Deutsche Bank

Deutsche Bank Dr. Josef Ackermann
Chairman of the Management Board and the Gro p Executive Committee Group E ec ti e

Deutsche Bank Investor Relations

2 June 2010 Dr. Josef Ackermann

Investor Roadshow Madrid, 2 June 2010

Agenda

1 2 3

A strong start to 2010: 1Q Highlights Implementing Phase 4 of our management agenda Key current issues

Deutsche Bank Investor Relations

2 June 2010 Dr. Josef Ackermann

2

First Quarter 2010: Highlights
1Q2009
Income before income taxes (in EUR bn) Profitability Net income (in EUR bn) Pre-tax RoE (target definition)(1) 1.8 18 1.2 25%

1Q2010
2.8 28 1.8 30%

31 Dec 2009
Tier Ti 1 capital ratio it l ti Capital Core Tier 1 capital ratio Tier 1 capital (in EUR bn) p ( ) Total assets (IFRS, in EUR bn) Balance sheet Total assets (U.S. GAAP pro-forma, in EUR bn) ( p ) Leverage ratio (target definition)(2) 12.6% 12 6% 8.7% 34.4 1,501 891 23

31 Mar 2010
11.2% 11 2% 7.5% 32.8 1,670 978 23

(1) (2)

Based on average active equity Total assets based on U.S. GAAP pro-forma divided by total equity per target definition 2 June 2010 Dr. Josef Ackermann 3

Deutsche Bank Investor Relations

0 2.0 6.2 5.2 (0.8 0.8 1.6 4. 2006 onwards based on IFRS reported figures 2 June 2010 Dr.8 3.S.6 8.6 1.First quarter revenues and profits close to pre-crisis levels In I EUR b bn Net revenues Income before income taxes 9.2 2.6 7.2 9. GAAP reported figures.3) ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 1Q Note: 2003-2005 based on U.0 6.6 16 1. Josef Ackermann 4 ‘10 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 1Q ‘10 Deutsche Bank Investor Relations .

GAAP pro-forma assets Level 3 Assets 3% 5. . Josef Ackermann Deutsche Bank Investor Relations 5 .068 4. S&T revenues.746 4 746 (35%) (22%) (38%) (93%) (95%) RWA VaR Prop Trading Notional Capital 1Q2007(1) (1) (2) (3) Note: 1Q2010 (50%) (69%) (3%) (25%) Stress Loss(3) Headcount 1Q2007 based on structure as of 2008 Peak refers to highest level during the period 3Q2007 to 4Q2009 Maximum potential loss across all risk types S&T revenues differ from Global Markets revenues due to some revenue reallocation between GM and GB 2 June 2010 Dr. 1Q2007 1Q2010 vs.a.Global Markets 1Q2010 vs. . in EUR m 1Q2010 vs.S. . (38%) U. 1Q2007: A tale of two cities Similar top line revenue p performance . Peak (2) . . using significantly lower resources g g y (26%) (47%) n.

000 526 492 2Q 2009 779 221 544 560 262 308 1Q Thereof: CIB 357 169 Thereof: PCAM Note: Deutsche Bank Investor Relations 329 3Q 249 4Q 159 1Q 2010 323 214 357 201 90 173 Divisional figures do not add up due to omission of Corporate Investments.Reduced provisioning for credit losses In I EUR m Related to IAS 39 reclassified assets (50)% 1. figures may not add up due to rounding differences 2 June 2010 Dr. Josef Ackermann 6 .

2 11.2 Target: ≥10% 7.7 7.Tier 1 capital remains well above target 11. Josef Ackermann 7 Deutsche Bank Investor Relations .5 7.7 12.3 bn and EUR 17 bn RWA 2 June 2010 Dr. in EUR bn 4Q 1Q 2010 Sal. Oppenheim Group impact Core Tier 1 ratio = Tier 1 capital less hybrid Tier 1 capital divided by RWAs Includes Tier 1 capital deduction (including goodwill and other intangibles) of EUR 1.1 8.6 Tier 1 ratio: (117) bps(1) 10.0 11 0 11.8 8. in % Note: (1) 2Q Core Tier 1 ratio.2 11.1 316 7.5 RWA: EUR 17 bn 295 288 273 292 1Q Tier 1 ratio. in % 3Q 2009 RWA.

