DGAP-Adhoc: Deutsche Bank AG raises capital and reaffirms Strategy 2015+

| Source: EQS Group AG
Deutsche Bank AG  / Key word(s): Capital Increase

18.05.2014 19:30

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Frankfurt am Main, 18 Mai 2014 - Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB)
today announced a capital increase with proceeds expected to be
approximately EUR 8 billion. The capital increase will include an ex-rights
issue of EUR 1.75 billion which has already been placed with an anchor
investor and a fully underwritten rights issue. The rights issue is
expected to raise EUR 6.3 billon of new equity.

Additionally, Deutsche Bank today reaffirmed its commitment to Strategy
2015+ and is providing updated financial aspirations and further details of
an accelerated growth strategy.

Strengthening capital

The capital measures will increase the Common Equity Tier 1 (CET1) ratio by
approximately 230 basis points from 9.5% at the end of the first quarter
2014 to 11.8% on a pro forma CRD4 fully-loaded basis. This increase follows
significant strengthening of this ratio, which stood below 6% in mid 2012,
under Strategy 2015+. These measures will substantially increase the Bank's
capital ratio, provide a buffer for future regulatory requirements, and
support targeted business growth.

Deutsche Bank placed approximately 60 million shares at a price of EUR
29.20 per share with Paramount Holdings Services Ltd., an investment
vehicle owned and controlled by His Excellency Sheikh Hamad Bin Jassim Bin
Jabor Al-Thani of Qatar, who intends to remain an anchor investor in
Deutsche Bank.

Additionally, through the rights issue, Deutsche Bank expects to issue up
to 300 million new shares. The rights offering will be led by Deutsche Bank
as global coordinator and bookrunner. A syndicate of banks have agreed to a
firm underwriting of the new shares.

Subject to the approval by the BaFin, a securities prospectus is expected
to be published on 5 June 2014. The subscription period is expected to run
through 24 June 2014.

Strategy 2015+ updated targets

The Bank reaffirmed its commitment to implementing Strategy 2015+, which
has so far generated  more than 350 basis points of CET1 capital ratio
increase on a pro forma CRD4 fully-loaded basis, some EUR 360 billion of
CRD4 exposure reductions, and EUR 2.3 billion of cumulative cost savings
from the Bank's Operational Excellence Programme (OpEx) in less than two

The package of measures announced today reinforces Strategy 2015+ by
enabling Deutsche Bank to address challenging operating conditions. These
include tighter regulatory requirements, the increased cost of compliance
and litigation, and headwinds in the macro-economic environment. These
measures also enable the Bank to invest in growth opportunities in its core
businesses arising from improved dynamics in the competitive environment.

As a result, the Bank is updating its targets as follows:
* Accelerated delivery of target CET1 ratio, to exceed 10% on a pro forma
CRD4 fully loaded basis
* Introduction of a  leverage ratio target of approximately 3.5% by end of
2015 on a pro forma CDR4 fully-loaded basis
* Reaffirmation of the cumulative OpEx savings target of EUR 4.5 billion by
end of 2015
* Updated Group post-tax return on equity (RoE) targets:
o approximately 12% in 2015 adjusted for significant non-operating items
o approximately 12% in 2016 on a reported basis
* Updated Cost Income Ratio targets: 
o approximately 65% in 2015 adjusted for significant non-operating items
o approximately 65% in 2016 on a reported basis
* Deutsche Bank aspires to return surplus capital to shareholders -
including in the form of competitive dividend payout ratios - in the

Core business targets for 2015 have been updated as follows:
* Corporate Banking & Securities (CB&S): adjusted post-tax RoE of 13%-15% 
* Private & Business Clients (PBC): reported income before income taxes
(IBIT) of EUR 2.5-3.0 billion
* Global Transaction Banking (GTB): reported IBIT of EUR 1.6-1.8 billion 
* Deutsche Asset & Wealth Management (DeAWM): reported IBIT of
approximately EUR 1.7 billion, unchanged from the previous target

An analyst call will take place on Monday, 19 May 2014 at 8.00 a.m. (CET).
This conference call will be transmitted via internet:

Further information can be found under the following link:

Important notice

Forward-looking statements contain risks

This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts; they include
statements about our beliefs and expectations. Any statement in this
release that states our intentions, beliefs, expectations or predictions
(and the assumptions underlying them) is a forward-looking statement. 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 (SEC). Such factors are described in our
SEC Form 20-F of March 20, 2014 on pages 11 through 29 under the heading
"Risk Factors." Copies of this document are readily available upon request
or can be downloaded from www.db.com/ir. This release also contains
non-IFRS financial measures. For a reconciliation to directly comparable
figures reported under IFRS, refer to the 1Q2014 Interim Report, which is
available at www.deutsche-bank.com/ir.

For readers in the European Economic Area

This release does not constitute an offer to sell, or the solicitation of
an offer to buy or subscribe for, any securities of Deutsche Bank AG. This
document does not constitute a prospectus within the meaning of the EC
Directive 2003/71/EC of the European Parliament and Council dated 4
November 2003, as amended (the "Prospectus Directive"). The public offer in
Germany and the United Kingdom will be made solely by means of, and on the
basis of, a securities prospectus which is to be published following its
approval by the German Federal Financial Supervisory Authority (BaFin). Any
investment decision regarding any subscription rights or shares should only
be made on the basis of the prospectus which will be published after its
approval and will be available for download on the internet site of
Deutsche Bank AG (www.db.com). Copies of the prospectus will also be
readily available upon request and free of charge at Deutsche Bank AG,
Große Gallusstraße 10-14, 60311 Frankfurt am Main, Germany.

In any Member State of the European Economic Area that has implemented the
Prospectus Directive (other than Germany or the United Kingdom) this
communication is only addressed to, and directed at, qualified investors in
that Member State within the meaning of the Prospectus Directive.

For readers in the United Kingdom

This communication is only being distributed to, and is only directed at,
(i) persons who are outside the United Kingdom or (ii) investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii)
high net worth companies falling within Article 49(2)(a) to (d) of the
Order, or (iv) other persons to whom it may lawfully be communicated, (all
such persons together being referred to as "relevant persons").  The new
shares are only available to, and any invitation, offer or agreement to
subscribe for, purchase or otherwise acquire such new shares will be
engaged in only with, relevant persons. Any person who is not a relevant
person should not act or rely on this document or any of its contents.

For readers in the US

Deutsche Bank has filed a registration statement (including a prospectus)
with the U.S. Securities and Exchange Commission (the "SEC") for the
offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement, the supplement to that
prospectus Deutsche Bank expects to file with the SEC and other documents
Deutsche Bank has filed and will file with the SEC for more complete
information about Deutsche Bank and this offering. You may get these
documents, once filed, free of charge by visiting EDGAR on the SEC Web site
at www.sec.gov. Alternatively, Deutsche Bank, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus after
filing if you request it by calling Deutsche Bank at +49 69 910-35395.


Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt am Main
ISIN: DE0005140008
WKN: 514000

Listed: Regulated market in Berlin-Bremen, Duesseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich und Stuttgart; EUREX; NYSE

The International Securities Identification Numbers (ISINs) of further
financial instruments issued by Deutsche Bank AG, and admitted to trading
on a domestic organized market or for which such admission has been applied
for, are available on Deutsche Bank's Investor Relations website under

18.05.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

Language:     English
Company:      Deutsche Bank AG
              Taunusanlage 12
              60325 Frankfurt a. M.
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