Executing on our strategic transformation - September 2020 Deutsche Bank
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Executing on our strategic transformation
September 2020
Deutsche Bank
Confidential
Agenda
1 Who we are today
2 How we aim to improve returns for our shareholders
Deutsche Bank 1
Investor RelationsA strong German bank with a broad global network
Presence in 59 countries(1)
Largest bank in Germany with
20m clients(1)
Managing over € 1.2tn of
wealth for clients(3)
Regional revenue split(1) Business revenue split(2)
Global leader in FX, Financing,
Debt Origination
Asia
Pacific
Go-to FIC bank in EMEA and
Corporate Asia(5)
13% Bank 21%
Germany Investment
Americas 41% Bank
20% AM(4) 8% 39%
#1 Euro clearer and non-US
EMEA Private Bank USD clearer(6)
26% 32% Trusted advisor to ~900k
German commercial clients
Note: Throughout the presentation figures may not add up due to rounding differences. FIC (Fixed Income & Currencies)
(1) As of 31 December 2019
(2) As of 30 June 2020, year-to-date
(3) Includes Private Bank and Asset Management
(4) Asset Management
(5) Euromoney 2019 survey for FX, Dealogic for Origination & Advisory as of 9M 2019; other Fixed Income, Currency Sales & Trading and Financing: Coalition, 1H 2019 Competitor Analytics
(6) SWIFT
Deutsche Bank 2
Investor RelationsWe are benefiting from a strong German economy
The German government has the room …which we expect to lead to a less severe …and combined with low debt levels should
to act decisively during COVID-19… GDP decline than in other countries… make Germany a more stable market
Government debt GDP growth estimates Corporate and household debt
As % of GDP Indexed to 2019 As % of 2019 GDP
60 100 59
76 GY
54
80
95
85 69
100 IT
41
98
90
98 75
130 US
75
137
85
109
82
141 UK
84
146 80
135
155
173 FR
176 0 61
2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 forecast 2021 forecast 2020 2021 Corporate debt Household debt
Source: DB Research, Bundesbank, IMF
Deutsche Bank 3
Investor RelationsA safer and more secure organization
€ bn, at period end
2007 Q2 2020 Q2 2020 comments
Common Equity Tier 1 € 9bn above regulatory
8.6%(1) 13.3%
capital ratio requirement
Liquidity reserves 65 232 Strong liquidity buffers
Refocused on core
Total assets 2,020 1,407
businesses
Most Stable High quality funding
30% 81%
Funding(2) profile
(1) Fully loaded; 2007 ratio includes hybrid instruments as definition of CET1 ratio did not exist under the previous Basel regime
(2) Most stable funding as a proportion of the total external funding profile. Most stable funding is defined as funds from Capital Markets & Equity, Private Bank and Corporate Bank
Deutsche Bank 4
Investor RelationsWe are delivering on our transformation to achieve
sustainable profitability
Our decisive actions announced in July 2019
1 2 3 4 5
Invest in
Exit Create four client- Cut Manage and
technology &
businesses centric divisions costs liberate capital
control
We have exited Equities Focus on market Reduce adjusted Investments are Maintain conservative
Sales & Trading and leading businesses costs(1) by € 6bn by helping our clients and balance sheet with
repositioned our Fixed with attractive growth 2022. 50% of target staff and provide strong capital and
Income business. and return profiles cost reduction run- enhanced liquidity.
Franchise momentum is rate already complete. management tools Reduced Capital
building 76% of transformation- and controls Release Unit RWA by
related effects(2) ~40%.