Agenda 1 2 3 A strong start to 2010: 1Q Highlights Implementing Phase 4 of our management agenda Key current issues Deutsche Bank Investor Relations 2 June 2010 Dr. Josef Ackermann 8 .

Josef Ackermann 9 .Well placed to deliver on Phase 4 Management Agenda Phase 4 2009 – 2011 Increase CIB profitability with renewed risk and balance sheet discipline Focus on core PCAM businesses and home market leadership Focus on Asia as a key driver of revenue growth Reinvigorate our performance culture Deutsche Bank Investor Relations 2 June 2010 Dr.

0 25% over-the-cycle ~ 65% ≥10% ≤25x ( ) (1) (2) (3) Deutsche Bank Investor Relations . total equity adjusted for FV gains / losses on DB issued debt 2 June 2010 Dr.Phase 4: Financial potential Phase 4 potential 2011 Revenue growth p. in EUR bn(1) Return on Equity(2) Cost / income ratio Const traints Tier 1 ratio Leverage(3) Before Corporate Investments and Consolidations & Adjustments p j Pre-tax return on Average Active Equity Per target definition: Assets based on U.a.S.GAAP ‘pro-forma’. Josef Ackermann 10 ~ 8% ~ 10. Perf formance Income before income taxes.

over the period — No significant further write-downs Deutsche Bank — Market share gains — EUR 1 bn efficiency gains out of infrastructure Deutsche Bank Investor Relations 2 June 2010 Dr.Phase 4: assumptions for 2010 – 2011 — No further major market dislocations — Normalization of asset valuations Environmental — Global revenue fee pool: CAGR of 9% to a level slightly below 9M2007 annualized — Margins remain higher than pre-crisis — Interest rates normalization from 2nd half 2010 — Global GDP growth ≥ 2% p. Josef Ackermann 11 .a.

3 1.0 Deutsche Bank Investor Relations 12 .3 1.5 Total business divisions Note: Figures do not add up due to rounding differences 2 June 2010 Dr.Phase 4: IBIT potential of business divisions p In EUR bn Phase 4 potential 2011 Ph t ti l Corporate Banking & Securities Global Transaction Banking Asset and Wealth Management Private & Business Clients 6. Josef Ackermann 10.0 1.

cash — Liquid/flow derivatives — Asia cash — Prime Brokerage — Commodities build — EM debt build — Other 5.6 (4. in EUR b I b f i t i bn — Margin / volume normalisation — Lower market volatility — Predominantly FX/Rates/ Credit — De-risking losses — Legacy businesses — Mark-downs — Monoline reserves Revenue development ~2. column size is illustrative 2 June 2010 Dr.0) — Direct market access — Clearing 2009 IBIT Revenue impacts Market norSpecific malisation items / other trading losses 2009 adjusted Growth areas Equities Growth Additional Potential 2011 (1) potential related costs staff costs write downs write-downs Debt / other incl.2011 potential: CB&S / Global Markets Income before income taxes. the sum of GM and CF does not add up to the reported CB&S figure mainly due to LEMG.1 5. Josef Ackermann 13 Deutsche Bank Investor Relations .9) — Strategic hiring — Platform investments 5.7 — U.4 Cost development ~(1.6) Risk development ~(0.6 4. deferrals IBIT products (1) Note: Primarily contra-revenues contra revenues Does not correspond to segmental reporting.S.

9 Cost development ~(0. LDCM = Leveraged Debt Capital Markets 2 June 2010 Dr. NRG = Natural Resources Group. The sum of GM and CF does not add up to the reported CB&S figure mainly due to LEMG. in EUR b I b f i t i bn — Credit spreads tightening — Lower market volatility — Lower hedge losses Revenue development ~0. Josef Ackermann 14 Deutsche Bank Investor Relations .0 0. NRG) — Strategic hires: — Junior hiring — Senior hires in FIG. incl.4 — Top-5 — Key investments (M&A.-related legal settlements (0.5 bn Incremental LLP Does not correspond to segmental reporting. China & UK — IPO market —R Recapitalization it li ti — Financing — CRE / Other mark-downs(1) (0. Fin.9) — IAS 39 LLPs (1. NRG.9 0.6 2.4 0. FIG.4) Risk development ~0.2011 potential: CB&S / Corporate Finance Income before income taxes. Fin. column size is illustrative FIG = Financial Institutions Group. significant property impairments of EUR 0.6) 2009 IBIT (1) (2) Note: Specific items Market normalisation 2009 before specific items Target fee pool growth Share capture NonInvestAdditional Additional 2011 recurring ment hiring staff costs risk costs(2) potential Lev. IBIT revenues deferrals Incl.2) — Lev.3) (2.

