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Deutsche Bank Group 01 //

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Deutsche Bank Group 01 //

  1. 1. Deutsche Bank Group 01 //
  2. 2. Our identity // Our Identity. We are a leading global investment bank with a strong and profitable private clients franchise. Our businesses are mutually reinforcing. A leader in Germany and Europe, we are powerful and growing in North America, Asia and key emerging markets. // Our Mission. We compete to be the leading global provider of financial solutions for demanding clients creating exceptional value for our shareholders and people. // A Passion to Perform. This is the way we do business. We pursue excellence, leverage unique insights, deliver innovative solutions and build long-term relationships.
  3. 3. deutsche Bank The Group at a Glance 2006 2005 Share price at period end € 101.34 € 81.90 Share price high € 103.29 € 85.00 Share price low € 80.74 € 60.90 Dividend per share (proposed for 2006) € 4.00 € 2.50 Basic earnings per share € 13.31 € 7.62 Diluted earnings per share1 € 11.55 € 6.95 Average shares outstanding, in m., basic 450 463 Average shares outstanding, in m., diluted 511 509 Return on average total shareholders’ equity (post-tax) 19.5 % 12.5 % Adjusted return on average active equity (post tax)2,3 22.2 % 16.2 % Pre-tax return on average total shareholders’ equity 26.4 % 21.7 % Pre-tax return on average active equity3 30.4 % 24.3 % Cost/income ratio4 70.2 % 74.7 % in ¤ m. 2006 2005 Total revenues 28,338 25,640 Provision for loan losses 330 374 Total noninterest expenses 19,883 19,154 Income before income tax expense and cumulative effect of accounting changes 8,125 6,112 Net income 5,986 3,529 in ¤ bn. Dec 31, 2006 Dec 31, 2005 Total assets 1,126 992 Loans, net 168 151 Shareholders’ equity 32.8 29.9 BIS core capital ratio (Tier I) 8.9 % 8.7 % Number Dec 31, 2006 Dec 31, 2005 Branches 1,717 1,588 thereof in Germany 934 836 Employees (full-time equivalent) 68,849 63,427 thereof in Germany 26,401 26,336 Long-term rating Dec 31, 2006 Dec 31, 2005 Moody‘s Investors Service, New York Aa3 Aa3 Standard & Poor‘s, New York AA– AA– Fitch Ratings, New York AA– AA– 1 Including effect of dilutive derivatives, net of tax. 2 Net income of € 5,986 million for 2006 and € 3,529 million for 2005 is adjusted for the reversal of 1999 / 2000 credits for tax rate changes of € (1) million for 2006 and € 544 million for 2005, and cumulative effect of accounting changes, net of tax of € 46 million for 2006. 3 We calculate this adjusted measure of our return on average total shareholders’ equity to make it easier to compare us to our competitors We refer to this adjusted measure as our “return on average active equity”. However, this is not a measure of performance under U.S. GAAP and you should not compare our ratio to other companies’ ratios without considering the differences in calculation of the ratios. The items for which we adjust the average shareholders’ equity of € 30,765 million for 2006 and € 28,201 million for 2005 are the average unrealized net gains on securities available for sale, net of applicable tax effects of € 2,382 million for 2006 and € 2,023 million for 2005 and the average dividends of € 1,615 million for 2006 and € 1,048 million for 2005. The dividend is paid once a year following its approval by the general share- holders’ meeting. 4 Noninterest expenses as a percentage of net interest revenues before provision for loan losses plus noninterest revenues.
  4. 4. « FACts « ZAHLen And FiGures und FAkten the deutsche Bank share useful information on the Deutsche Bank share 2006 Change in total return1 27.39 % Share in equities trading (Xetra and Frankfurt Floor Trading) 7.8 % Average daily trading volume2 4.2 million shares as of December 31, 2006 Issued shares 524,768,009 Outstanding shares 498,650,274 Share capital € 1,343,406,103.04 Market capitalization € 53.18 billion Share price3 € 101.34 Weighting in the DAX 7.7 % Weighting in the Dow Jones STOXX 50 1.6 % securities identification codes Deutsche Börse New York Stock Exchange Type of issue Registered share Type of issue Global Registered Share Symbol DBK Currency U.S.$ WKN 514 000 Symbol DB ISIN DE0005140008 CINS D 18190898 Reuters DBKGn.DE Bloomberg DBK GR 1 Share price based on Xetra. 2 Orderbook statistics (Xetra). 3 Xetra – closing price.