already absorbed
Sufficient capital and
liquidity to support
business growth
(1) Adjusted costs defined as total noninterest expenses excluding the impairment of goodwill and other intangibles, litigation and restructuring and severance
(2) Transformation-related effects are financial impacts, in addition to transformation charges, resulting from the strategy announced on 7 July 2019, which are recorded
outside of adjusted costs
Deutsche Bank 5
Investor Relations1 Refocused strategy driving growth in Core Bank
In € bn, unless stated otherwise
Last 12 months (LTM) revenues ex. specific items
Refocus
Group 24.0 23.3
Focus on market Capital 1.4
leading Release
businesses and Unit
more predictable
revenues
Core +5% 23.7
22.6
Enhance client focus Bank
Exit unprofitable
businesses (Equities
trading, Prime Finance, -0.4
legacy Rates assets) by
Q2 2019 Q2 2020
setting up Capital
Release Unit (CRU)
(1) Specific items detailed on slide 21
Deutsche Bank 6
Investor Relations2 Four client centric divisions in the Core Bank
Business overview and strategic priorities
Investment Bank Corporate Bank
Revenues(1): € 8.2bn Revenues(1): € 5.3bn
80% of revenues from franchises in top 5 #1 Euro clearer with network
market positions across 145 countries
Stabilize and grow revenues Capture the full potential of our
Invest in technology capabilities payments businesses
to optimize flow business Grow revenues including in
Reduce infrastructure costs payments and Asia
Private Bank Asset Management
Revenues(1): € 8.1bn Revenues(1): € 2.3bn
Leading retail bank in Germany #1 German retail asset manager
#1 German wealth manager #2 European manager of ETFs
Focused on driving efficiencies in particular Reach 3-5% net inflow target
in Germany Take further cost measures
Grow our International Private Bank
platforms
(1) Last 12 months revenues ex specific items; specific items detailed on slide 21
Deutsche Bank 7
Investor Relations3 4 Reducing costs while supporting our controls
In € bn
Restructure
5.3 5.3 5.2
Adjusted cost(3)
Aim to reduce adjusted 5.0 4.9
cost by 25% to € 17bn 4.7
from 2018 - 2022
Delivered ten consecutive
quarters of y-o-y quarterly
cost reduction Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
Achieved 50% of € 6bn
based on Q220 run rate
2019-2022 cumulative IT &
in 18 months(1)
76% of transformation-
Control spend
related effects(2) already 13
absorbed
Front-to-back cost
reductions reflecting 4
business exits
Preserve investments Control IT
in controls and
technology
(1) Compared to a 2018 adjusted cost base of € 22.8bn
(2) Transformation-related effects are financial impacts, in addition to transformation charges, resulting from the strategy announced on 7 July 2019, which are recorded outside of adjusted costs
(3) Adjusted costs excluding bank levies and transformation charges related to the strategic announcement on 7 July 2019
Deutsche Bank 8
Investor Relations5 Managing excess capital
In % as of 30 June 2020
13.3
Headroom:
283bps — CET1 ratio 283 bps (or € 9bn) above CET1
(€9bn) minimum regulatory requirement (MDA(1))
10.4
— Headroom to support:
— Growth in the Core Bank
— Capital Release Unit wind down
— Anticipated regulatory inflation
— Well positioned for excess capital distribution to
shareholders from 2022
CET1 capital CET1 Capital requirement(2)
(1) Maximum distributable amount (MDA)
(2) CET 1 requirement includes Pillar 1 requirement (4.50%), Pillar 2 requirement (1.41%), capital conservation buffer (2.50%), G-SIB buffer (2.00%), countercyclical capital buffer (0.02%)
Deutsche Bank 9
Investor RelationsOn track to reach our financial targets
2022 targets
Group return on tangible equity 8%
Core Bank return on tangible equity >9%
Adjusted costs € 17bn
Cost income ratio 70%
CET1 ratio At least 12.5%
Leverage ratio ~5%
Deutsche Bank 10
Investor RelationsAgenda
1 Who we are today
2 How we aim to improve returns for our shareholders
Deutsche Bank 11
Investor RelationsOur path to improved Group profitability