5) ~(0. MNC = Multi National Corporates EONIA = Euro OverNight Index Average . FFE = Federal Funds Effective Corporates. EONIA — Avg. in EUR b I b f i t i bn Revenue development ~1. column size is illustrative 2 June 2010 Dr.g.2011 potential: Global Transaction Banking Income before income taxes.8 — Local LargeCap/MNC clients — Large MidCaps in Europe — Public sector — Non-bank FI´s and Tier 2 and 3 banks — IT — Additional headcount — Integration of parts of ABN AMRO(1) 2009 reported IBIT (1) (2) Note: Growth areas Markets Solutions Clients Improved interest rates Other constraints Pro rata running and migration costs Incremental LLP.3 0. Josef Ackermann 15 Growth related investment costs Additional risk costs(2) 2011 potential IBIT Deutsche Bank Investor Relations . FFE — Payment Service Directive — Reduced funding benefit 1. Figures do not add up due to rounding differences. MENA) — Strengthening footprint in Europe — Supply Chain Finance — Agency Securities Lending — Securities Clearing — Alternative Fund Services Cost Risk development development ~(0.0) Normalisation: — Avg.1 — Expansion in key growth regions (e. Asia.

Josef Ackermann 16 Deutsche Bank Investor Relations . Portfolio mgt (~800 FTE)) — Partnerships (e. in EUR m I b f i t i Revenue development ~45 — RREEF-related losses — MM fund injections — Severance — Acquisition costs — Write-back of DWS Scudder intangible — Rightsizing / Smartsourcing / Outsourcing (RREEF prop mgmt.2011 potential: Asset Management Income before income taxes.2011 Cost development ~235 Risk development ~0 500 — IT / Ops optimization — Office space rationalization 63 159 222 — Full year 2009 market impact — Result of 2009 reductions — AUM growth — RREEF transaction activity growth 2009 reported IBIT Note: Specific items 2009 before specific items Market normalisation Strategic initiatives 2010-2011 organic growth Cost savings run rate Strategic IT/Ops/ Change initia.Real Estate in tives rationaliLLPs zation 2011 potential IBIT Figures do not add up due to rounding differences. insurance) (~100 FTE) Assumes no appreciation of equity indices 2010 ./fund accounting. EQ/QS.g. column size is illustrative 2 June 2010 Dr.

O I b f i t l di ff t f S l Oppenheim. column size is illustrative 2 June 2010 Dr.2011 potential: Private Wealth Management Revenue development ~310 — Increased volumes Income before income taxes.S. — Global re-pricing initiative — New platform project — Exit small booking centers — Predominantly Asia 73 43 116 — GB/GM partnerships p p — RMs team profile uplift — HNWI market growth 2009 reported IBIT Note: 2009 specific items 2009 before specific items Emerging market UHNW proposition On-shore Lending market growth Product initiatives Organic Cost base Change growth reduction in LLPs hires 2011 potential IBIT Figures do not add up due to rounding differences. h i in EUR m Cost development ~(0) Risk development ~0 425 — Severance — ARS/ARP settlement costs — Acquisition costs — Double-size Asia — Germany — U. excluding effects from Sal. Josef Ackermann 17 Deutsche Bank Investor Relations .

Josef Ackermann . Alternative investments.) SOPEP OVAM Wealth Management Asset Management Corporate Banking/ Financial Markets/ Other Refine value proposition / platform Deutsche Bank Investor Relations Integrate / Align Reposition / integrate dispose / wind-down Strategic options 18 BAS = BHF Asset Servicing. Oppenheim Private Equity Partners. Oppenheim: Dedicated strategy for each business activity ti it Cluster 1 WM GER + AM GER/LUX Cluster 2 Select WM / AM international activities Cluster 3 Other business Cluster 4 Wealth Management Germany Asset Management Germany/Lux Switzerland Austria Luxembourg IB Other (BAS. SGG. SGG = Services Generaux de Gestion. etc.Sal. OVAM = Oppenheim Versicherungs AM GmbH 2 June 2010 Dr. SOPEP = Sal.