  5. 5. Group ExECutivE CommittEE Group Executive Committee 1 2 3 6 7 1 2 3 Anthony Di lorio, born 1943 Dr. Josef Ackermann, born 1948 Anshu Jain, born 1963 Management Board member since 2006. Management Board member since 1996. Head of Global Markets. Chief Financial Officer, responsible for Chairman of the Management Board and the Group Finance, Tax, Capital Market Communi- Executive Committee, responsible for Corporate 7 cations / Investor Relations and Corporate and Investment Bank, Private Clients and Asset Kevin Parker, born 1959 Insurance. Management, Corporate Investments, Regional Head of Asset Management. Management as well as Corporate Communications, Corporate Development and Eco- nomics/DB Research. Jürgen Fitschen, born 1948 Global Head of Regional Management and Chairman of the Management Committee Germany. 6 Rainer Neske, born 1964 Head of Private & Business Clients.
  6. 6. 06 // 07 4 5 8 9 10 4 5 10 Dr. Tessen von Heydebreck, born 1945 Michael Cohrs, born 1956 Hermann-Josef Lamberti, born 1956 Management Board member since 1994. Head of Global Banking. Management Board member since 1999. Chief Administrative Officer, responsible Chief Operating Officer, responsible for Cost for Corporate Social Responsibility, 9 and Infrastructure Management, Information Human Resources, Legal, Compliance Pierre de Weck, born 1950 Technology, Operations, Building and Facilities and Audit. Head of Private Wealth Management. Management as well as Purchasing. 8 Dr. Hugo Bänziger, born 1956 Management Board member since 2006. Chief Risk Officer, responsible for Risk & Capital Management, Corporate Security and Treasury & Capital Management. Members of the Management Board of Deutsche Bank AG.
  7. 7. 01 // Deutsche Bank GrouP corPorate Profile anD overview 10 // 11 Profitable growth thanks to successful change ManageMent structure The Management Board of Deutsche Bank AG has as its prime responsibility the Group’s strategic management, resource allocation, financial accounting and controls, capital and risk management, and internal controls. The Group Board is supported in the performance of its management and oversight duties by functional committees which are chaired by Manage- ment Board members and by the Corporate Center. In May 2006, the offices of Chief Financial Officer and Chief Risk Officer, which had hitherto been held by the same Management Board member, were allocated separately to two diffe- rent Board Members. Therefore the number of Board Members increased from four to five. The Chairman of the Management Board/Chief Executive Officer also holds the office of Chairman of the Group Executive Committee (GEC). The GEC is made up of the members of the Management Board, the heads of the five core businesses, and the Head of Regional Management. The GEC supports the Management Board in its decision-making. At regular meetings, it reviews developments within the businesses, discusses matters of Group strate- gy and formulates recommendations for the Management Board. Responsibility for the operational management of the Group’s core businesses lies with the three Divisional Committees. Functional committees Capital & Risk Compliance Finance Human Resources Investment IT & Operations Principal Investment Risk Executive Commitment group executive committee Management Board Business Heads / regional Head Divisional committees Corporate and Corporate Private Clients and Investment Bank Investments Asset Management regional committees
  8. 8. 01 // Deutsche Bank GrouP corPorate Profile anD overview group Divisions Deutsche Bank comprises three Group Divisions: the Corporate and Investment Bank (CIB), Private Clients and Asset Management (PCAM) and Corporate Investments (CI). corporate anD investMent Bank CIB is responsible for Deutsche Bank’s capital markets business, comprising the origination, sales and trading of capital markets products including debt, equity, and other securities, together with our corporate advisory, corporate lending and transaction banking businesses. Our clients are institutions, both private and public sector, including sovereign states and supranational bodies, together with global and multinational corporations, medium-sized and small businesses. CIB is subdivided into two Corporate Divisions: Corporate Banking & Securities and Global Transaction Banking (GTB). Corporate Banking & Securities covers Deutsche Bank’s origination, sales and trading of capi- tal market products, corporate advisory and corporate financing businesses, asset finance and leasing, and commercial real estate. Global Transaction Banking covers Deutsche Bank’s cash management, clearing, trade finance and trust & securities services businesses serving both financial institutions and corporate clients. Corporate Finance and Global Transaction Banking are together named Global Banking. private clients anD asset ManageMent PCAM comprises two Corporate Divisions: Asset and Wealth Management and Private & Business Clients. Asset and Wealth Management comprises two Business Divisions: Asset Management and Private Wealth Management. Asset Management provides institutional clients, including pension funds and insurance companies, with a full range of services including traditional asset management, alternative assets, sophisticated absolute return strategies and real estate asset management. Asset Management also provides retail clients across the globe with mutual fund products through our DWS and DWS Scudder franchises. Private Wealth Management serves high net worth individuals and families worldwide with a fully-integra- ted wealth management service embracing portfolio management, tax advisory, inheritance planning and philanthropic advisory services. Private & Business Clients (PBC) provides private individuals and small businesses with a full range of traditional banking products, including current accounts, deposits and loans, investment management products and business banking services. PBC operates outside Germany predominantly in European markets including Italy and Spain, but also in Belgium and Portugal. It is currently expanding into important emerging markets in Central and Eastern Europe, such as Poland, and in Asia, including India and China.