Post-tax return on tangible equity, in % (1) – (2)
8%
(1)%
3-4%
(2)-(3)%
5%
2-3%
0%
FY19 ex items(1) Revenue Cost Provision for Other(2) Capital 2022 Group
drivers drivers credit losses Release Unit target
Core Bank
(1) Items include specific revenue items, impairments of goodwill and other intangible assets, transformation charges, restructuring and severance and deferred tax
asset valuation adjustments. FY 2019 reported post-tax return on tangible equity: (10.9)%
(2) Includes impacts from non-operating costs, tax, additional equity components and tangible equity
Deutsche Bank 12
Investor RelationsRequired revenue growth achievable
Last 12 months (LTM) revenues(1) ex. specific items, in € bn
Group 24.0 23.3
~24.5 Financial plan
~ 2%
23.7 CAGR(3)
Core Bank 22.6 +5%
5.3
Corporate — Assumes revenues of €
5.2
Bank
~24.5bn as part of our 8%
RoTE target
Investment 8.2 — Implies revenue growth
6.8
Bank
with CAGR of ~2% from
LTM Q2 2020
— Compares to 5% Core
Private
8.2 8.1 Bank growth achieved in
Bank
LTM Q2 2020
Asset
Management 2.2 2.3
LTM Q2 2019(2) LTM Q2 2020 2022 Group revenue plan
as of 10th December(3)
(1) Corporate & Other revenues (LTM Q2 2019: € 213m, LTM Q2 2020: € (102)m) are not shown on this chart but are included in Core Bank totals. LTM detailed on slide 37
(2) H2 2018 revenues ex. specific items based on reporting structure as disclosed in 2019 annual report
(3) Compound annual growth rate from LTM Q2 2020 to full year 2022 revenue plan as outlined at the Investor Deep Dive in December 2019
Deutsche Bank 13
Investor RelationsOn track to reach adjusted cost(1) target
Group adjusted cost ex. transformation charges(2), in € bn
€ ~6bn
22.8
21.6
19.9
- 7%
CAGR ~17.0
— On track to reach 2022 target of €
17bn adjusted costs
— ~50% of adjusted cost reductions in 4-
21.5 year plan achieved in first 18 months
19.5 based on H1 2020 run-rate
2018
2019(2) 2020 2022 Group
2018 2019(2) 2020 target(2) adjusted cost as
of 10th December
(1) Adjusted costs excluding bank levies and transformation charges related to the strategic announcement on 7 July 2019
(2) Excluding expenses eligible for reimbursement related to Prime Finance
Deutsche Bank 14
Investor RelationsLower credit loss provisions reflect relatively low risk portfolios
Aligned with peers adjusting for exposure to unsecured consumer credit; as of Q2 2020
Loan book, € bn 4,0%
Loan Loss Reserves - % of total loans
APAC Other Citi
2% 3,0%
9%
JPM
North BNP SAN
America 18% 2,0%
BAM BARC
49% Germany L
1,0%
HSB
UBS
C
22%
EMEA 0,0%
0% 5% 10% 15% 20% 25%
Consumer credit lending - % of total loans
We have:
— Lower exposure than peers to unsecured consumer lending including credit cards, benefits of relatively lower risk German
exposures and conservative lending standards
— Lower provision for credit losses
— € 5bn of allowance for credit losses equivalent to 112bps of loans
Note: Loan amounts are gross of allowances for loan losses
Deutsche Bank 15
Investor RelationsDeutsche Bank defines Sustainability along four dimensions
Recent key developments
Driven by a very strong conviction to help shape the global change to a sustainable, climate-neutral and social economy
Policies &
Sustainable Finance Own Operations Thought Leadership
Commitments
May: Sustainable Finance June: Signatory to the May: 100% renewable June: dbSustainability – a
target of € 200bn until 2025 Collective Commitment of energies in our global new Deutsche Bank
announced the German Financial operation by 2025 Research offering for ESG
Industry on Climate Action(1) investors launched
May-June: Green Bond June: Changed travel policy
Framework published, July: Signatory of the to reduce business travel August: Deutsche Bank
inaugural Green Bond of € Equator Principles(2) related carbon emissions Climate Statement disclosed
500m issued
July: Expanded existing
July: Sustainable Finance policies on financing of fossil
Framework published incl. fuels sectors
external opinion by ISS ESG