Oppenheim Private Equity Partners. SOPEP. Germany. Opp. Opp. Institutional Sal. Oppenheim Group(1) In EUR bn 103 (2) BHF IB.Sal. Oppenheim: Asset base Invested assets development Sal. disposals and reclassifications 1 January – 31 March 2010 Wealth Mgt. Austria and Luxembourg 2 June 2010 Dr. OVAM & other WM foreign g entities Sal. Josef Ackermann 19 Deutsche Bank Investor Relations . Asset Mgt.Δ Market ments(3) Dec 2009 Δ NNM Δ Adjust. WM Germany Observations — Invested assets have grown with only marginal net outflows — Invested assets of core proposition(5) overall broadly stable y — OVAM first time integrated with invested assets of EUR 12 bn in 1Q2010 1 (3) 4 105 38 2 9 33 24 (2) 15 (1) (4) 8 127 45 14 9 34 25 34 2 9 32 26 Dec 2008 Δ NNM Δ Adjust. SOPEP = Sal. OVAM = Oppenheim Versicherungs AM GmbH Invested assets according to DB definition Excludes OVAM EUR 12 bn invested assets Acquisitions. Switzerland. Wealth and Asset Mgt. Germany/Luxembourg.Δ Market ments(3) Mar 2010 Cluster Cl t 1 Note: (1) (2) (3) (4) (5) Cluster Cl t 2 Cluster Cl t 3 Cluster Cl t 4 Invested assets of cluster 1 and 2 allocated to PWM.

PWM and Sal. including Financial impact / Outlook severance — Positive contribution from 2012 onwards — Substantial upside potential Deutsche Bank Investor Relations 2 June 2010 Dr. Oppenheim: Benefits. synergies and outlook — Undisputed leadership in Private Wealth Management in Germany — C Complementary client profile. Josef Ackermann 20 . particularly i th UHNWI client segment l t li t fil ti l l in the li t t Strategic impact — Second wealth management proposition with strong brand complementing business portfolio at the top end of the market — Expansion of Deutsche Bank’s non-investment banking activities — Diversification of Deutsche Bank’s earnings mix — Short-term (2010 / 2011) significant impact from integration and exit costs.

column size is illustrative 2 June 2010 Dr.2 0. exit of specific portfolios and tightened approval criteria — Deposits & Payments / Other(1): active margin management. ea g e t o specialized est e t advisory teams realignment of spec a ed investment ad so y tea s — Credit Products: selective growth mainly in Europe. fixed rate saving deposits up 20 bps over the next 12 months 2009 reported IBIT (1) (2) Note: Specific items 2009 Germany Europe before Sales initiatives specific items Asia Efficiency initiatives(2) Cost to achieve growth Mainly Asset Liability Management Reduces also risk costs Figures may not add up due to rounding differences.0 1.7 Cost development ~0. in EUR b I b f i t i bn Revenue development ~0.7 — Investment & Insurance products: sales initiatives. Josef Ackermann Infrastructure platform efficiency Change in LLPs 2011 potential IBIT Deutsche Bank Investor Relations 21 .2011 potential: Private & Business Clients Income before income taxes.5 0.1 Risk development ~0.5 — Severance / investments related to efficiency program — One-off gain from LLP recalibration — IT — Other — Hua Xia Optimization in: — Head-office — Mid-office — Service centers — Growth related non-comp increase — Selected in estments investments — Staff costs 0.

UBS 2006). 2007). Chase. Merrill Lynch (until 2006) Lehman Brothers (until Paribas. 2007 excluding Citi and UBS. BoA (since 2008). Goldman Sachs JPMorgan Chase Morgan Stanley UBS. GAAP. Josef Ackermann 22 Deutsche Bank Investor Relations .Complexity reduction program: Further strengthen competitive position ii ii Development cost/income ratio Reported. Suisse Sachs. 2008 excluding UBS 2 June 2010 Dr.S. in % 134 — Efficiency gains and complexity reduction is planned to result in EUR 1 bn cost savings in infrastructure areas (based on 2009 figures) Target 65% — Benefits may partly be off-set by reinvestments to further reduce complexity — Achievements will significantly contribute to P&L Efficiency gains and complexity yg p y reduction 79 77 82 80 75 70 70 68 102 72 69 71 70 64 Peer group(1) g p 2002 2003 2004 2005 2006 2007 2008 2009 Note: (1) 67 DB: 2002-2005 based on U. Stanley. from 2006 onwards based on IFRS Peer group includes BNP Paribas Citi Credit Suisse. Citi.