  9. 9. 12 // 13 corporate investMents The Corporate Investments Group Division covers our industrial shareholdings, certain bank- occupied real estate assets, private equity and venture capital activities and other non-stra- tegic holdings. our strategy In late year 2006, Deutsche Bank launched Phase 3 of our management agenda. This followed the successful delivery of the first two phases since 2002, during which we streamlined our organization, positioned our core businesses for profitable growth and reached our target of 25 % pre-tax return on average active equity. The overall objective for Phase 3 is to leverage our global platform for accelerated growth. Our performance in 2006 reflected our progress in all four key pillars of the Phase 3 management agenda: Maintaining strict cost, risk, capital anD regulatory Discipline We further reduced our cost-income ratio as costs grew much less strongly than revenues. Our capital discipline was reflected in a core capital ratio of 8.9 %, up from 8.7 % at the end of 2005, despite growth in risk-weighted assets, continued share buybacks and a recommen- ded dividend increase of 60 % to an all time high of € 4.00 per share. Our problem loans and provision for credit losses decreased again. continuing to invest in organic growtH, suppleMenteD By targeteD ‘Bolt-on’ acquisitions We added 5,422 people during 2006, expanding our presence in North America and Latin America, the Middle East, Central and Eastern Europe, and Asia, notably in China and India. Furthermore, we announced four significant acquisitions during the year. Our purchase of MortgageIT, a U.S. residential mortgage originator, enables us to expand in the important U.S. securitization business. The acquisitions of Berliner Bank and norisbank complement both the regional strength and product range of our retail banking platform in Germany, while the purchase of Tilney Group in the UK gives us a strong footprint in Europe’s second largest private wealth management market. FurtHer growing our ”staBle” Businesses In both PCAM and GTB, we possess businesses whose earnings are viewed as stable, and therefore are highly valued by investors and other capital market participants. In 2006, under- lying pre-tax profit in PCAM and in GTB rose to record levels. Combined underlying pre-tax profit in these two businesses has approximately doubled since 2003. BuilDing on our coMpetitive eDge in ciB Deutsche Bank has a world-leading global investment banking franchise, which was once again a major contributor to the bank’s strong financial performance in 2006. In Corporate Banking & Securities, pre-tax profit rose to unprecedented levels, with record revenues across sales and trading, origination and corporate advisory services.
