Deutsche Bank AG — Management Reports 2012

Dec 13, 2012

News Details

Ad-hoc | 13 December 2012 13:34

Deutsche Bank establishes Non-Core Operations Unit and provides outlook on 4Q2012 results

Deutsche Bank AG / Key word(s): Forecast

13.12.2012 13:34

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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that it has
completed the formal establishment of its Non-Core Operations Unit (NCOU).
First announced as a part of the Bank's Strategy 2015+ in September of this
year, the Bank has finalized the NCOU's governance structure, financial
reporting and relationship with the core business divisions.
The NCOU was established in November 2012 and is fully operational. Assets
identified for the NCOU segment (as per 30 September 2012) totalled EUR 122
billion, with a pro-forma Basel 3 risk-weighted asset (RWA) equivalent of
EUR 125 billion.

The Bank also published today preliminary restated segmental financial data
arising from the establishment of the NCOU and implementation of its new
segment structure in its core business divisions. This includes a
refinement of coverage costs between Corporate Banking & Securities (CB&S)
and Global Transaction Banking (GTB). The reallocation of these costs
resulted in EUR 83 million of additional costs for GTB in 2011 and a
corresponding reduction in CB&S costs during that period, in each case as
restated to reflect the new segment structure.

Implementation of the new segment structure also covered the newly
integrated Asset & Wealth Management (AWM) division, which now includes the
former CB&S passive and third-party alternative assets businesses such as
exchange traded funds (ETFs). As of 30 September 2012, the former CB&S
businesses that have been transferred into AWM comprised EUR 100 billion in
assets under management. For 2011, these businesses generated EUR 723
million in net revenues and EUR 303 million in income before income taxes.

These changes are now reflected in the preliminary restated segment
financial information published today. The changes were reflected in the
Strategy 2015+ aspirations communicated in September.

Today's presentation materials and the preliminary restated excerpt of the
Financial Data Supplement for 2011 and the first nine months of 2012 can be
found at https://www.db.com/ir/presentations and
https://www.db.com/ir/reports.

The fourth quarter 2012 so far was characterized by a continued difficult
macroeconomic environment with low volatility and by the usual seasonal
slowdown. Despite this environment, we have achieved solid operational
results in October and November across all our core businesses.

However, our 4Q2012 results will include a number of specific items, for
example, the already announced costs-to-achieve for our Operational
Excellence and Postbank integration programs, negative impacts from
de-risking and valuation adjustments to certain of our assets as well as
charges related to our GTB business activities in the Netherlands. Our
year-end closing activities including impairment reviews and the review of
provisioning levels, are still ongoing. However, we currently expect these
specific items to have a significant negative impact on the Bank's earnings
in 4Q2012.

The Bank reaffirms the published targets of its capital roadmap, including
a reduction in non-core assets to a Basel 3 RWA equivalent of approximately
EUR 90 billion and a pro-forma Basel 3 Core Tier 1 ratio (fully loaded) of
7.2% at
1 January 2013 and of at least 8% by the end of the first quarter 2013.

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Language: English
Company: Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt a. M.
Germany
Phone: +49 (0)69 910-00
Fax: +49 (0)69 910-38966
E-mail: Deutsche.Bank@db.com
Internet: www.deutsche-bank.de
ISIN: DE0005140008
WKN: 514000
Indices: DAX, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
EUREX; NYSE

End of Announcement DGAP News-Service

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