-off profile
NCOU: Pre-tax profit & roll-off profile Income before income taxes Size of Non-Core Operations Unit In EUR m Adjusted assets(2), in EUR bn IImpairment i t off goodwill d ill and d 120(3) (28)% other intangible assets (1,226)(5) (1) 95 86 66 <80 (216) (196) 52 47 (549) (505) 31 26 21 21(4) ~2 15(4) ~
Slide 8: Agenda: Positioning and strategy
Agenda 1 Financials 2 Positioning g and strategy gy 3 Capital, liquidity and funding Deutsche Bank Tier 2 Fixed Income Roadshow financial transparency. 8 Treasury / Investor Relations
Slide 9: 2012: Our franchise remained resilient
2012: Our franchise remained resilient Revenues in EUR bn Revenues, Private & Business Asset & Wealth Global Transaction Corporate Banking & Clients Management Banking Securities 15.6 14.1 10.4 9.5 43 4.3 45 4.5 4.0 3.6 FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 Deutsche Bank Tier 2 Fixed Income Roadsh
Slide 10: Industry consolidation: Validates our strategic view
Industry consolidation: Validates our strategic view Changing competitive landscape… …and share gains for global leaders Pro-forma B3 RWA-equivalent in investment bank, in EURbn Cumulative market share of top-5 players 2011 2014/2015 FICC Equities (1) ~240 <200 50 46 44 43 44 41 European >210 ~140 b
Slide 11: Operational Excellence Program: Further progress
Operational Excellence Program: Further progress CtA and targeted savings Program to date progress In EUR bn In EUR bn CtA p per y year Cumulative run-rate savings g 2H2012 1Q2013 4.5 4.5 4.0 2014 target 2014 target 2.9 2013 target 1 7 1.6 1.7 1.5 2013 target 0.6 0.7 1,1 0.4 0.2 0.6 0.2 0.2 05 0.5 0
Slide 12: Strategy 2015+: Aspiration and key assumptions
Strategy 2015+: Aspiration and key assumptions 2015 aspiration Key macroeconomic assumptions Post-tax — Global Gl b l GDP growth th off RoE(1) >12% GDP 2-4% p.a.(3) Cost/income ratio <65% FX rate — EUR/USD of ~1.30 Core Ti C Tier 1 Equity E it — MSCI World index growth ratio(2) >10% markets of ~4%(4
Slide 13: Agenda: Capital, liquidity and funding
Agenda 1 Financials 2 Positioning g and strategy gy 3 Capital, liquidity and funding Deutsche Bank Tier 2 Fixed Income Roadshow financial transparency. 13 Treasury / Investor Relations
Slide 14: Funding Profile
Funding Profile Funding well diversified Highlights 1Q2013 As of 31 Mar 2013 — Funding liabilities materially unchanged at Financing Vehicles 2% EUR 1,107 bn 61% from most stable funding sources — Most stable funding sources provided Secured Funding and Capital Markets and approx. 60% of funding Equ
Slide 15: Overview of capital markets portfolio
Overview of capital markets portfolio Split by entity Split by issuance type(1) As of 31 Mar 2013 As of 31 Mar 2013 Total: EUR 138 bn Total: EUR 138 bn Deutsche Bank (excl Postbank) Postbank Senior unsecured Covered Tier 2 Tier 1 10% 21% 8% 18% 64% 79% Complementary capital markets portfolio; Deutsc
Slide 16: Issuance strategy
Issuance strategy Historical funding activities 2013 funding activities In EUR bn — 2013 Issuance Plan of EUR 18bn Senior Covered Tier 1 and Tier 2 — Total issuance YTD EUR 9bn at avg. avg spread of 4 L+43 and avg. tenor of 4.2 years 2 — 66% via retail networks and private placement, complemented by
Slide 17: Capital markets maturity profile
Capital markets maturity profile(1) As of 31 Mar 2013 2013, in EUR bn Observations Senior Covered Tier 1 and Tier 2 (2) — Well laddered maturity profile — No N more ththan EUR 20 bn b maturing t i iin any bucket for upcoming years — Maturities in future years allow management of liquidity requiremen
Slide 18: Overview of liquidity reserves
Overview of liquidity reserves(1) Development through the crisis In EUR bn % off total t t l 5% 12% 17% 19% 19% adjusted assets 3.5x 223 232 230 150 65 31 Dec 2007 31 Dec 2010 31 Dec 2011 31 Dec 2012 31 Mar 2013 (1) The bank's liquidity reserves include (a) available excess cash held primarily at ce
Slide 19: Basel 2.5 – Capital ratios and risk-weighted assets
Basel 2.5 – Capital ratios and risk-weighted assets 16.0 15 1 15.1 13.6 14.2 Tier 1 capital ratio, in % 12.9 13.4 11.4 12.1 10.0 10.2 10.7 Common Equity Tier 1 9.5 ratio in % ratio, 381 368 373 366 334 325 RWA, in EUR bn 4Q 1Q 2Q 3Q 4Q 1Q 2011 2012 2013 Note: Tier 1 ratio = Tier 1 capital / RWA; Com