  10. 10. 01 // Deutsche Bank GrouP corPorate Profile anD overview continuing to Deliver on our targets Deutsche Bank once again successfully delivered on its stated financial objectives in 2006. Pre-tax return on average equity was 31 % for the year, comfortably ahead of our over-the- cycle target of 25 %. Diluted earnings per share grew by 66 % also significantly exceeding our goal of double-digit growth over the cycle. Deutsche Bank’s business model is configured to unlock the potential of synergies across mutually reinforcing businesses. These synergies include the development and distribution of products between different businesses, and the potential for different businesses to collabo- rate in serving common clients. Capturing the potential of these synergies is an integral part of our strategy. Global presence new york Frankfurt singapore london tokyo
  11. 11. corPorate Governance 14 // 15 responsible, value-driven and transparent management and control Effective corporate governance is an essential part of our identity. The framework for this is provided by, first and foremost, the German Stock Corporation Act and the German Corpo- rate Governance Code. Since our share is listed on the New York Stock Exchange, we are also subject to the relevant U.S. capital market legislation as well as the rules of the Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE). We ensure the responsible, value-driven management and control of Deutsche Bank through our system of corporate governance, which has four key elements: good relations with share- holders; effective cooperation between the Management Board and Supervisory Board; a system of performance-related compensation; and transparent, timely reporting. sHareHolDers As is legally required, our shareholders are involved in the bank’s most important decisi- ons. These include amendments to the Articles of Association, setting the annual dividend, the issue of new shares, share repurchase programmes and important structural changes. Deutsche Bank has only one class of share, with each share carrying the same voting right. To make it easier for our shareholders to exercise their voting rights, we support the use of electronic media for the Annual General Meeting. For example, shareholders can issue their voting instructions via the Internet. ManageMent BoarD The Management Board is responsible for managing the company. It is assisted and advised by the Group Executive Committee, which is composed of the members of the Manage- ment Board, the heads of Deutsche Bank’s five core businesses, and the Head of Regional Management. This committee analyzes the development of the business divisions, discusses matters of Group strategy and prepares recommendations to support decisions which are taken by the Management Board. supervisory BoarD The Supervisory Board oversees and advises the Management Board. It appoints the Manage- ment Board members, and together with the Management Board, arranges for its long-term succession planning. Major initiatives of the Management Board require Supervisory Board approval. The Supervisory Board has specified the information and reporting duties of the Management Board and set up a Chairman‘s Committee, an Audit Committee, a Risk Com- mittee and a Mediation Committee. perForMance-relateD coMpensation The compensation of the Management Board members is aligned to industry standards and primarily reflects their contribution to business performance. Part of the Management Board’s compensation is equity-based, and this is driven by the performance of our share price rela- tive to that of our peers. Supervisory Board members receive a fixed and a dividend-related compensation component as well as a compensation component oriented on the mid-term share price performance measured against a group of peer companies. The chair and deputy chair of the Supervisory Board as well as the chair and members of its committees receive
  12. 12. 01 // Deutsche Bank GrouP corPorate Governance additional compensation. The individual compensation of each member of the Management Board and Supervisory Board is published in the Compensation Report, which is part of the Management Report (Financial Report 2006, pages 35 ff.). reporting anD transparency Deutsche Bank Group‘s reporting is in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the comprehensive reporting rules of the SEC. This provides for a high degree of transparency and facilitates comparability with our international peers. cHanges in 2006 Effective May 3, 2006, Rolf-E. Breuer resigned as Chairman of the Supervisory Board. His successor is Clemens Börsig, who had hitherto served as Group Chief Financial and Risk Offi- cer. Furthermore, the Supervisory Board appointed Anthony Di Iorio and Hugo Bänziger as new members of the Management Board, effective May 4, 2006. As Chief Financial Officer, Mr. Di Iorio is in charge of finance, and Dr. Bänziger in his capacity as Chief Risk Officer is responsible for risk and capital management. Management Board member Tessen von Hey- debreck was named Corporate Governance Officer. The Management Board Compensation Disclosure Act applies for the first time for the financial year 2006, and we thus enhanced our previously instituted individualized disclosure with additional information. Declaration oF conForMity On October 31, 2006, the Management Board and Supervisory Board issued a new Declara- tion of Conformity in accordance with § 161 of the German Stock Corporation Act. It states that Deutsche Bank complied with the recommendations of the German Corporate Gover- nance Code with two exceptions: first, the directors’ and officers’ liability insurance policy for the Management Board and Supervisory Board members does not have a deductible, and second, a member of the Management Board became Supervisory Board Chairman as well as Chairman of several of its committees. Our complete Corporate Governance Report for 2006 can be found in our Financial Report 2006 on pages 194 ff. This report and other documents on our corporate governance, such as the Terms of Reference for the Management Board as well as the Supervisory Board and its committees are available on the Internet at www.deutsche-bank.com/ir. We regularly check our corporate governance in the light of new events, statutory require- ments and developments in domestic and international standards and adjust it accordingly.