We support all the major international standards and guidelines:
Business and Human Rights Paris Pledge for Equator Principles EU Transparency Core Labor Global Reporting
Responsible Banking Action Register Standards of Initiatives
Sustainable Development the
Goals International
International Bill of Rights Labor
Organization
(1) By joining the Collective commitment on Climate Action we commit to aligning the carbon intensity of the lending portfolios to the Paris Agreement targets
(2) Industry-wide best practice standard for environmental and social risk management and due diligence in project financing
Deutsche Bank 16
Investor RelationsShare price at a discount to tangible book value per share
Price to tangible book multiples as of 30 June 2020
1.10x
Stock trades well below Tangible book
value (TBV) per share at ~35% - vs ~55%
for European banks (SX7P)(1) and a
~10% premium for US banks (BKX)(1)
We are on a good path to our targeted
0.55x
8% RoTE in 2022
0.35x
Well positioned for returns of capital to
shareholders starting from 2022 given
comfortable headroom above capital
requirement
Deutsche Bank(2) SX7P BKX
(1) SX7P (Stoxx 600 Banks Index), BKX (KBW Bank Index); Source: Bloomberg
(2) Deutsche Bank share price € 8.46 (source: Bloomberg); Tangible book value per share € 23.31 (Financial Data Supplement Q2 2020)
Deutsche Bank 17
Investor RelationsSummary
On track to deliver on our strategic transformation which will drive higher profitability
Working towards 2022 targets, including 8% post-tax return on tangible equity
Refocused strategy is increasingly visible in our results
Risk levels well managed
Deutsche Bank 18
Investor RelationsAppendix Deutsche Bank 19 Investor Relations
Total shareholder return(1) since strategy announcement
Total shareholder return (in €)
160
150
140
130
120
110
DAX30
100
90 US peers
80 European
peers
70
60
50
8 Jul 2019 1 Sep 2019 1 Nov 2019 1 Jan 2020 1 Mar 2020 1 May 2020 1 Jul 2020 1 Sep 2020
Source: Bloomberg, US peers: Bank of America, JPMorgan, Citi, Morgan Stanley, Goldman Sachs; European peers: Barclays, Credit Suisse, UBS, BNP, Societe Generale, HSBA
(1) Total shareholder return combines share price appreciation/depreciation and dividends paid; since July 8, 2019, relative to Dax as well as to peers
Deutsche Bank 20
Investor RelationsSpecific revenue items and adjusted costs – Q2 2020
In € m
Q2 2020 Q2 2019 Q1 2020
Core Core Core
CB IB PB AM C&O CRU Group CB IB PB AM C&O CRU Group CB IB PB AM C&O CRU Group
Bank Bank Bank
Revenues 1,328 2,654 1,981 549 (154) 6,357 (70) 6,287 1,294 1,823 2,087 594 184 5,982 221 6,203 1,326 2,339 2,162 519 63 6,409 (59) 6,350
DVA - IB Other / CRU - (27) - - - (27) (23) (49) - (15) - - - (15) - (15) - 46 - - - 46 24 70
Change in valuation of
an investment - FIC - 42 - - - 42 - 42 - 101 - - - 101 - 101 - (10) - - - (10) - (10)
S&T
Sal. Oppenheim
workout - Wealth - - 25 - - 25 - 25 - - 23 - - 23 - 23 - - 16 - - 16 - 16
Management
Revenues ex. specific
1,328 2,639 1,955 549 (154) 6,316 (47) 6,269 1,294 1,737 2,064 594 184 5,872 221 6,094 1,326 2,303 2,145 519 63 6,357 (82) 6,275
items
Q2 2020 Q2 2019 Q1 2020
Core Core Core
CB IB PB AM C&O CRU Group CB IB PB AM C&O CRU Group CB IB PB AM C&O CRU Group
Bank Bank Bank
Noninterest expenses 1,106 1,329 1,997 400 40 4,871 496 5,367 1,509 1,544 2,336 471 131 5,992 995 6,987 1,088 1,475 1,890 374 116 4,944 695 5,638
Impairment of goodwill
and other intangible - - - - - - - - 491 - 545 - - 1,036 (0) 1,035 - - - 0 - 0 - 0
assets
Litigation charges, net 81 2 75 (0) (1) 156 9 165 (12) 135 (14) 2 19 129 35 164 (0) 1 2 (0) 11 14 1 14
Restructuring and
10 16 136 18 2 182 3 185 18 25 (8) 28 20 82 9 92 10 (2) 66 7 3 84 3 88
severance
Adjusted costs 1,015 1,311 1,786 382 39 4,534 484 5,018 1,013 1,384 1,814 442 93 4,745 951 5,696 1,078 1,476 1,822 367 103 4,845 691 5,536
Transformation
4 28 51 0 (42) 41 54 95 - - 12 - (0) 12 339 351 26 14 15 0 0 55 29 84
charges(1)
Adjusted costs ex.