200 Legal. production mgt. integration) Transition to next generation operating model: — Lean process redesign — Further use of low-cost locations — Continued standardisation of processes — Automation (elimination of manual processes) Implementation of Global Efficiency Model: fG ff — Redefine core and optimise non-core activities — Strict risk / return discipline in portfolio / coverage — Integrated delivery model — I Increase outsourced f t i t t d footprint 2 June 2010 Dr.. dev.Cost and infrastructure efficiency: examples of initiatives In I EUR m Illustrative Function / area Technology / IT Key levers Functional alignment of IT operating model: — Elimination of duplication — Functional integration and standardisation of processes ( (app. Josef Ackermann End 2011 potential run rate run-rate cost saving  200 . Risk & C Capital  100 Deutsche Bank Investor Relations 23 .250 Global Business Services  150.) d d ti t) — Maximising value from of vendor management and outsourcing — Maximum benefit of low-cost locations — Platform efficiencies (Berliner Bank GTB Bank.

6 Phase 4 potential 2011 6.9 10.3 (0. in EUR bn Prospects / Key features — Capture client flow / market share with prudent risk taking — Record performance in traditionally strong first quarter — Expansion in key regions and client sectors — Upside potential from interest rate increase — AM: Benefits from right-sizing the platform — PWM: Exploit undisputed home market leadership and grow Asia — Reap benefits from sales initiatives in Germany and Europe — Positive impact from efficiency measures 0.3 Income before income taxes.0 Note: Figures may not add up due to rounding differences 2 June 2010 Dr.1 1.0) 1.0 0. Josef Ackermann 24 Deutsche Bank Investor Relations .5 Total business divisions 2.On track to achieve 2011 targets g 1Q2010 reported Corporate Banking & Securities Global Transaction Banking Asset and Wealth Management Private & Business Clients 2.2 1.

Josef Ackermann 25 .Agenda 1 2 3 A strong start to 2010: 1Q Highlights Implementing Phase 4 of our management agenda Key current issues Deutsche Bank Investor Relations 2 June 2010 Dr.

Josef Ackermann 26 . balance sheet levy — U. / EU proposed reforms — Proprietary trading — Hedge funds — Private equity / principal investments Deutsche Bank Investor Relations 2 June 2010 Dr.S.The changing environment: current issues Consultation phase — Basel Committee consultative document — Capital / capital eligibility — Leverage — Liquidity — Counterparty credit risk — Countercyclical capital buffers — Timeline for implementation Proposal / discussion phase — National capital requirements — Structure and capitalization of legal entities — Asset allocation — Allocation of operations — Sources and means of funding — “Living wills” — U.S.

5 (6. Josef Ackermann (2) (3) (4) (5) Other includes dividend accrual and actuarial gains/losses on pension plans Contains EUR 1 bn market risk Sal.3) (2.5 6.3 1.5 273 5 3.1) 32. Credit Risk RWA only 27 Deutsche Bank Investor Relations . Oppenheim Contains EUR 1 6 bn operational risk Sal Oppenheim 1.5) 273.4 292.6 Sal.5 31 Dec 2009 1Q10 Net income FX Sal. Oppenheim(5) Other 31 Mar 2010 Note: (1) Figures may not add up due to rounding differences Primarily reflecting deductions in relation to certain securitization positions in the trading book 2 June 2010 Dr.7) RWA 14.Tier 1 capital and RWA development In I EUR b bn Tier 1 capital 0.7 1.4 (1.8 34.1) (0. Capital Equity Other(2) effects Oppendecomheim duction pensation items(1) 31 Mar 2010 31 Dec 2009 Market ( ) risk(3) Operational risk(4) FX effects Sal.8 32 8 (0.

