Deutsche Bank strategy – since 2Q2018

Our focus is now on executing on the strategic updates we announced in the second quarter of 2018. We aim to improve returns to shareholders materially over time and to deploy our balance sheet and other resources to the highest return activities consistent with our client franchise and risk appetite. To achieve these primary objectives, we have defined four key strategic imperatives:

First, shift the bank to a more stable revenue and earnings profile.

Second, execute on clearly defined strategies in our Private & Commercial Bank (PCB) and our Asset Management (AM) businesses.

Third, reshape our Corporate & Investment Bank (CIB) towards a model which emphasizes our core strength in transaction banking, capital markets, financing and treasury solutions.

And fourth, reduce our costs and commit to an uncompromising cost culture.

Deutsche Bank Financial Target 2018

Near-term operating targets
‒ Post-tax Return on Average Tangible Equity of greater than 4% by 2019
‒ Adjusted costs of € 23 billion in 2018, and € 22 billion in 2019
‒ Full-time equivalent internal employees of below 93,000 by year-end 2018, and well below 90,000 in 2019

Long-term operating target
‒ Post-tax Return on Average Tangible Equity of circa 10% in a normalized environment and on the basis of the achievement of our cost targets

Capital targets
‒ CRR/CRD 4 Common Equity Tier 1 capital ratio above 13%
‒ CRR/CRD 4 Leverage Ratio (phase-in) of 4.5 % over time
‒ A competitive dividend payout ratio