1,011 1,284 1,736 382 81 4,493 430 4,923 1,013 1,384 1,801 442 93 4,733 612 5,345 1,052 1,462 1,807 366 103 4,791 661 5,452
transformation charges
(1) Defined on slide 30
Deutsche Bank 21
Investor RelationsAdjusted profit (loss) before tax (PBT)
In € m
Q2 2020 Q2 2019
Transfor- Transfor-
Specific Goodwill Restructuring Specific Goodwill Restructuring
Reported PBT mation Adjusted PBT Reported PBT mation Adjusted PBT
revenue items impairments & severance revenue items impairments & severance
charges(1) charges(1)
CB 77 - 4 - 10 91 (277) - - 491 18 232
IB 956 (16) 28 - 16 984 218 (86) - - 25 157
PB (241) (25) 51 - 136 (80) (311) (23) 12 545 (8) 215
AM 114 - 0 - 18 132 89 - - - 28 117
C&O (152) - (42) - 2 (192) 101 - (0) - 20 121
Core Bank 753 (41) 41 - 182 935 (180) (109) 12 1,036 82 841
CRU (595) 23 54 - 3 (515) (766) - 339 (0) 9 (418)
Group 158 (18) 95 - 185 419 (946) (109) 351 1,035 92 424
Q1 2020
Transfor-
Specific Goodwill Restructuring
Reported PBT mation Adjusted PBT
revenue items impairments & severance
charges(1)
CB 132 - 26 - 10 168
IB 622 (36) 14 - (2) 598
PB 133 (16) 15 - 66 197
AM 110 - 0 0 7 118
C&O (24) - 0 - 3 (21)
Core Bank 973 (52) 55 0 84 1,061
CRU (767) (24) 29 - 3 (758)
Group 206 (76) 84 0 88 303
(1) Defined on slide 30
Deutsche Bank 22
Investor RelationsLast 12 months (LTM) reconciliation
In € m
Q2 2019 Q2 2020
Q3 2018(1) Q4 2018(1) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
LTM(2) LTM(3)
Revenues
Core Bank 5,716 5,280 5,964 5,982 5,484 5,528 6,409 6,357 22,941 23,778
CRU 459 294 387 221 (222) (179) (59) (70) 1,362 (529)
Group 6,175 5,575 6,351 6,203 5,262 5,349 6,350 6,287 24,303 23,248
Revenues ex. specific items
CB 1,260 1,353 1,342 1,294 1,328 1,291 1,326 1,328 5,249 5,272
IB 1,799 1,221 2,000 1,737 1,744 1,495 2,303 2,639 6,757 8,180
PB 2,052 2,002 2,082 2,064 2,018 1,966 2,145 1,955 8,200 8,085
AM 567 514 525 594 543 671 519 549 2,200 2,281
C&O 54 (8) (16) 184 (67) 56 63 (154) 213 (102)
Core Bank 5,732 5,082 5,933 5,872 5,566 5,478 6,357 6,316 22,619 23,717
CRU 459 294 387 221 (122) (163) (82) (47) 1,362 (415)
Group 6,191 5,376 6,320 6,094 5,444 5,315 6,275 6,269 23,981 23,302
Adjusted costs ex. transformation charges
Core Bank 4,738 4,707 4,993 4,733 4,683 4,603 4,791 4,493 19,170 18,569
CRU 724 715 937 612 557 499 661 430 2,988 2,147
Group 5,462 5,422 5,930 5,345 5,240 5,102 5,452 4,923 22,158 20,716
Profit (loss) before tax
Core Bank 811 103 833 (180) 329 (436) 973 753 1,567 1,618
CRU (305) (422) (541) (766) (1,016) (857) (767) (595) (2,034) (3,234)
Group 506 (319) 292 (946) (687) (1,293) 206 158 (467) (1,616)
Adjusted profit (loss) before tax
Core Bank 902 78 805 841 646 466 1,061 935 2,626 3,107
CRU (277) (415) (538) (418) (730) (712) (758) (515) (1,647) (2,715)
Group 625 (337) 267 424 (84) (246) 303 419 979 392
(1) Q3 2018 and Q4 2018 figures based on reporting structure as disclosed in 2019 annual report
(2) Q2 2019 LTM figures refer to the sum of Q3 2018, Q4 2018, Q1 2019 and Q2 2019
(3) Q2 2020 LTM figures refer to the sum of Q3 2019, Q4 2019, Q1 2020 and Q2 2020
Deutsche Bank 23
Investor RelationsTransformation-related effects
In € bn
2019 – 2022
expected % of total
cumulative 2019 –
Q2 2020 expenses Q2 2020
Deferred tax
asset Deferred Tax Asset
2.8 0.0 3.4 83%
valuation valuation adjustment
adjustment
Nonoperating
Goodwill impairment - 1.0 100%
costs(4)
Restructuring &
0.2 1.8 56%
Severance