Slide 20: Capital: Accelerated roadmap to 10% Basel 3 ratio
Capital: Accelerated roadmap to 10% Basel 3 ratio Basel 3 Common Equity Tier 1 (CET1) ratio fully loaded, pro-forma pro forma Rationale to increase CET1 now — Success of accelerated reduction in > 10.0% capital demand and strong organic 9.6% 8.8% increase in fully loaded Basel 3 Common Equity Tier 1
Slide 21: Successful delivery on capital demand targets
Successful delivery on capital demand targets Material RWA reduction since … with largest contribution from 30 June 2012 … asset sale/hedging Pro forma Basel 3 RWA equivalent(1) relief 2H2012 – Pro-forma Pro-forma 1Q2013, in EUR bn 103 100% Basel 3 RWA equivalent(1) relief Core 43 Non-C (in EUR) Ass
Slide 22: Comprehensively strengthening total capital structure
Comprehensively strengthening total capital structure Deutsche Bank capital structure Generic future capital structure Basel Basel 3 (fully loaded)(1) Basel 3 minimum requirements 2.5 pro-forma 2.0% Total capital ratio: 17.7% T2(5) 1.7% T2 3.8% 3.9% Tier 1 ratio: 16.0% hybridhybrid T1 T1 T2/ Issuanc
Slide 23: Credit ratings overview
Credit ratings overview Notches downgraded since July 2007 Moody´s rating scale Aa3 A1 A2 A3 Baa1 Baa2 (long-term rating only) Fitch and S&P rating scale AA- A+ A A- BBB+ BBB Moody´s Fitch S&P (2) (2) HSBC(1) 2 1 1 (P-1) (F1+) (A-1+) (3) Deutsche Bank AG 4 1 2 (F1+) (A-1) (P-1) (2) Credit Suisse(1)
Slide 24: Additional Information
Deutsche Bank Additional Information May y 2013
Slide 25: Deutsche Bank's credit ratings profile
Deutsche Bank’s credit ratings profile as of 30 April 2013 Pfandbrief Aaa AAA - Senior unsecured debt A2 A+ A A+ A Tier 2 Baa3 BBB+ A- Tier 1 Ba2 BBB BBB- Credit Watch Outlook Stable Stable Negative(1) Short term debt P-1 A-1 F1+ 1) S&P’s Pfandbrief rating has a stable outlook Deutsche Bank Tier 2 F
Slide 26: Reconciliation to Basel 3 pro-forma (fully loaded)
Reconciliation to Basel 3 pro-forma (fully loaded)(1) In EUR bn, bn as per 31 Mar 2013 RWA Common Equity Tier 1 capital 12.1% 13.6% 8.8% B 3 phase-in B 3 fully loaded B 3 phase-in B 3 fully loaded 61 386 380 11 2 53 325 (6) 8 5% 8.5% 39 33 (19) B 2.5 Total Total B 2.5 T1 Total Total deductions put a
Slide 27: NCOU: Total adjusted assets
NCOU: Total adjusted assets(1) 31 Dec 2012 31 Mar 2013 In EUR bn In EUR bn AWM IAS 39 re- AWM IAS 39 re- classified classified CI 1.8 assets 1.5 assets CI 15.4 17.0 15.6 15.3 PBC: Other 4.2 Other Other 7.3 loans PBC: Other 4.0 6.1 loans 8 0 Monolines 8.0 7.4 Monolines PBC: Postbank 22.1 1.5 PBC: Pos
Slide 28: Balance sheet and risk weighted assets
Balance sheet and risk weighted assets XX RWA density incl. operational risk RWA(1) vs. balance sheet (adj. assets) XX RWA density excl. operational risk In EUR bn, as of 31 Mar 2013 ~27% 272 272 ~22% 1,225 , Avg RWA density Avg. Market Risk RWA 58 Non-derivative trading assets 62 ~25% 251 ~27% ~23%
Slide 29: Total assets (adjusted)
Total assets (adjusted) In EUR bn 1,209 Derivatives post- 1,225 Derivatives post- Positive market values netting netting from derivatives 70 72 Financial assets Trading securities 226 at FV through P&L 228 254 Trading assets 251 Trading assets Other trading assets 27 25 Reverse repos / securities bo
Slide 30: Balance sheet leverage ratio (adjusted)
Balance sheet leverage ratio (adjusted) In EUR bn, bn except ratios 2012 2013 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar Total assets (IFRS) 2,111 2,249 2,194 2,022 2,033 Adjustment for additional derivatives netting(1) (688) (782) (741) (705) (642) Adjustment for additional pending settlements netting and
Slide 31: Litigation
Litigation Mortgage repurchase Litigation reserves Contingent liabilities(1) demands/reserves In EUR bn In EUR bn In USD bn Demands R Reserves ~5.3 ~2.4 ~2.4 ~4.6 ~1.5 ~1.3 ~0.5 ~0.5 31 Dec 2012 31 Mar 2013 31 Dec 2012 31 Mar 2013 31 Dec 2012 31 Mar 2013 (1) Contingent liabilities, also referred to
Slide 32: Cautionary statements
Cautionary statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts;; theyy include statements about our beliefs and expectations p and the assumptions p underlying y g them. These statements are based on plans, estimat
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