Release

Frankfurt 23 July 2010

Deutsche Bank publishes CEBS stress test results

Pro-forma Tier 1 capital ratio 2011 under adverse scenario at 10.3%,

under additional sovereign risk scenario Tier 1 ratio at 9.7%

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) was subject to the 2010 EU-
wide stress testing exercise coordinated by the Committee of European Banking
Supervisors (CEBS), in cooperation with the European Central Bank (ECB),
Deutsche Bundesbank, and the German Federal Financial Supervisory Authority
(BaFin).

Deutsche Bank acknowledges the outcomes of the EU-wide stress tests.

This stress test complements the risk management procedures and regular stress
testing programs set up in Deutsche Bank under the Pillar 2 framework of Basel II
and the Capital Requirements Directive (CRD).

The exercise was conducted using the scenarios, methodology and key
assumptions provided by CEBS (see the aggregate report published on the CEBS
website). As a result of the assumed shock under the adverse scenario, the
estimated consolidated Tier 1 capital ratio would change to 10.3% in 2011
compared to 12.6% as of end of 2009. An additional sovereign risk scenario
would have a further impact of 0.6 percentage points on the estimated Tier 1
capital ratio, bringing it to 9.7% at the end of 2011, compared with the regulatory
minimum of 4%.

The results of the most severe stress scenario (including sovereign shock)
suggest for Deutsche Bank a buffer of EUR 14.1 bn of Tier 1 capital against the
threshold of a 6% Tier 1 capital adequacy ratio agreed exclusively for the
purposes of this exercise. This threshold should by no means be interpreted as a
regulatory minimum (the regulatory minimum for the Tier 1 capital ratio is 4%), nor
as a capital target reflecting the risk profile of the institution determined as a result
of the supervisory review process in Pillar 2 of the CRD.

Given that the stress test was carried out under a number of key common
simplifying assumptions (e.g. constant balance sheet, however, acquisitions were
to be added) the information on the benchmark scenario is provided only for

Issued by Investor Relations department of Deutsche Bank AG Internet: http://www.deutsche-bank.com

Theodor-Heuss-Allee 70, 60486 Frankfurt am Main http://www.deutsche-bank.com/ir
Phone +49 (0) 69 910 35395, Fax +49 (0) 69 910 38591 E-Mail: db.ir@db.com

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comparison purposes and should in no way be construed as a forecast.

In the interpretation of the outcome of the exercise, it is imperative to differentiate

between the results obtained under the different scenarios developed for the
purposes of the EU-wide exercise. The results of the adverse scenario should not
be considered as representative of the current situation or possible present
capital needs. A stress testing exercise does not provide forecasts of expected
outcomes since the adverse scenarios are designed as "what-if" scenarios
including plausible but extreme assumptions, which are therefore not very likely to
materialise. Different stresses may produce different outcomes depending on the
circumstances of each institution.

Background

The objective of the 2010 EU-wide stress test exercise conducted under the
mandate from the EU Council of Ministers of Finance (ECOFIN) and coordinated
by CEBS in cooperation with the ECB, national supervisory authorities and the
EU Commission, is to assess the overall resilience of the EU banking sector and
the banks’ ability to absorb further possible shocks on credit and market risks,
including sovereign risks.

The exercise has been conducted on a bank-by-bank basis for a sample of 91 EU

banks from 20 EU Member States, covering at least 50% of the banking sector, in
terms of total consolidated assets, in each of the 27 EU Member States, using
commonly agreed macro-economic scenarios (benchmark and adverse) for 2010
and 2011, developed in close cooperation with the ECB and the European
Commission.

More information on the scenarios, methodology, aggregate and detailed

individual results is available from CEBS. Information can also be obtained from
the website of BaFin or Deutsche Bundesbank.

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Deutsche Bank – CEBS Stress test results, July 2010
Actual results
At December 31, 2009 in EUR m
Total Tier 1 capital 34,406
Total regulatory capital 37,929
Total risk weighted assets 273,477

Pre-impairment income (including operating expenses) 9,400

Impairment losses on financial assets in the banking book -3,071
Other income -1,126

1
1 yr Loss rate on Corporate exposures (%) 1.9%
1
1 yr Loss rate on Retail exposures (%) 0.8%

Tier 1 ratio (%) 12.6%

Outcomes of stress test scenarios

The stress test was carried out under a number of key common simplifying assumptions (e.g. constant balance
sheet, uniform treatment of securitisation exposures). Therefore, the information relative to the benchmark
scenarios is provided only for comparison purposes and should in no way be construed as a forecast.

Benchmark scenario at December 31, 20112 in EUR m

Total Tier 1 capital after the benchmark scenario 41,527
Total regulatory capital after the benchmark scenario 43,756
Total risk weighted assets after the benchmark scenario 315,057

Tier 1 ratio (%) after the benchmark scenario 13.2%

2
Adverse scenario at December 31, 2011 in EUR m
Total Tier 1 capital after the adverse scenario 38,987
Total regulatory capital after the adverse scenario 40,666
Total risk weighted assets after the adverse scenario 378,924

2
2 yr cumulative pre-impairment income after the adverse scenario (including operating expenses) 21,775
2
2 yr cumulative impairment losses on financial assets in the banking book after the adverse scenario -10,713
2
2 yr cumulative losses on the trading book after the adverse scenario -2,788
2
2 yr cumulative other income after the adverse scenario -622

1, 2
2 yr Loss rate on Corporate exposures (%) after the adverse scenario 1.3%
1, 2
2 yr Loss rate on Retail exposures (%) after the adverse scenario 1.9%

Tier 1 ratio (%) after the adverse scenario 10.3%

Additional sovereign shock on the adverse scenario at December 31, 2011 in EUR m
2
Additional impairment losses on the banking book after the sovereign shock -411
2
Additional losses on sovereign exposures in the trading book after the sovereign shock -2,812

1, 2, 3
2 yr Loss rate on Corporate exposures (%) after the adverse scenario and sovereign shock 1.7%
1, 2, 3
2 yr Loss rate on Retail exposures (%) after the adverse scenario and sovereign shock 2.1%

Tier 1 ratio (%) after the adverse scenario and sovereign shock 9.7%

Additional capital needed to reach a 6 % Tier 1 ratio under the adverse scenario + additional sovereign shock,
0
at the end of 2011

1.
Impairment losses as a % of corporate/retail exposures in AFS, and loans and receivables
portfolios. For 2009 ratio is heavily impacted by impairments from IAS 39 reclassified loans
2.
Cumulative for 2010 and 2011
3.
On the basis of losses estimated under both the adverse scenario and the additional sovereign shock

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For further information, please call:

Deutsche Bank AG
Press & Media Relations Investor Relations

Armin Niedermeier Phone: +49 69 910 35395 (Frankfurt)

Phone: +49 69 910 33402 (Frankfurt) E-Mail: db.ir@db.com
E-mail: db.presse@db.com

This release 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 trading revenues, 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 16
March 2010 under the heading "Risk Factors." Copies of this document are readily available upon request or
can be downloaded from www.deutsche-bank.com/ir .

This release may also contain non-IFRS financial measures. For a reconciliation to directly comparable
figures reported under IFRS, refer to the 1Q2010 Financial Data Supplement, which is available at
www.deutsche-bank.com/ir.

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