Sovereign risk Concerns about sovereign risk – potential tertiary effect through contagion C b t i i k t ti l t ti ff t th h t i CDS spreads by country (in bps) 1. 31 Mar 2010 Italy Spain Portugal Greece Ireland Total exposure (gross) Exposure after hedging and collateral (net) Thereof sovereign(net) Limited primary/ secondary portfolio tf li concerns… …but potential but risk of tertiary market impact due to contagion (1) Deutsche Bank Investor Relations — Sovereign: Overall relatively small. mitigated by low concentration risk and collateral — Significant spread widening could lead to losses on our illiquid GM/GB legacy positions — Temporarily reduced liquidity in EU debt and equity markets — European banks with significant cross border funding would exhibit renewed stress Includes exposure for CIB. Josef Ackermann 28 . excludes traded credit positions (TCP) 2 June 2010 Dr. PBC and PWM. except Italy — CIB: Focus on better rated clients. corporates / FIs with satisfactory diversification & risk mitigation iti ti — PBC: Large presence in Spain and Italy.000 1 000 900 800 700 600 500 400 300 200 100 0 Aug 08 Nov 08 Greece Feb 09 Portugal May 09 Aug 09 Spain Nov 09 Ireland Feb 10 May 10 Italy DB exposures(1) by country.

Includes ABCP conduits 2 June 2010 Dr. self funding structures (e g X markets) margin / Prime Brokerage cash balances (shown on a net basis) fiduciary self-funding (e.Secured Financing action customers(1) tionary funding vehicles(2) banking wholesale and shorts Liquidity position 211 165 — Secured funding increase mainly against highly liquid trading assets — Incremental discretionary wholesale funding more than offset by increase of available cash balances — Available cash and strategic liquidity reserve exceed net funding f di gap under combined d bi d stress scenario — YTD execution of 2010 issuance volume well ahead of plan (>50% of EUR 19 bn plan) Unsecured funding and equity Note: (1) (2) Figures may not add up due to rounding differences Other includes fiduciary. X-markets).g.Modest reliance on shorter term wholesale funding In I EUR b bn Funding sources overview 31 Dec 2009 (Total: EUR 777 bn) 31 Mar 2010 (Total: EUR 856 bn) 164 173 153 158 118 123 100 100 51 61 26 29 Capital markets and equity Retail TransOther Discre. Josef Ackermann 29 Deutsche Bank Investor Relations .

Josef Ackermann 30 .Key takeaways — Significant capital buffer. above targets Well-capitalized — Future retained earnings potential — Fresh capital for buying new earnings streams ( y) p y g g (only) Strong liquidity / funding f di — Substantial liquidity reserve — Diverse unsecured funding base Clear achievable goals — Profit growth of core businesses — Infrastructure efficiency gains In all aspects: Positioned to deliver on Phase 4 Deutsche Bank Investor Relations 2 June 2010 Dr.

Suisse.Shareprice and dividend Shareprice performance since 2009 Total shareholder return. Santander. index based on LFC total shareholder return and market Sachs.75 0 75 69% International peers(1) 46% 18% 0. LFC. in LFC. capitalization weightings Source: Bloomberg Deutsche Bank Investor Relations 2 June 2010 Dr. Chase. in EUR 0. Josef Ackermann 31 . indexed. Barclays. 1 Jan 2009 = 100 Dividend Dividend per share.50 0 50 DAX 1 Jan 09 30 Jun 09 31 Dec 09 25 May 10 2008 2009 (1) International peers (Goldman Sachs JPMorgan Chase Credit Suisse Santander Barclays BNP Paribas).

For a reconciliation to directly comparable figures reported under IFRS. in Europe. they include statements about our beliefs and expectations and the assumptions underlying them. in the United States and elsewhere from which we y.deutsche-bank.com/ir. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. and we undertake no obligation to update publicly any of them in light of new information or future events events. procedures and methods. of 16 March 2010 under the heading “Risk Factors. Deutsche Bank Investor Relations 2 June 2010 Dr. Commission. p .deutsche-bank.S. the implementation of our strategic initiatives. potential defaults of borrowers or trading counterparties. to the extent such reconciliation is not provided in this presentation. estimates and projections as they are currently available to the management of Deutsche Bank. By their very nature. Josef Ackermann 32 . forward-looking statements involve risks and uncertainties. These statements are based on plans. Forward-looking statements therefore speak only as of the date they are made.Cautionary statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical forward looking Forward looking facts. Such factors include the conditions in the financial markets in Germany.” Copies of this document are readily available upon request or can be downloaded from www. 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 U. the development of asset prices and market volatility.com/ir. which is accompanying this presentation and available at www. refer to the 1Q2010 Financial Data Supplement. derive a substantial portion of our revenues and in which we hold a substantial portion of our assets. p y p g p This presentation also contains non-IFRS financial measures. the reliability of our risk management policies.