Goodwill
impairment(1) 1.0
Real estate charges 0.0 0.3 54%
Restructuring
Transformation
Pre-tax & Severance(2) 0.7
charges(5)
0.4
Software impairment/
items Real estate 0.1 1.4 80%
0.2 accelerated amortization
charges 0.1
0.5
Software 0.4
impairment(3) 1.0 0.1 Other 0.0 0.2 32%
0.2 0.1
Other
0.0 0.1 0.1 0.1 0.1
2019 2020 2021 2022
Total transformation-related effects 76%
Note: Estimated restructuring and severance, impairments, deferred tax valuation adjustments and other transformation charges in future periods are preliminary and subject to change. Non-tax
items are shown on a pre-tax basis
(1) Non-tax deductible
(2) Excludes H1 2019 Restructuring & Severance of € 0.1bn, prior to the strategic announcement on 7 July 2019
(3) Includes accelerated software amortization
(4) Excluded from adjusted costs. Definition of adjusted costs detailed on slide 30
(5) Included in adjusted costs
Deutsche Bank 24
Investor RelationsBridge from EU IFRS to IASB IFRS
Profit (loss), in € m
— Deutsche Bank’s financial statements have
Q2 2020 historically been prepared based on the International
84
Financial Reporting Standards (“IFRS”) as issued by
61 23 the International Accounting Standards Board
(“IASB”) and endorsed by the European Union (“EU”)
— Since 2020, the Group applies fair value hedge
accounting for portfolio hedges of interest rate risk
(macro hedging) to hedge account modelled deposits
EU Impact from hedge IASB under the EU carve out version of IAS 39. Therefore
IFRS accounting in C&O IFRS resulting in a difference between IFRS as endorsed
by the EU and IFRS as issued by the IASB
— The Group’s Q2 2020 profit is approximately € 23m
H1 2020 lower under IFRS as endorsed by the EU compared
to IFRS as issued by the IASB (PBT impact € 55m)
126 mainly reflecting the impact from declining euro
interest rates on Fair Value hedge accounted
(47) deposits
80 — In H1 2020 profit is approximately € 47m higher
under IFRS as endorsed by the EU compared to IFRS
as issued by the IASB (PBT impact € (77)m)
— To reflect reporting obligations in Germany and the
US, DB is preparing separate sets of interim financial
EU Impact from hedge IASB information from Q1 2020 onwards (i.e. locally: based
IFRS accounting in C&O IFRS on IFRS as adopted by the EU; US: based on IFRS as
issued by the IASB)
Deutsche Bank 25
Investor RelationsWe like to get in touch with you Investor Relations contact details Deutsche Bank AG Investor Relations Team Tel: +49.69.910-8000 db.ir@db.com James Rivett (Head of Investor Relations) Links to key investor presentations: Q2 2020 results presentation (29 July 2020): https://www.db.com/ir/de/download/Deutsche_Bank_Q2_2020_final.pdf Risk Deep Dive (18 June 2020): https://www.db.com/ir/de/download/18_June_2020_Risk_Deep_Dive_vFinal1.pdf Investor Deep Dive (10 December 2019) https://www.db.com/ir/de/download/Investor_Deep_Dive_Total_Web.pdf Deutsche Bank 26 Investor Relations
Cautionary statements Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures under IFRS, to the extent not provided herein, please refer to the Financial Data Supplement which can be downloaded from www.db.com/ir. Forward-Looking Statements This document contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 20 March 2020 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir. Deutsche Bank 27 Investor Relations
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